TEN Sells Older Panamax Tanker Andes for $13M | Mariner News

TEN (Tsakos Energy Navigation) has divested its oldest vessel, the 2003-built Panamax tanker Andes, to independent third parties. The sale generated approximately $13.0 million in free cash, with a $4.6 million capital gain slated for recording in the third quarter of 2026, marking a tangible progression in the company’s comprehensive fleet renewal and expansion strategy.

The Japanese-built Andes’ disposal contributes significant immediate liquidity to TEN. The substantial capital gain realized from a 23-year-old vessel underscores a robust secondhand market for older tanker tonnage, enabling the company to strengthen its balance sheet for ongoing investments.

This move aligns with TEN’s broader fleet growth program, which features a 26-vessel orderbook. Seven of these newbuildings have already been delivered, with a specific emphasis on the construction of five new flexible Panamax units, according to George Saroglou, President of TEN.

The successful sale of an aging asset at a strong valuation provides a strategic funding mechanism for TEN’s ambitious newbuilding initiatives. This allows the company to self-finance a portion of its modernization efforts, leveraging favorable asset market conditions to support its capital expenditure for new deliveries.

By shedding older tonnage while simultaneously investing heavily in new flexible Panamax units, TEN signals a clear strategic bet on the long-term viability and competitiveness of this segment. This focus positions the company to offer a younger, more efficient fleet capable of securing premium charter rates and adapting to evolving market demands.

Mr. Saroglou reiterated TEN’s commitment to continually evaluating sale and purchase opportunities to maintain fleet modernity and operational flexibility. This proactive fleet management approach aims to ensure resilience and adaptability through fluctuating shipping cycles.