We thank all of our seafarers and shore-based staff for their continued and extraordinary dedication to maintain business continuity throughout the second quarter. The unprecedented impact of COVID-19 continues to be a major area of focus for us, but we have thus far successfully navigated the evolving logistical and regulatory challenges with minimal impact on our operations. 

Our strong results in the second quarter can be attributed to solid earnings in each of our main businesses. Teekay LNG reported another quarterly record-high in adjusted net income and total adjusted EBITDA; Teekay Tankers experienced another quarter of strong spot tanker rates; and our directly-owned FPSO operating results improved as a result of the new bareboat charter contract secured in late-March on the Foinaven FPSO, which eliminated our exposure to the previous loss-making contract.  We continue to utilize these improved cash flows to further strengthen our financial foundation, which is one of our strategic priorities. 

The health and safety of our crew and shore staff is paramount for the Teekay Group. We have implemented strict measures on all of our vessels to protect our seafarers while the vast majority of our shore staff are working remotely from home. As a result of the pandemic, the overall maritime industry has experienced significant challenges related to crew changes, but we are pleased to report that we have managed to at least do a partial refresh of our crews on effectively all of our vessels and our teams are focused on minimizing the number of crews that are overdue. We will continue to work hard with both the industry and inter-governmental organizations to tackle this challenge and bring our remaining overdue colleagues home safely as soon as possible.

We are truly proud and thankful of how our seafarers and onshore colleagues have responded to COVID-19, implementing new standards to ensure the continued health and well-being of everyone involved in our organization, especially our colleagues at sea, while maintaining consistently safe and efficient operations for our customers.  

Here are the highlights from our earnings results. For detailed information, visit the Investor pages: $TK, $TGP, $TNK.