Business Context and Reporting Period
This Form 6-K filing by Teekay LNG Partners L.P. (TGP) is dated January 17, 2006. The registrant is a Marshall Islands partnership formed by Teekay Shipping Corporation to expand operations in the liquefied natural gas (LNG) shipping sector. The company provides LNG and crude oil marine transportation services under long-term, fixed-rate time charter contracts. As of the filing date, the fleet consists of seven LNG carriers (three of which are newbuildings scheduled for delivery in late 2006 and early 2007) and eight Suezmax class crude oil tankers. Common units trade on the New York Stock Exchange under the symbol "TGP".
Key Financial Metrics
The filing announces a cash distribution for the quarter ended December 31, 2005. Specific financial metrics provided include:
- Distribution per Unit: $0.4125
- Total Cash Distribution: $14.7 million
- Payment Date: February 14, 2006
- Record Date: February 1, 2006
The filing text does not provide clear values for revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios beyond the distribution amount.
Material Changes
The filing does not contain comparative financial data or explicit commentary on material changes in financial performance versus the prior comparable period. The primary update is the declaration of the quarterly distribution.
Guidance, Outlook, and Risks
Outlook: Management indicates fleet expansion with three new LNG carriers scheduled for delivery in late 2006 and early 2007. The business model relies on long-term, fixed-rate time charter contracts with major energy and utility companies.
Risks and Contingencies: The filing text does not explicitly detail specific risks, contingencies, or unusual items for this reporting period.
Investor Verification Checklist
- Verify the total number of outstanding units to confirm the $14.7 million total distribution aligns with the $0.4125 per unit rate.
- Confirm the delivery schedule and financing status of the three newbuild LNG carriers mentioned for late 2006 and early 2007.
- Review the full text of the long-term time charter contracts to understand revenue stability and counterparty credit risk.
- Check subsequent filings for the actual payment of the distribution on February 14, 2006.