Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Tsakos Energy Navigation sells three suezmaxes and two product tankers for $104m

Taskos Energy Navigation (TEN) has sold three suezmax tankers and two product tankers for a total price of $104m, allowing the company to add $47m in cash and reduce debt by $58m.

George Saroglou, coo of TEN, noted that the transactions has enabled the company to proceed with its policy of maintaining a modern fleet through sales of first-generation vessels.

“Regardless of the short term challenges the market is facing due to the coronavirus, longer term market prospects remain positive,” Saroglou said.

“With a strong balance sheet and growing cash reserves, a young fleet much in demand by high-end charterers and timely divestment of sales, TEN remains focused on healthy shareholders returns and responsible growth when opportunities arise,” he added.

Hide comments


  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.