Tsakos Energy Navigation has formally announced its latest ship sales, in a string of divestments that form part of its fleet renewal campaign.
The US-listed company earlier confirmed TradeWinds reports that it has sold its oldest LNG carrier and one of its oldest aframaxes.
It did not identify the vessels, but their description matches the 149,700-cbm Neo Energy (built 2007) and 105,400-dwt Nippon Princess (built 2008).
TEN said in a press release late on Monday that it generated $100m in free cash in its two deals with unrelated third parties.
The ships’ gross sale price, however, is definitely higher.
Citing brokers, TradeWinds reported recently that the Nippon Princess fetched about $40m, possibly, from Chinese buyers. The Neo Energy was under negotiation with a Dubai-based entity for close to $80m.
The Neo Energy is already trading as New Energy with NUR Global Shipping of the United Arab Emirates.
The Nippon Princess has been renamed as well, and is trading as Centurion under management of Seychelles-based Radiant Rise Corp.
Limited LNG exposure
The Neo Energy was TEN’s first and at the time lone entry in the LNG sector, ordered when other Greek shipowners were starting to grow sizeable fleets in the sector.
After building this initial vessel, it appeared to retreat from the business until 2013, when it contracted a second LNG newbuilding, a dual-fuel diesel-electric vessel, the 174,000-cbm Maria Energy (built 2016).
It later added the 174,000-cbm, two-stroke Tenergy (built 2022), which is listed as on charter to Trafigura.
Chief executive Nikolas Tsakos has repeatedly spoken about growing TEN’s LNG interests but has also admitted to being approached by companies interested in consolidation.
On Monday, the Neo Energy officially became part of the company’s plan to shake out older tonnage. The average age of the ships it has sold since early 2023 is 18.5 years.
Chief operating officer George Saroglou said: “The vessel divestments, coupled with strategic acquisitions, in co-operation with its first-class clients, have enabled the company to enhance this modern fleet and increase TEN’s critical mass in the maritime energy segments, while strengthening our environmental footprint at a time considered transformational for the industry.”
Since the beginning of last year, TEN has added 20 newbuildings or very modern secondhand tankers.
On Monday, it announced having taken delivery of the last in a series of five modern tankers it agreed to acquire from Viken earlier this year.
