LNG

Seapeak LLC, formerly known as Teekay LNG Partners and with interests in 47 LNG carriers, 20 mid-size liquefied petroleum gas carriers and seven multi-gas vessels, has formally taken the name of Seapeak and implemented several corporate changes.

The Teekay partnership in January 2022 officially became part of the US investment fund firm, Stonepeak Infrastructure Partners, and the renaming process to Seapeak began.

Seapeak’s ownership interests in these 74 vessels range from 20 percent to 100 percent and the company also owns a 30 percent interest in the Bahrain LNG regasification terminal in the Arabian Gulf.

The company said that effective from February 25 Teekay was converted from a limited partnership formed under the laws of the Republic of the Marshall Islands into a Marshall Island limited liability company.

“Accordingly, all of the rights and liabilities of Teekay LNG in its prior partnership form are automatically vested in Seapeak,” said a statement.

“Concurrent with the conversion, Teekay has changed its name from Teekay LNG Partners LP to Seapeak,” it added.

The changes extend to the stock exchange ticker symbols and those for outstanding securities.

Teekay’s New York Stock Exchange preferred units ticker changes from TGP to SEAL.

Oslo-listed bonds

Effective from March 1, 2022, the ticker symbols for Seapeak’s Norwegian Kroner-denominated bonds listed on the Oslo Børs will be changed from TKLNG05, TKLNG06 and TKLNG07 to SPK05, SPK06 and SPK07 respectively.

As regards the NYSE common units, these were delisted in January 2022.

Teekay had started its LNG business in 2004 and publicly listed as Teekay LNG Partners on the NYSE in 2005.

Over the next 18 years, the shipping line built an LNG franchise into the world’s third-largest independent LNG carrier owner and operator.

It also expanded the business into the LPG carriers sector and completed several highly specialized and complex projects.

These included building six Arc7 ice-breaker LNG carrier for the Russian Yamal LNG project and it became part of the joint venture in Bahrain to build and deliver the Arab kingdom’s regasification terminal.

Sovcomflot said a keel-laying ceremony was held at the Zvezda Shipbuilding yard in Russia’s Far East for a new Arctic liquefied natural gas vessel ordered by the Russian tanker and LNG carrier fleet owner.

Gaztransport and Technigaz (GTT), the French designer of liquefied natural gas maritime and onshore storage, has received approval for the No. 96 containment system application as an LNG fuel tank for Ultra-Large Container Vessels from the European classification society DNV GL as the number of LNG-powered ships increases.

Sovcomflot, the Russian shipping line with an overall fleet of 145 vessels, said its LNG carrier, the “Christophe De Margerie”, reached Cape Dezhnev in Russia’s Far East to complete the earliest annual eastbound voyage carrying a cargo along the Northern Sea Route.

The Zvezda Shipyard in the Russian Far East is moving ahead into a new era with the first ever construction programme for liquefied natural gas carriers, ordered for the Arctic LNG II export project in northern Siberia.

Teekay LNG Partners, whose gas group units own, charter or have stakes in 77 vessels, including 47 liquefied natural gas carriers and 30 liquefied petroleum gas or multi-gas vessels, reported lower third-quarter profits but was optimistic on the coming year.

Cosco Shipping Energy Transportation, the Chinese shipping line with more than 30 liquefied natural gas carriers in it fleet, said it approved a plan to order three more LNG carriers.

Oct 22 (LNGJ) - Teekay LNG, the fleet owner and operator of several Ice-class carriers serving the Yamal plant in Russia, has seen the vessels unblocked and is no longer caught up in a controversy over US sanctions imposed against units of Chinese shipping line COSCO for allegedly shipping Iranian oil.

   Under the US sanctions on Iran over its nuclear policies, the US Department of the Treasury’s Office of Foreign Assets Control included COSCO Shipping into the Iran-related Specially Designated Nationals (SDN) list, as well as Teekay LNG Partners. Teekay LNG, through its affiliates and joint ventures, owns four Arc7 LNG tankers conducting shipping services for the Yamal export plant.

   Russian natural gas company Novatek, operator of the Yamal plant, issued a statement saying Yamal LNG had received notification from TC LNG Shipping, the joint venture owning the Arc7 ice-class tankers, that the venture was no longer considered “blocked” under the US sanctions rules.