TEN raising cash for vessel acquisitions

TEN raising cash for vessel acquisitions

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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