Photo: Illustration only; Courtesy of TEN

TEN’s LNG carrier TENERGY delivered and chartered

Greek shipping company Tsakos Energy Navigation (TEN) announced the delivery of the new LNG carrier TENERGY in South Korea and immediate charter to a major end-user.

LNG carrier TENERGY delivered and chartered
Illustration only; Courtesy of TEN

TEN now took delivery of its latest LNG carrier newbuild from the South Korean shipyard Hyundai Heavy Industries. Named TENERGY, the vessel has an LNG capacity of 174,000 cubic metres.

The shipowner also said that it immediately chartered the vessel to a major end-user that remains undisclosed for now. The employment, of a minimum of five years, will generate minimum gross revenues of about $100 million.

“We are excited to continue expanding our presence in the ever-developing LNG space with the delivery and charter of this latest technology and environmentally friendly vessel,” said George Saroglou, COO of TEN.

“TEN’s growth prospects and cash flow visibility, with a minimum revenue backlog of over $1 billion, with additional upside potential, enables management to pursue its growth strategy and diversify further TEN’s footprint in the greater energy sector.”

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TEN’s energy fleet currently consists of 71 double-hull vessels totaling 8.0 m dwt. Its newbuild program includes one Suezmax DP2 shuttle tanker and four dual-fuel LNG-powered Aframax vessels.