olivLaw · US equity research
Seapeak LLC SEAL-PA
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
Seapeak LLC is an international marine transportation provider focused on liquefied natural gas (LNG) and natural gas liquids (NGL), operating mainly under medium to long-term, fixed-rate charters. Voyage revenues in fiscal 2025 were 636.958 million USD, down from the prior year as LNG carrier oversupply and steam turbine vessels under pressure weighed on the business.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Seapeak LLC (SEAL-PA) stock was 25.17 USD (+0.06% on the day), with market capitalisation 2.0 bn USD, P/E 76.8, dividend yield 4.41%, beta 0.00, 52-week range 24.83–26.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 24.96 – 25.69
- in the lower half of the band · %B 0.28 · band width 2.9%
- SMA 50 / 200
- 25.53 / 25.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.13 / -0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.0% | −1.1% | +0.1 pp | — |
| 3 months | −2.2% | −0.5% | −1.8 pp | — |
| 6 months | −2.1% | +4.4% | −6.5 pp | — |
| Year to date | −0.7% | +12.3% | −13.0 pp | — |
| 1 year | −2.0% | +13.5% | −15.5 pp | +21.5% |
| 3 years | +2.5% | +76.4% | −73.9 pp | +61.3% |
| 5 years | −1.0% | +63.7% | −64.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 510.8 m | 601.3 m | 591.1 m | 597.8 m | 624.5 m | 726.8 m | 710.7 m | 637.0 m |
| Revenue YoY | +18.0% | +17.7% | −1.7% | +1.1% | +4.5% | +16.4% | −2.2% | −10.4% |
| Net income | 26.9 m | 164.6 m | 97.3 m | 255.5 m | 241.6 m | 317.7 m | -95.8 m | 26.0 m |
| Net income YoY | −45.1% | +512.5% | −40.9% | +162.6% | −5.5% | +31.5% | −130.2% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 5.3% | 27.4% | 16.5% | 42.7% | 38.7% | 43.7% | -13.5% | 4.1% |
| Free cash flow | -555.0 m | 201.0 m | 603.0 m | 156.9 m | 168.8 m | 214.7 m | 137.6 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 122.9 m USD
- Financial debt
- 892.1 m USD
- Net debt
- 769.1 m USD
- Equity
- unavailable USD
- Total assets
- 5.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.42x
- ROE
- unavailable
- ROA
- 0.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 591.1 m | 597.8 m | 624.5 m | 726.8 m | 710.7 m | 637.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Cost of revenue | 17.4 m | 28.2 m | 34.6 m | 21.4 m | 11.6 m | 12.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Gross profit | 573.7 m ≈ | 569.6 m ≈ | 589.9 m ≈ | 705.4 m ≈ | 699.2 m ≈ | 624.9 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Operating income | 226.1 m | 246.5 m | 177.3 m | 315.3 m | -94.5 m | 130.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Depreciation & amortisation | 129.8 m | 130.8 m | 128.5 m | 145.7 m | 142.7 m | 144.0 m | SEC (XBRL)· 18 Mar 2026verified |
| EBITDA | 355.8 m ≈ | 377.3 m ≈ | 305.8 m ≈ | 461.0 m ≈ | 48.2 m ≈ | 274.9 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Interest expense | 132.8 m | 118.6 m | 137.1 m | 187.5 m | 178.4 m | 165.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Pre-tax income | 100.8 m | 262.4 m | 249.7 m | 327.9 m | -98.3 m | 29.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Income tax | 3.5 m | 6.9 m | 8.2 m | 10.2 m | -2.5 m | 3.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Net income | 97.3 m | 255.5 m | 241.6 m | 317.7 m | -95.8 m | 26.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Dividend per share | 0.94 | 1.11 | — | — | — | — | SEC (XBRL)· 04 Apr 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 206.8 m | 92.1 m | 215.7 m | 168.4 m | 153.7 m | 122.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Receivables | 7.6 m | 45.5 m | 50.7 m | 31.3 m | 29.1 m | 30.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Current assets | 262.1 m | 217.4 m | 440.0 m | 307.2 m | 290.1 m | 298.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Property, plant & equipment, net | 1.2 bn | 1.2 bn | 1.0 bn | 932.4 m | 731.3 m | 328.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Goodwill | 34.8 m | 34.8 m | 40.3 m | 40.3 m | 37.3 m | 37.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 34.5 m | 25.7 m | 42.1 m | 30.4 m | 20.4 m | 13.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Total assets | 4.9 bn | 4.8 bn | 5.8 bn | 5.7 bn | 5.4 bn | 5.1 bn | SEC (XBRL)· 18 Mar 2026verified |
