Seapeak sells two small-scale LNG carriers to Titan

Seapeak, previously known as Teekay LNG Partners, has sold two small-scale LNG carriers to Dutch firm Titan.

The vessels in question are sister ships, Seapeak Unikum and Seapeak Vision, both built in 2011 and with a capacity of 12,000 cbm.

Titan did not reveal the price tag of the deal for these 152 meters long and 19.8 meters wide vessels in a statement released on Tuesday.

VesselsValue data suggests that the ships are each worth about $30 million.

Titan to retrofit the ships for bunkering ops

Titan said in the statement it would retrofit both of the ships to ensure suitable LNG bunkering capabilities, enabling them to both transport and bunker LNG, liquefied biomethane (LBM), and in the longer-term hydrogen derived e-methane (e-LNG).

According to the LNG bunkering supplier, the vessels and the retrofit are financed by Sole Shipping Group through a long-term bareboat charter leasing structure.

They will join Titan’s fleet in March this year and will operate in the Mediterranean and Northwestern Europe to cater for increased demand for LNG and LBM (bio-LNG) in these regions.

Growing fleet

Titan noted that the announcement of this vessel acquisition follows the recent news that Germany had granted a total of 62 million euros to a partnership of three companies, including Titan, for the construction of the Titan Krios newbuild LNG bunkering vessels.

Titan owns two FlexFuelers, both with a 1,500 cbm capacity, and charters other LNG bunkering vessels. The firm also revealed plans to build a large bio-LNG plant in the Amsterdam port and joined forces with Nordsol for another bio-LNG plant.

The two new additions to the fleet will allow Titan to deliver fuel to a wider range of LNG-powered vessels, including all containerships, it said.

Niels den Nijs, owner and CEO of Titan, said in the statement that a “solid double-digit Ebitda” in 2022 had allowed the firm to make this additional investment in its fleet.

“This decision aligns with Titan’s ambitious growth strategy in Europe and the Mediterranean,” he said.

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