Teekay Tankers Ltd. partners with Teekay Corporation to invest $25 million each in Tanker Investments Limited to capitalize on an anticipated recovery in the tanker market.

Information on the Target

Teekay Tankers Ltd. (NYSE: TNK), based in Hamilton, Bermuda, is an owner and operator of a fleet of modern tankers. The Company manages a diverse fleet that includes Suezmax, Aframax, and MR product tankers, and it focuses on both time-charter and spot market operations. Teekay Tankers was formed in December 2007 as part of Teekay Corporation's strategy to expand its conventional oil tanker business and has established a reputable presence in the shipping industry.

In the fourth quarter of 2013, Teekay Tankers reported an adjusted net loss attributable to shareholders of $2.4 million, or $0.03 per share. This was a notable improvement from the $7.8 million adjusted net loss reported in the same quarter of the previous year. Factors contributing to this loss included the improved Suezmax and Aframax spot rates compared to prior years, allowing the Company to maintain solid operational capacity despite transitioning some vessels from fixed to spot-rate contracts.

Industry Overview in Bermuda

The maritime shipping industry in Bermuda, while not as traditionally robust as in other regions, has seen an inclination toward the energy transportation sector given the rise in global oil demands.