The long-term fundamentals for LNG shipping remain strong with a high level of demand for new liquefied natural gas carriers through to 2020, Peter Evensen, President and Chief Executive Officer of Teekay said on Wednesday.
“ While we expect the recent volatility in global oil prices may result in delays of certain of our customers’ new projects, the long-term fundamentals in the LNG shipping and offshore sector remain strong ,” Evensen said at Teekay’s Annual General Meeting reviewing the company’s key developments since June last year.
Teekay LNG, a unit of Teekay, had one of the most successful years since its inception over 10 years ago securing approximately $2.4 billion of new profitable growth projects, Evensen said.
These projects include five fuel-efficient LNG carrier newbuildings to be chartered to Shell; a 50 percent interest in six icebreaker LNG carriers for the Yamal LNG project; and the acquisition of a net 25 percent interest in four LNG carriers from BG Group.
“ Teekay LNG has approximately $3.4 billion of committed capital projects delivering between now and 2020 and the partnership continues to bid on new long-term, fixed-rate LNG shipping and floating regasification contracts ,” Evensen added.
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LNG World News Staff; Image: Teekay