The 2006-built pair leaves the fleet with seven of 26 newbuildings already delivered and $3.5bn of secured future revenue on the books
TEN Ltd (NYSE: TEN) has agreed the sale of two suezmax tankers built in 2006, a transaction that will release more than $100 million into the company’s cash reserves.
The sale follows the delivery of the shuttle tanker Anfield from Samsung Heavy Industries in South Korea in late July. Seven vessels from the 26-ship newbuilding program have now been delivered and chartered, and the company reports minimum secured future revenues of $3.5 billion.
President George Saroglou commented:
“In line with our stated policy of maintaining the modernity and diversity of our fleet, as evident by the 26-vessel newbuilding program currently in effect, of which seven have already been delivered, we continue to monetize the equity value of our first-generation vessels. These vessels, purposedly built 20 years ago by TEN for its client’s requirements, have been great contributors to the company’s success”
Founded in Bermuda in 1993, TEN marks 33 years as a public company this year, 24 of them on the New York Stock Exchange. The pro-forma energy fleet stands at 81 vessels of approximately 10.5 million dwt.
