In the meantime, as part of its strategy to further minimize the company's cost of capital, the company announced options to buy two suezmax tankers, which are currently on long-term sale-leaseback financing, for $57 million. It is estimated that the ships will be delivered to the company again in May 2021.

In addition, Teekay has entered into a seven-year in-charter arrangement for the new construction of an Aframax tanker, which is scheduled to be delivered in the fourth quarter of 2022.

“Through the early part of 2021, the tanker spot market continues to be depressed, and the immediate outlook remains uncertain,” stated Kevin Mackay, CEO of Teekay Tankers.

For the year 2020, Teekay posted a net income of $87.3m, up 138% from 2019.

Maritime Business World