Teekay Tankers announces its agreement to opportunistically sell two unencumbered Aframax tankers for $32m, in its fourth quarter and Annual 2020 results report.
Vessels information
VesselsValue data shows the two vessels, 2008-built 106,000 dwt Explorer Spirit and Navigator Spirit, were sold to Greek owner IMS SA.
Purchase option
In the meantime, the Canadian tanker operator declared options to purchase two Suezmax tankers, which 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.
Aframax charter agreement
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.
Net income
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.
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Source: Teekay
