Teekay cuts losses despite lower revenues

Net revenues at the parent of Teekay Tankers, Teekay Offshore Partners and Teekay LNG Partners, fell from $462.5m in Q1 2012 to $424.7m in 2013.

"In addition to our existing growth projects, Teekay LNG Partners and Teekay Offshore Partners are also seeing increased new business development in their gas and offshore businesses, which if realised, will ultimately benefit Teekay Parent as our publicly-traded daughter entities grow their respective cash distributions" said Peter Evensen, Teekay Corporation's president and ceo.

Teekay Offshore's cash flow suffered from the lay-up of Navion Torinita and Navion Clipper as their time charters expired, rising maintenance and crewing costs on some of its FPSOs and the sale of a vessel in the fourth quarter of 2012, dragging cashflow from vessel operations in the first three months of 2013 to $94.1m down from $102.1m in 2012.

Teekay LNG partners, which owns a fleet of LNG and LPG tankers, reported an increase in revenues from $98.9m in Q1 2012 to $107.6m this year, owing to expansion of its fleet after buying 50% a interest in six LNG vessels with Maersk and a 50% interest in the 25 vessel LPG joint venture Exmar LPG BVBA.

Cashflow from vessel operations at Teekay Tankers fell from $16.8m in the first quarter of 2012 to $13.2m in the same period 2013 as redeployed vessels earned lower TCE rates on new charters and spot rates fell.

The parent company itself reported a $19.1m loss on cash flow from vessel operations on its own fleet of five FPSOs, four owned suezmax tankers and nine chartered in tankers, up from a $7.2m in Q1 2012.

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