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Teekay LNG Partners Ranks Fifth among Its Peers Year-to-Date

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YTD performance

Among LNG carrier stocks, Teekay LNG Partners (TGP) is the fifth-ranked stock in terms of performance. It had a YTD (year-to-date) return of -21.6% on June 26.

Teekay LNG Partners ranks behind Höegh LNG Partners (HMLP), GasLog Partners (GLOP), Golar LNG (GLNG), and GasLog (GLOG), which had YTD returns of ~-2.4%, ~-2.4%, -4.7%, and -13.7%, respectively.

Teekay LNG Partners has underperformed the shipping ETF and the broad equity market indexes. As of June 26, the Invesco Shipping ETF (SEA) has fallen 11.2% since the start of the year. During the same period, the Dow Jones Industrial Average (DIA) has fallen 1.9% and the SPDR S&P 500 ETF (SPY) has risen 1.8%.

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About TGP

Teekay LNG Partners (TGP) is an independent owner and operator of LNG carriers. It transports LNG, LPG, and crude oil. The company works under long-term fee-based charter contracts. The company fully or partially owns 50 LNG carriers, 30 LPG/multigas carriers, and five conventional tankers.

Teekay LNG Partners is an MLP (master limited partnership) formed by Teekay Corporation (TK).

First-quarter highlights

Teekay LNG Partners reported its first-quarter results in May. The company reported net income of -$6.9 million in the first quarter. During the quarter, the company generated distributable cash flow of $35.3 million ($0.44 per common unit).

On March 31, Teekay LNG Partners had total liquidity of $463.5 million. Since the beginning of 2018, the partnership has taken delivery of four LNG (liquefied natural gas) carrier newbuilds—all on long-term charters—and one midsize LPG (liquefied petroleum gas) carrier newbuild. 

TGP rechartered its carriers Arctic Spirit and Polar Spirit for four years and one year, respectively. It also extended the charter on the Torben Spirit LNG carrier until December.

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