• Home
  • News
  • Teekay and Teekay LNG announce resolution to China LNG JV
  • 2019 October 27 14:28

    Teekay and Teekay LNG announce resolution to China LNG JV

    With reference to a press release issued on September 30, 2019, Teekay Corporation (Teekay) (NYSE:TK) and Teekay LNG Partners L.P. (Teekay LNG) (NYSE:TGP) announced on Oct 22 that COSCO Shipping Energy Transportation Co., Ltd. has completed an ownership restructuring on arms-length terms which has resulted in Teekay LNG’s joint venture partner, China LNG Shipping (Holdings) Ltd. (China LNG), no longer being classified as a “Blocked Person” under Office of Foreign Assets Control (OFAC) rules.  Accordingly, Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “Blocked Person” under OFAC rules.

    The four existing ARC7 LNG carriers are continuing to operate under their long-term contracts transporting gas from the Yamal LNG project and the remaining two ARC7 LNG carrier newbuildings are expected to deliver in the fourth quarter of 2019.

    As a result of the resolution of this issue, the Teekay Group is now planning to reschedule its previously-postponed investor and analyst meeting and expects to provide details soon.

    About Teekay

    Teekay is a leading provider of international crude oil and gas marine transportation services and also provides offshore oil production. Teekay provides these services primarily through its directly-owned fleet and its controlling ownership interests in Teekay LNG Partners L.P. (NYSE:TGP), the world’s third largest independent owner and operator of LNG carriers, and Teekay Tankers Ltd. (NYSE:TNK), one of the world’s largest owners and operators of mid-sized crude tankers. The consolidated Teekay entities manage and operate total assets under management of approximately $12 billion, comprised of approximately 150 liquefied gas, offshore, and conventional tanker assets. With 12 operating offices around the world and approximately 5,700 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies.

    Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.

    About Teekay LNG

    Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers, providing LNG and LPG marine transportation services primarily under long-term, fee-based charter contracts through its interests in 49 LNG carriers (including two newbuildings), 22 mid-size LPG carriers and seven multi-gas carriers. The Partnership’s ownership interests in these vessels range from 20 to 100 percent. In addition, the Partnership owns a 30 percent interest in a regasification terminal, which is currently under construction. Teekay LNG Partners is a publicly-traded master limited partnership formed by Teekay Corporation (NYSE:TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.

    Teekay LNG Partners’ common units and preferred units trade on the New York Stock Exchange under the symbol “TGP”, “TGP PR A” and “TGP PR B”, respectively.


2022 September 26

14:43 MSC adds a new call to its Himalaya Express Service to connect Jeddah Islamic Port with 10 global ports
14:14 DP World moves 10 millionth unit at London Gateway
14:03 IMO launches a new initiative to harmonize ballast water management procedures in Mediterranean Sea
13:36 Port of Oakland August volume drops 8 percent from August 2021
13:29 Hydrographic survey vessel Yakov Lapushkin to undergo tests at the delivery base
12:52 Maersk Drilling secures work for Maersk Viking offshore Malaysia into 2024
12:24 Austal Philippines launches the largest ferry constructed by an Austal Shipyard
11:46 Unifeeder and ABP start new weekly service Klaipeda-Immingham
11:35 The 1st Ship Repair, Modernization and Components Conference gathered about 1,000 in-person and online participants
11:07 Artemis Technologies unveils 100% electric passenger ferry
10:28 Bangladesh boat capsize kills 31 pilgrims - Australian Associated Press
09:56 CMA CGM announces Peak Season Surcharge for cargo from Europe to West Africa
09:54 Hydrographic Company’s new ship Aleksandr Parfyonov starts operation on Northern Sea Route
09:21 Crude oil futures fall below $85 per barrel
09:02 MABUX: Sharp decline of price indices is expected in Global Bunker market on Sep 26

