TEN, Ltd. Continues Its Fleet Renewal and Reports Sale of Panamax Tanker

The five Panamax LR1 tankers under construction have expected delivery dates ranging from Q2 2027 to Q3 2028.

Rhea-AI Summary

TEN (TEN) sold its oldest vessel, the 2003-built Panamax tanker Andes, generating approximately $13.0 million in free cash. The sale produced a $4.6 million capital gain to be recorded in the third quarter of 2026. TEN’s 26-vessel newbuilding program includes seven delivered vessels and five Panamax LR1 tankers under construction.

Positive

• The Andes sale generated approximately $13.0 million in free cash.
• The sale produced a $4.6 million capital gain to be recorded in the third quarter of 2026.
• Seven vessels in TEN’s 26-vessel newbuilding program have been delivered.
• Five Panamax LR1 tankers are under construction.

Negative

• None.

Market Context

On Sep 01, TEN announced two first-generation Suezmax sales expected to add in excess of $100 millio...

Analysis

On Sep 01, TEN announced two first-generation Suezmax sales expected to add in excess of $100 million to cash; that earlier fleet-renewal disposal provides a precedent for the single-vessel sale described here.

Key Figures

Free cash generated: approximately $13.0 million Capital gain: $4.6 million Vessel orderbook: 26 vessels +2 more

Free cash generated

approximately $13.0 million

Sale of the Andes; reported in this announcement

Capital gain

$4.6 million

To be recorded in the third quarter of 2026

Vessel orderbook

26 vessels

Fleet growth program

Vessels delivered

7 vessels

Of the 26-vessel orderbook

Panamax units under construction

5 units

Flexible Panamax segment

Historical Context

1 past event · Latest: Sep 01

1 event

1. Sep 01

   fleet vessel sale

   24h Move

   +1.1%

   TEN announced two Suezmax tanker sales expected to add more than $100 million to cash.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

panamax, scrubber fitted, dp2 shuttle tanker

3 terms

panamax technical

"2003 Japanese-built Panamax tanker Andes"

Panamax is a classification for cargo ships built to the maximum dimensions that could pass through the original Panama Canal locks. Investors care because ship size affects how goods move, port demand and shipping rates—think of it like a piece of furniture sized to fit through a doorway: if many ships fit the canal, freight flows more smoothly and competition changes, which can influence shipping companies’ revenues and broader trade-dependent businesses.

scrubber fitted technical

"Scrubber Fitted"

Scrubber fitted means a ship has had an exhaust gas cleaning system installed that removes sulfur and other pollutants from its engine emissions, so the vessel meets fuel and air-pollution rules while still being able to use heavier, less expensive fuel. For investors, this affects a carrier’s operating costs, regulatory compliance risk and resale value—think of it like adding a filter to a car so it can run cheaper fuel without breaking emissions laws.

dp2 shuttle tanker technical

"DP2 Shuttle Tanker"

A DP2 shuttle tanker is an oil-carrying ship fitted with a dynamic positioning system with built-in redundancy so it can hold its place next to an offshore platform without anchors, even if a component fails. Think of it as a self-steering, multi-backup tanker that can safely load oil in rough seas or near platforms. For investors, DP2 capability affects safety, operating uptime, insurance and charter rates, so it influences revenue and risk profiles.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Dynamic Fleet Growth on Track

Five New-Technology Panamaxes on Order

Tanker Market Fundamentals Remain Strong

ATHENS, Greece, Sept. 28, 2026 (GLOBE NEWSWIRE) -- TEN, Ltd. (NYSE: TEN) (the “Company”) today reported the sale of the oldest vessel in its fleet, the 2003 Japanese-built Panamax tanker Andes, to independent third parties. The sale generated approximately $13.0 million of free cash and registered a $4.6 million capital gain, to be recorded in the third quarter of 2026.  

