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 March 31,
|
||||
|
2020
|
|
2019
|
||
|
$
|
|
$
|
||
Voyage revenues (notes 6 and 10a)
|
139,887
|
|
|
149,744
|
|
Voyage expenses
|
(2,317
|
)
|
|
(5,775
|
)
|
Vessel operating expenses (note 10a)
|
(26,104
|
)
|
|
(26,101
|
)
|
Time-charter hire expenses (notes 5b and 10a)
|
(5,922
|
)
|
|
(5,591
|
)
|
Depreciation and amortization
|
(32,639
|
)
|
|
(34,126
|
)
|
General and administrative expenses (note 10a)
|
(6,167
|
)
|
|
(6,632
|
)
|
Write-down of vessels (note 15)
|
(45,000
|
)
|
|
—
|
|
Restructuring charges (note 14)
|
—
|
|
|
(2,158
|
)
|
Income from vessel operations
|
21,738
|
|
|
69,361
|
|
Equity income (notes 7 and 10a)
|
373
|
|
|
5,578
|
|
Interest expense
|
(36,704
|
)
|
|
(42,217
|
)
|
Interest income (note 7)
|
2,370
|
|
|
1,078
|
|
Realized and unrealized loss on non-designated derivative instruments (note 11)
|
(20,471
|
)
|
|
(6,617
|
)
|
Foreign currency exchange gain (loss) (notes 8 and 11)
|
4,739
|
|
|
(731
|
)
|
Other (expense) income
|
(361
|
)
|
|
251
|
|
Net (loss) income before income tax expense
|
(28,316
|
)
|
|
26,703
|
|
Income tax expense (note 9)
|
(2,512
|
)
|
|
(2,578
|
)
|
Net (loss) income
|
(30,828
|
)
|
|
24,125
|
|
Non-controlling interest in net income
|
2,166
|
|
|
2,508
|
|
Preferred unitholders' interest in net income
|
6,425
|
|
|
6,425
|
|
General partner's interest in net (loss) income
|
(789
|
)
|
|
304
|
|
Limited partners’ interest in net (loss) income
|
(38,630
|
)
|
|
14,888
|
|
Limited partners’ interest in net (loss) income per common unit (note 13):
|
|
|
|
|
|
• Basic
|
(0.50
|
)
|
|
0.19
|
|
• Diluted
|
(0.50
|
)
|
|
0.19
|
|
Weighted-average number of common units outstanding (note 13):
|
|
|
|
|
|
• Basic
|
77,071,647
|
|
78,598,678
|
|
|
• Diluted
|
77,071,647
|
|
78,680,661
|
|
|
Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
|
$
|
|
$
|
||
Net (loss) income
|
(30,828
|
)
|
|
24,125
|
|
Other comprehensive loss:
|
|
|
|
|
|
Other comprehensive loss before reclassifications
|
|
|
|
|
|
Unrealized loss on qualifying cash flow hedging instruments, net of tax
|
(57,553
|
)
|
|
(21,489
|
)
|
Amounts reclassified from accumulated other comprehensive loss, net of tax
|
|
|
|
|
|
To equity income:
|
|
|
|
|
|
Realized loss (gain) on qualifying cash flow hedging instruments
|
3,504
|
|
|
(500
|
)
|
To interest expense:
|
|
|
|
||
Realized loss (gain) on qualifying cash flow hedging instruments (note 11)
|
152
|
|
|
(251
|
)
|
Other comprehensive loss
|
(53,897
|
)
|
|
(22,240
|
)
|
Comprehensive (loss) income
|
(84,725
|
)
|
|
1,885
|
|
Non-controlling interest in comprehensive (loss) income
|
(586
|
)
|
|
1,658
|
|
Preferred unitholders' interest in comprehensive income
|
6,425
|
|
|
6,425
|
|
General and limited partners' interest in comprehensive loss
|
(90,564
|
)
|
|
(6,198
|
)
|
|
As at March 31,
2020
|
|
As at December 31,
2019
|
||
|
$
|
|
$
|
||
ASSETS
|
|
|
|
||
Current
|
|
|
|
||
Cash and cash equivalents
|
312,710
|
|
|
160,221
|
|
Restricted cash – current (note 16)
|
37,032
|
|
|
53,689
|
|
Accounts receivable, including non-trade of $5,533 (2019 – $10,688)
|
10,592
|
|
|
13,460
|
|
Prepaid expenses
|
7,780
|
|
|
6,796
|
|
Current portion of derivative assets (note 11)
|
—
|
|
|
355
|
|
Current portion of net investments in direct financing and sales-type leases (note 6)
|
13,740
|
|
|
273,986
|
|
Advances to affiliates (note 10b)
|
5,474
|
|
|
5,143
|
|
Other current assets
|
237
|
|
|
238
|
|
Total current assets
|
387,565
|
|
|
513,888
|
|
|
|
|
|
||
Restricted cash – long-term (note 16)
|
76,496
|
|
|
39,381
|
|
|
|
|
|
||
Vessels and equipment
|
|
|
|
||
At cost, less accumulated depreciation of $693,794 (2019 – $711,758)
|
1,272,433
|
|
|
1,335,397
|
|
Vessels related to finance leases, at cost, less accumulated depreciation
of $121,707 (2019 – $109,853) (note 5a) |
1,686,634
|
|
|
1,691,945
|
|
Operating lease right-of-use assets (note 5b)
|
30,882
|
|
|
34,157
|
|
Total vessels and equipment
|
2,989,949
|
|
|
3,061,499
|
|
Investments in and advances to equity-accounted joint ventures (note 7)
|
1,065,389
|
|
|
1,155,316
|
|
Net investments in direct financing and sales-type leases (note 6)
|
529,943
|
|
|
544,823
|
|
Other assets
|
16,169
|
|
|
14,738
|
|
Derivative assets (note 11)
|
—
|
|
|
1,834
|
|
Intangible assets – net
|
41,152
|
|
|
43,366
|
|
Goodwill
|
34,841
|
|
|
34,841
|
|
Total assets
|
5,141,504
|
|
|
5,409,686
|
|
|
|
|
|
||
LIABILITIES AND EQUITY
|
|
|
|
||
Current
|
|
|
|
||
Accounts payable
|
1,633
|
|
|
5,094
|
|
Accrued liabilities (notes 11 and 14)
|
76,796
|
|
|
76,752
|
|
Unearned revenue (note 6)
|
25,832
|
|
|
28,759
|
|
Current portion of long-term debt (note 8)
|
328,384
|
|
|
393,065
|
|
Current obligations related to finance leases (note 5a)
|
70,455
|
|
|
69,982
|
|
Current portion of operating lease liabilities (note 5b)
|
13,524
|
|
|
13,407
|
|
Current portion of derivative liabilities (note 11)
|
66,852
|
|
|
38,458
|
|
Advances from affiliates (note 10b)
|
8,372
|
|
|
7,003
|
|
Total current liabilities
|
591,848
|
|
|
632,520
|
|
Long-term debt (note 8)
|
1,356,766
|
|
|
1,438,331
|
|
Long-term obligations related to finance leases (note 5a)
|
1,323,069
|
|
|
1,340,922
|
|
Long-term operating lease liabilities (note 5b)
|
17,357
|
|
|
20,750
|
|
Derivative liabilities (note 11)
|
96,453
|
|
|
51,006
|
|
Other long-term liabilities (note 12b)
|
53,460
|
|
|
49,182
|
|
Total liabilities
|
3,438,953
|
|
|
3,532,711
|
|
Commitments and contingencies (notes 5, 8, 11 and 12)
|
|
|
|
|
|
|
|
|
|
||
Equity
|
|
|
|
||
Limited partners - common units (Unlimited units authorized; 76.2 million units and 77.5 million units issued and outstanding at March 31, 2020 and December 31, 2019, respectively)
|
1,425,960
|
|
|
1,543,598
|
|
Limited partners - preferred units (11.9 million units authorized; 11.8 million units issued and outstanding at March 31, 2020 and December 31, 2019)
|
285,159
|
|
|
285,159
|
|
General partner
|
47,839
|
|
|
50,241
|
|
Accumulated other comprehensive loss
|
(108,457
|
)
|
|
(57,312
|
)
|
Partners' equity
|
1,650,501
|
|
|
1,821,686
|
|
Non-controlling interest
|
52,050
|
|
|
55,289
|
|
Total equity
|
1,702,551
|
|
|
1,876,975
|
|
