Seatrium noted this in its first-half results presentation on Thursday.
In January and February this year, spot LNG charter rates dipped to a minimum of about 5,000 per day, mostly due to a high number of newbuilds coming into the market.
Since then, rates rose to about $35,000 per day.
Seatrium said in the presentation that it has delivered 19 percent lower volume of upgrades and repairs during the first half due to “trade-related uncertainties and LNGC market weakness.”
In total, the firm delivered 101 projects.
This includes 1 FSRU conversion, 15 LNG carriers, 2 CCS retrofits, 10 cruise/yacht vessels, 3 offshore vessels, and 10 navy vessels.
Seatrium noted that it is “leveraging track record to secure higher-value works, including 2 FSRU conversion wins year-to-date.”
In May, Seatrium secured a contract from Norway’s Hoegh Evi to convert the latter’s LNG carrier Hoegh Gandria into a floating storage and regasification unit.
Most recently, Seatrium won another contract from a unit of Turkiye’s Karpowership to convert an LNG carrier into an FSRU.
Last year, Seatrium secured a contract from Karpowership to convert three LNG carriers into FSRUs.
The conversion deal included an option for a fourth LNG carrier.
In addition to winning a new contract, Seatrium delivered KARMOL LNGT Powership Antarctica to KARMOL, a joint venture of Karpowership and Japan’s MOL.
Seatrium converted the 1989-built 127,525-cbm LNG carrier, Northwest Sanderling, into an FSRU
Results
Seatrium reported a net profit of S$144 million for the first six months ended June 30, an increase from S$36 million for 1H 2024.
Revenue for 1H 2025 grew 34 percent to S$5.4 billion, up from S$4 billion for 1H 2024, reflecting “strong execution of its robust order book.”
As at end-June 2025, Seatrium’s net order book stood at S$18.6 billion, of which S$6.3 billion are renewables and cleaner/green solutions.
