TEN Ltd. Announces the Order of Two VLCCs from Hanwha Ocean in South Korea and the Sale of Three 2007-Built Tankers
Rhea-AI Summary
TEN Ltd. (NYSE:TEN), a leading tanker operator, has announced significant fleet modernization initiatives. The company has ordered two eco VLCCs from Hanwha Ocean in South Korea, with deliveries scheduled for 2027 and 2028, and holds an option for an additional unit.
Simultaneously, TEN has sold three 2007-built vessels, including two handysize product tankers and one aframax crude carrier, generating $60 million in free cash and $9 million in capital gains. The company's strategic moves align with its commitment to eco-friendly vessels and portfolio optimization, with its proforma fleet approaching 11 million dwt capacity and securing $3.7 billion in minimum contracted revenues.
Positive
- Generated $60 million in free cash from vessel sales
- Secured $9 million in capital gains from vessel divestments
- Maintains $3.7 billion in minimum contracted revenues
- Strategic fleet modernization with eco-friendly vessels
- Fleet expansion approaching 11 million dwt capacity
Negative
- Significant capital expenditure required for new VLCC orders
- Reduction in current fleet size due to vessel sales
News Market Reaction 1 Alert
On the day this news was published, TEN gained 5.04%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Dynamic expansion with 21 eco vessels to be delivered until 2028
TEN’s proforma fleet approaching 11m dwt capacity
ATHENS, Greece, Aug. 04, 2025 (GLOBE NEWSWIRE) -- TEN Ltd. (NYSE: TEN), a leading diversified crude, product and LNG tanker operator, today announced the order of two eco VLCCs at Hanwha Ocean in South Korea with an option for an additional unit, to be delivered in 2027 and 2028. Concurrently with these orders, TEN proceeded with the sale of three 2007-built vessels, two handysize product tankers to related party interests as well as an aframax crude carrier to independent third parties. From the divestment of the above-mentioned vessels, TEN generated approximately
"TEN continues its goal to address the needs of its clients by building high specification, environmentally friendly vessels while gradually divesting from its first-generation assets,” Mr. George Saroglou, TEN’s President & COO, said. "With responsible fleet growth remaining a core pillar of our tested model, TEN keeps being a one-stop shipping operation for its blue-chip clients,” Mr. Saroglou concluded.
ABOUT TEN Ltd.
Founded in 1993 and celebrating 32 years as a public company, TEN is one of the first and most established public shipping companies in the world. TEN's diversified energy fleet currently consists of 82 vessels, including eleven DP2 shuttle tankers, two VLCCs plus one option, one scrubber fitted suezmax vessel, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approx. 11 million dwt.
ABOUT FORWARD-LOOKING STATEMENTS
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those predicted by such forward-looking statements. TEN undertakes no obligation to publicly update any forward-looking statement, whether as result of new information, future events, or otherwise.
For further information, please contact:
Company
Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr
Investor Relations / Media
Capital Link, Inc.
Nicolas Bornozis/ Markella Kara
+212 661 7566
ten@capitallink.com
FAQ
What new vessels did TEN Ltd (NYSE:TEN) order in August 2025?
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What vessels did TEN Ltd sell in August 2025?
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