Teekay Tankers Ltd, the Bermudian-based owner and operator of mid-sized crude oil tankers, has reported a net loss of $13.9 million in the first quarter.

That compares with a loss of $39.8 million in the fourth quarter of 2021, and a loss of $21.4 million in the prior year quarter.

Total revenues for the quarter were $174 million, compared with $160.3 million in the fourth quarter last year and $142.7 million in the prior year quarter.

Kevin Mackay, Teekay Tankers’ president and CEO, said: “Following a weak start to the year, spot tanker rates increased significantly at the end of the first quarter, driven primarily by global oil trade disruptions resulting from Russia’s invasion of Ukraine.

“A reduction in European crude oil imports from Russia and the sourcing of replacement barrels from elsewhere has resulted in significantly longer voyage lengths which, coupled with the effective removal of Russian-owned tankers from many routes, has led to a much tighter tanker market.

“These changes have been particularly positive for mid-sized tankers that our company operates, given the flexibility of the tonnage and our ability to call at a much wider range of ports relative to VLCCs.”