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Tsakos Energy Navigation offloads five tankers for $104m

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.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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