Tsakos Energy Navigation (TEN) has cashed in on one of its ageing suezmax tankers.
The New York-listed Greek player has offloaded the 2005-built Eurochampion 2004 to an unnamed buyer in a deal that is expected to contribute about $40m to TEN’s cash balance.
The ship was debt-free and part of a double suezmax repurchase with a 2005-built Euronike back in February 2023.
Following the sale, TEN will boast a fleet of 67 tankers on a fully delivered basis, but the company said it will be looking to offload similar tonnage in the near future.
In addition, the company has taken delivery of two LNG-powered aframax tankers, the Chios DF and the Ithaki DF, the last remaining vessels in a series of four eco-designed units backed by long-term employment for a major oil concern. According to the reports published in splash247.com .
“With 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,” said George Saroglou, president and chief of operations at TEN.
