Teekay Tankers chief executive Kevin Mackay has defended to the company’s decision to not pay a dividend in the fourth quarter despite its return to the black in the period.
New York-listed Teekay has a policy to pay between 30% and 50% of net income per quarter to shareholders.
In the fourth quarter it decided against a payout and instead opted to boost liquidity by keeping cash and entering a further leaseback transaction.
