TEN continues fleet renewal push with aframax and LNG carrier sale

Source:Splash247.com
2024.06.04
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New York-listed Greek owner Tsakos Energy Navigation (TEN) has sold two more vessels in a push to rejuvenate its fleet.

The company sold a 2008-built aframax and a 2007-built steam turbine LNG carrier to third-party interests. According to TEN, the sales generated an additional $100m in free cash.

The names of the vessels were not explicitly stated but VesselsValue data revealed that the LNG carrier in question is the 150,000 cu m Neo Energy, now renamed New Energy, while the aframax is the 105,400 cu m Nippon Princess, now named Centurion. The customer was left undisclosed.

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

The Greek firm also completed the acquisition of vessels from Viken Shipping with the delivery of a 2019-built scrubber-fitted ice-class aframax tanker Eikeviken.

In a deal estimated at around $390m, the company bought the 2023-built LNG dual-fuel LR2s Angleviken and Askviken, the 2018-built aframax Breiviken and the Eikeviken as well as the 2018-built suezmax Morviken.

TEN’s fleet currently consists of 74 vessels, including three DP2 shuttle tankers, two scrubber-fitted suezmax vessels, two scrubber-fitted MR product tankers, and five scrubber-fitted Panamax tankers under construction totaling 9.0m dwt.

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