New company title introduced new stack insignia to Seapeak fleet
Seapeak LLC studies that it has entered into shipbuilding contracts for the development of 5 174,000-cubic meter M-type (ME-GA propulsion) LNG service newbuildings. They are to be constructed by Samsung Heavy Industries Co., Ltd. for a complete totally built-up price of roughly $1.1 billion and are scheduled for supply in 2027. On their deliveries, the 5 LNG carriers will every function beneath a fixed-rate time-charter contract with a global power main for a agency interval of ten years, every of which could be prolonged on the choice of the charterer.
Seapeak is the rebranded Teekay LNG Partners L.P., which in January, was acquired by funding autos managed by New York City headquartered Stonepeak in a $5.3 billion deal.
Seapeak says that it expects to finance the preliminary newbuilding development installment funds by an fairness contribution from funding funds managed by Stonepeak and that, sooner or later, it expects to safe long-term debt funding to finance the remaining development prices.
EXPLORING AN ADJACENCY
This is Seapeak’s second attention-grabbing transfer inside lower than a month. At the time of its acquisition and rebranding it mentioned that supposed to “explore potential adjacencies” to its LNG service enterprise. It appears a kind of adjacencies is ethane/
On October 24, Seapeak reported that it had entered into sale and buy settlement with Jaccar Holdings to amass Greenship Gas Trust and Greenship Gas Manager Pte. Ltd. and their Evergas subsidiaries in an all-cash transaction with an enterprise worth of roughly $700 million.
Evergas owns and operates two Very Large Ethane Carriers and eight Multigas/LNG Carriers. All are on fixed-rate timecharters to U.K.-based Ineos, a significant participant within the export of U.S. ethane, and are able to burning fuel as gasoline. Evergas additionally controls six LPG carriers beneath leases ending in 2024. Its company and operational headquarters are in Copenhagen and Singapore, respectively.
Acquiring Evergas is one other large step in Seapeak’s evolution as a number one proprietor and operator of liquefied fuel carriers,” commented Mark Kremin, Seapeak’s CEO. “Just as we’re bullish on LNG, we’re also bullish on natural gas liquids (NGLs), especially given the even greener nature of NGLs. Already a world leader in NGLs, Ineos is now growing in LNG, and we are thrilled to be adding them as a key customer, further diversifying our portfolio.”
