TEN joins LNG club

Tsakos Energy Navigation (TEN) has signed a contract for the construction of a Liquefied Natural Gas (LNG) carrier. The 150,000 cubic meter capacity vessel will be built by Hyundai Heavy Industries in Korea, and is scheduled for delivery in March of 2007. Today?s contract represents TEN?s first newbuilding order in the rapidly growing LNG market. TEN also expects to receive 6 suezmaxes and 6 product carriers between 2004 and 2007 and remains engaged in negotiations with another shipyard regarding two additional LNG carriers.

“The LNG market represents the next phase in the evolution of our Company,” said Nikolas P. Tsakos, president and ceo of TEN. “Our entry into one of the fastest growing shipping segments in the global energy market coincides with a growing number of new export projects and importer construction of new regassification terminals. As a result, we believe that the growth in this segment will be substantial in the coming years. With this contract, TEN joins a select fraternity of shipowners who are actively pursuing this market.”

Tsakos continued, “True to our strategy, TEN?s diversified fleet is growing to meet the demands of suppliers and consumers around the world, which is now further enhanced by our ability to serve the LNG market. The high-spec nature of this LNG carrier, in tandem with the 10 ice-class vessels that we currently have on order, should provide significant charter premiums, as well as increased earnings and shareholder returns.”