Teekay and Caltex in 10-Year deal
Posted: 9 September 2009
Teekay Corporation and Caltex Australia Petroleum Pty Ltd reported the signing of a 10-year, fixed-rate time-charter.
"We are pleased to announce a new 10-year time-charter with Caltex, to replace the Barrington time charter," said Bjorn Moller, President and CEO, Teekay Corporation. "The new contract is a continuation of the long-term strategic relationship between Teekay and Caltex, which began in 1997. We look forward to serving Caltex under this new contract."
Teekay has purchased a 40,000 dwt, 2007-built tanker, to replace the product tanker Barrington, which is approaching its 20-year operating age. The vessel delivered to Teekay on September 3 to commence operations under the new contract and is named Alexander Spirit. The vessel will be manned by Teekay's Australian seafarers.
"Teekay has been a valued supply chain partner of Caltex for well over a decade providing shipping for petroleum products between Caltex refineries in Sydney and Brisbane and to terminals on the coast of Australia. This new 10 year charter is a product of the shared performance values in that partnership and cements the long term relationship between our two companies" said Ken James, Caltex General Manager Supply and Distribution.
Posted by Richard Price, Editor, EnergyME.com
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