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Table of Contents


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 _________________________
FORM 6-K
 _________________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
Commission file number 1-12874
 _________________________
TEEKAY CORPORATION
(Exact name of Registrant as specified in its charter)
 _________________________
Suite 2000, Bentall 5
550 Burrard Street
Vancouver, BC, V6C 2K2, Canada
(Address of principal executive office)
 _________________________
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F  ý            Form 40-F  ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).
Yes  ¨            No   ý
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).
Yes  ¨            No   ý







 

Page 1

Table of Contents


TEEKAY CORPORATION AND SUBSIDIARIES
REPORT ON FORM 6-K FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020
INDEX

 
PAGE
 
 


Page 2

Table of Contents



ITEM 1 – FINANCIAL STATEMENTS
TEEKAY CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands of U.S. Dollars, except share and per share amounts)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
$
 
$
 
$
 
$
Revenues (note 3)
482,805

 
462,397

 
1,056,859

 
949,270

Voyage expenses
(66,896
)
 
(103,410
)
 
(188,460
)
 
(212,193
)
Vessel operating expenses
(147,796
)
 
(162,621
)
 
(301,089
)
 
(319,613
)
Time-charter hire expenses (note 6)
(17,714
)
 
(28,817
)
 
(44,770
)
 
(58,655
)
Depreciation and amortization
(62,936
)
 
(73,849
)
 
(135,853
)
 
(145,956
)
General and administrative expenses
(23,668
)
 
(20,868
)
 
(41,945
)
 
(43,840
)
Write-down and gain (loss) on sale (note 7)
(10,669
)
 

 
(105,275
)
 
(3,328
)
Gain on commencement of sales-type lease (note 3)

 

 
44,943

 

Restructuring charges (note 14)
(4,622
)
 
(1,369
)
 
(7,010
)
 
(9,990
)
Income from vessel operations
148,504


71,463


277,400

 
155,695

Interest expense
(59,245
)

(70,205
)
 
(121,765
)
 
(143,876
)
Interest income
2,314

 
2,233

 
5,117

 
4,922

Realized and unrealized losses on non-designated derivative instruments (note 16)
(9,270
)
 
(10,964
)
 
(30,933
)
 
(16,387
)
Equity income (loss) (note 4 and 13b)
35,343

 
(6,284
)
 
37,656

 
(67,937
)
Foreign exchange loss (notes 10 and 16)
(8,922
)
 
(5,851
)
 
(2,276
)
 
(8,481
)
Other loss
(399
)

(11,099
)

(1,080
)
 
(11,071
)
Income (loss) before income taxes
108,325

 
(30,707
)
 
164,119

 
(87,135
)
Income tax recovery (expense) (note 17)
17,175

 
(3,404
)
 
13,383

 
(8,440
)
Net income (loss)
125,500

 
(34,111
)
 
177,502

 
(95,575
)
Net income attributable to non-controlling interests
(103,777
)
 
(5,374
)
 
(205,584
)
 
(28,167
)
Net income (loss) attributable to the shareholders of Teekay Corporation
21,723

 
(39,485
)
 
(28,082
)
 
(123,742
)
Per common share of Teekay Corporation (note 18)
 
 
 
 
 
 
 
•  Basic income (loss) attributable to shareholders of Teekay Corporation
0.21

 
(0.39
)
 
(0.28
)
 
(1.23
)
•  Diluted income (loss) attributable to shareholders of Teekay Corporation
0.21

 
(0.39
)
 
(0.28
)
 
(1.23
)
Weighted average number of common shares outstanding (note 18)
 
 
 
 
 
 
 
•  Basic
101,107,362

 
100,783,496

 
100,997,456

 
100,652,685

•  Diluted
101,196,383

 
100,783,496

 
100,997,456

 
100,652,685


The accompanying notes are an integral part of the unaudited consolidated financial statements.

