SHI wins $1.1bn order for Seapeak LNG newbuilds

Samsung Heavy Industries (SHI) has acquired a contract price round $1.1bn from Seapeak for the development of 5 new liquefied pure fuel (LNG) carriers.

Beneath the contract, SHI will construct 5 174,000m³ M-type, electronically managed, fuel admission (MEGA) propulsion vessels.

These new LNG carriers are anticipated to be delivered in 2027.

Every of the brand new carriers will function beneath a fixed-rate time-charter contract for an undisclosed worldwide vitality main for ten years after they’re delivered.

The deal additionally has an choice for the constitution to be prolonged.

Seapeak plans to fund the preliminary newbuilding building instalment funds via an fairness contribution from funding funds managed by its sponsor, Stonepeak.

To fund the remaining building bills, Seapeak is anticipating long-term debt funding.

An impartial proprietor and operator of liquefied fuel carriers, Seapeak has pursuits in 46 LNG carriers, 20 mid-size liquefied petroleum fuel (LPG) carriers and 6 multi-gas carriers.

Its stake in these vessels ranges between 20% and 100%. The corporate gives providers beneath long-term and fee-based charters.

Moreover, the agency has a 30% stake in an LNG regasification terminal and has agreed to purchase Danish transport firm Evergas.

Final February, SHI acquired a contract to construct 5 15,000 twenty-foot equal unit (TEU) LNG-fuelled boxships for an unnamed Asian buyer.

The brand new vessels will assist the shipowner abide by laws on emissions of dangerous gases, comparable to sulphur oxides and carbon dioxide.

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