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Teekay Tankers sees sudden rate dive for crude oil

High rates provided Teekay Tankers with a profit in the fourth quarter, however, it is not enough to fix the whole year, which ended with an aggregate deficit. 2019 started well but has since gone downhill.

Photo: PR-foto: Teekay Tankers & Wärtsilä

Teekay Tankers Chief Executive Kevin Mackay was correct when he predicted in November that the fourth quarter would mark at least a temporary end to the miserable state of affairs that characterized the tanker market in the first half of 2018.

In the fourth quarter, Teekay Tankers more than doubled its revenue from USD 105 million to USD 240 million, relative to the same quarter of 2017, shows the carrier's annual financial statement.

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