TEN pockets $7.1m in free cash on 16-year-old RL2 

Greek owner Tsakos Energy Navigation (TEN) has announced the sale of a 2006-built LR2 aframax tanker to unrelated entities. 

The sale of what TEN said was one of the largest product tankers in the world at the time of its construction, will generate $7.1m of free cash, after the repayment of related debt to be recorded in the second quarter of 2022. According to VesselsValue data, TEN sold the 117,100 dwt LR2/aframax Proteas, renamed Meline, to an unknown Far Eastern buyer for $20m.

“This timely sale depicts our commitment to our stated “Greenship” initiative as it coincides with the recent order of four dual-fuel aframaxes on long-term employment to a significant end-user. As we continue to explore and evaluate future alternatives, similar transactions should be expected,” commented George Saroglou, COO of TEN.

Founded in 1993, the New York-listed TEN currently has a fleet of 70 vessels. The company’s newbuilding program includes one suezmax shuttle tanker and four dual-fuel LNG-powered aframaxes.