We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Teekay Lng Partners LP | NYSE:TGP | NYSE | Trust |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 16.98 | 0 | 01:00:00 |
|
|
|
|
PART I: FINANCIAL INFORMATION
|
PAGE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
|
$
|
|
$
|
|
$
|
|
$
|
||||
Voyage revenues
(note 9a)
|
|
104,285
|
|
|
100,658
|
|
|
306,369
|
|
|
295,670
|
|
Voyage expenses
|
|
(1,466
|
)
|
|
(355
|
)
|
|
(3,899
|
)
|
|
(1,354
|
)
|
Vessel operating expenses
(note 9a)
|
|
(26,724
|
)
|
|
(22,055
|
)
|
|
(76,113
|
)
|
|
(66,320
|
)
|
Depreciation and amortization
|
|
(24,980
|
)
|
|
(24,041
|
)
|
|
(77,894
|
)
|
|
(70,521
|
)
|
General and administrative expenses
(notes 9a, 9e and 13)
|
|
(2,793
|
)
|
|
(3,573
|
)
|
|
(11,592
|
)
|
|
(14,865
|
)
|
Write-down and loss on sales of vessels
(note 14)
|
|
(38,000
|
)
|
|
—
|
|
|
(50,600
|
)
|
|
(27,439
|
)
|
Income from vessel operations
|
|
10,322
|
|
|
50,634
|
|
|
86,271
|
|
|
115,171
|
|
Equity income
|
|
1,417
|
|
|
13,514
|
|
|
6,797
|
|
|
52,579
|
|
Interest expense
(notes 7 and 10)
|
|
(20,091
|
)
|
|
(15,644
|
)
|
|
(57,604
|
)
|
|
(42,910
|
)
|
Interest income
|
|
602
|
|
|
653
|
|
|
2,035
|
|
|
1,800
|
|
Realized and unrealized (loss) gain on non-designated derivative instruments
(note 10)
|
|
(2,178
|
)
|
|
5,004
|
|
|
(8,375
|
)
|
|
(50,406
|
)
|
Foreign currency exchange (loss) gain
(notes 7 and 10)
|
|
(5,104
|
)
|
|
504
|
|
|
(24,497
|
)
|
|
(10,139
|
)
|
Other income
|
|
356
|
|
|
397
|
|
|
1,137
|
|
|
1,223
|
|
Net (loss) income before income tax expense
|
|
(14,676
|
)
|
|
55,062
|
|
|
5,764
|
|
|
67,318
|
|
Income tax expense
(note 8)
|
|
(750
|
)
|
|
(209
|
)
|
|
(1,143
|
)
|
|
(722
|
)
|
Net (loss) income
|
|
(15,426
|
)
|
|
54,853
|
|
|
4,621
|
|
|
66,596
|
|
Non-controlling interest in net (loss) income
|
|
3,470
|
|
|
4,746
|
|
|
10,533
|
|
|
10,556
|
|
Preferred unitholders' interest in net (loss) income
|
|
2,813
|
|
|
—
|
|
|
8,438
|
|
|
—
|
|
General Partner’s interest in net (loss) income
|
|
(434
|
)
|
|
1,002
|
|
|
(287
|
)
|
|
1,121
|
|
Limited partners’ interest in net (loss) income
|
|
(21,275
|
)
|
|
49,105
|
|
|
(14,063
|
)
|
|
54,919
|
|
Limited partners’ interest in net (loss) income per common
unit:
(note 12)
|
|
|
|
|
|
|
|
|
||||
• Basic
|
|
(0.27
|
)
|
|
0.62
|
|
|
(0.18
|
)
|
|
0.69
|
|
• Diluted
|
|
(0.27
|
)
|
|
0.62
|
|
|
(0.18
|
)
|
|
0.69
|
|
Weighted-average number of common units outstanding:
|
|
|
|
|
|
|
|
|
||||
• Basic
|
|
79,626,819
|
|
|
79,571,820
|
|
|
79,614,731
|
|
|
79,567,188
|
|
• Diluted
|
|
79,626,819
|
|
|
79,697,417
|
|
|
79,773,745
|
|
|
79,659,822
|
|
Cash distributions declared per common unit
|
|
0.14
|
|
|
0.14
|
|
|
0.42
|
|
|
0.42
|
|
Related party transactions
(note 9)
|
|
|
|
|
|
|
|
|
||||
Commitments and contingencies
(note 11)
|
|
|
|
|
|
|
|
|
||||
Subsequent events
(note 16)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Net (loss) income
|
(15,426
|
)
|
|
54,853
|
|
|
4,621
|
|
|
66,596
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) before reclassifications
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on qualifying cash flow hedging instruments, net of tax
(note 10)
|
(264
|
)
|
|
2,517
|
|
|
(1,278
|
)
|
|
(15,689
|
)
|
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
To equity income:
|
|
|
|
|
|
|
|
|
|
|
|
Realized loss on qualifying cash flow hedging instruments
|
793
|
|
|
868
|
|
|
2,085
|
|
|
2,591
|
|
Other comprehensive income (loss)
|
529
|
|
|
3,385
|
|
|
807
|
|
|
(13,098
|
)
|
Comprehensive (loss) income
|
(14,897
|
)
|
|
58,238
|
|
|
5,428
|
|
|
53,498
|
|
Non-controlling interest in comprehensive (loss) income
|
3,436
|
|
|
4,999
|
|
|
10,168
|
|
|
7,954
|
|
Preferred unitholders' interest in comprehensive (loss) income
(note 12)
|
2,813
|
|
|
—
|
|
|
8,438
|
|
|
—
|
|
General and limited partners' interest in comprehensive (loss) income
|
(21,146
|
)
|
|
53,239
|
|
|
(13,178
|
)
|
|
45,544
|
|
|
As at September 30, 2017
|
|
As at December 31, 2016
|
||
|
$
|
|
$
|
||
ASSETS
|
|
|
|
||
Current
|
|
|
|
||
Cash and cash equivalents
|
161,008
|
|
|
126,146
|
|
Restricted cash – current
(notes 7 and 10)
|
21,386
|
|
|
10,145
|
|
Accounts receivable, including non-trade of $18,813 (2016 – $19,325)
|
22,079
|
|
|
25,224
|
|
Prepaid expenses
|
4,345
|
|
|
3,724
|
|
Vessels held for sale
(notes 14b and 14c
)
|
17,000
|
|
|
20,580
|
|
Current portion of derivative assets
(note 10)
|
1,759
|
|
|
531
|
|
Current portion of net investments in direct financing leases
(notes 3b and 5)
|
9,683
|
|
|
150,342
|
|
Advances to affiliates
(notes 9b and 10)
|
9,245
|
|
|
9,739
|
|
Total current assets
|
246,505
|
|
|
346,431
|
|
|
|
|
|
||
Restricted cash – long-term
(notes 7, 10 and 11c)
|
71,626
|
|
|
106,882
|
|
|
|
|
|
||
Vessels and equipment
|
|
|
|
||
At cost, less accumulated depreciation of $664,461 (2016 – $668,969)
|
1,316,234
|
|
|
1,374,128
|
|
Vessels under capital leases, at cost, less accumulated depreciation
of $18,331 (2016 – $69,072) (note 5) |
643,973
|
|
|
484,253
|
|
Advances on newbuilding contracts
(note 9d)
|
492,800
|
|
|
357,602
|
|
Total vessels and equipment
|
2,453,007
|
|
|
2,215,983
|
|
Investments in and advances to equity-accounted joint ventures
(notes 6
and 9a)
|
1,114,709
|
|
|
1,037,726
|
|
Net investments in direct financing leases
(notes 3b and 5)
|
624,122
|
|
|
492,666
|
|
Other assets
|
1,440
|
|
|
5,529
|
|
Derivative assets
(note 10)
|
9,324
|
|
|
4,692
|
|
Intangible assets – net
|
63,293
|
|
|
69,934
|
|
Goodwill – liquefied gas segment
|
35,631
|
|
|
35,631
|
|
Total assets
|
4,619,657
|
|
|
4,315,474
|
|
|
|
|
|
||
LIABILITIES AND EQUITY
|
|
|
|
||
Current
|
|
|
|
||
Accounts payable
|
2,240
|
|
|
5,562
|
|
Accrued liabilities
(note 10)
|
38,056
|
|
|
35,881
|
|
Unearned revenue
|
20,283
|
|
|
16,998
|
|
Current portion of long-term debt
(note 7)
|
516,232
|
|
|
188,511
|
|
Current obligations under capital lease
(note 5)
|
108,592
|
|
|
40,353
|
|
Current portion of in-process contracts
|
9,050
|
|
|
15,833
|
|
Current portion of derivative liabilities
(note 10)
|
69,964
|
|
|
56,800
|
|
Advances from affiliates
(note 9b)
|
9,864
|
|
|
15,492
|
|
Total current liabilities
|
774,281
|
|
|
375,430
|
|
Long-term debt
(note 7)
|
1,380,175
|
|
|
1,602,715
|
|
Long-term obligations under capital lease
(note 5)
|
595,674
|
|
|
352,486
|
|
Long-term unearned revenue
|
9,358
|
|
|
10,332
|
|
Other long-term liabilities
(note 5)
|
58,432
|
|
|
60,573
|
|
In-process contracts
|
2,418
|
|
|
8,233
|
|
Derivative liabilities
(note 10)
|
59,312
|
|
|
128,293
|
|
Total liabilities
|
2,879,650
|
|
|
2,538,062
|
|
Commitments and contingencies
(notes 5, 7, 10, and 11)
|
|
|
|
