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Teekay and Marubeni acquire eight LNG carrier vessels

LNG Industry,

Teekay LNG Partners L.P. and its joint venture partner Marubeni Corporation have agreed to acquire ownership interests in eight LNG carriers from Denmark-based, A.P. Moller-Maersk A/S, for approximately US$ 1.4 billion.

The joint venture partners will acquire six vessels outright and will acquire 26% interests in two further carriers.

Five of the eight vessels to be acquire are under long-term fixed-rate time-charter contracts with an average remaining contract time of 17 years.

The other three vessels are operating under short-term, fixed-rate time-charter contracts.

“Working with our joint venture partner Marubeni, we are pleased to announce Teekay LNG's largest acquisition of on-the-water vessels to date,” commented Peter Evensen, Chief Executive Officer of Teekay GP LLC, the Partnership's general partner.

“The eight acquired vessel interests will increase the total number of vessels in which we have ownership interests, including committed newbuildings, to 45 vessels, and the time-charter contracts acquired with these vessels will broaden our customer base and add further stable cash flows to our existing large portfolio of long-term fixed-rate contracts. With three of the vessels currently employed on short-term time-charters, the Partnership should benefit from the strong near-term demand for LNG carriers. With an average age of only four years, we are acquiring a modern, well-maintained fleet that has been operated by one of the leaders in global shipping,” he added.

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