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Thursday, December 14, 2017

Teekay Shipping Corporation News

Andrade Named CFO at Teekay Tankers

Stewart Andrade has been appointed Chief Financial Officer of Teekay Tankers, succeeding Vince Lok who will remain Teekay Corporation’s Executive Vice President and Chief Financial Officer.   Andrade joined Teekay in 2002 and has worked in several senior roles across the organization. His most recent role was Vice President, Strategy and Business Development for Teekay’s tanker business, a position he has held since December 2015.   Prior to joining Teekay, Andrade, a Canadian Chartered Professional Accountant, worked in Ernst and Young’s consulting practice providing advisory services to a variety of Canadian and international organizations. 

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.

Teekay Orders Newbuilding Aframax Tankers

Teekay Shipping Corporation (Teekay) announced that it has entered into agreements to purchase four high specification Aframax newbuildings, two each with Daewoo Shipbuilding & Marine Engineering Co. Ltd. and Samsung Heavy Industries Co. Ltd. The agreements also provide Teekay with options to order additional ships. The new vessels will be 115,000 deadweight tonnes each and are scheduled to be delivered in 2004. The aggregate cost is approximately US$152 million, including construction supervision costs and capitalized interest.

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.

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.

Teekay Increases Dividend by 14 Percent

Teekay Shipping Corporation announced that its Board of Directors has voted to declare a cash dividend on its common stock of $0.2375 per share, representing a 14 percent increase over the previous quarterly dividend of $0.2075 per share. The dividend will be paid on October 27, 2006 to all shareholders of record as at October 13, 2006.

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.

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.

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.

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.

Lloyd’s Register and Teekay Enter New Agreement

Lloyd’s Register has entered into an agreement with Teekay Shipping Corporation to class 11 of its Aframax tankers. In addition, Teekay has chosen Lloyd’s Register to class two of its Aframax newbuildings to be built at Daewoo Shipbuilding & Marine Engineering Co. Ltd in South Korea. These vessels are scheduled for delivery in 2004. Commenting on this new agreement, Alan Gavin, Marine Director at Lloyd’s Register said: “After a short absence, Lloyd’s Register is delighted to have re-established its relationship with Teekay. We look forward to working closely with Teekay in the future to meet their classification and statutory certification needs.”

Teekay Receives $180M Increase to Share Repurchase Program

Teekay Shipping Corporation announced that its Board of Directors has authorized a $180 million increase to the existing share repurchase program. Since the end of November 2004, when Teekay announced the authorization of its first share repurchase program, the company has repurchased approximately $555 million, or 15.5% of its outstanding shares. With $49 million remaining under the existing share repurchase program, the $180 million increase announced today results in a total remaining share repurchase authorization of approximately $229 million. If the remaining $229 million repurchase program is completed at an average price of $42.91 per share (Teekay’s closing share price on December 5…

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.

NAMA Honors Industry Leaders

At its recent Annual Conference in Montreal, the North American Maritime Ministry Association presented awards to Teekay Shipping Corporation and International Registries Inc.’s Clay Maitland for their distinguished efforts on behalf of seafarers. The awards were presented at NAMMA’s Banquet Dinner. Accepting NAMMA’s “Seafarer’s Salute Award” on behalf of Teekay was Captain David Robinson, Vice President of Fleet Operations. Teekay was recognized by NAMMA for its programs and policies benefiting seafarers. Actions such as employment through direct contracts, improving living arrangements on their vessels (including free email access and the addition of Connexion…

North American Ministry Association Honors Industry Leaders

At its recent Annual Conference in Montreal, the North American Maritime Ministry Association presented awards to Teekay Shipping Corporation and International Registries Inc.’s Clay Maitland for their distinguished efforts on behalf of seafarers. The awards were presented at NAMMA’s Banquet Dinner. Accepting NAMMA’s “Seafarer’s Salute Award” on behalf of Teekay was Captain David Robinson, Vice President of Fleet Operations. Teekay was recognized by NAMMA for its programs and policies benefiting seafarers. Actions such as employment through direct contracts, improving living arrangements on their vessels (including free email access and the addition of Connexion…

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).

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.

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".

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.

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.

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.

Teekay Implements Bunker Procurement Software

Bunker Logistics, a provider of bunker procurement software, announced the successful implementation of its BunkerDashboard Bunker Procurement Software at Teekay Shipping Corporation. By automating the procurement process and integrating it with robust tools, the solution helps users and distributed teams improved their knowledge base, collaborative efforts, productivity and performance. Additionally, the BunkerDashboard helps in supplier management, claim monitoring, improving reporting and trending while adding data integrity and security. “The industry is changing – higher prices, more regulations, lesser quality of fuel, environmental concerns all combine to make it more important to implement a solution to help manage and measure bunker purchases and performance, said Mitchell J.

Teekay to Pursue FPSO Projects

Production Storage and Offloading (FPSO) units. and Chief Executive Officer. that will result from this increased offshore oil production. Mr. customers and should increase our investment in this area. Production Espen Klitzing. The joint venture will only encompass new projects. venture. venture are to be finalized during the second quarter of 2006.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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