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Excelerate said in its second-quarter results report on Monday that it finalized an agreement to purchase an LNG carrier, which was renamed the Excelerate Shenandoah, in July.
The vessel will be used to service the previously announced mid-term Atlantic Basin supply deal, it said.
“The LNG carrier also represents Excelerate’s first owned asset to be selected as an FSRU conversion candidate,” it said.
Steven Kobos, president and CEO of Excelerate said during the company’s earnings call later on Monday that Excelerate has “already begun engineering for the conversion to accelerate the construction timeline.”
“Shenandoah enhances our ability to serve Jamaica and support regional LNG storage and logistics,” he said.
Brokers reported in June that Excelerate purchased the 2007-built steam LNG carrier, Methane Alison Victoria, from GasLog Partners.
GasLog Partners, a part of Greek LNG shipping firm GasLog, recently said that it has completed the sale of the 145,000-cbm LNG carrier to an unrelated third party for a gross sale price of approximately $27 million.
Earlier this year, Exclerate announced its intention to acquire an LNG carrier in 2025.
The company said at the time that the LNG carrier is expected to serve its gas supply business in the short term and will be a candidate for the company’s first FSRU conversion.
Fleet
Excelerate operates 11 FSRUs, including a chartered FSRU integrated with the Jamaican assets, one of the world’s largest fleets of such vessels, and these units are located worldwide.
In addition to these FSRUs, Excelerate also ordered one 174,000-cbm FSRU at South Korea’s HD Hyundai Heavy Industries in 2022.
It will pay about $332 million for the vessel, and the FSRU is scheduled for delivery in June 2026.
Excelerate also completed its previously announced acquisition of New Fortress Energy’s business in Jamaica for $1.055 billion.
Under the deal, Excelerate has acquired the assets and operations of the Montego Bay LNG terminal, the Old Harbour LNG terminal, and the 150 MW Clarendon combined heat and power plant.
Excelerate said on Monday it is also “deepening its presence in Jamaica and the broader Caribbean to enhance the overall return profile of the transaction.”
Results
Excelerate reported net income of $20.8 million and adjusted net income of $46.8 million for the second quarter.
The company reported Adjusted Ebitda of $107.1 million for the second quarter.
According to the firm, net income for the second quarter of 2025 decreased from the prior year second quarter primarily due to transition and transaction costs incurred as a result of the Jamaica acquisition and an increase in interest expense, partially offset by the addition of Jamaica Ebidta.
Adjusted net income and adjusted Ebitda for the second quarter of 2025 increased from the prior year second quarter primarily due to the addition of Jamaica Ebitda, the company said.
Excelerate also raised its full-year 2025 adjusted Ebitda guidance range following the Jamaica acquisition.
The company now expects full-year 2025 adjusted Ebidta guidance to range between $420 million and $440 million.
Exclerate declared a quarterly cash dividend of $0.08 per share, or $0.32 per share on an annualized basis, representing an approximately 33 percent increase from the prior quarter.