SEAL-PBNYSEWater TransportationUS GAAP · USD

Seapeak LLC

Seapeak LLC is a marine transportation company focused on shipping liquefied natural gas (LNG) and natural gas liquids (NGL) through an owned and leased fleet of vessels. It also participates in vessel management, joint venture operations, and related terminal and corporate management services linked to liquefied gas logistics.

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Revenue637m USD
−10.4 %y/y
Operating profit (EBIT)131m USD
+238.5 %y/y
EBIT margin20.5%
+33.8 ppy/y
Net income26.0m USD
+127.1 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2000200400600800m USD2020: 591 m USD2020: EBIT 226 m USD20202021: 598 m USD2021: EBIT 246 m USD20212022: 624 m USD2022: EBIT 177 m USD20222023: 727 m USD2023: EBIT 315 m USD20232024: 711 m USD2024: EBIT -95 m USD20242025: 637 m USD2025: EBIT 131 m USD2025637131
RevenueOperating profit (EBIT)

Business

Share of revenue
LNG time charters65 %

Chartering LNG carriers under medium- to long-term fixed-rate contracts.

NGL time charters18 %

Chartering NGL vessels to transport natural gas liquids for customers.

Management fees and other income15 %

Fees from vessel management, operation, and corporate services to affiliates and joint ventures.

Terminal and joint venture services2 %

Revenue linked to the Bahrain LNG import terminal and equity-accounted joint ventures.

Products

Reported · share of revenue
78.4%15.9%FY2025100 %
  • Lease Revenue78.4 %
  • Managementfeesandother15.9 %
  • Nonleaserevenue5.7 %

Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Seapeak primarily serves energy and LNG market participants that need seaborne transport capacity for liquefied gas cargoes. Its customers are typically charterers that value asset availability, voyage reliability, and contract coverage across LNG and NGL trade routes.

LNG charter customers

Energy companies and traders charter LNG carriers for medium- to long-term transport needs.

NGL charter customers

Counterparties moving natural gas liquids on chartered vessels for export or regional distribution.

Joint venture operators

Equity-accounted ventures that use Seapeak-related management and operating capabilities.

Terminal and infrastructure users

Parties connected to the Bahrain LNG import terminal and associated logistics services.

Strategy

Seapeak's strategy centers on servicing customers through an owned and leased fleet under medium- to long-term fixed-rate charters. It also evaluates adjacent liquefied gas markets, renewable markets, and other maritime opportunities, while using joint ventures and acquisitions to broaden access to growth opportunities in global LNG and NGL trade.

Charter fleet on fixed-rate contractsShort term

Longer-duration charters help match vessel deployment with customer demand and fleet utilization.

Pursue adjacent gas and maritime opportunitiesMedium term

Diversifying into related markets can extend the asset base beyond core LNG shipping.

Use partnerships and acquisitionsMedium term

Joint ventures and acquisitions can add scale, access, and operating optionality.

Geography

Seapeak is an international shipping business, so its commercial footprint spans global LNG and NGL trade lanes rather than a single domestic market. The company is organized under Marshall Islands law and operates from the United States context, while its vessels and terminal-related services are deployed where liquefied gas logistics demand exists.

Risks

Seapeak is exposed to shipping-market cyclicality, charter renewal risk, and dependence on the LNG/NGL trade backdrop that drives vessel demand. Its international structure also creates exposure to fuel, currency, regulatory, and counterparty risks, while asset-heavy operations make earnings sensitive to vessel utilization and contract coverage.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Charter rate and renewal risk1Energy trade and demand cyclicality2Foreign exchange and hedge accounting3Counterparty and JV exposure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Charter rate and renewal riskImpact: HighLikelihood: Medium

    Revenue depends heavily on time charters, so weaker market conditions can pressure contract economics when vessels re-charter.

    Exposure: LNG and NGL vessel fleet

  2. Energy trade and demand cyclicalityImpact: HighLikelihood: Medium

    Marine transportation demand is tied to global LNG and NGL flows, which can shift with supply, demand, and geopolitics.

    Exposure: International shipping routes

  3. Foreign exchange and hedge accountingImpact: MediumLikelihood: High

    The company discloses NOK-denominated debt and cross-currency swaps, creating currency and derivative exposure.

    Exposure: Debt and derivatives

  4. Counterparty and JV exposureImpact: MediumLikelihood: Medium

    Management fees, terminal services, and JV-related operations depend on counterparties honoring contracts and funding obligations.

    Exposure: Joint ventures and terminal services

Accounting

Judgemental items
Revenue recognition by contract type

Charter revenue, management fees, and terminal services may follow different recognition patterns under GAAP.

Impact: Affects quarterly comparability and revenue mix analysis

Derivative and FX accounting

Cross-currency swaps and NOK debt create mark-to-market and remeasurement effects.

Impact: Can move reported other income and comprehensive income

Equity-accounted joint ventures

JV earnings and obligations are not consolidated line-by-line, so performance depends on equity-method results and disclosures.

Impact: Affects visibility into underlying cash generation

Lease accounting

Owned and leased vessel arrangements can change presentation between lease revenue and service income.

Impact: Impacts segment margins and reported revenue composition

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Last updated: 28/09/2026