Teekay LNG Partners Reports Second Quarter Results (Bermuda)
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) today reported its results for the quarter ended June 30, 2010.
During the second quarter of 2010, the Partnership generated distributable cash flow(1) of $36.0 million, compared to $31.7 million in the same quarter of the previous year.
The increase primarily reflects the acquisition of two LNG carriers and one LPG carrier during 2009, as well as the acquisition of the two Suezmax conventional oil tankers and one Handymax conventional product tanker in March 2010, all of which are on long-term, fixed-rate charter contracts.
On July 28, 2010, the Partnership declared a cash distribution of $0.60 per unit for the quarter ended June 30, 2010.
The cash distribution is payable on August 13, 2010 to all unitholders of record on August 6, 2010.
“We are pleased to report an increase in our distributable cash flow in the second quarter which primarily reflects the contribution from the three vessels we acquired in March 2010,” commented Peter Evensen, Chief Executive Officer of Teekay GP LLC.
“The Partnership’s large portfolio of long-term fixed rate contracts continues to underpin the stability of our cash flows and distributions.
Due in part to the recent successful completion of the $51 million direct equity placement, we are well positioned to capitalize on future growth opportunities with over $500 million of available liquidity.
In addition to the three LPG/Multigas newbuildings scheduled for delivery in 2010 and 2011 and an opportunity to acquire from our sponsor, Teekay Corporation, a one-third interest in four Angola LNG newbuildings expected to deliver in 2011 and 2012, we continue to monitor various other opportunities to acquire gas-oriented projects with long-term, fixed-rate contracts that will provide distributable cash flow accretion for our unitholders.”
Source: Teekay LNG, August 12, 2010;