Tsakos Energy Navigation eyes LNG fleet expansion

Tsakos Energy Navigation (TEN) is planning to expand its LNG carrier fleet up to a possible six vessels from two at present.

The LNG sector was highlighted as a sector TEN was planning to grow in by Nikolas Tsakos, founder, president and ceo of TEN, during its annual results conference call.

“And I think one of the segments that we are looking to increase our presence and this was a very firm – we got a very firm decision from our board is on the gas side, on the LNG. We believe that LNG is a very good complementary feature to our existing fleet and I think this is a priority,” Tsakos was quoted as saying in a transcript of the call posted by Seeking Alpha.

He said that they believed that prices from Asian shipyards are on the low side so it could be a good opportunity to order new LNG carriers. New LNG vessels would only be ordered if there was a firm contract and the company would not buy speculatively.

“There are contracts out there. We will be looking to increase the size of our fleet up to six vessels as we have said this by 2020,” he said.

TEN currently has two vessels its fleet.

Posted 13 March 2018

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Marcus Hand

Editor, Seatrade Maritime News

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