Teekay Tankers hit by the weakest tanker rates in three years

Canadian Teekay Tankers delivered a net deficit of USD 5.5 million in the third quarter, which according to CEO Kevin Mackay was the weakest quarter in three years.

Photo: Teekay

Teekay Tankers, one of Canadian Teekay Group's three listed subsidiaries, suffered a net loss of USD 5.5 million in the third quarter, which according to the company's CEO Kevin Mackay was characterized by the lowest crude oil rates in a quarter seen over the last three years.

"Many of the seasonal factors and temporary outages have now diminished or passed, resulting in significantly higher tanker rates so far in the fourth quarter compared with this past August. We anticipate rates for mid-size tankers will continue to strengthen into the fourth quarter," said MacKay in the report released Thursday.

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