Teekay in 3Q Bounces Back into Black

Bermuda-registered shipowner Teekay LNG Partners said its 21-year contract for its Bahrain Spirit floating storage unit (FSU) began September 2018; it is being provided to the LNG import terminal in Bahrain under construction, in which Teekay has a 30% interest, which is expected to enter operation next year.

The company reported November 30 a 3Q comprehensive net income of $36.3mn in 3Q2018, contrasting with a net loss of $14.9mn in 3Q2017. Its nine-month net profits were $33.3mn this year, versus $5.4m in 2017. The improved figures are due to improved rates for LNG carriers.

The company said four of its newbuild LNG carriers were delivered this year: Magdala in February, Myrina in May, Megara in July and the Bahrain Spirit FSU in August (see banner photo). At September 30 2018, the company had a fleet of 49 LNG carriers (including seven LNG newbuilds), 29 LPG/multi-gas carriers and four conventional tankers, two of which up for sale. Ownership stakes varied from 20% to 100%.

The company said it is in the process of securing debt financing for a wholly-owned LNG carrier currently under construction which delivers in 2019.