The result improves on a $14.5m loss in the same period in 2013, and contributes to a $36.8m profit for the first nine months of 2014, compared to a $22.2m loss for the first three quarters of 2013.
Total revenues for the third quarter were $53.4m, up from $39.4m in Q3 2013. With the exception of MR tankers, time charter equivalent rates for the spot fleet were up, with suezmaxes earning $21,134 per day up from $13,799 per day, aframaxes earning $22,1205 per day compared to $13,583 in 2013 and LR2s earning $17,232 up from $12,488 per day.
“Crude spot tanker rates for the third quarter of 2014 reached their highest average for a third quarter since 2008,” commented Kevin Mackay, ceo. “Stronger seasonal oil demand early in the quarter, an increase in long-haul crude tanker movements from the Atlantic to Pacific and an increase in oil purchases for onshore commercial and strategic storage were some of the key factors that combined to push average spot tanker rates higher during the quarter. Although rates weakened slightly in September, they rebounded again in October.
“Given our positive spot tanker rate outlook, Teekay Tankers has continued to strategically increase its spot tanker exposure through new in-charter contracts at favourable rates and with option periods,” Mackay continued. “Combined with strong operating leverage and a low cash break-even rate, we believe Teekay Tankers is well-positioned to benefit from a sustained tanker market recovery.”
Elsewhere within the Teekay Group, Teekay LNG Partners has reported a net profit of $96.7m for the third quarter, up from $30.8m in the third quarter 2013.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
