Teekay LNG Partners is quitting the I.M Skaugen-operated Norgas Carriers Pool to launch its own multigas pool.
The pool will initially be populated by Teekay’s seven directly-owned ethylene-capable LPG carriers, the tanker owner said.
However, it aims to offer commercial management solution for third-party ethylene-capable LPG and small-scale LNG vessels.
The Teekay Multigas Pool is expected to reach at least 12 vessels by the end of 2017, including third party partner vessels.
“This is the right time for Teekay LNG to bring commercial management of our seven ethylene-capable LPG carrier fleet in-house,” said Teekay Gas Group chief executive Mark Kremin.
“We believe there are opportunities to consolidate the ethylene and small-scale LNG shipping sectors.
“We see this as fundamentally separate from our successful existing LPG joint venture with Exmar in the fully-refrigerated sector.”
Kremin said the semi-refrigerated sector is at a low point in the cycle and that the company is establishing the Teekay Multigas Pool in readiness for the potential market upturn.
