Teekay opens TIL
Teekay has raised $250m to create a new tanker division in league with daughter company, Teekay Tankers.
The Canadian giant has spun-off a second tanker arm via the Norwegian capital market with an eye on a full stock listing in Oslo.
Tanker Investments Ltd, which carries the ticker TIL, will receive $25m from both of the Canadian owner's established wings.
Its initial fleet contains four suezmaxes bought from Teekay Corp and a quartet of modern aframaxes, a statement confirms.
Peter Evensen, Teekay Corp's president and chief executive, explained: "With the sale of our last four owned conventional tankers to TIL, Teekay Corporation is one step closer to achieving its strategy of becoming an asset-light company primarily focused on increasing the value of its daughter entities."
Teekay Corp and Teekay Tankers will control 20% of the new venture, which is a sale and purchase play in one of shipping’s hot markets right now.
It has paid $116m for the aframaxes and $163m for the suezmaxes, the statement said.
Bruce Chan, Teekay Tankers' chief executive, said: "Our investment in TIL provides a new avenue for Teekay Tankers' shareholders to benefit from a tanker market recovery.
"This transaction complements our existing strategy of owning and in-chartering conventional tankers."
As part of the deal, Teekay Tankers will buy its parent's commercial and technical tanker management operations.
Chan said: "In addition, our planned acquisition of Teekay Operations represents the final step in Teekay Tankers' evolution into a full-service conventional tanker platform, which we believe will allow us to better serve our customers and generate greater value for Teekay Tankers."