Total liabilities and total equity
|
5,141,504
|
|
|
5,409,686
|
|
|
Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
|
$
|
|
$
|
||
Cash and cash equivalents provided by (used for)
|
|
|
|
||
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
||
Net (loss) income
|
(30,828
|
)
|
|
24,125
|
|
Non-cash and non-operating items:
|
|
|
|
||
Unrealized loss on non-designated derivative instruments (note 11)
|
17,319
|
|
|
4,232
|
|
Depreciation and amortization
|
32,639
|
|
|
34,126
|
|
Write-down of vessels (note 15)
|
45,000
|
|
|
—
|
|
Unrealized foreign currency exchange gain
|
(6,931
|
)
|
|
(1,767
|
)
|
Equity income, net of dividends received $6,500 (2019 – $7,008)
|
6,127
|
|
|
1,430
|
|
Amortization of deferred financing issuance costs included in interest expense
|
1,534
|
|
|
3,731
|
|
Other non-cash items
|
1,487
|
|
|
6,223
|
|
Change in non-cash operating assets and liabilities
|
(495
|
)
|
|
(17,596
|
)
|
Receipts from direct financing and sales-type leases
|
264,072
|
|
|
3,025
|
|
Expenditures for dry docking
|
(1,191
|
)
|
|
(4,279
|
)
|
Net operating cash flow
|
328,733
|
|
|
53,250
|
|
|
|
|
|
||
Proceeds from issuance of long-term debt
|
384,149
|
|
|
108,551
|
|
Scheduled repayments of long-term debt
|
(27,785
|
)
|
|
(29,476
|
)
|
Prepayments of long-term debt
|
(445,047
|
)
|
|
(140,787
|
)
|
Financing issuance costs
|
(2,601
|
)
|
|
(903
|
)
|
Proceeds from financing related to sales and leaseback of vessels
|
—
|
|
|
158,680
|
|
Scheduled repayments of obligations related to finance leases
|
(17,380
|
)
|
|
(17,664
|
)
|
Repurchase of common units (note 13)
|
(15,635
|
)
|
|
(9,497
|
)
|
Cash distributions paid
|
(21,438
|
)
|
|
(17,646
|
)
|
Acquisition of non-controlling interest in certain of the Partnership's subsidiaries (note 10d)
|
(2,219
|
)
|
|
—
|
|
Dividends paid to non-controlling interest
|
—
|
|
|
(20
|
)
|
Net financing cash flow
|
(147,956
|
)
|
|
51,238
|
|
|
|
|
|
||
Expenditures for vessels and equipment
|
(7,830
|
)
|
|
(123,884
|
)
|
Capital contributions and advances to equity-accounted joint ventures
|
—
|
|
|
(2,864
|
)
|
Net investing cash flow
|
(7,830
|
)
|
|
(126,748
|
)
|
|
|
|
|
||
Increase (decrease) in cash, cash equivalents and restricted cash
|
172,947
|
|
|
(22,260
|
)
|
Cash, cash equivalents and restricted cash, beginning of the period
|
253,291
|
|
|
222,864
|
|
Cash, cash equivalents and restricted cash, end of the period
|
426,238
|
|
|
200,604
|
|
|
TOTAL EQUITY
|
||||||||||||||||||||||
|
Partners’ Equity
|
|
|
|
|
||||||||||||||||||
|
Limited
Partners
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Common Units
|
|
Common Units
|
|
Preferred Units
|
|
Preferred Units
|
|
General
Partner
|
|
Accumulated Other Comprehensive Loss
|
|
Non- controlling Interest
|
|
Total
|
||||||||
|
#
|
|
$
|
|
#
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
||||||||
Balance as at December 31, 2019
|
77,510
|
|
|
1,543,598
|
|
|
11,800
|
|
|
285,159
|
|
|
50,241
|
|
|
(57,312
|
)
|
|
55,289
|
|
|
1,876,975
|
|
Net (loss) income
|
—
|
|
|
(38,630
|
)
|
|
—
|
|
|
6,425
|
|
|
(789
|
)
|
|
—
|
|
|
2,166
|
|
|
(30,828
|
)
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51,145
|
)
|
|
(2,752
|
)
|
|
(53,897
|
)
|
Distributions declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Common units ($0.19 per unit)
|
—
|
|
|
(14,713
|
)
|
|
—
|
|
|
—
|
|
|
(300
|
)
|
|
—
|
|
|
—
|
|
|
(15,013
|
)
|
Preferred units Series A ($0.5625 per unit)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,812
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,812
|
)
|
Preferred units Series B ($0.5313 per unit)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,613
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,613
|
)
|
Change in accounting policy (note 2)
|
—
|
|
|
(49,810
|
)
|
|
—
|
|
|
—
|
|
|
(1,016
|
)
|
|
—
|
|
|
(2,474
|
)
|
|
(53,300
|
)
|
Equity-based compensation
|
35
|
|
|
208
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
212
|
|
Other (note 10d)
|
—
|
|
|
629
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
(179
|
)
|
|
462
|
|
Repurchase of common units (note 13)
|
(1,373
|
)
|
|
(15,322
|
)
|
|
—
|
|
|
—
|
|
|
(313
|
)
|
|
—
|
|
|
—
|
|
|
(15,635
|
)
|
Balance as at March 31, 2020
|
76,172
|
|
|
1,425,960
|
|
|
11,800
|
|
|
285,159
|
|
|
47,839
|
|
|
(108,457
|
)
|
|
52,050
|
|
|
1,702,551
|
|
|
TOTAL EQUITY
|
||||||||||||||||||||||
|
Partners’ Equity
|
|
|
|
|
||||||||||||||||||
|
Limited
Partners
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Common Units
|
|
Common Units
|
|
Preferred Units
|
|
Preferred Units
|
|
General
Partner
|
|
Accumulated Other Comprehensive
Income (Loss)
|
|
Non- controlling Interest
|
|
Total
|
||||||||
|
#
|
|
$
|
|
#
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
||||||||
Balance as at December 31, 2018
|
79,361
|
|
|
1,496,107
|
|
|
11,800
|
|
|
285,159
|
|
|
49,271
|
|
|
2,717
|
|
|
49,343
|
|
|
1,882,597
|
|
Net income
|
—
|
|
|
14,888
|
|
|
—
|
|
|
6,425
|
|
|
304
|
|
|
—
|
|
|
2,508
|
|
|
24,125
|
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,390
|
)
|
|
(850
|
)
|
|
(22,240
|
)
|
Distributions declared:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Common units ($0.14 per unit)
|
—
|
|
|
(10,997
|
)
|
|
—
|
|
|
—
|
|
|
(224
|
)
|
|
—
|
|
|
—
|
|
|
(11,221
|
)
|
Preferred units Series A ($0.5625 per unit)
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,812
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,812
|
)
|
Preferred units Series B ($0.5313 per unit)
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,613
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,613
|
)
|
Dividends paid to non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
(20
|
)
|
Change in accounting policy
|
—
|
|
|
1,777
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
(4,831
|
)
|
|
—
|
|
|
(3,017
|
)
|
Equity-based compensation, net of
nominal withholding tax |
81
|
|
|
810
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
827
|
|
Repurchase of common units (note 13)
|
(815
|
)
|
|
(9,307
|
)
|
|
—
|
|
|
—
|
|
|
(190
|
)
|
|
—
|
|
|
—
|
|
|
(9,497
|
)
|
Balance as at March 31, 2019
|
78,627
|
|
|
1,493,278
|
|
|
11,800
|
|
|
285,159
|
|
|
49,215
|
|
|
(23,504
|
)
|
|
50,981
|
|
|
1,855,129
|
|
1.
