Teekay LNG Partners Sells Interest in Excelsior FSRU

Owner and operator of liquefied natural gas carriers Teekay LNG Partners has sold its 50 percent interest in Excelsior FSRU to gas shipping company Excelerate Energy.

As informed, the 138,000 cubic meter LNG tanker has been sold for USD 44 million after repaying external debt obligations.

The partnership obtained the 50 percent interest in the 2005-built vessel in 2010 through an acquisition from Exmar NV.

Following the disposal, Teekay LNG Partners expects to record a gain of USD 2 million on the sale in the first quarter of this year.

The announcement comes on the back of the partnership’s results for the fourth quarter of 2017 which show that Teekay LNG Partners delivered a net income of USD 44.3 million, compared to a net income of USD 91.4 million seen in the corresponding period of 2016.

Voyage revenues for the fourth quarter stood at USD 62.4 million, against USD 38 million recorded in 4Q 2016.

“During the fourth quarter of 2017, the partnership continued to generate stable cash flows and execute on its growth projects and financing plans,” Mark Kremin, President and Chief Executive Officer of Teekay Gas Group, commented.

Since September 2017, the partnership has taken delivery of three M-Type, Electronically Controlled, Gas Injection (MEGI) LNG carrier newbuildings and two 30 percent-owned LNG carrier newbuildings, all of which commenced their respective charter contracts with Shell.

In January 2018, the partnership’s 50 percent-owned joint venture with China LNG took delivery of its first ARC7 LNG carrier newbuilding, the Eduard Toll, which immediately commenced its 28-year charter contract with Yamal LNG.

“Looking ahead to the remainder of 2018, we expect to take delivery of another five LNG carrier newbuildings and a further three mid-sized LPG carrier newbuildings in our 50/50 joint venture with Exmar, all of which we expect will provide further cash flow growth to the partnership,” Kremin added.

Teekay LNG Partners also completed a USD 816 million long-term debt facility to finance all six of its 50 percent-owned ARC7 LNG carrier newbuildings.

What is more, in February 2018, the partnership refinanced a 2018 loan maturity with a new USD 197 million long-term debt facility secured by two LNG carriers on long-term contracts.

Currently, Teekay LNG Partners has interests in 49 LNG carriers, 29 LPG/multigas vessels and four conventional tankers.

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