Teekay LNG newbuilds

29 Jul 2013
Teekay has exercised options for two additional LNG new builds

Teekay has exercised options for two additional LNG new builds

Teekay LNG Partners LP has exercised two of its three options with Daewoo Shipbuilding and Marine Engineering (DSME) for the construction of two 173,400m³ LNG carriers.

These new vessels are in addition to the two LNG carriers Teekay LNG ordered from DSME in December 2012, which have since been contracted for charter with Cheniere Energy.

Peter Evensen, CEO, Teekay GP LLC, said: “Given the strong fundamental outlook in LNG shipping, combined with the optimised design of these vessels, we are confident in our ability to secure fixed rate charter contracts for these additional two new builds, which will provide Teekay LNG with further visible built-in growth.”

The new vessels will be built with the M type, electronically controlled, gas injection (ME-GI) twin engines. Teekay says it expects these to be significantly more fuel efficient with lower emission levels than other engines currently being used in LNG shipping.

In addition, Teekay has secured further options from DSME which will enable it to order up to five extra LNG carrier newbuilds in the future.

Delivery of the new vessels is scheduled for 2016. The company says the delivery is timed to coincide with the next wave of increased demand for LNG carriers which is expected when a large number of new LNG export projects come on-stream starting in late 2015.

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