Tsakos Energy Navigation Secures Over $100m from Suezmax Disposals
Greek owner Tsakos Energy Navigation has agreed to offload two 2006-built suezmaxes as its extensive newbuilding drive continues.
New York-listed Tsakos Energy Navigation has entered into agreements to offload two older suezmax tankers, a transaction that will inject more than $100 million into the company's cash reserves.
According to the Greek shipowner, both of the departing vessels were constructed in 2006. The company did not disclose the individual vessel names, the buyers involved, or the specific breakdown of the transaction value.
The sales come as TEN advances an active fleet renewal strategy supported by an extensive orderbook. The company currently has a 26-vessel newbuilding programme underway designed to systematically introduce modern, younger tonnage across its fleet.
Proceeds from the dual tanker sale will reinforce the company's balance sheet as it continues to take delivery of its newbuilding pipeline.
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