Write-downs push Teekay LNG to Q1 loss

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By Adnan Bajic Teekay LNG Partners, one of the world’s largest owners of LNG carriers, reported a slump in profit for the first three months of the year.

Courtesy of Teekay

The company reported a $33 million net loss, down from $21.6 million profit in the first quarter of 2019.

The results were impacted mostly by write-downs of $45 million recorded on six multi-gas carriers in the first quarter of 2020.

The company’s LNG segment was negatively impacted primarily by a reduction in earnings upon the sales of the WilForce and WilPride LNG carriers in January 2020 and lower earnings from the Magellan Spirit upon its

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