Page 3

Table of Contents


TEEKAY CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands of U.S. Dollars)
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
$
 
$
 
$
 
$
Net income (loss)
125,500

 
(34,111
)
 
177,502

 
(95,575
)
Other comprehensive loss:
 
 
 
 
 
 
 
Other comprehensive loss before reclassifications
 
 
 
 
 
 
 
Unrealized loss on qualifying cash flow hedging instruments
(11,082
)
 
(30,743
)
 
(68,634
)
 
(52,252
)
Pension adjustments, net of taxes
(19
)
 
(85
)
 
(34
)
 
(172
)
Amounts reclassified from accumulated other comprehensive loss relating to:
 
 
 
 
 
 
 
Realized loss (gain) on qualifying cash flow hedging instruments
 
 
 
 
 
 
 
To interest expense (note 16)
482

 
(157
)
 
634

 
(408
)
To equity income (loss)
2,427

 
(197
)
 
5,931

 
(697
)
Other comprehensive loss
(8,192
)
 
(31,182
)
 
(62,103
)
 
(53,529
)
Comprehensive income (loss)
117,308

 
(65,293
)
 
115,399

 
(149,104
)
Comprehensive (income) loss attributable to non-controlling interests
(98,543
)
 
15,789

 
(164,063
)
 
8,096

Comprehensive income (loss) attributable to shareholders of Teekay Corporation
18,765

 
(49,504
)
 
(48,664
)
 
(141,008
)
The accompanying notes are an integral part of the unaudited consolidated financial statements.

Page 4

Table of Contents


TEEKAY CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. Dollars, except share amounts)
 
 
As at
June 30,
2020
 
As at
December 31,
2019
 
$
 
$
ASSETS

 
 
Current

 
 
Cash and cash equivalents (note 10 and 19)
461,152

 
353,241

Restricted cash – current (note 19)
16,317

 
56,777

Accounts receivable, including non-trade of $9,140 (2019 – $12,793)
204,941

 
199,957

Accrued revenue
42,387

 
107,111

Prepaid expenses and other (note 16)
71,398

 
86,338

Current portion of net investments in direct financing and sales-type leases, net (notes 3 and 13b)

14,920

 
273,986

Assets held for sale

 
65,458

Total current assets
811,115

 
1,142,868

Restricted cash – non-current (note 19)
61,948

 
44,849

Vessels and equipment (note 10)


 
 
At cost, less accumulated depreciation of $1,276,912 (2019 – $1,259,404) (note 7)
2,431,495

 
2,654,466

Vessels related to finance leases, at cost, less accumulated amortization of $292,557 (2019 – $253,553) (note 6)
2,187,047

 
2,219,026

Operating lease right-of-use assets (note 6)
81,255

 
159,638

Total vessels and equipment
4,699,797

 
5,033,130

Net investment in direct financing and sales-type leases, net – non-current (notes 3 and 13b)
540,066

 
544,823

Investment in and loans, net to equity-accounted investments (notes 4,12a and 13b)
1,102,386

 
1,173,728

Goodwill, intangibles and other non-current assets
130,200

 
133,466

Total assets
7,345,512

 
8,072,864

LIABILITIES AND EQUITY


 
 
Current


 
 
Accounts payable
137,910

 
135,496

Accrued liabilities and other (notes 8, 14 and 16)
303,947

 
295,001

Short-term debt (note 9)
10,000

 
50,000

Current portion of long-term debt (note 10)
322,831

 
523,312

Current obligations related to finance leases (note 6)
97,237

 
95,339

Current portion of operating lease liabilities (note 6)
32,753

 
61,431

Liabilities related to assets held for sale (note 7)

 
2,980

Total current liabilities
904,678

 
1,163,559

Long-term debt (note 10)
1,902,656

 
2,303,840

Long-term obligations related to finance leases (note 6)
1,681,293

 
1,730,353

Long-term operating lease liabilities (note 6)
40,229

 
87,171

Other long-term liabilities (notes 8 and 16)
229,415

 
216,348

Total liabilities
4,758,271

 
5,501,271

Commitments and contingencies (notes 6, 9, 10, 12, and 16)


 


Equity


 
 
Common stock and additional paid-in capital ($0.001 par value; 725,000,000 shares authorized; 101,107,355 shares outstanding and issued (2019 – 100,784,422)) (note 11)
1,054,890

 
1,052,284

Accumulated deficit
(472,252
)
 
(546,684
)
Non-controlling interest
2,058,273

 
2,089,730

Accumulated other comprehensive loss (note 15)
(53,670
)
 
(23,737
)
Total equity
2,587,241

 
2,571,593

Total liabilities and equity
7,345,512

 
8,072,864

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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TEEKAY CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. Dollars)
 
