Oslo: Newly established Tanker Investment has bet everything on an upswing in the tanker market. In 2014, they built up a fleet. In 2015 they want to maximize returns on this investment.
Canadian Teekay Corporation and its subsidiary Teekay Tankers set up the Oslo listed company last year.
Tankers Investments, as the name spells out, has been set up to buy, operate and sell modern tankers.
Rates for the first quarter of 2015 have been significantly higher than the spot tanker rates realized in the last quarter of 2014.
According to the newcomer rates for a short period charter of three months are the highest in six years. On average, rates has not been at this level since the fourth quarter of 2008.
The increase is a combination of seasonal factors and increased tanker demand due to low oil prices. The decline in oil prices has led to a greater demand for tank storage, and Chinese imports peaked in December 2014.
During the fourth quarter last year, net income for the company stood at $27.4, up from $20.7m in the third quarter due to higher average spot tanker rates. As of 31 December 2014 Tanker Investments had total liquidity of $ 108m.
Just before Christmas, Tanker Investment bought six modern secondhand suezmaxes for $315m. The vessels will be delivered during the first half of 2015. With the purchase Tankers Investment has increased its fleet to 20 vessels with an average age of 5.3 years.
