TEN's second LNG carrier order adds to a 20-vessel newbuilding program as the shuttle tanker Anfield DP nears July delivery. The LNG sector exposure grows with delivery in 2029.
TEN Ltd. (NYSE: TEN) placed an order for a second LNG carrier at Hyundai Heavy Industries in South Korea, with delivery expected in the first quarter of 2029. The company's newbuilding program now totals 20 vessels, the first of which – a DP2 shuttle tanker named Anfield DP – is scheduled for delivery in late July 2026 with a minimum 10-year charter to a U.S. oil major. Extension options could stretch that employment to 20 years.
The order expands TEN's exposure to the LNG sector, a market it entered in 2007. George Saroglou, TEN's President and COO, cited rising global energy demand tied to geopolitical developments as a driver for LNG demand. TEN's pro-forma fleet stands at 83 vessels exceeding 11 million deadweight tonnes, counting tankers, product carriers, and LNG carriers.
A 20-vessel orderbook carries a capital commitment that stretches years into the future. The first delivery comes next summer with revenue locked in. The LNG carrier deliveries, starting in 2029, depend on where the LNG market sits at that point. Near-term supply growth from new liquefaction projects in Qatar and the U.S. could compete with fleet additions. On the other side, the shift in global gas flows after 2022 has created longer-haul routes that absorb tonnage.
TEN's existing shuttle tanker contract provides a base load of secured revenue. The company stated minimum secured revenues of $3.5 billion, though that figure likely includes the existing fleet and contracted employment beyond the newbuilds. The 2029 delivery date for the LNG carriers means those vessels will enter service late in the current investment cycle, which carries both timing risk and potential upside if LNG demand outpaces supply.
AlphaScala's scoring system rates TEN at 67 out of 100 and Cheniere Energy (LNG) at 66 out of 100, both in the Moderate category. The scores reflect balanced risk-reward profiles given the capital intensity of newbuild programs and the cyclical nature of energy shipping.
The Anfield DP is set to join the fleet later this month, the first vessel under the expanded program. The second LNG carrier will follow more than two years later.
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