Seapeak LLC (SEAL-PA) Seapeak LLC, established in 2004 and based in Vancouver, Canada, is a global marine enterprise specializing in the transportation of liquefied natural gas (LNG) and liquefied petroleum gas (LPG). The company operates through dedicated LNG and LPG segments, providing worldwide shipping solutions. Its extensive cargo capabilities encompass various liquid petroleum gases like propane, butane, and ethane, as well as petrochemical gases including ethylene, propylene, and butadiene, and ammonia. As of December 31, 2021, Seapeak managed a significant fleet comprising 47 LNG carriers and 28 vessels designed for LPG and multi-gas shipments. The firm adopted its current name, Seapeak LLC, in February 2022, having previously been known as Teekay LNG Partners L.P.
Sector: Water Transportation
Industry: Oil & Gas Midstream
Seapeak LLC NYSE:SEAL-PA Energy · Oil & Gas Midstream
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SEC Filing ⚠ 7
SEAL-PA: 6-K · periodic report
Seapeak LLC filed unaudited interim financials for Q2 2026 showing voyage revenues of $153.3 million, down from $158.6 million a year earlier, and net income of $20.7 million versus $25.9 million in Q2 2025. First-half net income rose to $61.2 million from $33.8 million, with the prior-year period burdened by $19.3 million of restructuring charges.
In May 2026, Bapco Energies B.S.C. exercised its option to purchase Seapeak's 30% stake in the Bahrain LNG Joint Venture and all outstanding shareholder loans for an aggregate $48.3 million, triggering a $28.4 million loss that drove other expense to $31.5 million for the quarter. The sale is expected to close in the third quarter of 2026, and the Seapeak Bahrain vessel charter is unaffected.
Seapeak also locked in growth: it signed shipbuilding contracts with Samsung Heavy Industries for three 174,000-cubic-meter LNG carriers at a total estimated cost of $755.8 million, backed by 10-year fixed-rate charters with an international energy company, and refinanced its revolving credit facility in August 2026 at up to $365.0 million maturing August 2028.
Liquidity is the watch item: the company reported a $455.3 million working capital deficit and total liquidity of $252.1 million, though management concluded it has sufficient liquidity for at least one year. It also flagged LNG carrier oversupply from project delays and its Russian LNG exposure through the TC LNG Joint Venture ahead of EU and UK sanctions bans taking effect in 2027.
SEC 6-K • 2mo ago AI analysis › SEC Filing ⚠ 5
SEAL-PA: 6-K · periodic report
Seapeak LLC reported Q1 2026 net income of $40.5 million, a significant increase from $7.9 million in the prior year, driven by a reversal of credit loss provisions and gains on derivative instruments. However, core operational performance weakened, with income from vessel operations falling 33% year-over-year to $44.0 million due to lower charter rates and idle days in the LNG segment.
The company disclosed a working capital deficit of $509.5 million as of March 31, 2026, though management asserts sufficient liquidity to continue as a going concern for the next 12 months. Total liquidity, comprising cash and undrawn credit facilities, stood at $191.3 million, down from $337.9 million at year-end 2025.
Strategic developments include the signing of contracts for three new X-DF LNG carriers with Samsung Heavy Industries for $756 million, backed by 10-year fixed-rate charters. The filing also highlights elevated geopolitical risks, specifically citing the U.S.-Israel conflict with Iran and the closure of the Strait of Hormuz, which could disrupt operations and increase costs.
SEC 6-K • 5mo ago AI analysis › 
