Older LNG Vessels’ Value Rising as Newbuild Prices Soar

As the price of new LNG vessels increases, and as shipyard slots dwindle, the value of older tankers is also on the rise.

Bermuda-based Cool Company Ltd. (CoolCo) disclosed earlier this month that it plans to sell the 10-year old tri-fuel diesel electric (TFDE) Golar Seal for $184 million. The buyer, Höegh LNG Holdings Ltd., agreed to cover all the costs of the vessel’s dry-dock, making the value of the transaction closer to $190 million. The deal is expected to close in March.

CoolCo CEO Richard Tyrrell said the Golar Seal’s sales price represented the “repricing of the LNG carrier market and strategic value of such LNG infrastructure assets.”

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