||
|
|
|
|
||
Equity
|
|
|
|
||
Limited Partners - common units (79.6 million units issued and outstanding at September 30, 2017 and December 31, 2016)
|
1,516,634
|
|
|
1,563,852
|
|
Limited Partners - preferred units (5.0 million units issued and outstanding at September 30, 2017 and December 31, 2016)
|
123,520
|
|
|
123,426
|
|
General Partner
|
49,690
|
|
|
50,653
|
|
Accumulated other comprehensive income
|
1,747
|
|
|
575
|
|
Partners' equity
|
1,691,591
|
|
|
1,738,506
|
|
Non-controlling interest
|
48,416
|
|
|
38,906
|
|
Total equity
|
1,740,007
|
|
|
1,777,412
|
|
Total liabilities and total equity
|
4,619,657
|
|
|
4,315,474
|
|
|
Nine Months Ended September 30,
|
||||
|
2017
|
|
2016
|
||
|
$
|
|
$
|
||
Cash and cash equivalents provided by (used for)
|
|
|
|
||
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
||
Net income
|
4,621
|
|
|
66,596
|
|
Non-cash items:
|
|
|
|
||
Unrealized (gain) loss on non-designated derivative instruments
(note 10)
|
(5,522
|
)
|
|
31,276
|
|
Depreciation and amortization
|
77,894
|
|
|
70,521
|
|
Write-down and loss on sales of vessels
|
50,600
|
|
|
27,439
|
|
Unrealized foreign currency exchange gain and other
|
(7,845
|
)
|
|
(4,476
|
)
|
Equity income, net of dividends received of $28,781 (2016 – $32,851)
|
21,984
|
|
|
(19,728
|
)
|
Ineffective portion on qualifying cash flow hedging instruments included in interest expense
|
755
|
|
|
1,044
|
|
Change in operating assets and liabilities
|
1,804
|
|
|
(15,177
|
)
|
Expenditures for dry docking
|
(17,067
|
)
|
|
(6,574
|
)
|
Net operating cash flow
|
127,224
|
|
|
150,921
|
|
|
|
|
|
||
FINANCING ACTIVITIES
|
|
|
|
||
Proceeds from issuance of long-term debt
|
249,682
|
|
|
259,922
|
|
Financing issuance costs
|
(1,765
|
)
|
|
(562
|
)
|
Scheduled repayments of long-term debt
|
(136,582
|
)
|
|
(141,505
|
)
|
Prepayments of long-term debt
|
(67,040
|
)
|
|
(195,789
|
)
|
Scheduled repayments of capital lease obligations
|
(27,411
|
)
|
|
(17,477
|
)
|
Decrease in restricted cash
|
22,196
|
|
|
13,086
|
|
Cash distributions paid
|
(42,462
|
)
|
|
(34,099
|
)
|
Dividends paid to non-controlling interest
|
(658
|
)
|
|
(1,167
|
)
|
Other
|
(605
|
)
|
|
—
|
|
Net financing cash flow
|
(4,645
|
)
|
|
(117,591
|
)
|
|
|
|
|
||
INVESTING ACTIVITIES
|
|
|
|
||
Capital contributions to equity-accounted joint ventures
|
(143,513
|
)
|
|
(32,994
|
)
|
Return of capital from equity-accounted joint ventures
|
40,320
|
|
|
—
|
|
Receipts from direct financing leases
|
9,203
|
|
|
18,262
|
|
Proceeds from sale of vessels
(notes 14a and 14b)
|
20,580
|
|
|
94,311
|
|
Proceeds from sale-leaseback of vessels
|
335,830
|
|
|
355,306
|
|
Expenditures for vessels and equipment
|
(350,137
|
)
|
|
(302,301
|
)
|
Net investing cash flow
|
(87,717
|
)
|
|
132,584
|
|
Increase in cash and cash equivalents
|
34,862
|
|
|
165,914
|
|
Cash and cash equivalents, beginning of the period
|
126,146
|
|
|
102,481
|
|
Cash and cash equivalents, end of the period
|
161,008
|
|
|
268,395
|
|
|
TOTAL EQUITY
|
||||||||||||||||||||||
|
Partners’ Equity
|
|
|
|
|
||||||||||||||||||
|
Limited
Partners
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Common Units
|
|
Common Units
|
|
Preferred Units
|
|
Preferred Units
|
|
General
Partner
|
|
Accumulated Other Comprehensive
Income
|
|
Non- controlling Interest
|
|
Total
|
||||||||
|
#
|
|
$
|
|
#
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
||||||||
Balance as at December 31, 2016
|
79,572
|
|
|
1,563,852
|
|
|
5,000
|
|
|
123,426
|
|
|
50,653
|
|
|
575
|
|
|
38,906
|
|
|
1,777,412
|
|
Net (loss) income
|
—
|
|
|
(14,063
|
)
|
|
—
|
|
|
8,438
|
|
|
(287
|
)
|
|
—
|
|
|
10,533
|
|
|
4,621
|
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,172
|
|
|
(365
|
)
|
|
807
|
|
Cash distributions
|
—
|
|
|
(33,436
|
)
|
|
—
|
|
|
(8,344
|
)
|
|
(682
|
)
|
|
—
|
|
|
—
|
|
|
(42,462
|
)
|
Dividends paid to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(658
|
)
|
|
(658
|
)
|
Equity based compensation,
net of withholding tax of $0.6 million (note 13) |
55
|
|
|
281
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
287
|
|
Balance as at September 30, 2017
|
79,627
|
|
|
1,516,634
|
|
|
5,000
|
|
|
123,520
|
|
|
49,690
|
|
|
1,747
|
|
|
48,416
|
|
|
1,740,007
|
|
1.
|
Basis of Presentation
|
3.
|
Financial Instruments
|
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||||||||
|
Fair
Value
Hierarchy
Level
|
|
Carrying
Amount
Asset
(Liability)
$
|
|
Fair
Value
Asset
(Liability)
$
|
|
Carrying
Amount
Asset
(Liability)
$
|
|
Fair
Value
Asset
(Liability)
$
|
||||
Recurring:
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents and restricted cash
|
Level 1
|
|
254,020
|
|
|
254,020
|
|
|
243,173
|
|
|
243,173
|
|
Derivative instruments
(note 10)
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements – assets
|
Level 2
|
|
636
|
|
|
636
|
|
|
1,080
|
|
|
1,080
|
|
Interest rate swap agreements – liabilities
|
Level 2
|
|
(81,475
|
)
|
|
(81,475
|
)
|
|
(87,681
|
)
|
|
(87,681
|
)
|
Interest rate swaption agreements – assets
|
Level 2
|
|
15
|
|
|
15
|
|
|
3,283
|
|
|
3,283
|
|
Interest rate swaption agreements – liabilities
|
Level 2
|
|
(535
|
)
|
|
(535
|
)
|
|
(4,230
|
)
|
|
(4,230
|
)
|
Cross-currency swap agreements – assets
|
Level 2
|
|
8,688
|
|
|
8,688
|
|
|
—
|
|
|
—
|
|
Cross-currency swap agreements – liabilities
|
Level 2
|
|
(49,956
|
)
|
|
(49,956
|
)
|
|
(99,786
|
)
|
|
(99,786
|
)
|
Other derivative
|
Level 3
|
|
2,390
|
|
|
2,390
|
|
|
2,134
|
|
|
2,134
|
|
Non-recurring:
|
|
|
|
|
|
|
|
|
|
||||
Vessels held for sale
(notes 14b and 14e)
|
Level 2
|
|
17,000
|
|
|
17,000
|
|
|
20,580
|
|
|
20,580
|
|
Vessels and equipment
(note 14d)
|
Level 2
|
|
17,000
|
|
|
17,000
|
|
|
—
|
|
|
—
|
|
Vessels under capital leases
(note 14e)
|
Level 3
|
|
52,914
|
|
|
52,914
|
|
|
—
|
|
|
—
|
|
Other:
|
|
|
|
|
|
|
|
|
|
||||
Advances to equity-accounted joint ventures
(note 6)
|
(i)
|
|
131,439
|
|
|
(i)
|
|
|
272,514
|
|
|
(i)
|
|
Long-term receivable included in accounts receivable and other assets (ii)
|
Level 3
|
|
5,028
|
|
|
5,004
|
|
|
10,985
|
|
|
10,944
|
|
Long-term debt – public
(note 7)
|
Level 1
|
|
(387,831
|
)
|
|
(395,473
|
)
|
|
(368,612
|
)
|
|
(366,418
|
)
|
Long-term debt – non-public
(note 7)
|
Level 2
|
|
(1,508,576
|
)
|
|
(1,472,367
|
)
|
|
(1,422,614
|
)
|
|
(1,381,287
|
)
|
(i)
|
The advances to equity-accounted joint ventures together with the Partnership’s equity investments in the joint ventures form the net aggregate carrying value of the Partnership’s interests in the joint ventures in these consolidated financial statements. The fair values of the individual components of such aggregate interests are not determinable.
