New Ship - Sunray
TEN, Ltd Announces Delivery and Long Term Charter of Panamax Product Tanker "Sunray"
First of Two Vessels Purposely Built to Service an Oil Major; Minimum Gross Revenues of $40.5 million
ATHENS, GREECE--(Marketwired - Aug 23, 2016) - TEN Ltd. (NYSE: TNP), a leading crude, product and LNG tanker operator, today announced the delivery of the 74,200 dwt Panamax product tanker "Sunray" in South Korea which will immediately enter a minimum 54 and maximum 78 month profit sharing contract to a significant oil major that could generate minimum gross revenues of approximately $40.5 million. The Sunray is the fourth of a 15-vessel fully financed fleet growth plan delivered since June 2016. With 13 of the 15-vessel program having been built against long term accretive contracts, the minimum gross revenues expected by just these vessels could exceed $1.3 billion if certain inbuilt options get exercised.