Date: 06 April 2020 , 20:05
News ID: 9044
NEWS SERVICE: ENERGY

Teekay secures term charters for two LNG carriers

Bermuda-based shipowner Teekay LNG Partners has secured new long-term charters for two of its LNG carriers.
Teekay secures term charters for two LNG carriers

The 168,900m³ Arwa Spirit will begin a 12-month charter in May, while the 165,000m³ Methane Spirit will start an eight-month charter in July. The two carriers, which are 52pc-owned by Teekay, will start the fixed-rate charters upon completion and in direct continuation of their existing contracts.

Teekay had planned to make the vessels available on the spot market once they came off long-term charters, to take advantage of a "strong" freight market, it said in February last year. The firm had expected spot freight rates to strengthen this year, with global liquefaction capacity growth outstripping the number of LNG carriers available.

But shipping costs have not strengthened in recent months compared with previous years. A tight differential between European and Asian delivered prices as a result of weak demand across Asia following the coronavirus outbreak has reduced the incentive to ship Atlantic basin cargoes to Asia, weighing on global shipping demand. Spot charter rates for a tri-fuel diesel-electric vessel fixed in the Atlantic averaged $48,000/d in February-March, in line a year earlier but down from $66,000/d in February-March 2018.

By Livia Gallarati

source: Argus Media
LNG Bermuda market Asian European
Top News
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Twelve Days ago
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Six last month
"Sustainability and innovation in production and development, excellence in culture", the orientation of Mobarakeh Steel Co. to realize the motto of 2024
Six last month
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Five last month
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
Five last month
The President visited the Sungun Copper Complex
The President visited the Sungun Copper Complex
Two last year
Most Like