|
(ii)
|
As described in Note 3 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended
December 31, 2016
, the estimated fair value of the non-interest bearing receivable from Royal Dutch Shell Plc (or
Shell
) is based on the remaining future fixed payments as well as an estimated discount rate. The estimated fair value of this receivable as of
September 30, 2017
was
$5.0 million
(
December 31, 2016
–
$10.9 million
) using a discount rate of
8.0%
. As there is no market rate for the equivalent of an unsecured non-interest bearing receivable from Shell, the discount rate is based on unsecured debt instruments of similar maturity held by the Partnership, adjusted for a liquidity premium. A higher or lower discount rate would result in a lower or higher fair value asset.
|
|
|
Nine Months Ended September 30,
|
||||
|
|
2017
|
|
2016
|
||
|
|
$
|
|
$
|
||
Fair value at beginning of period
|
|
2,134
|
|
|
(6,296
|
)
|
Realized and unrealized gains included in earnings
|
|
1,410
|
|
|
4,550
|
|
Settlement payments
|
|
(1,154
|
)
|
|
2,556
|
|
Fair value at end of period
|
|
2,390
|
|
|
810
|
|
|
|
|
September 30, 2017
|
December 31, 2016
|
||
Class of Financing Receivable
|
Credit Indicator
|
Grade
|
$
|
$
|
||
Direct financing leases
|
Payment activity
|
Performing
|
633,805
|
|
643,008
|
|
Other receivables:
|
|
|
|
|
||
Long-term receivable and accrued revenue included in accounts receivable and other assets
|
Payment activity
|
Performing
|
5,028
|
|
12,171
|
|
Advances to equity-accounted joint ventures
(note 6)
|
Other internal metrics
|
Performing
|
131,439
|
|
272,514
|
|
|
|
|
770,272
|
|
927,693
|
|
4.
|
Segment Reporting
|
|
|
Three Months Ended September 30,
|
||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||
|
|
Liquefied Gas
Segment
$
|
|
Conventional
Tanker
Segment
$
|
|
Total
$
|
|
Liquefied Gas
Segment $
|
|
Conventional
Tanker
Segment
$
|
|
Total
$
|
||||||
Voyage revenues
|
|
92,700
|
|
|
11,585
|
|
|
104,285
|
|
|
87,260
|
|
|
13,398
|
|
|
100,658
|
|
Voyage expenses
|
|
(716
|
)
|
|
(750
|
)
|
|
(1,466
|
)
|
|
(175
|
)
|
|
(180
|
)
|
|
(355
|
)
|
Vessel operating expenses
|
|
(22,172
|
)
|
|
(4,552
|
)
|
|
(26,724
|
)
|
|
(16,751
|
)
|
|
(5,304
|
)
|
|
(22,055
|
)
|
Depreciation and amortization
|
|
(22,580
|
)
|
|
(2,400
|
)
|
|
(24,980
|
)
|
|
(19,317
|
)
|
|
(4,724
|
)
|
|
(24,041
|
)
|
General and administrative expenses
(i)
|
|
(2,330
|
)
|
|
(463
|
)
|
|
(2,793
|
)
|
|
(3,008
|
)
|
|
(565
|
)
|
|
(3,573
|
)
|
Write-down and loss on sales of vessels
|
|
—
|
|
|
(38,000
|
)
|
|
(38,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Income (loss) from vessel operations
|
|
44,902
|
|
|
(34,580
|
)
|
|
10,322
|
|
|
48,009
|
|
|
2,625
|
|
|
50,634
|
|
Equity income
|
|
1,417
|
|
|
—
|
|
|
1,417
|
|
|
13,514
|
|
|
—
|
|
|
13,514
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||
|
|
Liquefied Gas
Segment
$
|
|
Conventional
Tanker
Segment
$
|
|
Total
$
|
|
Liquefied Gas
Segment $
|
|
Conventional
Tanker
Segment
$
|
|
Total
$
|
||||||
Voyage revenues
|
|
271,078
|
|
|
35,291
|
|
|
306,369
|
|
|
250,342
|
|
|
45,328
|
|
|
295,670
|
|
Voyage expenses
|
|
(1,664
|
)
|
|
(2,235
|
)
|
|
(3,899
|
)
|
|
(418
|
)
|
|
(936
|
)
|
|
(1,354
|
)
|
Vessel operating expenses
|
|
(62,211
|
)
|
|
(13,902
|
)
|
|
(76,113
|
)
|
|
(48,717
|
)
|
|
(17,603
|
)
|
|
(66,320
|
)
|
Depreciation and amortization
|
|
(69,639
|
)
|
|
(8,255
|
)
|
|
(77,894
|
)
|
|
(58,476
|
)
|
|
(12,045
|
)
|
|
(70,521
|
)
|
General and administrative expenses
(i)
|
|
(9,283
|
)
|
|
(2,309
|
)
|
|
(11,592
|
)
|
|
(12,049
|
)
|
|
(2,816
|
)
|
|
(14,865
|
)
|
Write-down and loss on sales of vessels
|
|
—
|
|
|
(50,600
|
)
|
|
(50,600
|
)
|
|
—
|
|
|
(27,439
|
)
|
|
(27,439
|
)
|
Income (loss) from vessel operations
|
|
128,281
|
|
|
(42,010
|
)
|
|
86,271
|
|
|
130,682
|
|
|
(15,511
|
)
|
|
115,171
|
|
Equity income
|
|
6,797
|
|
|
—
|
|
|
6,797
|
|
|
52,579
|
|
|
—
|
|
|
52,579
|
|
(i)
|
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||
|
|
$
|
|
$
|
||
Total assets of the liquefied gas segment
|
|
4,307,812
|
|
|
3,957,088
|
|
Total assets of the conventional tanker segment
|
|
115,168
|
|
|
193,553
|
|
Unallocated:
|
|
|
|
|
||
Cash and cash equivalents
|
|
161,008
|
|
|
126,146
|
|
Accounts receivable and prepaid expenses
|
|
26,424
|
|
|
28,948
|
|
Advances to affiliates
|
|
9,245
|
|
|
9,739
|
|
Consolidated total assets
|
|
4,619,657
|
|
|
4,315,474
|
|
5.
|
Vessel Charters
|
|
Remainder of 2017
|
2018
|
2019
|
2020
|
2021
|
|||||
Vessel Charters
(i)
|
$
|
$
|
$
|
$
|
$
|
|||||
Charters-in – capital leases
(ii)
|
44,728
|
|
138,934
|
|
119,499
|
|
118,938
|
|
110,246
|
|
|
|
|
|
|
|
|||||
Charters-out – operating leases
(iii)(iv)
|
84,812
|
|
293,880
|
|
309,100
|
|
275,252
|
|
235,799
|
|
Charters-out – direct financing leases
(iv)
|
15,091
|
|
45,872
|
|
39,065
|
|
39,172
|
|
39,065
|
|
|
99,903
|
|
339,752
|
|
348,165
|
|
314,424
|
|
274,864
|
|
(i)
|
The Partnership owns
69%
of Teekay BLT Corporation (or
Teekay Tangguh Joint Venture
), which is a party to operating leases whereby the Teekay Tangguh Joint Venture is leasing the
Tangguh Hiri
and
Tangguh Sago
liquefied natural gas (or
LNG
) carriers (or the
Tangguh LNG Carriers
) to a third party, which is in turn leasing the vessels back to the joint venture. The table above does not include the Partnership’s minimum charter hire payments to be paid and received under these leases, which are described in more detail in Note 5 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended
December 31, 2016
. Under the terms of the leasing arrangement for the Tangguh LNG Carriers, whereby the Teekay Tangguh Joint Venture is the lessee, the lessor claims tax depreciation on its lease of these vessels. As is typical in these types of leasing arrangements, tax and change of law risks are assumed by the lessee. Lease payments under the lease arrangements are based on certain tax and financial assumptions at the commencement of the leases. If an assumption proves to be incorrect, the lessor is entitled to increase the lease payments to maintain its agreed after-tax margin.
|
(ii)
|
As at
September 30, 2017
, the Partnership was a party, as lessee, to capital leases on
two
Suezmax tankers, the
Teide Spirit
and
Toledo Spirit
. Under these capital leases, the owner has the option to require the Partnership to purchase the
two
vessels. The charterer, who is also the owner, also has the option to cancel the charter contracts and the cancellation options are first exercisable in November
2017
and August
2018
, respectively. The amounts in the table above assume the owner will not exercise its options to require the Partnership to purchase either of the vessels from the owner, but rather assume the owner will cancel the charter contracts when the cancellation right is first exercisable (in November
2017
and August
2018
, respectively) and sell the vessels to a third party, upon which the remaining lease obligations will be extinguished. Therefore, the table above does not include any amounts after the expected cancellation date of the leases. In August 2017, the charterer of the
Teide Spirit
gave formal notification to the Partnership of its intention to terminate its charter contract subject to certain conditions being met and third party approvals being received. In October 2017, the charterer notified us that it has marketed the
Teide Spirit
for sale and, upon sale of the vessel, it will concurrently terminate its existing charter contract with the Partnership.