| Accounts payable | 4.9 m | 10.2 m | 52.0 m | 6.7 m | 7.1 m | 8.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Short-term debt | 250.5 m | 156.1 m | 477.2 m | 107.8 m | 177.1 m | 296.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Long-term debt | 1.2 bn | 1.2 bn | 927.3 m | 960.2 m | 882.4 m | 595.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Current liabilities | 521.3 m | 366.8 m | 803.5 m | 440.1 m | 477.4 m | 706.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Total liabilities | 3.1 bn | 2.9 bn | 3.4 bn | 3.0 bn | 3.1 bn | 2.9 bn | SEC (XBRL)· 18 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 613.5 m | 198.9 m | 276.8 m | 362.7 m | 395.3 m | — | SEC (XBRL)· 14 Mar 2025verified |
| Capex | 10.5 m | 42.0 m | 108.0 m | 148.0 m | 257.7 m | 61.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Free cash flow | 603.0 m ≈ | 156.9 m ≈ | 168.8 m ≈ | 214.7 m ≈ | 137.6 m ≈ | — | SEC (XBRL)· 14 Mar 2025derived |
| Investing cash flow | -1.5 m | -31.0 m | -280.1 m | -70.4 m | -200.1 m | — | SEC (XBRL)· 14 Mar 2025verified |
| Financing cash flow | -607.4 m | -283.8 m | 127.2 m | -373.8 m | -191.6 m | — | SEC (XBRL)· 14 Mar 2025verified |
| Dividends paid | 104.4 m | 124.2 m | 25.6 m | 74.9 m | 275.1 m | 125.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Share repurchases | 15.6 m | 0 | 0 | — | — | — | SEC (XBRL)· 31 Mar 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 40 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Quality61
- Growth6
- Balance sheet14
- Returns94
- Valuation41
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.66 – 133.65 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)75.91 – 133.65 (Mid 97.07)WACC 8.1% · starting FCFF 481.7 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA10.73 – 22.86 (Mid 18.82)6 companies used · median multiple 8.2x · quartiles 5.9x – 9.4xCCL, INSW, KEX, NCLH, RCL, TDW
- Peers: P/E2.66 – 6.02 (Mid 4.50)13 companies used · median multiple 13.7x · quartiles 8.1x – 18.4xCCL, DLNG, FLNG, INSW, KEX, KNOP, MATX, NCLH, RCL, RUBI, TDW, TNK, VIK
- Dividend discount (DDM)14.59 – 19.62 (Mid 16.73)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 40/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.1% | 21 (vs peers) | 8% |
| FCF conversion · Quality | 1,285.1% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 0.7% | 6 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.8x | 29 (vs peers) | 13% |
| Interest coverage · Balance sheet | 0.8x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 76.8x | 6 (vs peers) | 13% |
| EV/EBITDA · Valuation | 10.1x | 29 (vs peers) | 13% |
| FCF yield · Valuation | 16.7% | 100 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 6.3% | 89 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 37.5% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet14/100 · 3/3 factors with a value
- Growth· partial6/100 · 1/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns94/100 · 2/2 factors with a value
- Valuation41/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SEAPEAK LLC (SEAL-PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 637.0 m USD in 2025; YoY growth -10.4%; net margin 4.1%; net debt/EBITDA 2.8x.
