TEN Ltd announced it has placed an order for three scrubber-fitted Very Large Crude Carriers (VLCCs) with Hanwha Ocean in South Korea, with an option for a fourth. Deliveries are scheduled for 2027 and 2028.
At the same time, the company sold three older vessels, adding $60.0 million to cash reserves and realizing a $9.0 million capital gain that will be recorded in the third quarter of 2025.
On August 14, 2025, TEN took delivery of the DP2 suezmax shuttle tanker Paris 24 from Samsung Heavy Industries in South Korea, which entered a seven-year employment with an oil major.
On October 1, 2025, the company expects to take delivery of the eco scrubber-fitted suezmax tanker Silia T from HD Hyundai Ocean Services, which is scheduled to start a minimum three-year contract with a US oil company.
Tsakos Energy Navigation Ltd is a Bermuda-registered public shipping company listed on the New York Stock Exchange. Established in 1993, it manages a diversified fleet of crude and product tankers, LNG carriers, and shuttle tankers.
Hanwha Ocean Co., Ltd., part of Hanwha Group, is a South Korean shipbuilder headquartered in Geoje. It constructs large commercial vessels such as VLCCs, LNG carriers, and naval ships.