|
(iii)
|
Minimum scheduled future rentals on operating lease contracts do not include rentals generated from new contracts entered into after
September 30, 2017
, rentals from unexercised option periods of contracts that existed on
September 30, 2017
, rentals from vessels in the Partnership's equity-accounted investments, variable or contingent rentals, or rentals from contracts which commenced after September 30, 2017. Therefore, the minimum scheduled future rentals on operating lease contracts should not be construed to reflect total charter hire revenues that may be recognized for any of the years.
|
(iv)
|
As described in Note 5 to the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended
December 31, 2016
, the Tangguh LNG Carriers’ time-charter contracts and
two
bareboat charter contracts for
two
LNG carriers chartered to Awilco LNG ASA (or
Awilco
) are accounted for as direct financing leases. In June 2017, the Partnership amended the charters with Awilco to defer a portion of charter hire and extend the bareboat charter contracts and related purchase obligations on both vessels to December 2019. The amendments have the effect of deferring between
$10,600
per day and
$20,600
per day per vessel from July 1, 2017 until December 2019, with such deferred amounts added to the purchase obligation amounts. As a result of the contract amendments, the charter contracts with Awilco will be reclassified to operating leases from direct finance leases upon the expiry of the original terms of the contracts with Awilco in November 2017 and August 2018.
|
|
|
September 30, 2017
|
|
December 31, 2016
|
||
|
|
$
|
|
$
|
||
U.S. Dollar-denominated Revolving Credit Facilities due in 2018
|
|
339,809
|
|
|
208,222
|
|
U.S. Dollar-denominated Term Loans due from 2018 to 2026
|
|
933,166
|
|
|
1,005,199
|
|
Norwegian Kroner-denominated Bonds due from 2018 to 2021
|
|
389,320
|
|
|
371,329
|
|
Euro-denominated Term Loans due from 2018 to 2023
|
|
233,764
|
|
|
219,733
|
|
Other U.S. Dollar-denominated loan
|
|
10,000
|
|
|
—
|
|
Total principal
|
|
1,906,059
|
|
|
1,804,483
|
|
Unamortized discount and debt issuance costs
|
|
(9,652
|
)
|
|
(13,257
|
)
|
Total debt
|
|
1,896,407
|
|
|
1,791,226
|
|
Less current portion
|
|
(516,232
|
)
|
|
(188,511
|
)
|
Long-term debt
|
|
1,380,175
|
|
|
1,602,715
|
|
8.
|
Income Tax
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
|
$
|
|
$
|
|
$
|
|
$
|
||||
Current
|
|
(750
|
)
|
|
(209
|
)
|
|
(1,224
|
)
|
|
(722
|
)
|
Deferred
|
|
—
|
|
|
—
|
|
|
81
|
|
|
—
|
|
Income tax expense
|
|
(750
|
)
|
|
(209
|
)
|
|
(1,143
|
)
|
|
(722
|
)
|
9.
|
Related Party Transactions
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
September 30, 2017
|
|
September 30, 2016
|
|
September 30, 2017
|
|
September 30, 2016
|
||||
|
|
$
|
|
$
|
|
$
|
|
$
|
||||
Revenues
(i)
|
|
9,296
|
|
|
9,429
|
|
|
26,851
|
|
|
28,075
|
|
Vessel operating expenses
|
|
(5,133
|
)
|
|
(5,107
|
)
|
|
(14,713
|
)
|
|
(15,023
|
)
|
General and administrative expenses
(ii)
|
|
(901
|
)
|
|
(3,437
|
)
|
|
(5,363
|
)
|
|
(8,666
|
)
|
General and administrative expenses
deferred and capitalized (iii) |
|
(152
|
)
|
|
(116
|
)
|
|
(659
|
)
|
|
(442
|
)
|
10.
|
Derivative Instruments and Hedging Activities
|
|
|
|
|
Floating Rate Receivable
|
|
|
|
|
|
|
||||||
Principal
Amount
NOK (in thousands)
|
|
Principal
Amount
$
|
|
Reference Rate
|
|
Margin
|
|
Fixed Rate
Payable
|
|
Fair Value /
Carrying
Amount of
Asset (Liability)
$
|
|
Weighted-
Average
Remaining
Term (Years)
|
||||
900,000
|
|
|
150,000
|
|
NIBOR
|
|
4.35
|
%
|
|
6.43
|
%
|
|
(39,088
|
)
|
|
0.9
|
1,000,000
|
|
|
134,000
|
|
NIBOR
|
|
3.70
|
%
|
|
5.92
|
%
|
|
(9,862
|
)
|
|
2.6
|
1,200,000
|
|
|
146,500
|
|
NIBOR
|
|
6.00
|
%
|
|
7.70
|
%
|
|
7,682
|
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
(41,268
|
)
|
|
|
|
|
Interest
Rate
Index
|
|
Principal
Amount
$
|
|
Fair
Value /
Carrying
Amount of
(Liability)
$
|
|
Weighted-
Average
Remaining
Term
(years)
|
|
Fixed
Interest
Rate
(%) (i) |
||
LIBOR-Based Debt:
|
|
|
|
|
|
|
|
|
|
|
||
U.S. Dollar-denominated interest rate swaps
|
|
LIBOR
|
|
90,000
|
|
|
(3,257
|
)
|
|
0.9
|
|
4.9
|
U.S. Dollar-denominated interest rate swaps
(ii)
|
|
LIBOR
|
|
143,750
|
|
|
(23,754
|
)
|
|
11.3
|
|
5.2
|
U.S. Dollar-denominated interest rate swaps
(ii)
|
|
LIBOR
|
|
42,845
|
|
|
(898
|
)
|
|
3.8
|
|
2.8
|
U.S. Dollar-denominated interest rate swaps
(iii)
|
|
LIBOR
|
|
331,933
|
|
|
(20,538
|
)
|
|
1.8
|
|
3.4
|
U.S. Dollar-denominated interest rate swaps
(iv)
|
|
LIBOR
|
|
101,833
|
|
|
(171
|
)
|
|
1.3
|
|
1.7
|
U.S. Dollar-denominated interest rate swaps
(v)
|
|
LIBOR
|
|
197,629
|
|
|
(1,408
|
)
|
|
9.2
|
|
2.3
|
EURIBOR-Based Debt:
|
|
|
|
|
|
|
||||||
Euro-denominated interest rate swaps
(vi)
|
|
EURIBOR
|
|
233,763
|
|
|
(30,813
|
)
|
|
3.2
|
|
3.1
|
|
|
|
|
|
|
(80,839
|
)
|
|
|
|
|
(i)
|
Excludes the margins the Partnership pays on its floating-rate term loans, which, at
September 30, 2017
, ranged from
0.30%
to
2.80%
.
|
(ii)
|
Principal amount reducing semi-annually.
|
(iii)
|
These interest rate swaps are being used to economically hedge expected interest payments on future debt that is planned to be outstanding from
2017
to
2024
. These interest rate swaps are subject to mandatory early termination in
2018
and
2020
whereby the swaps will be settled based on their fair value at that time.
|
(iv)
|
Principal amount reducing quarterly.
|
(v)
|
Principal amount reducing quarterly commencing December 2017.
|
(vi)
|
Principal amount reducing monthly to
70.1 million
Euros (
$82.8 million
) by the maturity dates of the swap agreements.
|
|
|
Interest
Rate
Index
|
|
Principal
Amount
$
|
|
Option Exercise Date
|
|
Carrying
Amount of
Assets
(Liability) $
|
|
Remaining
Term
(Years)
|
|
Fixed
Interest
Rate
(%)
|
Interest rate swaption - Call Option
|
|
LIBOR
|
|
160,000
(i)
|
|
January 31, 2018
|
|
15
|
|
8.0
|
|
3.1
|
Interest rate swaption - Put Option
|
|
LIBOR
|
|
160,000
(i)
|
|
January 31, 2018
|
|
(535)
|
|
8.0
|
|
2.0
|
(i)
|
Amortizing every three months from
$160.0 million
in January 2018 to
$82.5 million
in January 2026.
