Seapeak LLC, specializing in LNG and NGL maritime transport, faced significant challenges in 2024 with substantial asset impairments on older steam turbine LNG carriers due to market oversupply and diminished charterer interest. In 2025, the company undertook fleet restructuring, vessel sales, and workforce reductions while maintaining a core focus on medium- to long-term fixed-rate charters that provide revenue visibility. Despite a sharply negative operating income in 2024, Seapeak rebounded to positive operating income and modest profitability in 2025, supported by improved equity earnings from joint ventures and effective liquidity management. Going forward, growth is tied closely to newbuild deliveries and charter contracting efforts, with downside risks stemming from geopolitical uncertainties and vessel oversupply.