Dominant propulsion systems of today’s LNG carriers are steam propulsion systems. Although a number of alternatives are developed, only steam propulsion systems in LNG carriers can fulfill a double function: the function of propulsion and on the other side the combustion of large amounts of BOG (Boil Off Gas) in one or more steam generators. In this paper was provided an analysis of the low-pressure feed water heater, as one of the important components of LNG carrier steam propulsion system. Based on the measured data for all flowing substances throughout the low-pressure feed water heater, it was performed numerical analysis of his energy and exergy efficiency, as well as calculation of energetic and exergetic power losses. The measurements were performed during LNG carrier maneuvering period, what enables insight into the operating parameters of heat exchanger during partial loads of steam propulsion system. From the energetic point of view the low-pressure feed water heater is a nearly perfect balanced device. Analyzed heat exchanger noticeable problems can be seen in exergy efficiency and exergy losses. Exergy represent the maximum available energy potential of any observed component in relation to the environment state. Impact of ambient temperature on the size of the exergy losses has been investigated at the end of conducted analysis. The low-pressure feed water heater is an example of a device which is very well balanced on the one side, even in the conditions of the steam system partial loads, and on the other side his available exergy potential is very poorly exploited.