TEN Ltd Announces 24-to-36 Month Charters With Major Oil Concern
December 23, 2020 at 16:05 PM EST
ATHENS, Greece, Dec. 23, 2020 (GLOBE NEWSWIRE) -- TEN, Ltd (“TEN” or the “Company”) (NYSE: TNP) today announced 24-month charters extensions with profit sharing provisions for two product tankers to a major oil concern. Excluding options for an additional 12-month period at expiration of this fixture, the combined minimum revenues from these contracts are expected at around $20.0 million. Should the additional options get exercised, the total minimum revenues could surpass $32 million.
“Following our stated policy, these charters to first-class counterparties provide earnings visibility and upside potential. This flexibility has become the cornerstone of our strategy over the years and has served the Company well in navigating smoothly the market cyclicality,” Mr. George Saroglou, Chief Operating Officer of TEN stated. “As we leave 2020 behind us, we look forward to 2021 with renewed optimism and hope knowing that TEN, with the fleet it operates and the client base it has, will be a prime beneficiary of the expected economic resurgence in a safe and healthy world. We wish everyone good health and happiness for the festive season and the New Year,” Mr. Saroglou concluded.
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