Seapeak is an international marine shipping company focused on transporting LNG and natural gas liquids (NGL). Seapeak was founded in 2004 as Teekay LNG Partners, taken private by Stonepeak in January 2022, and rebranded as Seapeak shortly after. Seapeak operates two segments: LNG shipping and NGL shipping. LNG carriers transport supercooled natural gas from liquefaction facilities to import terminals, where it is regasified and distributed. NGL carriers transport liquid petroleum gases, petrochemical gases, and ammonia, primarily to residential heating markets and petrochemical companies. As of year-end 2025, Seapeak had 44 LNG carriers with approximately 7.5 million cubic meters of capacity, and 28 NGL carriers with approximately 1.1 million cubic meters of capacity. Joint ventures are a significant part of Seapeak's structure, with roughly half of both the LNG and NGL fleets held through equity-accounted JVs with partners including QatarEnergy's Nakilat affiliate, Mitsui, NYK, and Ineos, among others. Seapeak charges customers a daily hire rate under medium- to long-term fixed-rate time-charter contracts, providing stable and visible cash flows. Average remaining charter terms were approximately seven years for LNG carriers as of year-end 2025. Seapeak grows by ordering newbuildings under long-term fixed-rate charters, entering JVs, and pursuing acquisitions — with seven LNG newbuildings on order from Samsung Heavy Industries, all under 10-year charters.