Search results for: Teekay Tankers

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  • 1 June 2017
    Business & Finance

    Tanker owners and operators Teekay Tankers and Tanker Investments Ltd. (TIL) have entered into an agreement to merge their respective fleets. Namely, Tanker Investments has agreed to an all-stock merger with Teekay Tankers at an exchange ratio of 3.30 Teekay Tankers Class A common shares for each TIL common share. Teekay Tankers currently owns an 11.3% ownership […]

  • 5 August 2015
    Business & Finance

    Teekay Tankers Ltd. has agreed to acquire a fleet of 12 Suezmax tankers currently owned by Principal Maritime Tankers for an aggregate purchase price of USD 662 million. With an average age of only 5.5 years, the 12 Suezmaxes to be acquired will reduce the average age of Teekay Tankers’ fleet by 1.2 years. Once delivered, […]

  • 21 January 2014
    Business & Finance

    Teekay Tankers Ltd. (Teekay Tankers) and Teekay Corporation (Teekay) today jointly announced the creation of Tanker Investments Ltd. (TIL), which will seek to opportunistically acquire, operate and sell modern secondhand tankers to benefit from an expected recovery in the current cyclical low of the tanker market. TIL has completed a $250 million private equity offering […]

  • 17 April 2012
    Business & Finance

    Teekay Tankers Ltd. announced yesterday that it has reached an agreement to acquire from Teekay Corporation, a fleet of 13 double-hull conventional oil and product tankers and related time-charter contracts, debt facilities and other assets and rights, for an aggregate purchase price of approximately $455 million. The acquired fleet consists of seven crude oil tankers […]

  • 5 August 2015
    Business & Finance

    Teekay Tankers Ltd. has agreed to acquire a fleet of 12 Suezmax tankers currently owned by Principal Maritime Tankers for an aggregate purchase price of USD 662 million. With an average age of only 5.5 years, the 12 Suezmaxes to be acquired will reduce the average age of Teekay Tankers’ fleet by 1.2 years. Once delivered, […]

  • 28 November 2017
    Business & Finance

    Tanker owners and operators Teekay Tankers and Tanker Investments Ltd. (TIL) finalized their merger agreement on November 27. Upon the closing of the merger, each outstanding share of TIL common stock, other than shares held in the treasury of TIL or owned by Teekay Tankers or any of its subsidiaries, was exchanged for the right […]

  • 28 May 2014
    Business & Finance

    Teekay Tankers Ltd. has announced the appointment of Mr. Kevin J. Mackay as Chief Executive Officer (CEO) of Teekay Tankers, effective June 20, 2014. Mr. Mackay will join Teekay Tankers from Phillips 66 Corporation, where he is currently head of the global marine business unit for this industry-leading downstream company. Teekay’s new CEO said, “Teekay Tankers […]

  • 14 December 2011
    Business & Finance

    Xcite Energy  has signed a letter of intent (“LoI”) with Teekay Shipping Norway AS (“Teekay”) for the provision of a shuttle tanker for the forthcoming Phase 1A of the Bentley field development programme. The LoI anticipates that XER and Teekay will enter into a definitive agreement for one of Teekay’s dynamically positioned shuttle tankers within […]

  • 3 August 2017
    Business & Finance

    The announced merger between Teekay Tankers and Tanker Investments Limited (TIL) comes at a crucial point of the shipping cycle, the two companies stressed while announcing net losses for the second quarter of 2017. Seasonal weakness and increasing tanker deliveries drove down tanker rates resulting in further headwinds to an already weak tanker market. Tanker […]

  • 15 September 2017
    Business & Finance

    Bermuda-based shipping company Teekay Tankers has announced a share repurchase program for the buyback of up to USD 45 million of the company’s shares.  “During this period of weaker tanker rates, one of our key priorities remains strengthening our balance sheet by further reducing financial leverage and increasing liquidity,” Kevin Mackay, Teekay Tankers’ President and CEO, explained. […]

  • 14 January 2014
    Business & Finance

    Teekay Corporation and Teekay Tankers Ltd. announced that Bruce Chan, Chief Executive Officer of Teekay Tankers and President of Teekay Tanker Services, has informed the Company of his intention to resign from his position effective June 20, 2014 after more than 18 years of service with the Company.  Peter Evensen, Teekay’s President and Chief Executive […]

