Teekay Tankers reported that Azvalor Asset Management's interest in Teekay Tankers has fallen below 5%, according to a regulatory filing.

The Spanish asset management firm reported holding more than 11.8 million shares in Teekay Tankers, just under 4.9% of the company. The investment firm had reported a stake of 7.4 million shares in July, representing 5.2% ownership.

Last week, New York-listed Teekay Tankers, a subsidiary of Teekay Corp, said it had closed its previously announced merger with Tankers Investments Ltd.