10.07.2008 - Teekay set to market older ships

A Canadian player has sold one tanker to Greek interests with more sales candidates expected.

Vancouver-based Teekay Shipping has sold one of its older aframaxes and three similar units could soon follow, brokers said this week.

Teekay has achieved a firm $48m from Greek interests for the 106,000-dwt Shetland Spirit (built 1994), one of the oldest aframaxes in its 56-unit fleet. The vessel is said to be sold for further trading.

Teekay is also said to be marketing the sistership Orkney Spirit (built 1993) and TradeWinds is now told that the owner is willing to part with the 1992-built Patriot Spirit and Guardian Spirit .

The New York-listed company appears to be continuing a strategy of pruning older tonnage from the aframax fleet, which averages nine years, while taking advantage of high asset prices.

Teekay only has one aframax newbuilding on order at Japan's Tsuneishi shipyard for delivery later this year. However, brokers say Teekay is perpetually looking to charter in aframaxes and other vessel sizes as a means of increasing its presence without paying today's high asset prices.

Teekay was not able to confirm or deny the sales reports at TradeWinds's press time.

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