Tsakos Energy Navigation (TEN) has announced the sale of two 2006-built Suezmax tankers, a transaction that will release in excess of $100 million to the company's cash reserves.
The divestment follows the delivery of the shuttle tanker Anfield from Samsung Heavy Industries in South Korea in late July.
The company is currently executing a 26-vessel newbuilding programme, with seven vessels delivered and chartered alongside $3.5 billion in future minimum secured revenues.
Discussing the fleet strategy, President George Saroglou stated, “In line with our stated policy of maintaining the modernity and diversity of our fleet, as evident by the 26-vessel newbuilding program currently in effect, of which seven have already been delivered, we continue to monetise the equity value of our first-generation vessels.”
"These vessels, purposefully built 20 years ago by TEN for its client’s requirements, have been great contributors to the company’s success,” Saroglou added.
The company currently manages an operational fleet of 81 energy transport vessels totalling approximately 10.5 million DWT.