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Teekay LNG Partners LP. Message Board

  • abter1 abter1 Aug 7, 2006 10:25 AM Flag

    AGEdwards updates TGP

    I expect the full report will be on the Yahoo MLP Research Group soon. Here are the bullet highlights:

    TGP Reports 2Q06 Results Below Expectations
     TGP reported 2Q06 EPU (excluding extraordinary noncash items) of $0.13, below our estimate and consensus estimate of $0.24. Longer than normal drydocking of an LNG vessel due to discovery of damage and cost to repair were the reasons for the shortfall.
     Distributable cash flow for 2Q06 was $14.2 million, or $0.40 per unit, which covered the distribution paid to common unitholders during the quarter by 1.48 times and total distribution by 0.86 times.
     First three LNG newbuilds expected to be delivered ahead of schedule with TGP expected to taking delivery of the first vessel in October 2006 with the remaining two delivered in 1Q07.
     Favorable underlying fundamentals of servicing the growing shipping needs of the LNG industry remain intact. Existing fleet and scheduled newbuilds should provide growth of 6%-8% over the next five years.
     Based on an attractive long-term growth outlook and current yield of 6.0% that is 80% tax deferred, we reiterate our rating on TGP units of Buy/Aggressive.

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    • Abter1
      Thanks for the up-date. Based on this info more ships ar coming on line soon then expected.

      With the pipe line problems BP is have in Alaska, shipping energy products by ship are becoming more important. Bodes well for Teekay.

      Good luck to all longs!


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