N. Tsakos (TEN) interview: What the founder said on the NYSE

Greek shipowner Tsakos revealed yesterday that is selling an elderly suezmax which is expected to contribute about $40m to TEN’s cash balance.

In parallel, the owner takes delivery of two LNG powered aframax tankers, the Chios DF and the Ithaki DF, the last remaining vessels in a series of four high-spec eco-designed tankers built against long-term employment to a major oil concern.

The New York-listed company said the 2005-built Eurochampion 2004 was debt-free.

The sale will boost the company’s balance sheet by $40m in cash, with management in continuous discussions for further such sales in the near future.

George Saroglou, president and COO of TEN, said: “The sale and delivery of these three vessels constitute another milestone for TEN as it highlights the company’s commitment to fleet renewal by combining profitable vessel divestments with deliveries of high-end “green” vessels on long-term contracts.”

“The Eurochampion 2004 has served the Company well over the years and we wish her new owners “calm seas” in her journeys.

“With the all LNG-powered vessels now delivered, management will continue to explore growth opportunities on both the newbuilding and secondhand front while maintaining its interest in strategic sales to ensure a seamless fleet transition going forward,” Saroglou added.

TEN’s fleet currently consists of 67 double-hull vessels, including two DP2 shuttle tankers, two scrubber-fitted suezmax vessels and two scrubber-fitted MR product tankers under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 8.2 million dwt.