TEN Ltd. Announces The Sale Of A 2005-Built Suezmax Tanker And Completion Of The First Phase Of Its Dual-Fuel Renewal Program
Portfolio Pulse from Benzinga Newsdesk
TEN Ltd. (NYSE:TNP) has sold a 2005-built suezmax tanker, Eurochampion 2004, adding approximately $40 million to its cash balances. The company also completed the delivery of two LNG-powered aframax tankers, Chios DF and Ithaki DF, as part of its dual-fuel renewal program. These actions are in line with TEN's strategy for fleet renewal, combining vessel divestments with acquisitions of eco-friendly ships on long-term contracts. The company is exploring further growth opportunities and strategic sales for a seamless fleet transition.
January 22, 2024 | 2:22 pm
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TEN Ltd. has successfully sold the Eurochampion 2004 tanker, enhancing its cash position by $40 million, and has completed the first phase of its eco-friendly dual-fuel renewal program with the delivery of two LNG-powered tankers.
The sale of the Eurochampion 2004 tanker is a positive financial development for TEN Ltd., increasing its cash reserves which can be used for further investments or to improve the balance sheet. The completion of the first phase of the dual-fuel renewal program with the delivery of LNG-powered tankers aligns with the industry's shift towards more environmentally friendly vessels, which may attract positive attention from investors who are increasingly focused on sustainability. This could potentially lead to a short-term positive impact on the stock price.
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