Tsakos Energy Navigation Limited (TNP) said it has signed a Memorandum of Agreement with a state oil company for the sale of the 2003-built aframax tankers Marathon and Parthenon for a combined price of $78 million.
One vessel will be delivered to its new owner at the end of February and the other at the end of April, at the expiration of their voyage charters. The capital gains that will be generated from the sale will be booked during the respective quarters of this fiscal year. With the conclusion of the sale, Tsakos Energy Navigation's cash reserves are expected to be approximately $370 million.
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