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.
The shipowner, which has 26 shuttle tankers, also benefited from a $3m profit related to the timing of drydockings.
Revenue dipped to $137m from $140m, however, as it redelivered certain ships and sold others.
The company has six vessels due to be delivered this year through to 2021.
Looking ahead, it said it should "continue to generate strong operating cash flow during 2019."
It added it may enter into joint ventures and partnerships with companies that could provide increased access to charter opportunities.
