Teekay Tankers has braced for a weaker tanker market in 2017 but the New York-listed owner is projecting a short and shallow downturn.
The company says it has locked two suezmaxes and an aframax into time charters since the start of the fourth quarter at an average of $20,800 per day over a 12-month period.
It has made the move amid the expectation of headwinds for the crude tanker spot market this year as fleet growth combines with a higher oil price and OPEC production cuts.
