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Teekay Shipping Corporation News

22 Mar 2019

Teekay Joins SRTI

Teekay Shipping Corporation, the global marine energy transportation, storage & production company, has signed up to the Ship Recycling Transparency Initiative (SRTI).The Canadian shipowner thus  joined A.P. Moeller-Maersk, the China Navigation Company, Wallenius Wilhelmsen and other major maritime players and becomes the eighth to make public their approach to ship recycling.“Teekay is committed to helping the ship recycling facilities that we work with elevate their skills and performance to increase safety and sustainability,” said Kenneth Hvid, President and CEO, Teekay.“Our employees are on-the-ground throughout the recycling process to perform regular inspections and audits and provide training to staff and workers.

29 Jan 2019

NSSLGlobal, Teekay Sign Four-Year Satcom Contract

The global satcom provider NSSLGlobal has announced a four year, multi-million enhanced contract for communication and entertainment services with Teekay Shipping Corporation, the marine energy transportation, storage and production company.According to a release, the latest contract will provide an upgraded bandwidth capability across the Teekay fleet alongside the installation of NSSLGlobal’s new virtualised Cruise Control+ appliance and the rollout of CrewVision, its crew entertainment service.The new contract cements the longstanding relationship between NSSLGlobal and Teekay dating back to 2004. The winning formula stems from NSSLGlobal’s…

10 Dec 2003

Amended IMO Regulations Positive for Teekay

The International Maritime Organization (IMO) has announced stricter regulations governing the tanker industry on a worldwide basis. The IMO regulations, scheduled to become effective April 5, 2005, will accelerate the mandatory phase-out of single-hull tankers as well as impose a more rigorous inspection regime for older tankers. The regulations will ban the oldest single-hull tankers, representing approximately 12 percent of the current world tanker fleet, from worldwide trading by the end of 2005. It is expected that a further 25 percent of the existing world tanker fleet will be excluded from the majority of the oil tanker trades by 2010.

07 Jan 2004

Teekay Shipping Corporation Declares Dividend

Teekay Shipping Corporation announced that its Board of Directors has voted to declare a cash dividend on its common stock of $0.25 per share, payable on January 30, 2004 to all shareholders of record as at January 16, 2004.

15 Jan 2004

Teekay Orders Newbuilding Aframax Tankers

Teekay Shipping Corporation (Teekay) announced that it has entered into two separate agreements to construct a total of six 105,000 deadweight tonne high specification Aframax tanker newbuildings. Four conventional Aframax tankers and two purpose-built lightering ships have been ordered from Hyundai Heavy Industries and Tsuneishi Corporation, respectively. The aggregate cost of these vessels is approximately US$260 million, including construction supervision costs and capitalized interest. Paul Wogan, President of Teekay Tanker Services, Teekay's conventional tanker business unit said, "We are pleased to add four high quality vessels from Hyundai Heavy Industries to our existing fleet renewal program.

16 Mar 2004

Teekay Acquires Spanish LNG and Oil Shipping Company

Teekay Shipping Corporation has entered into a definitive agreement to acquire Naviera F. Tapias S.A. Teekay has also entered into an agreement with the shareholders of Tapias to establish a 50/50 joint venture that will pursue new business in the oil and gas shipping sectors, focusing specifically on the Spanish market. The Tapias acquisition will establish Teekay's presence in LNG shipping, one of the fastest growing sectors of sea-borne energy transportation. It will position the Company as a key supplier of LNG shipping to Spain, the world's third largest importer of LNG, and provide a strategic growth platform for Teekay. As a major provider of crude oil transportation to Spain, the acquisition of Tapias will also extend Teekay's leading position in the crude oil tanker sector.

06 Apr 2004

Gas Ships: Teekay Enters LNG With Tapias Acquisition

Teekay Shipping Corporation has entered into a definitive agreement to acquire Naviera F. Tapias S.A., a leading independent owner and operator of LNG carriers and crude oil tankers in Spain. Teekay has also entered into an agreement with the shareholders of Tapias to establish a 50/50 joint venture that will pursue new business in the oil and gas shipping sectors, focusing specifically on the Spanish market. The Tapias acquisition will establish Teekay's presence in LNG shipping, one of the fastest growing sectors of sea-borne energy transportation. It will position the company as a key supplier of LNG shipping to Spain, the world's third largest importer of LNG, and provide a strategic growth platform for Teekay.

23 Jun 2004

New President of Skaugen PetroTrans

I.M. Skaugen ASA announced that Skaugen PetroTrans (SPT), its 50 percent owned joint venture company, has appointed Mr. Per Voie as its President. He succeeds Mr. Trygve Munthe, who was named its President of SPT in 1993. Mr. Per Voie (52) comes to SPT after a 28-year career with the Stolt Nielsen Group where he has held a variety of managerial positions. Most recently as General Manager of the recently commissioned "Stolthaven New Orleans LLC". Skaugen PetroTrans is the leading US lightering company handling more than 1.2 million barrels of crude oil per day employing an average of 11 aframax tankers. The company has completed 11,500 lightering operations handling more than 5 billion barrels over its 22 years of operations. SPT is owned 50% by I.M.

