Teekay Lng Partners L p (TGP) |
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Teekay Lng Partners L P
Teekay LNG Partners L.P. is an international provider of marine transportation
services for LNG, LPG and crude oil. We were formed in 2004 by Teekay Corporation
(NYSE: TK), a portfolio manager of marine services to the global oil and natural
gas industries, to expand its operations in the LNG shipping sector. Our primary
growth strategy focuses on expanding our fleet of LNG and LPG carriers under
long-term, fixed-rate charters. In executing our growth strategy, we may engage
in vessel or business acquisitions or enter into joint ventures and partnerships
with companies that may provide increased access to emerging opportunities from
global expansion of the LNG and LPG sectors. We seek to leverage the expertise,
relationships and reputation of Teekay Corporation and its affiliates to pursue
these opportunities in the LNG and LPG sectors and may consider other opportunities
to which our competitive strengths are well suited. Although we may acquire
additional crude oil tankers from time to time, we view our conventional tanker
fleet primarily as a source of stable cash flow as we seek to continue to expand
our LNG and LPG operations.
We generate revenues by charging customers for the transportation of their
LNG, LPG and crude oil using our vessels. The majority of these services are
provided through either a time-charter or bareboat charter contract, where vessels
are chartered to customers for a fixed period of time at rates that are generally
fixed but may contain a variable component based on inflation, interest rates
or current market rates.
Our vessels primarily operate under long-term, fixed-rate charters with major
energy and utility companies and Teekay Corporation. The average remaining term
for these charters is approximately 12 years for our LNG carriers, approximately
five years for our LPG carriers and approximately three years for our conventional
tankers (Suezmax and Handymax), subject, in certain circumstances, to termination
or vessel purchase rights.
“Hire” rate refers to the basic payment from the customer for the
use of a vessel. Hire is payable monthly, in advance, in U.S. Dollars or Euros,
as specified in the charter. The hire rate generally includes two components
– a capital cost component and an operating expense component. The capital
component typically approximates the amount we are required to pay under vessel
financing obligations and, for two of our conventional tankers, adjusts for
changes in the floating interest rates relating to the underlying vessel financing.
The operating component, which adjusts annually for inflation, is intended to
compensate us for vessel operating expenses.
In addition, we may receive additional revenues beyond the fixed hire rate when
current market rates exceed specified amounts under our time-charter contracts
for two of our Suezmax tankers.
Hire payments may be reduced or, under some charters, we must pay liquidated
damages, if the vessel does not perform to certain of its specifications, such
as if the average vessel speed falls below a guaranteed speed or the amount
of fuel consumed to power the vessel under normal circumstances exceeds a guaranteed
amount. Historically, we have had few instances of hire rate reductions, and
only one in our joint venture with Exmar, that had a material impact on our
operating results in prior years.
When a vessel is “off-hire” – or not available for service
– the customer generally is not required to pay the hire rate and we are
responsible for all costs. Prolonged off-hire may lead to vessel substitution
or termination of the time-charter. A vessel will be deemed to be off-hire if
it is in dry dock. We must periodically dry dock each of our vessels for inspection,
repairs and maintenance and any modifications to comply with industry certification
or governmental requirements. In addition, a vessel generally will be deemed
off-hire if there is a loss of time due to, among other things: operational
deficiencies; equipment breakdowns; delays due to accidents, crewing strikes,
certain vessel detentions or similar problems; or our failure to maintain the
vessel in compliance with its specifications and contractual standards or to
provide the required crew.
Company Address: 4th Floor Hamilton 0
Company Phone Number: 298-2530 Stock Exchange / Ticker: NYSE TGP
TGP is expected to report next financial results on March 30, 2024. |
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Stock Performances by Major Competitors |
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Globus Maritime Limited
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Teekay Corporation
Teekay Corporation, a leading marine transportation company, recently announced its financial results for the three and twelve months ended December 31, 2023. These results showcase the company's remarkable performance, with significant improvements in both revenue and net profit. This article aims to analyze the implications of these positive outcomes and discuss their potential impact on Teekay Corporation going forward. 1. Strong Financial Performance: Teekay Corporation demonstrated an exemplary financial performance for the fiscal period of 2023. The company's net profit per share surged by an impressive 102.63% year-on-year, reaching $1.54 per share. Additionally, the company reported a substantial increase in revenue, which climbed by 23.088% to $1.46 billion, showcasing the effectiveness and efficiency of Teekay's strategies.
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Forward Air Corporation
Forward Air Corporation (NASDAQ:FWRD), a prominent player in the freight transportation industry, recently announced significant updates regarding its financial performance and operational statistics. The company reported its financial results for the period from October to December 31, 2023, and showcased impressive growth in its earnings per share (EPS) and net earnings. However, the company experienced a decline in revenue compared to the same period in the previous year. During the October to December 31, 2023 period, Forward Air Corporation witnessed a rapid growth in its EPS, which increased by 146.22% to $3.96 per share, compared to $1.61 per share in the previous year. Furthermore, the company's earnings per share grew by an impressive 1000.93% from $0.36 per share in the preceding financial reporting period. This indicates a significant improvement in the company's profitability and overall financial performance.
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