TNP - Mergers and acquisitions

16 acquisitions with 1.2 year average10 sales with 18.5 year averageGreen-growth initiative program continues   ATHENS, Greece, April 22, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE:TNP) (the "Company") announces the sale of the aframax tanker Izumo Princess, the first in a series of eight pioneered-designed vessels the Company built between 2007 and 2010. The sale will add approximately $37 million to the Company's cash balances. "Following the sale of nine tankers over the last twelve months with an average age of 18.5 years, this subsequent 10th transaction underscores TEN's commitment to divest from its first-generation assets and enhance its "green" footprint through the acquisit

Green initiative newbuilding program on track Red Sea tensions further boosts tanker rates ATHENS, Greece, Jan. 22, 2024 (GLOBE NEWSWIRE) -- TEN, Ltd (TEN) (NYSE:TNP) (the "Company") announces the sale of the 2005-built suezmax tanker Eurochampion 2004 and the concurrent delivery of two LNG powered aframax tankers, the Chios DF and the Ithaki DF, the last remaining vessels in a series of four high-spec eco-designed tankers built against long-term employment to a major oil concern. The Eurochampion 2004 which was debt free, will contribute approximately $40 million to the Company's cash balances with management in continuous discussions for further such sales in the near future. "The sa

Strong Market Fundamentals Further Expansion in VLCC Sector ATHENS, Greece, Nov. 15, 2022 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE:TNP) (the "Company") today announced the acquisition of the 2020 South Korean-built Very Large Crude Carrier, to be renamed the "Dias I," the purchase of which was agreed in the first half of 2022, as previously reported. The vessel was delivered to TEN on expiration of its contract to a major oil concern and management will now consider employment opportunities reflective of market conditions as they present themselves. "We are delighted to welcome the addition of such a quality eco-vessel in our modern, diversified fleet and look forward to it capturing

$7.1 million of free cash generated "Greenship" initiative on track ATHENS, Greece, April 27, 2022 (GLOBE NEWSWIRE) -- TEN, Ltd. (TEN) (NYSE:TNP) (the "Company") today announced the sale of a 2006-built LR2 aframax tanker, one of the largest product tankers in the world at the time of its construction, to unrelated entities. This sale will generate the Company $7.1 million of free cash, after the repayment of related debt to be recorded in the second quarter of 2022. "This timely sale depicts our commitment to our stated "Greenship" initiative as it coincides with the recent order of four dual-fuel aframaxes on long-term employment to a significant end-user. As we continue to explore an