Teekay in Anglo – Eastern Deal

Teekay in Anglo - Eastern Deal

Teekay is to farm out fifty of its tankers to third party ship management in a tie-up with Hong Kong’s Anglo-Eastern

The pact will be one of the world’s biggest deals between an independent ship management company and a shipowner.

Anglo-Eastern and Teekay confirmed the tie-up in notices sent in the past few days to their customers.

“We have entered into a strategic partnership with Teekay Corporation,” Anglo-Eastern chief executive Peter Cremers and chief operating officer Marcel Liedts said in their note to clients.

The pair said the tie-up will see Anglo-Eastern “assist Teekay” in evolving their ship management activities in a “stand-alone, cost competitive company.”

“As a part of this alliance, the crew management and training logistics for Teekay seafarers will be integrated with Anglo-Eastern Group companies.”

Reports in the South China Morning Post said the new company will be Teekay majority-owned and operate under a Teekay name.

“Most of the staff will also come from Teekay but key positions and some of the board composition will come from Anglo-Eastern in order to facilitate proper transfer of management know-how,” the Hong Kong newspaper said.

Cremers told the South China Morning Post: “Most of the staff will be from Teekay, but some senior positions will be taken up by Anglo-Eastern or ex-Anglo-Eastern staff.”

Teekay controls a fleet of around 150 ships made up of LNG carriers, offshore vessels and tankers. It operates in sixteen countries with about 6,400 seagoing and shore-based staff.

Earlier this month the shipowner eked out a first quarter profit of just $1.1m against a loss of $29.7m a year ago.

Revenue grew to $495m from $488m, while vessel operating costs and voyage expenses were both reduced.


Source: InterManager, May 29, 2012; Image: Teekay