Gas shipowner Seapeak has snapped up Navigare Capital Partners’ three-year-old LNG carrier and its remaining charter period of up to eight years in a $213m deal.
In a results statement, the company said it bought a 100% interest in the 174,000-cbm Marvel Swan (built 2021) in October.
Seapeak added that as part of the acquisition, it took on the existing time-charter contract which has a firm period ending in 2030, with extension options of up to two years.
“We initially funded the vessel purchase using a portion of our existing liquidity and intend to secure long-term financing on the vessel by early-2025,” Seapeak said.
The Samsung Heavy Industries-built Marvel Swan was contracted in 2019 for $186m.
The vessel is one of a series of LNG carriers time-chartered by Japanese trader Mitsui & Co to lift its LNG volumes from the Cameron LNG facility in Louisiana.
Secondhand sales of modern LNG carriers are rare, particularly those with long-term charters attached.
Seapeak detailed it had sold four multigas carriers in 2024 — the 5,820-cbm Seapeak Pan (built 2009), Seapeak Camilla (built 2010), Seapeak Cathinka (built 2009) and 10,208-cbm Seapeak Napa (built 2003) — with the sales bringing in a net total of $30.1m.
The company said that during October it refinanced the 27,556-cbm Ineos Ingenuity and Ineos Intrepid (both built 2015) selling them to lessors for $55m and leasing them back for periods of six years.
Seapeak has options to repurchase the vessels at the end of their leases for $30.6m and $30.9m, respectively.
Seapeak’s third-quarter net income crashed back to $37.3m, down from $117.2m in the same period a year ago.
Voyage revenues inched to $176.3m from $175.9m in the third quarter of 2023.
Seapeak holds between 20% and 100% in a fleet of 49 LNG carriers, including five under-construction vessels, and a stake in one regasification terminal in Bahrain.
The company also controls interests of between 25% and 100% in 46 gas carriers, including 12 time-chartered-in vessels, six under construction and a further sextet of on-order, time-chartered ships.
