TEN Unveils USD 104 Mn Tanker Quintet Sale

Greek tanker operator Tsakos Energy Navigation Limited (TEN) has decided to sell five of its vessels as part of the company’s fleet modernization plan.

As informed, TEN will dispose of three Suezmax crude carriers and two product carriers for a total price of USD 104 million.

These sales, in aggregate, will add USD 47 million of free cash and will reduce associated debt by USD 58 million, according to the company.

“Regardless of the short-term challenges the market is facing due to the coronavirus, longer-term market prospects remain positive. The above transactions enable the company to proceed with its policy of maintaining a modern fleet through strategic sales of first-generation vessels,” George Saroglou, COO of TEN, commented.

“With a strong balance sheet and growing cash reserves, a young fleet much in demand by high-end charterers and timely divestment of assets, TEN remains focused on healthy shareholders returns and responsible growth when opportunities arise,” Saroglou concluded.

TEN’s fleet currently consists of 69 double-hull vessels, including two Suezmax tankers and one LNG carrier under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.6 million dwt.