TEN Ltd. Announces the Building of Nine DP2 Shuttle Tankers in South Korea With 15-Year Employment to Transpetro - Petrobras

Core Viewpoint - TEN, Ltd has announced the construction of nine DP2 Suezmax Shuttle Tankers with expected gross revenues of approximately $2.0 billion, solidifying its position as one of the largest independent Shuttle tanker operators globally [1][2]. Group 1: Company Developments - The nine new vessels will be built at Samsung Heavy Industries in South Korea, with deliveries scheduled for 2027 and 2028 [1]. - TEN currently has a proforma fleet of 16 DP2 Suezmax Shuttle tankers, making it one of the world's largest Shuttle tanker owners [2]. - The charter for these vessels will be in the form of a bareboat, with the charterer assuming all operating and technical costs during the employment period [2]. Group 2: Historical Context and Growth - Over the years, TEN has strategically targeted opportunities to build modern vessels, enhancing its status as a diversified energy transporter [3]. - Significant past milestones include the acquisition of nine ice-strengthened vessels in 2007 and nine Aframax vessels contracted by Equinor in 2014, which established TEN as a major player in various tanker classes [3]. - In early 2024, TEN expanded its fleet by acquiring a five-vessel modern fleet from Norway's Viken Crude, becoming one of the largest operators of Dual-Fuel LNG vessels [3]. Group 3: Financial Stability and Future Outlook - The company's industrial approach to fleet employment has provided cash flow stability, visibility, and flexibility, allowing it to capitalize on opportunities while maintaining the ability to reward shareholders with healthy dividends [4]. - TEN is positioned as a preferred partner for the long-term needs of major oil companies, with ongoing construction of three Shuttle tankers and the new nine vessels enhancing its operational capacity [4]. Group 4: Company Overview - Founded in 1993, TEN is one of the first and most established public shipping companies, currently operating a diversified fleet of 83 vessels, including various types of tankers and carriers, totaling 10.2 million deadweight tonnage (dwt) [5].