The two vessels will be retrofitted for LNG bunkering and will be capable of bunkering and transporting LNG and lower-carbon fuels
Independent bunker supplier Titan has purchased two vessels from former Teekay LNG Partners, the Canadian gas transport company now known as Seapeak.
The small-scale LNG carriers Seapeak Unikum and Seapeak Vision will be retrofitted for LNG bunkering operations along with transporting and bunkering liquefied biomethane (LBM) and e-methane derived from hydrogen. The cargo tanks are made of stainless steel, making them compatible with propylene, ethylene and ammonia.
The two sister vessels have a cargo capacity of 12,000 m3 and are 152-m long by 20-m wide.
"The two vessels will join Titan’s fleet in March this year. They will operate in the Mediterranean and northwestern Europe, catering for increased demand for LNG and LBM in these regions," Titan said.
"Before operations begin, the LNG carriers will be retrofitted to improve LNG bunkering capabilities and to meet Titan’s quality standards. After the upgrades, the vessels will be able to load at all major LNG terminals and perform ship-to-ship bunkering and loading operations."
The vessels and the retrofit are being financed by European financial leasing structure provider Sole Shipping Group through a long-term bareboat charter leasing structure, according to Titan. Chief executive Niels den Nijs cited solid growth throughout 2022 as an enabler for the two-vessel purchase and said it aligns with the company’s ’ambitious’ growth strategy in Europe and the Mediterranean.
"Titan’s expanding fleet already includes a mix of owned and chartered vessels. Furthermore, Titan has an ambitious newbuild programme consisting of Titan Krios and Titan Hyperion [bunker vessel] designs. The two new additions to the fleet allow Titan to deliver fuel to a wider range of LNG-powered vessels, including all container ships," the company said.
The announcement of Titan’s two-vessel acquisition follows news that Germany has granted €62M (US$67M) to a partnership of three companies, including Titan, for the construction of the Titan Krios newbuild LNG bunker vessels.
Titan said, based on their cargo-conditioning capabilities, the vessels can undertake projects including gas-up and cool-down operations as well as commissioning parcels.
“Retrofitting these ships so 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. The team is currently specifying the upgrades and finding a suitable shipyard for the retrofit work,” Titan fleet development director Douwe de Jong said.
Titan said it "remains committed to supplying all clean fuels that can decarbonise shipping, transport and industry in a substantial way as they become feasible," noting that "using LNG, LBM and hydrogen-derived e-methane is a practical option available right now" to begin to decarbonise the sector.
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