Sale to add $47 million in free cash $58 million in debt reduction
Athens, Greece - March 6, 2020
Tsakos Energy Navigation Limited (“TEN”or the “Company”) (NYSE:TNP) today announced the sale of three suezmax crude carriers, as well as the agreement to sell two product carriers for a total price of $104 million. These sales, in aggregate, will add$47million of free cash and will reduceassociated debt by $58 million.
“Regardless of the short-termchallenges the market is facingdue to the coronavirus, longer-term market prospects remain positive. The above transactions enable the Companytoproceed with its policy of maintaining a modern fleet through strategic sales of first-generation vessels,” Mr. George Saroglou, COO of TEN commented. “With astrongbalance sheetandgrowing 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,” Mr. Saroglou concluded.
TEN will report earnings for the fourth quarter and year end December 31, 2019 prior to the open of the market in New York on Tuesday, March 24, 2020.
That same morning, at 9:00 a.m. Eastern Time, TEN will host a conference call to review the results as well as management's outlook for the business. The call, which will be hosted by TEN's senior management, may contain information beyond that which is included in the earningspress release.
TEN, founded in 1993 and celebrating this year 27 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 69 double-hull vessels, including two suezmaxtankers and one LNG carrier under construction, constituting a mix of crude tankers, product tankers and LNG carriers, totalling 7.6 million dwt.
Of the proforma fleet today, 48 vessels trade in crude, 15 in products, three are shuttle tankers and three are LNG carriers.
Tsakos Energy Navigation press release