TEN Ltd to Extend DP2 Shuttle Tanker Charters Generating $200M+
TEN Ltd has extended by up to five years the charters for its two DP2 shuttle tankers, with new contracts starting mid-2028 expected to generate over $200 million in gross revenues. The company’s minimum fleet revenue backlog is $4.0 billion and its shuttle tanker fleet will number 16 modern vessels.
1. Charter Extension Details
TEN Ltd extended the employment of its two DP2 shuttle tankers for up to five years each, commencing upon expiration of their existing 15-year contracts around mid-2028. These new charters are projected to deliver over $200 million in gross revenues across their durations.
2. Strengthened Revenue Backlog
The company’s minimum fleet revenue backlog has reached $4.0 billion, underpinning future cash flow visibility and supporting its capacity to pay continuous dividends. Record tanker market rates further bolster revenue growth prospects.
3. Fleet Composition and Growth
Since entering the shuttle tanker segment in 2013, TEN Ltd has grown to a proforma fleet of 16 modern DP2 shuttle tankers. Its diversified energy fleet now comprises 83 vessels—including VLCCs, LR1 tankers with scrubbers, and an LNG carrier under construction—totaling approximately 11 million dwt.