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Teekay Lng News

31 Jan 2023

Titan Acquires Pair of LNG Carriers for Bunkering Capability Retrofit

The 12,000 cbm Seapeak Vision, due to join Titan's fleet in March 2023. Image: Titan

Titan, the independent supplier of low and zero-emission fuels, acquired two small scale LNG carriers – the Seapeak Unikum and Seapeak Vision – from Seapeak, the Canadian gas transportation company formerly known as Teekay LNG Partners. The vessels will be retrofitted to ensure suitable LNG bunkering capabilities, enabling them to both transport and bunker LNG, liquefied biomethane (LBM), and in the longer-term hydrogen derived e-methane (e-LNG).Both sister vessels have a cargo capacity of 12,000 ccbm and measure 152 x 19.8m. The vessels will join Titan’s fleet in March this year.

30 Dec 2022

Seapeak Completes Evergas Acquisition

Canadian headquartered shipowner Seapeak on Thursday announced it has completed its previously announced acquisition of Danish shipping company Evergas from France-based Jaccar Holdings.Evergas, previously comprising Greenship Gas Trust and Greenship Gas Manager, is one of the world’s leading seaborne transporters of petrochemical gases and natural gas liquids (NGL).The cash deal, worth approximately $700 million, was announced in October and will see Evergas rebrand and operate as a wholly-owned subsidiary of Seapeak. Through the acquisition, Seapeak will add two very large ethane carriers (VLEC) and eight multigas/liquefied natural gas (LNG) carriers to its fleet.Seapeak…

02 Nov 2022

Teekay Names Speers EVP & CFO

Š Haris Andronos / Adobe Stock

Teekay Corporation announced Vince Lok’s retirement as Teekay’s Executive Vice President and Chief Financial Officer effective January 1, 2023, after nearly 30 years with the company, including the past 16 years as Teekay’s Group CFO.Upon Lok’s retirement, Brody Speers, Vice President, Finance & Treasurer, will be assuming Lok’s responsibilities, along with continuing to oversee Teekay’s Finance, Accounting and Tax teams. Lok has agreed to stay on as an advisor through the end of 2023 to help ensure a smooth transition as well as support the company’s strategic initiatives.Kenneth Hvid…

20 Jan 2022

Teekay LNG Rebrands as Seapeak

(Photo: Seapeak)

Shipping company Teekay LNG has rebranded as Seapeak following the completion of its acquisition by U.S.-based investment firm Stonepeak.One of the world’s largest independent owners and operators of liquefied natural gas (LNG) carriers, Teekay LNG announced in October that it entered into a merger agreement that would see Stonepeak acquire all issued and outstanding common units representing limited partner units in Teekay LNG, and its common un it holders voted to approve the deal in December.

04 Oct 2021

Stonepeak to Buy Teekay LNG in $6.2 Billion Deal

(File photo: Teekay LNG)

Investment firm Stonepeak said on Monday it would buy Teekay LNG Partners in a deal worth $6.2 billion, as it looks to take advantage of rising global demand for LNG amid a push towards cleaner sources of energy.Prices of the benchmark U.S. natural gas contract have been on the rise, hitting seven-year highs recently. On Monday, the front-month gas futures contract was up 6.3% at $5.97 per million British thermal units (mmBtu).Stonepeak is offering $17 per unit, which represents a premium of 8.3% to the closing price of Teekay LNG's common units on Oct.

24 Jun 2020

Moller Retires from Teekay Board

(File photo: Teekay)

Bjorn Moller is retiring from Teekay Corporation’s Board of Directors, the shipowner announced Wednesday.Moller has more than 35 years of service with the Teekay, including 22 years as a board member and more than 20 years in senior management positions. He was Teekay’s President and Chief Executive Officer from 1998 to 2011.Moller also served as Vice Chairman of Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P., Vice Chairman of Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P.

