Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. (Teekay Offshore or the Partnership) NYSE: TOO, has declared a cash distribution of $0.475 per unit for the quarter ended March 31, 2010, an increase of $0.025 per unit, or 5.6 percent, from the previous quarter.  The cash distribution is payable on May 14, 2010 to all unitholders of record on May 7, 2010.

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. (Teekay LNG or the Partnership) TGP, has declared a cash distribution of $0.60 per unit for the quarter ended March 31, 2010, an increase of $0.03 per unit, or 5.3 percent, from the previous quarter. The cash distribution is payable on May 14, 2010 to all unitholders of record on May 7, 2010.

Hamilton, Bermuda – January 27, 2009 – Teekay Offshore GP LLC, the general partner of Teekay
Offshore Partners L.P. TOO, has declared a cash distribution of $0.45 per unit for the quarter
ended December 31, 2009.  The cash distribution is payable on February 12, 2010 to all unitholders of record.

February 5, 2010.Teekay GP LLC, the general partner of Teekay LNG Partners L.P. TGP, has declared a cash distribution of $0.57 per unit for the quarter ended December 31, 2009.  The cash distribution is payable on February 12, 2010 to all unitholders of record on February 5, 2010.

These distributions remain the same for both companies. The payouts have been level for 6 consecutive quarters.Both TOO and TGP have current yields over 8%.

Teekay Tankers TNK paid the first quarter distribution in May and reported the Q1 results today. Going into the 2nd quarter the company has 60% of the 12 ship fleet on time charter. The company provides a nice chart of the expected distribution based on spot rates for the two sizes of tankers. I expect the Q2 distribution will be near 40¢ per share.

Teekay Offshore Partners TOO and Teekay LNG Partners TGP continued their distributions at the same rate as Q1. Cash flow in the 1st quarter was well above the amounts necessary to cover the distribution.

Star Bulk Carriers has been hard on dividend investors over the last year. After starting up operations in late 2007, Star Bulk paid a 35¢ per share dividend in the 1st two quarters of 2008. In the 3rd quarter the 36¢ dividend was half cash and half stock. By the 4th quarter they had suspended the dividend. Now for the 2nd quarter of 2009 the company has restarted distributions with a 5¢ payout.

Teekay Corporation TK has increased their dividend for each of the last 5 years. The amount of increase were 16% and 15% at the end of 2007 and 2008. Five years ago the company was paying 12.5¢ per quarter, now it is almost 32¢. Long term investors rejoice!

Teekay LNG Partners LP TGP has been steadily increasing the distribution since forming in 2005. The vessels are on 10 to 25 year contracts and cash flow is more than sufficient to cover the payout.

Teekay Offshore TOO has been in business for 2.5 years and looks like another well-managed Teekay operation. Distributions have increased from 35¢ to 45¢ over the last 2 years. Unique niche of offshore drilling shuttle tanker should provide diversity from the regular tanker market.

Teekay Tankers Ltd. TNK has a flexible dividend policy based on the revenue of the fleet which is exposed to the fixed charter and spot tanker markets. Current spot tanker rates indicate the previous level of distributions will not be matched for a while. Do not look at the yield on this one! Make a decision on where you think tanker rates are going and what the company reports for the 2nd quarter.

I am about Teekay’d out, but there are some interesting options listed above. Only two dividend stocks left to review.

I am going to put the numbers up and you can decide what is important. As I noted yesterday the new indices from Capital Link align nicely with how I have been tracking the sector. The biggest difference is that my results are equal dollar weighted while the indices are market cap weighted. I also track the dividends paid, which the indices currently do not do.

On comparable subsectors I will show the returns of the stocks I track first with the number of stocks in parenthesis. Then will be my calculation of the Y-T-D returns on the parallel CL index. A couple of the CL indices will be on their own.

• All shipping stocks tracked: +0.59% (42)    CL Maritime: -13.45% (42)
• Tanker stocks: +2.61% (18)       CL Tanker: -13.12% (18)
  
• Drybulk stocks: +1.08% (11)     CL Drybulk: -1.05% (14)
• Container & mixed fleet: -15.38% (8)    CL Container: -7.75% (6) CL Mixed: -7.57% (6)
  
• Other shipping stocks: +32.50% (3)
• CL LNG/LPG: +29.66% (3)
  
• CL MLP: +29.00% (5)

On the overall index it is interesting to note the difference component weighting can make. I would guess that having Dry Ships DRYS lose 45% of their market cap this year had a significant effect on the CL Maritime Index.

For those who must know, the big winners in my other shipping stocks are KSP and ULTR .

With those returns I thought there would be more cross-over between the LNG/LPG index and the MLP index. The only stock in common is TGP.

Finally, Go ML