Tsakos Energy Navigation is pushing ahead on fleet renewal, with the US-listed company reportedly selling its 10th ageing tanker since early last year.
According to US brokers, TEN obtained $37.2m to offload the 105,400-dwt Izumo Princess (built 2007) in a deal with undisclosed buyers.
The Sumitomo Shipbuilding-built vessel is one of the two oldest units in TEN’s fleet of 27 crude aframaxes and is not equipped with a scrubber.
However, the Izumo Princess passed its special survey about two years ago.
TEN does not discuss its commercial activities outside public statements but is known to be an active seller of ageing ships.
Over the past 15 months, the Greek company has confirmed divesting nine vessels with an average age of nearly 19 years.
Based on broker reports, TradeWinds estimates that these sales generated about $200m in proceeds for the company.
TEN has more than made up for that outgoing tonnage over the same period, by adding 16 vessels with an average age of just 1.2 years — ordering and taking delivery of newbuildings, as well as acquiring modern tankers on the secondhand market.
The company’s overall tanker fleet consists of 71 tankers of all types on the water or under construction.
TEN also owns three LNG carriers.
New sellers on the block?
Most of the vessels that TEN sold are trading with Middle Eastern owners.
Players in that region, however, are occasionally selling vessels as well.
Another old aframax reported sold this week, the 115,400-dwt Monvos (built 2004), has fetched $28.5m, US brokers say.
The ship, built at Samsung Heavy Industries, is listed with the United Arab Emirates-based Milavous Group and managed by Morrissey Shipping.
It is not equipped with a ballast water treatment system but has reportedly one on order.
Managers at Milavous did not immediately respond to a request for comment.
The Dubai-based company describes itself on its website as a player active in commodity trading, shipping and other investments.
Milavous said in March 2023 that it bought two ships, without identifying them. According to the S&P Global Market database, one of these ships was the Monvos, previously trading as Pintus.
The second, still listed with the company’s fleet, is the 298,500-dwt Hansika (built 2006), a VLCC previously trading as Syfnos with Embiricos company Aeolos Management.
