Teekay LNG Partners, a Canadian group of Teekay Corporation, and Japan’s Marubeni[ds_preview] Corporation have formed a joint venture to acquire ownership of eight LNG carriers from A.P. Moller-Maersk for an aggregate purchase price of approximately 1.4 billion US$. Five of the eight LNG carriers are currently operating under long-term fixed-rate time-charter contracts with an average remaining firm contract period duration of approximately 17 years, plus extension options. The other three vessels are operating under short-term fixed-rate time-charters. The transaction has been approved by the Teekay LNG, Marubeni and A.P. Moller-Maersk boards of directors and is expected to close by early 2012, subject to customary closing conditions including consent from charterers and approval from relevant regulatory authorities. Teekay Corporation will take over technical management of the acquired vessels after a transition period.
