TEN Sells an Aframax Tanker

Greek shipowner Tsakos Energy Navigation (TEN), Ltd. announced it another vessel sale as part of its ongoing fleet renewal program.

Sold was 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 $37 million to the company’s cash balances, TEN said.

“Following the sale of nine tankers over the last 12 months with an average age of 18.5 years, this subsequent 10th transaction underscores TEN’s commitment to divest from its firstgeneration 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,” said George Saroglou, president & COO of TEN. “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.”