Exmar and Seapeak place order for two LPG carriers in South Korea

Exmar LPG, a joint venture consisting of Exmar and Seapeak, has ordered two midsize gas carriers from South Korea’s Hyundai Mipo.

According to a statement by Belgium’s Exmar, the 46,000 cbm dual-fuel LPG vessels would be “trendsetting” in the midsize gas carriers segment.

Exmar did not reveal the price tag of the deal.

The firm expects delivery of the first vessel to take place in in the fourth quarter of 2024, followed by the second ship in the first quarter of 2025.

Furthermore, the JV has the option on two additional vessels of 46,000 cbm for delivery in 2025.

These ships have the option to be delivered with ammonia dual-fuel propulsion, Exmar said.

Last year, Exmar took delivery of two dual-fueled very large gas carriers from China’s Jiangnan Shipyard.

The company currently owns/operates 19 midsize gas carriers, three VLGCs, and 10 pressurized vessels.

It recently sold its Tango FLNG unit to Eni, while the company’s small Eeemshaven LNG FSRU will soon start serving Gasunie’s terminal in the Netherlands.

On the other side, Teekay LNG Partners rebranded as Seapeak earlier this year following the completion of its $6.2 billion merger deal with private equity firm Stonepeak Infrastructure Partners.

The shipping firm has interests in 47 LNG carriers and is one of the world’s largest operators of such vessels. It also operates 20 midsize LPG carriers and seven multigas carriers.

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