Samsung Heavy Industries (SHI) has notched yet another round of LNG newbuild contracts totalling ₩1.46Tn (US$1.103Bn)
LNG shipowner Seapeak confirmed that it entered into shipbuilding contracts for the construction of five 174,000m3 M-type, Electronically Controlled, Gas Admission (or MEGA) propulsion LNG carriers.
The former Teekay LNG Partners, now owned by private equity outfit Stonepeak, and rebranded as Seapeak said the vessels are scheduled for delivery in 2027.
Upon delivery, these vessels will each operate under a fixed-rate time-charter contract with an unnamed international energy major (believed to be ExxonMobil) for a firm period of ten years, each of which can be extended at the option of the charterer.
Seapeak expects to finance the initial newbuilding construction instalment payments by way of an equity contribution from investment funds managed by Stonepeak.
Eventually the shipowner expects to secure long-term debt funding to finance the remaining construction costs.
Seapeak already has interests in 46 LNG carriers, 20 midsize LPG carriers, including two on order, and six multigas carriers.
Last month, Seapeak signed an agreement to acquire Danish firm Evergas in a deal worth US$700M. It is acquiring the two companies comprising the operator — Greenship Gas Trust and Greenship Gas Manager — from Jaccar Holdings in an all-cash deal. Evergas owns and operates two very large ethane carriers, 8 multigas carriers and 6 LPG carriers with leases ending in 2024.
The latest order takes Samsung to a record 35 LNG carrier orders in 2022 worth more than US$9Bn, amidst a booming market for LNG vessels.
Riviera Maritime Media has a comprehensive conference programme for the remainder of 2022 and will provide free technical and operational webinars in 2023.
