Tsakos Energy Navigation is poised to reenter the LNG market, nearing a deal with HD Hyundai for two new vessels, marking its first order since 2019.
Greece-based tanker giant Tsakos Energy Navigation (TEN) is preparing to return to the LNG carrier construction market after approximately seven years. According to industry sources, the company has reached the definitive agreement stage with South Korean HD Hyundai Heavy Industries for two LNG carriers.
If the negotiations are completed, the order will include two LNG carriers, each with a capacity of 174,000 cubic meters. The contract also includes options for two additional vessels. The new ships are planned to be delivered in the fourth quarter of 2028.
If the agreement is approved, TEN will place its first LNG ship order since 2019. The company, which is listed on the New York Stock Exchange, has made limited investments in gas transportation to date. TEN currently has only two LNG vessels in its fleet, which were delivered in 2016 and 2022.
The planned order is seen as a new link in the comprehensive fleet renewal program that the company is undertaking. TEN currently has more than 20 vessels under construction in the crude oil and product tanker segment and manages a large fleet consisting of over 80 vessels in total.
South Korea continues to dominate LNG orders.
South Korean shipyards maintain their weight in global LNG carrier orders, and a resurgence in orders is expected from the beginning of 2026.
Angola's state energy company Sonangol has ordered a 174,000 cubic meter LNG vessel from HD Hyundai Samho; delivery is planned for June 2028, and there are options for two vessels.
Seapeak has ordered two LNG vessels from Samsung Heavy Industries.
Purus has made a deal for two LNG carriers worth approximately $503 million with the same shipyard.
Alpha Gas has returned to the market by ordering two LNG vessels from Hanwha Ocean.
Finally, Samsung Heavy Industries announced a contract for two LNG vessels worth a total of $507.6 million for a Bermuda-based shipowner. Market sources link this deal to JP Morgan-backed Global Meridian Holdings; delivery is planned for early 2029.
The new wave of orders indicates that long-term demand expectations for LNG transportation remain strong, while TEN's move is considered part of the company's strategy to expand its operational scope towards a more balanced structure in energy transportation.
Source: SeaNews Türkiye
