Teekay Tankers buys Principal Maritime suezmax fleet

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.