EXMAR LPG Joint Venture Adds Two Midsize Gas Carriers

Belgian gas shipping company EXMAR NV said Wednesday that its joint venture with Teekay LNG, EXMAR LPG, has exercised an option for two additional midsize gas carriers to be built at Hanjin Heavy Industries’ Subic Bay shipyard.

The two 38,000 cbm LPG carriers are in addition to the joint venture’s existing newbuild program of 8 midsize gas carriers split between Hyundai Mipo and Hanjin Heavy Industries.

The first vessel of the newbuild program is scheduled to be delivered in February 2014 while the two vessels ordered today are expected to be delivered during 2017.

The 50/50 joint venture between Teekay LNG (NYSE:TGP) and Antwerp-based EXMAR (EXM:BB) was first announced in December 2012 and would operate midsized LPG Carrier segment in a bid to take advantage of the current and future demand for liquefied petroleum gas (LPG) and ammonia (NH3).