The paper presents an exergy analysis of pressure reduction valve mounted in the steam propulsion system on conventional LNG carrier. From exploitation are obtained that the valve pressure and temperature decrease become as higher as steam system load increases. Valve exergy power input and output decreases during the increase in steam system load, mostly because of the steam mass flow decrease. Steam system load increase in exploitation also causes a decrease in valve exergy destruction with a simultaneous decrease in valve exergy efficiency (from 68.42 % to 68.09 %). The ambient temperature variation showed that the valve exergy destruction is the lowest for the lowest observed ambient temperature, in any steam system load. The exergy efficiency of the pressure reduction valve is reverse proportional to valve exergy destruction. An increase in the ambient temperature for 10 °C causes a decrease in analyzed valve exergy efficiency for between 2.5 % and 3 %.