LNG

Nov 9 (LNGJ) - Teekay LNG Partners, the US-listed affiliate of the fleet operator awaiting the delivery of eight new carriers scheduled for 2018, reported a wider third-quarter loss of $18.89 million compared with a profit of $50.10M in the same quarter of 2016. “During the third quarter, we continued to generate stable cash flows,” said Mark Kremin, President and Chief Executive of Teekay Gas Group. “In October and November 2017, we took delivery of two wholly-owned M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG carrier newbuilds and one 30 percent-owned newbuild, all of which immediately commenced charter contracts ranging between six and 20 years in duration with Shell,” said Kremin. “We expect these newbuilding deliveries will have a positive contribution to our cash flows and earnings beginning in the fourth quarter,” said the CEO.