TEN Ltd. Announces the Sale of A 2007-Built Aframax Tanker
ATHENS, Greece, April 22, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) announces the sale of the aframax tanker Izumo Princess, the first in a series of eight pioneered-designed vessels the Company built between 2007 and 2010. The sale will add approximately $37 million to the Company’s cash balances.
- ATHENS, Greece, April 22, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) announces the sale of the aframax tanker Izumo Princess, the first in a series of eight pioneered-designed vessels the Company built between 2007 and 2010.
- The sale will add approximately $37 million to the Company’s cash balances.
- “Following the sale of nine tankers over the last twelve months with an average age of 18.5 years, this subsequent 10th transaction underscores TEN’s commitment to divest from its first-generation assets and enhance its “green” footprint through the acquisition and building of state-of-the art eco-vessels to meet the transportation needs of our blue-chip clientele,” Mr. George Saroglou, President & COO of TEN commented, “Looking ahead, we have renewed our fleet with 16 acquisitions averaging 1.2 years, while maintaining our long-standing policy of providing our customers with the best vessels for their needs,” Mr. Saroglou concluded.