|
|
Advances to affiliates
|
|
Current portion of derivative assets $
|
|
Derivative
assets $
|
|
Accrued
liabilities
$
|
|
Current
portion of
derivative
liabilities $
|
|
Derivative
liabilities $
|
||||||
As at September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swap agreements
|
—
|
|
|
—
|
|
|
636
|
|
|
(1,990
|
)
|
|
(27,817
|
)
|
|
(51,668
|
)
|
Interest rate swaption agreements
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
(535
|
)
|
|
—
|
|
Cross-currency swap agreements
|
—
|
|
|
—
|
|
|
8,688
|
|
|
(700
|
)
|
|
(41,612
|
)
|
|
(7,644
|
)
|
Toledo Spirit time-charter derivative
|
646
|
|
|
1,744
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
646
|
|
|
1,759
|
|
|
9,324
|
|
|
(2,690
|
)
|
|
(69,964
|
)
|
|
(59,312
|
)
|
As at December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swap agreements
|
—
|
|
|
—
|
|
|
1,080
|
|
|
(5,514
|
)
|
|
(22,432
|
)
|
|
(59,735
|
)
|
Interest rate swaption agreements
|
—
|
|
|
31
|
|
|
3,252
|
|
|
—
|
|
|
(1,525
|
)
|
|
(2,705
|
)
|
Cross-currency swap agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,090
|
)
|
|
(32,843
|
)
|
|
(65,853
|
)
|
Toledo Spirit time-charter derivative
|
1,274
|
|
|
500
|
|
|
360
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,274
|
|
|
531
|
|
|
4,692
|
|
|
(6,604
|
)
|
|
(56,800
|
)
|
|
(128,293
|
)
|
|
|
Three Months Ended September 30,
|
||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||
|
|
Realized
gains (losses) |
|
Unrealized
gains (losses) |
|
Total
|
|
Realized
gains (losses) |
|
Unrealized
gains (losses) |
|
Total
|
||||||
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
||||||
Interest rate swap agreements
|
|
(4,528
|
)
|
|
1,775
|
|
|
(2,753
|
)
|
|
(6,494
|
)
|
|
8,436
|
|
|
1,942
|
|
Interest rate swaption agreements
|
|
—
|
|
|
285
|
|
|
285
|
|
|
—
|
|
|
1,992
|
|
|
1,992
|
|
Toledo Spirit time-charter derivative
|
|
646
|
|
|
(356
|
)
|
|
290
|
|
|
(10
|
)
|
|
1,080
|
|
|
1,070
|
|
|
|
(3,882
|
)
|
|
1,704
|
|
|
(2,178
|
)
|
|
(6,504
|
)
|
|
11,508
|
|
|
5,004
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
||||||
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
||||||
Interest rate swap agreements
|
|
(13,813
|
)
|
|
4,211
|
|
|
(9,602
|
)
|
|
(19,750
|
)
|
|
(18,441
|
)
|
|
(38,191
|
)
|
Interest rate swaption agreements
|
|
—
|
|
|
427
|
|
|
427
|
|
|
—
|
|
|
(16,765
|
)
|
|
(16,765
|
)
|
Interest rate swaption agreements termination
|
|
(610
|
)
|
|
—
|
|
|
(610
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Toledo Spirit time-charter derivative
|
|
526
|
|
|
884
|
|
|
1,410
|
|
|
620
|
|
|
3,930
|
|
|
4,550
|
|
|
|
(13,897
|
)
|
|
5,522
|
|
|
(8,375
|
)
|
|
(19,130
|
)
|
|
(31,276
|
)
|
|
(50,406
|
)
|
|
|
Three Months Ended September 30,
|
||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
||||||
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
||||||
Cross-currency swap agreements
|
|
(1,598
|
)
|
|
20,523
|
|
|
18,925
|
|
|
(2,283
|
)
|
|
20,217
|
|
|
17,934
|
|
|
|
(1,599
|
)
|
|
20,523
|
|
|
18,925
|
|
|
(2,283
|
)
|
|
20,217
|
|
|
17,934
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
||||||
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
||||||
Cross-currency swap agreements
|
|
(7,219
|
)
|
|
58,128
|
|
|
50,909
|
|
|
(6,903
|
)
|
|
34,958
|
|
|
28,055
|
|
Cross-currency swap agreements termination
|
|
(25,733
|
)
|
|
—
|
|
|
(25,733
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
(32,952
|
)
|
|
58,128
|
|
|
25,176
|
|
|
(6,903
|
)
|
|
34,958
|
|
|
28,055
|
|
Three Months Ended September 30, 2017
|
|
|
|
Three Months Ended September 30, 2016
|
|
|
||||||||||||||
Effective Portion Recognized in AOCI
(i)
$
|
|
Effective Portion Reclassified from AOCI
(ii)
$
|
|
Ineffective Portion
(iii)
$
|
|
|
|
Effective Portion Recognized in AOCI
(i)
$
|
|
Effective Portion Reclassified from AOCI
(ii)
$
|
|
Ineffective Portion
(iii)
$
|
|
|
||||||
(116
|
)
|
|
—
|
|
|
(8
|
)
|
|
Interest expense
|
|
842
|
|
|
—
|
|
|
(130
|
)
|
|
Interest expense
|
(116
|
)
|
|
—
|
|
|
(8
|
)
|
|
|
|
842
|
|
|
—
|
|
|
(130
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nine Months Ended September 30, 2017
|
|
|
|
Nine Months Ended September 30, 2016
|
|
|
||||||||||||||
Effective Portion Recognized in AOCI
(i)
$
|
|
Effective Portion Reclassified from AOCI
(ii)
$
|
|
Ineffective Portion
(iii)
$
|
|
|
|
Effective Portion Recognized in AOCI
(i)
$
|
|
Effective Portion Reclassified from AOCI
(ii)
$
|
|
Ineffective Portion
(iii)
$
|
|
|
||||||
(1,218
|
)
|
|
—
|
|
|
(755
|
)
|
|
Interest expense
|
|
(8,673
|
)
|
|
—
|
|
|
(1,044
|
)
|
|
Interest expense
|
(1,218
|
)
|
|
—
|
|
|
(755
|
)
|
|
|
|
(8,673
|
)
|
|
—
|
|
|
(1,044
|
)
|
|
|
(i)
|
Effective portion of designated and qualifying cash flow hedges recognized in other comprehensive (loss) income.
|
(ii)
|
Effective portion of designated and qualifying cash flow hedges recorded in accumulated other comprehensive loss (or
AOCI
) during the term of the hedging relationship and reclassified to earnings.
|
(iii)
|
Ineffective portion of designated and qualifying cash flow hedges.
|
11.
|
Commitments and Contingencies
|
(i)
|
As at
September 30, 2017
, the Partnership had
eight
LNG carrier newbuildings on order which are scheduled for delivery between the remainder of 2017 and 2019. These commitment amounts are described in more detail in Note 13a of the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended
December 31, 2016
. The Partnership has secured
$1.0 billion
of financing related to the remaining commitments for
seven
of the
eight
LNG carrier newbuildings included in the table above (see Note 5(ii) and Note 16e).
|
(ii)
|
The commitment amounts relating to the Partnership’s share of costs for newbuilding and other construction contracts in the Partnership’s equity-accounted joint ventures are based on the Partnership’s ownership percentage in each respective joint venture as of
September 30, 2017
. These commitments are described in more detail in Note 13a of the Partnership’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year-ended
December 31, 2016
. Based on the Partnership's ownership percentage in each respective joint venture, the Partnership's equity-accounted joint ventures have secured
$336 million
of financing related to the remaining commitments included in the table above.
|
12.
|
Total Capital and Net (Loss) Income Per Unit
|
13.
|
Unit-Based Compensation
|
15.
|
Supplemental Cash Flow Information
|
•
|
write-downs of the
European Spirit
,
African Spirit, Teide Spirit and Toledo Spirit
conventional tankers in 2017;
|
•
|
a decrease in revenue recognized due to uncertainty of collection of hire relating to our six LPG carriers on charter to Skaugen in 2017; and
|
•
|
sales of the
Bermuda Spirit,
Hamilton Spirit
and
Asian Spirit
in April 2016, May 2016 and March 2017, respectively;
|
•
|
a loss on sale of vessels recorded in 2016 upon the charterer, Centrofin Management Inc. (or
Centrofin
), exercising its purchase options on the
Bermuda Spirit
and
Hamilton Spirit
in February 2016 and March 2016, respectively; and
|
•
|
deliveries to us of the
Creole Spirit,
Oak Spirit
and
Torben Spirit
LNG carrier newbuildings in February 2016, July 2016 and February 2017, respectively.
|
(in thousands of U.S. Dollars, except revenue days,
calendar-ship-days and percentages)
|
Three Months Ended September 30,
|
% Change
|
||||
2017
|
2016
|
|||||
Voyage revenues
|
92,700
|
|
87,260
|
|
6.2
|
|
Voyage expenses
|
(716
|
)
|
(175
|
)
|
309.1
|
|
Net voyage revenues
|
91,984
|
|
87,085
|
|
5.6
|
|
Vessel operating expenses
|
(22,172
|
)
|
(16,751
|
)
|
32.4
|
|
Depreciation and amortization
|
(22,580
|
)
|
(19,317
|
)
|
16.9
|
|
General and administrative expenses
(1)
|
(2,330
|
)
|
(3,008
|
)
|
(22.5
|
)
|
Income from vessel operations
|
44,902
|
|
48,009
|
|
(6.5
|
)
|
Operating Data:
|
|
|
|
|||
Revenue Days (A)
|
2,077
|
|
1,893
|
|
9.7
|
|
Calendar-Ship-Days (B)
|
2,116
|
|
1,916
|
|
10.4
|
|
Utilization (A)/(B)
|
98.2
|
%
|
98.8
|
%
|
|
|
|
|
|
|||
(in thousands of U.S. Dollars, except revenue days,
calendar-ship-days and percentages)
|
Nine Months Ended September 30,
|
% Change
|
||||
2017
|
2016
|
|||||
Voyage revenues
|
271,078
|
|
250,342
|
|
8.3
|
|
Voyage expenses
|
(1,664
|
)
|
(418
|
)
|
298.1
|
|
Net voyage revenues
|
269,414
|
|
249,924
|
|
7.8
|
|
Vessel operating expenses
|
(62,211
|
)
|
(48,717
|
)
|
27.7
|
|
Depreciation and amortization
|
(69,639
|
)
|
(58,476
|
)
|
19.1
|
|
General and administrative expenses
(1)
|
(9,283
|
)
|
(12,049
|
)
|
(23.0
|
)
|
Income from vessel operations
|
128,281
|
|
130,682
|
|
(1.8
|
)
|
Operating Data:
|
|
|
|
|||
Revenue Days (A)
|
5,997
|
|
5,466
|
|
9.7
|
|
Calendar-Ship-Days (B)
|
6,108
|
|
5,508
|
|
10.9
|
|
Utilization (A)/(B)
|
98.2
|
%
|
99.2
|
%
|
|
(1)
|
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of resources).
