TEN advances fleet renewal with tanker sale

TEN Ltd. has advanced its fleet renewal programme through the sale of the oldest vessel in its fleet, the 2003-built Panamax tanker Andes.

The company sold the Japanese-built vessel to independent third parties. The transaction generated approximately US$13 million in free cash and a capital gain of US$4.6 million.

TEN expects to record the gain during the third quarter of 2026.

TEN fleet renewal supported by newbuildings

The TEN fleet renewal programme includes an orderbook of 26 vessels, seven of which have already been delivered.

The company has placed particular emphasis on the Panamax segment, with five new units under construction. Amazona, Maya and Inca are scheduled for delivery during 2027, while Aztec and a new vessel named Andes are expected to join the fleet in 2028.

TEN’s conventional tanker programme also includes three scrubber-fitted VLCCs scheduled for delivery between the fourth quarter of 2027 and the second quarter of 2028.

“The company has embarked on a significant fleet growth programme, as reflected in its 26-vessel orderbook, of which seven vessels have already been delivered,” said George Saroglou, President of TEN.

“Looking ahead, we will continue to evaluate sale and purchase opportunities while remaining committed to maintaining fleet modernity and operational flexibility that have allowed TEN to thrive through market cycles over the decades,” added Saroglou.