Tsakos seals sale and leaseback of suezmax pair

Tsakos seals sale and leaseback of suezmax pair

Greek tanker owner Tsakos Energy Navigation (TEN) has announced that it has sold two of its suezmaxes for $65.2m via a sale and leaseback deal with an unnamed party.

The company said the deal for 2005-built suezmax tankers Eurochampion 2004 and Euronike will help it to reduce debt and add $16m cash to its balance sheet.

George Saroglou, COO of TEN, commented:“Following the 15-vessel renewal program that was completed last quarter, the sale and purchase of vessels remains an integral part of TEN’s strategy to maintain its owned fleet modernity and enhance liquidity.”

The HHI-built vessels were delivered to their new owners in late December 2017 and go back to TEN on five-year charters.

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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