Teekay Welcomes Los Angeles Spirit to Its Fleet
- 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 meters.
The vessel was purchased as part of a batch of 12 Suezmax trankers from US-base Principal Maritime Tankers in August 2015.
The tankers were bought for a total of USD 662 million.
Teekay Tankers earlier received commitments from four of its lenders to provide a debt facility of USD 400 million to finance the purchase, which will be secured by the acquired vessels.
Teekay’s tanker business reported an adjusted net income of USD 46 million for the quarter ended March 31, 2016, compared to USD 39 million for the same period a year earlier, mainly attributed to an increase in fleet size as a result of the acquisition of 19 modern, mid-size tankers during 2015 and the expansion of the company’s chartered-in tanker portfolio during 2015 and 2016, partially offset by lower spot tanker rates in the first quarter of 2016.
Teekay Tankers owns a fleet of some 45 double-hull tankers, including Suezmax, Aframax, Long Range 2 (LR2) and Medium-Range (MR) product tankers.
World Maritime News Staff