  • 13 July 2016
    Business & Finance

    Bermuda-based shipping company Teekay Corporation added another Suezmax tanker, the Los Angeles Spirit, to its fleet on July 6. After successful completion of the vetting process, the 159,200 dwt vessel is now on its first voyage under Teekay technical management, according to the company. The 2007-built Los Angeles Spirit features a length of 274 meters and a width of 48 […]

  • 8 November 2017
    Business & Finance

    Proxy advisory firms of Tanker Investments Ltd (TIL) and Teekay Tankers have recommended that the shareholders of the two companies vote for the merger  the two tanker majors announced in June this year. Specifically, Institutional Shareholder Services Inc. (ISS) and Glass, Lewis & Co. advised Teekay Tankers to move ahead with the merger plan with TIL. […]

  • 25 February 2013
    Business & Finance

    Teekay Tankers Ltd. on Thursday reported its results for the three months ended December 31, 2012. During the fourth quarter of 2012, the Company generated $10.8 million, or $0.13 per share, in Cash Available for Distribution(2), compared to $9.7 million, or $0.12 per share, in the third quarter of 2012. On February 20, 2013, Teekay […]

  • 26 May 2015
    Business & Finance

    Teekay Tankers, part of Teekay Group, operates a fleet of over 95 tankers, including aframax, long range (LR), medium range (MR), suezmax and very large crude carrier (VLCC) vessels. In this video, Chrisitian Waldegrave, Head of Research at Teekay, is offering insights into global tanker market for the month of May, 2015.

  • 17 April 2015
    Business & Finance

    Teekay Tankers, part of Teekay Group, operates a fleet of over 95 tankers, including aframax, long range (LR), medium range (MR), suezmax and very large crude carrier (VLCC) vessels. In this video, Chrisitian Waldegrave, Head of Research at Teekay, is offering insights into global tanker market for the month of April, 2015.

  • 29 January 2020
    Business & Finance

    Teekay Tankers has closed a new five-year, USD 533 million revolving credit facility to refinance 31 vessels.

  • 6 August 2015
    Business & Finance

    NYSE-listed Teekay Corporation reported USD 215.3 million net income for the quarter ended June 30, 2015, vastly improving its results compared to USD 15.5 million net loss the Bermuda-headquartered company recorded in 2QFY2014. These results include the company’s three publicly-listed subsidiaries: Teekay Offshore Partners, Teekay LNG Partners, and Teekay Tankers. The company’s revenue increased to USD 592.8 million for […]

  • 11 April 2013
    Business & Finance

    On April 8, 2013, Teekay Tankers Ltd. announced a deal for four new, fuel efficient, next generation tankers, with an option for 12 more vessels in the future. Find out what the company’s officials think about this multi-million dollar project that sees Teekay recommitting to its roots. Related: Teekay Tankers Orders Four LR2 Product Tanker […]

  • 6 August 2015
    Business & Finance

    NYSE-listed Teekay Corporation reported USD 215.3 million net income for the quarter ended June 30, 2015, vastly improving its results compared to USD 15.5 million net loss the Bermuda-headquartered company recorded in 2QFY2014. These results include the company’s three publicly-listed subsidiaries: Teekay Offshore Partners, Teekay LNG Partners, and Teekay Tankers. The company’s revenue increased to USD 592.8 million for […]

  • 23 February 2017
    Business & Finance

    2017 will present some headwinds to crude tanker rates due to cuts to OPEC production, rising oil prices, and fleet growth, however, this dip in the current market cycle will be relatively short and shallow according to Teekay Tankers, part of the Teekay Corporation. In addition, lower fleet growth, strong oil demand growth, particularly in […]

  • 18 May 2017
    Business & Finance

    Tanker shipping company Teekay Tankers, part of Bermuda-based Teekay Corporation, has entered into a term sheet for a USD 153 million, 12-year sale-leaseback financing relating to four Suezmax tankers. The deal was signed in April 2017, and once completed, is expected to further strengthen the company’s balance sheet and boost its liquidity position by approximately USD 30 […]