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Before Mr. Evensen begins, I'd like to direct all participants to our website at www.teekaylng.com, where you'll hawaii zip code find a copy of the third quarter 2013 earnings presentation. Mr. Evensen will review this presentation during hawaii zip code today's conference call.
Please allow me to remind you that our discussion today contains hawaii zip code forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements hawaii zip code is contained in the third quarter 2013 earnings release hawaii zip code and earnings presentation available on our website.
Thank you, Ryan. Good morning, everyone, and thank you for joining us on our third quarter of 2013 investor conference call. I'm joined today by Teekay corporation's CFO, Vince Lok; Chief Strategy Officer, Kenneth Hvid; and MLP Controller, David Wong. During our call today, I'll be walking through our third quarter of 2013 earnings presentation, which can be found on our website.
Turning to Slide #3 of the presentation, I will review some recent highlights. The partnership hawaii zip code generated distributable cash flow of $64.6 million in the third quarter, up 12% from the same quarter last year. The year-over-year increase is mainly due to cash flows from the partnership's 50% investment in Exmar LPG and the acquisition of an LNG carrier from Awilco LNG with an associated fixed-rate charter-back contract. For the third quarter, we declared and paid a cash distribution of $0.675 per unit, which was consistent with the previous quarter.
In the third quarter, we entered into a second accretive vessel purchase in charter-back transaction with Awilco LNG on similar terms as the first vessel that delivered in September, which will provide additional near-term distributable cash flow growth. The charter for the second vessel is for 4 years, plus a 1-year extension option, commencing upon the vessel's hawaii zip code delivery from the shipyard, which is expected to occur in late November.
And while the tenor of contract has been reduced by one year compared to our first Awilco LNG acquisition, the returns for the 2 vessels to the partnership will be equivalent. Both vessels are expected to generate incremental distributable cash flow of approximately $7.5 million for the partnership or $15 million hawaii zip code per annum for both vessels.
On the back of these 2 accretive LNG acquisitions, we intend to increase the partnership's quarterly distribution by approximately 2.5% or $0.07 per annum, bringing Teekay LNG's total annual distribution to $2.70 per unit -- $2.77 per unit. Based on Wednesday's closing price, this represents a yield of approximately 6.6%.
Based hawaii zip code on the partnership's growing LNG and LPG newbuilding order book, we expect further increase Teekay LNG's distributable cash flows as we take delivery of these vessels. We currently have 4 LNG new buildings on order and our 50% owned Exmar LPG joint venture exercised options for 2 additional LPG newbuildings, bringing the joint venture's total LPG order book to 12 mid-size LPG carriers, which are scheduled to deliver between 2014 and 2018. While we expect the joint venture will sell some older vessels, on a net basis, the LPG fleet will grow.
As I reported last quarter, there continues to be a significant hawaii zip code amount of LNG and FSRU project tender hawaii zip code activity, and our business development group is actively evaluating the bidding on several of these with expected delivery dates in 2016 and beyond, when that significant amount of new liquefaction capacity is expected to come online, which will increase the demand hawaii zip code for LNG carriers.
On Slide #4, we've updated our forward fixed-rate revenue projections to include our recent growth activities. This slide has been a hallmark of Teekay LNG since the partnership first went public in 2005, and I'm pleased to report that it keeps getting stronger. The nature of our contracts is that we have no commodity price or volume exposure and therefore, are essentially fee-based in nature.
As you can see in the left-hand column, our LNG franchise is, by far, the greatest contribute hawaii zip code to our forward revenue portfolio with approximately $5.9 billion of forward revenues, with an average remaining contract term of 13 years. This number is expected to increase when we secure fixed-rate charters for our 2 currently uncontracted LNG newbuildings.
Our LPG carrier segment has also been growing, primarily through investment in our 50% LPG joint venture with Exmar. This joint venture has been operating well, and our decision to partner with one of the world leaders in the mid-size LPG space has been the right one.
