Marine Energy Transportation News

Bermuda-headquartered Teekay has taken delivery of Vladimir Voronin, the fourth in a series of six Arc 7 icebreaking liquefied natural gas (LNG) carriers intended for Yamal LNG project."Named after the famous Soviet sea captain, we have recently taken final delivery of Vladimir Voronin HN 2431, the fourth in the series of our six Arc 7 ice breaking LNG newbuilds," said a press statement from Teekay, which has developed from a regional shipping company into one of the world's largest marine energy transportation, storage & production companies.With a capacity of 172,410 cbm, the Bahamas-flagged ship features a length of 299 meters and a width of 50.1 meters…

Teekay Offshore, one of the largest marine energy transportation, storage & production companies, has renewed and expanded its agreements with maritime connectivity provider Marlink to continue utilizing high quality global VSAT services for a further four years. The contract extension ensures reliable global broadband connectivity for data sharing and smart vessel operations, improved facilities for crew welfare and a flexible platform to generate efficiencies from the maritime…

The marine energy transportation company Teekay Offshore has secured long-term financing from the Norwegian Government for four new shuttle tankers being built at Samsung Heavy Industries (SHI) in South Korea.The shuttle tankers are all equipped with a new innovative technology developed by the maritime supplier Wärtsilä in cooperation with Teekay, resulting in zero volatile organic compounds (VOC) emissions from the tankers.On behalf of the Norwegian Government, Export Credit Norway and GIEK have provided loan and guarantee of USD 165.5 million. The financing is part of a larger syndicate involving several commercial banks and a foreign export credit agency.

Teekay GP, the general partner of Teekay LNG Partners, has secured a new, 3-year fixed-rate charter contract for the Magellan Spirit LNG carrier to an integrated oil and gas company commencing during the summer of 2019. Concurrently, Teekay LNG extended the in-charter of the Magellan Spirit until the summer of 2022, said a release from the marine energy transportation, storage & production company."Including the new, 3-year charter announced today, the Partnership’s LNG carrier fleet is approximately 97, 93 and 92 percent fixed for the remainder of this year, 2020 and 2021, respectively, which further supports Teekay LNG’s expected earnings growth and continued deleveraging profile over the next few years…

Teekay Offshore Partner, a marine energy transportation, storage & production company, has signed for a shipping export credit agency (ECA)-backed US$414m debt facility to fund four LNG-fuelled newbuild shuttle tankers.Watson Farley & Williams (WFW) is advising its long-standing client Teekay on this ECA-backed newbuild loan, noted a release.The facility, which bears interest at Libor plus 225 basis points for up to 12 years from each delivery, is funded and guaranteed by both Canadian and Norwegian export credit agencies and commercial banks.The vessels covered are four Suezmax DP2 shuttle tankers due for delivery in 2019 and 2020, two of which will work under Teekay Offshore’s Master Agreement with Norway’s Equinor…

International midstream services provider, Teekay Offshore Partners announced that it has secured a new $414 million long-term debt facility that will be used to finance four LNG-fueled Suezmax DP2 shuttle tanker newbuildings.Upon delivery in 2019 and 2020, two of the vessels will commence operations under the Partnership’s Master Agreement with Equinor, while the remaining two vessels will join the Partnership’s contract of affreightment (CoA) shuttle tanker portfolio in the North Sea, said a release from the marine energy transportation company.The new facility is funded and guaranteed by both Canadian and Norwegian export credit agencies…

Teekay Shipping Corporation, the global marine energy transportation, storage & production company, has signed up to the Ship Recycling Transparency Initiative (SRTI).The Canadian shipowner thus  joined A.P. Moeller-Maersk, the China Navigation Company, Wallenius Wilhelmsen and other major maritime players and becomes the eighth to make public their approach to ship recycling.“Teekay is committed to helping the ship recycling facilities that we work with elevate their skills and performance to increase safety and sustainability,” said Kenneth Hvid, President and CEO, Teekay.“Our employees are on-the-ground throughout the recycling process to perform regular inspections and audits and provide training to staff and workers.

