Teekay Tankers To Sell Two VLCC Tankers For $154 Mln - Quick Facts

(RTTNews) - Teekay Tankers Ltd. (TNK) has agreed to sell its two 2010-built Very Large Crude Carriers or VLCCs to Tanker Investments Ltd. for $154 million. Teekay Tankers assumed full ownership of the two VLCCs in late-March 2014, which previously secured the firm's $115 million investment in term loans. The vessels are likely to be delivered to Tanker Investments in early-May 2014.

Commenting on this, Teekay Tankers' Chief Executive said: "After recently assuming full ownership of these two VLCCs, we are pleased to complete their sale at a price that has allowed us to realize more than the full expected return on our initial $115 million term loan investment."

The sale proceeds would be used to reduce amounts outstanding under its revolving credit facility, thereby further strengthening Teekay Tankers' financial flexibility, the company added.