TEN Ltd. Announces the Order of Two VLCCs from Hanwha Ocean in South Korea and the Sale of Three 2007-Built Tankers
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.
TEN Ltd. (NYSE:TEN), un operatore leader nel settore delle petroliere, ha annunciato importanti iniziative di ammodernamento della flotta. La società ha ordinato due VLCC eco da Hanwha Ocean in Corea del Sud, con consegne previste per il 2027 e il 2028, e dispone di un'opzione per un'unità aggiuntiva.
Contemporaneamente, TEN ha venduto tre navi costruite nel 2007, tra cui due petroliere handysize per prodotti e un trasportatore di greggio aframax, generando 60 milioni di dollari di liquidità netta e 9 milioni di dollari di plusvalenze. Le mosse strategiche dell'azienda sono in linea con l'impegno verso navi ecologiche e l'ottimizzazione del portafoglio, con una flotta proforma che si avvicina a una capacità di 11 milioni di dwt e assicurando 3,7 miliardi di dollari di ricavi minimi contrattati.
TEN Ltd. (NYSE:TEN), un operador líder de petroleros, ha anunciado importantes iniciativas de modernización de su flota. La compañía ha encargado dos VLCC ecológicos a Hanwha Ocean en Corea del Sur, con entregas programadas para 2027 y 2028, y cuenta con una opción para una unidad adicional.
Simultáneamente, TEN ha vendido tres buques construidos en 2007, incluyendo dos petroleros handysize para productos y un transportador de crudo aframax, generando 60 millones de dólares en efectivo libre y 9 millones de dólares en ganancias de capital. Las acciones estratégicas de la empresa están alineadas con su compromiso con buques ecológicos y la optimización del portafolio, con una flota proforma que se acerca a una capacidad de 11 millones de dwt y asegurando 3.7 mil millones de dólares en ingresos mínimos contratados.
TEN Ltd. (NYSE:TEN)는 선도적인 유조선 운영사로서 대대적인 선대 현대화 계획을 발표했습니다. 회사는 한국 한화오션으로부터 두 척의 친환경 VLCC를 주문했으며, 인도는 2027년과 2028년에 예정되어 있고 추가 한 척에 대한 옵션도 보유하고 있습니다.
동시에 TEN은 2007년에 건조된 세 척의 선박을 매각했으며, 이 중 두 척은 핸디사이즈 제품 유조선이고 한 척은 아프라맥스 원유 운반선으로, 6천만 달러의 자유 현금과 9백만 달러의 자본 이익을 창출했습니다. 회사의 전략적 움직임은 친환경 선박과 포트폴리오 최적화에 대한 의지와 맞물려 있으며, 프로포마 선대는 1,100만 dwt 용량에 근접하고 37억 달러의 최소 계약 수익을 확보하고 있습니다.
TEN Ltd. (NYSE:TEN), un opérateur majeur de tankers, a annoncé d'importantes initiatives de modernisation de sa flotte. La société a commandé deux VLCC écologiques auprès de Hanwha Ocean en Corée du Sud, avec des livraisons prévues pour 2027 et 2028, et détient une option pour une unité supplémentaire.
Parallèlement, TEN a vendu trois navires construits en 2007, dont deux pétroliers handysize pour produits et un transporteur de brut aframax, générant 60 millions de dollars de trésorerie disponible et 9 millions de dollars de plus-values. Les actions stratégiques de l'entreprise s'inscrivent dans son engagement en faveur de navires écologiques et de l'optimisation de son portefeuille, avec une flotte proforma approchant une capacité de 11 millions de tpl et assurant 3,7 milliards de dollars de revenus minimums contractés.
TEN Ltd. (NYSE:TEN), ein führender Tankerbetreiber, hat bedeutende Initiativen zur Modernisierung seiner Flotte angekündigt. Das Unternehmen hat zwei umweltfreundliche VLCCs bei Hanwha Ocean in Südkorea bestellt, mit Lieferungen geplant für 2027 und 2028, und hält eine Option für eine weitere Einheit.
Zugleich hat TEN drei Schiffe aus dem Baujahr 2007 verkauft, darunter zwei Handysize-Produkttanker und einen Aframax-Rohöltanker, wodurch 60 Millionen US-Dollar an freiem Cashflow und 9 Millionen US-Dollar an Kapitalgewinnen erzielt wurden. Die strategischen Maßnahmen des Unternehmens stehen im Einklang mit dem Engagement für umweltfreundliche Schiffe und Portfoliooptimierung, wobei die Proforma-Flotte eine Kapazität von 11 Millionen dwt erreicht und 3,7 Milliarden US-Dollar an Mindestvertragsumsätzen sichert.
- 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
- Significant capital expenditure required for new VLCC orders
- Reduction in current fleet size due to vessel sales
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
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