Shipbroking news: The steam turbine-powered liquefied natural gas (LNG) carrier Seapeak Mars has been sold for scrap, becoming the first LNG carrier to be scrapped in 2026. As owners phase out aging steam-powered fleets amid an extremely weak spot market, more vessels of this type are expected to be sold for scrap in the future.
According to Best Oasis data, the “Seapeak Mars” is operated by Seapeak, a subsidiary of Stonepeak Infrastructure Partners, and has a cargo capacity of 138,000 cubic meters. It is being sold as is in Ringgit, Malaysia, for US$421 per light ton, with the shipbreaking yard yet to be announced.
Built in 2004, the “Seapeak Mars” belongs to Seapeak’s aging steam-powered fleet, which is no longer economically viable due to rising fuel costs and tightening emissions regulations. Seapeak has already written down impairment losses on its aging LNG carriers and expects to sell and scrap more of these vessels.
Seapeak currently operates six steam turbine LNG carriers, but mothballed several last year in order to focus on a larger, more modern fleet.
In 2025, a total of 14 LNG carriers built between 1995 and 2004 were scrapped, highlighting the accelerating phase-out of the steam-powered LNG fleet.