Seapeak is continuing to scale up its LNG carrier fleet with a new round of orders in South Korea, reinforcing its long-term strategy in the gas shipping segment while securing immediate employment for the vessels.
The company confirmed in its latest quarterly results that it signed contracts in May for three 174,000 cu m dual-fuel X-DF LNG carriers at Samsung Heavy Industries.
The combined cost of the newbuildings is estimated at around $756m, or approximately $252m per vessel. Delivery is scheduled for the first half of 2029.
In parallel with the new order, Seapeak has already secured long-term employment for all three vessels through 10-year charter agreements, each including an additional five-year extension option, with an unnamed international energy company.
The latest investment further strengthens Seapeak’s long-standing relationship with Samsung Heavy Industries, where the company already has a substantial LNG newbuilding pipeline in place.
In 2022, Seapeak ordered five 174,000 cu m MEGA propulsion LNG carriers from the yard in a deal worth around $1.2bn, with deliveries expected between 2027. This was followed by another two X-DF LNG carriers contracted in late 2025, scheduled for delivery in the second half of 2028.
With this latest commitment, Seapeak now has a total of 10 LNG carriers on order at Samsung Heavy Industries alone.
The company, which is backed by infrastructure investor Stonepeak, said it intends to finance the new vessels through a combination of existing liquidity, future operating cash flow and long-term debt arranged ahead of delivery.
Seapeak has also remained active on the financial structuring side. In April, it completed a $165m sale-and-leaseback deal for the LNG carrier Seapeak Creole, secured under a 20-year bareboat charter agreement.
More recently, the company refinanced the gas carriers Ineos Dolphin and Ineos Innovation through additional sale-and-leaseback transactions, while also extending several associated charter agreements.
Charter coverage across its NGL segment has also improved, with multiple option extensions exercised this year, including for Ineos Independence, Ineos Intuition and Ineos Invention.
As of the end of March, Seapeak operated a fleet of 49 LNG carriers, including seven under construction, alongside an LNG regasification terminal in Bahrain. Its wider LPG, ethane and multigas fleet comprised 42 vessels, including six newbuildings.
The latest order comes amid a broader wave of LNG contracting activity across South Korean shipyards, as owners compete to secure limited 2029 delivery slots.
Recent deals include BW LNG ordering two LNG carriers at HD Hyundai Samho, Hayfin Capital Management contracting two units at HD Hyundai Heavy Industries, TMS Cardiff Gas placing another pair at Samsung Heavy Industries, and Knutsen OAS Shipping being linked to a new order at Hanwha Ocean.
