{"id":845538,"date":"2025-05-01T16:18:39","date_gmt":"2025-05-01T20:18:39","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ten-ltd-announces-delivery-and-naming-of-first-two-in-series-of-twelve-dp2-shuttle-tanker-orders-at-samsung-heavy-industries-south-korea\/"},"modified":"2025-05-01T16:18:39","modified_gmt":"2025-05-01T20:18:39","slug":"ten-ltd-announces-delivery-and-naming-of-first-two-in-series-of-twelve-dp2-shuttle-tanker-orders-at-samsung-heavy-industries-south-korea","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ten-ltd-announces-delivery-and-naming-of-first-two-in-series-of-twelve-dp2-shuttle-tanker-orders-at-samsung-heavy-industries-south-korea\/","title":{"rendered":"TEN Ltd. Announces Delivery and Naming of First Two in Series of Twelve DP2 Shuttle Tanker Orders at Samsung Heavy Industries, South Korea"},"content":{"rendered":"
\n

\n
\n $3.7 billion of minimum contracted revenues from 82 vessel pro-forma fleet<\/em>
\n <\/strong>\n <\/p>\n

\n
\n 16-vessel shuttle tanker fleet making TEN on the largest shuttle tanker owners in world<\/em>
\n <\/strong>\n <\/p>\n

ATHENS, Greece, May 01, 2025 (GLOBE NEWSWIRE) — TEN, Ltd. (TEN) (NYSE: TEN) (the \u201cCompany\u201d) today announced the delivery and naming of two DP2 suezmax shuttle tankers, the \u201cAthens 04\u201d and the \u201cParis 24\u201d, from Samsung Heavy Industries, Co., Ltd. (\u201cSamsung\u201d) in South Korea and concurrent seven-year employment to a European oil major with options to extend until the vessels\u2019 15th<\/sup> year anniversary. Total gross revenues from these two contracts, excluding any optional periods being exercised, are expected in the region of $300 million. The delivery of the \u201cAthens 04\u201d and the naming of the \u201cParis 24\u201d, which is expected in the fleet in June 2025, mark the commencement of TEN\u2019s second phase expansion in the Brazilian offshore space, having established a solid presence in this \u201chigh barriers-to-entry\u201d market since 2013.<\/p>\n

These two vessels, on top of the four already in operation, spearhead TEN\u2019s efforts in further cementing its foothold in this demanding segment of the tanker market and propel the fleet\u2019s minimum gross revenues to $3.7 billion.<\/p>\n

\u201cThis new milestone kickstarts a series of shuttle tanker deliveries set to make TEN one of the largest owners of such high-end tonnage in the world, and Brazil in particular,\u201d Mr. George Saroglou, President and COO of TEN stated. \u201cWith a $3.7 billion secured revenue backlog, all to blue-chip concerns TEN can comfortably continue its growth, reward shareholders with healthy dividends which eventually should breach the deep valuation discount from its 52-week high of $31.5 dollars,\u201d Mr. Saroglou concluded.<\/p>\n

\n
\n TEN\u2019s CURRENT NEWBUILDING PROGRAM <\/u>
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n #<\/strong>\n <\/td>\n\n Name<\/strong>\n <\/td>\n\n Type<\/strong>\n <\/td>\n\n Delivery (exp)<\/strong>\n <\/td>\n\n Status<\/strong>\n <\/td>\n\n Employment<\/strong>\n <\/td>\n<\/tr>\n
\n SHUTTLE TANKERS<\/strong>\n <\/td>\n<\/tr>\n
\n 1<\/strong>\n <\/td>\n\n Athens 04<\/strong>\n <\/td>\n\n DP2 Shuttle Tanker<\/strong>\n <\/td>\n\n April 2025<\/strong>\n <\/td>\n\n DELIVERED<\/strong>\n <\/td>\n\n Yes<\/strong>\n <\/td>\n<\/tr>\n
\n 2<\/strong>\n <\/td>\n\n Paris 24<\/strong>\n <\/td>\n\n DP2 Shuttle Tanker<\/strong>\n <\/td>\n\n June 2025<\/strong>\n <\/td>\n\n NOTICE TO DELIV.<\/strong>\n <\/td>\n\n Yes<\/strong>\n <\/td>\n<\/tr>\n
\n 3<\/strong>\n <\/td>\nAnfield<\/td>\nDP2 Shuttle Tanker<\/td>\nQ3 2026<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 4<\/strong>\n <\/td>\nTBN<\/td>\nDP2 Shuttle Tanker<\/td>\nQ3 2027<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 5<\/strong>\n <\/td>\nTBN<\/td>\nDP2 Shuttle Tanker<\/td>\nQ4 2027<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 6<\/strong>\n <\/td>\nTBN<\/td>\nDP2 Shuttle Tanker<\/td>\nQ1 2028<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 7<\/strong>\n <\/td>\nTBN<\/td>\nDP2 Shuttle Tanker<\/td>\nQ2 2028<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 8<\/strong>\n <\/td>\nTBN<\/td>\nDP2 Shuttle Tanker<\/td>\nQ3 2028<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 9<\/strong>\n <\/td>\nTBN<\/td>\nDP2 Shuttle Tanker<\/td>\nQ3 2028<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 10<\/strong>\n <\/td>\nTBN<\/td>\nDP2 Shuttle Tanker<\/td>\nQ4 2028<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 11<\/strong>\n <\/td>\nTBN<\/td>\nDP2 Shuttle Tanker<\/td>\nQ4 2028<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 12<\/strong>\n <\/td>\nTBN<\/td>\nDP2 Shuttle Tanker<\/td>\nQ4 2028<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n CONVENTIONAL TANKERS<\/strong>\n <\/td>\n<\/tr>\n
\n 13<\/strong>\n <\/td>\nDr Irene Tsakos<\/td>\nSuezmax \u2013 Scrubber Fitted<\/td>\nQ2 2025<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 14<\/strong>\n <\/td>\nSilia T<\/td>\nSuezmax \u2013 Scrubber Fitted<\/td>\nQ4 2025<\/td>\nUnder Construction<\/td>\nYes<\/td>\n<\/tr>\n
\n 15<\/strong>\n <\/td>\nTBN<\/td>\nMR \u2013 Scrubber Fitted<\/td>\nQ1 2026<\/td>\nUnder Construction<\/td>\nTBA<\/td>\n<\/tr>\n
\n 16<\/strong>\n <\/td>\nTBN<\/td>\nMR \u2013 Scrubber Fitted<\/td>\nQ1 2026<\/td>\nUnder Construction<\/td>\nTBA<\/td>\n<\/tr>\n
\n 17<\/strong>\n <\/td>\nTBN<\/td>\nPanamax LR1 \u2013 Scrubber Fitted<\/td>\nQ2 2027<\/td>\nUnder Construction<\/td>\nTBA<\/td>\n<\/tr>\n
\n 18<\/strong>\n <\/td>\nTBN<\/td>\nPanamax LR1 \u2013 Scrubber Fitted<\/td>\nQ3 2027<\/td>\nUnder Construction<\/td>\nTBA<\/td>\n<\/tr>\n
\n 19<\/strong>\n <\/td>\nTBN<\/td>\nPanamax LR1 \u2013 Scrubber Fitted<\/td>\nQ4 2027<\/td>\nUnder Construction<\/td>\nTBA<\/td>\n<\/tr>\n
\n 20<\/strong>\n <\/td>\nTBN<\/td>\nPanamax LR1 \u2013 Scrubber Fitted<\/td>\nQ3 2028<\/td>\nUnder Construction<\/td>\nTBA<\/td>\n<\/tr>\n
\n 21<\/strong>\n <\/td>\nTBN<\/td>\nPanamax LR1 \u2013 Scrubber Fitted<\/td>\nQ3 2028<\/td>\nUnder Construction<\/td>\nTBA<\/td>\n<\/tr>\n<\/table>\n

\n
\n
\n
\n <\/u>
\n <\/strong>\n <\/p>\n

\n
\n ABOUT TSAKOS ENERGY NAVIGATION<\/u>
\n <\/strong>
\n
TEN, founded in 1993 and celebrating this year 32-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 82 vessels, including twelve DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers, totaling 10.1 million dwt.<\/p>\n

\n \n <\/p>\n

\n FORWARD-LOOKING STATEMENTS<\/strong>\n <\/p>\n

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

For further information, please contact:<\/p>\n

\n Company
<\/strong>Tsakos Energy Navigation Ltd.
George Saroglou
President & COO
+30210 94 07 710
gsaroglou@tenn.gr<\/a><\/p>\n

\n Investor Relations \/ Media
<\/strong>Capital Link, Inc.
Nicolas Bornozis
Markella Kara
+212 661 7566
ten@capitallink.com<\/a><\/p>\n

A photo accompanying this announcement is available at https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/dfb4d64a-5abe-45b0-b5ae-1cc55c8d4d64<\/a><\/p>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

$3.7 billion of minimum contracted revenues from 82 vessel pro-forma fleet 16-vessel shuttle tanker fleet making TEN on the largest shuttle tanker owners in world ATHENS, Greece, May 01, 2025 (GLOBE NEWSWIRE) — TEN, Ltd. (TEN) (NYSE: TEN) (the \u201cCompany\u201d) today announced the delivery and naming of two DP2 suezmax shuttle tankers, the \u201cAthens 04\u201d and the \u201cParis 24\u201d, from Samsung Heavy Industries, Co., Ltd. (\u201cSamsung\u201d) in South Korea and concurrent seven-year employment to a European oil major with options to extend until the vessels\u2019 15th year anniversary. Total gross revenues from these two contracts, excluding any optional periods being exercised, are expected in the region of $300 million. The delivery of the \u201cAthens 04\u201d and the naming of the … <\/p>\n

Continue reading “TEN Ltd. Announces Delivery and Naming of First Two in Series of Twelve DP2 Shuttle Tanker Orders at Samsung Heavy Industries, South Korea”<\/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-845538","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nTEN Ltd. Announces Delivery and Naming of First Two in Series of Twelve DP2 Shuttle Tanker Orders at Samsung Heavy Industries, South Korea - 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-announces-delivery-and-naming-of-first-two-in-series-of-twelve-dp2-shuttle-tanker-orders-at-samsung-heavy-industries-south-korea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TEN Ltd. 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