TEN Ltd. Announces an up to five-year charter extension of two DP2 shuttle tankers

TEN Ltd. has announced the employment extension for two DP2 shuttle tankers, in direct continuation of the existing charters which commenced at delivery back in 2013, for up to five years each. These new charters are scheduled to come into effect upon expiration of the existing 15-year contracts around mid-2028 and are expected to generate gross revenues in excess of $200 million over their duration.

“Since our entry into the shuttle tanker market in 2013 with these two vessels, TEN has become one of the largest operators in that segment with a proforma fleet of 16 modern vessels and growing,” stated Mr. George Saroglou, President & COO of TEN. “TEN continues its tested policy of long partnership with major oil concerns that secure future cash flow growth, strong balance sheet and continuous dividends to reward its shareholders,” Mr. Saroglou concluded.