The marine energy transportation company Teekay Corporation and its associate company Teekay Tankers have announced changes to its Board of Directors.Teekay Corporation said that C. Sean Day, Chairman Emeritus and Director, Tore Sandvold, Director, and Peter S. Janson, Director, are retiring from the Board after a combined 50 years with the Company’s Board. Day will remain as a Director of Teekay GP LLC (the general partner of Teekay LNG Partners LP).William (“Bill”) P. Utt will be stepping down from his role as Chairman and Director of the Company and as a Director of Teekay GP LLC, but will remain as Chairman and Director of Teekay Offshore GP LLC (the general partner of Teekay Offshore Partners LP).The Board has selected current Teekay director…

The global satcom provider NSSLGlobal has announced a four year, multi-million enhanced contract for communication and entertainment services with Teekay Shipping Corporation, the marine energy transportation, storage and production company.According to a release, the latest contract will provide an upgraded bandwidth capability across the Teekay fleet alongside the installation of NSSLGlobal’s new virtualised Cruise Control+ appliance and the rollout of CrewVision, its crew entertainment service.The new contract cements the longstanding relationship between NSSLGlobal and Teekay dating back to 2004. The winning formula stems from NSSLGlobal’s…

Bermuda-based shipping company Teekay GP, the general partner of Teekay LNG Partners, has announced that its Board of Directors has authorized a common unit repurchase program for the repurchase of up to $100 million of Teekay LNG’s common units. Common units may be repurchased in the open market or privately-negotiated transactions or otherwise at times and prices considered appropriate by the Partnership., said a stock exchane annoucement from the marine energy transportation, storage & production company.The timing of any purchases and the exact number of common units to be purchased under the program will be dependent on market conditions and other factors. The Partnership also announced the outcome of the special meeting of common unitholders held yesterday.

Teekay Tankers announced that it has completed and closed the previously-announced sale-leaseback transaction for six Aframax tankers, the Whistler Spirit, Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Tarbet Spirit and Peak Spirit. The marine energy transportation said in a press release that, as a result, it has increased its liquidity position by approximately $60 million after the repayment of outstanding debt related to these vessels. This financing was part of the Company’s financing initiatives announced on August 2, 2018.As part of this financing, the Company will bareboat charter-in these vessels for 9 to 10 years. In addition…

The Vancouver International Maritime Centre (VIMC) is on a mission to grow the city and port into one of the world’s premiere maritime centers. Maritime Reporter & Engineering News recently spoke with Kaity Arsoniadis-Stein, Executive Director of the newly re-established VIMC, for her insights on the pace and direction of the initiative. Let’s start out easily. Why Vancouver? Why now? Why Vancouver? Projections and studies indicate that global trade will increase and shift to the Pacific due to the demand of resources by China and India.

MAN Diesel & Turbo’s after-sales division MAN PrimeServ has signed a maintenance contract with Teekay Shipping, one of the world’s largest marine energy transportation, storage and production companies. The new EMC (Engine Management Concept) contract is for the maintenance of the Oak Spirit, Creole Spirit and Torben Spirit, sisters from Teekay’s 173,400-m3 LNG carrier series. The agreement covers the provision of spare-parts, maintenance management and the servicing of each vessel’s 2 × 5G70ME-GI (-Gas Injection) dual-fuel main engines.

Marine energy transportation, storage and production company Teekay will continue to utilize Marlink’s Sealink VSAT solution across its entire shuttle tanker fleet, following a recent contract extension and upgrade. Teekay, the world’s largest owner and operator of shuttle tankers, has employed Marlink’s high bandwidth global Sealink VSAT solution for its entire shuttle tanker fleet since 2011. The latest contract extension and upgrade secures Teekay’s ability to benefit from remote operations and support crew welfare…

Wärtsilä has been contracted to supply a combined inert gas generator and gas combustion unit for two new liquefied natural gas (LNG) carriers being built at the DSME yard in South Korea. The ships will be owned by Canada based Teekay Corporation, one of the world's largest marine energy transportation, storage and production companies. The contract was signed in May 2013. The concept of combining the two systems was developed by Wärtsilä in cooperation with DSME, and the system burns the boil off gas using an already existing Wärtsilä Moss inert gas generator.

The Floating Pipeline Company Incorporated (FPC Inc.) of Halifax, Nova Scotia, Canada announced an investment by Overseas Shipholding Group, a leader in providing marine energy transportation services. The investment will allow FPC Inc. to complete the development of its Saint John, New Brunswick manufacturing plant, which will manufacture Gas Transport Modules (GTMs) using a patented technology for the transportation of compressed natural gas (CNG) by rail, truck and ship. The plant is expected to be in full production within twelve months. CNG can be used in the niche market for stranded gas. (LNG) technology. partnership with TransCanada CNG Technologies Ltd. recovery of natural gas from stranded fields for specific projects.