Teekay LNG’s Q2 adjusted net income up

Bermuda-based Teekay LNG Partners, one of the world’s largest owners and operators of LNG carriers, said its adjusted net income rose to $53.8 million in the second quarter of this year, as compared to $39.5 million a year before.

Teekay LNG’ GAAP net income was at $43.1 million in the second quarter as compared to 58.1 million in the same period in 2015.

Voyage revenues rose slightly to $99.3 million when compared to 98.6 million in the second quarter last year, Teekay LNG said in its results report on Thursday.

Teekay LNG generated distributable cash flow of $76.1 million, or $0.95 per common unit, in the second quarter.

“The Partnership generated strong cash flows in the second quarter of 2016, which were augmented by a favorable settlement we received relating to an LNG carrier charter contract dispute in our 52 percent-owned MALT joint venture, as well as a full quarter of earnings from our recently delivered Creole Spirit MEGI LNG carrier which commenced its five-year charter contract with Cheniere Energy in late-February 2016,″ said Peter Evensen, CEOof Teekay GP, the general partner of Teekay LNG.

“Securing long-term financing for our growth projects that deliver through 2020 has been a major focus area. We continued to make good progress this quarter in securing the required debt financing and, since May 2016, have secured lender credit approvals on over $900 million of new debt financings, including three MEGI LNG carrier newbuildings, the first two Yamal LNG Arc7 newbuildings and the majority of our remaining LPG carrier newbuildings,” Evensen added.