TEN, Ltd. announced on 1 May the delivery and naming of two DP2 suezmax shuttle tankers, the “Athens 04” and the “Paris 24”, from Samsung Heavy Industries, Co., Ltd.
The company announced the delivery of the vessels from Samsung in South Korea and the concurrent seven-year employment to a European oil major with options to extend until the vessels’ 15th year anniversary.
Total gross revenues from these two contracts, excluding any optional periods being exercised, are expected in the region of $300 million.
The delivery of the “Athens 04” and the naming of the “Paris 24”, which is expected in the fleet in June 2025, mark the commencement of TEN’s second phase expansion in the Brazilian offshore space, having established a solid presence in this “high barriers-to-entry” market since 2013.
This new milestone kickstarts a series of shuttle tanker deliveries set to make TEN one of the largest owners of such high-end tonnage in the world, and Brazil in particular
…said George Saroglou, President and COO, TEN.
TEN’s energy fleet currently consists of 82 vessels, including twelve DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers.
