Teekay LNG Partners Bags New 3-Year Charter

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,” Mark Kremin, President and Chief Executive Officer of Teekay Gas Group Ltd.

Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers, primarily providing LNG and LPG marine transportation services largely under long-term, fee-based charter contracts through its interests in 49 LNG carriers (including four newbuildings), 22 mid-size LPG carriers, seven multigas carriers and one conventional tanker.