TEN, Ltd. Sells Old Panamax Tanker for $13 Million

ATHENS, Greece, Sept. 28, 2026 /CourierPR/ -- TEN, Ltd., a leading public shipping company founded in Bermuda in 1993, has announced the sale of its oldest vessel, the 2003 Japanese-built Panamax tanker Andes, to independent third parties. The sale has generated approximately $13.0 million in free cash and registered a $4.6 million capital gain, to be recorded in the third quarter of 2026.

The transaction marks a significant step in the company's ongoing fleet renewal strategy. According to Mr. George Saroglou, President of TEN, the company has embarked on a substantial fleet growth program, as reflected in its 26-vessel orderbook, of which seven vessels have already been delivered. The focus on the flexible Panamax segment is particularly emphasized, with five new-technology Panamaxes on order.

TEN's diversified pro-forma energy fleet currently consists of 80 vessels, totaling approximately 10.4 million dwt. The company, which has been listed on the New York Stock Exchange for 24 years, continues to navigate the evolving landscape of the shipping industry with a strategic focus on fleet modernization and operational efficiency.

The sale of the Andes is part of TEN's broader strategy to optimize its fleet and capitalize on market opportunities. The company remains committed to maintaining a balanced and modern fleet that can adapt to changing market conditions.