TEN orders four LNG-powered tankers at Daehan

Greek shipping firm Tsakos Energy Navigation (TEN) has ordered four LNG-powered Aframax tankers at South Korea’s Daehan Shipbuilding.

The contract, TEN’s first investment in LNG-powered vessels, also includes two additional 115,000-dwt ships.

TEN opted for LNG fuel as owners look to adapt to more stringent IMO rules and slash emissions.

The two firms signed the contract on September 2. Daehan said in a statement the deal for the dual-fuel vessels has a price tag of 500 billion won ($417 million), including options.

The Korean yard said it would start working on the vessels next year and deliver them in 2023.

TEN said in its second-quarter results report that the LNG-powered vessels would go on long-term charter to a major oil concern, but it did not reveal the name of the firm.

Assuming all six are built, TEN expects gross revenues from these contracts to reach about $350 million.

Earlier this year, Nikolas Tsakos, founder and chief executive of TEN, said the firm was in negotiations to charter dual-fuel Aframax tankers to Norwegian energy giant Equinor.

Tsakos did not reveal any further information on the charter during the company’s second-quarter earnings call on Thursday.

He said that TEN sees dual-fuel technology as the medium-term solution from now until 2050.

“We are building ships that would last 20 to 25 years, and that’s why we took this decision,” he said.

Most Popular

Excelerate buys GasLog LNG carrier

US FSRU player Excelerate Energy has purchased a 2007-built steam liquefied natural gas (LNG) carrier from GasLog Partners, a part of Greek LNG shipping firm GasLog, according to brokers.

NextDecade, Bechtel agree $9 billion EPC deals for two Rio Grande LNG trains

US LNG firm NextDecade and compatriot Bechtel have finalized EPC contracts worth $9.09 billion for the construction of the fourth and fifth trains and related infrastructure at the Rio Grande LNG facility in Texas.

Venture Global gets FERC OK to boost Calcasieu Pass LNG capacity

US LNG exporter Venture Global LNG has received approval from the US FERC to increase the peak liquefaction capacity of its Calcasieu Pass LNG terminal in Louisiana.

More News Like This

Norway’s Equinor names new gas and power head

Norwegian energy firm and LNG terminal operator Equinor has named Helle Ostergaard Kristiansen as the new head of its gas and power business.

Norway’s Equinor shuts Hammerfest LNG plant for maintenance

Norwegian energy firm Equinor has closed its 4.3 mtpa Hammerfest liquefied natural gas (LNG) export plant for planned maintenance.

Norway’s Equinor restarts Hammerfest LNG export plant

Gassco data showed on Monday that the unplanned shutdown event ended on Sunday. A spokeswoman for Equinor also confirmed the...

Equinor extends shutdown of Hammerfest LNG export plant

Equinor decided to stop production on January 2 due to an issue on a compressor which reinjects CO2 to...