"The combination of our stable cash flows generated from fixed-rate offshore, liquefied gas and conventional tanker businesses, our more than $2 billion in consolidated liquidity and our favorable debt maturity profile contributes towards Teekay's financial strength." Mr. Moller continued, "We remain focused on our key priorities which include reducing our exposure to the current weak spot tanker market, improving profitability through cost reductions and contract improvements and reducing leverage at Teekay Parent by executing on our strategy of selling assets to our daughter companies and third parties. Since the end of the first quarter, we have reduced our spot exposure through the redelivery of 12 spot traded in-charter vessels and the sale of four spot traded conventional tankers. We have begun to see significant results from our cost management initiatives through lower overhead and operating expenses in the second quarter, compared to the same period last year.