Seapeak LLC
For the period ended Dec 31, 2024. Filed Mar 14, 2025.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2024 · Filed Mar 14, 2025
Contents
Summary Financial Data
Set forth below is summary consolidated financial and other data of Seapeak LLC and its subsidiaries for fiscal years 2024 and 2023, which have been derived from our consolidated financial statements. The following table should be read together with, and is qualified in its entirety by reference to, the consolidated financial statements and the accompanying notes for the years ended December 31, 2024 and 2023 (which are included herein).
| (in thousands of U.S. Dollars, except fleet data) | Year EndedDecember 31,2024$ | Year EndedDecember 31,2023$ |
|---|---|---|
| GAAP Financial Comparison:GAAP Financial Comparison: | ||
| Income Statement Data: | ||
| Voyage revenues | 710,744 | 726,791 |
| (Loss) income from vessel operations(1) | (94,505) | 315,266 |
| Equity income | 122,279 | 149,006 |
| Net (loss) income(1) | (95,821) | 317,716 |
| Balance Sheet Data (at end of period): | ||
| Cash and cash equivalents | 153,726 | 168,409 |
| Restricted cash | 34,242 | 15,985 |
| Vessels and equipment(2) | 2,954,134 | 3,219,681 |
| Investment in and advances to equity-accounted joint ventures, net | 1,346,578 | 1,311,739 |
| Net investments in direct financing and sales-type leases, net(3) | 646,326 | 689,711 |
| Total assets | 5,378,721 | 5,661,601 |
| Total debt(4) | 2,787,092 | 2,730,014 |
| Total equity | 2,306,694 | 2,677,079 |
| Non GAAP Financial Comparison:(5) | ||
| Net voyage revenues | 699,150 | 705,351 |
| EBITDA(1) | 208,673 | 649,749 |
| Fleet Data: | ||
| Average number of vessels:(6) | ||
| Consolidated – LNG Carriers | 20.0 | 21.0 |
| Equity-Accounted – LNG Carriers | 24.0 | 24.0 |
| Consolidated – NGL Carriers | 17.0 | 21.0 |
| Equity-Accounted – NGL Carriers | 18.0 | 18.0 |
(1)Amounts are net of (write-down) gain and gain (loss) on sales of vessels of ($382.8) million and $28.0 million for 2024 and 2023, respectively.
(2)Vessels and equipment consists of (a) our vessels, at cost less accumulated depreciation, (b) vessels related to finance leases, at cost less accumulated depreciation, (c) advances on newbuilding contracts and (d) operating lease right-of-use assets.
(3)Certain of our external charters have been accounted for as direct financing and sales-type leases. As a result, the vessels associated with the external charters accounted for as direct financing and sales-type leases are not included as part of vessels and equipment. Please read "Item 18 – Financial Statements: Note 6 – Revenue – Net Investments in Direct Financing and Sales-Type Leases."
(4)Total debt represents the current portion of long-term debt and long-term debt, net of unamortized discount and debt issuance costs, and the current and long-term portions of obligations related to finance leases.
(5)Net voyage revenues and EBITDA are non-GAAP financial measures. The definition and an explanation of the usefulness and purpose of each measure as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, are contained within the section “Non-GAAP Financial Measures” at the end of this Item 5 – Operating and Financial Review and Prospects.
(6)Average number of vessels is based on the period during the year that our vessels were in our possession, excluding any vessels under construction. The average number of vessels for our consolidated NGL fleet includes six vessels chartered-in until December 2024 and the average number of vessels for our equity-accounted NGL fleet includes six vessels chartered-in by our Exmar LPG Joint Venture during the year ended December 31, 2024 (year ended December 31, 2023 – three vessels) .
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