Based in Vancouver, Canada, Teekay Corporation (NYSE:TK) owns and operates one of the world’s largest fleets of oil tankers, gas carriers, offshore vessels and floating facilities which collectively, play a vital role in support of the global energy infrastructure.
Most of the time, these amazing vessels quietly go about their business plying the world’s oceans out of sight and out of mind of the general public.
Thanks to the explosion of digital media in recent years, and its wide acceptance as a useful tool for companies to connect with their clients, their industry and the general public, we now get to see inside a world that most never have the opportunity to experience.
The following video was shot by Teekay aboard their 12 year old, 151,849 deadweight crude oil tanker, European Spirit as it sailed from Los Angeles to San Francisco.
Suezmax-sized ships like the European Spirit are earning approximately USD $40,000 to $45,000 per day which is at or near their highest level since the financial crisis, according to Teekay’s Manager of Market Research, Christian Waldegrave.
Normally, due to planned maintenance by refineries, lower demand for refinery feedstock (crude oil) has resulted in lower rates for crude oil tankers, however Waldegrave notes that due to very high margins for refiners, the throughput for refineries that have not gone into maintenance is at a very high level. This situation has supported the continued demand for crude oil tankers.
For the rest of the year, Waldegrave sees a continued positive landscape within the tanker sector supported by high crude oil production, high demand for feedstock by refiners and very little fleet growth.
Watch his presentation here: