Working Conditions Aboard the Hercules-I

TEN Ltd., a prominent player in the crude, product, and LNG tanker sectors, has made a significant move by announcing an up to 18-month time charter for its recently launched VLCC Hercules I with a leading US oil firm. "All 15 vessels in TEN's growth initiative, including five that are set to be deployed this year, are already committed to long-term employment. This latest agreement features a base rate alongside profit-sharing provisions, ensuring robust financial protection for our company while allowing us to benefit from potential profit increases," remarked Mr. Nikolas P. Tsakos, President and CEO of TEN and current Chairman of INTERTANKO. He emphasized the importance of establishing long-term relationships with top-tier clients as a cornerstone of their industrial shipping strategy, which will further strengthen TEN’s balance sheet and enhance profitability. "These strategic moves serve to improve TEN’s overall valuation," Mr. Tsakos added. Since its inception in 1993, TEN has emerged as one of the most established public shipping companies globally. The company's pro-forma fleet comprises 65 double-hull vessels, which include four Aframax tankers and a Suezmax DP2 shuttle tanker currently under construction, totaling 7.2 million dwt. Among these, 45 vessels are engaged in crude trading, 15 in products, while three serve as shuttle tankers and two as LNG carriers.