Teekay LNG Partners has launched Teekay Multigas Pool, a new in-house commercial management solution for ethylene-capable LPG and small-scale LNG vessels.
The Teekay Multigas Pool expects to bring the partnership’s seven directly-owned ethylene-capable LPG carriers under the new management structure, transitioning the vessels from Norgas Carriers Pool, operated by I.M Skaugen.
The pool fleet is expected to have at least 12 vessels by the end of this year, including third party partner vessels.
“This is the right time for Teekay LNG to bring commercial management of our seven ethylene-capable LPG carrier fleet in-house. We believe there are opportunities to consolidate the ethylene and small-scale LNG shipping sectors,” said Mark Kremin, president and CEO of Teekay Gas Group.
“We see this as fundamentally separate from our successful existing LPG joint venture with Exmar in the fully-refrigerated sector. The semi-refrigerated sector is at a low point in the cycle and we are establishing the Teekay Multigas Pool in readiness for the potential market upturn. The Teekay Multigas Pool is open for business,” Kremin added.
Teekay LNG Partners currently has interests in 50 LNG carriers, 30 LPG carriers and five conventional tankers.
