TEN Ltd. has ordered a second LNG carrier from Hyundai Heavy Industries in South Korea, with delivery expected in the first quarter of 2029. This strategic addition expands the company's newbuilding program to 20 vessels, reinforcing its position as a diversified tanker and LNG operator. The program is supported by $3.5 billion in minimum secured revenues, providing long-term visibility for earnings.

Newbuilding Program Expansion

The latest order marks a significant milestone in TEN's fleet expansion strategy. The 20-vessel program includes the DP2 Shuttle tanker Anfield DP, which is scheduled for delivery in late July 2026. This vessel has secured a minimum 10-year employment contract with a U.S. oil major, with extension options that could extend the duration to 20 years.

Key Program Details

The company's disciplined approach to fleet renewal and securing long-term contracts underscores its commitment to sustainable growth. The $3.5 billion in minimum secured revenues across the newbuilding program highlights the strong demand for TEN's services in the energy transportation sector.

TEN Ltd. has declared a second semi-annual dividend of $1.00 per share, marking a 36% increase compared to 2025. The dividend is payable on July 30, 2026, to shareholders of record as of the close of business on July 23, 2026. This distribution, combined with the first semi-annual payment of $0.50 in February 2026, brings the total dividends paid by the company to over $1 billion since its New York listing in 2002.

The announcement followed the company's 2026 Annual General Meeting. TEN Ltd. operates as a diversified tanker and LNG operator. Its pro-forma energy fleet consists of 83 vessels with a total deadweight tonnage of approximately 11 million dwt.

Dividend Details

Founded in 1993, TEN Ltd. is one of the first and most established public shipping companies globally. The company has maintained a policy of uninterrupted common and preferred share dividends since its initial public offering.