Teekay LNG slipped into the red this quarter after being hit by realised and unrealised losses on interest rate swaps while fleet cash flow remained steady.
The Vancouver-based company reported a net loss of $3.7 million for the three months ending 30 June, compared to a net profit of $19.9 million in the comparable period of 2010.
Six months figures were almost halved at $26.1 million against $50.9 million in the first half of last year.
Teekay chief executive Peter Evensen said: "The level of project activity in the LNG sector has remained high, reflecting the strong LNG market fundamentals. With over $550 million of available liquidity, the Partnership remains well positioned financially to pursue additional projects and acquisitions."
Teekay is being widely spoken of as one of the companies lined up to make a final offer on the fleet of Maersk LNG.
"The partnership posted another quarter of consistent results highlighting the stability of the cash flow generated by our diversified mix of long term, fixed rate LNG, LPG and crude oil shipping charters," Evensen said.
The company took delivery of two multigas carriers in mid June. The vessels are on 15-year fixed rate charters to Norway’s I M Skaugen.
Teekay LNG has a mixed 37-ship fleet comprising 21 LNG carriers, five LPG/multigas vessels and 11 crude oil tankers.
