Teekay: smooth transition. File image/Pixabay.
Tanker operator Teekay has reported a smooth transition from high to low sulfur fuel oil in its fourth quarter results.
The company said its good news fuel story was based on securing the majority of its fuel needs well ahead of the switchover to 0.5% sulfur bunker fuel.
"We experienced a smooth transition to the lower sulphur fuels, which we attribute to our extensive preparations over the past three years and to having secured supply contracts covering approximately 75% of our fuel requirements in 2020," the company's president and CEO, Kevin Mackay, said.
The company saw its fourth quarter profits and revenue increase over the same period a year ago. Teekay Tankers' fleet comprises 56 ships.