TEN Ltd., a major operator of crude, product, and LNG tankers, has announced a significant fleet renewal and expansion strategy. This initiative includes ordering new vessels while simultaneously divesting from older ones. The company aims to provide its clients with a modern, high-specification, and environmentally friendly fleet.
New Orders and Vessel Sales
TEN has placed an order with Hanwha Ocean in South Korea for two new eco-friendly Very Large Crude Carriers (VLCCs), with an option for a third. These new vessels are scheduled for delivery in 2027 and 2028. To finance this investment and modernize its fleet, TEN has also sold three of its 2007-built vessels: two handysize product tankers and an Aframax crude carrier. The sale of these older tankers generated approximately $60 million in free cash and a capital gain of about $9 million, which will be reflected in the company’s third-quarter financial statements.
Fleet Strategy
According to TEN’s President and COO, George Saroglou, this strategic move is a core part of the company’s tested model of responsible fleet growth. The goal is to build high-specification, environmentally friendly vessels to meet the needs of its clients while gradually divesting from older assets.
This approach allows TEN to remain a “one-stop shipping operation” for its key clients. The company’s diversified fleet currently consists of 82 vessels, with a total deadweight of approximately 11 million tons, and includes various tankers and LNG carriers. This new order, combined with other vessels already under construction, reflects the company’s ongoing commitment to fleet modernization.
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Source: TEN Ltd
