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Teekay advances on improved tanker market

Canadian shipping group Teekay advanced in operations in the first quarter of the year with new LNG vessels and a stronger tanker market going into 2019. The group expects an outright recovery in the second half of the year.

Photo: Teekay

Teekay finished the first months of the year with a higher revenue and a better operating result in a market, in which higher spot rates in the tanker segment, especially, drove the positive development.

Revenue in the first quarter landed at USD 481 million against USD 394 million in the same period last year, while the operating result (EBITDA) was USD 236.9 million – an increase of almost 40 percent from USD 168.3 million last year, showed the interim report Thursday.

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