Teekay sells two aframaxes and buys back two suezmaxes

Canadian tanker operator Teekay Tankers has announced that it has entered into an agreement to opportunistically sell two unencumbered aframax tankers for $32m. VesselsValue data shows the two vessels, 2008-built 106,000 dwt Explorer Spirit and Navigator Spirit, were sold to Greek owner IMS SA.

In the meantime, the company declared options to purchase two suezmax tankers, that are currently on long-term sale-leaseback financing, for $57m as part of its plan to further reduce the company’s cost of capital. The vessels are expected to be redelivered to the company in May 2021.

Additionally, Teekay also entered into a seven-year in-charter agreement for an aframax tanker newbuilding, which is expected to be delivered in the fourth quarter of 2022.

Teekay reported a net income of $87.3m for the year of 2020, up 138% from 2019.

“Through the early part of 2021, the tanker spot market continues to be depressed, and the immediate outlook remains uncertain,” commented Kevin Mackay, CEO of Teekay Tankers.

“Looking ahead, though, we believe that the underlying tanker supply fundamentals remain positive and should result in meaningfully improved tanker market conditions as the global economy and oil demand return to more normal conditions,”Mackay added.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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