Teekay Tankers has signed agreements to equip 25 additional tankers with Yara Marine Technologies’ FuelOpt propulsion optimization technology. The order follows the installation and evaluation of FuelOpt onboard Zenith Spirit in 2021, followed by a further three vessels in 2022, according to the company's release.
Teekay placed the new orders in Q1 and Q2 2023 after having confirmed that the use of FuelOpt onboard four of their vessels, operating with steady shaft power, resulted in fuel savings and emissions reductions of 3-5% through 2022. The additional investment is a key component in Teekay’s planned strategy for greater sustainability and ESG performance across their fleet, allowing them to work proactively towards the International Maritime Organization’s (IMO) goal of halving greenhouse gas (GHG) emissions by 2050.
FuelOpt is compatible with all existing and future fuels and is designed to be user-friendly. The system automates and executes key operational settings throughout a vessel’s voyage, thereby ensuring maximized fuel savings without compromising operational efficiency. Crew can control speed, fuel consumption, and engine power — or a combination of these — through a single intuitive panel on the bridge. The system adapts propulsive power to real-time environmental conditions and eliminates costly variations in speed and power, leading to fuel savings and emissions reductions.
When Shaft Power Limitation (ShaPoLi) functionality is included in FuelOpt as per Teekay’s vessels, the reporting also includes excess power reporting mandated by Energy Efficiency Existing Ship Index (EEXI) requirements on the use of ShaPoLi. With FuelOpt, the ShaPoLi functionality enforces an upper limit to the vessel’s shaft power output without any modification to the vessel’s existing machinery.
Teekay Tankers has a fleet of 44 double-hull tankers (including 25 Suezmax tankers and 19 Aframax / LR2 tankers) and also has eight in-chartered tankers. Teekay Tankers’ vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time charter contracts. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business that performs full-service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its oil tanker business.
Teekay Tankers’ Class A common stock trades on the New York Stock Exchange under the symbol “TNK”.