Teekay Tankers Ltd, one of Bermuda’s leading shipping companies, reported third-quarter net income of $92.1 million, or $2.66 per share, up sharply from $62.6 million in the previous quarter, as the firm benefited from vessel sales and strong crude-shipping rates.

Adjusted net income, excluding one-time items, came in at $53.3 million, or $1.54 per share, compared with $48.7 million in Q2. Total revenues eased to $229 million from $274 million a year earlier as the company continued to streamline its fleet, but operating income climbed to $69.4 million.

Kenneth Hvid, the chief executive, said the company “posted its best quarterly results so far this year”, citing counter-seasonally strong spot tanker rates driven by higher seaborne crude-oil trade volumes following the unwinding of Opec+ production cuts.

Teekay, which operates from Victoria Street in Hamilton and trades on the New York Stock Exchange under the symbol TNK, declared a quarterly dividend of 25 cents per share, payable November 21.

During the quarter, the company sold three older Suezmax tankers for $97 million, booking a $25.9 million gain, and acquired a 2017-built Suezmax and the remaining 50 per cent interest in a very large crude carrier for about $127 million. Teekay also time-chartered one Suezmax at $42,500 per day and two Aframax-class ships at $33,275 per day for up to 18 months.

Teekay reported total liquidity of $976 million as of September 30, up from $931 million in June, with $765 million in cash and equivalents and $201 million in available credit.

The company said fourth-quarter spot rates had strengthened further, with roughly half of its available days already booked at $45,500 per day for Suezmaxes and $35,200 for Aframax and long-range vessels.

Mr Hvid said Teekay’s balance sheet and “low cashflow break-even levels” positioned it well to capture tailwinds from higher trade volumes, sanctions-related inefficiencies and firm winter demand.

Teekay’s fleet now totals 40 vessels, including 37 tankers and three support ships, managed from Bermuda and Australia.