Teekay Tankers Expands Suezmax Fleet

The 2011-built Princimar Grace. Photo: Principle Maritime

  NYSE-listed Teekay Tankers (TNK) has agreed to acquire a fleet of twelve modern Suezmax tankers currently owned by Principal Maritime Tankers, a portfolio company of private equity firm Apollo Global Management. The 12 represent the entire crude oil fleet of Principle Maritime. Teekay said the aggregate purchase price for the vessels is $662 million and that the … [Read more...]

MT Alexander Spirit Sit-In: Australian Crewmembers Ordered to Sail

The crew of the Alexander Spirit on strike in Devonport. Photo: MUA

  The Australian crew of a Teekay-operated oil tanker have been ordered to set sail for Singapore after Australia's Fair Work Commission ruled that the crew's sit-in was illegal. The 36 crew members of the MT Alexander Spirit have been refusing to sail from Devonport, Tasmania to Singapore since July 3rd after they were told that they would be replaced by a foreign … [Read more...]

Logitel Delays Delivery of Teekay’s Big Round Accommodation Rigs

Arendal Spirit. Photo: Teekay

  Singapore-based Logitel Offshore Holdings has delayed the delivery of its second and third floating accommodation unit after striking an agreement COSCO. Logitel was co-created by Norway's Sevan Marine in 2013 in order to develop opportunities for Sevan’s unique cylindrical hull design within the FPSO/FSO business segment. The company is now owned by Teekay … [Read more...]

Teekay Books Newbuilds After Signing Long-Term Contract to Ship U.S. LNG

Photo: Teekay Corporation

  Teekay LNG Parters, the LNG shipping unit of Bermuda-based Teekay Corporation, has placed an order for two fuel-efficient LNG carriers after booking up to two time-charter contracts with BP Shipping Limited for use of the vessels. The order was placed at Hyundai Samho Heavy Industries Co., Ltd. of South Korea and calls for the construction of two 174,000 cubic … [Read more...]

22,000 Tug Operations in Port Hedland Last Year, and Growing

mark thomas teekay

Mark Thomas, Director Towage & Marine Services at Teekay Shipping in Australia oversees the tug operations in Port Hedland, Australia, which is the world's busiest port by volume of cargo handling millions of tons of iron ore and thousands of bulk carriers every year. Since 2002 when Teekay took over management of BHP Billiton's marine operations, Thomas has been … [Read more...]

Teekay Sees Continued Strength in the Tanker Market

christian waldegrave

Christian Waldegrave, Teekay's Manager of Research believes the tanker market, at least in the short term, looks to stay strong due to low oil prices and the high margins that refiners are seeing at the moment. As refineries in Europe and Asia begin to come offline in April and May due to maintenance, respectively, the tanker market will be sustained as additional crude … [Read more...]