Marine Link
Thursday, March 28, 2024

Teekay LNG Reports Profit in 4Q

Maritime Activity Reports, Inc.

February 23, 2017

 Teekay LNG Partners has reported GAAP net income attributable to the partners and preferred unitholders of $84.4 million and adjusted net income attributable to the partners and preferred unitholders of $29.0 million in the fourth quarter of 2016.

 
“During the fourth quarter, the partnership continued to generate stable cash flows supported by a diversified portfolio of long-term contracts totaling approximately USD 12 billion in forward, contracted revenue and with a weighted average remaining contract length of 13 years,” Mark Kremin, President and CEO of Teekay Gas Group, noted.
 
Generated GAAP income from vessel operations of $38.0 million and $153.2 million, respectively, and total cash flow from vessel operations of $114.5 million and $480.1 million, respectively, in the fourth quarter and fiscal year 2016.
 
"In the fourth quarter of 2016, our results included a full quarter of contribution from the delivery of our second MEGI LNG carrier newbuilding, the Oak Spirit, which commenced its five-year charter in early-August 2016, and we are scheduled to take delivery of our third MEGI LNG carrier, the Torben Spirit, at the end of February, which will commence its short-term charter contract with a major energy company," Mark said.
 
FinanceLNG