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Teekay goes into red

Teekay goes into red
Teekay Corporation (TK) reported losses in its third quarter totaling $142.2 million, or $1.96 a share.

Teekay Corporation (TK) reported losses in its third quarter totaling $142.2 million, or $1.96 a share.

Teekay Corporation (TK) reported losses in its third quarter totaling $142.2 million, or $1.96 a share. This compared with profit in the previous year of $103.1 million, or $1.41 per share.

Analysts forecast a loss of 75 cents on revenue of $451 million. Revenue decreased 43% to $500.4 million, while net revenue excluding expenses dropped 36%.

The Bermuda-based owner of tanker ships said that the drop in revenue was mostly due to weak oil demand, which was responsible for a drop in charter rates. Teekay has made moves to increase its fixed-rate contracts and sell off ships in its spot-tanker fleet to cut costs.

www.TurkishMaritime.com.tr

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