- Expected $30 million in gross revenues over first-year period
- Strong outlook for all tanker segments
TEN, LTD. (NYSE: TNP), a leading diversified tanker operator, today announced the extension of one of its LNG carriers for a minimum one-maximum three-year period.
The new increased rate is set to commence in the first quarter of 2020 and expected to generate around $30 million of gross revenues.
“We are delighted to continue the employment of our LNG carrier to one of the industry’s top names which highlights TEN’s operational capabilities in this highly demanding sector,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “The LNG sector continues to be an area of increasing interest to us and the recent newbuilding order is a testament to that. TEN’s diversified fleet of crude, product, shuttle tankers and LNG carriers, provides management with the flexibility to choose the most accretive business in each segment, in today’s strong tanker market environment,” Mr. Saroglou concluded.