Seapeak LLC

What they do

Seapeak operates a fleet of marine vessels that transport liquefied natural gas and natural gas liquids under long-term charters for energy companies and utilities. The company is organized into an LNG segment and an NGL segment, as presented in its Form 20-F. It is managed from Vancouver, British Columbia, and its Series A and Series B Preferred Units trade on the New York Stock Exchange under SEAL/PA and SEAL/PB.

Revenue drivers

• Liquefied Natural Gas segment — Charter revenues from LNG carriers, disclosed as a separate reporting segment in Item 4 of the Form 20-F.
• Natural Gas Liquids segment — Charter revenues from NGL carriers, disclosed as the company's other reporting segment in the same filing.
• Time charters and contracts of affreightment — Fleet is employed under charters described in the 'Our Fleet and Our Charters' section; the filings do not quantify revenue by charter type.
• Total charter revenue — Consolidated revenue was $726.8M in 2023, $710.7M in 2024, and $637.0M in 2025, per the reported financials; segment-level revenue splits are not provided in the excerpts.

Recent performance

Revenue declined to $637.0M in 2025 from $710.7M in 2024, following a peak of $726.8M in 2023 and $624.5M in 2022. Net income swung to a $95.8M loss in 2024, then recovered to $26.0M of net income in 2025. Operating cash flow was $272.9M in 2025, down from $395.3M in 2024 but still above 2021's $198.9M. At December 31, 2025, total assets were $5.14B, total liabilities were $2.95B, and cash and equivalents were $122.9M, with long-term debt of $595.9M.

Strategy

The 20-F frames the business around its LNG and NGL shipping segments and long-term chartering, with dedicated sections on fleet and charters, business strategies, and safety and ship management. MD&A sections address 'Significant Developments in 2025 and Early 2026' and liquidity and capital resources. No specific capital commitments, newbuild orders, or acquisition plans are detailed in the provided excerpts.

Risks

• Charter cash flow concentration — Revenue depends on the LNG and NGL charters described in Item 4, so any counterparty or renewal disruption could affect results.
• Reported losses and earnings volatility — The company swung from $317.7M net income in 2023 to a $95.8M net loss in 2024 and $26.0M net income in 2025.
• Revenue and cash flow decline — Revenue fell from $726.8M in 2023 to $637.0M in 2025, and operating cash flow fell from $395.3M in 2024 to $272.9M in 2025.
• Leverage and liabilities — At December 31, 2025, total liabilities were $2.95B against $5.14B of total assets, with $595.9M of long-term debt and $122.9M of cash.

Outlook

The filing includes a section on significant developments in 2025 and early 2026, but the provided excerpts do not state specific forward guidance. Management's discussion covers results of operations, liquidity and capital resources, and critical accounting estimates. No quantified outlook or guidance figures are included in the source material provided.