Teekay LNG Partners is still in the hunt for new opportunities in the LNG carrier sector.
The US-listed spin-off of Teekay Corp overturned a second quarter deficit thanks to its 52% share with Japan’s Marubeni in six LNG carriers purchased from AP Moller Maersk earlier this year.
The addition of a 33% stake in four Angola LNG carriers from Teekay Corporation between last August and January also had an impact.
“..the Partnership has been actively assessing opportunities to make additional accretive investments in new LNG-related projects and existing LNG assets with long-term contracts,” said CEO Peter Evensen.
“With approximately $400m of available liquidity, the Partnership is well-positioned for further acquisitions."
Teekay LNG also revealed that it has tied up a three-year deal for the 165,000-cbm Magellan Spirit (built 2009). Teekay has agreed a rate which is around 20% higher than what it currently banks for the vessel.
Magellan Spirit is one of six LNG carriers purchased by Teekay LNG earlier this year in a joint venture with Japan’s Marubeni.
Investment bank Dahlman Rose says earnings from one-year LNG charter contracts are stable at $155,000 daily right now. This compares to the $130,000 daily available on the spot market, it said in a report yesterday.