New York-listed Tsakos Energy Navigation (TEN) has confirmed the order of two VLCCs at Hanwha Ocean in South Korea and the sale of three 2007-built tankers.
The Greek shipowner has placed an order for two eco VLCCs at Hanwha Ocean in South Korea with an option for an additional unit, to be delivered in 2027 and 2028.
Concurrently with these orders, TEN proceeded with the sale of three 2007-built vessels, two handysize product tankers to related party interests as well as an aframax crude carrier to independent third parties.
From these strategic asset sales, TEN generated around $60m in free cash and about $9m in capital gains to be reflected in the company’s third quarter financial statements.
“TEN continues its goal to address the needs of its clients by building high specification, environmentally friendly vessels while gradually divesting from its first-generation assets,” said George Saroglou, TEN’s president and COO.
“With responsible fleet growth remaining a core pillar of our tested model, TEN keeps being a one-stop shipping operation for its blue-chip clients,” Saroglou concluded.
The company, which is making a dynamic expansion with 21 eco vessels to be delivered until 2028 and $3.7bn in minimum contracted revenues, has a diversified fleet of 82 vessels.
TEN’s fleet portfolio includes eleven DP2 shuttle tankers, two VLCCs plus one option, one scrubber fitted suezmax vessel, two scrubber-fitted MR product tankers and five scrubber-fitted LR1 tankers under construction, consisting of a mix of crude tankers, product tankers and LNG carriers totaling approximately 11 million dwt.
