Teekay Tankers Lands Five Aframaxes

first_imgzoom Teekay Tankers Ltd. has agreed to acquire four coated Aframax tankers and one uncoated Aframax tanker for an aggregate purchase price of approximately USD 230 million.The five vessels, which are expected to be delivered in the first quarter of 2015, were constructed in 2008, 2010 and 2011 at shipyards in Japan and China. Upon delivery, the vessels will trade in the Teekay-managed Taurus LR2 Pool and Aframax RSA.“Combined with our existing fleet and in-chartered portfolio, these new vessels will increase our fleet size to 43 vessels. In addition, the transaction provides optionality to trade the four coated Aframaxes in the crude or product tanker markets and, with an average age of only 3.8 years for the five vessels, enhances the age profile of our fleet,” said Kevin Mackay, Chief Executive Officer of Teekay Tankers.  “Spot tanker rates for crude and large product tankers for the fourth quarter of 2014 are averaging higher than the previous quarter.”Mackay identified increased seasonal oil demand, winter weather delays and lower global oil prices, which are encouraging stockpiling of crude oil and resulting in lower bunker fuel costs, as some of the key factors that are driving spot tanker rates higher.last_img read more

Nepal Ban concerned over fallout from resignation of Prime Minister

4 May 2009Secretary-General Ban Ki-moon has voiced sadness over the turn of events that led to the resignation today of the Prime Minister of Nepal, and has called on all concerned to resolve the crisis through dialogue and consensus. The relationship between the Government and the Chief of Army Staff, who was fired by Prime Minister Pushpa Kamal Dahal on Sunday, lies at the centre of the turmoil. The Prime Minister, who leads the Maoist Communist Party of Nepal (CPN-M), tendered his resignation after the Chief of Army Staff was later reinstated.In a statement attributable to his spokesperson, Mr. Ban said he “is saddened by developments leading to this resignation.” However, he is also “encouraged by the Maoist party’s assurances of its commitment to the peace process, including continued participation in the drafting of the constitution.”The Secretary-General also appealed for the strict adherence to the 2006 Comprehensive Peace Agreement, especially the Agreement on Monitoring of the Management of Arms and Armies (AMMAA), which stipulates clear and specific restrictions on the Nepal Army and the Maoist army.In a report released last week, Secretary-General noted that progress has been made in Nepal’s peace process, including steps towards drafting a new constitution, but warned that relations between the CPN-M and its main coalition partner, the Communist Party of Nepal (Unified Marxist-Leninist) (UML), as well as among the four political parties in the Maoist-led coalition Government, remain “fractious, marked by public acrimony and weak consultation over major decisions.”In a statement issued on Sunday after the army chief was fired, Mr. Ban called on “all concerned to resolve the crisis through dialogue and consensus, with full respect for the provisions of the constitution.”A decade-long civil war, claiming some 13,000 lives, ended in 2006 with the signing of a peace accord between the Government and Maoists. After conducting Constituent Assembly elections last May, the nation abolished its 240-year-old monarchy and declared itself a republic. read more