Teekay Lng Partners News

Titan, the independent supplier of low and zero-emission fuels, acquired two small scale LNG carriers – the Seapeak Unikum and Seapeak Vision – from Seapeak, the Canadian gas transportation company formerly known as Teekay LNG Partners. The vessels will be retrofitted to ensure suitable LNG bunkering capabilities, enabling them to both transport and bunker LNG, liquefied biomethane (LBM), and in the longer-term hydrogen derived e-methane (e-LNG).Both sister vessels have a cargo capacity of 12,000 ccbm and measure 152 x 19.8m. The vessels will join Titan’s fleet in March this year.

Teekay Corporation announced Vince Lok’s retirement as Teekay’s Executive Vice President and Chief Financial Officer effective January 1, 2023, after nearly 30 years with the company, including the past 16 years as Teekay’s Group CFO.Upon Lok’s retirement, Brody Speers, Vice President, Finance & Treasurer, will be assuming Lok’s responsibilities, along with continuing to oversee Teekay’s Finance, Accounting and Tax teams. Lok has agreed to stay on as an advisor through the end of 2023 to help ensure a smooth transition as well as support the company’s strategic initiatives.Kenneth Hvid…

Investment firm Stonepeak said on Monday it would buy Teekay LNG Partners in a deal worth $6.2 billion, as it looks to take advantage of rising global demand for LNG amid a push towards cleaner sources of energy.Prices of the benchmark U.S. natural gas contract have been on the rise, hitting seven-year highs recently. On Monday, the front-month gas futures contract was up 6.3% at $5.97 per million British thermal units (mmBtu).Stonepeak is offering $17 per unit, which represents a premium of 8.3% to the closing price of Teekay LNG's common units on Oct.

Bjorn Moller is retiring from Teekay Corporation’s Board of Directors, the shipowner announced Wednesday.Moller has more than 35 years of service with the Teekay, including 22 years as a board member and more than 20 years in senior management positions. He was Teekay’s President and Chief Executive Officer from 1998 to 2011.Moller also served as Vice Chairman of Teekay GP L.L.C., the general partner of Teekay LNG Partners L.P., Vice Chairman of Teekay Offshore GP L.L.C., the general partner of Teekay Offshore Partners L.P.

The final vessel in 15-ship series enters service for Yamal LNG project ahead of schedule.Yakov Gakkel, owned by joint venture between Teekay LNG Partners and China LNG Partners, joins a fleet of 15 specially designed tankers transporting liquefied natural gas (LNG) year-round from one of Russia’s most significant export developments in a generation, Yamal LNG.Built in less than six years and to ARC7 ice class, fifteen 170,000m3 capacity vessels have opened the Northern Sea Route…

Teekay LNG Partners, the liquefied natural gas (LNG) carrier owner and operator, has taken delivery of its newest Arc7 icebreaking LNG carrier.According to company sources, Teekay together with its joint venture partner China LNG Shipping took delivery of the fifth 50 percent-owned Arc7 LNG carrier newbuilding Georgiy Ushakov, which immediately commenced its 26-year charter contracts servicing the Yamal LNG project.The newbuild is currently on her way to Sabetta for her first loading and will soon embark on her golden voyage.Three months ago, the Partnership took delivery of the fourth Arc7 LNG carrier newbuilding namely Vladimir Voronin…

Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm, has completed an ownership restructuring on arms-length terms which has resulted in Teekay LNG’s joint venture partner, China LNG Shipping Holdings.The  JV had been then designated as a "blocked person" under U.S.

The global liquefied natural gas (LNG) carrier containment market was USD 11.21 billion in 2018 and is expected to reach around USD15.56 billion by 2025, growing at a CAGR of 4.9% between 2019 and 2025.The LNG carrier containment market is majorly driven by the rising demand for natural gas from various industries and LNG’s growing number of residential and commercial applications, said a report by Zion Market Research.Furthermore, LNG has witnessed an exponential increase in its demand as an automobile fuel in recent past, which has bolstered supportive government regulations for cleaner fuel that aims to reduce dependence on petroleum…

Bermuda-headquartered Teekay has taken delivery of Vladimir Voronin, the fourth in a series of six Arc 7 icebreaking liquefied natural gas (LNG) carriers intended for Yamal LNG project."Named after the famous Soviet sea captain, we have recently taken final delivery of Vladimir Voronin HN 2431, the fourth in the series of our six Arc 7 ice breaking LNG newbuilds," said a press statement from Teekay, which has developed from a regional shipping company into one of the world's largest marine energy transportation, storage & production companies.With a capacity of 172,410 cbm, the Bahamas-flagged ship features a length of 299 meters and a width of 50.1 meters…

