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On May 29, Teekay's first M-type, electronically controlled, gas injection (MEGI)-powered liquefied natural gas (LNG) vessel, Creole Spirit, was floated out at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea.

The vessel is on charter contract with Cheniere and is expected to enter into service in early 2016. According to Teekay, it is "the most efficient LNG ship on the water with the lowest unit freight cost in the world fleet".

In a statement, Teekay said: "The two-stroke engine technology provided by MAN Diesel, the MEGI propulsion system, is driving a step change in global LNG vessel efficiency. Whilst the most efficient dual-fuel diesel-electric (DFDE) propulsion systems have daily consumptions in the region of 125 to 130 tonnes including sea margin, the MEGI vessels have a consumption of 100 tonnes.

"That being said, it is not just the fuel consumption that makes the two-stroke story so compelling. The reduction in the number of cylinders requiring overhaul, the reduction in the size of the complex electrical systems and the introduction of a passive partial reliquefaction system add to these LNG vessels' efficiency and further help to reduce the unit freight cost."

Over the next 8 months, DSME is due to install the cargo containment system, which will be capable of transporting 174,000 cubic metres of LNG, and put the ship and its equipment through the required tests and trials.