Teekay, Shell sign charter deals for five LNG newbuilds

Teekay, Shell sign charter deals for five LNG newbuilds

Subsidiaries of Teekay LNG Partners and Royal Dutch Shell entered into time-charter contracts for five newbuild LNG carriers.

The vessels will operate as part of Shell’s global LNG fleet under time-charters ranging in duration from six to eight years, plus extension options. Delivery of the vessels will start from the second half of 2017 into 2018.

The new time-charter contracts with Shell will be serviced by five 173,400 cubic meter MEGI (M-type, Electronically Controlled, Gas Injection) engine LNG newbuildings built by Daewoo Shipbuilding & Marine Engineering of South Korea.

MEGI engines will be significantly more fuel-efficient and have lower emission levels than engines currently used in LNG shipping, according to a statement by Teekay.

Grahaeme Henderson, Vice President of Shell Shipping & Maritime, commented, “The new tonnage will give Shell’s upstream and trading operations added flexibility in taking gas to market.”

As the Chief Executive of Teekay GP, Peter Evensen says, Shell will be among the first of the energy majors to bring the MEGI vessels into its fleet.

LNG World News Staff; Image: Teekay

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