Tanker Investments Merges with Teekay Tankers
Teekay Tankers has agreed to acquire all the remaining issued and outstanding shares of Tanker Investments (TIL), in a share-for-share merger at an exchange ratio of 3.30 Teekay Tankers Class A common shares for each TIL common share. Teekay Tankers currently owns 3.4 million common shares, or 11.3 percent, of TIL. TIL's fleet consists of 10 Suezmax tankers, 6 Aframax tankers and 2 LR2 Product tankers with an average age of 7.3 years. Following the merger, Teekay Tankers' fleet will consist of 62 conventional tankers, including 3 in-chartered conventional tankers (30 Suezmax tankers, 22 Aframax tankers, 9 LR2 Product tankers and one 50 percent-owned VLCC).
Teekay Forms New Tanker Company
Teekay Tankers Ltd. and Teekay Corporation today jointly announced the creation of Tanker Investments Ltd. (TIL), which will seek to opportunistically acquire, operate and sell modern secondhand tankers to benefit from an expected recovery in the current cyclical low of the tanker market. TIL has completed a $250 million private equity offering in which Teekay Tankers and Teekay have co-invested $25 million each for a combined 20 percent ownership interest in the new company.
Teekay Charters Three Tugboats
Teekay Shipping Australia boosts towage services in Port Hedland to meet growing throughput at Australia’s busiest port. The 80+ tonne bollard pull tugs 'RT Rotation', 'RT Sensation' and 'RT Inspiration', supplied under contract from KOTUG International, will join three powerful Rotor®Tugs already operating in the port, which the mining industry now regards as the busiest in Australia. The Port Hedland Port Authority is forecasting an increase in throughput results from 247 million tonnes per annum (mtpa) in 2012, to nearly 500 mtpa by 2017.
