Tsakos Energy Navigation Limited (TEN) has ordered a state-of –the –art LNG carrier for delivery Q1 2015 from a major South Korean yard. The vessel is of the new tri-fuel design enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas offering attractive alternatives to charterers. Discussions for long-term contracts have commenced and management is confident that such employment will be secured well before the first delivery in early 2015.
TEN has also chartered out it’s own LNG carrier Neo Energy for four years to a major international entity and a repeat employer of the vessel at an accretive rate reflective of current market conditions.
“We are particularly pleased with this order as it expands our presence in this exciting field. LNG operations require a particular set of discipline and commitment in order to gain credence with the sector’s premier charterers and we are proud to have met the challenge,” stated Mr. John Stavropoulos, Chairman of the Board.
“The LNG sector together with the offshore shuttle tankers market will be playing a growing role in our company’s affairs going forward. These segments provide longer term fixed rate charters that enhance the visibility of future revenues and profits and allow the Company to maintain its strong balance sheet and dividend sustainability going forward,” said Mr. Nikolas P. Tsakos, President & Chief Executive Officer of TEN.
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