Seapeak inks sale and leaseback deal for one LNG carrier

The shipping firm said in its first-quarter results report that it has exercised a repurchase option to acquire the 2016-built LNG carrier Seapeak Creole from its lessor.

According to Seapeak, it repurchased the LNG carrier for $100 million, which included unpaid interest of $1.3 million at the time of repurchase, resulting in the termination of the related finance lease.

After this, Seapeak sold the LNG carrier to a lessor for $165 million in April and concurrently chartered the vessel back for a period of 20 years under a bareboat charter contract.

The company noted that it is obligated to repurchase the vessel at the end of the lease term at a nominal amount.

Seapeak did not provide further details.

VesselsValue data suggests that Seapeak repurchased the 173,500-cbm LNG carrier from ICBC Financial Leasing and sold it to HuaXia Financial Leasing.

Seapeak just announced that the company entered into contracts with South Korea’s Samsung Heavy for the construction of three 174,000-cbm low-pressure dual-fueled (X-DF) LNG carrier newbuildings.

The company said the vessels have an estimated total fully built-up cost of $756 million, or $252 million per vessel, and are scheduled for deliveries in the first half of 2029.

As of March 31, 2025, Seapeak’s fleet included 49 LNG carriers, two vessels fewer than in the December quarter.

These vessels include seven LNG carriers under construction and one LNG regasification terminal in Bahrain, in which Seapeak’s interests ranged from 20 percent to 100 percent.

Seapeak sold two of its steam LNG carriers this year.

In January 2026, the company sold the LNG carrier Seapeak Mars for net proceeds of $12.1 million, while in March, it sold Seapeak Jupiter for net proceeds of $15.3 million.