Teekay Tankers posted stronger results for the fourth quarter of 2019, riding on strong spot tanker rates.
The New York-listed company, a spin-off of Vancouver-based Teekay Corp, recorded a net profits of $63.1m, up from $11.5m in the same period of 2018. Revenue rose to $304m from $240m.
“With average crude spot tanker rates reaching their highest levels since 2008, Teekay Tankers had one of its most profitable quarters since the end of the tanker market super-cycle in 2009,” president and chief executive Kevin Mackay said in a quarterly report.
