TEN Ltd. Announces Completion of Viken Fleet Acquisition and Sale of Aframax Tanker and LNG Carrier

Core Insights - TEN, Ltd has completed the acquisition of Viken Crude AS, enhancing its fleet with a 2019-built scrubber fitted 1A Ice-Class Aframax tanker, while generating $100 million in free cash from the sale of older vessels [1][2][3] Fleet Modernization - Since the beginning of 2023, TEN has sold 13 vessels totaling 1.1 million dwt with an average age of 18.5 years and purchased 20 vessels totaling 2.25 million dwt with an average age of 1.2 years, significantly modernizing its fleet [2] - The strategic divestments and acquisitions have increased TEN's critical mass in the maritime energy segments and improved its environmental footprint [3] Newbuilding Program - TEN's current newbuilding program includes multiple vessels under construction, with expected deliveries ranging from Q2 2025 to Q3 2028, including DP2 shuttle tankers and scrubber-fitted Suezmax and MR product tankers [4] Company Overview - Founded in 1993, TEN is one of the first public shipping companies, currently operating a diversified energy fleet of 74 vessels totaling 9.0 million dwt, including various types of tankers and LNG carriers [5]