|
•
|
increases of $4.3 million and $9.6 million for the
three and nine
months ended
September 30, 2017
, respectively, due to the
Torben Spirit
charter contract commencing on March 3, 2017;
|
•
|
increases of $2.6 million and $17.9 million for the
three and nine
months ended
September 30, 2017
, respectively, due to the
Oak Spirit
charter contract commencing on August 1, 2016;
|
•
|
increases of $1.2 million and $2.2 million for the
three and nine
months ended
September 30, 2017
, respectively, relating to amortization of in-process contracts recognized into revenue with respect to our shipbuilding and site supervision contract associated with the four LNG newbuilding carriers in the Pan Union Joint Venture (however, we had corresponding increases in vessel operating expenses);
|
•
|
increases of $0.5 million and $5.6 million for the
three and nine
months ended
September 30, 2017
, respectively, primarily related to additional revenue recognized relating to the accelerated dry docking of two LNG carriers, the costs of which will be recoverable from the charterer, and greater operating expenses (however, we had corresponding increases in vessel operating expenses); and
|
•
|
an increase of $4.9 million for the
nine
months ended
September 30, 2017
due to the
Creole Spirit
charter contract commencing on February 29, 2016;
|
•
|
decreases of $6.3 million and $15.7 million for the
three and nine
months ended
September 30, 2017
, respectively, due to uncertainty of collection of hire receipts relating to our six LPG carriers on charter to Skaugen in 2017;
|
•
|
a decrease of $2.4 million for the
nine
months ended
September 30, 2017
relating to 35 days of unscheduled off-hire in the second quarter of 2017 due to repairs required for one of our LNG carriers; and
|
•
|
a decrease of $2.2 million for the
nine
months ended
September 30, 2017
due to the
Hispania Spirit
being off-hire for 31 days in the first quarter of 2017 for a scheduled dry docking.
|
(in thousands of U.S. Dollars, except revenue days,
calendar-ship-days and percentages)
|
Three Months Ended September 30,
|
% Change
|
||||
2017
|
2016
|
|||||
Voyage revenues
|
11,585
|
|
13,398
|
|
(13.5
|
)
|
Voyage expenses
|
(750
|
)
|
(180
|
)
|
316.7
|
|
Net voyage revenues
|
10,835
|
|
13,218
|
|
(18.0
|
)
|
Vessel operating expenses
|
(4,552
|
)
|
(5,304
|
)
|
(14.2
|
)
|
Depreciation and amortization
|
(2,400
|
)
|
(4,724
|
)
|
(49.2
|
)
|
General and administrative expenses
(1)
|
(463
|
)
|
(565
|
)
|
(18.1
|
)
|
Write-down and loss on sales of vessels
|
(38,000
|
)
|
—
|
|
100.0
|
|
(Loss) income from vessel operations
|
(34,580
|
)
|
2,625
|
|
(1,417.3
|
)
|
Operating Data:
|
|
|
|
|||
Revenue Days (A)
|
460
|
|
552
|
|
(16.7
|
)
|
Calendar-Ship-Days (B)
|
460
|
|
552
|
|
(16.7
|
)
|
Utilization (A)/(B)
|
100.0
|
%
|
100.0
|
%
|
|
|
|
|
|
|||
|
|
|
|
|||
(in thousands of U.S. Dollars, except revenue days,
calendar-ship-days and percentages)
|
Nine Months Ended September 30,
|
% Change
|
||||
2017
|
2016
|
|||||
Voyage revenues
|
35,291
|
|
45,328
|
|
(22.1
|
)
|
Voyage expenses
|
(2,235
|
)
|
(936
|
)
|
138.8
|
|
Net voyage revenues
|
33,056
|
|
44,392
|
|
(25.5
|
)
|
Vessel operating expenses
|
(13,902
|
)
|
(17,603
|
)
|
(21.0
|
)
|
Depreciation and amortization
|
(8,255
|
)
|
(12,045
|
)
|
(31.5
|
)
|
General and administrative expenses
(1)
|
(2,309
|
)
|
(2,816
|
)
|
(18.0
|
)
|
Write-down and loss on sales of vessels
|
(50,600
|
)
|
(27,439
|
)
|
84.4
|
|
Loss from vessel operations
|
(42,010
|
)
|
(15,511
|
)
|
170.8
|
|
Operating Data:
|
|
|
|
|||
Revenue Days (A)
|
1,501
|
|
1,887
|
|
(20.5
|
)
|
Calendar-Ship-Days (B)
|
1,535
|
|
1,887
|
|
(18.7
|
)
|
Utilization (A)/(B)
|
97.8
|
%
|
100.0
|
%
|
|
(1)
|
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
|
(in thousands of U.S. Dollars)
|
Three Months Ended
|
|||||||||||||
|
Angola
LNG
Carriers
|
Exmar
LNG
Carriers
|
Exmar
LPG
Carriers
|
MALT
LNG
Carriers
|
RasGas 3
LNG
Carriers
|
Other
|
Total
Equity
Income
|
|||||||
Three months ended September 30, 2017
|
3,987
|
|
1,990
|
|
(2,112
|
)
|
(4,633
|
)
|
2,973
|
|
(788
|
)
|
1,417
|
|
Three months ended September 30, 2016
|
7,007
|
|
2,536
|
|
2,978
|
|
(4,232
|
)
|
5,424
|
|
(199
|
)
|
13,514
|
|
Difference
|
(3,020
|
)
|
(546
|
)
|
(5,090
|
)
|
(401
|
)
|
(2,451
|
)
|
(589
|
)
|
(12,097
|
)
|
|
|
|
|
|
|
|
|
|||||||
(in thousands of U.S. Dollars)
|
Nine Months Ended
|
|||||||||||||
|
Angola
LNG
Carriers
|
Exmar
LNG
Carriers
|
Exmar
LPG
Carriers
|
MALT
LNG
Carriers
|
RasGas 3
LNG
Carriers
|
Other
|
Total
Equity
Income
|
|||||||
Nine months ended September 30, 2017
|
10,633
|
|
6,627
|
|
(1,765
|
)
|
(15,019
|
)
|
11,898
|
|
(5,577
|
)
|
6,797
|
|
Nine months ended September 30, 2016
|
5,241
|
|
6,718
|
|
14,796
|
|
9,912
|
|
16,329
|
|
(417
|
)
|
52,579
|
|
Difference
|
5,392
|
|
(91
|
)
|
(16,561
|
)
|
(24,931
|
)
|
(4,431
|
)
|
(5,160
|
)
|
(45,782
|
)
|
•
|
increases of $1.9 million and $9.4 million for the
three and nine
months ended
September 30, 2017
, respectively, relating to interest incurred on the capital lease obligations for the
Creole Spirit
,
Oak Spirit
and
Torben Spirit
commencing upon their deliveries in 2016 and 2017; and
|
•
|
increases of $1.4 million and $4.5 million for the
three and nine
months ended
September 30, 2017
, respectively, as a result of our issuances of NOK bonds in October 2016 and January 2017, net of our NOK bond repurchases in October 2016 and the maturity of certain of the NOK bonds in May 2017; and
|
•
|
increases of $1.3 million and $2.8 million for the
three and nine
months ended
September 30, 2017
, respectively, as a result of interest expense accretion on the Pan Union Joint Venture crew training and site supervision obligation, and higher LIBOR rates net of debt principal repayments;
|
•
|
decreases of $0.5 million and $3.5 million for the
three and nine
months ended
September 30, 2017
, respectively, compared to the same periods last year, due to increases in capitalized interest relating to additional advances to the Yamal LNG Joint Venture and Bahrain LNG Joint Venture for newbuilding installments and construction costs.
