Greek Tsakos Energy Navigation (TEN) listed on the New York Stock Exchange has announced the sale of the aframax tanker “Izumo Princess”, the first in a series of eight pioneered-designed vessels the company built between 2007 and 2010.

The sale will add approximately $37m to the company’s cash balances.

George Saroglou, president & COO of TEN commented, “Following the sale of nine tankers over the last twelve months with an average age of 18.5 years, this subsequent 10th transaction underscores TEN’s commitment to divest from its first generation assets and enhance its “green” footprint through the acquisition and building of state of-the art eco-vessels to meet the transportation needs of our blue-chip clientele.”

“Looking ahead, we have renewed our fleet with 16 acquisitions averaging 1.2 years, while maintaining our long-standing policy of providing our customers with the best vessels for their needs,” Saroglou concluded.

Source: TEN Ltd