Teekay LNG Reports Profit in 4Q

Maritime Activity Reports, Inc.

February 23, 2017

Phto: Teekay Corporation

Phto: Teekay Corporation

 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.
 
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