Teekay Sells Last VLCC for USD 62 Mn

Amid an increase in the sale and purchase activities related to the tanker segment, Teekay Corporation has agreed to sell its last Very Large Crude Carrier (VLCC) for a price of USD 62 million, according to data provided by VesselsValue.

Namely, the 2011-built Shoshone Spirit was sold to Greek Pantheon Tankers Management, a company which operates a fleet of fourteen vessels ranging from LR2 tankers, VLCCs, Suezmaxes, to Aframaxes.

Featuring a length of 333 meters and a width of 60 meters, the 314,000 dwt crude carrier was built by South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME).

Following the sale of the crude carrier, Teekay Corporation will operate a total of 17 Aframax and Suezmax tankers, which together have a capacity of over 2 million dwt.

Teekay Corporation reported a widened loss for the first quarter of this year. The company recorded a USD 48.8 million GAAP net loss against USD 9.76 million reported in the corresponding period last year.

The company’s consolidated cash flow from vessel operations (CFVO) increased to USD 359 million from USD 320.9 million in the prior year, primarily due to higher cash flows from Teekay Offshore.

World Maritime News Staff

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