As informed, TEN will dispose of three Suezmax crude carriers and two product carriers for a total price of USD 104 million.
Illustration; Source: Unsplash/Shaah ShahidhThese sales, in aggregate, will add USD 47 million of free cash and will reduce associated debt by USD 58 million, according to the company.
“Regardless of the short-term challenges the market is facing due to the coronavirus, longer-term market prospects remain positive. The above transactions enable the company to proceed with its policy of maintaining a modern fleet through strategic sales of first-generation vessels,” George Saroglou, COO of TEN, commented.
“With a strong balance sheet and growing cash reserves, a young fleet much in demand by high-end charterers and timely divestment of assets, TEN remains focused on healthy shareholders returns and responsible growth when opportunities arise,” Saroglou concluded.
TEN’s fleet currently consists of 69 double-hull vessels, including two Suezmax tankers and one LNG carrier under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.6 million dwt.
Source: World Maritime News
