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Teekay Returning to Profit as Russia Ships Record Oil: Freight

Teekay Corp., the biggest operator of Aframax crude tankers, is poised to return to profit after three years of losses as record Russian oil exports by sea boost charter rates to the highest since 2008.

Shipments from the new port of Ust Luga on the Baltic Sea and Kozmino on the Sea of Japan will rise as much as 33 percent to about 290 million barrels in 2013, state pipeline operator OAO Transneft said July 12. Aframaxes, carrying 690,000 barrels, are the most commonly used ships at the terminals because of depth and port restrictions. Shares of Teekay, which operates 60 of the vessels, will rise 23 percent in the next 12 months, the average of eight analyst estimates compiled by Bloomberg shows.