Teekay LNG locks in $11bn

New York-listed Teekay LNG Partners has bumped up its contracted forward revenue to $11bn with recent ship orders, it has revealed.

The gas carrier and conventional tanker arm of the Teekay group said the figure has been achieved partly through recent deals with partners for 10 LNG carrier newbuildings, including six for the Yamal project in Russia with charters through to 2045.

It also announced net profit of $47.91m for the second quarter, down from $75.24m in the same period of 2013.

Revenue was up at $101.3m from $96.6m and costs were stable, but the company lost $16.33m on derivatives instruments, compared to a gain of $10.66m in 2013.

CEO Peter Evensen added: "We continue to see strong long-term fundamentals for marine-based liquefied gas transportation, which is already creating new opportunities for LNG and LPG shipping.

“In the United States alone, the expected start-up of several LNG liquefaction projects from 2016 onwards is expected to create demand for over 80 additional LNG carriers.”