Exmar LPG, a joint venture between Exmar and Teekay LNG Partners, agreed with Hyundai Heavy Industries to acquire an existing mid-size LPG carrier newbuilding contract.
According to the two JV partners, the 38,000 cubic meters fully-refrigerated midsize LPG carrier is scheduled for delivery in the third quarter of 2018.
The JV agreed to acquire the existing shipbuilding contract in April this year and is in line with Exmar LPG’s strategy to renew its fleet.
The installment payments on the vessel are expected to be financed by the Exmar LPG joint venture’s existing liquidity and the joint venture expects to secure long-term financing prior to delivery.