Teekay LNG has won a fresh period charter for a newbuilding LNG carrier as it reported a smaller profit in the third quarter.
The US-listed owner posted adjusted net income of $32.1m, down from $53.8m at the same stage of last year.
It came on the back of $100.7m revenue, a small improvement from last year’s $99.2m.
With the new 10-month contract signed in November, Teekay LNG has now achieved coverage for its entire newbuilding fleet.
A 173,400-cbm newbuilding will enter into the new agreement with an unnamed major energy company, which also carries a one-year option.
Peter Evensen, chief executive of Teekay LNG, said: “We are pleased to report that our commercial team has now successfully secured charter contracts for all of our LNG carrier newbuildings.
“Securing long-term financing for our growth projects that deliver through early-2020 is a major focus.
“We continued to make significant progress and anticipate completing approximately $1.3bn in long-term financings for various growth projects over the next few months.”
Teekay LNG generated distributable cash flow of $54.3m in the third quarter while the group’s liquidity at the end of September was $490m.
