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TEN sold three suezmax crude carriers and two handysize product carriers

06 Μαρτίου 2020.

tsakosnikosf2Tsakos Energy Navigation Limited (“TEN”or the “Company”) (NYSE:TNP) today announced the sale of three suezmax crude carriers, as well as the agreement to sell two product carriers for a total price of $104 million. These sales, in aggregate, will add$47million of free cash and will reduce associated debt by $58 million.

“Regardless of the short-term challenges the market is facing due to the coronavirus, longer-term market prospects remain positive. The above transactions enable the Company to proceed with its policy of maintaining a modern fleet through strategic sales of first-generation vessels,” Mr. George Saroglou, COO of TEN commented. “With a strong balance sheet and growing cash reserves, a young fleet much in demand by high-end charterers and timely divestment of assets, TEN remains focused on healthy shareholders returns and responsible growth when opportunities arise,” Mr. Saroglou concluded.

TEN will report earnings for the fourth quarter and year end December 31, 2019 prior to the open of the market in New York on Tuesday, March 24, 2020.

That same morning, at 9:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond that which is included in the earnings press release.

 

About TEN

 

TEN, founded in 1993 and celebrating this year 27 years as a public company, is one of the first and most established public shipping companies in the world. TEN’s diversified energy fleet currently consists of 69 double-hull vessels, including two suezmax tankers and one LNG carrier under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.6 million dwt.

Of the proforma fleet today, 48 vessels trade in crude, 15 in products, three are shuttle tankers and three are LNG carriers.

 

 

 

 

 

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