|
(in thousands of U.S. Dollars)
|
Three Months Ended September 30,
|
|||||||||||
|
2017
|
2016
|
||||||||||
|
Realized
gains (losses) |
Unrealized
gains (losses) |
Total
|
Realized
gains (losses) |
Unrealized
gains (losses) |
Total
|
||||||
Interest rate swap agreements
|
(4,528
|
)
|
1,775
|
|
(2,753
|
)
|
(6,494
|
)
|
8,436
|
|
1,942
|
|
Interest rate swaption agreements
|
—
|
|
285
|
|
285
|
|
—
|
|
1,992
|
|
1,992
|
|
Toledo Spirit time-charter derivative
|
646
|
|
(356
|
)
|
290
|
|
(10
|
)
|
1,080
|
|
1,070
|
|
|
(3,882
|
)
|
1,704
|
|
(2,178
|
)
|
(6,504
|
)
|
11,508
|
|
5,004
|
|
(in thousands of U.S. Dollars)
|
Nine Months Ended September 30,
|
|||||||||||
|
2017
|
2016
|
||||||||||
|
Realized
gains (losses) |
Unrealized
gains (losses) |
Total
|
Realized
gains (losses) |
Unrealized
gains (losses) |
Total
|
||||||
Interest rate swap agreements
|
(13,813
|
)
|
4,211
|
|
(9,602
|
)
|
(19,750
|
)
|
(18,441
|
)
|
(38,191
|
)
|
Interest rate swaption agreements
|
—
|
|
427
|
|
427
|
|
—
|
|
(16,765
|
)
|
(16,765
|
)
|
Interest rate swaption agreements termination
|
(610
|
)
|
—
|
|
(610
|
)
|
—
|
|
—
|
|
—
|
|
Toledo Spirit time-charter derivative
|
526
|
|
884
|
|
1,410
|
|
620
|
|
3,930
|
|
4,550
|
|
|
(13,897
|
)
|
5,522
|
|
(8,375
|
)
|
(19,130
|
)
|
(31,276
|
)
|
(50,406
|
)
|
(in thousands of U.S. Dollars)
|
Nine Months Ended September 30,
|
|||
|
2017
|
2016
|
||
Net cash flow from operating activities
|
127,224
|
|
150,921
|
|
Net cash flow used for financing activities
|
(4,645
|
)
|
(117,591
|
)
|
Net cash flow (used) from investing activities
|
(87,717
|
)
|
132,584
|
|
|
|
Total
|
|
Remainder of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
Beyond 2021
|
|||||||
|
|
(in millions of U.S. Dollars)
|
||||||||||||||||||
U.S. Dollar-Denominated Obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Long-term debt
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Scheduled repayments
|
|
428.8
|
|
|
31.4
|
|
|
96.5
|
|
|
68.7
|
|
|
61.2
|
|
|
31.1
|
|
139.9
|
|
Repayments at maturity
(2)
|
|
854.2
|
|
|
10.2
|
|
|
367.4
|
|
|
10.2
|
|
|
148.8
|
|
|
152.3
|
|
165.3
|
|
Commitments under capital leases
(3)
|
|
1,049.9
|
|
|
44.7
|
|
|
138.9
|
|
|
119.5
|
|
|
118.9
|
|
|
110.2
|
|
517.7
|
|
Commitments under operating leases
(4)
|
|
274.7
|
|
|
5.9
|
|
|
23.9
|
|
|
23.9
|
|
|
23.9
|
|
|
23.9
|
|
173.2
|
|
Newbuilding installments/shipbuilding supervision
(5)
|
|
2,349.3
|
|
|
487.9
|
|
|
1,092.7
|
|
|
570.8
|
|
|
197.9
|
|
|
—
|
|
—
|
|
Total U.S. Dollar-denominated obligations
|
|
4,956.9
|
|
|
580.1
|
|
|
1,719.4
|
|
|
793.1
|
|
|
550.7
|
|
|
317.5
|
|
996.1
|
|
Euro-Denominated Obligations
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Long-term debt
(7)
|
|
233.8
|
|
|
4.5
|
|
|
140.2
|
|
|
10.0
|
|
|
10.8
|
|
|
11.5
|
|
56.8
|
|
Total Euro-denominated obligations
|
|
233.8
|
|
|
4.5
|
|
|
140.2
|
|
|
10.0
|
|
|
10.8
|
|
|
11.5
|
|
56.8
|
|
Norwegian Kroner-Denominated Obligations
(6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Long-term debt
(8)
|
|
389.3
|
|
|
—
|
|
|
113.0
|
|
|
—
|
|
|
125.6
|
|
|
150.7
|
|
—
|
|
Total Norwegian Kroner-Denominated obligations
|
|
389.3
|
|
|
—
|
|
|
113.0
|
|
|
—
|
|
|
125.6
|
|
|
150.7
|
|
—
|
|
Totals
|
|
5,580.0
|
|
|
584.6
|
|
|
1,972.6
|
|
|
803.1
|
|
|
687.1
|
|
|
479.7
|
|
1,052.9
|
|
(1)
|
Excludes expected interest payments of
$8.7 million
(remainder of
2017
),
$28.8 million
(
2018
),
$22.3 million
(
2019
),
$17.6 million
(
2020
),
$11.6 million
(
2021
) and
$33.2 million
(beyond
2021
). Expected interest payments reflect the refinancing completed in November 2017 of one of our revolving credit facility and are based on the existing interest rates (fixed-rate loans) and LIBOR at
September 30, 2017
, plus margins on debt that has been drawn that range up to
2.80%
(variable-rate loans). The expected interest payments do not reflect the effect of related interest rate swaps or swaptions that we have used as an economic hedge for certain of our variable-rate debt. In addition, the above table does not reflect scheduled debt repayments in our equity-accounted joint ventures.
|
(2)
|
The repayment amounts reflect the November 2017 refinancing of one of our revolving credit facilities maturing in 2017 with a new $190 million revolving credit facility maturing in November 2018.
|
(3)
|
Includes, in addition to lease payments, amounts we may be or are required to pay to purchase the leased vessels at the end of their respective lease terms. For two of our 10 capital lease obligations, the lessor has the option to sell two Suezmax tankers to us at any time during the remaining lease terms; however, in this table we have assumed the lessor will not exercise its right to sell the two Suezmax tankers to us until after the lease terms expire, which is during late-
2017
to mid-
2018
. The purchase price for any Suezmax tanker we are required to purchase would be based on the unamortized portion of the vessel construction financing costs for the vessels, which is included in the table above. We expect to satisfy any such purchase price by assuming the existing vessel financing, although we may be required to obtain separate debt or equity financing to complete any purchases if the lenders do not consent to our assuming the financing obligations. Please read “Item 1 - Financial Statements: Note 5 - Vessel Charters”.
|
(4)
|
We have corresponding leases whereby we are the lessor and expect to receive approximately
$244.4 million
under these leases from the remainder of
2017
to 2029.
|
(5)
|
As of
September 30, 2017
, we had agreements for the construction of eight wholly-owned LNG carrier newbuildings, of which the estimated remaining costs totaled
$1.2 billion
, including estimated interest and construction supervision fees. As of
September 30, 2017
, we had secured
$1.0 billion
of financing related to the commitments for seven of the eight LNG carrier newbuildings included in the table above.
|
(6)
|
Euro-denominated and NOK-denominated obligations are presented in U.S. Dollars and have been converted using the prevailing exchange rate as of
September 30, 2017
.
|
(7)
|
Excludes expected interest payments of
$0.7 million
(remainder of
2017
),
$1.5 million
(
2018
),
$0.2 million
(
2019
),
$0.2 million
(
2020
),
$0.2 million
(
2021
) and
$0.2 million
(beyond
2021
). Expected interest payments are based on EURIBOR at
September 30, 2017
, plus margins that range up to 2.25%, as well as the prevailing U.S. Dollar/Euro exchange rate as of
September 30, 2017
. The expected interest payments do not reflect the effect of related interest rate swaps that we have used as an economic hedge of certain of our variable-rate debt.
|
(8)
|
Excludes expected interest payments of
$5.4 million
(remainder of
2017
),
$18.9 million
(
2018
),
$16.0 million
(
2019
),
$13.1 million
(
2020
), and
$5.1 million
(
2021
). Expected interest payments are based on NIBOR at
September 30, 2017
, plus margins that range up to 6.00%, as well as the prevailing U.S. Dollar/NOK exchange rate as of
September 30, 2017
. The expected interest payments do not reflect the effect of the related cross-currency swaps that we have used as an economic hedge of our foreign exchange and interest rate exposure associated with our NOK-denominated long-term debt.
