Teekay Tankers is buying its parent’s Australian management services for $65m and splashing an unidentified amount of cash for all other management operations currently held by the owner.
The intra-group moves highlighted a third-quarter earnings report in which Teekay Tankers reported a profit that fell below consensus analyst projections.
New chief executive Kenneth Hvid said the buys pave the way for Teekay Tankers to become a fully integrated shipowner and the sole vessel-operating platform within the group.
