Teekay charters uncommitted newbuild to Yamal LNG project

Teekay LNG Partners, one of the largest owners and operators of LNG carriers, on Tuesday signed a 15-year time-charter contract with the Yamal LNG project. 

The project led by the Russian Novatek, with its partners Total, China National Petroleum Corporation and Silk Road Fund is scheduled to begin production in 2017.

Teekay noted in its statement it will provide one of its unchartered 174,000-cbm MEGI LNG carrier newbuilds, on a fixed-rate time-charter deal. The vessel is scheduled for delivery in 2019.

Peter Evensen, chief executive officer of Teekay said the new contract reduces the company’s uncommitted newbuilds to only one vessel. In addition, Teekay will provide Yamal LNG with icebreaker and conventional LNG transportation services.

In addition, Teekay will provide Yamal LNG with icebreaker and conventional LNG transportation services.