Teekay In Anglo Eastern Deal

Teekay is to farm out fifty of its tankers to third party ship management   in a tie-up with Hong Kong’s Anglo-Eastern
The pact will be one of the world’s biggest deals between an independent ship  management company and a shipowner.

Anglo-Eastern and Teekay confirmed the tie-up in notices sent in the past few   days to their customers.

“We have entered into a strategic partnership with Teekay Corporation,”   Anglo-Eastern chief executive Peter Cremers and chief operating officer   Marcel Liedts said in their note to clients.

The pair said the tie-up will see Anglo-Eastern “assist Teekay” in evolving   their ship management activities in a “stand-alone, cost competitive   company.”

“As a part of this alliance, the crew management and training logistics for   Teekay seafarers will be integrated with Anglo-Eastern Group companies.”

Reports in the South China Morning Post said the new company will be Teekay   majority-owned and operate under a Teekay name.

“Most of the staff will also come from Teekay but key positions and some of   the board composition will come from Anglo-Eastern in order to facilitate   proper transfer of management know-how,” the Hong Kong newspaper said.

Cremers told the South China Morning Post: “Most of the staff will be   from Teekay, but some senior positions will be taken up by Anglo-Eastern or   ex-Anglo-Eastern staff.”

Teekay controls a fleet of around 150 ships made up of LNG carriers, offshore   vessels and tankers. It operates in sixteen countries with about 6,400   seagoing and shore-based staff.

Earlier this month the shipowner eked out a first quarter profit of just $1.1m   against a loss of $29.7m a year ago.

Revenue grew to $495m from $488m, while vessel operating costs and voyage   expenses were both reduced.

  1. Gaurav 12 years ago

    What implications are going to be there on sea staff with this deal?

  2. Szymanski 12 years ago

    I would say that seastaff will now have to work with new Managers. I would expect new SMSes will appear, new “company culture”, etc., etc, the best would be ask direct question to your superintendent / manager. They may like your interest as it shows that you care 🙂


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