TEN Sells Suezmax Pair to Raise Cash

Image Courtesy: TEN

Greek tanker shipping company Tsakos Energy Navigation (TEN) has sold two Suezmax tankers through a five-year sale and leaseback transaction.

As informed, the 2005-built Eurochampion 2004 and Euronike have been sold for USD 65.2 million.

“The sale proceeds have been used to reduce debt and add USD 16 million of cash to TEN’s balance sheet,” the company said.

The vessels were delivered to unnamed new owners in late December 2017.

“Following the 15-vessel renewal program that was completed last quarter, the sale and purchase of vessels remains an integral part of TEN’s strategy to maintain its owned fleet modernity and enhance liquidity,” George Saroglou, COO of TEN, commented.

TEN’s fleet currently comprises 65 double-hull vessels totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.

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