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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.

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