Bermuda: Exmar, Teekay Conclude LPG Joint Venture Deal

February 15, 2013

EXMAR NV said that together with TEEKAY LNG PARTNERS they have successfully closed their 50/50 LPG joint-venture.

The EXMAR LPG BVBA joint-venture controls 15 owned Midsize Gas Carriers (MGC), out of which 4 are currently under construction at Hyundai Mipo, and one owned Very Large Gas Carrier (VLGC). EXMAR LPG BVBA also time-charters in three MGC’s and two VLGC’s (33.33% share) and bareboat-charters in one MGC and one VLGC.

The joint venture has successfully secured financing for its fleet (including the 4 newbuildings at Hyundai Mipo) under a USD 355 million facility, co-arranged by NORDEA and DNB. The syndicated loan facility has been substantially oversubscribed and is expected to close before the end of the First quarter 2013.

In addition, the EXMAR LPG BVBA joint-venture also announced that it has placed an order for up to 8 MGC’s with Hanjin Heavy Industries Corporation with the vessels to be built at Subic Bay in the Philippines. The first four vessels are firm orders with delivery foreseen between April 2015 and June 2016. This new order is in line with the strategic expansion plan started within the joint-venture, and further growth is expected from this newly formed entity. This new order will bring the total number of LPG vessels controlled by EXMAR LPG BVBA up to 29.

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LNG World News Staff, February 15, 2013; Image: EXMAR