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, formerly known as Teekay LNG, is among the world’s largest independent owners and operators of LNG carriers, with interests in 51 LNG carriers as well as a 30% stake in an LNG regasification terminal in Bahrain.

“Acquiring Evergas is another big step in Seapeak’s evolution as a leading owner and operator of liquefied gas carriers,” said Seapeak CEO, Mark Kremin, at the time the deal was announced. “Just as we’re bullish on LNG, we’re also bullish on NGLs, especially given the even greener nature of NGLs.”

All of Evergas' vessels on fixed-rate time charters to Ineos, and the company also controls six LPG carriers under leases ending in 2024.

Evergas is the first of Jaccar Holdings' assets to change hands as part of a plan agreed with its creditors.