TEN bow mark

The Greek-based NYSE listed Tsakos Energy Navigation (TEN) has announced the completion of the Viken Crude AS acquisition with the delivery of a 2019-built scrubber fitted 1A Ice-Class Aframax tanker.

Furthermore, TEN informs that it has sold a 2008-built Aframax and a 2007-built Steam Turbine LNG carrier to third party interests, and from these sales the company has generated an additional $100 million in free cash.

Since the beginning of 2023, TEN mentions that it has sold 13 vessels totaling 1.1 million dwt averaging about 18.5 years. At the same time, it has purchased and placed new orders for 20 vessels totaling 2.25 million dwt, with an average age of 1.2 years.

The above transaction significantly increases the Company’s size and dwt capacity and drastically modernizes the fleet.

Mr. George Saroglou, President & COO of TEN, says that “The vessel divestments coupled with strategic acquisitions, in co-operation with its first-class clients, have enabled the Company to enhance this modern fleet, and increase TEN’s critical mass in the maritime energy segments, while strengthening our environmental footprint at a time considered transformational for the industry.”