A new ice-breaking liquefied natural gas (LNG) tanker of the Arc7 class, the Nikolay Yevgenov, is due to arrive this week in Sabetta, the Arctic Russian port of Novatek's Yamal plant, Refinitiv shipping data showed on Monday.The tanker is off the west coast of Ireland at the moment, having left the Daewoo Shipbuilding and Marine Engineering (DSME) Okpo shipyard in South Korea at the end of April, Refinitiv Eikon shipping data showed.It is due to arrive on May 26, according to the data, five months ahead of the schedule set by its operator, Teekay LNG Partners.The Vladimir Voronin, also operated by Teekay, is set to begin sea trials imminently. The data shows it to be on the water in Okpo already.Yamal needs the ice-breaker tankers to ship LNG out of Arctic waters.

Teekay GP, the general partner of Teekay LNG Partners, has secured a new, 3-year fixed-rate charter contract for the Magellan Spirit LNG carrier to an integrated oil and gas company commencing during the summer of 2019. Concurrently, Teekay LNG extended the in-charter of the Magellan Spirit until the summer of 2022, said a release from the marine energy transportation, storage & production company."Including the new, 3-year charter announced today, the Partnership’s LNG carrier fleet is approximately 97, 93 and 92 percent fixed for the remainder of this year, 2020 and 2021, respectively, which further supports Teekay LNG’s expected earnings growth and continued deleveraging profile over the next few years…

Teekay LNG Partners L.P. signed a full fleet partnership with the New York-based startup, Nautilus Labs, to enhance the efficiency of its gas vessels. Nautilus Labs’ platform is designed to unify fleet data and leverages machine learning to optimize vessel performance.The partnership actually began in February 2018 with a five ship pilot. Nine months later Teekay LNG Partners agreed to roll out the software platform to its entire fleet.Nautilus Platform is a software solution that unifies the company’s data sets and systems to deliver a detailed analysis of fleet performance in real-time…

The marine energy transportation company Teekay Corporation and its associate company Teekay Tankers have announced changes to its Board of Directors.Teekay Corporation said that C. Sean Day, Chairman Emeritus and Director, Tore Sandvold, Director, and Peter S. Janson, Director, are retiring from the Board after a combined 50 years with the Company’s Board. Day will remain as a Director of Teekay GP LLC (the general partner of Teekay LNG Partners LP).William (“Bill”) P. Utt will be stepping down from his role as Chairman and Director of the Company and as a Director of Teekay GP LLC, but will remain as Chairman and Director of Teekay Offshore GP LLC (the general partner of Teekay Offshore Partners LP).The Board has selected current Teekay director…

Bahrain expected to start LNG imports early this year; FSU on 20-year time charter to Bahrain LNG arrives in the GulfBahrain's first liquefied natural gas (LNG) floating unit arrived in the Gulf this week as the country gets ready for its maiden imports of the super-chilled fuel this year, data from Refinitiv Eikon showed.Bahrain Spirit, a floating storage unit (FSU) with a capacity of about 173,000 cubic meters, is currently anchored in Fujairah after docking in the United Arab Emirates region on Jan. 13, the data showed.The FSU is on a 20-year charter to Bahrain LNG, who is the developer of a wider receiving and regasification terminal within the Khalifa bin Salman Port facility…

Bermuda-based shipping company Teekay GP, the general partner of Teekay LNG Partners, has announced that its Board of Directors has authorized a common unit repurchase program for the repurchase of up to $100 million of Teekay LNG’s common units. Common units may be repurchased in the open market or privately-negotiated transactions or otherwise at times and prices considered appropriate by the Partnership., said a stock exchane annoucement from the marine energy transportation, storage & production company.The timing of any purchases and the exact number of common units to be purchased under the program will be dependent on market conditions and other factors. The Partnership also announced the outcome of the special meeting of common unitholders held yesterday.

