Teekay Plans IPO

6 October 2010 (Last Updated October 6th, 2010 18:30)

Teekay Tankers is planning to raise $103m by selling about 8.2 million shares. The company previously announced a $115m loan to an Asian shipowner for two VLCCs. The Bermuda-based tanker operator has also formed a joint venture with Wah Kwong Maritime Transport for a VLCC, which w

Teekay Tankers is planning to raise $103m by selling about 8.2 million shares.

The company previously announced a $115m loan to an Asian shipowner for two VLCCs.

The Bermuda-based tanker operator has also formed a joint venture with Wah Kwong Maritime Transport for a VLCC, which will be delivered in the second quarter of 2013.

The company said the $98m vessel will be chartered to a third party for five years.