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    Bermuda LNG Shipper Teekay Posts Q4 Gains

Summary

Nearly all of fleet remains under long-term contracts

by: Dale Lunan

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Complimentary, Natural Gas & LNG News, Americas, Liquefied Natural Gas (LNG), Corporate, Financials

Bermuda LNG Shipper Teekay Posts Q4 Gains

Teekay LNG Partners, which operates a fleet of 47 LNG carriers, reported positive Q4 2020 results on February 25, as adjusted net income, adjusted Ebitda and distributable cash flow (DCF) all rose year-on-year. The same metrics were also higher for the full year, it said.

“For both the fourth quarter and fiscal year 2020, we generated strong earnings and cash flows resulting in the highest ever recorded annual adjusted results for Teekay LNG,” CEO Mark Kremin said. “During a year which saw extreme volatility in gas prices, LNG shipping rates and equity markets, our strategy of chartering substantially all of our LNG fleet on long-term contracts helped us to achieve consistently strong results throughout the year and to maintain certainty and forward visibility amid the unprecedented uncertainty and volatility that impacted many others in the broader energy space in 2020.” 

Q4 adjusted Ebitda increased to $190.23mn from $184.17mn in Q4 2019, while adjusted net income attributable to partners increased to $59.98mn from $50.43mn. DCF climbed to $85.03mn from $71.35mn. Voyage revenue in Q4 increased to $154mn from $148.8mn year-on-year.