Teekay LNG is in it for the long haul. The spinoff of tanker operator Teekay Corporation transports liquefied natural gas (LNG), liquefied petroleum gas (LPG), and crude oil to the Middle East and Europe. Overall, the company operates about 15 vessels, which are chartered under long-term fixed-rate contracts, largely to Spanish oil and gas companies, Repsol and Gas Natural SDG, and Qatar Petroleum's Ras Laffan LNG. Teekay LNG uses a just-in-time approach to ship inventory, waiting until its vessels have been chartered before purchasing them. Teekay Corporation owns the general partner of Teekay LNG and retains a majority interest in the company, which was spun off in a 2005 IPO.