Greek owner Tsakos Energy Navigation (TEN) has placed an order for a second LNG carrier at HD Hyundai Heavy Industries in South Korea, further expanding its presence in the LNG shipping sector, according to Splash247. The vessel is expected to deliver in the first quarter of 2029. No price or charter details were disclosed for the latest unit.
Fleet Expansion Details
The order lifts TEN's newbuilding programme to 20 vessels, spanning LNG carriers, tankers, and shuttle tankers. The first vessel in the current programme, the shuttle tanker Anfield DP, is scheduled for delivery in South Korea later this month. TEN stated that this shuttle tanker has a minimum 10-year employment contract with a US oil major, with extension options that could stretch the deal to 20 years.
This latest order follows TEN's first LNG carrier newbuilding deal of the year, placed in February also at HD Hyundai Heavy Industries. That 174,000 cu m vessel was reported at about $254 million and is scheduled for delivery in the third quarter of 2028.
George Saroglou, president and chief operating officer of TEN, said the company is expanding in LNG, a sector it has been active in since 2007.
LNG Fleet Background
TEN first entered LNG shipping in 2007 with the delivery of Neo Energy, which was reported to have been sold in 2024. The company currently lists two LNG carriers in its fleet: the 2016-built Maria Energy and the 2022-built Tenergy. With the new orders, TEN's LNG capacity will grow significantly.
The company's pro forma fleet now stands at 83 vessels, including crude and product tankers, LNG carriers, and shuttle tankers, with more than 11 million dwt of carrying capacity.
Fleet Composition Overview
| Vessel Type | Count (Existing) | Newbuilding Orders | Total (Pro Forma) |
|---|---|---|---|
| LNG Carriers | 2 | 2 (incl. latest) | 4+ |
| Shuttle Tankers | 1+ | 1 (Anfield DP) | 2+ |
| Crude/Product Tankers | 70+ | 16+ | 70+ |
| Total | ~73 | 20 | 83 |
| (Approximate based on disclosed numbers; exact split not fully detailed in source.) |
Implications for LNG Shipping
For freight forwarders and logistics managers monitoring LNG capacity, this order represents a multi-year addition to the global LNG carrier fleet. The delivery timeline (2028-2029) suggests long-term planning for LNG supply chains, particularly for US export routes given the shuttle tanker's employment with a US oil major. While no specific trade lanes or charter rates were disclosed, the expansion signals confidence in long-term LNG demand. Port authorities and terminal operators should note the increased berth requirements as these large LNG carriers enter service.
Watch List
- Delivery of the shuttle tanker Anfield DP later this month and its subsequent employment.
- The first LNG carrier (174,000 cu m) scheduled for Q3 2028.
- The second LNG carrier scheduled for Q1 2029.
- Any further orders or charter contracts that could affect TEN's fleet deployment in LNG trades.
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