“The Company has embarked on a significant fleet growth program, as reflected in its 26-vessel orderbook, of which seven vessels have already been delivered. Particular emphasis has been placed on the flexible Panamax segment through the construction of five units,” Mr. George Saroglou, President of TEN commented. “Looking ahead, we will continue to evaluate sale and purchase opportunities while remaining committed to maintaining fleet modernity and operational flexibility that have allowed TEN to thrive through market cycles over the decades,” Mr. Saroglou concluded.

TEN’s CURRENT NEWBUILDING PROGRAM

#	Name	Type	Delivery (exp)	Status	Employment
CONVENTIONAL TANKERS
1	DR IRENE TSAKOS	Suezmax – Scrubber Fitted	Q2 2025	DELIVERED	Yes
2	SILIA T	Suezmax – Scrubber Fitted	Q4 2025	DELIVERED	Yes
3	DELOS T	MR – Scrubber Fitted	Q1 2026	DELIVERED	Yes
4	DION	MR – Scrubber Fitted	Q1 2026	DELIVERED	Yes
5	AMAZONA	Panamax LR1 – Scrubber Fitted	Q2 2027	Under Construction	TBA
6	MAYA	Panamax LR1 – Scrubber Fitted	Q3 2027	Under Construction	TBA
7	INCA	Panamax LR1 – Scrubber Fitted	Q4 2027	Under Construction	TBA
8	CHAIRMAN DJS	VLCC - Scrubber Fitted	Q4 2027	Under Construction	TBA
9	TBN	VLCC - Scrubber Fitted	Q1 2028	Under Construction	TBA
10	TBN	VLCC – Scrubber Fitted	Q2 2028	Under Construction	TBA
11	AZTEC	Panamax LR1 – Scrubber Fitted	Q3 2028	Under Construction	TBA
12	ANDES	Panamax LR1 – Scrubber Fitted	Q3 2028	Under Construction	TBA
SHUTTLE TANKERS
13	ATHENS 04	DP2 Shuttle Tanker	Q2 2025	DELIVERED	Yes
14	PARIS 24	DP2 Shuttle Tanker	Q3 2025	DELIVERED	Yes
15	ANFIELD DP	DP2 Shuttle Tanker	Q3 2026	DELIVERED	Yes
16	ARIANO SUASSUNA DP	DP2 Shuttle Tanker	Q3 2027	Under Construction	Yes
17	ELZA SOARES DP	DP2 Shuttle Tanker	Q4 2027	Under Construction	Yes
18	MARIA FIRMINA DP	DP2 Shuttle Tanker	Q1 2028	Under Construction	Yes
19	CAROLINA DE JESUS DP	DP2 Shuttle Tanker	Q2 2028	Under Construction	Yes
20	DR SOCRATES DP	DP2 Shuttle Tanker	Q3 2028	Under Construction	Yes
21	MARACANA DP	DP2 Shuttle Tanker	Q3 2028	Under Construction	Yes
22	CORINTHIANS DP	DP2 Shuttle Tanker	Q4 2028	Under Construction	Yes
23	IPANEMAS DP	DP2 Shuttle Tanker	Q4 2028	Under Construction	Yes
24	COPA DP	DP2 Shuttle Tanker	Q4 2028	Under Construction	Yes
LNG CARRIERS
25	NY ENERGY 26	LNG Carrier	Q3 2028	Under Construction	TBA
26	TBN	LNG Carrier	Q1 2029	Under Construction	TBA

ABOUT TEN LTD.
Founded in Bermuda in 1993 and celebrating 33 years as a public company, 24 of which on the NYSE, TEN is one of the first and most established public shipping companies in the world. TEN's diversified pro-forma energy fleet currently consists of 80 vessels, totaling approx. 10.4 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 a result of new information, future events, or otherwise.

For further information, please contact:

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did TEN receive from selling the Panamax tanker Andes?

The sale generated approximately $13.0 million in free cash and a $4.6 million capital gain to be recorded in the third quarter of 2026.

When are TEN’s five new Panamax LR1 tankers expected to be delivered?

Amazona is expected in Q2 2027, Maya in Q3 2027 and Inca in Q4 2027. Aztec and a newbuilding also named Andes are expected in Q3 2028. All five are under construction.