TEN secures new LNG carrier charter deals

Greek shipping firm Tsakos Energy Navigation (TEN) has secured new charter deals for two of its liquefied natural gas (LNG) carriers.

TEN revealed these charters in its first-quarter report.

The firm said it continues to take advantage of “prevailing solid charter rates and attractive long-term employment” and as a result, it has secured new charters and extensions of 15 of its vessels, including two LNG carriers, on both fixed and market-related rates.

These recent fixtures raise the total minimum contracted revenue of the fleet to $1.6 billion, it said.

TEN did not provide any additional information regarding the charter deals.

The firm owns the 2007-built 150,000-cbm, Neo Energy, the 2016-built 174,000-cbm, Maria Energy, and the 2022-built 174,000-cbm LNG carrier, Tenergy.

It also has four LNG-powered Aframax tankers on order at South Korea’s Daehan Shipbuilding.

TEN said in March that it expects to earn $350 million from a new 12-year charter deal it signed for Maria Energy.

“Very profitable”

Answering a question by an analyst regarding spot and term charters during TEN’s first-quarter results call, Nikolas Tsakos, founder and president of TEN said that sport charter rates from LNG carriers dropped to about $50,000 per day from $100,000 some six months ago.

However, he said that company has chartered its vessels for “very long time at very profitable level.”

“So we actually jumped on the charter long-term wagon sometime in the third, fourth quarter last year, and we have been able to secure a 12 to 15-year employment on one of those ships at very accretive levels,” he said.

“Then another 10 to 11-year employment again with profit-sharing arrangements on another and a very good year of extension on the third,” he said.

TEN’s first-quarter presentation shows that the charter with profit-sharing is for Tenergy.

According to data by VesselsValue, TEN previously signed a sale and leaseback for this vessel with CMB Financial leasing.

“So I think we’re going to be – at least from our LNGs, we are going to be enjoying – locking in the high end of the business,” Tsakos said.

Most Popular

Taiwan’s CPC inks initial Alaska LNG deal

Taiwan’s CPC Corp has signed a letter of intent with Alaska Gasline Development Corporation (AGDC) to buy LNG and invest in the latter's planned Alaska LNG project.

Woodside updates on Louisiana LNG construction work

Australian LNG producer Woodside has released the latest construction update for the first phase of its Louisiana LNG project.

DET terminates Stade FSRU contract with HEH

State-owned German LNG terminal operator DET has terminated the contract related to the Stade FSRU-based facility with compatriot Hanseatic Energy Hub, the developer of the onshore LNG terminal in Stade.

More News Like This

Greece’s TEN sells steam LNG carrier

Greek shipping firm Tsakos Energy Navigation (TEN) has sold a 2007-built liquefied natural gas (LNG) carrier with a steam...

Greece’s TEN buys two LNG-powered tankers from Viken

Greek shipping firm Tsakos Energy Navigation (TEN) said it had purchased two 2023-built LNG dual-fuel LR2 tankers from Norway’s...

TEN takes delivery of first LNG-powered Aframax tanker in South Korea

South Korea’s Daehan Shipbuilding has delivered the first of four LNG-powered Aframax tankers to Greek shipping firm Tsakos Energy...

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...