TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the 174,000cbm LNG carrier TENERGY in South Korea and immediate charter to a major end-user.
The employment, of minimum five years at an accretive floor rate with market-related upside is expected to generate minimum gross revenues of about $100 million.
“We are excited to continue expanding our presence in the ever-developing LNG space with the delivery and charter of this latest technology and environmentally friendly vessel,” Mr. George Saroglou, COO of TEN commented. “TEN’s growth prospects and cash flow visibility, with a minimum revenue backlog of over $1 billion, with additional upside potential, enables management to pursue its growth strategy and diversify further TEN’s footprint in the greater energy sector,” Mr. Saroglou concluded.