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Last month, Seapeak announced the sale of the 137,814-cbm Seapeak Jupiter for net proceeds of $14.9 million.
However, Seapeak did not reveal the buyer’s name or any other details.
BULL said in a stock exchange filing last month that it is solidifying its position as a national shipping company serving LNG transportation routes for domestic and international markets by adding a second LNG tanker.
The shipping firm said the 78,000-dwt tanker is approximately 280 meters long overall and would be delivered in the first quarter of this year.
BULL did not reveal the name of the vessel, but VesselValue data shows that it purchased Seapeak Jupiter and renamed the vessel Gas Polaris.
In addition to this LNG carrier, BULL announced in December last year that the 145,914-cbm Gas Garuda would join its fleet as the first LNG carrier and would fully contribute to its revenue starting in 2026.
VesselsValue data shows that BULL purchased the 2004-built steam LNG carrier Gas Garuda, previously known as River Orashi, from BW LNG, a unit of Singapore-based gas shipping giant BW.
LNG expansion
BULL said in the filing last month that the purchase of the second LNG carrier reflects the commitment to the company’s strategy to continue to expand in the LNG transportation segment through organic growth, such as the purchase of LNG tankers, and inorganic growth through the acquisition of LNG tanker companies.
The realization of the second of BULL’s four-pillar transformation strategy, LNG transportation, is a “reflection of the company’s confidence in the LNG market anchored by the beginning of the third wave of LNG expansion which will produce over 200 million tons per annum of new liquefaction capacity coming online to 2030 with nearly 97 million tons per annum of new capacity coming online in 2025 and 2026 which will reach full production in 2026 and 2027,” the company said.
This will also cause additional cargoes to move to Asia, which will “strongly expand ton-mile demand for LNG tankers which will encounter growth of 30.7 percent cumulatively from 2026-2027, compared to fleet growth of 19.2 percent, resulting in market tightening by 11.5 percent.”
Additionally, geopolitical developments relating to Iran and Russia will “further intensify this expansion of ton-mile demand which has seen LNG tanker rates jump by nearly 18x since late February 2026,” it added.
Shipping rates have, in the meantime, decreased, with Atlantic rates dropping below $90,000 per day last week.
These rates are for modern carriers.
As the steam turbine carriers come off long-term charters, they invariably become idle with no re-employment opportunities.
BULL is one of the few companies buying steam LNG carriers for further employment, as more than 50 percent of current steam LNG carriers are expected to be demolished by the end of 2030, with some finding conversion opportunities.
Domestic LNG transportation and FSRUs
BULL’s February 2026 presentation shows that the use of LNG vessels for domestic LNG transportation in Indonesia has nearly doubled in the past three years.
Indonesia’s LNG producers include Tangguh, Donggi Senoro, and Bontang LNG, while domestic LNG receiving facilities include Arun, Nusantara FSRU, Lampung, Jawa Satu FSRU, and others.
The presentation shows that BULL is also evaluating participation in FSRU-based LNG projects.
According to BULL, Indonesia’s state-owned electric utility, PLN, is planning to deploy large FSRUs imminently, in addition to smaller FSRUs and logistics clusters.
A BULL consortium is appointed as one of the shortlisted candidates to participate in PLN FSRU tenders, the company said in the presentation.
Investment in each FSRU is approximately $100-300 million, depending on specifications, BULL added.
