- Teekay Tankers Delivers Two Ships in February, Third Sale Closing Soon.
- Oil Tanker Giant Teekay Sells Five Vessels in Six Months.
- Teekay Tankers Balances its Fleet with a Mix of Sales and New Acquisitions.
Teekay Tankers, a New York-listed oil and product tanker operator, agreed to sell two 2009-built Suezmax ships and one 2006-built LR2 ship in total for $95.5 million. This action is consistent with the firm’s fleet renewal strategy, whereby it seeks to replace older tonnage with more contemporary vessels, reports Shipping Telegraph.
Delivery Schedule and Financial Gains
The LR2 ship and one Suezmax ship were handed over to their new owners in February 2025. The second Suezmax ship is to be handed over later in the first quarter of 2025. The company approximates that the sales will provide about $30.5 million of gains, which will be included in its first-quarter 2025 financial results.
CEO’s Statement on Fleet Renewal
Kenneth Hvid, Teekay Tankers’ president and CEO, commented: “As part of our fleet renewal plan to sell older vessels and acquire more modern tonnage, we have taken advantage of strong asset prices and sold, or agreed to sell, three additional older vessels in the first quarter of 2025, two of which have already been delivered.”
Previous Sales and Total Proceeds
Besides these recent deals, Teekay Tankers finalized the prior announced sale of a 2005-built Aframax tanker and a 2005-built Suezmax tanker in October and December 2024 for $64.8 million aggregate amount. The sale generated a profit of around $27.9 million, which is accounted for in the firm’s fourth-quarter 2024 financial statements.
Summarizing the recent sales activity, Hvid added: “Taken together with the previously-announced sales of two vessels that closed in the fourth quarter of 2024, we expect to receive total combined sale proceeds of approximately $160 million, resulting in expected gains of approximately $58 million.”
Teekay Tankers’ Fleet Overview
Teekay Tankers’ current fleet is 39 double-hulled product and oil tankers, 23 of them Suezmax tankers, and 16 Aframax/LR2 tankers. Moreover, the firm operates five oil and product tankers chartered in.
It uses its vessels with a combination of short- or medium-term fixed-rate time-charter and spot tanker market trading. Besides, it operates a very large crude carrier (VLCC) in a joint venture of 50%.
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Source: Shipping Telegraph
