Tsakos Energy Navigation (TEN) has exercised an option for a second LNG carrier at Hyundai Heavy Industries, taking its newbuilding program to 20 vessels as the New York-listed owner continues to expand its gas business.
The 174,000-cbm vessel is scheduled for delivery in the first quarter of 2029 and follows the LNG carrier ordered at the South Korean yard in February, which is due for delivery in the third quarter of 2028. Both ships will be fitted with WINGD dual-fuel engines.
The latest order confirms the optional second vessel included in the February agreement, ending months of speculation over whether TEN would proceed with the expansion of its LNG orderbook.
President and Chief Operating Officer George Saroglou commented: “We are delighted to expand our presence in the ever-evolving LNG sector, a market we are actively participating in since 2007. The growing global energy demand fueled by geopolitical developments has increased the need for LNG as an alternative source.”
The company entered LNG shipping in 2007 and currently operates the Maria Energy and Tenergy. The two Hyundai Heavy newbuildings will be the first LNG carriers TEN has ordered since returning to the sector earlier this year after a seven-year break.
The order lifts TEN’s newbuilding programme to 20 ships, including 10 DP2 shuttle tankers, five LR1 product tankers, three VLCCs and two LNG carriers.
The first vessel due for delivery is the DP2 shuttle tanker Anfield DP, which is expected to leave South Korea later this month. The vessel has already secured a minimum 10-year charter with a U.S. oil major, and extension options that could keep it employed for as long as 20 years. According to TEN, its contracted fleet now provides minimum secured revenues of about $3.5 billion.
ABOUT TEN LTD. Founded in Bermuda in 1993 and celebrating 33 years as a public company, 24 of which on the NYSE, TEN is one of the first and most established public shipping companies in the world. TEN’s diversified pro-forma energy fleet currently consists of 83 vessels, in excess of 11 million dwt.
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