28 Jan 2020

Bahrain LNG Import Terminal Complete

Bahrain LNG, the developer and owner of the first LNG receiving and regasification terminal developed on a public-private partnership (PPP) basis, has completed the mechanical construction and commissioning of the terminal.The customer is paying Bahrain LNG  as of completion and is sending out the last of the commissioning cargo so that the FSU Bahrain Spirit can redeploy on short‐term trade as intended. Most of the construction and commissioning contractors were able to be demobilized accordingly.Shaikh Mohamed bin Khalifa Al‐Khalifa, Minister of Oil of the Kingdom of Bahrain, said: “The achievement of Construction Completion for the…

11 Dec 2019

Yamal LNG Gets All 15 Arc7 Ice-Class Tankers

Russian liquefied natural gas (LNG) producer Yamal LNG  announced the operational start of the new Arc7 ice-class LNG tanker “Yakov Gakkel”,  the fifteenth and final Arc7 ice-class tanker built specifically for the Project.The Yakov Gakkel has loaded the 354th LNG cargo in the port of Sabetta bound to China, said a press note.The vessel was built by Daewoo Shipbuilding and Marine Engineering (DSME) and is owned and operated by a 50-50 joint venture by Teekay LNG and China LNG Shipping. It is one of six vessel owned and operated by the Teekay-China LNG joint venture.The Project’s Arc7 ice-class fleet is capable of shipping all of the…

11 Dec 2019

ABB Delivers for Icebreaking LNG Carrier Fleet

Photo: ABB

The final vessel in 15-ship series enters service for Yamal LNG project ahead of schedule.Yakov Gakkel, owned by joint venture between Teekay LNG Partners and China LNG Partners, joins a fleet of 15 specially designed tankers transporting liquefied natural gas (LNG) year-round from one of Russia’s most significant export developments in a generation, Yamal LNG.Built in less than six years and to ARC7 ice class, fifteen 170,000m3 capacity vessels have opened the Northern Sea Route…

18 Nov 2019

Teekay Adds 5th Arc7 LNG carrier

Teekay LNG Partners, the liquefied natural gas (LNG) carrier owner and operator, has taken delivery of its newest Arc7 icebreaking LNG carrier.According to company sources, Teekay together with its joint venture partner China LNG Shipping took delivery of the fifth 50 percent-owned Arc7 LNG carrier newbuilding Georgiy Ushakov, which immediately commenced its 26-year charter contracts servicing the Yamal LNG project.The newbuild is currently on her way to Sabetta for her first loading and will soon embark on her golden voyage.Three months ago, the Partnership took delivery of the fourth Arc7 LNG carrier newbuilding namely Vladimir Voronin…

23 Oct 2019

Yamal LNG Tanker JV No Longer Under Sanctions

Teekay LNG's liquefied natural gas (LNG) tanker venture, the Yamal LNG Joint Venture, is no longer subject to U.S. sanctions after a change of ownership at its partner China LNG Shipping (Holdings) Ltd, Teekay companies said late on Tuesday.Teekay LNG and China LNG Shipping each own half of Yamal LNG Joint Venture.

22 Oct 2019

Teekay Resolves China LNG JV Issues

Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm, has completed an ownership restructuring on arms-length terms which has resulted in Teekay LNG’s joint venture partner, China LNG Shipping Holdings.The  JV had been then designated as a "blocked person" under U.S.

08 Oct 2019

Novatek in Talks on LNG Transhipment

Photo: Novatek

Russia's liquefied natural gas (LNG) producer Novatek is in talks to tranship its Yamal cargoes in Norway or Russia's Murmansk because it is unsure of the impact of U.S. sanctions on the Chinese COSCO tankers it uses, a Novatek official said.The United States imposed sanctions on Sept. 25 on state-owned COSCO's subsidiaries, COSCO Shipping Tanker (Dalian) Co and COSCO Shipping Tanker (Dalian) Seaman & Ship Management, for allegedly ferrying Iranian crude.U.S.-listed ship owner Teekay LNG said last week its shipping joint venture in Russia, Yamal LNG, had been "blocked" by the U.S.

