This paper present energy and exergy analysis of the main marine steam turbine, which is used for the commercial LNG (Liquefied Natural Gas) carrier propulsion, at four different loads. Energy analysis is performed by using four different methods. The presented analysis allows distinguishing advantages and disadvantages of all observed energy analysis methods and its comparison to exergy analysis of the same steam turbine. Each analysis is based on the measurement results obtained in main turbine exploitation conditions. Main turbine is composed of two cylinders – High Pressure Cylinder (HPC) and Low Pressure Cylinder (LPC). At low turbine loads, the dominant power producer is HPC, while at middle and high loads the dominant power producer is LPC. Energy analysis Method 1 which is based on the same principles as exergy analysis, should be avoided if the majority of turbine losses are not known. Other observed energy analysis methods can be applied in the analysis of any steam turbine, with a note that increase in ideal (isentropic) steam expansion process divisions will result with an increase in energy losses and with a decrease in energy efficiency. Energy analysis Method 2 which consist of only one ideal (isentropic) steam expansion process, for the whole turbine and at all observed loads, results with the lowest energy losses (in the range between 639.98 kW and 6434.17 kW) as well as with the highest energy efficiency (in a range between 53.70% and 79.40%) in comparison to other applicable energy analysis methods. For the observed loads, whole main turbine exergy destruction is in range from 608.64 kW to 5922.86 kW, while the exergy efficiency range of the whole turbine is between 54.94% and 80.73%. Exergy analysis and all three applicable energy analysis methods show that increase in the main turbine load results with simultaneous increase in turbine losses and efficiencies (both energy and exergy).