Sales paused: Mackay says Teekay’s old tankers may become ‘massive cash-generation machines’

Teekay Tankers may decide to halt disposals of its older vessels in the hope of reaping a huge reward from a market rebound next year.

The US-listed company revealed in its fourth-quarter results it had sold two aframaxes and a suezmax all built in 2004 for “attractive” prices in the last two months.

Responding to questions about further sales of older ships, chief executive Kevin Mackay told a conference call: “Yes, I think we do have a couple of ladies that are sort of at the tail-end of their life.”