Teekay Tankers Closes Sale-Leaseback for Six Aframaxes

TankerIllustration. Image Courtesy: Pexels under CC0 Creative Commons license

Tanker owner and operator Teekay Tankers has completed and closed the previously-announced sale-leaseback transaction for six Aframax tankers.

The vessels in question are the Whistler Spirit, Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Tarbet Spirit and Peak Spirit.

As a result, the company has increased its liquidity position by some USD 60 million after the repayment of outstanding debt related to these units.

Teekay Tankers informed that the financing was part of its financing initiatives revealed on August 2, 2018.

As part of the transaction, the company will bareboat charter-in these vessels for 9 to 10 years. In addition, the company has purchase options for each vessel beginning after two years and a purchase obligation for each vessel upon the expiration of each agreement.

“We are pleased to have successfully executed on this significant financing initiative with the completion of this sale-leaseback transaction. We increased our net liquidity position by an additional USD 60 million, extended our debt maturity profile and continue to work on other liquidity initiatives,” Kevin Mackay, Teekay Tankers’ President and CEO, said.

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