Tsakos orders second LNG carrier in Korea, lifting orderbook to 20 vessels

The US-listed Greek owner disclosed on 1 July that it had ordered a second LNG carrier at Hyundai Heavy Industries, with delivery scheduled for Q1 2029.

On the same day, the South Korean shipbuilder announced in a stock exchange filing that it had signed a contract with an unnamed shipowner for one LNG carrier worth approximately US$254M, with delivery due by January 2029.

Shipbroking and market sources identified the owner as TEN, saying the vessel is an option attached to the order announced in February.

"We are delighted to expand our presence in the ever-evolving LNG sector, a market in which we have been actively participating since 2007. The growing global energy demand, fuelled by geopolitical developments, has increased the need for LNG as an alternative energy source," said TEN president and chief operating officer George Saroglou.

The latest order brings TEN’s newbuilding programme to 20 vessels. The first of these, Anfield DP, a DP2 shuttle tanker, is scheduled for delivery later this month. The vessel has already secured a minimum 10-year charter with a major US oil company, with extension options that could increase the employment period to as long as 20 years.

TEN currently operates two LNG carriers, built in 2016 and 2022. Its fleet comprises 83 vessels, including tankers and LNG carriers, with a combined carrying capacity of more than 11M dwt.

Ordering activity in the LNG carrier newbuilding market has remained strong this year. According to Xclusiv Shipbrokers, a total of 59 LNG carriers had been ordered by late June, pushing the orderbook-to-fleet ratio to nearly 39%.

Data from Drewry shows that 34 LNG carriers were contracted during the whole of 2025.

Analysts have told Riviera that around 250-280 new LNG carriers will need to be ordered by 2028 to accommodate upcoming supply growth, as the trade outlook remains bullish and increasingly supported by long-haul voyages that are boosting tonnage demand.