Teekay Shuttle Tankers has posted a bigger profit in the second quarter as rates rose and costs were reduced.
The company, formed from Teekay Offshore Partners, said net earnings to 30 June were $18.07m from $3.67m a year ago.
There was an increase of $4m from higher COA use and rates, plus a $3m gain due to lower ship management fees and general and administrative expenses.
