This paper presents the origins of marine steam turbine application on liquefied natural gas carriers. An analysis of alternative propulsion plant trends has been made. The more efficient ones with marine diesel engines gradually began to replace the less efficient plants. However, because of many advantages of the steam turbine, further development research is in progress in order to achieve comparable thermal efficiency. Research has been carried out in order to achieve higher thermal efficiency throughout increasing operational parameters of superheated steam before the turbine unit; improving its efficiency to bring it nearer to the ideal Carnot cycle by applying a reheating system of steam and multi stage regenerative boiler feed water heating. Furthermore, heat losses of the system are reduced by: improving the design of turbine blades, application of turbine casing and bearing cooling, as well as reduction in steam flow resistance in pipe work and maneuvering valves. The article identifies waste energy sources using the energy balance of a steam turbine propulsion plant applied on the liquefied natural gas carrier which was made out basing on results of a passive operation experiment, using the measured and calculated values from behavioral equations for the zero-dimensional model. Thermodynamic functions of state of waste heat fluxes have been identified in terms of their capability to be converted into usable energy fluxes. Thus, new ways of increasing the efficiency of energy conversion of a steam turbine propulsion plant have been addressed.