Teekay LNG says its fleet is nearly booked
Bermuda-based Teekay LNG said May 13 that revived demand meant its fleet was almost completely booked for the rest of the year.
Teekay reported adjusted net income for the three month period ending March 31 of $60.5mn, compared with Q1 2020 income of $52.2mn. Adjusted net income attributable to partners in Q4 was $50.43m
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CEO Mark Kremin said his company performed well even with overall market declines during the recent winter. The slump was brief, however, and recovery commenced in late March and into Q2, he said.
“We were able to take advantage of this strength by chartering out three LNG vessels, including one on a 12-month spot market-linked contract that allows us to achieve full utilisation of the vessel while also retaining upside to strong markets,” he said. “As a result of these recent charters, our LNG fleet is now 98% fixed for the remainder of 2021 and 89% fixed for 2022, providing us with a great deal of forward visibility on our business and cash flows."
The company operates a fleet of 47 LNG carriers and enjoyed solid booking in Q4.