Tsakos Energy Navigation Announces the Sale and Leaseback of Two Suezmax Tankers NYSE:TNP

ATHENS, Greece, Jan. 10, 2018 (GLOBE NEWSWIRE) -- Tsakos Energy Navigation Limited (TEN or the Company) (NYSE:TNP) today announced that it has sold for $65.2 million gross, through a five-year sale and leaseback transaction, the 2005-built Suezmax tankers Eurochampion 2004 and Euronike. The sale proceeds have been used to reduce debt and add $16.0 million of cash to TENs balance sheet. The vessels were delivered to their new owners in late December 2017.

Following the 15-vessel renewal program that was completed last quarter, the sale and purchase of vessels remains an integral part of TENs strategy to maintain its owned fleet modernity and enhance liquidity, Mr. George Saroglou, COO of TEN commented.

ABOUT TENTEN, established 25 years ago, is one of the first and most established public shipping companies in the world today. TENs fleet consists of 65 double-hull vessels, constituting a mix of crude tankers, product tankers and LNG carriers, totaling 7.2 million dwt. Of these, 47 vessels trade in crude, 13 in products, three are shuttle tankers and two are LNG carriers.

ABOUT FORWARD-LOOKING STATEMENTSExcept for the historical information contained herein, the matters discussed in this press release are forward-looking statements that i....

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