Exmar-Teekay JV takes control of newbuild

Exmar LPG takes over a gas carrier currently under construction at Hyundai Heavy Industries.

Exmar and Teekay LNG Partners have taken control of an LPG newbuilding under construction at Hyundai Heavy Industries.

Exmar LPG, the joint venture between the two companies, said it has novated an existing newbuilding contract for a 38,000-cbm gasship.

The vessel is due for delivery in the third quarter of 2018, the company added.

It did not identify the ship but the only unit that matches the description provided is a 38,000-cbm newbuilding ordered by Greece’s Phoenix Energy Navigation.

The ship is under construction at Hyundai’s Ulsan facilities.

Phoenix Energy Navigation’s executives were not immediately available for comment.

This would be the second vessel jointly owned by Exmar and Teekay LNG.

They currently share ownership of the 138,060-cbm Excelsior (built 2005).

Teekay LNG reported net income of $29m this morning, against net deficit of $37.1m a year earlier.

Exmar announced it is hitting the road to gain support for a bond refinancing on Tuesday.

The Belgian owner is looking to refinance its NOK 1bn ($117.34m) bond issue due in July.