Tsakos Energy Navigation Divests Two Suezmaxes, Boosting Cash Reserves

Tsakos Energy Navigation (TEN), the New York-listed Greek shipowner, is divesting two of its ageing suezmax tankers. The sales are expected to release more than $100 million into the company's cash reserves, according to Splash 247.

The two vessels, built in 2006, were not identified by TEN, nor were the buyers or individual sale prices disclosed. However, Splash 247 reports that TEN's current fleet list indicates the 2006-built *Archangel* and *Alaska* as its only suezmaxes of that vintage. S&P sources, as cited by Splash 247, have named Daelon Fathomline and Zeythra Group as the respective buyers.

This divestment activity aligns with TEN's ongoing fleet renewal strategy. The company is engaged in a 26-vessel newbuilding programme, steadily integrating younger tonnage into its fleet. Seven ships from this programme have already joined the fleet, with the company reporting $3.5 billion in minimum contracted revenue across its forward employment book.

Fleet Modernisation and Growth

Fleet recycling has been a consistent element of TEN's growth strategy in recent years, involving multiple sales of older tankers, including suezmaxes. Concurrently, the company has been investing in larger and more specialised tonnage. Last year, TEN expanded its VLCC orderbook at Hanwha Ocean, and its shuttle tanker programme has seen substantial growth.

Earlier this year, the company re-entered the LNG carrier newbuilding market, ordering its first gas ships in approximately seven years. In April, TEN extended the employment for two existing shuttle tankers by up to five years each, in deals projected to generate more than $200 million in gross revenue. At that time, its shuttle operation comprised six active ships and 10 newbuildings.

Pro Forma Fleet Status

Following these latest sales, TEN's pro forma fleet stands at 81 vessels, with a combined total capacity of approximately 10.5 million deadweight tonnes (dwt), as reported by Splash 247.