Teekay LNG Partners launched the Teekay Multigas Pool, an in-house commercial management solution for ethylene-capable liquefied petroleum gas (LPG) and small-scale liquefied natural gas (LNG) vessels.
The Teekay Multigas Pool aims to bring its seven ethylene-capable LPG carriers 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 announced.
The seven LPG carriers are part of the Norgas Carriers Pool, operated by I.M Skaugen, and the transition of these vessels into the Teekay Multigas Pool will start immediately.
Mark Kremin, President and CEO of Teekay Gas Group Ltd., stated: “We believe there are opportunities to consolidate the ethylene and small-scale LNG shipping sectors. We see this as fundamentally separate from our successful existing LPG joint venture with 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.”