Teekay Tankers Announces New CEO
Teekay Tankers Ltd. announced the appointment of Mr. Kevin J. Mackay as Chief Executive Officer (CEO) of Teekay Tankers, effective June 20, 2014. Mr. Mackay will join Teekay Tankers from Phillips 66 Corporation (Phillips 66), where he is currently head of the global marine business unit for this industry-leading downstream company. In this role, he is responsible for all aspects of marine transportation, including chartering, operations, demurrage, strategy & freight trading, business improvement and marine risk management. He held a similar role as the General Manager, Commercial Marine at ConocoPhillips from 2009 to 2012 before the formation of Phillips 66. Mr. Mackay started his career working for Neptune Orient Lines in Singapore from 1991 to 1995. He then joined AET Inc.
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 Announces Senior Management Change
Teekay Corporation and Teekay Tankers Ltd. announced that Bruce Chan, Chief Executive Officer of Teekay Tankers and President of Teekay Tanker Services, has informed the Company of his intention to resign from his position effective June 20, 2014 after more than 18 years of service with the Company. Peter Evensen, Teekay's President and Chief Executive Officer stated, "Bruce Chan has been a dynamic contributor to Teekay's growth and evolution over the past 18 years. He led our conventional tanker business through one of the toughest periods in its history and positioned it for a strong recovery. We appreciate the work he has done to lead this business. Bruce Chan said, "I have truly enjoyed working as part of the executive team at Teekay during its many years of growth.
Tanker Major Chooses G-type Engine
Ultra-long-stroke units play leading role in major Teekay fuel-efficient tanker project. STX Offshore & Shipbuilding announced on April 8, 2013 that it had signed a contract to build four 113,000-dwt Long Range 2 (LR2) product tankers for Teekay Tankers Ltd. (Teekay Tankers), with an option for up to an additional 12 vessels. Each newbuilding will be powered by an MAN B&W G60ME-C engine and will satisfy IMO environmental standards as well as the shipowners' demand for fuel efficiency.
Teekay Tankers Order Four Tankships from Korean Yard
Teekay Tankers orders 4 LR2 product tankships from STX Offshore & Shipbuilding with options for 12 more. The agreement is for STX of South Korea to construct four fuel-efficient 113,000 dwt Long Range 2 (LR2) product tanker newbuildings for a fully built-up cost of approximately $47-million each. The agreement also includes fixed-price options for up to 12 additional LR2 newbuildings that can be declared over the next 18 months. Upon delivery, it is expected that the vessels will operate in Teekay Corporation's Taurus Tankers LR2 Pool…
Teekay Tankers Post Loss in Q2 2012
Teekay Tankers Ltd. reports results for the three months ended June 30, 2012, pays out reduced dividend compared to Q1. In June 2012, Teekay Tankers completed the previously announced acquisition from [parent company] Teekay Corporation of 13 double hull conventional tankers, including seven crude oil tankers and six product tankers. "After the completion of our 13-vessel acquisition from Teekay Corporation in June, we continue to focus on managing employment of our significantly expanded fleet to achieve the right balance of downside protection through fixed-rate coverage and upside through spot market exposure," commented Bruce Chan , Chief Executive Officer of Teekay Tankers. Mr.
Teekay Tankers Reports Q1 Results
Teekay Tankers Ltd. Teekay Tankers Ltd. (Teekay Tankers or the Company) today reported its first quarter results for 2011. During the quarter, the Company generated $15.7 million in Cash Available for Distribution(1). Today, Teekay Tankers declared a dividend of $0.25 per share(2) for the first quarter of 2011, which will be paid on May 27, 2011 to all shareholders of record on May 20, 2011. The first quarter dividend was calculated using the weighted average number of shares outstanding for the quarter ended March 31…
