Greece’s Tsakos Energy Navigation (TEN) has sold off five of its vessels, three suezmax tankers and two product tankers, for a total price of $104m.
TEN says the sales will add $47m of free cash and reduce associated debt by $58m. The company did not identify the vessels sold, which comes as the company prepares for the arrival of two suezmax newbuilds from Hyundai Samho.
George Saroglou, COO of TEN, commented: “Regardless of the short-term challenges the market is facing due to the coronavirus, longer-term market prospects remain positive. The above transactions enable the Company to proceed with its policy of maintaining a modern fleet through strategic sales of first-generation vessels.
“With a strong balance sheet and growing cash reserves, a young fleet much in demand by high-end charterers and timely divestment of assets, TEN remains focused on healthy shareholders returns and responsible growth when opportunities arise.”
The sale will leave TEN with a fleet of 59 vessels on the water according to VesselsValue, with four newbuilds currently under construction.