|
•
|
our distribution policy and our ability to make cash distributions on our units or any increases in quarterly distributions;
|
•
|
our future financial condition and results of operations and our future revenues, expenses and capital expenditures, and our expected financial flexibility to pursue capital expenditures, acquisitions and other expansion opportunities;
|
•
|
our liquidity needs and meeting our going concern requirements, including our anticipated funds and sources of financing for liquidity needs and the sufficiency of cash flows, and our expectation that we will have sufficient liquidity for the remainder of 2017 through 2018;
|
•
|
our expected sources of funds for liquidity and working capital needs, our ability to enter into vessel financings, new bank financings and to refinance existing indebtedness;
|
•
|
our expectation that the owner for two of our Suezmax tankers under capital leases, the
Teide Spirit
and the
Toledo Spirit
, will cancel the related charter contracts for the vessels in 2017 and 2018 and sell them to third parties, rather than requiring us to purchase the vessels under the capital leases;
|
•
|
our ability to comply with the financial covenants of our credit facilities, term loans and capital leases;
|
•
|
our ability to enter into new or replacement charters for our vessels;
|
•
|
growth prospects and future trends of the markets in which we operate;
|
•
|
LNG, LPG and tanker market fundamentals, including the balance of supply and demand in the LNG, LPG and tanker markets and spot LNG, LPG and tanker charter rates;
|
•
|
the expected lifespan of our vessels, including our expectations as to any impairment of our vessels;
|
•
|
our expectations and estimates regarding future charter business, including with respect to minimum charter hire payments, revenues and our vessels’ ability to perform to specifications and maintain their hire rates in the future;
|
•
|
our expectations regarding the ability of Skaugen, YLNG, Awilco and our other customers to make charter payments to us, and the ability of our customers to fulfill purchase obligations at the end of charter contracts, including obligations relating to two of our LNG carriers completing charters with Awilco in 2019;
|
•
|
our ability to maximize the use of our vessels, including the redeployment or disposition of vessels no longer under long-term charter or whose charter contract are expiring;
|
•
|
our expectations regarding our ability to sell the
European Spirit
;
|
•
|
the future resumption of the LNG plant in Yemen operated by YLNG, the expected repayment of deferred hire amounts on our two 52% owned vessels, the
Marib Spirit
and
Arwa Spirit
, on charter to YLNG, and the expected reduction to our equity income in 2017 as a result of the charter payment deferral;
|
•
|
our expectations regarding the expected charter contract commencement for two of our 52% owned LNG carriers in the Teekay LNG-Marubeni Joint Venture;
|
•
|
expected purchases and deliveries of newbuilding vessels, the newbuildings’ commencement of service under charter contracts, and estimated costs for newbuilding vessels;
|
•
|
the ability of us and our joint venture partners to obtain financing for unfinanced newbuilding vessels under construction;
|
•
|
expected financing for capital expenditures, vessel installments and our joint ventures;
|
•
|
our expectations regarding the schedule and performance of the Bahrain LNG Joint Venture and Bahrain LNG project and our expectations regarding the supply, modification, charter and timing of completion of the conversion of the FSU vessel for the project;
|
•
|
the expected cost of supervision and crew training in relation to the Pan Union Joint Venture, and our expected recovery of a portion of those costs;
|
•
|
our ability to maintain long-term relationships with major LNG and LPG importers and exporters and major crude oil companies;
|
•
|
our ability to leverage to our advantage Teekay Corporation’s relationships and reputation in the shipping industry;
|
•
|
our continued ability to enter into long-term, fixed-rate time-charters with our LNG and LPG customers;
|
•
|
our expectations regarding whether the UK taxing authority can successfully challenge the tax benefits available under certain of our former and current leasing arrangements, and the potential financial exposure to us if such a challenge is successful;
|
•
|
our hedging activities relating to foreign exchange, interest rate and spot market risks, and the effects of fluctuations in foreign exchange, interest rate and spot market rates on our business and results of operations;
|
•
|
the potential impact of new accounting guidance;
|
•
|
our expectations regarding the possibility of goodwill impairment;
|
•
|
anticipated taxation of our partnership and its subsidiaries;
|
•
|
our establishment of Teekay Multigas Pool L.L.C. and the expected size thereof; and
|
•
|
our business strategy and other plans and objectives for future operations.
|
|
|
Expected Maturity Date
|
|
|
|
|
||||||||||||
|
|
Remainder of 2017
|
|
|
|
|
|
|
|
|
|
There-after
|
|
|
|
Fair Value Liability
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Total
|
|
Rate
(1)
|
||||||
|
|
(in millions of U.S. Dollars, except percentages)
|
||||||||||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variable Rate ($U.S.)
(2)
|
|
41.6
|
|
463.9
|
|
78.9
|
|
210.0
|
|
183.4
|
|
295.2
|
|
1,273.0
|
|
(1,237.8)
|
|
2.8%
|
Variable Rate (Euro)
(3)(4)
|
|
4.5
|
|
140.2
|
|
10.0
|
|
10.8
|
|
11.5
|
|
56.8
|
|
233.8
|
|
(224.6)
|
|
1.2%
|
Variable Rate (NOK)
(4)(5)
|
|
—
|
|
113.0
|
|
—
|
|
125.6
|
|
150.7
|
|
—
|
|
389.3
|
|
(395.5)
|
|
5.6%
|
Capital Lease Obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed-Rate ($U.S.)
(6)
|
|
37.2
|
|
85.1
|
|
58.2
|
|
62.5
|
|
56.8
|
|
404.5
|
|
704.3
|
|
(704.3)
|
|
4.4%
|
Average Interest Rate
(7)
|
|
4.5%
|
|
5.2%
|
|
4.6%
|
|
4.6%
|
|
4.6%
|
|
4.1%
|
|
4.4%
|
|
|
|
|
Interest Rate Swaps:
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract Amount ($U.S.)
(9)
|
|
34.8
|
|
242.5
|
|
165.4
|
|
188.1
|
|
35.9
|
|
241.3
|
|
908.0
|
|
(50.0)
|
|
3.4%
|
Average Fixed Pay Rate
(2)
|
|
4.5%
|
|
3.6%
|
|
2.7%
|
|
3.3%
|
|
3.4%
|
|
3.4%
|
|
3.4%
|
|
|
|
|
Contract Amount (Euro)
(4)(10)
|
|
4.5
|
|
140.2
|
|
10.0
|
|
10.7
|
|
11.6
|
|
56.8
|
|
233.8
|
|
(30.8)
|
|
3.1%
|
Average Fixed Pay Rate
(3)
|
|
3.1%
|
|
2.6%
|
|
3.7%
|
|
3.7%
|
|
3.7%
|
|
3.9%
|
|
3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Rate refers to the weighted-average interest rates for our long-term debt and capital lease obligations, including the margin we pay on our floating-rate debt and the average fixed pay rate for our interest rate swap agreements. The average interest rate for our capital lease obligations is the weighted-average interest rate implicit in our lease obligations at the inception of the leases. The average fixed pay rate for our interest rate swaps excludes the margin we pay on our floating-rate term loans, which as of
September 30, 2017
ranged from
0.30%
to
2.80%
. Please read “Item 1 – Financial Statements: Note 7 – Long-Term Debt”.
|
(2)
|
Interest payments on U.S. Dollar-denominated debt and interest rate swaps are based on LIBOR. The repayment amounts exclude a non-interest bearing loan of $10.0 million and reflect the refinancing completed in November 2017 of one of our revolving credit facility scheduled to mature in 2017 with a new $190.0 million revolving credit facility maturing in November 2018.
|
(3)
|
Interest payments on Euro-denominated debt and interest rate swaps are based on EURIBOR.
|
(4)
|
Euro-denominated and NOK-denominated amounts have been converted to U.S. Dollars using the prevailing exchange rate as of
September 30, 2017
.
|
(5)
|
Interest payments on our NOK-denominated debt and on our cross-currency swaps are based on NIBOR. Our NOK-denominated bonds have been economically hedged with cross-currency swaps, to swap all interest and principal payments into U.S. Dollars, with the respective interest payments fixed at rates ranging from
5.92%
to
7.70%
, and the transfer of principal locked in at
$430.5 million
upon maturities. Please see below in the foreign currency fluctuation section and read “Item 1 – Financial Statements: Note 10 – Derivative Instruments and Hedging Activities”.
|
(6)
|
The amount of capital lease obligations represents the present value of minimum lease payments together with our purchase obligation, as applicable.
|
(7)
|
The average interest rate is the weighted-average interest rate implicit in the capital lease obligations at the inception of the leases. Interest rate adjustments on these leases have corresponding adjustments in charter receipts under the terms of the charter contracts to which these leases relate.
|
(8)
|
The table above does not reflect our swaption agreements, whereby we have a one-time option to enter into an interest rate swap at a fixed rate with a third party, and the third party has a one-time option to require us to enter into an interest rate swap at a fixed rate. If we or the third party exercises its option, there will be cash settlements for the fair value of the interest rate swap in lieu of taking delivery of the actual interest rate swap. The net fair value of the interest rate swaption agreements as at
September 30, 2017
was a liability of
$0.5 million
. Please read “Item 1 - Financial Statements: Note 10 - Derivative Instruments and Hedging Activities”.
|
(9)
|
The average variable receive rate for our U.S. Dollar-denominated interest rate swaps is set at 3-month or 6-month LIBOR.
|
(10)
|
The average variable receive rate for our Euro-denominated interest rate swaps is set at 1-month EURIBOR.
|
•
|
REGISTRATION STATEMENT ON FORM S-8 (NO.333-124647) FILED WITH THE SEC ON MAY 5, 2005
|
•
|
REGISTRATION STATEMENT ON FORM F-3 (NO.333-220967) FILED WITH THE SEC ON OCTOBER 16, 2017
|
|
|
|
|
TEEKAY LNG PARTNERS L.P.
|
|
|
|
|
|
||
|
|
|
|
By:
|
Teekay GP L.L.C., its general partner
|
|
|
|
|
||
Date: November 24, 2017
|
|
|
|
By:
|
/s/ Edith Robinson
|
|
|
|
|
Edith Robinson
|
|
|
|
|
|
Secretary
|
|
|
|
|
|
|
1 Year Teekay Lng Partners Chart |
1 Month Teekay Lng Partners Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions