Greek shipowner Tsakos Energy Navigation is getting ready to part ways with two of its oldest VLCCs.
New York-listed TEN says the La Madrina (built 1993) and La Prudencia (built 1994) have been held for sale following what it describes as a “long period of profitable fixed employment” after racking up an impairment charge of $39.4m at the end of the fourth quarter. 
“Due to the continuous poor market and lack of economically viable opportunities for the foreseeable future for older VLCCs, it was decided that these two vessels should be sold and action has been taken accordingly from December,” the company told investors Friday.
Going forward, TEN says it will continue to seek period charters and contracts with profit sharing agreements in a bid to take advantage of “charterers’ appetite for longer fixtures for quality tonnage” while pursuing expansion the LNG and shuttle tanker markets.
“TEN is actively investigating opportunities and ways to leverage its exposure (to LNG) and is in talks with both yards, charterers and others to gauge interest for enhanced collaborations and structures that would augment TEN's presence in this lucrative sector without adding strains on the company's balance sheet,” it added.
Chief executive Nikolas Tsakos noted: "We believe our preemptive actions to sell older vessels, tight cost control coupled with a dynamic LNG market, an area where we attained a first mover advantage and plan to expand, will make TEN stronger and provide further support for the continuation of a healthy dividend policy."