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TEN Sells 2005-built Suezmax Tanker

Maritime Activity Reports, Inc.

January 22, 2024

(File photo: TEN)

(File photo: TEN)

Tsakos Energy Navigation (TEN) on Monday announced it has sold one of the older vessels in its fleet, noting it plans to sell additional vessels in the near future.

The 164,608 dwt suezmax tanker Eurochampion 2004, built at South Korea's Hyundai Heavy Industries in 2005, was sold to an undisclosed buyer in a deal expected to contribute approximately $40 million to the TEN’s cash balances, the Greek shipowner said.

In announcing the sale, TEN noted its management is in continuous discussions for further vessel sales in the near future.

The company also announced it has taken delivery of two 115,000 dwt LNG powered aframax tankers, the Chios DF and the Ithaki DF, the last remaining vessels in a series of four high-spec eco-designed tankers built at South Korea’s Daehan Shipbuilding against long-term employment to a major oil concern.

“The sale and delivery of these three vessels constitute another milestone for TEN as it highlights the Company’s commitment to fleet renewal by combining profitable vessel divestments with deliveries of high-end “green” vessels on long-term contracts,” said George Saroglou, president and COO of TEN. “With the all LNG-powered vessels now delivered, management will continue to explore growth opportunities on both the newbuilding and secondhand front while maintaining its interest in strategic sales to ensure a seamless fleet transition going forward.”

TEN’s fleet currently consists of 67 vessels, including two DP2 shuttle tankers and two suezmax vessels under construction for scheduled delivery in 2025 and two new MR product tankers scheduled to be delivered in 2026.

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