Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Teekay and China LNG confirm $2.1bn order at DSME for Yamal LNG

Teekay and China LNG confirm $2.1bn order at DSME for Yamal LNG
In the continuing build up for the Yamal LNG Project Teekay LNG Partners and China LNG have signed contracts worth $2.1bn for six ice-class LNG newbuildings at Daewoo Shipbuilding and Marine Engineering (DSME).

Teekay LNG Partners said that joint ventures with China LNG had finalised contracts for six 172,000 cu m, Arc 7 ice-class LNG carriers at DSME for a total cost of around $2.1bn.

It follows a similar move earlier this week by Mitsui OSK Lines (MOL) and China Shipping ordering three LNG carriers for Yamal LNG at DSME. Last August 16 newbuilding slots were secured at the South Korean yard for the LNG plant being built in Russia’s Far North.

"We are pleased to finalize this previously announced accretive transaction, which solidifies Teekay LNG's role in Yamal LNG, a strategic international energy project sponsored by Novatek, Total and CNPC, and further expands our partnership with China LNG," commented Peter Evensen, ceo of Teekay. "These six newbuildings will both increase and extend the average duration of Teekay LNG's existing fixed-rate contact portfolio, providing further long-term stability for the Partnership's cash flows.”