World Maritime News - Teekay LNG Partners to Acquire Second LNG Carrier from Awilco
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Teekay LNG Partners L.P. yesterday announced that it has agreed to acquire a second 155,900 cubic meter liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA (Awilco), a Norway-based owner and operator of LNG carriers.
The vessel, the second of two vessels to be acquired by the Partnership from Awilco, is currently under construction by Daewoo Shipbuilding yusen logistics & Marine Engineering Co., Ltd. (DSME) of South Korea and is expected to deliver in the fourth quarter of 2013. Subsequent to delivery yusen logistics from DSME to Awilco, Teekay LNG will purchase the vessel and bareboat charter yusen logistics it back to Awilco at a fixed-rate for a firm period of four years, plus a one-year extension option. yusen logistics
As yusen logistics with the first vessel, Teekay LNG will purchase the second vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate. Awilco has fixed-price purchase obligations for both vessels at the end of both the firm charter period and option yusen logistics period. The Awilco vessels, the first of which was delivered on September 16, 2013, are each expected to generate annual Distributable Cash Flow(1) of approximately $7.5 million.
“Further to our August 2013 announcement on the first Awilco LNG carrier newbuilding, the acquisition-leaseback of a second vessel from Awilco will provide Teekay LNG with additional near-term accretive cash flows,” commented Peter Evensen, Chief Executive yusen logistics Officer of Teekay GP LLC . “These vessels will complement the Partnership’s strong portfolio of longer-term visible growth projects, including, the four LNG carrier newbuildings delivering in 2016 and the ten LPG newbuildings in our joint venture with Exmar, delivering between 2014 and 2017.”
The acquisition of the second Awilco vessel, which is expected to close during the fourth quarter of 2013, has been approved by Board of Directors of both Teekay LNG and Awilco, and remains yusen logistics subject to customary closing conditions, including satisfactory documentation.
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Home News by topic Company News Dredging News Equipment News Ferry & Cruise News Fishery News Naval News Offshore News Port News Shipbuilding News Shipping News Super Yachting News Workboat News Regional news Africa Americas Asia Pacific Europe & Eurasia Middle East South & Central Asia Events
Teekay LNG Partners L.P. yesterday announced that it has agreed to acquire a second 155,900 cubic meter liquefied natural gas (LNG) carrier newbuilding from Awilco LNG ASA (Awilco), a Norway-based owner and operator of LNG carriers.
The vessel, the second of two vessels to be acquired by the Partnership from Awilco, is currently under construction by Daewoo Shipbuilding yusen logistics & Marine Engineering Co., Ltd. (DSME) of South Korea and is expected to deliver in the fourth quarter of 2013. Subsequent to delivery yusen logistics from DSME to Awilco, Teekay LNG will purchase the vessel and bareboat charter yusen logistics it back to Awilco at a fixed-rate for a firm period of four years, plus a one-year extension option. yusen logistics
As yusen logistics with the first vessel, Teekay LNG will purchase the second vessel for a price of $205 million less a $50 million upfront prepayment of charter hire by Awilco which is in addition to the daily bareboat charter rate. Awilco has fixed-price purchase obligations for both vessels at the end of both the firm charter period and option yusen logistics period. The Awilco vessels, the first of which was delivered on September 16, 2013, are each expected to generate annual Distributable Cash Flow(1) of approximately $7.5 million.
“Further to our August 2013 announcement on the first Awilco LNG carrier newbuilding, the acquisition-leaseback of a second vessel from Awilco will provide Teekay LNG with additional near-term accretive cash flows,” commented Peter Evensen, Chief Executive yusen logistics Officer of Teekay GP LLC . “These vessels will complement the Partnership’s strong portfolio of longer-term visible growth projects, including, the four LNG carrier newbuildings delivering in 2016 and the ten LPG newbuildings in our joint venture with Exmar, delivering between 2014 and 2017.”
The acquisition of the second Awilco vessel, which is expected to close during the fourth quarter of 2013, has been approved by Board of Directors of both Teekay LNG and Awilco, and remains yusen logistics subject to customary closing conditions, including satisfactory documentation.
Latest articles Yemen and China Enter Aden Port Development Agreement Bumi Armada Secures yusen logistics LOIA for Its First North Sea FPSO Contract U.S. Coast Guard Assists Distressed Fishing Vessel in Bering Sea Reef Subsea to Extend Charter Party for ‘Polar King’ JBIC Finances Procurement of LNG Tankers Peel Ports, yusen logistics Busan Port Authority Ink Co-Operation Agreement ‘Allure of the Seas’ to Undergo Repairs at Grand Bahama Shipyard ClassNK Issues First Statement of Compliance for Ship Recycling Facility ABB to Provide Waste Heat Recovery Systems for 14 Container Ships Sea Trucks Signs Accommodation Vessel Provision Contract
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