9 thoughts on “Teekay LNG Partners Reports Earnings”

  1. The market doesn’t care about earnings at the moment. Fear seems the only driver. In any case I am seeing extreme oversold conditions. A rebound seems due, but considering the situation better to be careful. Liquidation mode after pure shipping is going to affect transportation/infrastructure plays.
    Best buy of the day GSLD.

    1. One nice thing about the move to zero commissions is that you can scratch that itch to buy something without using too much dry powder. I’ve been nibbling on some shippers including GSLD, but taking very small bites.

      1. Global Ship Lease is leveraged, still just a B+ credit after the latest upgrade by S&P. Anyway they have already addressed the refinancing long ago. This is a plus in case the financial market remains shaky.

        https://www.themeditelegraph.com/en/shipping/2019/09/21/news/global-ship-lease-restructures-its-debt-1.38068144

        People reducing risk throw out of the window these names when there’s panic. Preferreds and bonds are less liquid, so if a few sellers decide to get out of the position it can happen like today: the less risky part of the capital structure loses more than the high risk (equity). Typical dislocation.

  2. Yep, baby being throw out with the bath water. Apparently all shippers and Midstream energy companies are going bankrupt due to this virus. Lots of Preferred and Baby Bond bargains out there.

    1. Yes–the question is whether they will go lower. I got my GMLPP earlier this week–1 day up and now dropping–maybe tomorrow will be another nibble on it.

      1. Yeah agreed Tim.

        Look at baby bonds like SBLKZ and INSW-A. I’d say 0 percent chance those guys go bankrupt but high-yielding bonds trading under par with maturities in near future. Wouldn’t be surprised if INSW calls theirs early. If you want more upside, look at GSLD. I understand why that is dropping more than others (small, not widely known company) but they are solid in my opinion and both the Preferred and Baby Bond getting whacked.

        Then there are the midstreams but most of them come with K-1s if you like to avoid those. If virus ends world, I have more to worry about then whether I lose money on these.

        1. Media are irresponsible. Social media even worse. Nobody highlights the number of people released from hospitals. Only the elder already with health issues are really at risk. It is bad but quite normal. Just consider how lethal would be for aged people (over 80yo) the common flu without a vaccine. It’s really absurd what’s happening and all this fear around.

        2. MLPs are hated at the moment. Even the downstream player Targa fell hard after reporting good results. Today NGLS PRA is showing some relative strength at last. I like this name. They hit consensus expectations and the business mix is shifting more towards logistics.

      2. TOO preferred got killed today. They are unshortable at IAB.
        Any news? The parent is inside Brookfields now. Do they walk away the units they just bought?

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