Seapeak is continuing to hone down its fleet, selling off interests in three gas carriers in October to bring its sales total to more $150m for 2023.
The former Teekay LNG, which was bought by equity fund manager Stonepeak in January 2022, said it agreed to sell the 10,208-cbm multigas carrier Seapeak Napa (built 2003) for the net sum of $9.8m.
The vessel is expected to be delivered to its buyer in early 2024.
Joint venture Exmar LPG, in which Seapeak holds a 50% stake, sold off two LPG carriers, the 38,000-cbm Libramont and Sombeke (both built 2006), for $69.3m in total.
These sales come on top of four more this year.
The company sold two of its LNG carriers for green recycling, netting $29.6m from the disposal of the 89,800-cbm Seapeak Polar and Seapeak Arctic (both built 1993).
It also sold its two 12,000-cbm multigas carriers Seapeak Vision and Seapeak Unikum (both built 2011) to Dutch bunker supplier Titan in the first half of 2023, netting $48.7m in total.
Seapeak said the charterer of its 173,545-cbm LNG carrier Murex (built 2017) exercised the first of four three-year extension options at a fixed rate. This first optional period is due to start in November 2024. Shell is listed as the charterer.
The owner said its 138,000-cbm Seapeak Catalunya (built 2003) began a one-year, fixed-rate charter in October with a 12-month extension option.
During September, it exercised its repurchase option to acquire the 85,000-cbm ethane and LPG carrier Ineos Dolphin (built 2020) for $58m.
Seapeak’s third-quarter net income slipped slightly to $117.2m from $123.8m in the same period a year earlier, but nine-month figures rose to $315m from $272m.
Income from vessel operations was up at $68.1m in the third quarter from $49.5m a year earlier. The nine-month figure more than doubled to $251.3m from $121m.
At the end of September, Seapeak’s fleet comprised 49 LNG carriers, including five under construction, and a shareholding in Bahrain’s LNG regasification terminal.
Its LPG, ethane and multigas carrier fleet stacks up at 23 vessels, in which it has a 50% interest, 14 fully owned vessels and six chartered-in ships under bareboat contracts due to end in December 2024.
