Teekay Tankers remains optimistic despite dreadful tanker market

The weak tanker market in the second quarter hit Teekay Tankers with a new deficit. However, the company, part of a Canadian tanker and oil conglomerate, is optimistic about several market trends, including the scope of scrapping. The same applies to a scrap buyer and an investment bank.

Photo: Teekay

Yet another player confirms that 2018 has so far been a dreadful year for companies operating in the tanker market.

Namely because the first half of the year brought very weak market developments, according to Canadian Teekay Tankers' interim report, published Thursday. The rates for shipping crude oil remained at a cyclical low in the second quarter, due to factors including OPEC's decision to keep reducing its output and a solid reduction in global oil inventories.

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