TEN secures $150 million in LNG charters

Greek shipping firm Tsakos Energy Navigation (TEN) said it has won charter deals for its LNG carriers worth about $150 million.

TEN currently operates the 2007-built 150,000-cbm Neo Energy as well as the 2016-built 174,000-cbm Maria Energy.

In addition, the shipping firm expects to take delivery of the 174,000-cbm Tenergy this year from South Korea’s Hyundai Heavy.

The two LNG carriers in operation contributed $42.1 million to its total voyage revenues of $644.1 million last year, TEN, which mostly operates crude tankers, container and dry cargo ships, said.

As of March 2021, the company re-chartered and agreed on new employment contracts for nine vessels to major oil companies, including all three of its LNG carriers and vessels under construction, it said in its full-year report.

The LNG fleet would generate minimum gross revenues of around $150 million, assuming the charterers don’t exercise extension options, the firm said.

TEN did not reveal any additional information on the charters.

Moreover, TEN also said it would look into LNG, ammonia, or hydrogen as fuel for “any upcoming newbuilding project” as owners look to adapt to more stringent IMO rules and slash emissions.

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