Tsakos Energy Navigation (TEN) has placed an order to build one LNG carrier with an option for similar vessel with an unnamed South Korean yard.

Scheduled to be delivered in the first quarter of 2015, the vessel will adopt the new tri-fuel design enabling the ship to run on fuel oil, marine diesel/gas oil and natural gas.

TEN has not disclosed the name of the shipyard where the vessel will be built, however industry reports indicate the order may been awarded to Hyundai Heavy Industries.

The company said that discussions for long-term charter contracts have started and are expected to be secured prior to the first delivery in early 2015.

TEN president and chief executive officer Nikolas P. Tsakos said the LNG sector together with the offshore shuttle tankers market will offer greater business opportunity for the company in the future.

"These segments provide longer term fixed rate charters that enhance the visibility of future revenues and profits and allow the Company to maintain its strong balance sheet and dividend sustainability going forward," Tsakos said.

"These new LNG orders add to the company’s two shuttle tanker contracts with delivery in Q1 and Q2 2013 to a major South American oil company for 15 years each with minimum revenues in excess of $500 million in total."