As part of its fleet renewal plan, New York-listed Teekay Tankers completed the acquisitions of one 2017-built suezmax tanker and the remaining 50% ownership interest of the Hong Kong Spirit VLCC tanker.
Specifically, the company in July completed the purchase of a 2017-built suezmax tanker for $64.3m, whilst in August completed the purchase of a 2013-built VLCC for a purchase price of $63m. The VLCC was sold to the company by the company’s 50/50 joint venture.
In addition, four of the five previously-announced vessel sales were completed in the third and fourth quarters, with the remaining vessel sale to be completed by the end of October. Gross proceeds on the five vessel sales is expected to total $158.5m, resulting in estimated gains on sale of approximately $47.5m.
As stated, during the period of August-September the shipowner completed the sales of one 2006-built and two 2009-built suezmax tankers for $97m, which resulted in a gain on sale of $25.9m in the third quarter of 2025.
In October, the company completed the sale of a 2009-built suezmax tanker and the remaining 2007-built aframax-sized tanker sale is expected to be completed by the end of October 2025.
Meanwhile, the company time chartered-out one suezmax tanker for $42,500 per day for one year and two aframax-sized tankers for an average rate of $33,275 per day for periods between 12 months and 18 months.
Kenneth Hvid, Teekay Tankers’ president and chief executive officer, commented: “Since reporting earnings in July 2025, Teekay Tankers has continued to execute on its fleet renewal strategy.
“We completed the purchases of one modern suezmax tanker and the remaining 50% ownership interest in a VLCC, and we completed four of the five previously announced vessel sales in the third and fourth quarters, with the last vessel expected to be delivered in the coming days.
“In addition, we took advantage of the firming time charter market and fixed out one suezmax and two aframax-sized tankers at attractive rates over periods ranging from 12 to 18 months.”
