New York-listed oil and product tanker owner Teekay Tankers agreed last month to sell two 2009-built suezmax vessels and one 2006-built LR2 vessel for total combined proceeds of $95.5m.
The LR2 vessel and one suezmax vessel were delivered to their new owners in February 2025 and the remaining vessel is expected to be delivered later in the first quarter of 2025.
As disclosed, the estimated gains from the sales are approximately $30.5m, which are expected to be reflected in the company’s first quarter 2025 financial results.
Kenneth Hvid, Teekay Tankers’ president and CEO, said: “As part of our fleet renewal plan to sell older vessels and acquire more modern tonnage, we have taken advantage of strong asset prices and sold, or agreed to sell, three additional older vessels in the first quarter of 2025, two of which have already been delivered.”
In addition to the new sales, the company completed in October and December the previously-announced sales of a 2005-built aframax vessel and a 2005-built suezmax vessel for $64.8m. The aggregate gain on sales of approximately $27.9m is reflected in its fourth quarter 2024 results.
“Taken together with the previously-announced sales of two vessels that closed in the fourth quarter of 2024, we expect to receive total combined sale proceeds of approximately $160 million, resulting in expected gains of approximately $58 million,” Kenneth Hvid added.
Teekay Tankers owns a fleet of 39 double-hulled oil and product tankers (including 23 suezmax tankers and 16 aframax / LR2 tankers) and also has five chartered-in oil and product tankers.
Teekay Tankers’ vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time-charter contracts.
The company also owns a very large crude carrier (VLCC) through a 50 percent-owned joint venture.
