Tsakos Energy Navigation Announces the Sale and Leaseback of Two Suezmax Tankers

By Vessels

Tsakos Energy Navigation Limited (TEN) (NYSE:TNP) yesterday announced that it has sold for $65.2 million gross, through a five-year sale and leaseback transaction, the 2005-built Suezmax tankers Eurochampion 2004 and Euronike. The sale proceeds have been used to reduce debt and add $16.0 million of cash to TEN’s balance sheet. The vessels were delivered to their new owners in late December 2017.

Tsakos Energy Navigation Announces the Sale and Leaseback of Two Suezmax Tankers
Caption: Crude Oil Tanker Eurochampion 2004 - Image courtesy of Aart van Bezooijen

“Following the 15-vessel renewal program that was completed last quarter, the sale and purchase of vessels remains an integral part of TEN’s strategy to maintain its owned fleet modernity and enhance liquidity,” Mr. George Saroglou, COO of TEN commented.

EURONIKE - IMO 9299678
Caption: Crude Oil Tanker Euronike - Image courtesy of Carlos Vadir Goñiz Fariñas

TEN’s fleet consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.

Source: Tsakos Energy