Teekay LNG Partners Establishes New Multigas Pool
November 15 2017 - 10:23PM
Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE:TGP)
today launched the Teekay Multigas Pool, a new in-house commercial
management solution for ethylene-capable liquefied petroleum gas
(LPG) and small-scale liquefied natural gas (LNG) vessels.
The Teekay Multigas Pool expects to bring the
Partnership’s seven directly-owned ethylene-capable LPG carriers,
some of which are also capable of small-scale LNG shipping, under
the new management structure. The pool fleet is expected to reach
at least 12 vessels by the end of 2017, including third party
partner vessels.
The seven directly-owned ethylene-capable LPG
carriers have been part of the Norgas Carriers Pool, operated by
I.M Skaugen, and the transition of these vessels into the Teekay
Multigas Pool will start immediately.
“This is the right time for Teekay LNG to bring
commercial management of our seven ethylene-capable LPG carrier
fleet in-house,” commented Mark Kremin, President and CEO of Teekay
Gas Group Ltd. “We believe there are opportunities to consolidate
the ethylene and small-scale LNG shipping sectors.” Mr. Kremin
continued, “We see this as fundamentally separate from our
successful existing LPG joint venture with Exmar in the
fully-refrigerated sector. The semi-refrigerated sector is at a low
point in the cycle and we are establishing the Teekay Multigas Pool
in readiness for the potential market upturn. The Teekay Multigas
Pool is open for business.”
About Teekay LNG
Teekay LNG Partners is one of the world's
largest independent owners and operators of LNG carriers, providing
LNG, LPG and crude oil marine transportation services primarily
under long-term, fixed-rate charter contracts through its interests
in 50 LNG carriers (including 15 newbuildings), 30 LPG/Multigas
carriers (including three newbuildings) and five conventional
tankers. The Partnership's interests in these vessels range from 20
to 100 percent. Teekay LNG Partners L.P. is a publicly-traded
master limited partnership (MLP) formed by Teekay Corporation
(NYSE: TK) as part of its strategy to expand its operations in the
LNG and LPG shipping sectors.
Teekay LNG Partners’ common units and preferred
units trade on the New York Stock Exchange under the symbol “TGP”,
“TGP PR A” and “TGP PR B”, respectively.
For Investor Relationsenquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website: www.teekay.com
Forward Looking Statements
This release contains forward-looking statements
(as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect
to certain future events and performance, including statements
regarding: the timing and certainty of transitioning the
ethylene-capable LPG carriers to the Teekay Multigas Pool; the
growth of the Teekay Multigas Pool; the potential for consolidation
in the ethylene and small-scale LNG shipping sectors; and the
potential recovery in the semi-refrigerated sector. The following
factors are among those that could cause actual results to differ
materially from the forward-looking statements, which involve risks
and uncertainties, and that should be considered in evaluating any
such statement: changes in production of LNG or LPG, either
generally or in particular regions; changes in trading patterns or
timing of start-up of new LNG liquefaction and regasification
projects significantly affecting overall vessel tonnage
requirements; changes in applicable industry laws and regulations
and the timing of implementation of new laws and regulations; the
inability of the Partnership to transition the ethylene-capable LPG
carriers to the Teekay Multigas Pool; and other factors discussed
in Teekay LNG Partners’ filings from time to time with the SEC,
including its Report on Form 20-F for the fiscal year ended
December 31, 2016. The Partnership expressly disclaims any
obligation to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Partnership’s expectations with respect thereto or any
change in events, conditions or circumstances on which any such
statement is based.
Teekay Lng Partners (NYSE:TGP)
Historical Stock Chart
From May 2024 to Jun 2024
Teekay Lng Partners (NYSE:TGP)
Historical Stock Chart
From Jun 2023 to Jun 2024