TEN Ltd. Announces 24-Month Charter for Two Panamax Tankers

TEN Ltd., a leading crude, product and LNG tanker operator, has announced the 24-month extension to the charter of two panamax tankers with the existing charterer, a leading South American oil concern. The employment, at an accretive floor rate with favorable upside optionality, is expected to generate minimum gross revenues of about $25 million over the duration of the respective contracts.

“Long-term continuity is in the core of TEN’s commercial strategy with the establishment and expansion of solid partnerships,” Mr. George Saroglou, COO of TEN commented. “In today’s uncertain environment, such strategy ensures full fleet utilization and upside potential, directly reflected on the Company’s bottom line,” Mr. Saroglou concluded.