Seapeak splashes $1.1bn on five LNG carrier newbuilds in South Korea 

Seapeak has booked five liquefied natural gas (LNG) carriers for construction at South Korea’s Samsung Heavy Industries (SHI).

Stonepeak’s gas ship owner is paying around $1.1bn for the 174,000 cu m ships expected for delivery in 2027. The newbuilds are backed by ten-year charters with an unnamed international energy major, which can be extended at the option of the charterer.

Seapeak said the initial newbuilding construction instalment payments should be covered by an equity contribution from investment funds managed by Stonepeak, while the remaining construction costs are expected to be financed via long-term debt funding.

Formerly Teekay LNG Partners, Seapeak has interests in 46 LNG carriers, 20 mid-size LPG carriers and six multi-gas carriers, ranging from 20% to 100%. Last month, the company acquired Danish gas shipping company Evergas for $700m in cash. The transaction is expected to close by the end of this year.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.

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