Six Months Ended June 30,
 
2020
 
2019
 
$
 
$
Cash, cash equivalents and restricted cash provided by (used for)
 
 
 
OPERATING ACTIVITIES
 
 
 
Net income (loss)
177,502

 
(95,575
)
Non-cash and non-operating items:
 
 
 
Depreciation and amortization
135,853

 
145,956

Unrealized loss on derivative instruments (note 16)
27,544

 
14,933

Write-down and gain (loss) on sale (note 7)
105,275

 
3,328

Gain on commencement of sales-type lease (note 3)
(44,943
)
 

Equity (income) loss, net of dividends received
(22,804
)
 
85,211

Income tax (recovery) expense (note 17)
(13,383
)
 
8,440

Foreign currency exchange loss and other
6,133

 
26,304

Change in non-cash operating assets and liabilities:
 
 
 
       Direct financing lease payments received
334,146

 
6,050

       Change in other operating assets and liabilities
75,978

 
18,427

       Expenditures for dry docking
(5,608
)
 
(34,150
)
Net operating cash flow
775,693

 
178,924

FINANCING ACTIVITIES
 
 
 
Proceeds from issuance of long-term debt, net of issuance costs
931,871

 
376,658

Prepayments of long-term debt
(1,302,389
)
 
(759,401
)
Scheduled repayments of long-term debt and settlement of related swaps (note 10)
(240,355
)
 
(117,110
)
Proceeds from short-term debt
205,000

 
65,000

Prepayment of short-term debt
(245,000
)
 
(50,000
)
Proceeds from financing related to sale-leaseback of vessels

 
222,400

Repayments of obligations related to finance leases
(47,162
)
 
(45,928
)
Repurchase of Teekay LNG common units
(15,635
)
 
(12,056
)
Distributions paid from subsidiaries to non-controlling interests
(35,519
)
 
(30,465
)
Cash dividends paid

 
(5,523
)
Other financing activities
(794
)
 
(580
)
Net financing cash flow
(749,983
)
 
(357,005
)
INVESTING ACTIVITIES
 
 
 
Expenditures for vessels and equipment

(12,824
)
 
(89,120
)
Proceeds from sale of vessels and equipment (note 7)
60,915

 

Proceeds from the sale of assets, net of cash sold (notes 4 and 7)
12,221

 
100,000

Investment in equity-accounted investments

 
(15,555
)
Loan repayment by joint venture
3,500

 

Other investing activities
(6,430
)
 

Net investing cash flow
57,382

 
(4,675
)
Increase (decrease) in cash, cash equivalents, restricted cash and cash held for sale
83,092

 
(182,756
)
Cash, cash equivalents, restricted cash and cash held for sale, beginning of the period
456,325

 
505,639

Cash, cash equivalents, restricted cash and cash held for sale, end of the period
539,417

 
322,883

Supplemental cash flow information (note 19)
 
 
 
The accompanying notes are an integral part of the unaudited consolidated financial statements.

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TEEKAY CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY
(in thousands of U.S. Dollars, except share amounts)
 
TOTAL EQUITY
 
Thousands
of Shares
of Common
Stock
Outstanding
#
 
Common
Stock and
Additional
Paid-in
Capital
$
 
Accumulated
Deficit
$
 
Accumulated
Other
Compre-
hensive
Loss
$
 
Non-
controlling
Interests
$
 
Total
$
Balance as at December 31, 2019
100,784

 
1,052,284

 
(546,684
)
 
(23,737
)
 
2,089,730

 
2,571,593

Net (loss) income

 

 
(49,805
)
 

 
101,807

 
52,002

Other comprehensive loss

 

 

 
(17,624
)
 
(36,287
)
 
(53,911
)
Dividends declared:
 
 
 
 
 
 
 
 
 
 
 
Other dividends

 

 

 

 
(16,353
)
 
(16,353
)
Employee stock compensation and other
324

 
1,238

 

 

 

 
1,238

Change in accounting policy (note 2)

 

 
(17,216
)
 

 
(36,084
)
 
(53,300
)
Changes to non-controlling interest from equity contributions and other

 

 
2,912

 
(321
)
 
(17,196
)
 
(14,605
)
Balance as at March 31, 2020
101,108

 
1,053,522

 
(610,793
)
 
(41,682
)
 
