Titan Acquires Pair of LNG Carriers for Bunkering Capability Retrofit

January 31, 2023

The 12,000 cbm Seapeak Vision, due to join Titan's fleet in March 2023. Image: Titan
The 12,000 cbm Seapeak Vision, due to join Titan's fleet in March 2023. Image: Titan

Titan, the independent supplier of low and zero-emission fuels, acquired two small scale LNG carriers – the Seapeak Unikum and Seapeak Vision – from Seapeak, the Canadian gas transportation company formerly known as Teekay LNG Partners. The vessels will be retrofitted to ensure suitable LNG bunkering capabilities, enabling them to both transport and bunker LNG, liquefied biomethane (LBM), and in the longer-term hydrogen derived e-methane (e-LNG).

Both sister vessels have a cargo capacity of 12,000 ccbm and measure 152 x 19.8m. The vessels will join Titan’s fleet in March this year. They will operate in the Mediterranean and Northwestern Europe and will cater for increased demand for LNG and LBM (bio-LNG) in these regions.

The vessels and the retrofit are financed by Sole Shipping Group through a long-term bareboat charter leasing structure. Sole Shipping Group is a major European provider of financial leasing structures. Titan was advised on this transaction by Endegeest Consulting BV.

“Retrofitting these ships so that they can trade and bunker LNG, LBM, and in the longer-term hydrogen derived e-methane, offers Titan even more flexibility in its clean fuel operations," said Douwe de Jong, fleet development director, Titan. "The team is currently specifying the upgrades and finding a suitable shipyard for the retrofit work.”

The announcement of this vessel acquisition follows the recent news from Robert Habeck, vice chancellor of Germany and a member of the German green party, that Germany has granted a total of €62 million to a partnership of three companies, including Titan, for the construction of the Titan Krios new build LNG bunker vessels.

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