Veteran Aframax Sold by TEN as Firm Continues Fleet Overhaul

Greek shipping company Tsakos Energy Navigation (TEN) has successfully sold an older aframax tanker, advancing its ongoing initiative to modernize its fleet.

The company, which is listed on the New York Stock Exchange, has disposed of the 2007-built Sumitomo tanker, Izumo Princess, for approximately $37 million.

Although the buyer was not disclosed, shipping records indicate that the 105,500 dwt vessel is now owned by Seychelles-registered Noble Sphere Corp and has been renamed Thorin.

Over the past year, TEN has divested nine of its first-generation vessels. Additionally, the company has recently taken delivery of LNG-powered aframax tankers and acquired five modern tankers from Viken Shipping. TEN's fleet currently stands at 74 ships, including seven newbuilds scheduled for delivery.

“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,” stated George Saroglou, president and chief of operations at TEN.