Titan, an unbiased provider of low and zero-emission fuels, has acquired two small scale LNG carriers – the Seapeak Unikum and Seapeak Imaginative and prescient – from Seapeak, a Canadian gasoline transportation firm previously referred to as Teekay LNG Companions. The vessels can be retrofitted to make sure appropriate LNG bunkering capabilities, enabling them to each transport and bunker LNG, liquefied biomethane (bio-LNG), and within the longer-term, hydrogen derived e-methane (e-LNG).
Each sister vessels have a cargo capability of 12 000 m3 and are 152 m in size by 19.8 m in width. The 2 vessels will be a part of Titan’s fleet in March 2023. They may function within the Mediterranean and Northwestern Europe and can cater for elevated demand for LNG and bio-LNG in these areas.
The vessels and the retrofit are financed by Sole Delivery Group by way of a long-term bareboat constitution leasing construction. Sole Delivery Group is a serious European supplier of monetary leasing constructions. Titan was suggested on this transaction by Endegeest Consulting BV.
Titan’s increasing fleet already contains a mixture of owned and chartered vessels. Moreover, Titan has a newbuild programme consisting of Titan Krios and Titan Hyperion designs. The 2 new additions to the fleet enable Titan to ship gas to a wider vary of LNG-powered vessels, together with all container ships. Earlier than operations start, the LNG carriers can be retrofitted to enhance LNG bunkering capabilities and to fulfill Titan’s high quality requirements. After the upgrades, the vessels will have the ability to load in any respect main LNG terminals and carry out ship-to-ship bunkering and loading operations.
Because of its cargo conditioning capabilities, the vessels are additionally able to doing extra complicated tasks, together with gas-up cool-down operations and commissioning parcels. On prime of this, the cargo tanks are product of stainless-steel, making them suitable with propylene, ethylene, and ammonia.
Douwe de Jong, Fleet Growth Director at Titan, commented: “Retrofitting these ships in order that they’ll commerce and bunker LNG, LBM, and within the longer-term hydrogen derived e-methane, provides Titan much more flexibility in its clear gas operations. The crew is at present specifying the upgrades and discovering an appropriate shipyard for the retrofit work.”
Niels den Nijs, Proprietor and CEO of Titan, added: “A Strong double digit EBITDA in 2022 has allowed us to make this extra funding in our fleet. This determination aligns with Titan’s formidable development technique in Europe and the Mediterranean. We look ahead to persevering with to work with our companions, like Sole Delivery Group, to develop our fleet to help our LNG and LBM distribution targets and serve our buyer’s long-term demand.”
Titan stays dedicated to supplying all clear fuels that may decarbonise delivery, transport and business in a considerable approach as they turn into possible. It recognises that decarbonisation would require a variety of options, and the LNG pathway to net-zero emissions utilizing LNG, LBM and e-LNG is a sensible choice out there proper now.
The announcement of this vessel acquisition follows the latest information from Robert Habeck, Vice Chancellor of Germany and a member of the German inexperienced get together, that Germany has granted a complete of €62 million to a partnership of three corporations, together with Titan, for the development of the Titan Krios new construct LNG bunker vessels.
Learn the article on-line at: https://www.lngindustry.com/small-scale-lng/01022023/titan-acquires-two-small-scale-lng-carriers-for-bunkering-capability-retrofit/