The Value Investor's Edge Live #26: Teekay On The LNG Markets


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Mark Kremin and Scott Gayton, CEO and CFO of Teekay LNG Partners (TGP) a leading LNG shipping company, joined J Mintzmyer's Value Investor's Edge Live on Nov. 13, 2020, to discuss the LNG shipping markets and forward opportunities and capital allocation priorities for Teekay. This interview and discussion of the underlying LNG global markets is relevant for anyone with LNG shipping or LNG export infrastructure investments, including Cheniere (LNG), Cheniere Partners (CQP), Flex LNG (FLNG), GasLog (GLOG), GasLog Partners (GLOP), Golar LNG (GLNG), Golar LNG Partners (GMLP), Hoegh LNG Partners (HMLP), and Tellurian (TELL).

Topics Covered
  • (<1:00) Intro/Disclosures
  • (1:15) Current state of LNG markets, TGP positioning?
  • (4:30) Updates on LPG business? Multigas noncore vessels?
  • (7:00) Discussion on midsize LPG rates and sensitivity.
  • (7:50) Any shift to your target leverage range?
  • (11:15) Any improved guidance for 2021-2022? EBITDA levels?
  • (14:30) Primary purpose of recent unsecured offering? Repurchases?
  • (18:30) Willingness to repurchase preferred equity at a discount?
  • (20:15) Distribution commentary? Plans to raise next year?
  • (21:40) Payout related to unit trading price? Target earnings coverage?
  • (24:35) Commitment to distribution regardless of unit pricing?
  • (26:15) Plans to publish more charter disclosures? Data kit?
  • (30:15) Commentary on growth opportunities and timelines.
  • (32:10) Any interest outside traditional LNG transport?
  • (35:00) Any update on Qatari orders and potential timing?
  • (37:15) What differentiates TGP from peers? Investment pitch?
  • (41:00) Closing comments & push on distribution/repurchases.

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