|
Basis of Presentation
|
2.
|
Accounting Pronouncements
|
3.
|
Financial Instruments
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||
|
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 (note 17a)
|
Level 1
|
|
426,238
|
|
|
426,238
|
|
|
253,291
|
|
|
253,291
|
|
Derivative instruments (note 11)
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements – assets
|
Level 2
|
|
—
|
|
|
—
|
|
|
2,210
|
|
|
2,210
|
|
Interest rate swap agreements – liabilities
|
Level 2
|
|
(74,153
|
)
|
|
(74,153
|
)
|
|
(50,447
|
)
|
|
(50,447
|
)
|
Foreign currency contracts
|
Level 2
|
|
—
|
|
|
—
|
|
|
(202
|
)
|
|
(202
|
)
|
Cross currency swap agreements – liabilities
|
Level 2
|
|
(92,153
|
)
|
|
(92,153
|
)
|
|
(42,104
|
)
|
|
(42,104
|
)
|
Non-recurring:
|
|
|
|
|
|
|
|
|
|
||||
Vessels and equipment (note 15)
|
Level 2
|
|
98,021
|
|
|
98,021
|
|
|
—
|
|
|
—
|
|
Other:
|
|
|
|
|
|
|
|
|
|
||||
Loans to equity-accounted joint ventures (note 7)
|
(i)
|
|
125,641
|
|
|
(i)
|
|
|
126,546
|
|
|
(i)
|
|
Long-term debt – public (note 8)
|
Level 1
|
|
(292,229
|
)
|
|
(275,118
|
)
|
|
(345,824
|
)
|
|
(358,005
|
)
|
Long-term debt – non-public (note 8)
|
Level 2
|
|
(1,392,921
|
)
|
|
(1,366,296
|
)
|
|
(1,485,572
|
)
|
|
(1,474,208
|
)
|
Obligations related to finance leases (note 5a)
|
Level 2
|
|
(1,393,524
|
)
|
|
(1,442,929
|
)
|
|
(1,410,904
|
)
|
|
(1,434,910
|
)
|
(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.
|
|
|
Amortized Cost Basis by Origination Year
|
|
|
||||||||||
|
|
Credit Quality Grade (1)
|
|
2018
|
|
2016
|
|
Prior to 2016
|
|
Total (2)(3)
|
||||
As at March 31, 2020
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|||||
Direct financing and sales-type leases
|
|
|
|
|
|
|
|
|
|
|
||||
Tangguh Hiri and Tangguh Sago
|
|
Performing
|
|
—
|
|
|
—
|
|
|
341,181
|
|
|
341,181
|
|
Bahrain Spirit
|
|
Performing
|
|
213,557
|
|
|
—
|
|
|
—
|
|
|
213,557
|
|
|
|
|
|
213,557
|
|
|
—
|
|
|
341,181
|
|
|
554,738
|
|
Loans to equity-accounted joint ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exmar LPG Joint Venture
|
|
Performing
|
|
—
|
|
|
—
|
|
|
52,266
|
|
|
52,266
|
|
Bahrain LNG Joint Venture
|
|
Performing
|
|
—
|
|
|
73,375
|
|
|
—
|
|
|
73,375
|
|
|
|
|
|
—
|
|
|
73,375
|
|
|
52,266
|
|
|
125,641
|
|
|
|
|
|
213,557
|
|
|
73,375
|
|
|
393,447
|
|
|
680,379
|
|
(1)
|
The Partnership's credit quality grades are based on internal risk credit ratings whereby a credit quality grade of performing is consistent with a low likelihood of loss. The Partnership assesses the credit quality of its direct financing and sales-type leases and loan to the Exmar LPG Joint Venture on whether there are no past due payments, no concessions granted to the counterparties and whether the Partnership is aware of any other information that would indicate that there is a material increase of likelihood of loss. The same policy is applied by the equity-accounted joint ventures. As at March 31, 2020, all direct financing and sales-type leases held by the Partnership’s equity-accounted joint ventures had a credit quality grade of performing. The Partnership assesses the credit quality of its loan to the Bahrain LNG Joint Venture based on whether there are any past due payments from the Bahrain LNG Joint Venture’s primary customer, whether the Bahrain LNG Joint Venture has granted any concessions to its primary customer and whether the Partnership is aware of any other information that would indicate that there is a material increase of likelihood of loss.
|
(2)
|
The Partnership considers a financial asset to be past due when payment is not made with 30 days of it being owed, assuming there is no dispute or other uncertainty regarding the amount owing. As at and for the three months ended March 31, 2020, none of the Partnership's direct financing and sales-type leases and loans to equity-accounted joint ventures were past due.
|
(3)
|
The Partnership discontinues accrual of interest if collection of required payments is no longer probable, and in those situations recognizes payments received on non-accrual assets on a cash basis method, until collection of required payments becomes probable. As at and for the three months ended March 31, 2020, none of the Partnership's direct financing and sales-type leases and loans to equity-accounted joint ventures were on non-accrual status.
|
|
Direct financing and sales-type leases (1)
$
|
|
Direct financing and sales-type leases and other within equity-accounted joint ventures (1)
$
|
|
Loans to equity-accounted joint ventures (2)
$
|
|
Guarantees of debt (3)
$
|
|
Total
$
|
|||||
As at January 1, 2020
|
11,155
|
|
|
36,292
|
|
|
3,714
|
|
|
2,139
|
|
|
53,300
|
|
Provision for expected credit losses
|
(100
|
)
|
|
8,980
|
|
|
—
|
|
|
—
|
|
|
8,880
|
|
As at March 31, 2020
|
11,055
|
|
|
45,272
|
|
|
3,714
|
|
|
2,139
|
|
|
62,180
|
|
(1)
|
The credit loss provision related to the lease receivable component of the net investment in direct financing and sales-type leases is based on an internal historical loss rate, as adjusted when asset specific risk characteristics of the existing lease receivables at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. As at January 1, 2020 and March 31, 2020, the internal historical loss rate was adjusted downwards on two LNG projects to reflect that the counterparties had investment grade credit ratings. In addition, the internal historical loss rate was adjusted upwards for one LNG project to reflect a lower credit rating for the counterparty, including consideration of the critical infrastructure nature of assets, and a second LNG project to reflect a larger risk of loss given default as the vessels servicing this project have fewer opportunities for redeployment compared to the Partnership’s other LNG carriers. The credit loss provision for the residual value component is based on a reversion like methodology whereby the current estimated fair value of the vessel as depreciated to the end of the charter contract as compared to the expected carrying value, with such potential gain or loss on maturity being included in the credit loss provision in increasing magnitude on a straight-line basis the closer the contract is to its maturity. Risks related to the net investments in direct financing and sales-type leases consist of risks related to the underlying LNG projects and demand for LNG carriers at the end of the contracts. The provision for expected credit loss as at January 1, 2020 and March 31, 2020 has been developed in part based on the Partnership's understanding that LNG production is critical infrastructure. In addition, the provision for expected credit loss as at March 31, 2020, within the Partnership's equity-accounted joint ventures reflects the commencement of the sales-type lease for the Bahrain regasification terminal and associated FSU in January 2020. The credit loss provision of $9.0 million for the three months ended March 31, 2020 relating to the direct financing and sales-type leases and other within the Partnership's equity-accounted joint ventures are included in equity income. The credit loss provision recorded for the Partnership's direct financing and sale-type leases of $0.1 million for the three months ended March 31, 2020 are included in other (expense) income.
