Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Teekay Tankers buys Principal Maritime suezmax fleet

Teekay Tankers buys Principal Maritime suezmax fleet
Teekay Tankers is buying a fleet of 12 suezmax tankers from Principal Maritime for $662m.

The deal for 12 vessels currently trading in the market will boost Teekay Tankers suezmax fleet to 22 vessels. The Principal Maritime fleet has an average age of 5.5 years and will reduce the average age of Teekay Tankers fleet by 1.2 years.

The 12 vessels will delivered by the end of October and the company plans to trade them on the spot market.

“The acquisition of this high quality, on-the-water fleet is strategically important for Teekay Tankers and provides significant commercial and financial benefits,” commented Kevin Mackay, ceo of Teekay Tankers. 

“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. Including the five aframax tankers we acquired earlier this year, this acquisition will increase Teekay Tankers’ owned fleet by over 60 percent and solidifies our position as the largest owner and operator of mid-size crude oil tankers.

The purchase will be funded through a mix of new bank debt, share issues and existing liquidity.

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish
TMSRPan21-22 Category Promo 600_600-resize
Read Now

The 21st Edition of Panama Maritime Review

"We will invest in digital transformation, exploring innovative ways in which we can maxinimise the Canal's capacity to provide value guarentee quality of service to our customers."

Ricaurte Vásquez Morales, Panama Canal Administrator

Read Panama Maritime Review 2021/22 to find out more.

TMSRPan21-22 Category Promo 600_600-resize