TEN Sells Two More Vessels in Bid to Revitalize Fleet

Greek shipping company Tsakos Energy Navigation (TEN), listed on the New York Stock Exchange, has recently sold two more vessels as part of its fleet modernization strategy.

The sales included a 2008-built Aframax tanker and a 2007-built steam turbine LNG carrier, both sold to third-party interests. TEN reported that these transactions have generated an additional $100 million in free cash.

While the company did not disclose the names of the vessels, data from VesselsValue identified the LNG carrier as the 150,000 cu m Neo Energy, now renamed New Energy, and the Aframax tanker as the 105,400 cu m Nippon Princess, now called Centurion. The buyer’s identity remains undisclosed.

Since the start of 2023, TEN has sold a total of 13 vessels with a combined deadweight tonnage (dwt) of 1.1 million, averaging about 18.5 years old. Concurrently, TEN has acquired and placed new orders for 20 vessels totaling 2.25 million dwt, with an average age of just 1.2 years.

The company also finalized the purchase of vessels from Viken Shipping, including the delivery of the 2019-built scrubber-fitted ice-class Aframax tanker Eikeviken.

In a transaction valued at approximately $390 million, TEN acquired several vessels: the 2023-built LNG dual-fuel LR2s Angleviken and Askviken, the 2018-built Aframax Breiviken, the Eikeviken, and the 2018-built Suezmax Morviken.

TEN's current fleet comprises 74 vessels, which include three DP2 shuttle tankers, two scrubber-fitted Suezmax vessels, two scrubber-fitted MR product tankers, and five scrubber-fitted Panamax tankers under construction, with a total deadweight tonnage of 9.0 million.