24 Jun 2004

Teekay, Boeing To Test High-Speed Internet @ Sea

Connexion by Boeing, a business unit of The Boeing Company, and Teekay Shipping Corporation signed an agreement to launch a maritime trial of the Connexion by Boeing service over the North Atlantic beginning in August 2004. "Teekay is a proven leader in the maritime industry and we are thrilled at the opportunity to demonstrate the value that affordable real-time, high-speed connectivity can bring to their operations at sea," said Connexion by Boeing President Scott Carson. "It has been exhilarating to work with the world's leading aviation manufacturer. What is more exciting however, is the ability to trial their high-speed Internet service at sea solution," said Graham Westgarth, president of Teekay Marine Services.

07 Jan 2002

Teekay Shipping Declares Dividend

Teekay Shipping Corporation announced that its board of directors has voted to declare a cash dividend on its common stock of $0.215 per share, payable on Jan. 31, 2002, to all shareholders of record as at Jan. 17, 2002. Teekay is a leading provider of international crude oil and petroleum product transportation services through the world's largest fleet of medium sized oil tankers. The Company's modern fleet has earned a reputation for safety and excellence in providing global transportation services to major oil companies, major oil traders and government agencies worldwide. The Company's common stock is listed on the New York Stock Exchange and trades under the symbol "TK".

20 Nov 2000

Banking Sector Feels The Effects Of Consolidation

The number of major banks involved in the shipping industry has decreased substantially over the last few years. According to Michael Parker, managing director of Citibank, this is just one of many sectors hit by the ongoing consolidation trend in the shipping arena. "Banks can not live on interest margin alone without a substantial rise in spreads. They are having to look for other revenues/fees," said Parker, speaking at the LSE Shipping Finance Conference in London on November 14-15, 2000. Mergers in the banking sector such as Chase and JP Morgan, and Royal Bank of Scotland and NatWest, are illustrative of the fever of consolidation that has also spread into the bulk, P&I, classification, ports and e-commerce sectors.

22 Jul 2005

Teekay Shipping is First for Connexion by Boeing

Teekay Shipping Corporation and Connexion by Boeing, a business unit of The Boeing Company signed an agreement that makes Teekay the international launch customer for the Connexion by Boeing Maritime Service. The maritime service is designed to allow vessels in mid-ocean transit to experience global high-speed communications at affordable rates. The agreement calls for the high-speed communications service to be fitted on 50 of Teekay's vessels, with an option to install on an additional 40. "As we worked closely with Connexion by Boeing during the service trial last year, we were very impressed by the power and potential the technology provides," said Graham Westgarth, president of Teekay Marine Services, a business unit of Teekay Shipping Corporation.

03 Aug 2005

Teekay Awarded Four Long-Term LNG Contracts

Teekay Shipping Corporation announced that it has been awarded contracts to charter four 217,000 m3 liquefied natural gas ("LNG") carriers to Ras Laffan Liquefied Natural Gas Co. Limited (3) ("RasGas 3"), a joint venture company between a subsidiary of ExxonMobil Corporation and Qatar Petroleum. The vessels will be chartered to RasGas 3 at fixed rates, with inflation adjustments, for a period of 25 years (with options to extend up to 35 years), commencing in the first half of 2008. In connection with these charter contracts, Teekay has entered into agreements with Samsung Heavy Industries Co. Ltd. to construct four LNG carriers, representing a total contract price of approximately $1 billion.

24 May 2007

Teekay, Torm Announce Expiration of Antitrust Review of OMI Aquisition

Teekay Shipping Corporation (Teekay) and A/S Dampskibsselskabet TORM (TORM) announced that the waiting period for response from the Norwegian Competition Authority for approval under the Norwegian Competition Act of March 2004 (No. 12), and the Regulation on Notification of Concentrations of April 2004, has expired with respect to the previously announced tender offer by Teekay and TORM for OMI Corporation (NYSE: OMM). The tender offer remains subject to certain conditions, including, among others, satisfaction of the minimum tender condition. The tender offer is currently set to expire at 5:00 p.m. New York City time on Friday, May 25, 2007.

08 Jun 2007

Teekay Shipping Corp. Changes Name

Teekay Corporation announced that it has legally changed its company name from Teekay Shipping Corporation to Teekay Corporation. The name change was filed with the Marshall Islands Registrar of Corporations following approval by the Company’s shareholders at its annual general meeting held on May 29, 2007. Teekay proposed the name change to its shareholders to reflect the company’s asset management focus and expanded service offering as a leader in the marine midstream sector. Teekay’s asset management platform is based off of an innovative corporate structure that includes majority ownership of two publicly-listed master limited partnerships, Teekay LNG Partners L.P. and Teekay Offshore Partners L.P., and 100 percent ownership of their respective general partnerships.

