Tsakos Energy Expands Presence in LNG Sector

Press Release
Tuesday, April 10, 2012

Athens, Greece – Tsakos Energy Navigation Limited  announced the order of one plus one state-of –the–art LNG carrier for delivery in the first quarter of 2015 at a major South Korean yard. The vessel is of the new tri-fuel design, enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas, offering attractive alternatives to charterers.

Discussions for long-term contracts have begun, and management is confident that such employment will be secured well before the first delivery in early 2015.

Concurrently with this order, the company also announced the commencement of the previously announced four-year charter for its LNG carrier Neo Energy to a major international entity and a repeat employer of the vessel at an accretive rate, reflective of current market conditions.

“We are particularly pleased with this order, as it expands our presence in this exciting field,” said John Stavropoulos, Chairman of the Board. “LNG operations require a particular set of discipline and commitment in order to gain credence with the sector’s premier charterers, and we are proud to have met the challenge.”
 

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