TNP - TEN Ltd. Announces the Acquisition of a Fleet of Five Modern Environmentally-Friendly Vessels | Benzinga

Vessels chartered to a major energy company

Three vessels to be delivered with Special-Survey passed

LNG-powered tankers in TEN's fleet increase to six

11 eco-friendly vessels to join the fleet

ATHENS, Greece, Jan. 31, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE:TNP) (the "Company") announces the acquisition of five high-spec environmentally-friendly vessels from Norway's Viken Crude AS. The fleet is comprised of two 2023-built Dual-Fuel LNG LR2 aframaxes, one 2019-built super-eco suezmax and two 1A ice-class scrubber-fitted aframaxes built in 2018 and 2019 respectively.

The vessels have an average employment of two years with fixed and profit-sharing features totaling over $100 million in minimum gross revenues.

TEN will fund the purchase with cash-at-hand and bank finance.

With this acquisition, TEN's LNG-powered tankers, after the recent delivery of its four-new vessel program, increases to six, its scrubber-fitted vessels to 12, its vessels with ice-class capabilities to 17 and the pro-forma fleet to 72 diversified ships of all categories.

"Following the sale of 9 first generation vessels in the last 12 months and having initiated our LNG-powered tanker renewal program, we are delighted to acquire this modern eco fleet and underscore TEN's commitment to operate environmentally-friendly vessels to meet the increasing demands of our blue-chip clientele," Mr. George Saroglou, President & COO of TEN, commented. "With 11 vessels now joining TEN going forward, including the six under construction, the revenue growth capacity of the fleet and its expected impact to the bottom line, is materially enhanced," Mr. Saroglou concluded.

Nordea Corporate Finance, part of Nordea Bank Abp, filial in Norway, acted as advisor to the seller in relation to the transaction.

TEN's CURRENT GROWTH PROGRAM

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