Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. |
Form 20-F ý Form 40-F ¨ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). |
Yes ¨ No ý |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). |
Yes ¨ No ý |
TEEKAY LNG PARTNERS L.P. | |||
By: | Teekay GP L.L.C., its general partner | ||
Date: May 18, 2017 | By: | /s/ Edith Robinson | |
Edith Robinson Secretary |
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• | Reported GAAP net income attributable to the partners and preferred unitholders of $29.1 million and adjusted net income attributable to the partners and preferred unitholders(1) of $21.1 million in the first quarter of 2017. |
• | Generated distributable cash flow(1) of $43.2 million, or $0.54 per common unit, in the first quarter of 2017. |
• | Completed or nearing completion of approximately $640 million of new long-term financings for the Partnership's growth projects to fund two MEGI LNG carrier newbuildings and two 50 percent-owned ARC7 Ice-Class LNG carrier newbuildings for the Yamal LNG project. |
• | Took delivery of the Partnership's third MEGI LNG carrier newbuilding, the Torben Spirit, which commenced its charter contract in March 2017. |
• | Exmar LPG Joint Venture acquired attractively priced mid-size LPG carrier newbuilding, which is scheduled to deliver in mid-2018. |
Three Months Ended | ||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | ||||
(in thousands of U.S. Dollars) | (unaudited) | (unaudited) | (unaudited) | |||
GAAP FINANCIAL COMPARISON | ||||||
Voyage revenues | 101,180 | 100,774 | 95,771 | |||
Income from vessel operations | 46,078 | 38,010 | 16,983 | |||
Equity income | 5,887 | 9,728 | 9,498 | |||
Net income (loss) attributable to the partners and preferred unitholders | 29,057 | 84,411 | (37,138 | ) | ||
NON-GAAP FINANCIAL COMPARISON | ||||||
Total cash flow from vessel operations (CFVO) (1) | 109,211 | 114,534 | 114,429 | |||
Distributable cash flow (DCF) (1) | 43,227 | 50,199 | 54,404 | |||
Adjusted net income attributable to the partners and preferred unitholders(1) | 21,093 | 28,958 | 34,151 |
(1) | These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States generally accepted accounting principles (GAAP). |
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Three Months Ended | ||||||||||||
March 31, 2017 | March 31, 2016 | |||||||||||
(in thousands of U.S. Dollars) | (unaudited) | (unaudited) | ||||||||||
Liquefied Gas Segment | Conventional Tanker Segment | Total | Liquefied Gas Segment | Conventional Tanker Segment | Total | |||||||
GAAP FINANCIAL COMPARISON | ||||||||||||
Voyage revenues | 88,947 | 12,233 | 101,180 | 78,585 | 17,186 | 95,771 | ||||||
Income (loss) from vessel operations | 43,336 | 2,742 | 46,078 | 40,189 | (23,206 | ) | 16,983 | |||||
Equity income | 5,887 | — | 5,887 | 9,498 | — | 9,498 | ||||||
NON-GAAP FINANCIAL COMPARISON | ||||||||||||
CFVO from consolidated vessels(i) | 71,783 | 5,379 | 77,162 | 63,132 | 10,548 | 73,680 | ||||||
CFVO from equity-accounted vessels(i) | 32,049 | — | 32,049 | 40,749 | — | 40,749 | ||||||
Total CFVO(i) | 103,832 | 5,379 | 109,211 | 103,881 | 10,548 | 114,429 |
(i) | These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under GAAP. |
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Number of Vessels | |||
Owned and In-Chartered Vessels(i) | Newbuildings | Total | |
LNG Carrier Fleet | 32(ii) | 18(ii) | 50 |
LPG/Multigas Carrier Fleet | 26(iii) | 4(iv) | 30 |
Conventional Tanker Fleet | 5 | — | 5 |
Total | 63 | 22 | 85 |
(i) | Owned vessels includes vessels accounted for under capital leases. |
(ii) | The Partnership’s ownership interests in these vessels range from 20 percent to 100 percent. |
(iii) | The Partnership’s ownership interests in these vessels range from 50 percent to 99 percent. |
(iv) | The Partnership’s interest in these vessels is 50 percent. |
▪ | By dialing (866) 564-7439 or (416) 640-5942, if outside North America, and quoting conference ID code 9327780. |
▪ | By accessing the webcast, which will be available on Teekay LNG’s website at www.teekay.com (the archive will remain on the web site for a period of one year). |
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Three Months Ended | ||||||
March 31, | December 31, | March 31, | ||||
2017 | 2016 | 2016 | ||||
(unaudited) | (unaudited) | (unaudited) | ||||
Voyage revenues | 101,180 | 100,774 | 95,771 | |||
Voyage expenses | (1,437 | ) | (302 | ) | (457 | ) |
Vessel operating expenses | (23,388 | ) | (22,270 | ) | (21,853 | ) |
Depreciation and amortization | (26,120 | ) | (25,021 | ) | (23,611 | ) |
General and administrative expenses | (4,157 | ) | (3,634 | ) | (5,428 | ) |
Write-down and loss on sale of vessels(1) | — | (11,537 | ) | (27,439 | ) | |
Income from vessel operations | 46,078 | 38,010 | 16,983 | |||
Equity income(2) | 5,887 | 9,728 | 9,498 | |||
Interest expense | (16,988 | ) | (15,934 | ) | (13,997 | ) |
Interest income | 854 | 783 | 602 | |||
Realized and unrealized gain (loss) on non-designated derivative instruments(3) | 1,187 | 43,245 | (38,089 | ) | ||
Foreign currency exchange (loss) gain(4) | (3,568 | ) | 15,474 | (10,118 | ) | |
Other income | 391 | 314 | 419 | |||
Net income (loss) before tax expense | 33,841 | 91,620 | (34,702 | ) | ||
Income tax expense | (157 | ) | (251 | ) | (261 | ) |
Net income (loss) | 33,684 | 91,369 | (34,963 | ) | ||
Non-controlling interest in net income (loss) | 4,627 | 6,958 | 2,175 | |||
Preferred unitholders' interest in net income (loss) | 2,812 | 2,719 | — | |||
General Partner's interest in net income (loss) | 525 | 1,634 | (743 | ) | ||
Limited partners’ interest in net income (loss) | 25,720 | 80,058 | (36,395 | ) | ||
Weighted-average number of common units outstanding: | ||||||
• Basic | 79,590,153 | 79,571,820 | 79,557,872 | |||
• Diluted | 79,690,391 | 79,705,854 | 79,557,872 | |||
Total number of common units outstanding at end of period | 79,626,819 | 79,571,820 | 79,571,820 |
(1) | Write-down and loss on sale of vessels for the three months ended December 31, 2016 relates to the write-down of the Asian Spirit Suezmax tanker which was sold and delivered to its new owner in March 2017. Write-down and loss on sale of vessels for the three months ended March 31, 2016 relates to Centrofin Management Inc. (Centrofin) exercising its purchase options, under the 12-year charter contracts, to acquire the Bermuda Spirit and Hamilton Spirit Suezmax tankers. |
(2) | The Partnership’s proportionate share of items within equity income as identified in Appendix A of this release is detailed in the table below. By excluding these items from equity income, the Partnership believes the resulting adjusted equity income is a normalized amount that can be used to evaluate the financial performance of the Partnership’s equity-accounted investments. Adjusted equity income is a non-GAAP financial measure. |
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Three Months Ended | ||||||
March 31, | December 31, | March 31, | ||||
2017 | 2016 | 2016 | ||||
Equity income | 5,887 | 9,728 | 9,498 | |||
Proportionate share of unrealized (gain) loss on non-designated derivative instruments | (1,784 | ) | (8,078 | ) | 3,901 | |
Proportionate share of ineffective portion of hedge-accounted interest rate swaps | (543 | ) | (364 | ) | 160 | |
Proportionate share of write-down of vessel | — | 4,861 | — | |||
Proportionate share of other items | 30 | 1,162 | 77 | |||
Equity income adjusted for items in Appendix A | 3,590 | 7,309 | 13,636 |
(3) | The realized gains (losses) on non-designated derivative instruments relate to the amounts the Partnership actually paid or received to settle non-designated derivative instruments and the unrealized gains (losses) on non-designated derivative instruments relate to the change in fair value of such non-designated derivative instruments, as detailed in the table below: |
Three Months Ended | ||||||
March 31, | December 31, | March 31, | ||||
2017 | 2016 | 2016 | ||||
Realized (losses) gains relating to: | ||||||
Interest rate swap agreements | (4,675 | ) | (6,190 | ) | (6,643 | ) |
Interest rate swaption agreements | 395 | — | — | |||
Toledo Spirit time-charter derivative contract | 15 | (1,274 | ) | 630 | ||
(4,265 | ) | (7,464 | ) | (6,013 | ) | |
Unrealized gains (losses) relating to: | ||||||
Interest rate swap agreements | 4,302 | 34,068 | (20,657 | ) | ||
Interest rate swaption agreements | 30 | 16,601 | (11,669 | ) | ||
Toledo Spirit time-charter derivative contract | 1,120 | 40 | 250 | |||
5,452 | 50,709 | (32,076 | ) | |||
Total realized and unrealized gains (losses) on non-designated derivative instruments | 1,187 | 43,245 | (38,089 | ) |
(4) | For accounting purposes, the Partnership is required to revalue all foreign currency-denominated monetary assets and liabilities based on the prevailing exchange rates at the end of each reporting period. This revaluation does not affect the Partnership’s cash flows or the calculation of distributable cash flow, but results in the recognition of unrealized foreign currency translation gains or losses in the Consolidated Statements of Income (Loss). |
Three Months Ended | ||||||
March 31, | December 31, | March 31, | ||||
2017 | 2016 | 2016 | ||||
Realized losses on cross-currency swaps | (3,537 | ) | (2,160 | ) | (2,291 | ) |
Realized losses on cross-currency swaps termination | — | (17,711 | ) | — | ||
Realized gains on repurchase of NOK bonds | — | 16,782 | — | |||
Unrealized gains (losses) on cross-currency swaps | 2,699 | (6,053 | ) | 21,312 | ||
Unrealized (losses) gains on revaluation of NOK bonds | (606 | ) | 12,644 | (20,430 | ) |
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As at March 31, | December 31, | |||
2017 | 2016 | |||
(unaudited) | (unaudited) | |||
ASSETS | ||||
Current | ||||
Cash and cash equivalents | 181,201 | 126,146 | ||
Restricted cash – current | 9,155 | 10,145 | ||
Accounts receivable | 24,270 | 25,224 | ||
Prepaid expenses | 3,889 | 3,724 | ||
Vessel held for sale | — | 20,580 | ||
Current portion of derivative assets | 1,630 | 531 | ||
Current portion of net investments in direct financing leases | 149,291 | 150,342 | ||
Advances to affiliates | 11,354 | 9,739 | ||
Total current assets | 380,790 | 346,431 | ||
Restricted cash – long-term | 97,746 | 106,882 | ||
Vessels and equipment | ||||
At cost, less accumulated depreciation | 1,363,980 | 1,374,128 | ||
Vessels under capital leases, at cost, less accumulated depreciation | 680,430 | 484,253 | ||
Advances on newbuilding contracts | 361,179 | 357,602 | ||
Total vessels and equipment | 2,405,589 | 2,215,983 | ||
Investment in and advances to equity-accounted joint ventures | 1,077,355 | 1,037,726 | ||
Net investments in direct financing leases | 488,561 | 492,666 | ||
Other assets | 4,375 | 5,529 | ||
Derivative assets | 2,258 | 4,692 | ||
Intangible assets – net | 67,720 | 69,934 | ||
Goodwill – liquefied gas segment | 35,631 | 35,631 | ||
Total assets | 4,560,025 | 4,315,474 | ||
LIABILITIES AND EQUITY | ||||
Current | ||||
Accounts payable | 5,364 | 5,562 | ||
Accrued liabilities | 36,504 | 35,881 | ||
Unearned revenue | 20,808 | 16,998 | ||
Current portion of long-term debt | 187,111 | 188,511 | ||
Current obligations under capital lease | 81,780 | 40,353 | ||
Current portion of in-process contracts | 10,262 | 15,833 | ||
Current portion of derivative liabilities | 57,453 | 56,800 | ||
Advances from affiliates | 23,690 | 15,492 | ||
Total current liabilities | 422,972 | 375,430 | ||
Long-term debt | 1,626,968 | 1,602,715 | ||
Long-term obligations under capital lease | 518,399 | 352,486 | ||
Long-term unearned revenue | 10,007 | 10,332 | ||
Other long-term liabilities | 60,646 | 60,573 | ||
In-process contracts | 6,521 | 8,233 | ||
Derivative liabilities | 118,187 | 128,293 | ||
Total liabilities | 2,763,700 | 2,538,062 | ||
Equity | ||||
Limited partners – common units | 1,578,503 | 1,563,852 | ||
Limited partners – preferred units | 123,519 | 123,426 | ||
General partner | 50,952 | 50,653 | ||
Accumulated other comprehensive income | 486 | 575 | ||
Partners' equity | 1,753,460 | 1,738,506 | ||
Non-controlling interest | 42,865 | 38,906 | ||
Total equity | 1,796,325 | 1,777,412 | ||
Total liabilities and total equity | 4,560,025 | 4,315,474 |
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Three Months Ended | ||||
March 31, | March 31, | |||
2017 | 2016 | |||
(unaudited) | (unaudited) | |||
Cash and cash equivalents provided by (used for) | ||||
OPERATING ACTIVITIES | ||||
Net income (loss) | 33,684 | (34,963 | ) | |
Non-cash items: | ||||
Unrealized (gain) loss on non-designated derivative instruments | (5,452 | ) | 32,076 | |
Depreciation and amortization | 26,120 | 23,611 | ||
Loss on sale of vessels | — | 27,439 | ||
Unrealized foreign currency exchange loss and other | 727 | 9,366 | ||
Equity income | (5,887 | ) | (9,498 | ) |
Ineffective portion on qualifying cash flow hedging instruments included in interest expense | — | 1,398 | ||
Change in operating assets and liabilities | 12,496 | (11,589 | ) | |
Expenditures for dry docking | (5,668 | ) | (155 | ) |
Net operating cash flow | 56,020 | 37,685 | ||
FINANCING ACTIVITIES | ||||
Proceeds from issuance of long-term debt | 61,424 | 3,364 | ||
Debt issuance costs | (585 | ) | — | |
Scheduled repayments of long-term debt | (25,290 | ) | (29,792 | ) |
Prepayments of long-term debt | (18,704 | ) | (20,000 | ) |
Scheduled repayments of capital lease obligations | (13,485 | ) | (6,681 | ) |
Decrease in restricted cash | 9,384 | 6,591 | ||
Cash distributions paid | (14,086 | ) | (11,364 | ) |
Dividends paid to non-controlling interest | (658 | ) | (23 | ) |
Other | (571 | ) | — | |
Net financing cash flow | (2,571 | ) | (57,905 | ) |
INVESTING ACTIVITIES | ||||
Capital contributions to equity-accounted joint ventures | (77,786 | ) | (4,029 | ) |
Return of capital from equity-accounted joint ventures | 40,320 | — | ||
Receipts from direct financing leases | 5,156 | 7,836 | ||
Proceeds from sale of vessel | 20,580 | — | ||
Proceeds from sale-leaseback of vessels | 220,825 | 179,434 | ||
Expenditures for vessels and equipment | (207,489 | ) | (151,357 | ) |
Net investing cash flow | 1,606 | 31,884 | ||
Increase in cash and cash equivalents | 55,055 | 11,664 | ||
Cash and cash equivalents, beginning of the period | 126,146 | 102,481 | ||
Cash and cash equivalents, end of the period | 181,201 | 114,145 |
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Three Months Ended | ||||
March 31, | ||||
2017 | 2016 | |||
(unaudited) | (unaudited) | |||
Net income (loss) – GAAP basis | 33,684 | (34,963 | ) | |
Less: Net income attributable to non-controlling interests | (4,627 | ) | (2,175 | ) |
Net income (loss) attributable to the partners and preferred unitholders | 29,057 | (37,138 | ) | |
Add (subtract) specific items affecting net income: | ||||
Unrealized foreign currency exchange (gains) losses(1) | (52 | ) | 7,740 | |
Unrealized (gains) losses on non-designated derivative instruments(2) | (5,452 | ) | 32,076 | |
Interest rate swaption agreements termination | (395 | ) | — | |
Ineffective portion on qualifying cash flow hedging instruments included in interest expense | — | 1,398 | ||
Unrealized (gains) losses on non-designated and designated derivative instruments and other items from equity-accounted investees(3) | (2,297 | ) | 4,138 | |
Loss on sale of vessels(4) | — | 27,439 | ||
Non-controlling interests’ share of items above(5) | 232 | (1,502 | ) | |
Total adjustments | (7,964 | ) | 71,289 | |
Adjusted net income attributable to the partners and preferred unitholders | 21,093 | 34,151 |
(1) | Unrealized foreign exchange (gains) losses primarily relate to the Partnership’s revaluation of all foreign currency-denominated monetary assets and liabilities based on the prevailing exchange rate at the end of each reporting period and unrealized (gains) losses on the cross-currency swaps economically hedging the Partnership’s NOK bonds. This amount excludes the realized losses relating to the cross-currency swaps for the NOK bonds. See Note 4 to the Consolidated Statements of Income (Loss) included in this release for further details. |
(2) | Reflects the unrealized (gains) losses due to changes in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes. See Note 3 to the Consolidated Statements of Income (Loss) included in this release for further details. |
(3) | Reflects the unrealized (gains) losses due to changes in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes and any ineffectiveness for derivative instruments designated as hedges for accounting purposes within the Partnership’s equity-accounted investments. See Note 2 to the Consolidated Statements of Income (Loss) included in this release for further details. |
(4) | See Note 1 to the Consolidated Statements of Income (Loss) included in this release for further details. |
(5) | Items affecting net income include items from the Partnership’s consolidated non-wholly-owned subsidiaries. The specific items affecting net income are analyzed to determine whether any of the amounts originated from a consolidated non-wholly-owned subsidiary. Each amount that originates from a consolidated non-wholly-owned subsidiary is multiplied by the non-controlling interests’ percentage share in this subsidiary to arrive at the non-controlling interests’ share of the amount. The amount identified as “non-controlling interests’ share of items listed above” in the table above is the cumulative amount of the non-controlling interests’ proportionate share of the other specific items affecting net income (loss) listed in the table. |
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Three Months Ended | |||||
March 31, | |||||
2017 | 2016 | ||||
(unaudited) | (unaudited) | ||||
Net income (loss): | 33,684 | (34,963 | ) | ||
Add: | |||||
Depreciation and amortization | 26,120 | 23,611 | |||
Loss on sale of vessels | — | 27,439 | |||
Partnership’s share of equity-accounted joint ventures' DCF net of estimated maintenance capital expenditures(1) | 11,660 | 20,573 | |||
Direct finance lease payments received in excess of revenue recognized | 5,227 | 4,866 | |||
Distributions relating to equity financing of newbuildings | 1,707 | — | |||
Less: | |||||
Equity income | (5,887 | ) | (9,498 | ) | |
Estimated maintenance capital expenditures | (12,628 | ) | (11,976 | ) | |
Unrealized (gain) loss on non-designated derivative instruments | (5,452 | ) | 32,076 | ||
Unrealized foreign currency exchange (gain) loss | (52 | ) | 7,740 | ||
Ineffective portion on qualifying cash flow hedging instruments included in interest expense | — | 1,398 | |||
Distributions relating to preferred units | (2,812 | ) | — | ||
Deferred income tax and other non-cash items | (1,670 | ) | (1,372 | ) | |
Distributable Cash Flow before Non-controlling interest | 49,897 | 59,894 | |||
Non-controlling interests’ share of DCF before estimated maintenance capital expenditures | (6,670 | ) | (5,490 | ) | |
Distributable Cash Flow | 43,227 | 54,404 | |||
Amount of cash distributions attributable to the General Partner | (228 | ) | (227 | ) | |
Limited partners' Distributable Cash Flow | 42,999 | 54,177 | |||
Weighted-average number of common units outstanding | 79,590,153 | 79,557,872 | |||
Distributable Cash Flow per limited partner common unit | 0.54 | 0.68 |
(1) | The estimated maintenance capital expenditures relating to the Partnership’s share of equity-accounted joint ventures were $7.7 million and $7.4 million for the three months ended March 31, 2017 and 2016, respectively. |
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Three Months Ended March 31, 2017 | ||||||
(unaudited) | ||||||
Liquefied Gas Segment | Conventional Tanker Segment | Total | ||||
Voyage revenues | 88,947 | 12,233 | 101,180 | |||
Voyage expenses | (346 | ) | (1,091 | ) | (1,437 | ) |
Vessel operating expenses | (18,665 | ) | (4,723 | ) | (23,388 | ) |
Depreciation and amortization | (23,220 | ) | (2,900 | ) | (26,120 | ) |
General and administrative expenses | (3,380 | ) | (777 | ) | (4,157 | ) |
Income from vessel operations | 43,336 | 2,742 | 46,078 | |||
Three Months Ended March 31, 2016 | ||||||
(unaudited) | ||||||
Liquefied Gas Segment | Conventional Tanker Segment | Total | ||||
Voyage revenues | 78,585 | 17,186 | 95,771 | |||
Voyage expenses | (117 | ) | (340 | ) | (457 | ) |
Vessel operating expenses | (15,232 | ) | (6,621 | ) | (21,853 | ) |
Depreciation and amortization | (18,685 | ) | (4,926 | ) | (23,611 | ) |
General and administrative expenses | (4,362 | ) | (1,066 | ) | (5,428 | ) |
Loss on sale of vessels | — | (27,439 | ) | (27,439 | ) | |
Income (loss) from vessel operations | 40,189 | (23,206 | ) | 16,983 |
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Three Months Ended March 31, 2017 | ||||||
(unaudited) | ||||||
Liquefied Gas Segment | Conventional Tanker Segment | Total | ||||
Income from vessel operations (See Appendix C) | 43,336 | 2,742 | 46,078 | |||
Depreciation and amortization | 23,220 | 2,900 | 26,120 | |||
Amortization of in-process contracts included in voyage revenues | — | (278 | ) | (278 | ) | |
Direct finance lease payments received in excess of revenue recognized | 5,227 | — | 5,227 | |||
Realized gain on Toledo Spirit derivative contract | — | 15 | 15 | |||
Cash flow from vessel operations from consolidated vessels | 71,783 | 5,379 | 77,162 | |||
Three Months Ended March 31, 2016 | ||||||
(unaudited) | ||||||
Liquefied Gas Segment | Conventional Tanker Segment | Total | ||||
Income (loss) from vessel operations (See Appendix C) | 40,189 | (23,206 | ) | 16,983 | ||
Depreciation and amortization | 18,685 | 4,926 | 23,611 | |||
Loss on sale of vessels | — | 27,439 | 27,439 | |||
Amortization of in-process contracts included in voyage revenues | (608 | ) | (278 | ) | (886 | ) |
Direct finance lease payments received in excess of revenue recognized | 4,866 | — | 4,866 | |||
Realized gain on Toledo Spirit derivative contract | — | 630 | 630 | |||
Cash flow adjustment for two Suezmax tankers(1) | — | 1,037 | 1,037 | |||
Cash flow from vessel operations from consolidated vessels | 63,132 | 10,548 | 73,680 |
(1) | The Partnership’s charter contracts for two of its former Suezmax tankers, the Bermuda Spirit and Hamilton Spirit, were amended in 2012, which had the effect of reducing the daily charter rates by $12,000 per day for a duration of 24 months ended September 30, 2014. The cash effect of the change in hire rates was not fully reflected in the Partnership’s statements of income (loss) as the change in the lease payments was being recognized on a straight-line basis over the term of the lease. In addition, the charterer of these two Suezmax tankers exercised its purchase options on these two vessels as permitted under the charter contracts and the vessels were redelivered during the second quarter of 2016. |
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Three Months Ended | ||||||||
March 31, 2017 | March 31, 2016 | |||||||
(unaudited) | (unaudited) | |||||||
At | Partnership's | At | Partnership's | |||||
100% | Portion(1) | 100% | Portion(1) | |||||
Voyage revenues | 115,043 | 51,255 | 133,957 | 60,793 | ||||
Voyage expenses | (5,343 | ) | (2,734 | ) | (4,757 | ) | (2,380 | ) |
Vessel operating expenses | (40,580 | ) | (18,788 | ) | (41,581 | ) | (19,367 | ) |
Depreciation and amortization | (25,828 | ) | (12,909 | ) | (24,609 | ) | (12,311 | ) |
Income from vessel operations of equity-accounted vessels | 43,292 | 16,824 | 63,010 | 26,735 | ||||
Other items, including interest expense and realized and unrealized gain (loss) on derivative instruments | (23,850 | ) | (10,937 | ) | (42,242 | ) | (17,237 | ) |
Net income / equity income of equity-accounted vessels | 19,442 | 5,887 | 20,768 | 9,498 | ||||
Income from vessel operations of equity-accounted vessels | 43,292 | 16,824 | 63,010 | 26,735 | ||||
Depreciation and amortization | 25,828 | 12,909 | 24,609 | 12,311 | ||||
Direct finance lease payments received in excess of revenue recognized | 9,426 | 3,421 | 8,786 | 3,186 | ||||
Amortization of in-process revenue contracts | (2,144 | ) | (1,105 | ) | (2,899 | ) | (1,483 | ) |
Cash flow from vessel operations from equity-accounted vessels | 76,402 | 32,049 | 93,506 | 40,749 |
(1) | The Partnership's equity-accounted vessels for the three months ended March 31, 2017 and 2016 include: the Partnership’s 40 percent ownership interest in Teekay Nakilat (III) Corporation, which owns four LNG carriers; the Partnership’s ownership interests of 49 percent and 50 percent, respectively, in the Excalibur and Excelsior joint ventures, which own one LNG carrier and one regasification unit, respectively; the Partnership’s 33 percent ownership interest in four LNG carriers servicing the Angola LNG project; the Partnership’s 52 percent ownership interest in Malt LNG Netherlands Holding B.V., the joint venture between the Partnership and Marubeni Corporation, which owns six LNG carriers; the Partnership’s 50 percent ownership interest in Exmar LPG BVBA, which owns and in-charters 22 vessels, including three newbuildings, as at March 31, 2017, compared to 23 vessels owned and in-chartered, including six newbuildings, as at March 31, 2016; the Partnership’s 30 percent ownership interest in two LNG carrier newbuildings and 20 percent ownership interest in two LNG carrier newbuildings for Shell; the Partnership’s 50 percent ownership interest in six ARC7 Ice-Class LNG carrier newbuildings in the joint venture between the Partnership and China LNG Shipping (Holdings) Limited; and the Partnership's 30 percent ownership interest in Bahrain LNG W.L.L., which owns an LNG receiving and regasification terminal under construction in Bahrain. |
