Athens: Greek tanker giant Tsakos Energy Navigation (TEN) is looking to make the most of current attractive ship prices on offer by raising cash to buy more ships. TEN, which is involved in the crude, product and LNG tanker trades, said it plans to offer its Series D cumulative redeemable perpetual preferred shares in a public offering.
TEN said some of the proceeds “may include making vessel acquisitions” as well as buying back some of its common and preferred shares.
Morgan Stanley and UBS will act as joint bookrunners for the offering.