|
(2)
|
The determination of the credit loss provision for such loans is based an internal historical loss rate of the Partnership and its affiliates, as adjusted when asset specific risk characteristics of the existing loans at the reporting date are not consistent with those used to measure the internal historical loss rate and as further adjusted when management expects current conditions and reasonable and supportable forecasts to differ from the conditions that existed to measure the internal historical loss rate. These two loans rank behind secured debt in each equity-accounted joint venture. As such, they are similar to equity in terms of risk. The Exmar LPG Joint Venture owns and charters-in LPG carriers with a primary focus on mid-size gas carriers. Their vessels are trading on the spot market or short-term charters. Adverse changes in the spot market for mid-size LPG carriers, as well as operating costs for such vessels, may impact the ability of the Exmar LPG Joint Venture to repay its loan to the Partnership. The Bahrain LNG Joint Venture owns an LNG receiving
|
(3)
|
The determination of the credit loss provision for such guarantees was based on a probability of default and loss given default methodology. The overall estimated loss from default as a percentage of the outstanding guaranteed share of secured loan facilities and finance leases considers current and future operational performance of the vessels securing the loan facilities and finance leases and current and future expectations of the proceeds that could be received from sale of the vessels securing the loan facilities and finance leases in comparison to the outstanding principal amount if the Partnership was called on its guarantees. See Note 7c relating to the guarantees the Partnership provides for its equity-accounted joint ventures.
|
4.
|
Segment Reporting
|
|
|
Three Months Ended March 31,
|
||||||||||
|
|
2020
|
||||||||||
|
|
Liquefied Natural Gas
Segment
$
|
|
Liquefied Petroleum Gas
Segment
$
|
|
Conventional
Tanker
Segment
$
|
|
Total
$
|
||||
Voyage revenues
|
|
132,570
|
|
|
7,317
|
|
|
—
|
|
|
139,887
|
|
Voyage expenses
|
|
(1,029
|
)
|
|
(1,288
|
)
|
|
—
|
|
|
(2,317
|
)
|
Vessel operating expenses
|
|
(22,092
|
)
|
|
(4,012
|
)
|
|
—
|
|
|
(26,104
|
)
|
Time-charter hire expense
|
|
(5,922
|
)
|
|
—
|
|
|
—
|
|
|
(5,922
|
)
|
Depreciation and amortization
|
|
(30,592
|
)
|
|
(2,047
|
)
|
|
—
|
|
|
(32,639
|
)
|
General and administrative expenses(i)
|
|
(5,753
|
)
|
|
(414
|
)
|
|
—
|
|
|
(6,167
|
)
|
Write-down of vessels
|
|
—
|
|
|
(45,000
|
)
|
|
—
|
|
|
(45,000
|
)
|
Income (loss) from vessel operations
|
|
67,182
|
|
|
(45,444
|
)
|
|
—
|
|
|
21,738
|
|
Equity income
|
|
182
|
|
|
191
|
|
|
—
|
|
|
373
|
|
|
|
Three Months Ended March 31,
|
||||||||||
|
|
2019
|
||||||||||
|
|
Liquefied Natural Gas
Segment
$
|
|
Liquefied Petroleum Gas
Segment
$
|
|
Conventional
Tanker
Segment
$
|
|
Total
$
|
||||
Voyage revenues
|
|
137,822
|
|
|
9,160
|
|
|
2,762
|
|
|
149,744
|
|
Voyage (expenses) recoveries
|
|
(1,238
|
)
|
|
(4,670
|
)
|
|
133
|
|
|
(5,775
|
)
|
Vessel operating expenses
|
|
(20,555
|
)
|
|
(4,352
|
)
|
|
(1,194
|
)
|
|
(26,101
|
)
|
Time-charter hire expense
|
|
(5,591
|
)
|
|
—
|
|
|
—
|
|
|
(5,591
|
)
|
Depreciation and amortization
|
|
(31,686
|
)
|
|
(1,921
|
)
|
|
(519
|
)
|
|
(34,126
|
)
|
General and administrative expenses(i)
|
|
(5,963
|
)
|
|
(563
|
)
|
|
(106
|
)
|
|
(6,632
|
)
|
Restructuring charges
|
|
—
|
|
|
—
|
|
|
(2,158
|
)
|
|
(2,158
|
)
|
Income (loss) from vessel operations
|
|
72,789
|
|
|
(2,346
|
)
|
|
(1,082
|
)
|
|
69,361
|
|
Equity income (loss)
|
|
7,493
|
|
|
(1,915
|
)
|
|
—
|
|
|
5,578
|
|
(i)
|
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
|
|
|
March 31,
2020 |
|
December 31,
2019
|
||
|
|
$
|
|
$
|
||
Total assets of the liquefied natural gas segment
|
|
4,550,315
|
|
|
4,924,627
|
|
Total assets of the liquefied petroleum gas segment
|
|
273,005
|
|
|
319,695
|
|
Unallocated:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
312,710
|
|
|
160,221
|
|
Advances to affiliates
|
|
5,474
|
|
|
5,143
|
|
Consolidated total assets
|
|
5,141,504
|
|
|
5,409,686
|
|
5.
|
Chartered-in Vessels
|
|
|
March 31,
2020 $ |
|
December 31,
2019 $ |
||
Total obligations related to finance leases
|
|
1,393,524
|
|
|
1,410,904
|
|
Less current portion
|
|
(70,455
|
)
|
|
(69,982
|
)
|
Long-term obligations related to finance leases
|
|
1,323,069
|
|
|
1,340,922
|
|
|
|
Commitments as at
|
||
Year
|
|
March 31, 2020
|
||
Remainder of 2020
|
|
$
|
105,096
|
|
2021
|
|
$
|
138,601
|
|
2022
|
|
$
|
136,959
|
|
2023
|
|
$
|
135,459
|
|
2024
|
|
$
|
132,011
|
|
Thereafter
|
|
$
|
1,198,366
|
|
6.
