TEN Ltd. Announces the Sale of a 2006-Built LR2 Product Tanker
27 April 2022 - 3:00PM
TEN, Ltd. (TEN) (NYSE: TNP) (the “Company”) today announced the
sale of a 2006-built LR2 aframax tanker, one of the largest product
tankers in the world at the time of its construction, to unrelated
entities. This sale will generate the Company $7.1 million of free
cash, after the repayment of related debt to be recorded in the
second quarter of 2022.
“This timely sale depicts our commitment to our
stated “Greenship” initiative as it coincides with the recent order
of four dual-fuel aframaxes on long-term employment to a
significant end-user. As we continue to explore and evaluate future
alternatives, similar transactions should be expected,” Mr. George
Saroglou, COO of TEN commented.
ABOUT TSAKOS ENERGY
NAVIGATIONTEN, founded in 1993 and celebrating this year
29 years as a public Company, is one of the first and most
established public shipping companies in the world. TEN’s
diversified energy fleet currently consists of 70 double-hull
vessels including one suezmax DP2 shuttle tanker and four dual-fuel
LNG powered aframax vessels under construction, constituting a mix
of crude tankers, product tankers and LNG carriers, totaling 7.9
million dwt.
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
Saroglou, COO+30210 94 07 710gsaroglou@tenn.gr
Investor Relations / MediaCapital Link,
Inc.Nicolas Bornozis Markella Kara+212 661
7566ten@capitallink.com
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