TEN, Ltd. announced the sale of a 2006-built LR2 aframax tanker, one of the largest product tankers in the world at the time of its construction, to unrelated entities.

This sale will generate the Company $7.1 million of free cash, after the repayment of related debt to be recorded in the second quarter of 2022.

“This timely sale depicts our commitment to our stated “Greenship” initiative as it coincides with the recent order of four dual-fuel aframaxes on long-term employment to a significant end-user.

As we continue to explore and evaluate future alternatives, similar transactions should be expected,” Mr. George Saroglou, COO of TEN commented.

Tsakos Energy Navigation press release