TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the 174,000cbm LNG carrier “TENERGY” in South Korea and immediate charter to a major end-user.

The employment, of minimum five years at an accretive floor rate with market-related upside is expected to generate minimum gross revenues of about $100 million.

“We are excited to continue expanding our presence in the ever-developing LNG space with the delivery and charter of this latest technology and environmentally friendly vessel,” Mr. George Saroglou, COO of TEN commented. “TEN’s growth prospects and cash flow visibility, with a minimum revenue backlog of over $1 billion, with additional upside potential, enables management to pursue its growth strategy and diversify further TEN’s footprint in the greater energy sector,” Mr. Saroglou concluded.

TEN, founded in 1993 is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 71 double-hull vessels totaling 8.0 m dwt. Its newbuilding program includes one suezmax DP2 shuttle tanker and four dual-fuel LNG powered aframax vessels.
Source: TEN Ltd.