Adds $250 million in Minimum Time Charter Income
TEN, Ltd (TEN) (NYSE:TNP) on Thursday announced the contract for the building of up to three suezmax DP2 shuttle tankers on long-term employment to a major European end-user.
The vessels will be built in South Korea and the time charter equivalent minimum revenues to be generated over the duration of the respective contacts, should all be exercised, are expected at about $250 million.
“TEN continues its profitable and market proven policy of attractive long-term charters to grow its fleet at periods of competitive newbuilding prices,” Mr. George Saroglou, COO of TEN commented. “By doubling our presence in this very selective with high-barriers-to-entry sector, we add market share and substantially increase our bottom line. Accretive fleet growth and renewal remains a cornerstone of our strategy which along with healthy dividends and stock buybacks should assist for a more realistic share valuation going forward,” Mr. Saroglou concluded.