TEN Sells Five Tankers

The  Greek shipping company Tsakos Energy Navigation (TEN) said that it has sold five tankers to raise $104m in total that it will use to cut debt.

According to the transporter of energy, the vessels include three suezmax tankers and two product tankers.

These sales, in aggregate, will add $47 million of free cash and will reduce associated debt by $58 million, it said.

“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,” George Saroglou, COO of TEN said.

“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,” Saroglou concluded.