Titan acquires two Seapeak gas carriers for conversion to bunkering vesselsWritten by Nick Blenkey
Amsterdam-headquartered low and zero emission fuel supplier Titan has acquired two 12,000 cu.m gas carriers from Seapeak. Both built in 2011, they are listed on the Seapeak fleet list as LPG carriers but are identified in the Equasis data base as combination LNG/LPG carriers. Titan will be retrofit them to provide LNG bunkering capabilities, enabling them to both transport and bunker LNG, liquefied biomethane (LBM), and, in the longer-term, hydrogen derived e-methane.
The 152 x 19.8 meter sisters 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 their retrofits are being 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.
Titan’s expanding fleet already includes a mix of owned and chartered vessels and the company has an ambitious newbuild program consisting of Titan Krios and Titan Hyperion designs. The two new additions to the fleet allow Titan to deliver fuel to a wider range of LNG-powered vessels, including all containerships. After the upgrades, the vessels will be able to load at all major LNG terminals and perform ship-to-ship bunkering and loading operations.
Thanks to their cargo conditioning capabilities, the vessels are also capable of doing more complex projects, including gas-up cool-down operations and commissioning parcels. On top of this, the cargo tanks are made of stainless steel, making them compatible with propylene, ethylene, and ammonia.
“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 at Titan. “The team is currently specifying the upgrades and finding a suitable shipyard for the retrofit work.”
“A solid double digit EBITDA in 2022 has allowed us to make this additional investment in our fleet,” Niels den Nijs, owner and CEO of Titan. “This decision aligns with Titan’s ambitious growth strategy in Europe and the Mediterranean. We look forward to continuing to work with our partners, like Sole Shipping Group, to expand our fleet to support our LNG and LBM distribution targets and serve our customer’s long-term demand.”
Titan says it remains committed to supplying all clean fuels that can decarbonize shipping, transportation and industry in a substantial way as they become feasible. It recognizes that decarbonization will require a range of solutions and says that the LNG pathway to net-zero emissions, using LNG, LBM and hydrogen-derived e-methane, is a practical option available right now.