Teekay Tankers has launched a new share repurchase programme as it focuses on strengthening its balance sheet during this period of weak rates.
The New York-listed company will buy back $45m of its Class A common shares in the open market.
Teekay Tanker’s stock closed at $1.44 yesterday, up by around 1.8%.
Kevin Mackay, president and chief executive of Teekay Tankers, said: “During this period of weaker tanker rates, one of our key priorities remains strengthening our balance sheet by further reducing financial leverage and increasing liquidity.