|
Revenue
|
|
Three Months Ended March 31, 2020
|
||||||||||
|
Liquefied Natural Gas
Segment
$
|
|
Liquefied
Petroleum Gas
Segment
$
|
|
Conventional
Tanker
Segment
$
|
|
Total
$
|
||||
Time charters
|
130,545
|
|
|
—
|
|
|
—
|
|
|
130,545
|
|
Voyage charters
|
—
|
|
|
7,317
|
|
|
—
|
|
|
7,317
|
|
Management fees and other income
|
2,025
|
|
|
—
|
|
|
—
|
|
|
2,025
|
|
|
132,570
|
|
|
7,317
|
|
|
—
|
|
|
139,887
|
|
|
Three Months Ended March 31, 2019
|
||||||||||
|
Liquefied Natural Gas
Segment
$
|
|
Liquefied
Petroleum Gas
Segment
$
|
|
Conventional
Tanker
Segment
$
|
|
Total
$
|
||||
Time charters
|
130,775
|
|
|
—
|
|
|
2,762
|
|
|
133,537
|
|
Voyage charters
|
—
|
|
|
9,160
|
|
|
—
|
|
|
9,160
|
|
Bareboat charters
|
6,062
|
|
|
—
|
|
|
—
|
|
|
6,062
|
|
Management fees and other income
|
985
|
|
|
—
|
|
|
—
|
|
|
985
|
|
|
137,822
|
|
|
9,160
|
|
|
2,762
|
|
|
149,744
|
|
|
Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
|
$
|
|
$
|
||
Lease revenue
|
|
|
|
||
Lease revenue from lease payments of operating leases
|
119,599
|
|
|
129,760
|
|
Interest income on lease receivables
|
12,666
|
|
|
12,794
|
|
Variable lease payments - cost reimbursements(1)
|
1,057
|
|
|
680
|
|
|
133,322
|
|
|
143,234
|
|
Non-lease revenue
|
|
|
|
|
|
Non-lease revenue - related to sales-type or direct financing leases
|
4,540
|
|
|
5,525
|
|
Management fees and other income
|
2,025
|
|
|
985
|
|
|
6,565
|
|
|
6,510
|
|
Total
|
139,887
|
|
|
149,744
|
|
(1)
|
Reimbursements for vessel operating expenditures and dry-docking expenditures received from the Partnership's customers relating to such costs incurred by the Partnership to operate the vessel for the customer pursuant to charters accounted for as operating leases.
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||
|
|
$
|
|
$
|
||
U.S. Dollar-denominated Revolving Credit Facilities due in 2022
|
|
306,594
|
|
|
212,000
|
|
U.S. Dollar-denominated Term Loans and Bonds due from 2020 to 2030
|
|
936,753
|
|
|
1,114,707
|
|
Norwegian Krone-denominated Bonds due from 2020 to 2023
|
|
293,191
|
|
|
347,163
|
|
Euro-denominated Term Loans due from 2023 to 2024
|
|
160,292
|
|
|
165,376
|
|
Other U.S. Dollar-denominated Loans
|
|
420
|
|
|
3,300
|
|
Total principal
|
|
1,697,250
|
|
|
1,842,546
|
|
Unamortized discount and debt issuance costs
|
|
(12,100
|
)
|
|
(11,150
|
)
|
Total debt
|
|
1,685,150
|
|
|
1,831,396
|
|
Less current portion
|
|
(328,384
|
)
|
|
(393,065
|
)
|
Long-term debt
|
|
1,356,766
|
|
|
1,438,331
|
|
|
|
|
Three Months Ended March 31,
|
||||
|
|
|
2020
|
|
2019
|
||
|
|
|
$
|
|
$
|
||
Current
|
|
|
(2,512
|
)
|
|
(2,432
|
)
|
Deferred
|
|
|
—
|
|
|
(146
|
)
|
Income tax expense
|
|
|
(2,512
|
)
|
|
(2,578
|
)
|
|
|
Three Months Ended March 31,
|
||||
|
|
2020
|
|
2019
|
||
|
|
$
|
|
$
|
||
Voyage revenues (i)
|
|
8,977
|
|
|
8,561
|
|
Vessel operating expenses (i)(ii)
|
|
(1,396
|
)
|
|
(2,815
|
)
|
Time-charter hire expenses (iii)
|
|
(5,922
|
)
|
|
(5,591
|
)
|
General and administrative expenses (iv)
|
|
(3,798
|
)
|
|
(4,154
|
)
|
Equity income (vi)
|
|
603
|
|
|
204
|
|
(i)
|
In September 2018, the Partnership’s FSU, the Bahrain Spirit, commenced its 21-year charter contract with the Bahrain LNG Joint Venture. Voyage revenues from the charter of Bahrain Spirit to the Bahrain LNG Joint Venture for the three months ended March 31, 2020 and 2019 amounted to $6.9 million and $7.6 million, respectively. In addition, the Partnership has an operation and maintenance contract with the Bahrain LNG Joint Venture and had an operating and maintenance subcontract with Teekay Marine Solutions (Bermuda) Ltd. (or TMS), an entity wholly-owned by Teekay Tankers Ltd., which is controlled by Teekay Corporation, relating to the LNG regasification terminal in Bahrain. The contract with TMS was terminated in August 2019 and such services are currently managed by the Partnership. The subcontractor fees from TMS for the three months ended March 31, 2019 of $1.0 million are included in vessel operating expenses in the Partnership's consolidated statements of (loss) income. Fees received in relation to the operation and maintenance contract from the Bahrain LNG Joint Venture for the three months ended March 31, 2020 and 2019, were $2.1 million and $1.0 million, respectively, and are included in voyage revenues in the Partnership's consolidated statements of (loss) income.
|
(ii)
|
The Partnership and certain of its operating subsidiaries have entered into service agreements with certain subsidiaries of Teekay Corporation pursuant to which the Teekay Corporation subsidiaries provide to the Partnership and its subsidiaries crew training and technical management services. In addition, as part of the Partnership's acquisition of its ownership interest in the Pan Union Joint Venture in 2014, the Partnership entered into an agreement with a subsidiary of Teekay Corporation whereby Teekay Corporation's subsidiary provided, on behalf of the Partnership, shipbuilding supervision and crew training services for four LNG carrier newbuildings in the Pan Union Joint Venture, up to their delivery dates from 2017 to 2019. All costs incurred by these Teekay Corporation subsidiaries related to these services are charged to the Partnership and recorded as part of vessel operating expenses.
|
(iii)
|
Commencing in September 2018, the Partnership entered into an agreement with the MALT Joint Venture to charter in one of the MALT Joint Venture's LNG carriers, the Magellan Spirit (see Note 5b). The time-charter hire expenses charged for the three months ended March 31, 2020 and 2019, were $5.9 million and $5.6 million, respectively.
|
(iv)
|
Includes administrative, advisory, business development, commercial and strategic consulting services charged by Teekay Corporation and reimbursements to Teekay Corporation and the Partnership's General Partner for costs incurred on the Partnership's behalf for the conduct of the Partnership's business.
|
(v)
|
During the three months ended March 31, 2020 and 2019, the Partnership charged fees of $0.6 million and $0.2 million, respectively, to the Yamal LNG Joint Venture relating to the successful bid process for the construction and chartering of six ARC7 LNG carriers. The fees are reflected in equity income in the Partnership’s consolidated statements of (loss) income.