The estimated value range is 12.66–21.24 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 17.78 USD, the price of 25.16 USD leaves a potential of -29.4% (value / price − 1) and a margin of safety of -41.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 40/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 1,285.1%
- FCF yield: 16.7%
- Shareholder yield (distributions): 6.3%
- Payout ratio (FCF): 37.5%
What contradicts it
- Net margin: 4.1%
- Revenue CAGR 3Y: 0.7%
- Net debt / EBITDA: 2.8x
- Interest coverage: 0.8x
- Current ratio: 0.4x
- P/E (TTM): 76.8x
- EV/EBITDA: 10.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y.
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 89.1 bn | 19.7 | 41.7% | 23.8% | +8.8% | +25% / +210% |
| CCLCarnival Corp Ltd. | 42.1 bn | 13.7 | 24.0% | 11.4% | +6.4% | +21% / +108% |
| BIPBrookfield Infrastructure Partners L.P. | 11.2 bn | 42.0 | 7.7% | 11.0% | +9.8% | +5% / +44% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.2 bn | 9.8 | 31.2% | 8.2% | +3.7% | −4% / +16% |
| MATXMatson, Inc. | 6.4 bn | 14.3 | 17.2% | 13.4% | −2.3% | +96% / +123% |
| KEXKirby Corporation | 6.3 bn | 18.4 | 10.4% | 10.2% | +3.0% | +5% / +56% |
| INSWInternational Seaways, Inc. | 4.7 bn | 6.0 | 37.4% | 62.0% | −11.4% | +78% / +107% |
| GLNGGolar Lng Limited | 4.3 bn | 65.7 | 3.4% | 16.7% | +51.1% | +15% / +98% |
| TDWTidewater Inc | 3.4 bn | 14.0 | 19.5% | 18.3% | +0.5% | +28% / +15% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / +2% |
| FLNGFLEX LNG Ltd. | 1.4 bn | 18.8 | 9.8% | 21.5% | −2.4% | +2% / −11% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.4 bn | 108.8 | 2.6% | 4.2% | −16.6% | +79% / +68% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +5% |
| CMDBCostamare Bulkers Holdings Limited | 430.2 m | — | -11.2% | -6.3% | unavailable | +8% / unavailable |
| KNOPKNOT Offshore Partners LP | 288.4 m | 12.4 | — | 6.4% | +14.4% | −15% / +58% |
| EDRYEurodry Ltd. | 102.6 m | — | -4.0% | — | +8.9% | +173% / +79% |
| OMEXOdyssey Marine Exploration, Inc. | 26.0 m | — | — | -13,366.3% | −54.0% | +437% / +200% |
| USEAUnited Maritime Corp | 22.2 m | — | -11.0% | -16.4% | −16.8% | +40% / −4% |
| RUBIRubico Inc. | 682.3 k | 0.0 | 6.6% | 11.2% | −2.8% | −100% / unavailable |
| TNKTeekay Tankers Ltd. | — | 8.1 | 18.5% | 36.9% | −22.6% | +42% / +65% |
| VIKViking Holdings Ltd | — | 33.5 | 263.5% | 17.7% | +21.9% | +29% / unavailable |
| DLNGDynagas Lng Partners LP | — | 2.2 | 12.9% | — | −100.0% | −16% / +16% |
1- and 3-year price returns: for SEAL-PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.30 Total return -43% · Per year -43% | 25.33 Total return 1% · Per year 1% | 38.22 Total return 52% · Per year 52% |
| 3 years | 12.83 Total return -49% · Per year -20% | 25.67 Total return 2% · Per year 1% | 42.67 Total return 70% · Per year 19% |
| 5 years | 11.51 Total return -54% · Per year -14% | 26.01 Total return 3% · Per year 1% | 47.64 Total return 89% · Per year 14% |
- Exit P/E± 6.42
- Net margin± 4.49
- Annual revenue growth± 3.83
- Annual dilution± 0.38
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Mar 2026; since then the company filed 6-K (26 Aug 2026), 6-K (15 May 2026).
