TEN Ltd. Announces the Delivery and Long – Term Charter of New DP2 Shuttle Tanker

TEN, Ltd. a leading diversified crude, product and LNG tanker operator, announced the delivery of its fourth DP2 shuttle tanker, the Porto, from a South Korean yard and the commencement of her employment, of up to 11 years, at an accretive rate, to a major end user. The gross proceeds of this fixture, over the minimum duration of the contract, are expected to exceed $80 million.

“We are delighted to welcome the timely construction, in spite of the pandemic disruptions, of such technologically advanced and environmentally friendly vessel and look forward to it becoming a major contributor to TEN’s bottom line for the years to come,” Mr. George Saroglou, COO of TEN, Ltd. commented. “Such vessel and employment highlights our strategic approach in producing long-term secured revenues and makes TEN the carrier of choice for the strategic needs of our clients,” Mr. Saroglou concluded.