TEN Ltd., a leading diversified crude, product and LNG tanker operator, today announced the delivery of the eco-friendly scrubber-fitted suezmax tanker Dr Irene Tsakos and the naming of her sister vessel, Silia T, from HD Hyundai Heavy Industries Co., Ltd. (“Hyundai”) in South Korea. The Silia T is expected to be delivered during the third quarter of 2025.
The Dr Irene Tsakos and Silia T have secured long-term charters with leading European and US energy majors for a period of five and three years, respectively. The latter is followed by options to extend its employment to a total of nine years, boosting the Company’s total revenue backlog to approximately $3.7 billion.
With the delivery of the Dr Irene Tsakos, TEN now has 19 vessels under construction, scheduled for delivery between the third quarter of 2025 and the fourth quarter of 2028. With this, TEN’s orderbook now includes 11 shuttle tankers, one suezmax crude carrier and seven product tankers (2 MR and 5 Panamax). The Company’s proforma fleet currently consists of 82 vessels, 63 of which are in the water.
Since the initiation of TEN’s ‘Greenship’ program in January 2023, the Company has executed one of the most comprehensive renewal strategies in its history, by divesting 14 older vessels of 1.2 million dwt with an average age of 17.3 years and replacing them with 30 vessels, eco-friendly newbuildings and secondhand market acquisitions, of 3.7 million dwt with an average age of 0.6 years. This dynamic fleet expansion has resulted in a material increase in total carrying capacity, further strengthening TEN’s commercial and operational presence globally, guided by a commitment to environmentally friendly and responsible energy transportation.
Dr. Nikos P. Tsakos, Founder and CEO, commented: “The delivery of the suezmax tanker Dr Irene Tsakos and the naming of the Silia T, two Hyundai-built high-specification and environmentally friendly suezmax tankers mark another important milestone in TEN’s long-term fleet renewal, solidifying its presence in the global energy space. These vessels, backed by long-term contracts with top-tier energy majors, further enhance the Company’s income visibility and financial resilience. With continued investment in modern tonnage and strong industrial partnerships, TEN remains firmly positioned to deliver sustainable growth and long-term value to its shareholders regardless of short-term market fluctuations. TEN’s industrial shipping model has been tested and proven for more than 30 years through the various market cycles.”
Source: TEN Ltd.