Turning to slide number three of the presentation, I will review some recent highlights. The Partnership generated distributable cash flow of $56.8 million in the second quarter of 2012, up 51% from the same quarter last year when we generated $37.6 million of distributable cash flow. The year-over-year increase highlights the growth our fleet has experienced over the past year including the recent deliveries of our new building gas carriers and our accretive acquisition in February of this year of a 52% interest in the six mass LNG carriers.
For the second quarter, we declared and today paid a cash distribution of $0.675 per unit which is consistent with last quarter. We entered into a new three year forward start time charter for the Magellan Spirit which will commence in September 2013 upon the expiry of the vessel’s current time charter.
Importantly, this new time charter is at a day rate which is approximately 20% higher than the current charter rate. As we discussed at our Investor Day, we continue to see backward-ization in the market where medium-term charters with a forward startup being done closer to the long term charter level. In that light, we consider this picture to be strong.
Turning to slide number four, you can see that the big growth in LNG supply and therefore LNG transport will be in 2015 and beyond. There isn’t much liquefaction growth until then that does not have dedicated LNG transport.Our customer discussions and tenders for new LNG transport are focused on moving the new LNG supply that will come online from 2015 till the end of the decade as can be seen in the graph at the bottom of the slide, with Australia expected to take the lead with approximately 80 million tons per annum by 2020, but also projects in Russia and Africa.