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Hamilton, Bermuda, December 15, 2014 Tanker Investments Ltd. (Tanker Investments or the Company) today announced that it has agreed to acquire six, modern Suezmax tankers for an en bloc purchase price of USD 315 million. The fleet consists of four, 2009-built and two, 2010-built Suezmaxes constructed by Rongsheng Heavy Industries Group Ltd. and are expected to be delivered to Tanker Investments during the first half of 2015. Tanker Investments intends to finance the entire purchase price by drawing on credit facilities to be secured by the Company’s existing fleet and the new Suezmax fleet. All of the Suezmaxes will have completed their 5-year dry docking, including the installation of fuel efficiency enhancements, upon delivery to Tanker Investments and will trade in the Gemini Suezmax Pool where they are expected to trade with strong pool points. “We are pleased to announce the acquisition of six, high quality, modern Suezmax tankers representing another milestone in the development of Tanker Investments’ fleet which we have now grown to 20 vessels,” commented William Hung, Tanker Investments’ Chief Executive Officer. “ With an average fleet age of only 4.3 years, our modern fleet is well positioned to benefit from further upside driven by an improving tanker market underpinned by solid demand and supply fundamentals.” Mr. Hung continued, “With Tanker Investments continuing to trade at a discount to net asset value per share, the repurchase of our own shares also represents a compelling investment. We remain committed to completing the remaining USD 15 million share repurchase authorized by the Board earlier this year and may consider expanding our repurchase program in the future.” The transaction has been approved by the Board of Directors of both Tanker Investments and the sellers and remains subject to customary closing conditions. 
Tanker Investments Ltd. Suezmax "Tianlong Spirit" About Tanker Investments Ltd. Tanker Investments Ltd. is a specialized investment company focused on the tanker market. Tanker Investments Ltd. was formed in January 2014 by Teekay Tankers Ltd. and Teekay Corporation to opportunistically acquire, operate and sell modern secondhand tankers to benefit from cyclical fluctuations in the tanker market. Tanker Investments’ fleet consists of 20 vessels, including six vessels scheduled for delivery during the first half of 2015. Tanker Investments’ common stock trades on the Oslo Stock Exchange under the symbol “TIL”. Tanker Investments Ltd. press release |
