Teekay Tankers Completes Sale-Leaseback On Six Aframax Tankers

Teekay Tankers Ltd. (Teekay Tankers or the Company) announced that it has completed and closed the previously-announced sale-leaseback transaction for six Aframax tankers, 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 approximately $60 million after the repayment of outstanding debt related to these vessels. This financing was part of the Company’s financing initiatives announced on August 2, 2018.

Teekay Aframax leyte
Representation Image Credits: Teekay Corporation – Youtube

As part of this financing, 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 $60 million, extended our debt maturity profile and continue to work on other liquidity initiatives,” commented Kevin Mackay, Teekay Tankers’ President and CEO

Press Release: teekay.com

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Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.

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