{"id":384033,"date":"2020-11-18T09:03:23","date_gmt":"2020-11-18T14:03:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=384033"},"modified":"2020-11-18T09:03:23","modified_gmt":"2020-11-18T14:03:23","slug":"ten-ltd-reports-successful-delivery-of-four-vessel-series-with-long-term-employment-to-oil-major","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ten-ltd-reports-successful-delivery-of-four-vessel-series-with-long-term-employment-to-oil-major\/","title":{"rendered":"TEN Ltd. Reports Successful Delivery of Four-Vessel Series With Long-Term Employment to Oil Major"},"content":{"rendered":"<h2>\n$200 million in minimum TCE earnings<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">ATHENS, Greece, Nov.  18, 2020  (GLOBE NEWSWIRE) &#8212; TEN, Ltd. (TEN) (NYSE: TNP) (the \u201cCompany\u201d) today reported the delivery of the last vessel in a four-series newbuilding program, consisting of two suezmaxes and two aframaxes in South Korea, with five-year contracts to an oil major. The minimum Time-Charter Equivalent (\u201cTCE\u201d) revenues expected from these four purpose-built vessels over their minimum five-year employment is $200 million. The Company continues its current growth program with the construction of two vessels in the specialized shipping sectors, namely DP2 shuttle tankers and LNG, both with long term employment.<\/p>\n<p align=\"justify\">\u201cWe are delighted to have successfully completed this latest phase of our growth program ahead of schedule and our congratulations go to the yard for their commitment and professionalism during these challenging times with the global pandemic. The caliber of the charterer along with the duration of the contract is a testament of TEN\u2019s standing as a premier international energy transporter and highlights the Company\u2019s long-established industrial model,\u201d Mr. George Saroglou, Chief Operating Officer of TEN stated. \u201cWith one DP2 suezmax shuttle tanker and one LNG carrier still under construction, we are looking forward to further expanding TEN\u2019s operational reach beyond conventional sectors and offer investors wider latitude on the fleet\u2019s earnings generation capabilities,\u201d Mr. Saroglou completed.<\/p>\n<p align=\"justify\">\n        <strong>ABOUT TEN <\/strong><br \/>\n        <br \/>TEN, founded in 1993 and celebrating this year 27 years as a public company, is one of the first and most established public shipping companies in the world. TEN\u2019s diversified energy fleet currently consists of 68 double-hull vessels, including one LNG carrier and one suezmax DP2 shuttle tanker under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.6 million dwt.<\/p>\n<p align=\"justify\">\n        <strong>ABOUT FORWARD-LOOKING STATEMENTS <\/strong><br \/>\n        <br \/>Except for the historical information contained herein, the matters discussed in this press release are forward-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.<\/p>\n<p align=\"justify\">For further information, please contact:<\/p>\n<p align=\"justify\">\n        <strong>Company <\/strong><br \/>\n        <br \/>Tsakos Energy Navigation Ltd. <br \/>George Saroglou <br \/>COO <br \/>+30210 94 07 710 <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=LOGJ20P4dwuBAz4xkRbTL1KS-2mv-aUvxaVUEFoG6YP-2alFhvaTgkeZ1UEWn42zLjdNLmn6A1SSD3LB_d5BAA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">gsaroglou@tenn.gr<\/a><\/p>\n<p align=\"justify\">\n        <strong>Investor Relations \/ Media<\/strong><br \/>\n        <br \/>Capital Link, Inc. <br \/>Nicolas Bornozis <br \/>Markella Kara <br \/>+212 661 7566 <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=rciCACHdt1OsaaFUeEi_aEbT9JY38ye1T_rBXGn_F8QR2Q5Qc6LeFbkmfde13qsqB_WrCpGi4Asto08l-1Sqok0a8PBx4Oz8jesJ0G175ek=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">ten@capitallink.com<\/a><\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4ODA5NyMzODMyNzAxIzUwMDAzMTMxNg==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/2c25f8ee-e9d0-4e1a-9eb3-48902055479c\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>$200 million in minimum TCE earnings ATHENS, Greece, Nov. 18, 2020 (GLOBE NEWSWIRE) &#8212; TEN, Ltd. (TEN) (NYSE: TNP) (the \u201cCompany\u201d) today reported the delivery of the last vessel in a four-series newbuilding program, consisting of two suezmaxes and two aframaxes in South Korea, with five-year contracts to an oil major. The minimum Time-Charter Equivalent (\u201cTCE\u201d) revenues expected from these four purpose-built vessels over their minimum five-year employment is $200 million. The Company continues its current growth program with the construction of two vessels in the specialized shipping sectors, namely DP2 shuttle tankers and LNG, both with long term employment. \u201cWe are delighted to have successfully completed this latest phase of our growth program ahead of schedule and our congratulations &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ten-ltd-reports-successful-delivery-of-four-vessel-series-with-long-term-employment-to-oil-major\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;TEN Ltd. Reports Successful Delivery of Four-Vessel Series With Long-Term Employment to Oil Major&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-384033","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TEN Ltd. Reports Successful Delivery of Four-Vessel Series With Long-Term Employment to Oil Major - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/ten-ltd-reports-successful-delivery-of-four-vessel-series-with-long-term-employment-to-oil-major\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TEN Ltd. Reports Successful Delivery of Four-Vessel Series With Long-Term Employment to Oil Major - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"$200 million in minimum TCE earnings ATHENS, Greece, Nov. 18, 2020 (GLOBE NEWSWIRE) &#8212; TEN, Ltd. (TEN) (NYSE: TNP) (the \u201cCompany\u201d) today reported the delivery of the last vessel in a four-series newbuilding program, consisting of two suezmaxes and two aframaxes in South Korea, with five-year contracts to an oil major. The minimum Time-Charter Equivalent (\u201cTCE\u201d) revenues expected from these four purpose-built vessels over their minimum five-year employment is $200 million. The Company continues its current growth program with the construction of two vessels in the specialized shipping sectors, namely DP2 shuttle tankers and LNG, both with long term employment. \u201cWe are delighted to have successfully completed this latest phase of our growth program ahead of schedule and our congratulations &hellip; Continue reading &quot;TEN Ltd. Reports Successful Delivery of Four-Vessel Series With Long-Term Employment to Oil Major&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/ten-ltd-reports-successful-delivery-of-four-vessel-series-with-long-term-employment-to-oil-major\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-18T14:03:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4ODA5NyMzODMyNzAxIzUwMDAzMTMxNg==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ten-ltd-reports-successful-delivery-of-four-vessel-series-with-long-term-employment-to-oil-major\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/ten-ltd-reports-successful-delivery-of-four-vessel-series-with-long-term-employment-to-oil-major\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"TEN Ltd. 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The minimum Time-Charter Equivalent (\u201cTCE\u201d) revenues expected from these four purpose-built vessels over their minimum five-year employment is $200 million. The Company continues its current growth program with the construction of two vessels in the specialized shipping sectors, namely DP2 shuttle tankers and LNG, both with long term employment. \u201cWe are delighted to have successfully completed this latest phase of our growth program ahead of schedule and our congratulations &hellip; Continue reading \"TEN Ltd. 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