Teekay Tankers exercises options on vessels

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Teekay Tankers is expanding its owned and chartered fleet in a series of purchase and charter deals.  Teeky has given notice that it will exercise its purchase options on nine vessels under sale and leaseback agreements.  The acquisition will cost $164m and will be funded using cash on hand and executed in March this year.  This announcement follows fourth quarter and annual 2022 results that surpassed Wall Street expectations.  Commenting on results, CEO Kevin Mackay said “While the mid-size tanker market in the third quarter was among the strongest in recent years, rates in the fourth quarter of 2022 surged to among the highest rates ever recorded”.

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