Teekay’s Q3 Loss Widens

9 November 2010 (Last Updated November 9th, 2010 18:30)

Teekay has reported a loss of $53.3m during the third quarter of 2010 compared with an adjusted net loss of $43.4m during the same quarter a year ago, widening its loss to $186m. The Bermuda-based shipping company reported a net loss of $83.2m during the nine months of 2010 compared with

Teekay has reported a loss of $53.3m during the third quarter of 2010 compared with an adjusted net loss of $43.4m during the same quarter a year ago, widening its loss to $186m.

The Bermuda-based shipping company reported a net loss of $83.2m during the nine months of 2010 compared with a loss of $54.2m a year ago.

Teekay’s revenue dipped 4.7% to $408.4m during the quarter from $428.7m reported a year earlier.

The company said weaker tanker rates combined with a heavier summer maintenance schedule in its offshore fleet reduced income and cash flow from vessel operations in the third quarter.