Teekay buys into quartet

Teekay LNG Partners has confirmed it has taken a stake in four LNG newbuildings at China’s Hudong-Zhonghua Shipbuilding.

New York listed Teekay LNG has bought a 30% interest in two of the ships and one fifth of the other two, a statement said.

It comes just a few days after TradeWinds revealed Teekay was buying a slice of the quartet from BG Group.

Teekay says CETS, a division of China National Offshore Oil Corporation, and China LNG Shipping are the other investors in two of the vessels. BW Group is a co-investor in the other pair.

Peter Evensen, chief executive of Teekay, says the deal furthers its connections with BG and adds a new relationship with the Chinese parties. 

Delivery of the four 174,000 cubic meter tri-fuel diesel electric newbuildings is slated for between September 2017 and January 2019.

All four are attached to 20-year charters with BG company, Methane Services.

"The long-term time-charter contracts for the four newbuildings, which complement and expand Teekay LNG's existing fixed-rate contact portfolio, will provide further stability for the Partnership's cash flows,” Evensen said.

TradeWinds reported on Friday Teekay is set to firm up contracts for four Yamal LNG newbuildings this week.

The company has suggested it wants to build a fleet of up to 25 LNG carriers.