|
|
|
|
|
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)
|
||||
1,000,000
|
|
|
134,000
|
|
NIBOR
|
|
3.70
|
%
|
|
5.92
|
%
|
|
(37,785
|
)
|
|
0.1
|
1,200,000
|
|
|
146,500
|
|
NIBOR
|
|
6.00
|
%
|
|
7.72
|
%
|
|
(30,806
|
)
|
|
1.6
|
850,000
|
|
|
102,000
|
|
NIBOR
|
|
4.60
|
%
|
|
7.89
|
%
|
|
(23,562
|
)
|
|
3.4
|
|
|
|
|
|
|
|
|
|
|
(92,153
|
)
|
|
|
|
|
Interest
Rate
Index
|
|
Principal
Amount
$
|
|
Fair
Value /
Carrying
Amount of Asset
(Liability)
$
|
|
Weighted-
Average
Remaining
Term
(years)
|
|
Fixed
Interest
Rate (i)
|
||
LIBOR-Based Debt:
|
|
|
|
|
|
|
||||||
U.S. Dollar-denominated interest rate swaps (ii)
|
|
LIBOR
|
|
112,500
|
|
|
(21,351
|
)
|
|
8.8
|
|
5.2%
|
U.S. Dollar-denominated interest rate swaps (ii)
|
|
LIBOR
|
|
16,067
|
|
|
(240
|
)
|
|
1.3
|
|
2.8%
|
U.S. Dollar-denominated interest rate swaps (iii) (iv)
|
|
LIBOR
|
|
152,473
|
|
|
(5,069
|
)
|
|
4.5
|
|
1.4%
|
U.S. Dollar-denominated interest rate swaps (iii) (iv)
|
|
LIBOR
|
|
312,413
|
|
|
(26,729
|
)
|
|
0.8
|
|
3.4%
|
U.S. Dollar-denominated interest rate swaps (iv)
|
|
LIBOR
|
|
169,408
|
|
|
(13,523
|
)
|
|
6.7
|
|
2.3%
|
EURIBOR-Based Debt:
|
|
|
|
|
|
|
||||||
Euro-denominated interest rate swaps
|
|
EURIBOR
|
|
71,449
|
|
|
(7,241
|
)
|
|
3.4
|
|
3.8%
|
|
|
|
|
|
|
(74,153
|
)
|
|
|
|
|
(i)
|
Excludes the margins the Partnership pays on its floating-rate term loans, which, at March 31, 2020, ranged from 0.30% to 3.25%.
|
(ii)
|
Principal amount reduces semi-annually.
|
(iii)
|
These interest rate swaps are subject to mandatory early termination in 2020, 2021 and 2024 whereby the swaps will be settled based on their fair value at that time.
|
(iv)
|
Principal amount reduces quarterly.
|
|
Accounts receivable
$
|
|
Current portion of derivative assets $
|
|
Derivative
assets $
|
|
Accrued
liabilities
$
|
|
Current
portion of
derivative
liabilities $
|
|
Derivative
liabilities $
|
||||||
As at March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivatives designated as a cash flow hedge:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swap agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(40
|
)
|
|
(2,622
|
)
|
|
(10,861
|
)
|
Derivatives not designated as a cash flow hedge:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swap agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,996
|
)
|
|
(20,889
|
)
|
|
(37,745
|
)
|
Cross currency swap agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(965
|
)
|
|
(43,341
|
)
|
|
(47,847
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,001
|
)
|
|
(66,852
|
)
|
|
(96,453
|
)
|
As at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Derivatives designated as a cash flow hedge:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swap agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(837
|
)
|
|
(3,475
|
)
|
Derivatives not designated as a cash flow hedge:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate swap agreements
|
21
|
|
|
355
|
|
|
1,834
|
|
|
(2,821
|
)
|
|
(14,758
|
)
|
|
(28,544
|
)
|
Foreign currency forward contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(202
|
)
|
|
—
|
|
Cross currency swap agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(456
|
)
|
|
(22,661
|
)
|
|
(18,987
|
)
|
|
21
|
|
|
355
|
|
|
1,834
|
|
|
(3,289
|
)
|
|
(38,458
|
)
|
|
(51,006
|
)
|
|
|
Three Months Ended March 31,
|
||||||||||||||||
|
|
2020
|
|
2019
|
||||||||||||||
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
||||||
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
||||||
Interest rate swap agreements
|
|
(2,911
|
)
|
|
(17,521
|
)
|
|
(20,432
|
)
|
|
(2,385
|
)
|
|
(4,192
|
)
|
|
(6,577
|
)
|
Foreign currency forward contracts
|
|
(241
|
)
|
|
202
|
|
|
(39
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
Toledo Spirit time-charter derivative
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40
|
)
|
|
(40
|
)
|
|
|
(3,152
|
)
|
|
(17,319
|
)
|
|
(20,471
|
)
|
|
(2,385
|
)
|
|
(4,232
|
)
|
|
(6,617
|
)
|
|
|
Three Months Ended March 31,
|
||||||||||||||||
|
|
2020
|
|
2019
|
||||||||||||||
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
|
Realized
gains
(losses)
|
|
Unrealized
gains
(losses)
|
|
Total
|
||||||
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
|
$
|
||||||
Cross currency swap agreements
|
|
(1,817
|
)
|
|
(49,540
|
)
|
|
(51,357
|
)
|
|
(1,434
|
)
|
|
(1,920
|
)
|
|
(3,354
|
)
|
Three Months Ended March 31, 2020
|
|
Three Months Ended March 31, 2019
|
||||||||
Amount of Loss Recognized in OCI
$
|
|
Amount of Loss Reclassified from Accumulated OCI to Interest Expense
$
|
|
Amount of Loss Recognized in OCI
$
|
|
Amount of Gain Reclassified from Accumulated OCI to Interest Expense
$
|
||||
(9,171
|
)
|
|
(152
|
)
|
|
(2,832
|
)
|
|
251
|
|
|
Total
$ |
Remainder of
2020 $ |
2021
$ |
2022
$ |
||||
Certain consolidated LNG carriers (i)
|
43,091
|
|
5,764
|
|
22,169
|
|
15,158
|
|
Bahrain LNG Joint Venture (ii)
|
11,351
|
|
11,351
|
|
—
|
|
—
|
|
|
54,442
|
|
17,115
|
|
22,169
|
|
15,158
|
|
(i)
|
In June 2019, the Partnership entered into an agreement with a contractor to supply equipment on certain of the Partnership's LNG carriers in 2021 and 2022, for an estimated installed cost of $60.6 million. As at March 31, 2020, the estimated remaining cost of this installation was $43.1 million.
|
(ii)
|
The Partnership has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain. As at March 31, 2020, the Partnership's proportionate share of the estimated remaining cost of $11.4 million relates to the final construction installment on the LNG terminal. The Bahrain LNG Joint Venture has remaining debt financing of $24 million, which is undrawn, of which $7 million relates to the Partnership's proportionate share of the construction commitments included in the table above.
|
|
|
Three Months Ended March 31,
|
||||
|
|
2020
|
|
2019
|
||
|
|
$
|
|
$
|
||
Limited partners' interest in net (loss) income for basic net income per common unit
|
|
(38,630
|
)
|
|
14,888
|
|
Weighted average number of common units
|
|
77,071,647
|
|
|
78,598,678
|
|
Dilutive effect of unit-based compensation
|
|
—
|
|
|
81,983
|
|
Weighted average number of common units and common unit equivalents
|
|
77,071,647
|
|
|
78,680,661
|
|
Limited partner's interest in net (loss) income per common unit:
|
|
|
|
|
||
Basic
|
|
(0.50
|
)
|
|
0.19
|
|
Diluted
|
|
(0.50
|
)
|
|
0.19
|
|
14.
