Tanker operator Teekay plans to issue $200 million of new capital in the form of shares and convertible notes, adding 11% to its equity capital and refinancing 5% of its debt. That pales next to the $8.1 billion of new capital raised across the shipping industry in 2017, but suggests continued confidence in the eventual recovery in industry profitability. Such a recovery has yet to make itself evident. Teekay’s profitability hit the lowest in the third quarter since 2Q 2014. Yet, average analyst expectations call for 2018 levels to reach the highest since at least 2013. Declining traffic...