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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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.