|
Restructuring Charges
|
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Cash and cash equivalents
|
312,710
|
|
|
160,221
|
|
|
122,589
|
|
|
149,014
|
|
Restricted cash – current
|
37,032
|
|
|
53,689
|
|
|
45,329
|
|
|
38,329
|
|
Restricted cash – long-term
|
76,496
|
|
|
39,381
|
|
|
32,686
|
|
|
35,521
|
|
|
426,238
|
|
|
253,291
|
|
|
200,604
|
|
|
222,864
|
|
•
|
a decrease of $45.0 million due to a write-down of six multi-gas carriers during the first quarter of 2020;
|
•
|
a decrease of $5.9 million due to higher performance claims on certain of our LNG carriers and lower rates earned on the redeployment of the Magellan Spirit in May 2019; and
|
•
|
a decrease of $5.7 million due to the sales of the Toledo Spirit, Alexander Spirit, WilPride, and WilForce between January 2019 and January 2020;
|
•
|
an increase of $4.5 million due to the Galicia Spirit’s scheduled dry dock for 37 days, the Madrid Spirit being off-hire for 20 days and 51 combined off-hire days for the seven multi-gas carriers during the first quarter of 2019; and
|
•
|
an increase of $4.5 million due to the delivery of the Yamal Spirit in January 2019, higher charter rates earned for the certain of the Partnership's vessels during the first quarter of 2020 and restructuring expense incurred during the first quarter of 2019 upon the sale of the Toledo Spirit.
|
(in thousands of U.S. Dollars, except revenue days,
calendar-ship-days and percentages)
|
Three Months Ended March 31,
|
% Change
|
||||
2020
|
2019
|
|||||
Voyage revenues
|
132,570
|
|
137,822
|
|
(3.8
|
)
|
Voyage expenses
|
(1,029
|
)
|
(1,238
|
)
|
(16.9
|
)
|
Net voyage revenues
|
131,541
|
|
136,584
|
|
(3.7
|
)
|
Vessel operating expenses
|
(22,092
|
)
|
(20,555
|
)
|
7.5
|
|
Time-charter hire expense
|
(5,922
|
)
|
(5,591
|
)
|
5.9
|
|
Depreciation and amortization
|
(30,592
|
)
|
(31,686
|
)
|
(3.5
|
)
|
General and administrative expenses(1)
|
(5,753
|
)
|
(5,963
|
)
|
(3.5
|
)
|
Income from vessel operations
|
67,182
|
|
72,789
|
|
(7.7
|
)
|
Equity income
|
182
|
|
7,493
|
|
(97.6
|
)
|
Operating Data:
|
|
|
|
|||
Revenue Days (A)
|
2,097
|
|
2,152
|
|
(2.6
|
)
|
Calendar-Ship-Days (B)
|
2,103
|
|
2,220
|
|
(5.3
|
)
|
Utilization (A)/(B)
|
99.7
|
%
|
96.9
|
%
|
|
(1)
|
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of resources).
|
•
|
a decrease of $6.1 million for the three months ended March 31, 2020 due to the sale of WilForce and WilPride LNG carriers;
|
•
|
a decrease of $3.8 million for the three months ended March 31, 2020 due to higher performance claims on certain of the Partnership's LNG vessels; and
|
•
|
a decrease of $1.8 million for the three months ended March 31, 2020 due to lower rates earned on the redeployment of the Magellan Spirit in May 2019;
|
•
|
an increase of $4.1 million for the three months ended March 31, 2020 due to the Galicia Spirit's scheduled dry dock for 37 days and the Madrid Spirit being off-hire for 20 days for unscheduled repairs during the first quarter of 2019; and
|
•
|
an increase of $3.4 million for the three months ended March 31, 2020 due to the delivery of the Yamal Spirit in January 2019 and higher fees received in relation to the operation and maintenance contract from the Bahrain LNG Joint Venture due to the completion of the mechanical construction and commissioning of the LNG terminal in Bahrain (offset in vessel operating expenses).
|
|
|
|||||||||||||||
(in thousands of U.S. Dollars except number of vessels)
|
Angola
LNG
Carriers
|
Bahrain LNG Joint Venture
|
Exmar
LNG
Carriers
|
MALT
LNG
Carriers
|
Pan Union LNG Carriers
|
RasGas III
LNG
Carriers
|
Yamal LNG Carriers
|
Total
Equity
Income(1)
|
||||||||
Ownership Percentage
|
33%
|
30%
|
50%
|
52%
|
20-30%
|
40%
|
50%
|
|
||||||||
Three months ended March 31, 2020
|
(479
|
)
|
(28,542
|
)
|
796
|
|
5,449
|
|
3,603
|
|
3,310
|
|
16,045
|
|
182
|
|
Three months ended March 31, 2019
|
734
|
|
(5,461
|
)
|
729
|
|
764
|
|
2,647
|
|
2,450
|
|
5,630
|
|
7,493
|
|
Difference
|
(1,213
|
)
|
(23,081
|
)
|
67
|
|
4,685
|
|
956
|
|
860
|
|
10,415
|
|
(7,311
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Number of vessels as at March 31, 2020
|
4
|
|
—
|
|
1
|
|
6
|
|
4
|
|
4
|
|
6
|
|
25
|
|
(in thousands of U.S. Dollars, except revenue days,
calendar-ship-days and percentages)
|
Three Months Ended March 31,
|
% Change
|
||||
2020
|
2019
|
|||||
Voyage revenues
|
7,317
|
|
9,160
|
|
(20.1
|
)
|
Voyage expenses
|
(1,288
|
)
|
(4,670
|
)
|
(72.4
|
)
|
Net voyage revenues
|
6,029
|
|
4,490
|
|
34.3
|
|
Vessel operating expenses
|
(4,012
|
)
|
(4,352
|
)
|
(7.8
|
)
|
Depreciation and amortization
|
(2,047
|
)
|
(1,921
|
)
|
6.6
|
|
General and administrative expenses(1)
|
(414
|
)
|
(563
|
)
|
(26.5
|
)
|
Write-down of vessels
|
(45,000
|
)
|
—
|
|
100.0
|
|
Loss from vessel operations
|
(45,444
|
)
|
(2,346
|
)
|
1,837.1
|
|
Equity income (loss)
|
191
|
|
(1,915
|
)
|
110.0
|
|
Operating Data:
|
|
|
|
|||
Revenue Days (A)
|
637
|
|
578
|
|
10.2
|
|
Calendar-Ship-Days (B)
|
637
|
|
630
|
|
1.1
|
|
Utilization (A)/(B)
|
100.0
|
%
|
91.7
|
%
|
|
(1)
|
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of resources).
|
(in thousands of U.S. Dollars, except revenue days,
calendar-ship-days and percentages)
|
Three Months Ended March 31,
|
% Change
|
||||
2020
|
2019
|
|||||
Voyage revenues
|
—
|
|
2,762
|
|
(100.0
|
)
|
Voyage expenses
|
—
|
|
133
|
|
(100.0
|
)
|
Net voyage revenues
|
—
|
|
2,895
|
|
(100.0
|
)
|
Vessel operating expenses
|
—
|
|
(1,194
|
)
|
(100.0
|
)
|
Depreciation and amortization
|
—
|
|
(519
|
)
|
(100.0
|
)
|
General and administrative expenses(1)
|
—
|
|
(106
|
)
|
(100.0
|
)
|
Restructuring charges
|
—
|
|
(2,158
|
)
|
(100.0
|
)
|
Loss from vessel operations
|
—
|
|
(1,082
|
)
|
(100.0
|
)
|
Operating Data:
|
|
|
|
|||
Revenue Days (A)
|
—
|
|
113
|
|
(100.0
|
)
|
Calendar-Ship-Days (B)
|
—
|
|
113
|
|
(100.0
|
)
|
Utilization (A)/(B)
|
—
|
%
|
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).
