Bermuda-based firms Teekay Tankers and Teekay have jointly created a new company Tanker Investments (TIL).

The companies expect to benefit from the current cyclical low of the tanker market.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

TIL has generated a $250m private equity offering so far, in which Teekay Tankers and Teekay invested around $25m each, giving them a combined 20% ownership interest in TIL.

The remaining shares have been purchased by investors from the US, Norway and the UK.

TIL will work to acquire, operate and sell modern second-hand tankers.

“Teekay Corporation is one step closer to achieving its strategy of becoming an asset-light company primarily focused on increasing the value of its daughter entities.”

The new business will use a portion of its private equity offering to acquire four Aframax crude oil tankers built in 2009 and 2010, for around $116m and four Suezmax crude oil tankers built in 2009, for around $163m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, the companies have agreed to sell Teekay’s conventional tanker commercial and technical management operations (Teekay Operations) to Teekay Tankers.

Teekay Tankers CEO Bruce Chan said their investment in TIL provides a new avenue for Teekay Tankers’ shareholders to benefit from a tanker market recovery.

“This transaction complements our existing strategy of owning and in-chartering conventional tankers. In addition, our planned acquisition of Teekay Operations represents the final step in Teekay Tankers’ evolution into a full-service conventional tanker platform, which we believe will allow us to better serve our customers and generate greater value for Teekay Tankers,” Chan said.

Teekay president and CEO Peter Evensen said: “With the sale of our last four owned conventional tankers to TIL, Teekay Corporation is one step closer to achieving its strategy of becoming an asset-light company primarily focused on increasing the value of its daughter entities.”