TEN takes delivery of all LNG-powered vessels, eyes fleet growth opportunities

Greek shipowner TEN has taken delivery of LNG-powered aframax tankers, the Chios DF and the Ithaki DF, the last remaining vessels in a series of four eco-designed tankers built against long-term employment to a major oil concern.

Illustration; Image by Capital link

The first two vessels from the series, Njord DF and Ran DF, were delivered in September and October 2023.

The company ordered six LNG-powered tankers – four Aframax crude oil carriers and two optional LR2 petroleum product carriers – at South Korean shipyard Daehan Shipbuilding back in 2021.

The ships are part of the company’s existing green growth program comprising a total of ten vessels expected to be gradually introduced to TEN’s fleet by 2026.

The remaining ships under construction include two DP2 shuttle tankers and two scruber-fitted Suezmaxes, slated for delivery in 2025, and two scrubber-fitted MR tankers set for delivery in 2026.

At the same time, TEN announced the sale of the 2005-built suezmax tanker Eurochampion 2004, which was debt-free. As informed, the sale will contribute approximately $40 million to the company’s cash balances. In addition, TEN’s management is in continuous discussions for further such sales in
the near future.

“The sale and delivery of these three vessels constitute another milestone for TEN as it highlights the company’s commitment to fleet renewal by combining profitable vessel divestments with
deliveries of high-end “green” vessels on long-term contracts,”
George Saroglou, President
& COO of TEN commented.

“The Eurochampion 2004 has served the Company well over the years and we wish her new owners “calm seas” in her journeys. With all LNG-powered vessels now delivered, management will continue to explore growth opportunities on both the newbuilding and secondhand front while maintaining its interest in strategic sales to ensure a seamless fleet transition going forward.”

TEN’s diversified energy fleet currently consists of 67 double-hull vessels, including those under construction, totaling 8.2 million dwt.