02 May 2007

Teekay to Release First Quarter 2007 Earnings

Teekay Shipping Corporation plans to release its financial results for the first quarter of 2007 after market close on Wednesday, May 9. The company plans to host a conference call on May 10 (ET) to discuss the results for the quarter.

23 Apr 2007

OMI to Be Acquired by Teekay and TORM

OMI Corporation (OMI), Teekay Shipping Corporation (Teekay) (NYSE: TK) and A/S Dampskibsselskabet TORM (TORM) announced that Teekay and TORM have entered into a definitive agreement to acquire OMI. The agreement was unanimously approved by OMI's Board of Directors. Under the agreement, OMI shareholders will receive $29.25 in cash for each share of OMI common stock they hold. Teekay and TORM will equally split the total cost of the transaction of approximately $2.2 billion, including assumed net debt and other transaction costs. Under the terms of the agreement, OMI will be permitted to pay a dividend at a rate of $0.15 per share per quarter, pro rated from April 1 to the closing of the tender offer, up to a maximum of $0.15 per share in the aggregate.

14 Feb 2007

Teekay Shipping Corp. to Release 4Q Results

Teekay Shipping Corporation plans to release its financial results for the fourth quarter and fiscal year 2006 after market close on Wednesday, February 21, 2007. The Company plans to host a conference call on Thursday, February 22, 2007 to discuss the results for the quarter and fiscal year. All shareholders and interested parties are invited to listen to the live conference call through the Company’s web site at www.teekay.com. A recording of the conference call will be available until Thursday, March 1, 2007, by dialing (800) 642-1687 or (706) 645-9291 and entering access code 7233447.

18 Oct 2006

Teekay Acquires 50.3 Percent Shares of PetroJarl

Teekay Shipping Corporation announced that it has acquired, through its wholly owned subsidiary TPO Investments AS, 50.3% of the shares of Petrojarl ASA (Petrojarl), pursuant to its mandatory bid announced on September 18, 2006.

02 Nov 2006

Teekay Reports 3Q Results

Teekay Shipping Corporation reported net income of $79.8 million, or $1.07 per share, for the quarter ended September 30, 2006, compared to net income of $42.7 million, or $0.52 per share, for the quarter ended September 30, 2005. The results for the quarters ended September 30, 2006 and 2005 included a number of specific items that had the net effect of increasing net income by $2.0 million, or $0.03 per share, and $8.1 million, or $0.10 per share, respectively, as detailed in Appendix A to this release. Net voyage revenues(2) for the third quarter of 2006 were $344.3 million, compared to $317.8 million for the same period in 2005, and income from vessel operations increased to $105.0 million from $62.2 million.

04 Dec 2006

Maersk and Teekay Establish Swift Tankers

A.P. Møller - Mærsk A/S and Teekay Shipping Corporation announced an agreement to form Swift Tankers, a Pool of Intermediate Product Tankers. The management company, named Swift Tankers Ltd (Swift Tankers), will provide safe and flexible solutions to customers by offering a large, homogenous fleet of double hull, ice class Product Tankers of 10,000 to 20,000 dwt. Swift Tankers will undertake all daily commercial and operational tasks, including fixing vessels, voyage execution, post-fixture operations, and demurrage and claims procedures. Swift Tankers will be managed and staffed jointly by employees from A.P. Moller - Maersk and Teekay.

14 Dec 2006

Teekay Announces Pricing of Initial Public Offering

Teekay Offshore Partners L.P. announced that it has priced its initial public offering of 7,000,000 of its common units at $21.00 per unit. The 7,000,000 common units represent a 35.0% limited partner interest in the master limited partnership and the offering will increase to 8,050,000 common units if the underwriters exercise in full their over-allotment option. Teekay Shipping Corporation owns the remaining interests in the partnership, including common units, subordinated units, incentive distribution rights and its 2% general partner interest. Citigroup Corporate and Investment Banking and Merrill Lynch & Co. acted as joint book-running managers and representatives of the underwriters, which include Morgan Stanley, A.G.

24 Jan 2007

Marubeni and Teekay Join Sea NG in Global Alliance

Sea NG Corporation said that Marubeni Corporation and Teekay Shipping Corporation have formed an alliance with Sea NG for the worldwide commercial deployment of Sea NG's Coselle system for transporting compressed natural gas (CNG) by ship. The Coselle ship is the only marine vessel fully approved by any international marine classification society for the carriage of CNG. Coselle ships will transport moderate volumes of natural gas (30 to 700 mmscf/d) over medium distances (200 to 1500 miles). Coselle(TM) CNG will economically and reliably serve the segment of the market that cannot effectively be supplied by pipelines or liquefied natural gas (LNG).