Teekay GP LLC, the general partner of Teekay LNG Partners L.P., has declared a cash distribution of $0.63 per unit for the quarter ended December 31, 2010, an increase of $0.03 per unit, or 5.0 percent, from the previous quarter.
“The Partnership’s growing portfolio of long-term, fixed-rate charters continues to provide a stable and increasing base of distributable cash flow,” commented Peter Evensen, Chief Executive Officer of Teekay GP LLC. “Today’s distribution increase primarily reflects the incremental distributable cash flow resulting from the Partnership’s November 2010 acquisition of a 50 percent interest in two LNG carriers under long-term, fixed-rate charters with Excelerate Energy LP.”
The cash distribution is payable on February 14, 2011 to all unitholders of record on February 7, 2011.
About Teekay LNG Partners L.P.
Teekay LNG Partners L.P. is a publicly-traded master limited partnership formed by Teekay Corporation as part of its strategy to expand its operations in the LNG and LPG shipping sectors. Teekay LNG Partners L.P. provides LNG, LPG and crude oil marine transportation services under long-term, fixed-rate charter contracts with major energy and utility companies through its fleet of 16 LNG carriers, five LPG carriers and 11 conventional oil tankers. Three of the five LPG carriers are newbuildings scheduled for delivery in 2011. In addition, Teekay LNG Partners has a 50 percent ownership interest in one LNG regasification unit.
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Source: Teekay LNG Partners, January 27, 2011;