Teekay LNG Partners Launches New Multigas Pool

Teekay LNG Partners L.P. launched a new in-house commercial management for ethylene-capable liquefied petroleum gas (LPG) and small-scale liquefied natural gas (LNG) vessels.

The Teekay Multigas Pool is expected to reach at least 12 vessels by the end of 2017, including third-party vessels, as well as the partnership’s seven directly-owned ethylene-capable LPG carriers, some of which are also capable of small-scale LNG shipping, from I.M Skaugen’s Norgas Carriers Pool.

“This is the right time for Teekay LNG to bring commercial management of our seven ethylene-capable LPG carrier fleet in-house,” said Mark Kremin, President and CEO of Teekay Gas Group Ltd.

“We believe there are opportunities to consolidate the ethylene and small-scale LNG shipping sectors.” Kremin continued, “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.”