Teekay Tankers Ltd, the Bermudian-based owner and operator of mid-sized crude-oil tankers, has reported GAAP net income of $81.4 million and adjusted net income of $76.6 million in the third quarter of the year.

Kevin Mackay, Teekay Tankers president and chief executive, said: “The combination of typical third-quarter seasonality and Opec+ actions resulted in pronounced volatility in the spot tanker market.

“However, the strength of underlying tanker market fundamentals enabled Teekay Tankers to achieve our highest third-quarter rates since 2008 and our highest third-quarter adjusted net income.”

During the quarter, Teekay exercised a one-year extension option on one chartered-in vessel at a rate of $21,250 per day.

The company has eight chartered-in vessels at an average rate of approximately $25,400 per day.

It also completed the repurchase of four vessels that were under sale-leaseback financing arrangements for a total of $57.2 million.

The board has declared a cash dividend of $0.25 per share for the quarter.

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Bermudian-based Textainer Group Holdings Limited, one of the world’s largest lessors of intermodal containers, has reported third-quarter net income of $44.7 million, which compares with $51.3 million in the second quarter of the year.

Adjusted net income was $45.4 million in the quarter, compared with $51.3 million in the prior quarter.

The adjusted earnings before interest, taxes, depreciation and amortisation was $160.5 million, which compares with $163.0 million for the second quarter of the year.

Textainer said it added $162.4 million of new containers through the first nine months of 2023, virtually all of which are assigned to long-term leases.

Last month, the company announced it had entered into a definitive agreement to be acquired by Stonepeak in a transaction expected to close in the first quarter of 2024.

Olivier Ghesquiere, president and chief executive, said: “We are pleased with our third-quarter results, which continue to demonstrate the resiliency of our business.

“For the third quarter, utilisation increased to 99.1 per cent at the end of the quarter, while lease rental income remained firm at $192 million.”

He added: “Overall market conditions have remained unchanged from last quarter, yet our contracted revenue and profitability continue to be supported by our long-term lease contracts and fixed-rate financing policy.”

Textainer has operated since 1979 and has more than four million 20-foot equivalent units in its owned and managed fleet.

The company operates via a network of 14 offices and approximately 400 independent depots worldwide.

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Aro Drilling, the 50-50 venture of Bermudian-based Valaris Limited and Aramco, the Saudi-Arabian state-owned petroleum and natural gas company, has secured financing for its first two new-build jack-ups, Kingdom One and Kingdom Two.

The offshore drilling services company said Aro has entered into a $359 million term loan with a syndicate of Saudi Arabian banks to finance the deliveries.

The proceeds will be used to pay the remaining shipyard purchase price and for general corporate purposes.

Valaris said the loan matures in eight years and has a 16-year amortisation profile with a 50 per cent balloon payment due at maturity.

Kingdom One is expected to be delivered and commence its contract with Aramco in the fourth quarter of this year, and Kingdom Two is expected to be delivered and commence its contract with Aramco in first-quarter 2024.

The company said day rates for the initial eight-year contracts will be determined using a pricing mechanism that targets a six-year payback for construction costs on an earnings before interest, taxes, depreciation and amortisation basis.

These initial contracts will be followed by a minimum additional eight-year term, repriced every three years, based on a market pricing mechanism.

Aro Drilling chief executive Mohamed Hegazi said: “The delivery and start-up of the first two new-builds will mark an important milestone in the growth story of Aro.

“I am delighted that we have been able to secure financing for these rigs at attractive terms, demonstrating both the strength of our business and relationship with local lenders in Saudi Arabia.”