Teekay LNG Partners Returns to Profit

Bermuda-headquartered owner and operator of liquefied natural gas carriers Teekay LNG Partners has bounced back to profit in the first quarter of 2017, in line with expectations.

Namely, the company said that its net income for the period ended March 31, 2017 stood at USD 33.6 million, compared to a net loss of USD 34.9 million seen in the corresponding period a year earlier.

Additionally, Teekay LNG Partners’ income from vessel operations surged to USD 46 million during the quarter from USD 16.9 million reported in the first three months of 2016.

“During the first quarter, the Partnership’s results were in-line with our expectations,” Mark Kremin, President and CEO of Teekay Gas Group, said.

“This included a one-month contribution from the delivery of our third MEGI LNG carrier newbuilding, the Torben Spirit, named after Teekay’s late-founder, J. Torben Karlshoej, which commenced its charter contract in early-March 2017,” he added.

Since reporting earnings in February 2017, the company continued to execute on its portfolio of committed growth projects and acquired a mid-size LPG carrier newbuilding through its 50 percent-owned Exmar LPG joint venture.

Furthermore, the owner said that it has now completed or is nearing completion of financing for the Partnership’s growth projects “with the recent progress on approximately USD 640 million in new long-term financings.”

In April and May 2017, the Partnership completed some USD 355 million in new long-term financings for its committed growth projects, including a USD 175 million sale-leaseback transaction for one of the Partnership’s MEGI LNG carrier newbuildings scheduled to deliver in 2017, and a USD 180 million sale-leaseback transaction for one of the Partnership’s MEGI LNG carrier newbuildings scheduled to deliver in 2018.

The Partnership is nearing completion on a USD 285 million sale-leaseback transaction for two of the Partnership’s 50 percent-owned ARC7 Ice-Class LNG carrier newbuildings for the Yamal LNG project, which are scheduled to deliver in 2018.

“We expect to secure the remainder of the required long-term financings for the Partnership’s committed growth projects within the second half of 2017,” Kremin said.

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