NEW YORK (Bloomberg) — Bermuda-based Teekay Corp., the world's largest oil-tanker owner, reported a first-quarter loss of $14 million as shipping rates declined.

The loss was 19 cents a share, compared with a profit of $81.5 million, or $1.12 a share, a year earlier, the company said yesterday. Revenue fell to $564.5 million from $616.6 million.

Rates for most tankers, excluding very-large crude carriers, or VLCCs, declined in the quarter as the recession cut oil shipments. Teekay owns smaller-sized Aframax and Suezmax vessels. The company diversified its revenue sources by entering into liquefied-natural-gas transportation and the offshore shuttle-tanker market.

"Aframax rates have not participated in the rally in larger vessels," said Scott Burk, a New York-based analyst at Oppenheimer & Co. who has an "outperform" rating on the stock. "Teekay has more exposure to Aframax and that's the primary reason" that it had a loss in the quarter."

Excluding the loss from interest-rate swaps and other items, Teekay reported an adjusted loss of $3.9 million, or five cents a share. On that basis, the average of nine analyst estimates compiled by Bloomberg was a loss of nine cents.

Teekay rose eight cents, or 0.3 percent, to $24.71 in composite trading on the New York Stock Exchange yesterday. The shares are up 6.5 percent this year. Results were released before the start of regular US trading.

Teekay's Suezmaxes earned an average spot rate of $31,940 a day, down from $42,188 a year earlier. Aframaxes earned an average daily spot rate of $17,824, down from $25,200. Medium- range product tankers earned an average rate of $9,729 a day, down from $17,929 a year ago.

Revenue from the offshore shuttle-tanker segment rose to $183.8 million from $182 million. Moller said in an interview last month that the company will expand its shuttle fleet serving in Brazil to take advantage of the country's rising offshore oil production.

Teekay operated 143 vessels at the end of April.

Suezmax tankers can carry 876,000 to 1.46 million barrels of oil, and Aframax vessels can move 547,500 to 876,000 barrels. Medium-range product tankers can carry 292,000 to 401,000 barrels of gasoline.