Teekay Tankers is set to acquire a fleet of 12 modern Suezmax tankers from Principal Maritime Tankers for a total purchase price of $662m.

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The acquisition of these on-the-water vessels will immediately expand the company’s existing fleet of ten Suezmaxe tankers.

Teekay Tankers CEO Kevin Mackay said: "Teekay Tankers will become one of the largest owners of modern Suezmax tankers at the right point in the tanker market cycle, when positive market fundamentals support continued strength in spot tanker rates.

"Including the five Aframax tankers we acquired earlier this year, this acquisition will increase Teekay Tankers’ owned fleet by over 60%."

"Including the five Aframax tankers we acquired earlier this year, this acquisition will increase Teekay Tankers’ owned fleet by over 60% and solidifies our position as the largest owner and operator of mid-size crude oil tankers."

The newly acquired fleet is expected to be delivered by the end of October, following which the vessels will be deployed to operate in the spot tanker market.

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With this development, the average age of Teekay Tankers’ fleet, which is only 5.5 years at present, will be reduced to 1.2 years.

Mackay added: "With a larger fleet, we are better positioned take advantage of the growing demand for Suezmaxes, resulting from greater long-haul Suezmax movements from the Atlantic to Pacific basins, as well as the niche intra-regional voyages that are increasingly stretching Suezmax tonnage supply."

For this acquisition, Teekay Tankers is expected to receive new debt facility of approximately $400m from four of its key lenders.

Moreover, the company will issue new Class A common shares, average price of $6.76 per share, in the amount of $50m to Principal, $30m to Teekay Corporation and $60m to a group of institutional investors.