Gas shipowner Seapeak opted to scrap a 30-year-old steam turbine LNG carrier after it became uncompetitive in the charter market.

In its ESG Report 2022 Seapeak, which was bought as Teekay LNG by Stonepeak in early 2022, spoke about its decision to send its 89,880-cbm LNG carrier Seapeak Arctic (built 1993) for green recycling.

The company said this was due to the vessel’s older age, steam turbine propulsion system, and its smaller size, which left it “less efficient than newer LNG carriers and its competitiveness on the LNG charter market limited”.