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

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >