TEN, Ltd. announces acquisition of fleet of five modern vessels

TEN announces the acquisition of five high-spec environmentally-friendly vessels from Norway’s Viken Crude AS. The fleet is comprised of two 2023-built Dual-Fuel LNG LR2 aframaxes, one 2019-built super-eco suezmax and two 1A ice-class scrubber-fitted aframaxes built in 2018 and 2019 respectively. The vessels have an average employment of two years with fixed and profit-sharing features totaling over $100 million in minimum gross revenues. TEN will fund the purchase with cash-at-hand and bank finance. “Following the sale of 9 first generation vessels in the last 12 months and having initiated our LNG-powered tanker renewal program, we are delighted to acquire this modern eco fleet and underscore TEN’s commitment to operate environmentally-friendly vessels to meet the increasing demands of our blue-chip clientele,” Mr. George Saroglou, President & COO of TEN, commented. “With 11 vessels now joining TEN going forward, including the six under construction, the revenue growth capacity of the fleet and its expected impact to the bottom line, is materially enhanced,” Saroglou concluded.