12 Sep 2019

LNGC Containment Market to Reach $16Bln By 2025

The global liquefied natural gas (LNG) carrier containment market was USD 11.21 billion in 2018 and is expected to reach around USD15.56 billion by 2025, growing at a CAGR of 4.9% between 2019 and 2025.The LNG carrier containment market is majorly driven by the rising demand for natural gas from various industries and LNG’s growing number of residential and commercial applications, said a report by Zion Market Research.Furthermore, LNG has witnessed an exponential increase in its demand as an automobile fuel in recent past, which has bolstered supportive government regulations for cleaner fuel that aims to reduce dependence on petroleum…

16 Aug 2019

Teekay Adds 4th Arc 7 Icebreaking LNG Carrier

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…

20 May 2019

New Arc7 Class Arctic vessel Heads for Yamal LNG Facility

A new ice-breaking liquefied natural gas (LNG) tanker of the Arc7 class, the Nikolay Yevgenov, is due to arrive this week in Sabetta, the Arctic Russian port of Novatek's Yamal plant, Refinitiv shipping data showed on Monday.The tanker is off the west coast of Ireland at the moment, having left the Daewoo Shipbuilding and Marine Engineering (DSME) Okpo shipyard in South Korea at the end of April, Refinitiv Eikon shipping data showed.It is due to arrive on May 26, according to the data, five months ahead of the schedule set by its operator, Teekay LNG Partners.The Vladimir Voronin, also operated by Teekay, is set to begin sea trials imminently. The data shows it to be on the water in Okpo already.Yamal needs the ice-breaker tankers to ship LNG out of Arctic waters.

24 Apr 2019

Teekay LNG Partners Bags New 3-Year Charter

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…

08 Apr 2019

Bahrain's First LNG Terminal Ready for Business

Bahrain expected to start LNG imports early this year; FSU on 20-year time charter to Bahrain LNG arrives in the GulfBahrain's first liquefied natural gas (LNG) floating unit arrived in the Gulf this week as the country gets ready for its maiden imports of the super-chilled fuel this year, data from Refinitiv Eikon showed.Bahrain Spirit, a floating storage unit (FSU) with a capacity of about 173,000 cubic meters, is currently anchored in Fujairah after docking in the United Arab Emirates region on Jan. 13, the data showed.The FSU is on a 20-year charter to Bahrain LNG, who is the developer of a wider receiving and regasification terminal within the Khalifa bin Salman Port facility…

28 Mar 2019

Teekay LNG taps Start Up for Fleet Optimization

Image: Nautilus Labs

Teekay LNG Partners L.P. signed a full fleet partnership with the New York-based startup, Nautilus Labs, to enhance the efficiency of its gas vessels. Nautilus Labs’ platform is designed to unify fleet data and leverages machine learning to optimize vessel performance.The partnership actually began in February 2018 with a five ship pilot. Nine months later Teekay LNG Partners agreed to roll out the software platform to its entire fleet.Nautilus Platform is a software solution that unifies the company’s data sets and systems to deliver a detailed analysis of fleet performance in real-time…

15 Mar 2019

Teekay Changes Board of Directors

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…

19 Dec 2018

Teekay LNG Partners Repurchases USD 100mln Common Units

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.

03 Oct 2018

FSU Delivered to Bahrain LNG

Teekay LNG’s first Floating Storage Unit (FSU) has been successfully delivered to charterer Bahrain LNG. The vessel delivered from the yard at the end of August, before going on hire on 19 September, 2018. The vessel will be used to support Bahrain LNG in providing an LNG receiving and regasification terminal in Bahrain. The project is 30% owned by Teekay LNG Partners (TGP) and is expected to commence commercial operation in early 2019.The vessel will be used to support Bahrain LNG in providing an LNG receiving and regasification terminal in Bahrain. Bahrain LNG WLL is jointly owned by the Oil and Gas Holding Company (nogaholding) and a consortium consisting of Teekay LNG Partners L.P. (Teekay LNG), Gulf Investment Corporation (GIC) and Samsung C&T (Samsung).

31 Aug 2018

Yamal LNG Exports Accelerate in Time for Winter

(File photo: Sovcomflot Group)

Liquefied natural gas exports from Novatek's Yamal terminal in the Arctic have come on stream faster than expected over the summer and exceeded volumes from Russia's only other LNG facility, Sakhalin, for the first time in August.The pace of commissioning the multi-billion dollar project has surprised a market used to chronic delays. Additional volumes from the start of another facility should now come in time for the northern hemisphere winter, a time of price spikes.Novatek said earlier this week it had begun commissioning the third train…