TEN Ltd. Sells Two Suezmax Tankers for $100M
ATHENS, Greece — Dynamic renewal program on schedule, TEN Ltd. announces sale of two first-generation Suezmax tankers.
In a recent move, shipping company TEN Ltd. (NYSE: TEN) has completed the sale of two Suezmax tankers, which were built in 2006, for a significant sum that will bolster its cash reserves. This transaction is part of the company's ongoing effort to maintain a modern and diverse fleet, as seven out of 26 newbuildings are already in operation.
George Saroglou, President of TEN Ltd., commented on the sale, stating, "In line with our commitment to keeping our fleet modern and diverse, we have successfully delivered and chartered seven of the 26 newbuildings. This transaction monetizes the equity value of our older vessels, which were purposefully built two decades ago to meet our client's requirements."
The sale of these two first-generation Suezmax tankers will release over $100 million to the company's cash reserves, contributing to its dynamic renewal program. As of now, TEN's diversified pro-forma energy fleet consists of 81 vessels, totaling approximately 10.5 million dwt.
The transaction also underscores the company's adherence to its stated policy of maintaining a modern and diverse fleet. According to financial data, TEN Ltd. has achieved impressive milestones in its newbuilding program, with seven vessels already delivered and chartered. The company reports that these newbuildings have contributed significantly to its future minimum secured revenues, amounting to $3.5 billion.
TEN Ltd., founded in Bermuda in 1993 and publicly listed on the NYSE for 24 years, is recognized as one of the pioneering public shipping companies in the world. The company's strategic focus on a diverse fleet has been instrumental in its success, as evidenced by its current 26-vessel newbuilding program and the seven vessels already delivered.
Looking ahead, TEN Ltd. remains committed to its forward-looking statements, acknowledging the inherent risks and uncertainties that could affect its future performance. The company advises that it will not update these statements unless there is a significant change.
With this transaction, TEN Ltd. continues to demonstrate its commitment to strategic fleet management and financial prudence.