TEN Ltd. Reports Successful Delivery of Four-Vessel Series With Long-Term Employment to Oil Major
TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) today reported the delivery of the last vessel in a four-series newbuilding program, consisting of two suezmaxes and two aframaxes in South Korea, with five-year contracts to an oil major. The minimum Time-Charter Equivalent (“TCE”) revenues expected from these four purpose-built vessels over their minimum five-year employment is $200 million. The Company continues its current growth program with the construction of two vessels in the specialized shipping sectors, namely DP2 shuttle tankers and LNG, both with long term employment.
“We are delighted to have successfully completed this latest phase of our growth program ahead of schedule and our congratulations go to the yard for their commitment and professionalism during these challenging times with the global pandemic. The caliber of the charterer along with the duration of the contract is a testament of TEN’s standing as a premier international energy transporter and highlights the Company’s long-established industrial model,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “With one DP2 suezmax shuttle tanker and one LNG carrier still under construction, we are looking forward to further expanding TEN’s operational reach beyond conventional sectors and offer investors wider latitude on the fleet’s earnings generation capabilities,” Mr. Saroglou completed.
TOP Ships Inc. Announces New Time Charter With Oil Major
TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of petroleum products, announced today that it has entered into a time charter agreement with Shell Tankers Singapore Private Limited for its 50,000 dwt product/chemical tanker M/T Eco Palm Desert until September 2020. The time charter with Shell consists of a fixed amount per day plus a 50% profit share for earned rates over the fixed amount and replaces a pre-existing charter.
Evangelos Pistiolis, President and CEO of the Company, stated: “As of today, we have two vessels that offer exposure in the spot market during a period when the prevailing sentiment is bullish. If the positive market expectations materialize, our results will benefit as a result of this profit sharing arrangement.”