Teekay Tankers reveals another sale and leaseback deal

Teekay Tankers reveals another sale and leaseback deal

Teekay Tankers has revealed during the unveiling of its second quarter results details of another sizeable sale and leaseback deal.

In June it has emerged Teekay Tankers signed a term sheet for a sale-leaseback financing transaction relating to six modern aframax tankers. This follows on from the signed term sheet for a sale-leaseback transaction for seven mid-sized tankers announced in May.

“Including our sale-leaseback transaction previously-announced in May, we have signed term sheets for three financings which, upon completion, are expected to increase our net liquidity position by approximately $110 million and extend our debt maturity profile,” commented Kevin Mackay, Teekay Tankers’ president and CEO.

Teekay Tankers remained in the red in the second quarter, reporting a net loss of $27.4m.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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