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Teekay seeks ethylene and small-scale LNG consolidation with multi-gas pool

Teekay seeks ethylene and small-scale LNG consolidation with multi-gas pool
Teekay is targeting consolidation in the ethylene and small-scale LNG sectors with a new multi-gas pool.

Teekay LNG Partners is launching the new multi-gas pool for ethylene-capable LPG and small-scale LNG vessels bringing in seven ethylene-capable LPG carriers, some of which are also capable of small-scale LNG. The vessels have been part of IM Skaugen’s Norgas Carriers pool.

Teekay expects the pool to expand to at least 12 vessels by end 2017 including some ships from third parties.

“This is the right time for Teekay LNG to bring commercial management of our seven ethylene-capable LPG carrier fleet in-house,” commented Mark Kremin, president and ceo of Teekay Gas Group. “We believe there are opportunities to consolidate the ethylene and small-scale LNG shipping sectors.”