In brief
Seapeak LLC is an international marine transportation provider focused on liquefied natural gas (LNG) and natural gas liquids (NGL), operating mainly under medium to long-term, fixed-rate charters. Voyage revenues in fiscal 2025 were 636.958 million USD, down from the prior year as LNG carrier oversupply and steam turbine vessels under pressure weighed on the business 1.
SWOT
Strengths
- The NGL fleet is relatively young and backed by long-term, fixed-rate contracts, giving a predictable base of revenue.
- The company has a diversified structure of joint ventures that gives it access to LNG projects in several regions.
- Support from a shareholder experienced in infrastructure helps the company finance new vessels and manage its debt.
Weaknesses
- Steam turbine vessels are old, have been written down, and face weak demand, which has caused significant losses in value.
- The company carries a high level of debt, and part of its revenue depends on deferred payments from a customer affected by political instability.
- Net income turned positive after a prior-year loss, but this rebound rests on a few factors rather than sustained growth in activity.
Opportunities
- Delivery of new vessels on long-term charters could support revenue in 2027 and 2028 if the market rebalances.
- Expansion into adjacent liquefied gas markets and renewable markets could open new sources of income.
- If LNG production in Yemen resumes, the company could recover deferred charter payments with interest.
Threats
- Oversupply of LNG vessels and recharters at lower rates could reduce margins in the coming years.
- Russia-related sanctions and Middle East tensions could disrupt routes and raise costs.
- Proposed US and China port fees could raise operating costs if the one-year suspension ends without a lasting agreement.
Risks
- Steam turbine vessels without chartershigh
Several steam turbine vessels have contracts expiring between October 2026 and February 2027, and the company expects to sell them unless suitable charters are found, which could lead to further losses.
- Recovery of deferred payments from Yemenmedium
Deferred charter payments for two vessels in the MALT joint venture depend on the Yemen LNG plant resuming operations, and there are no assurances that the amounts will be recovered.
- Sanctions and rules on Russiamedium
EU and UK bans on Russian LNG could force the company to restructure its operations and lose revenue if it cannot comply.
- Tensions in the Middle Eastmedium
The recent conflict has led to attacks on commercial vessels and high risk around the Strait of Hormuz, which could affect traffic and insurance costs.
- Dependence on a few large customersmedium
Revenue is concentrated among a small number of customers, and losing one of them or a fall in their demand could significantly affect results.
Investment thesis
What would need to be true (bull case)
- If the LNG market rebalances after the new vessels are delivered, long-term contracts could support the company's revenue.
- Net income in 2025 returned to positive territory, suggesting that cost reduction and restructuring measures could be paying off.
- The company could extend its activity into adjacent markets, provided it keeps its financial discipline and existing contracts.
What would break the thesis
- Vessel oversupply and the expiry of contracts for older ships could lead to lower rates and periods without revenue.
- High total debt and recent write-downs could limit the company's flexibility if the market weakens further.
- Geopolitical risks and new regulations could raise costs and disrupt activity on key routes.
What to watch
- Re-chartering or sale of the RasGas II steam turbine vesselsQ4 2026
- Charter rate trends for LNG vessels whose contracts expire in 2026 and 20272027
- Delivery of the first newbuildings and the market reaction to the added capacity2027
- Effects of EU and UK restrictions on Russian LNG and Middle East tensions on operationsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Mar 2026; since then the company filed 6-K (26 Aug 2026), 6-K (15 May 2026).
The business
The company was formed in 2004 to operate in LNG shipping and later expanded into NGL transport. Its fleet, excluding newbuildings, comprises 44 LNG carriers and 28 NGL carriers, some of which are accounted for under the equity method through joint ventures 1. Revenue comes from fixed-rate time-charter contracts that include a capital cost component and an operating expense component 1. Stonepeak-managed vehicles acquired the company in January 2022, and it changed its name from Teekay LNG Partners L.P. to Seapeak LLC in February 2022 1.
