TEN strikes VLCC pair order at S. Korean Hanwha Ocean and sells tanker trio

New York-listed Tsakos Energy Navigation (TEN) has confirmed the order oftwo VLCCs at Hanwha Ocean in South Korea and the sale of three 2007-built tankers.

The Greek shipowner has placed an order for two eco VLCCs at Hanwha Ocean in South Korea with an option for an additional unit, to be delivered in 2027 and 2028.

Concurrently with these orders, TEN proceeded with the sale of three 2007-built vessels, two handysize product tankers to related party interests as well as an aframax crude carrier to independent third parties.

From these strategic asset sales, TEN generated around $60m in free cash and about $9m in capital gains to be reflected in the company’s third quarter financial statements.

“TEN continues its goal to address the needs of its clients by building high specification, environmentally friendly vessels while gradually divesting from its first-generation assets,” said George Saroglou, TEN’s president and COO.

“With responsible fleet growth remaining a core pillar of our tested model, TEN keeps being a one-stop shipping operation for its blue-chip clients,” Saroglou concluded.

The company, which is making a dynamic expansion