August 11, 2015
Teekay Tankers: Largest Owner and Operator of Mid-size Crude Oil Tankers
On August 5, Teekay Tankers announced the acquisition of 12 modern Suezmax tankers from Principal Maritime for a total cost of $662 million. These on-the-water vessels more than double Teekay Tankers’ owned Suezmax fleet and solidifies Teekay Tankers’ position as the largest owner and operator of mid-size crude oil tankers. This significant increase in scale will allow Teekay Tankers to further optimize fleet
efficiencies, enhance service offering to both existing and new customers across more regions, and expand their presence on the evolving global Suezmax trade-routes. With a larger fleet, Teekay Tankers is positioned to take advantage of the growing demand for Suezmax tankers resulting from greater long-haul Suezmax movements from the Atlantic to Pacific basins as well as other niche intra-regional voyages. “Teekay Tankers will become one of the largest owners of modern Suezmax tankers at the right point in the tanker market cycle when positive market fundamentals support continued strength in spot tanker rates” commented Teekay Tankers’ Chief Executive Officer, Kevin Mackay.
The vessels are scheduled to deliver by the end of October 2015 and are expected to operate in the spot tanker market soon after delivery. The Suezmax vessels to join Teekay Tankers’ fleet are the following:
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