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

ATHENS, Greece, March 08, 2022 (GLOBE NEWSWIRE) -- TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today 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.

ABOUT TENTEN, founded in 1993 is one of the first and most established public shipping companies in the world.TEN’s diversified energy fleet currently consists of 71 double-hull vessels totaling 8.0 m dwt. Its newbuilding program includes one suezmax DP2 shuttle tanker and four dual-fuel LNG powered aframax vessels.

ABOUT FORWARD-LOOKING STATEMENTSExcept for the historical information contained herein, the matters discussed in this press release areforward-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:

CompanyTsakos Energy Navigation Ltd.George SaroglouCOO+30210 94 07 710[email protected]

Investor Relations / MediaCapital Link, Inc.Nicolas BornozisMarkella Kara+212 661 7566[email protected]

Source: Tsakos Energy Navigation

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Icelandic Salmon - Annual Report for 2023
• Designer Sarees At Aza Fashions: Top Indian Designers Offer A Convenient Solution To Ethnic Wear With Pre-Draped Sarees
• The 25th Jeonju International Film Festival Kicks off on May 1st in Jeonju, Korea