Teekay Tankers reveals LR2 play

Teekay Tankers is renewing its LR2 tonnage through deals that will see one of the ageing vessels replaced by a 12 years younger unit.

The New York-listed firm has agreed to offload the 2007-built Galway Spirit to an unnamed buyer for delivery in the first quarter of 2025.

No price was revealed for the Hyundai Heavy-built unit, but the company has also confirmed the previously reported sale of the 2009-built suezmax Tianlong Spirit, with both ships bringing in a total of $59m.

The suezmax sale relates to the four-ship package at $35m each with George Procopiou’s Dynacom Tankers, flagged by S&P sources earlier this year, with the company so far confirming three deals without naming the buyer.

Meanwhile, a filing to the US Securities and Exchange Commission divulged an acquisition of an unnamed 2019-built aframax/LR2 for $63m.

Some brokers have identified the vessel as the Daehan-built 115,643 dwt Prostar, which had previously sailed for Teekey as part of its chartered-in fleet.

Teekay, which last month completed the sale of another ageing LR2, said it expects delivery of its latest purchase during the second quarter of this year.

The Kenneth Hvid-led company currently owns 23 suezmaxes, including those agreed for sale, and 15 aframax/LR2 tankers. The company also has five chartered-in ships, four of which aframax/LR2, and a 50% stake in the VLCC Hong Kong Spirit joint venture.

“Approximately 60% of our fleet is currently aged 15 years and older, and we may continue the process of fleet renewal in the coming years,” the company said.