TEN Enters LNG Market

Wednesday, June 09, 2004
Tsakos Energy Navigation Limited (TEN) announced that it had 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 Mr. 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 regasification 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." According to the Energy Information Administration (EIA), U.S. imports of LNG are expected to increase by 58 percent between 2007 and 2010 as new regasification projects come on line. And, while LNG imports into the US doubled in 2003, this amount represented only 2 percent of U.S. natural gas demand, illustrating the potential for growth.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Boskalis Secures Dike Reinforcement Project

Royal Boskalis Westminster N.V. announced that the Noorderzijlvest district water board intends to award the contract for the Eemshaven-Delfzijl dike reinforcement

Wärtsilä, Zamakona Yards Join forces in Canary Island

Wärtsilä is enhancing its service offering by participating in a new maintenance hub in the Canary Islands. The facility, operated by one of Spain's biggest shipbuilding and ship repair groups,

Diana Shipping Enters Contract with SwissMarine

Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Ice Class Panamax dry bulk vessels,

LNG

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

GTT, Endel Team-up to Roll-out Membrane Containment Systems

21 June 2016. GTT and the Endel company1 reaffirmed their collaboration in the area of LNG as a marine fuel, following the recent signature of a Technical Assistance

 
 
Maritime Careers / Shipboard Positions Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0652 sec (15 req/sec)