The Teekay Corporation has reported a GAAP net income attributable to shareholders of $20.1 million in the period ending September 30, compared with $33.8 million in the previous quarter.

Teekay president and chief executive Kenneth Hvid called their earnings results strong, during what was typically the weakest quarter of the year.

“The tanker market fundamentals in the mid-size tanker segment remain firm, which continues to support mid-size spot tanker rates and utilisation,” he said. “Looking ahead, we are seeing several of the market’s seasonal headwinds already transitioning into tailwinds for the fourth quarter.”

Since the last three-month period, Teekay has repurchased $59.1 million worth of its outstanding common shares at an average price of $8.56 per share, and authorised a new $40 million common share repurchase programme.

Meanwhile, their board of directors declared a one-time special cash dividend in the amount of $1 per outstanding common share, payable on December 18 to all Teekay shareholders of record on December 4.

The latest report also announced that Teekay Corporation was selling its Australian operations (collectively, Teekay Australia), to its subsidiary Teekay Tankers for $65 million in cash. This will include ship management services companies primarily servicing the Government of Australia.

Teekay Corporation has also agreed to sell to Teekay Tankers all management services companies not currently owned by Teekay Tankers at their net working capital value.

Mr Hvid said with these planned transactions, Teekay Tankers would become the sole operating platform within the Teekay Group and Teekay would focus on managing its controlling interest in Teekay Tankers.

Mr Hvid said that with Teekay Tankers’ fleet heavily weighted towards the spot market, he believed they were well positioned to benefit from the anticipated seasonal uplift.