Teekay Tankers reports spot rates two to three times higher than last year
Canada-based Teekay Tankers sees spot rates at levels two or three times higher than last year going into the fourth quarter. The carrier turned a deep deficit into a profit in the third, with the CEO highlighting spot market exposure as the prime reason.
by DANIEL LOGAN
High exposure in a market with elevated spot rates has Teekay Tankers booking a profit for the third quarter, and Chief Executive Kevin Mackay sees the favorable market conditions persisting despite uncertainty elements.
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