TradeWinds revealed on Friday that Teekay Tankers chief Kevin Mackay had been talking with his former employers about a potential deal.

Michael Webber, Wells Fargo’s shipping analyst, says while a merger has not been announced he sees potential benefits to such a move.

In a research note he explains a combination of Teekay Tankers and AET would create a tanker fleet of 16 million deadweight, 33% bigger than Euronav, currently the largest public tanker company in the US.