Tsakos Energy Navigation Announces the Sale and Leaseback of Two Suezmax Tankers
11 January 2018 - 1:00AM
Tsakos Energy Navigation Limited (“TEN” or the “Company”)
(NYSE:TNP) today announced that it has sold for $65.2 million
gross, through a five-year sale and leaseback transaction, the
2005-built Suezmax tankers Eurochampion 2004 and Euronike. The sale
proceeds have been used to reduce debt and add $16.0 million of
cash to TEN’s balance sheet. The vessels were delivered to their
new owners in late December 2017.
“Following the 15-vessel renewal program that
was completed last quarter, the sale and purchase of vessels
remains an integral part of TEN’s strategy to maintain its owned
fleet modernity and enhance liquidity,” Mr. George Saroglou, COO of
TEN commented.
ABOUT TENTEN, established 25
years ago, is one of the first and most established public shipping
companies in the world today. TEN’s fleet consists of 65
double-hull vessels, constituting a mix of crude tankers, product
tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47
vessels trade in crude, 13 in products, three are shuttle tankers
and two are LNG carriers.
ABOUT FORWARD-LOOKING
STATEMENTS Except for the historical information contained
herein, the matters discussed in this press release are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
predicted by such forward-looking statements. TEN undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise.
For further information please
contact:CompanyTsakos Energy Navigation
Ltd.George SaroglouCOO+30210 94 07 710gsaroglou@tenn.gr
Investor Relations /
MediaCapital Link, Inc.Nicolas BornozisPaul Lampoutis+212
661 7566ten@capitallink.com
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