March 4, 2013
In late 2012, Teekay announced the ordering of two new LNG carriers. Normally, this kind of announcement would be regarded as smart, if not incredibly surprising; the LNG market is riding a positive wave that analysts are calling the “golden age of gas”, and with global demand expected to double after 2015, the future looks bright. However, these carriers are unlike any other currently on the market. These new vessels will be among the first to be powered by revolutionary MEGI engines, with an overall design that allows for lower operating costs, maximum cargo delivery and operational flexibility.
The MEGI-propelled newbuildings are a true achievement in LNG carrier design. The engine itself brings increased fuel efficiency, offering fuel savings of $20,000 per day at today’s fuel prices. The vessels will also feature best-in-class carrying capacity, and once built will be among the largest LNG carriers able to transit the Panama Canal after the upcoming 2015 expansion.
The long-term outlook for LNG shipping is excellent. Gas is abundant and environmentally friendly compared to other fossil fuels, which strengthens both its supply and its demand. To celebrate the advancements of these next generation vessels, all this week, Teekay will be releasing new photos and design highlights here and on our Facebook and Twitter feeds. Follow us and make sure you don’t miss these exciting updates on the future of LNG carriers.