BP exercises option to terminate charter deal for Seapeak LNG carrier

Stonepeak’s Seapeak said in its results report that the vessel in question is the 2018-built 174,000-cbm, Seapeak Glasgow, which is currently on charter to BP Gas Marketing.

“In February 2025, the charterer exercised its option to terminate the charter contract with effect in December 2025,” Seapeak said.

“Had the charterer not exercised its termination option, the charter contract had a potential charter period of up to December 2031,” the LNG shipping firm said.

Seapeak did not provide further details.

According to previous Teekay LNG Partners reports, Seapeak Glasgow, previously known as Sean Spirit, started its 13-year charter contract with BP in December 2018, with a cancellation option after seven years.

Teekay LNG Partners rebranded as Seapeak in 2022 following the completion of its $6.2 billion merger deal with New York-based private equity firm Stonepeak Infrastructure Partners.

As of December 31, 2024, Sepeak’s LNG fleet included 50 LNG carriers, the report shows.

This includes five LNG carriers under construction and one LNG regasification terminal in Bahrain.

Seapeak’s interest in these vessels ranges from 20 percent to 100 percent.

The company also plans to sell three steam LNG carriers that were placed in layup in early 2025.