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 Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

ICTSI Manila Starts Container Booking System

The Manila International Container Terminal (MICT) in the Port of Manila has started implementing a vehicle appointment system called Terminal Appointment Booking

RORO Ops by NYK for Ford Plants in India

In 2011, NYK Auto Logistics (India) Pvt. Ltd.(NALI)* was awarded a contract by Ford India for RORO terminal services of finished cars at Chennai and Ennore Port.

Rosneft, Gazprom to Receive Four Arctic Fields

Ministry of the Environment sent to the government documents on the transfer of "Rosneft" and "Gazprom" licenses for the development of four more fields on the Arctic shelf,

LNG

LaNaval Likely to Build Two LNG Fueled Ferries

Shipping company Baleària and Shipyard Construcciones Navales del Norte – LaNaval have reached this week an Agreement - expected to be firm in two months - for

Russia’s Novatek Sells 10% Of Yamal LNG To Chinese Fund

Russia’s second-biggest gas producer Novatek is selling a 9.9 percent stake worth an estimated US$1.4 billion in its Yamal liquefied natural gas (LNG) project

Hanjin Rolls Out First Philippine-made LPG carrier

Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), which operates the world's fourth shipbuilding facility in Subic Freeport Zone, unveiled the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.4704 sec (2 req/sec)