Teekay Tankers, a tanker owner led by Kenneth Hvid, is exiting the Very Large Crude Carrier (VLCC) sector and shifting its focus entirely to Suezmax and Aframax tankers.
Teekay Tankers announced that it has reached an agreement to sell the 318,700 dwt VLCC “Singapore Spirit” (formerly “Hong Kong Spirit”), built in 2013, for US$84.5 million. The vessel is expected to be delivered to the new owner in the second quarter of 2026 and generate approximately US$22.5 million in revenue.
It is worth noting that the “Singapore Spirit” is the last VLCC in Teekay Tankers’ fleet, and this sale and exit from the VLCC field is part of the shipowner’s large-scale restructuring plan.
Since the end of 2025, Teekay Tankers has been selling off its aging fleet. It has completed the sale of an Aframax tanker built in 2007 and a Suezmax tanker built in 2009, raising a total of US$61.5 million and recognizing a gain of US$21.7 million.
In January 2026, Teekay Tankers sold another Suezmax tanker built in 2007 and agreed to sell a Suezmax tanker built in 2009, for a total of US$73 million, with expected proceeds of US$22.6 million in the first quarter of 2026.
At the same time, Teekay Tankers is upgrading its fleet by purchasing three Aframax tankers built in 2016 (total price of US$141.5 million). These vessels have been leased back to the original sellers through short-term bareboat charter agreements and will be returned to Teekay Tankers in the second or third quarter of 2026, at which time all commercial and technical management rights will be transferred to Teekay Tankers.
Kenneth Hvid stated that the fleet acquisition and sale mix since the beginning of 2025 has effectively reduced the average age of the fleet and optimized the fleet structure while maintaining leverage in the strong tanker market.
Currently, Teekay Tankers owns 35 vessels, including 16 Suezmax tankers and 18 Aframax/LR2 product tankers, plus 3 chartered vessels and vessels with sales agreements. Of these, 10 Suezmax tankers, 7 Aframax/LR2 product tankers, and the VLCC slated for retirement are unsecured.