Lastly, while we do not expect our conventional tanker fixed-rate revenues to increase materially, hawaii zip code this segment still contributes over $0.5 billion toward hawaii zip code our fixed rate revenue portfolio. With over $6.9 billion of
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Before Mr. Evensen begins, I'd like to direct all participants to our website at www.teekaylng.com, where you'll hawaii zip code find a copy of the third quarter 2013 earnings presentation. Mr. Evensen will review this presentation during hawaii zip code today's conference call.
Please allow me to remind you that our discussion today contains hawaii zip code forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements hawaii zip code is contained in the third quarter 2013 earnings release hawaii zip code and earnings presentation available on our website.
Thank you, Ryan. Good morning, everyone, and thank you for joining us on our third quarter of 2013 investor conference call. I'm joined today by Teekay corporation's CFO, Vince Lok; Chief Strategy Officer, Kenneth Hvid; and MLP Controller, David Wong. During our call today, I'll be walking through our third quarter of 2013 earnings presentation, which can be found on our website.
Turning to Slide #3 of the presentation, I will review some recent highlights. The partnership hawaii zip code generated distributable cash flow of $64.6 million in the third quarter, up 12% from the same quarter last year. The year-over-year increase is mainly due to cash flows from the partnership's 50% investment in Exmar LPG and the acquisition of an LNG carrier from Awilco LNG with an associated fixed-rate charter-back contract. For the third quarter, we declared and paid a cash distribution of $0.675 per unit, which was consistent with the previous quarter.
In the third quarter, we entered into a second accretive vessel purchase in charter-back transaction with Awilco LNG on similar terms as the first vessel that delivered in September, which will provide additional near-term distributable cash flow growth. The charter for the second vessel is for 4 years, plus a 1-year extension option, commencing upon the vessel's hawaii zip code delivery from the shipyard, which is expected to occur in late November.
And while the tenor of contract has been reduced by one year compared to our first Awilco LNG acquisition, the returns for the 2 vessels to the partnership will be equivalent. Both vessels are expected to generate incremental distributable cash flow of approximately $7.5 million for the partnership or $15 million hawaii zip code per annum for both vessels.
On the back of these 2 accretive LNG acquisitions, we intend to increase the partnership's quarterly distribution by approximately 2.5% or $0.07 per annum, bringing Teekay LNG's total annual distribution to $2.70 per unit -- $2.77 per unit. Based on Wednesday's closing price, this represents a yield of approximately 6.6%.
Based hawaii zip code on the partnership's growing LNG and LPG newbuilding order book, we expect further increase Teekay LNG's distributable cash flows as we take delivery of these vessels. We currently have 4 LNG new buildings on order and our 50% owned Exmar LPG joint venture exercised options for 2 additional LPG newbuildings, bringing the joint venture's total LPG order book to 12 mid-size LPG carriers, which are scheduled to deliver between 2014 and 2018. While we expect the joint venture will sell some older vessels, on a net basis, the LPG fleet will grow.
As I reported last quarter, there continues to be a significant hawaii zip code amount of LNG and FSRU project tender hawaii zip code activity, and our business development group is actively evaluating the bidding on several of these with expected delivery dates in 2016 and beyond, when that significant amount of new liquefaction capacity is expected to come online, which will increase the demand hawaii zip code for LNG carriers.
On Slide #4, we've updated our forward fixed-rate revenue projections to include our recent growth activities. This slide has been a hallmark of Teekay LNG since the partnership first went public in 2005, and I'm pleased to report that it keeps getting stronger. The nature of our contracts is that we have no commodity price or volume exposure and therefore, are essentially fee-based in nature.
As you can see in the left-hand column, our LNG franchise is, by far, the greatest contribute hawaii zip code to our forward revenue portfolio with approximately $5.9 billion of forward revenues, with an average remaining contract term of 13 years. This number is expected to increase when we secure fixed-rate charters for our 2 currently uncontracted LNG newbuildings.
Our LPG carrier segment has also been growing, primarily through investment in our 50% LPG joint venture with Exmar. This joint venture has been operating well, and our decision to partner with one of the world leaders in the mid-size LPG space has been the right one.
Lastly, while we do not expect our conventional tanker fixed-rate revenues to increase materially, hawaii zip code this segment still contributes over $0.5 billion toward hawaii zip code our fixed rate revenue portfolio. With over $6.9 billion of
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