Exmar, Teekay seal LPG carrier joint venture

BRUSSELS Fri Feb 15, 2013 2:18am EST

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BRUSSELS Feb 15 (Reuters) - Belgian gas shipping company EXMAR NV said on Friday it had completed an LPG (liquefied petroleum gas) joint venture with Teekay LNG Partners and the newly formed company had ordered eight new carriers.

The 50:50 venture EXMAR LPG BVBA owns 15 midsize gas carriers (MGCs), four of which are under construction, and one very large gas carrier (VLGCs). It also time charters in three MGCs and two VLGCs and bareboat-charters in one MGC and one VLGC.

The joint venture has secured financing for its fleet under a $355 million facility, co-arranged by Nordea and DNB.

EXMAR LPG BVBA has also placed an order for up to 8 MGCs with Hanjin Heavy Industries Corporation, the vessels to be built in the Philippines. The first four vessels are firm orders with delivery foreseen between April 2015 and June 2016.

The new order will bring the total number of LPG vessels controlled by EXMAR LPG BVBA up to 29.

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