Tsakos Energy Navigation continues its fleet renewal strategy. The NYSE-listed shipping company of Dr. Nikolaos Tsakos has placed an order for two VLCCs with an option for one more and the sale of three older vessels
TEN, which operates in the tanker and LNG carrier sectors, has formalized the order for two new-build environmentally friendly VLCCs (Very Large Crude Carriers), from the Hanwha Ocean shipyards in South Korea, with scheduled deliveries in 2027 and 2028, as well as an option for an additional vessel.
TEN has also proceeded with the sale of three older 2007-built vessels — two handysize product tankers to related interests and one aframax crude tanker to independent buyers.
From this sale, the company secured free cash reserves of approximately 60 million dollars, as well as capital gains of 9 million, which will be reflected in the third quarter financial results.
Since the launch of TEN’s “Greenship” program in January 2023, the company has implemented one of the most comprehensive renewal strategies in its history. Before the latest move, it had sold 14 older 1.2 million dwt vessels with an average age of 17.3 years, replacing them with 30 environmentally friendly new and used vessels, 3.7 million dwt with an average age of 0.6 years.
This dynamic fleet expansion has led to a substantial increase in total carrying capacity, further strengthening TEN’s commercial and operational presence worldwide, driven by its commitment to environmentally friendly and responsible energy transport, the company said.
