LNG

Teekay Tankers, the oil and products shipping arm of Teekay Corp. and affiliate of Teekay LNG, said the company had made extensive preparations to meet the International Maritime Organization cap on sulfur emissions set to come into force on January 1.

Teekay LNG Partners, the US-listed tanker fleet owner and operator of about 50 LNG vessels, reported record net earnings after an eventful third quarter when it was briefly caught up in the Iran oil sanctions issue amid the delivery of more LNG newbuilds and ahead of the start-up by year-end of the Bahrain regasification project.

Teekay LNG, the fleet owner and operator of Ice-class carriers serving the Yamal plant in Russia, has found itself as a related and “blocked” entity under US sanctions imposed against units of Chinese shipping line COSCO for allegedly shipping Iranian oil.

The Teekay General Partners board overseeing Teekay LNG Partners and its fleet of almost 50 LNG carriers, has overhauled its board of directors to help tackle the evolving strategies in the shipping sector.

Teekay LNG Partners, the New York-listed affiliate of the shipping company with 48 liquefied natural gas carriers in its fleet, has made board changes as it continues to develop its LNG strategy.