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Teekay Tankers buys Principal Maritime suezmax fleet

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

Marcus Hand, Editor

August 6, 2015

1 Min Read
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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.

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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