TEN, Ltd. has announced the delivery and naming of the DP2 suezmax shuttle tanker "Anfield DP," built by Samsung Heavy Industries Co., Ltd. ("Samsung") in South Korea. The vessel is the third in a series of twelve DP2 shuttle tankers currently under construction at the Samsung shipyard.

DP2 shuttle tankers are specialized vessels equipped with redundant dynamic positioning systems that allow them to maintain station and load crude oil directly from offshore production facilities—such as floating production, storage, and offloading (FPSO) units—without conventional anchoring. This capability is essential in deepwater fields where mooring is impractical or unsafe.

"Anfield DP" will begin a ten-year charter with a US oil major, with extension options that could keep the vessel employed through its twentieth year. The delivery marks another step in TEN's second-phase expansion into the Brazilian offshore market, where shuttle tankers are the primary mode of transporting crude from pre-salt fields in the Santos Basin to onshore terminals. TEN describes the sector as having "high barriers to entry" and has maintained a presence there since 2012.

The naming ceremony was attended by dignitaries from Greece, South Korea, and the United States. Her Excellency Ms. K. Guilfoyle, the US Ambassador to Greece, served as the vessel's sponsor, officially naming "Anfield DP," which hoisted the Greek flag.

With this latest addition, TEN now operates seven shuttle tankers on long-term employment, with nine additional vessels on order. Minimum gross revenues from the company's backlog of long-term charters currently stand at approximately $3.5 billion.

"We welcome another advanced spec shuttle tanker in our fleet. The company continues its tested strategy of divesting its first-generation tankers at very profitable levels while replacing them with high-end specialized tonnage backed by accretive long-term contracts," stated Mr. George Saroglou, President & COO of TEN. "With a secured revenue backlog of $3.5 billion, supported by blue-chip counterparties, TEN can comfortably continue its growth trajectory and at the same time reward shareholders with healthy dividends," Mr. Saroglou concluded.

Founded in 1993 and now celebrating 33 years as a public company, TEN is one of the earliest and most established publicly traded shipping companies in the world. The company's diversified energy fleet currently comprises 82 vessels, including twelve DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers, and five scrubber-fitted LR1 tankers under construction. The fleet consists of a mix of crude tankers, product tankers, and LNG carriers, totaling 10.1 million deadweight tons.

Source: TEN Ltd.