Teekay LNG Partners on Thursday launched the Teekay Multigas Pool, a new in-house commercial management solution for ethylene-capable LPG and small-scale LNG vessels.
The pool expects to bring the company’s seven directly-owned ethylene-capable liquefied petroleum gas carriers, some of which are also capable of small-scale liquefied natural gas shipping, under the new management structure.
The pool fleet is expected to reach at least 12 vessels by the end of 2017, including third party partner vessels, Teekay LNG said in a statement.
The seven directly-owned ethylene-capable LPG carriers have been part of the Norgas Carriers Pool, operated by I.M Skaugen, and the transition of these vessels into the pool will start immediately.
“This is the right time for Teekay LNG to bring commercial management of our seven ethylene-capable LPG carrier fleet in-house,” said Mark Kremin , President and CEO of Teekay Gas Group Ltd.
“We believe there are opportunities to consolidate the ethylene and small-scale LNG shipping sectors.” added Kremin.
He went on to say that the company sees this as fundamentally separate from its existing LPG joint venture with Belgium’s Exmar in the fully-refrigerated sector.
“The semi-refrigerated sector is at a low point in the cycle and we are establishing the Teekay Multigas Pool in readiness for the potential market upturn. The Teekay Multigas Pool is open for business,” said Kremin.