Teekay LNG Q2 profit down but revenue slightly up

LNG shipper Teekay LNG Partners reported a slightly higher revenue in the second quarter of this year as its adjusted net income slid year-on-year.

The US-listed company posted adjusted net income of $17.9 million, down from $53.8 million in the same quarter a year ago.

Voyage revenues rose slightly in the quarter under review to $100.9 million versus $99.2 million in 2016.

The company said in a statement on Thursday that its joint venture with Marubeni secured short-term charter contracts last month on two vessels, the Magellan Spirit and the Awra Spirit.

The Magellan Spirit commenced a six-month contract, with two three-month option periods, in July 2017 and the Awra Spirit will commence a 15-month charter contract in the fourth quarter of 2017.

During the quarter, Teekay LNG also entered into charter contract extensions for two LNG carriers chartered to Awilco LNG to December 2019 and also extended the loan facilities associated with these vessels to June 2020.