TEN Unveils Vessel Shedding Plan

24 May 2010 (Last Updated May 24th, 2010 18:30)

Tsakos Energy Navigation (TEN) has unveiled plans to sell three panamax-sized product tankers to an oil company in Central America. The Greek crude oil operator said it will also sell the tanker Victory III for scrap and intends to invest in advanced ships, according to lloydslist.com.

Tsakos Energy Navigation (TEN) has unveiled plans to sell three panamax-sized product tankers to an oil company in Central America.

The Greek crude oil operator said it will also sell the tanker Victory III for scrap and intends to invest in advanced ships, according to lloydslist.com.

The vessels in question are believed to be the Andes, the Inca and the Maya, 2003-built 68,439 dwt product tankers, which operate out of Ecuador, transporting products to the US and Caribbean.

Earlier this year, TEN sold or scrapped its oldest tankers for $150m, which included the 1990-built panamax tanker Hesnes for $7m.

Victory III, built in 1990 and weighing 68,160 dwt, operated in the Latin American product tanker market.