Greek shipowner Tsakos Energy Navigation (TEN) is accelerating its return to the newbuild market for liquefied natural gas (LNG) carriers, with its first gas carrier order in nearly seven years set to be finalized.
Industry sources indicate that Tsakos Energy Navigation is currently in discussions with HD Hyundai Heavy Industries for the construction of 2+2 174,000 m³ LNG carriers, with delivery expected in the fourth quarter of 2028. If this order is finalized, it would be the shipowner’s first order for LNG carriers since 2019.
It is noteworthy that Tsakos Energy Navigation has historically maintained a cautious approach to LNG transportation operations. Its fleet currently comprises only two LNG carriers: the 174,000 m³ TENERGY, ordered in 2019 and delivered in 2022; and the MARIA ENERGY, built in 2016. Both vessels were constructed by HD Hyundai Heavy Industries. This vessel type incorporates environmentally friendly and efficient technologies, measuring 299 meters in length and 46.4 meters in width.
Industry sources indicate that the two parties are finalizing agreements for up to four new LNG carriers, which will bolster the gas transportation segment of the shipowner’s ongoing “large-scale, high-activity fleet renewal program.”
Currently, Tsakos Energy Navigation has over 20 vessels under construction in the crude oil and product tanker sectors, with its overall fleet exceeding 80 vessels.
It is reported that in 2025 alone, this shipowner placed orders for 16+1 new vessels in the tanker market, covering mainstream vessel types such as shuttle tankers, very large crude carriers (VLCCs), and LR1 product tankers. Except for the four 75,000 DWT LR1 product tankers ordered from New Times Shipbuilding, all other new vessels were ordered from South Korean shipyards.
Entering 2026, the newbuilding market for LNG carriers has shown a marked recovery. As of February 2, global shipowners have confirmed orders for 22+7 new vessels, with Chinese shipyards securing 13+5 vessels and South Korean shipyards receiving 9+2 orders. Additionally, in the supporting equipment sector, Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd (CIMC SOE) announced the receipt of orders for three LNG carrier/replenishment vessels of two types, with capacities of 20,000 cubic meters and 18,900 cubic meters respectively.