BRUSSELS Feb 15 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
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
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
The new order will bring the total number of LPG vessels
controlled by EXMAR LPG BVBA up to 29.