Exmar announces successful completion and financing of the LPG joint venture with Teekay LNG Partners L.P.

Monday, February 18, 2013
  • The EXMAR LPG BVBA joint-venture controls 15 owned Midsize Gas Carriers (MGC), out of which 4 are currently under construction at Hyundai Mipo, and one owned Very Large Gas Carrier (VLGC).

EXMAR NV (NYSE Euronext: EXM) is pleased to announce that together with TEEKAY LNG PARTNERS L.P. (NYSE: TGP) they have successfully closed their 50/50 LPG joint-venture.

The EXMAR LPG BVBA joint-venture controls 15 owned Midsize Gas Carriers (MGC), out of which 4 are currently under construction at Hyundai Mipo, and one owned Very Large Gas Carrier (VLGC). EXMAR LPG BVBA also time-charters in three MGCs and two VLGCs (33.33% share) and bareboat-charters in one MGC and one VLGC.

The joint venture has successfully secured financing for its fleet (including the 4 newbuildings at Hyundai Mipo) under a USD 355 million facility, co-arranged by NORDEA and DNB. The syndicated loan facility has been substantially oversubscribed and is expected to close before the end of the first quarter 2013.

In addition, the EXMAR LPG BVBA joint-venture is also pleased to announce that it has placed an order for up to 8 MGCs with Hanjin Heavy Industries Corporation with the vessels to be built at Subic Bay in the Philippines. The first four vessels are firm orders with delivery foreseen between April 2015 and June 2016. This new order is in line with the strategic expansion plan started within the joint-venture, and further growth is expected from this newly formed entity. This new order will bring the total number of LPG vessels controlled by EXMAR LPG BVBA up to 29.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Give us a break...
    I see that Oil & gas UK has been talking again about the need for George Osborne to ‘put his money where his mouth is’ (I paraphrase!) and change the fiscal terms operati ...
  • Why it's different this time
    Is this downturn in oil prices going to be different for investors? I think it might. In fact, I think North American energy companies have a good chance of withstanding th ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training


Opinions & Commentary

Oil price, President, Genel/SL/Serica, Egdon/Europa, Sundry-Range-Afren-Halliburton, And finally...

by Malcolm Graham-Wood

Read More »