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TEN announces delivery of LNG carrier

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LNG Industry,

Tsakos Energy Navigation (TEN) has announced the delivery of the 174 000 m3 LNG carrier, Maria Energy, from Hyundai Heavy Industries to a major end user, as well as the delivery of the Leontios H Aframax crude tanker from Daewoo Mangalia Heavy Industries.

The Maria Energy features tri-fuel diesel electric (TFDE) propulsion, and has been immediately chartered to a major end user. The employment of the vessel is for a minimum of 18 months and a maximum of three years. If options are exercised, it could generate gross revenues in excess of US$70 million. TEN claims that, with the commencement of this fixture, the company’s two LNG carriers – Maria Energy and Neo Energy – are now both under medium-term charters.

George Saroglou, Chief Operating Officer of TEN, said: “We are excited to welcome this new state-of-the-art LNG vessel to our fleet. With the delivery and charter of the Maria Energy and the Neo Energy, the first phase of TEN's involvement in the LNG segment has been successfully completed and as a result, TEN is now well placed to expand its LNG activities according to its clients' needs and requirements.

"In addition, following the delivery of the M/T Leontios H, TEN is in the midpoint of its 15 vessel growth programme. With eight more tankers scheduled for delivery over the next five quarters, a minimum of US$720 million will be added to TEN's secured revenues from new vessels. This increases the company's minimum secured income to US$1.5 billion and further solidifies TEN's bottom-line and provides healthy cash visibility going forward.”

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