Teekay LNG’s first Floating Storage Unit (FSU) has been successfully delivered to charterer Bahrain LNG. The vessel delivered from the yard at the end of August, before going on hire on 19 September, 2018. The vessel will be used to support Bahrain LNG in providing an LNG receiving and regasification terminal in Bahrain. The project is 30% owned by Teekay LNG Partners (TGP) and is expected to commence commercial operation in early 2019.The vessel will be used to support Bahrain LNG in providing an LNG receiving and regasification terminal in Bahrain. Bahrain LNG WLL is jointly owned by the Oil and Gas Holding Company (nogaholding) and a consortium consisting of Teekay LNG Partners L.P. (Teekay LNG), Gulf Investment Corporation (GIC) and Samsung C&T (Samsung).

Teekay LNG Partners, part of the Teekay Corp group of companies, said on Thursday it had been asked to accelerate the delivery of an LNG tanker with Arctic credentials for the Yamal LNG project operated by Russia's Novatek.Yamal LNG project had ordered 15 ARC7 ice-class LNG tankers as the liquefaction plant ramps up productionFour ARC7 tankers had been delivered by the end of last year, including the Boris Vilkitsky, Fedor Litke and Vladimir Rusanov, which have been transporting LNG from Yamal since the start of operations at the end of last year"The Yamal LNG consortium has asked us to deliver our second ARC7 LNG carrier earlier than the scheduled November 2018 date…

Teekay LNG Partners L.P. has announced that Brody Speers, the current Chief Financial Officer (CFO) of Teekay Gas Group Ltd., a management services company that provides services to the Partnership and its subsidiaries, has been appointed as Vice President, Corporate Finance, of Teekay Shipping (Canada) Ltd. (Teekay) and Scott Gayton, who currently serves as a Vice President at Teekay, has been appointed to assume the CFO position from Mr. Speers. Gayton brings over 20 years of finance and accounting experience, including most recently serving as CFO of Tanker Investments Ltd. from the time of its initial public offering until its merger with Teekay Tankers Ltd. (NYSE:TNK). Gayton will also continue to oversee capital markets transactions across the Teekay Group.

China's LNG demand soars as tankers from the Americas divert to China. Liquefied natural gas (LNG) is being re-exported to China from Japan and tankers are being diverted from as far away as Brazil, with traders rushing to find cargoes in the face of a supply crunch in the world's No.2 economy as winter bites. Following an unprecedented drive to switch millions of households to natural gas from coal for heating, China's imports of LNG have surged as utilities struggle to meet soaring demand as winter gets off to a colder start than usual. "We expect to see many more LNG cargo diversions to China over the winter period," said Saul Kavonic, an analyst at energy consultancy Wood Mackenzie in Singapore. "Given China's ...

Teekay LNG Partners L.P. launched a new in-house commercial management for ethylene-capable liquefied petroleum gas (LPG) and small-scale liquefied natural gas (LNG) vessels. The Teekay Multigas Pool is expected to reach at least 12 vessels by the end of 2017, including third-party vessels, as well as the partnership’s seven directly-owned ethylene-capable LPG carriers, some of which are also capable of small-scale LNG shipping, from I.M Skaugen’s Norgas Carriers Pool. “This is the right time for Teekay LNG to bring commercial management of our seven ethylene-capable LPG carrier fleet in-house,” said Mark Kremin, President and CEO of Teekay Gas Group Ltd.

Teekay LNG Partners said its first icebreaker liquefied natural gas (LNG) carrier newbuild, Eduard Toll, recently completed gas trials.    Eduard Toll is Teekay’s first of six 172,000 cubic meter ARC7 LNG carrier newbuildings to be constructed for the Yamal LNG project.    The ARC 7 LNG carrier was launched in January this year at the South Korean Daewoo Shipbuilding & Marine Engineering (DSME) shipyard.   The vessel has been designed and built to perform year-round navigation through the Arctic and has the icebreaking ability allowing it to proceed through ice up to 2.1 m thick.   Yamal is expected to produce 16.5 million metric tons of LNG annually by 2019, which will require a total of 15 ARC7 icebreaker LNG carriers.

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…

Teekay LNG Partners has successfully issued NOK 300 million (USD 35 million) in new senior unsecured bonds through an add-on to its existing Norwegian bonds due in October 2021. All payments will be swapped into a US dollar fixed-rate coupon of approximately 7.75%. The net proceeds from the bonds are expected to be used for refinancing of existing bonds and/or general partnership purposes, which may include funding installment payments on future newbuilding deliveries. Danske Bank Markets, DNB Markets, Nordea and Swedbank acted as Joint Lead Managers of the above mentioned new bond issuance. Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers…