On May 31, 2017, Teekay Tankers announced a merger agreement with Tanker Investments Ltd., creating the world’s largest publicly-listed mid-sized tanker company. The merger will establish a 62 vessel fleet, including TIL’s 18 modern mid-sized tankers comprised of 10 Suezmax tankers, 6 Aframax tankers and 2 LR2 tankers, and Teekay Tankers’ fleet of 44 tankers, inclusive of 3 time chartered-in vessels, the company said in its press release.
In addition, Teekay Tankers has acquired from Teekay Corporation the remaining 50 percent ownership in Teekay’s commercial and technical operations (Teekay Operations) for $27 million.
With an average fleet age of 7.3 years, the TIL vessels will reduce the average overall fleet age of Teekay Tanker’s fleet by approximately one year.