Profile: Teekay LNG Partners LP (TGP)
9 Dec 2013
Teekay LNG Partners L.P., incorporated on November 2, 2004, is an international provider of marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil. The Company operates in two segments: liquefied gas segment and conventional tanker segment. As at December 31, 2012, its liquefied gas segment consisted of 27 LNG carriers (including nine LNG carriers included in joint ventures that are accounted for under the equity method), three LPG carriers and two Multigas carriers. As of December 31, 2012, its conventional tanker segment consisted of ten Suezmax-class crude oil tankers and one Handymax product tanker operating on long-term, fixed-rate time-charter contracts to international energy and shipping companies. The Company’s subsidiaries include Teekay LNG Operating L.L.C., Teekay Spain S.L., Teekay LNG Holdings L.P. and Teekay Nakilat Holdings Corporation.
Liquefied Gas Segment
LNG carriers transport LNG internationally between liquefaction facilities and import terminals. The Arctic Spirit and Polar Spirit, which are the only two ships that utilise the IMO Type B independent tank technology, the remainder of its fleet makes use of one of the GTT membrane containment systems. As of December 31, 2012, the Company’s LNG carriers had an average age of approximately six years. The LPG shipping involves the transportation of three main categories of cargo: liquid petroleum gases including propane, butane and ethane; petrochemical gases including ethylene, propylene and butadiene, and ammonia. LPG carriers are chartered to carry LPG on time-charters, on contracts of affreightment or spot voyage charters.
Conventional Tanker Segment
The crude oil tankers range in size from approximately 80,000 to approximately 320,000 deadweight tonnage (dwt). Suezmax tankers, which typically range from 120,000 to 200,000 dwt, are the mid-size of the various primary oil tanker types. As of December 31, 2012, the world tanker fleet included 437 conventional Suezmax tankers, representing approximately 14% of worldwide oil tanker capacity, excluding tankers under 10,000 dwt. As of December 31, 2012, the Company’s conventional tankers had an average age of approximately eight years.
Teekay LNG Partners LP
Belvedere Building, 69 Pitts Bay
HAMILTON HM 08