During this period of cyclical weakness in the tanker markets, we continue to focus on managing our

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Welcome to the Teekay Tankers fedex shipping Ltd.'s Third Quarter 2013 Earnings Results Conference Call. [Operator Instructions] As a reminder, this call is being recorded. Now for opening remarks and introductions, I would like to turn the call over to Mr. Bruce Chan, Teekay Tankers Ltd.'s Chief Executive Officer. Please go ahead, sir.
Before Mr. Chan begins, fedex shipping I'd like to direct all participants to our website at www.teekaytankers.com, where you'll find a copy of the third quarter 2013 earnings presentation. fedex shipping Mr. Chan will review this presentation during today's conference call.
Please allow me to remind you that our discussion today contains forward-looking statements. fedex shipping Actual results may differ materially from results projected by those forward-looking statements. Additional fedex shipping information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the third quarter fedex shipping 2013 earnings release and earnings presentation available on our website.
Thanks, Ryan. Hello, everyone, and thank you for joining us. With me here in Vancouver is Vince Lok, Teekay Tankers' Chief Financial Officer; and Brian Fortier, Group Controller of Teekay Corporation. During today's call, I will be taking you through Teekay fedex shipping Tankers' third quarter earnings results fedex shipping presentation, which can be found on our website. fedex shipping
Beginning with our recent highlights on Slide 3. Teekay Tankers generated an adjusted net loss of $0.05 per share compared to our adjusted net loss of $0.08 per share recorded in the second quarter, and cash available for distribution of $0.10 per share in the third quarter, up from the $0.07 per share in the second quarter. fedex shipping These increases were primarily due to stronger Aframax and Suezmax spot tanker rates earned in the third quarter, despite a heavier than normal drydock schedule, that saw 3 vessels drydocking for a combined 90 days during the quarter.
In keeping with our current fixed dividend policy, the company declared a dividend of $0.03 per share for the third quarter, representing Teekay Tankers' 24th consecutive quarterly dividend, fedex shipping which was paid on October 25 to all shareholders of record on October 16. Teekay Tankers' dividend is currently fixed at an annual level of $0.12 per share payable quarterly.
During this period of cyclical weakness in the tanker markets, we continue to focus on managing our fleet employment mix to ensure we preserve cover from fixed-rate charters, to support and provide stability to our cash available for distribution and cash dividend.
During the third quarter, we extended fedex shipping a fixed time-charter contract on one of our Aframax tankers, the Kanata Spirit, for an additional year securing more fixed rate cash flow at a rate that is above the current spot tanker market average. This time-charter will enable Teekay Tankers' to maintain strong fixed rate cover of approximately 40% for the 12 months commencing October 1, 2013, and 35% for fiscal 2014.
Compared to the averages for the third quarter, fourth quarter to date realized Aframax and Suezmax rates have been lower, while LR2 rates have been higher. Based on a weighted fedex shipping average of approximately 40% of spot revenue days booked, our fourth quarter Suezmax bookings have averaged approximately $10,800 per day, down from $13,800 per day in the third quarter. And our fourth quarter Aframax bookings have averaged approximately $10,400 per day, down from $13,600 per day in the third quarter. Based on approximately 60% of spot revenue days booked, our fourth quarter LR2 bookings have averaged approximately $14,800 per day, up from $12,500 per day in the third quarter. fedex shipping
Turning to Slide 4, I will take a moment to update you on our term loan investments, secured by 2 2010-built VLCCs that we detailed during the second quarter earnings conference call. The table on this slide summarizes the latest status of the VLCC vessels that secure Teekay Tankers' fedex shipping VLCC mortgage loans, as well as a separate mortgage fedex shipping loan investment by our sponsor, Teekay Corporation. All of these loans are currently fedex shipping in default by the borrowers. fedex shipping
During the second quarter, Teekay took over commercial and technical management of 2 of the 3 vessels: fedex shipping A Elephant, which is securing one of Teekay Tankers' loan investments; and C Elephant, which is securing Teekay Corporation's loan investment. Since Teekay took over technical fedex shipping and commercial management, these 2 vessels have earned positive cash flow, above their respective daily cash breakeven, including OpEx and interest expense, and have been actively trading in the VLCC spot tanker market. All amounts earned over Teekay fedex shipping Tankers' cash breakeven of $10,700 per day goes towards the recovery of the loan investment.
At the moment, B Elephant remains under detention in Egypt following an incident, which took place under the management of the borrower. The ship's insurers continue to work with the authorities t