The head office is in Vancouver, Canada, and activity runs through joint ventures such as MALT, Yamal LNG and Exmar LPG, in which the company holds stakes from 20% to 52% 1. The company also looks at opportunities in adjacent liquefied gas markets, renewable markets and other maritime activities where its strengths apply 1.
Besides its fleet, the company holds a 30% interest in an LNG receiving and regasification terminal in Bahrain and provides operation and maintenance services for it, under an agreement ending in February 2039 1.
Segments
Liquefied natural gas (LNG)
The LNG segment includes vessels that carry LNG between liquefaction facilities and import terminals, usually under time-charter contracts. The average age of the LNG carriers, including equity-accounted vessels, is about 12 years, compared with a world fleet average of about 10 years 1. The company has seven LNG carrier newbuildings scheduled for delivery in 2027 and 2028 1.
Natural gas liquids (NGL)
The NGL segment carries propane, butane, ethylene, propylene, butadiene and ammonia. Its vessels are younger than the world fleet on average, at about nine years against roughly 17 years for the global NGL fleet 1. Charters in this fleet are on average shorter, at about two years 1.
Market context
The LNG market has entered a period of vessel oversupply, as project delays have created excess idle capacity, and steam turbine vessels, the oldest in the fleet, are among the most affected. The company noted that its results for 2026 and later years could be negatively affected if some vessels are without charters or are rechartered at rates below prior levels 1. The sector is dominated by energy companies and independent owners, and independents have taken a growing share of charters in recent years 1.
Trends
- LNG carrier oversupplyheadwind
Project delays in LNG have led to a temporary oversupply of vessels, which could pressure charter rates and extend periods without contracts for older ships 1.
- Geopolitical tensions and shipping routesmixed
The Middle East conflict and the Russia-Ukraine war have disrupted trade routes and energy markets, and high risk around the Strait of Hormuz adds uncertainty about demand and costs 1.
- Long-term contracts for new vesselstailwind
The company secured ten-year charters with a U.S.-based LNG exporter for its newbuildings, which could stabilise future revenue once the vessels are delivered 1.
- EU ban on Russian LNGheadwind
The European Union announced a ban on Russian LNG imports under long-term contracts from 2027, and the UK intends to restrict maritime services for Russian LNG exports, which could require the company to restructure its operations 1.
Competitive position
In LNG, the company competes mainly with private and state-controlled energy and utility companies that run captive fleets, as well as with independent shipowners and operators. Major energy companies compete directly with independent owners by transporting LNG for third parties 1.
In NGL, the main rivals are independent shipowners and operators, along with private and state-controlled energy and chemical companies that run captive fleets 1.
- Energy companies with captive fleets
Private and state-controlled energy companies that carry LNG on owned or chartered vessels, competing directly with independent owners for transport contracts.
- Independent LNG and LPG shipowners and operators
Independent operators that have obtained a growing share of charters for new or expanded LNG projects.
- LPG carrier operators
Independent shipowners and chemical or energy companies that operate LPG and ammonia carriers on the same routes.
- State-controlled energy and chemical companies
State-controlled companies with captive fleets that compete for transport of liquefied gases and petrochemical products.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)26 Aug 2026
- Current report (foreign issuer)15 May 2026
- Annual report (foreign issuer)18 Mar 2026
- Current report (foreign issuer)13 Nov 2025
- Current report (foreign issuer)14 Aug 2025
- Current report (foreign issuer)15 May 2025
- Annual report (foreign issuer)14 Mar 2025
- Current report (foreign issuer)14 Nov 2024
- Current report (foreign issuer)15 Aug 2024
- Current report (foreign issuer)16 May 2024
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Seapeak LLC · 18 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.