2,085,617

 
2,486,664

Net income

 

 
21,723

 

 
103,777

 
125,500

Other comprehensive loss

 

 

 
(2,958
)
 
(5,234
)
 
(8,192
)
Dividends declared:
 
 
 
 
 
 
 
 
 
 

Other dividends

 

 

 

 
(19,166
)
 
(19,166
)
Employee stock compensation and other
(1
)
 
1,368

 

 

 

 
1,368

Changes to non-controlling interest from equity contributions and other (note 4)

 

 
116,818

 
(9,030
)
 
(106,721
)
 
1,067

Balance as at June 30, 2020
101,107

 
1,054,890

 
(472,252
)
 
(53,670
)
 
2,058,273

 
2,587,241
































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TEEKAY CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY
(in thousands of U.S. Dollars, except share amounts)
 
TOTAL EQUITY
 
Thousands
of Shares
of Common
Stock
Outstanding
#
 
Common
Stock and
Additional
Paid-in
Capital
$
 
Accumulated
Deficit
$
 
Accumulated
Other
Compre-
hensive
Loss
$
 
Non-
controlling
Interests
$
 
Total
$
Balance as at December 31, 2018
100,435

 
1,045,659

 
(234,395
)
 
(2,273
)
 
2,058,037

 
2,867,028

Net (loss) income

 

 
(84,257
)
 

 
22,793

 
(61,464
)
Other comprehensive loss

 

 

 
(7,247
)
 
(15,100
)
 
(22,347
)
Dividends declared:
 
 
 
 
 
 
 
 
 
 
 
Common stock ($0.055 per share)

 

 
(5,385
)
 

 

 
(5,385
)
Other dividends

 

 

 

 
(13,892
)
 
(13,892
)
Employee stock compensation and other
264

 
2,964

 

 

 

 
2,964

Change in accounting policy

 

 
606

 
(1,604
)
 
(1,993
)
 
(2,991
)
Changes to non-controlling interest from equity contributions and other

 

 
1,526

 

 
(9,349
)
 
(7,823
)
Balance as at March 31, 2019
100,699

 
1,048,623

 
(321,905
)
 
(11,124
)
 
2,040,496

 
2,756,090

Net (loss) income

 

 
(39,485
)
 

 
5,374

 
(34,111
)
Other comprehensive loss

 

 

 
(10,019
)
 
(21,163
)
 
(31,182
)
Other dividends

 

 

 

 
(16,574
)
 
(16,574
)
Employee stock compensation and other
85

 
908

 

 

 

 
908

Changes to non-controlling interest from equity contributions and other

 

 
228

 

 
(2,734
)
 
(2,506
)
Balance as at June 30, 2019
100,784

 
1,049,531

 
(361,162
)
 
(21,143
)
 
2,005,399

 
2,672,625

The accompanying notes are an integral part of the unaudited consolidated financial statements.












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Table of Contents
TEEKAY CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(all tabular amounts stated in thousands of U.S. Dollars, other than share and per share data)


1.
Basis of Presentation
The unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (or GAAP). They include the accounts of Teekay Corporation (or Teekay), which is incorporated under the laws of the Republic of the Marshall Islands, its wholly-owned or controlled subsidiaries and any variable interest entities (or VIEs) of which Teekay is the primary beneficiary (collectively, the Company).

Certain of Teekay’s significant non-wholly owned subsidiaries are consolidated in these financial statements even though Teekay owns less than a 50% ownership interest in the subsidiaries. These significant subsidiaries include the publicly-traded subsidiaries Teekay LNG Partners L.P. (or Teekay LNG) and Teekay Tankers Ltd. (or Teekay Tankers).
 
Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted from these unaudited interim consolidated financial statements and, therefore, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019, included in the Company’s Annual Report on Form 20-F, filed with the U.S. Securities and Exchange Commission (or SEC) on April 8, 2020. In the opinion of management, these unaudited interim consolidated financial statements reflect all adjustments, consisting of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, cash flows and changes in total equity for the interim periods presented. The results of operations for the three and six months ended June 30, 2020, are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited financial statements and accompanying notes. Actual results could differ from those estimates. It is possible that the amounts recorded as derivative assets and liabilities could vary by material amounts prior to their settlement.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. Given the dynamic nature of these circumstances, the full extent to which the COVID-19 pandemic may have direct or indirect impact on the Company's business and the related financial reporting implications cannot be reasonably estimated at this time, although the pandemic could materially affect the Company's business, results of operations and financial condition in the future. Spot tanker rates have come under pressure since mid-May 2020 as a result of record OPEC+ oil production cuts and lower production from other oil producing countries which reduced crude exports, and the unwinding of floating storage. COVID-19 was also a contributing factor to the write-down of six of Teekay LNG's multi-gas vessels and one floating production storage and offloading (or FPSO) unit during the six months ended June 30, 2020 as described in Note 7 - Write-down and Gain (Loss) on Sale, as well as being a contributing factor to the reduction in certain tax accruals as described in Note 17 - Income Tax Recovery (Expense).

Voyage expenses incurred that are recoverable from the Teekay Tankers' customers in connection with its voyage charter contracts are reflected in voyage charter revenues and voyage expenses. The Company recast prior periods to reflect this presentation. This had the impact of increasing both voyage charter revenues and voyage expenses by $4.7 million and $10.4 million for the three and six months ended June 30, 2019, respectively.
2. Recent Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13). ASU 2016-13 introduced a new credit loss methodology, which requires earlier recognition of potential credit losses, while also providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaced multiple impairment methods under previous GAAP for these type of assets, which generally required that a loss be incurred before it was recognized.

The Company adopted this update on January 1, 2020 with a modified-retrospective approach, whereby a cumulative-effect adjustment was made to increase accumulated deficit on January 1, 2020 without any retroactive application to prior periods. The Company's net investment in direct financing and sales-type leases, loans to equity-accounted investments, guarantees of indebtedness of equity-accounted investments and receivables related to non-operating lease revenue arrangements are subject to ASU 2016-13. On adoption, the Company decreased the carrying value of investment in and loans to equity-accounted investments by $40.0 million, non-controlling interest by $36.1 million and net investment in direct financing and sales-type leases by $11.2 million and increased accumulated deficit by $17.2 million and its other long-term liabilities by $2.1 million. The cumulative adjustment recorded on initial adoption of this update does not reflect an increase in credit risk exposure to the Company compared to previous periods presented.


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TEEKAY CORPORATION AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(all tabular amounts stated in thousands of U.S. Dollars, other than share and per share data)

In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (or ASU 2019-12), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The guidance becomes effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted, including adoption in any interim period. The Company is currently evaluating the effect of adopting this new guidance.

In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (or ASU 2020-04). This ASU provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (or LIBOR). This ASU applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. This ASU is effective through December 31, 2022. The Company is currently evaluating the effect of adopting this new guidance.
3. Revenues
The Company’s primary source of revenue is chartering its vessels and offshore units to its customers. The Company utilizes four primary forms of contracts, consisting of time-charter contracts, voyage charter contracts, bareboat charter contracts and contracts for FPSO units. The Company also generates revenue from the management and operation of vessels owned by third parties and by equity-accounted investments as well as by providing corporate management services to such third-party entities. For a description of these contracts, see "Item 18 – Financial Statements: Note 2" in the Company’s Annual Report on Form 20-F for the year ended December 31, 2019.

Revenue Table
The following tables contain the Company’s revenue for the three and six months ended June 30, 2020 and 2019, by contract type, by segment and by business lines within segments.
 
Three Months Ended June 30, 2020
 
Teekay LNG
Liquefied
Gas
Carriers
Teekay LNG
Conventional
Tankers
Teekay
Tankers
Conventional
Tankers
Teekay
Parent
Offshore
Production
Teekay
Parent
Other
Eliminations
and Other
Total
 
 
 
$
$
$
$
$
$
$
Time charters
135,761


34,986


4,096


174,843

Voyage charters
10,383


207,926




218,309

FPSO contracts



28,787



28,787

Management fees and other
2,061


3,580


55,225


60,866

 
148,205


246,492

28,787

59,321


482,805



 
Three Months Ended June 30, 2019
 
Teekay LNG
Liquefied
Gas
Carriers
Teekay LNG
Conventional
Tankers
Teekay
Tankers
Conventional
Tankers
Teekay
Parent
Offshore
Production
Teekay
Parent
Other
Eliminations
and Other
Total
 
 
 
$
$
$
$
$
$
$
Time charters
133,684