Teekay Tankers Ltd. has agreed to acquire a fleet of 12 Suezmax tankers currently owned by Principal Maritime Tankers for an aggregate price of US$662m.

With an average age of only 5.5 years, the 12 Suezmaxes to be bought will reduce the average age of Teekay Tankers' fleet by 1.2 years. Once delivered, Teekay will own and operate a fleet of 22 Suezmax tankers.

The vessels included in the transaction are scheduled to be delivered to Teekay Tankers by the end of October 2015 and are expected to operate in the spot tanker market upon or soon after delivery.

Teekay Tankers has received commitments from four of its lenders to provide a new debt facility of approximately US$400m to finance the buy, which will be secured by the acquired vessels.

This acquisition transaction has been approved by the Board of Directors of both Teekay Tankers and Principal and is subject to customary closing conditions.