Exmar, Teekay Sell Two Older LPG Vessels

Exmar LPG, a joint venture between Exmar and Teekay LNG partners, announced the  sale of the Very Large Gas Carrier FLANDERS TENACITY (84,270 m³ – 1996 built) and the Midsize Gas Carrier EEKLO (37,450 m³ – 1995 built). Both vessels are expected to be delivered to their new owners during the course of June.

The capital gain realised by Exmar for its 50% share in Exmar LPG will be approximately USD 18.0 million. This transaction will generate for Exmar LPG net cash proceeds of around USD 44.0 million.

The disposal of older tonnage is in line with the company’s strategy to continuously serve its first class customers with a quality modern competitive fleet. The newbuilding programme of Midsize Gas Carriers continues to be on track and, in addition to WAASMUNSTER (38,000 m³) delivered in April, EXMAR LPG will take delivery of the sister ship, WARINSART (38,000 m³), during the first week of June. One other newbuilding, WAREGEM (38,000 m³) is scheduled to be delivered in the fourth quarter of this year. The remaining nine other Midsize LPG Carriers currently on order will be delivered between 2015 and the first quarter of 2018.

BW TOKYO (83,300 m³ – 2009 built), under commercial control of Exmar LPG since the beginning of May, has been fixed for a two year time charter with a first class customer at rewarding levels.

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Press Release, May 26, 2014; Image: Exmar