Sepeak revealed this in its third-quarter results report.
During August and October, the company entered into new financing arrangements for Seapeak Shearwater, Seapeak Osprey, Seapeak Kinabalu, Seapeak Atlas, and Seapeak Kittiwake LNG carrier newbuildings.
Under these new financing arrangements, the vessels will be sold to a third party upon their delivery for approximately $235 million per vessel, subject to conditions of closing, Seapeak said, without providing further information regarding the buyer.
Each of the vessels will be chartered back for a minimum period of 10 years under a bareboat charter contract.
Moreover, the quarterly charter-hire payments to be made by the company consist of a fixed amount plus variable amounts based on SOFR plus a margin.
Sepaeak also said it has an option to repurchase the vessels after 10 years for $129.3 million per vessel.
During November 2022, the company entered into contracts with Samsung Heavy for the construction of five 174,000-cbm M-type, Electronically Controlled, Gas Admission propulsion LNG carriers that have a total fully built-up cost of $1.2 billion.
As at September 30, 2025, expenditures incurred under these newbuilding contracts totaled $275.5 million and the estimated remaining expenditures to be incurred are $26.6 million (remainder of 2025), $243.4 million (2026), and $638.8 million (2027)., according to Seapeak.
The company intends to finance substantially all of the remaining estimated pre-delivery expenditures with borrowings under two US Dollar-denominated term loans maturing in 2027.
In addition, the final construction installments due on delivery and the repayment of the two US Dollar-denominated term loans maturing in 2027 will be financed with the 10-year sale and leaseback financing arrangements, the firm added.
Steam LNG carriers
Seapeak previously said that it booked $19.3 million of restructuring charges in the second quarter of this year, primarily due to laying off its Spanish seafarers working on steam LNG carriers.
As at September 30, 2025, the company’s fleet included seven steam turbine LNG carriers, the oldest vessels in its LNG fleet.
“To reduce our operating costs, three of these vessels were placed in lay-up in early 2025,” the company said.
As at September 30, these three vessels were classified as held for sale in Seapeak’s September 30, 2025 consolidated balance sheet.
In addition, the company has recognized $20.7 million of restructuring charges during the nine months ended September 30, 2025, which primarily relate to severance costs resulting from the dismissal of substantially all of its Spanish seafarers.
“This severance follows our decision to restructure the operations of the four steam turbine LNG carriers, which comprise our Spanish fleet, due to the adverse market conditions affecting steam turbine LNG carriers,” the company said.
50 vessels
Teekay LNG Partners rebranded as Seapeak in 2022 following the completion of its $6.2 billion merger deal with New York-based private equity firm Stonepeak Infrastructure Partners.
As of September 30, Seapeak’s LNG fleet included 50 LNG carriers, the report shows.
This includes the five LNG carriers under construction and one LNG regasification terminal in Bahrain.
Seapeak’s interest in these vessels ranges from 20 percent to 100 percent.
