Teekay LNG Partners L.P. Announces 7 Percent Increase to Cash Distribution
Friday, 13 April 2012 | 00:00
Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) (NYSE: TGP - News), has declared a cash distribution of $0.675 per unit for the quarter ended March 31, 2012, an increase of $0.045 per unit, or approximately 7 percent, from the previous quarter. The cash distribution is payable on May 14, 2012 to all unitholders of record on April 23, 2012.
"This distribution increase is based primarily on the successful accretive acquisition of the Maersk LNG fleet through our joint venture with Marubeni Corporation," commented Peter Evensen, Chief Executive Officer of Teekay GP LLC. "We are pleased to add these six vessels to our fleet and, based on the attractive near- and long-term fundamentals of the LNG shipping sector, we continue to actively monitor the market for accretive opportunities to grow our portfolio of stable distributable cash flows."
About Teekay LNG Partners L.P.
Teekay LNG Partners is the world's third largest independent owner and operator of LNG vessels, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts with major energy and utility companies through its interests in 27 LNG carriers (including one LNG regasification unit), five LPG/Multigas carriers and 11 conventional tankers. The Partnership's interests in these vessels range from 33 to 100 percent. Teekay LNG Partners L.P. is a publicly-traded master limited partnership (MLP) formed by Teekay Corporation (NYSE: TK - News) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.
Teekay LNG Partners' common units trade on the New York Stock Exchange under the symbol "TGP".
Source: Teekay LNG Partners L.P.
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