By OGJ editors
HOUSTON, June 11 -- Athens, Greece-based Tsakos Energy Navigation Ltd. (TEN) will enter into the LNG market for the first time in the company's history through the delivery of its first LNG carrier in early 2007, the shipping firm said.
TEN Wednesday signed a contract for the construction of a 150,000 cu m capacity LNG carrier to be built by Hyundai Heavy Industries Co. Ltd. of South Korea. The vessel is scheduled for delivery in March of 2007. The contract price was undisclosed.
The contract represents TEN's first newbuild order in what the company calls a "rapidly growing LNG market." TEN also remains in talks with another shipyard regarding the construction of two additional LNG carriers.
According to the US Energy Information Administration, US imports of LNG are expected to increase by 58% during 2007-10 as new regasification projects come on line, TEN said.