Teekay Tankers’ hope that older ships would become money-making machines did not stop it from selling another vessel in the first quarter.

The New York-listed shipowner said on Thursday that it sold an unnamed 2005-built aframax for roughly $15m, completing the sale in April.

“Having refinanced 13 vessels on low-cost sale-leaseback financings and sold three older vessels in 2022, we have strong pro forma liquidity of $231m and a net debt-to-capitalisation ratio of 42%,” chief executive Kevin Mackay said in a statement alongside first-quarter earnings.