|
•
|
a decrease of $2.3 million for the three months ended March 31, 2020 as the proceeds from the sale of the WilForce and WilPride were used to the repay our term loans that were collateralized by these vessels;
|
•
|
a decrease of $2.0 million for the three months ended March 31, 2020 relating to the extinguishment of debt issuance costs upon completion of the debt refinancing on the Sean Spirit in January 2019; and
|
•
|
a decrease of $0.9 million for the three months ended March 31, 2020 due to lower LIBOR and principal repayments.
|
(in thousands of U.S. Dollars)
|
Three Months Ended March 31,
|
|||
|
2020
|
2019
|
||
Net cash flow from operating activities
|
328,733
|
|
53,250
|
|
Net cash flow (used for) from financing activities
|
(147,956
|
)
|
51,238
|
|
Net cash flow used for investing activities
|
(7,830
|
)
|
(126,748
|
)
|
|
|
Total
|
|
Remainder of 2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Beyond 2024
|
|||||||
|
|
(in millions of U.S. Dollars)
|
|||||||||||||||||||
U.S. Dollar-Denominated Obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Long-term debt:(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Scheduled repayments
|
|
532.1
|
|
|
82.9
|
|
|
95.7
|
|
|
84.2
|
|
|
55.3
|
|
|
52.2
|
|
|
161.8
|
|
Repayments at maturity
|
|
711.7
|
|
|
0.4
|
|
|
180.2
|
|
|
245.0
|
|
|
—
|
|
|
22.0
|
|
|
264.1
|
|
Commitments related to finance leases(2)
|
|
1,846.6
|
|
|
105.1
|
|
|
138.6
|
|
|
137.0
|
|
|
135.5
|
|
|
132.0
|
|
|
1,198.4
|
|
Commitments related to operating leases(3)
|
|
267.7
|
|
|
35.8
|
|
|
47.6
|
|
|
34.9
|
|
|
23.9
|
|
|
23.9
|
|
|
101.6
|
|
Equipment and other construction contract costs(4)
|
|
54.4
|
|
|
17.1
|
|
|
22.2
|
|
|
15.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total U.S. Dollar-denominated obligations
|
|
3,412.5
|
|
|
241.3
|
|
|
484.3
|
|
|
516.2
|
|
|
214.7
|
|
|
230.1
|
|
|
1,725.9
|
|
Euro-Denominated Obligations(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Long-term debt(1)
|
|
160.3
|
|
|
22.3
|
|
|
25.9
|
|
|
27.2
|
|
|
57.4
|
|
|
27.5
|
|
|
—
|
|
Total Euro-denominated obligations
|
|
160.3
|
|
|
22.3
|
|
|
25.9
|
|
|
27.2
|
|
|
57.4
|
|
|
27.5
|
|
|
—
|
|
Norwegian Krone-Denominated Obligations(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Long-term debt(1)
|
|
293.2
|
|
|
96.1
|
|
|
115.4
|
|
|
—
|
|
|
81.7
|
|
|
—
|
|
|
—
|
|
Total Norwegian Krone-denominated obligations
|
|
293.2
|
|
|
96.1
|
|
|
115.4
|
|
|
—
|
|
|
81.7
|
|
|
—
|
|
|
—
|
|
Totals
|
|
3,866.0
|
|
|
359.7
|
|
|
625.6
|
|
|
543.4
|
|
|
353.8
|
|
|
257.6
|
|
|
1,725.9
|
|
(1)
|
Our interest-bearing obligations include bonds, commercial bank debt and obligations related to finance leases. Please read “Item 1 - Financial Statements: Note 5a - Chartered-in Vessels" and “Item 1 - Financial Statements: Note 8 - Long-Term Debt” for the terms upon which future interest payments are determined as well as “Item 1 - Financial Statements: Note 11 - Derivative Instruments and Hedging Activities" for a summary of the terms of our derivative instruments which hedge certain of our floating rate interest-bearing obligations.
|
(2)
|
Includes, in addition to lease payments, amounts we are required to pay to purchase the leased assets at the end of their respective lease terms.
|
(3)
|
We have corresponding leases whereby we are the lessor and expect to receive approximately $191.3 million under these leases from the remainder of 2020 to 2029.
|
(4)
|
The Bahrain LNG Joint Venture, in which we have a 30% ownership interest, has an LNG receiving and regasification terminal in Bahrain. The Bahrain LNG Joint Venture completed the mechanical construction and commissioning of the Bahrain terminal in late-2019 and began receiving terminal use payments in early-2020 under its 20-year agreement with NOGA. As at March 31, 2020, our 30% share of the estimated remaining costs included in the table above is $11.4 million, of which the Bahrain LNG Joint Venture has secured undrawn debt financing of $7 million related to our proportionate share.
|
(5)
|
Euro-denominated and NOK-denominated obligations are presented in U.S. Dollars and have been converted using the prevailing exchange rates as of March 31, 2020.
|
•
|
the expected scope, duration and effects of the novel coronavirus pandemic;
|
•
|
our expectations regarding the effects of the COVID-19 pandemic on our industry and business, including our liquidity;
|
•
|
the expected timing and completion of dry docking activities;
|
•
|
the future resumption of an LNG plant in Yemen operated by YLNG and payment of deferred amounts for our two 52%-owned vessels on charter to YLNG;
|
•
|
our liquidity needs, including our anticipated funds and sources of financing for liquidity and working capital needs and the sufficiency of cash flows, and our estimation that we will have sufficient liquidity for at least a one-year period;
|
•
|
the expected commencement of certain charter contracts;
|
•
|
the expected dissolution of the pool in which our seven wholly-owned multi-gas vessels are being managed;
|
•
|
the expected timing and cost relating to the additional equipment to be installed for certain of our LNG carriers;
|
•
|
expected exposure to interest rate volatility; and
|
•
|
expected interest payments.
|
Period
|
Total number of Units purchased
|
Average price paid per Unit
|
Total number of Units purchased as part of publicly announced plans or program(1)
|
Maximum number (or approximate dollar value) of Units that may yet be purchased under the plans or programs
|
||||||
January 1 - March 31
|
1,373,066
|
|
|
$11.16
|
|
1,373,066
|
|
|
$55,753,665
|
|
•
|
REGISTRATION STATEMENT ON FORM S-8 (NO.333-124647) FILED WITH THE SEC ON MAY 5, 2005
|
•
|
REGISTRATION STATEMENT ON FORM F-3 (NO.333-190783) FILED WITH THE SEC ON AUGUST 22, 2013
|
•
|
REGISTRATION STATEMENT ON FORM F-3 (NO.333-220967) FILED WITH THE SEC ON OCTOBER 16, 2017
|
•
|
REGISTRATION STATEMENT ON FORM F-3 (NO.333-225584) FILED WITH THE SEC ON JUNE 12, 2018
|
|
|
|
|
TEEKAY LNG PARTNERS L.P.
|
|
|
|
|
|
||
|
|
|
|
By:
|
Teekay GP L.L.C., its general partner
|
|
|
|
|
||
Date: May 29, 2020
|
|
|
|
By:
|
/s/ Anne Liversedge
|
|
|
|
|
Anne Liversedge
|
|
|
|
|
|
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