Teekay LNG: Fuel-Efficiency Was Key Factor in Charter Contracts - Ship & Bunker

Posted - Tuesday August 13, 2013 - Ship & Bunker

Peter Evensen, CEO of Teekay GP LLC, the general partner of Teekay LNG Partners L.P. [NYSE:TGP] (Teekay LNG) says an attractive cargo size and fuel-efficient M-type, Electronically Controlled, Gas Injection (MEGI) engines helped two new liquefied natural gas (LNG) carriers secure charter contracts, which has encouraged the company to buy more of the ships.
The comments came as the company revealed that for the second quarter of 2013 it increased its profits 92 percent to $75.2 million, while voyage revenues rose less than 1 percent to $96.6 million.
"Based on our successful chartering efforts for the first two MEGI newbuildings, in late July, the Partnership exercised a portion of its options with DSME to order an additional two 173,400 cubic meter MEGI LNG carrier newbuildings," Evensen said.
"As with the two carriers we ordered in December, we believe the 2016 delivery dates for these vessels will be well-timed for the next major wave of LNG carrier demand which is expected to follow the large number of LNG export projects that are scheduled to come on-stream starting in late-2015."

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http://shipandbunker.com/news/world/190428-teekay-lng-fuel-efficiency-was-key-factor-in-charter-contracts