Teekay Tankers announces sale of two VLCC tankers

May 20 2014 Print This Article
Teekay Tankers Ltd. announced that it has agreed to sell its two 2010-built Very Large Crude Carriers (VLCCs) to Tanker Investments Ltd. for $154 million. Teekay Tankers assumed full ownership of the two VLCCs in late-March 2014, which previously secured the Company's $115 million investment in term loans. The vessels are expected to be delivered to Tanker Investments inearly-May 2014.

"After recently assuming full ownership of these two VLCCs, we are pleased to complete their sale at a price that has allowed us to realize more than the full expected return on our initial $115 million term loan investment," commented Bruce Chan, Teekay Tankers'Chief Executive Officer. "Proceeds raised from the sale of these two vessels will be used to reduce amounts outstanding under our revolving credit facility, thereby further trengthening Teekay Tankers' financial flexibility."