Debt reduction and fleet renewal in the form of sales, newbuilding orders and potential consolidation are all on Teekay Tankers’ to-do list, its chief executive says.

Kevin Mackay laid out his thoughts on the back of a weaker than expected fourth quarter profit that accompanied a relatively bullish read of the market.

Mackay told investors on a conference call that strengthening the balance sheet remained his priority, having reduced financial leverage to 47% with the help of asset sales.