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As at March 31, 2017 | As at December 31, 2016 | |||||||
(unaudited) | (unaudited) | |||||||
At | Partnership's | At | Partnership's | |||||
100% | Portion(1) | 100% | Portion(1) | |||||
Cash and restricted cash, current and non-current | 353,549 | 151,493 | 400,090 | 167,813 | ||||
Other current assets | 49,051 | 22,517 | 72,437 | 33,817 | ||||
Vessels and equipment | 2,213,241 | 1,139,927 | 2,174,467 | 1,121,293 | ||||
Advances on newbuilding contracts | 878,670 | 326,567 | 824,534 | 303,162 | ||||
Net investments in direct financing leases, current and non-current | 1,807,554 | 662,381 | 1,816,365 | 665,599 | ||||
Other non-current assets | 75,385 | 46,631 | 73,814 | 44,177 | ||||
Total assets | 5,377,450 | 2,349,516 | 5,361,707 | 2,335,861 | ||||
Current portion of long-term debt and obligations under capital lease | 144,832 | 66,285 | 209,814 | 99,994 | ||||
Current portion of derivative liabilities | 25,926 | 8,902 | 27,388 | 9,622 | ||||
Other current liabilities | 81,525 | 35,934 | 76,480 | 32,068 | ||||
Long-term debt and obligations under capital lease | 2,604,774 | 1,094,465 | 2,677,447 | 1,087,425 | ||||
Shareholders' loans, current and non-current | 707,584 | 303,260 | 545,028 | 272,514 | ||||
Derivative liabilities | 78,533 | 26,080 | 82,738 | 27,526 | ||||
Other long-term liabilities | 78,236 | 40,495 | 80,170 | 41,500 | ||||
Equity | 1,656,040 | 774,095 | 1,662,642 | 765,212 | ||||
Total liabilities and equity | 5,377,450 | 2,349,516 | 5,361,707 | 2,335,861 | ||||
Investments in equity-accounted joint ventures | 774,095 | 765,212 | ||||||
Advances to equity-accounted joint ventures | 303,260 | 272,514 | ||||||
Investments in and advances to equity-accounted joint ventures | 1,077,355 | 1,037,726 |
(1) | The Partnership's equity-accounted joint ventures as at March 31, 2017 and December 31, 2016 include: the Partnership’s 40 percent ownership interest in Teekay Nakilat (III) Corporation, which owns four LNG carriers; the Partnership’s ownership interests of 49 percent and 50 percent, respectively, in the Excalibur and Excelsior joint ventures, which own one LNG carrier and one regasification unit, respectively; the Partnership’s 33 percent ownership interest in four LNG carriers servicing the Angola LNG project; the Partnership’s 52 percent ownership interest in Malt LNG Netherlands Holding B.V., the joint venture between the Partnership and Marubeni Corporation, which owns six LNG carriers; the Partnership’s 50 percent ownership interest in Exmar LPG BVBA, which owns and in-charters 22 vessels, including three newbuildings, as at March 31, 2017, compared to 23 vessels owned and in-chartered, including four newbuildings, as at December 31, 2016; the Partnership’s 30 percent ownership interest in two LNG carrier newbuildings and 20 percent ownership interest in two LNG carrier newbuildings for Shell; the Partnership’s 50 percent ownership interest in six ARC7 Ice-Class LNG carrier newbuildings in the joint venture between the Partnership and China LNG Shipping (Holdings) Limited; and the Partnership's 30 percent ownership interest in Bahrain LNG W.L.L., which owns an LNG receiving and regasification terminal under construction in Bahrain. |
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