2022 September 25

15:49 Companies from Riba-roja confirm the urgency of the new north container terminal at the Port of Valencia
13:27 Palantir Technologies and HHI Group grow partnership to +$45M with expansion into shipbuilding
12:33 DNV signs MOU with SIT to promote maritime decarbonization and digitalization
10:21 Gasunie raises the SDG flag

2022 September 24

15:03 Australia leads SAR exercises in the Indian Ocean
13:19 17 MOL Group-managed vessels earn commendations from Japan Coast Guard
12:33 Sea-LNG response to UCL report exploring methods for understanding stranded value: case study on LNG capable ships
10:38 coZEV unites 19 global brands for 2040 zero-carbon ocean shipping ambition

2022 September 23

18:30 Bergen welcomes 236 cruise ships and 300 000 passengers this season
18:07 Hurtigruten Norway launches its first hybrid ship, part of a EUR100 million green upgrade
17:34 Carbon Ridge secures $6 million investment
17:26 The National Fund of Greece receives two offers for the acquisition of 67% of two ports
17:04 Greek tanker hit by fire after leaving port of Ust-Luga - TradeWinds
16:40 Equinor and Poland’s PGNiG agree long term gas sales contract
16:26 MAN Energy Solutions aims to halve own CO2 emissions by 2030
15:59 RF Ministry of Industry and Trade and USC to build and upgrade docks for ship repair
15:51 Port of Antwerp-Bruges first port to introduce GDP certificate for distribution of pharmaceuticals
14:53 Hafnia enters into agreement with F-Drones
14:40 Russia’s first LNG bunkering operation held in the port of Ust-Luga
14:23 ADNOC and TAQA close a $3.8 billion strategic project to power and significantly decarbonize offshore production operations
14:03 CMA CGM orders seven new biogas-powered ships to serve the French West Indies
13:43 Green shipping corridors highlight how shipping to drive the energy transition, says ABS Chairman
13:13 Maersk Drilling secures four-well contract offshore Denmark
12:54 The number of ships ensuring transport communication with Kaliningrad Region to grow from 8 to 12
12:31 Spot rates from the Far East to US West Coast collapsed by 46.3% over last 12 weeks - Xeneta
12:12 Rosmorport announced tender for development of modernization project for Kapitan Dranitsin and Kapitan Khlebnikov icebreakers
12:01 Furetank orders vessel 14 and 15 in the climate friendly Vinga series
11:43 Port of Argentia and Torrent Capital establish joint venture focused on port infrastructure
11:13 U.N. calls for unblocking Russian fertilizer exports to avoid food crisis
10:28 Kongsberg Digital delivers DP simulators to MOL Marine & Engineering for MOL Dynamic Positioning training center in Tokyo, Japan
09:58 Tripartite subsea energy MoU signed between Baker Hughes, Mocean Energy and Verlume
09:19 Crude oil futures are slightly down after rising at the previous session
09:02 MABUX: Bunker indices to turn into upward trend on Sep 23

2022 September 22

20:03 MABUX: Bunker Weekly Outlook, Week 38, 2022
18:06 Hexicon appoints Mingyang Smart Energy as the preferred Wind Turbine Generator supplier for the floating wind project in the UK
17:55 Vladivostok Fish Terminal to acquire its own fleet of reefer containers
17:36 Semco Maritime, Inocean and ISC Consulting Engineers join forces
17:20 Seroglazka Terminal to complete construction of 280-meter long birth in Petropavlovsk-Kamchatsky by November 2023
17:06 Nexans to supply Orsted – Eversource offshore wind project serving Connecticut and Rhode Island states
16:43 Leading shipping banks and marine insurers pave the way for 1.5-aligned emissions benchmarking
16:26 Electrifying the European ferry fleet will reduce emissions with 50 %
15:46 DP World starts work on new speculative warehouse at London Gateway
15:29 Seaborne delivery of Chinese cargo to Vladivostok rose 1.5 times in 8M’22
15:07 ASCO renovates the largest barge of the Caspian Sea
14:25 Steerprop wins first contract for the new Steerprop T propulsion units with Turkish Med Marine Shipyard