TEN to earn $350 million from new LNG carrier charter deal

Greek shipping firm Tsakos Energy Navigation (TEN) expects to earn $350 million from a new long-term charter deal it signed for one of its liquefied natural gas (LNG) carriers.

TEN said in its 2022 results report on Thursday that the 2016-built 174,000-cbm LNG carrier, Maria Energy, was fixed this month for a minimum of 12 years to a “leading Asian natural gas operator at a rate reflective of current market conditions in the LNG sector.”

Also, the firm said that the vessel is scheduled to start work with the new charterer upon completion of the existing contract in April 2026.

According to TEN, the firm expects the charter deal to generate a minimum of $350 million in gross revenues. This is a daily rate of some $79,008 per day.

This vessel is currently serving Germany’s Uniper under a charter deal. In January, it delivered the first LNG cargo to Germany’s first FSRU-based import facility in Wilhelmshaven.

Maria Energy has Wartsila’s dual-fuel main engine and GTT’s Mark III Flex containment tech.

Earlier this year, TEN took delivery of a newbuild LNG carrier from South Korea’s Hyundai Heavy Industries. The vessel in question is the 174,000-cbm Tenergy.

TEN also operates the 2007-built 150,000-cbm, Neo Energy, and it has four LNG-powered Aframax tankers on order at South Korea’s Daehan Shipbuilding.

The firm currently owns a fleet of 71 crude, product, and LNG carriers, according to its website.

TEN’s fleet generated $860 million of voyage revenues or $314 million higher than in 2021, it said in the report.

The company’s operating income rose to $256 million, while its net income climbed to $204.2 million last year.

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