Tsakos clears out oldest ship as fleet renewal rolls on

AI Summary

Tsakos Energy Navigation sold its oldest vessel, the 2003-built panamax/LR1 tanker Andes, to independent buyers for about $13 million. The sale is part of a fleet renewal strategy supported by a 26-vessel newbuilding program.

Tsakos Energy Navigation has sold the oldest ship in its fleet, continuing to clear out ageing tonnage as a 26-vessel newbuilding programme feeds younger ships into the company. The New York-listed Greek owner said the 2003-built panamax/LR1 tanker Andes has been sold to independent third parties. The deal will generate around $13m of free cash …