Teekay Tankers generated total adjusted EBITDA of $132 million during the fourth quarter more than double the $62 million reported in the fourth quarter of 2018.
For the full year 2019 we generated total adjusted EBITDA of $259 million up approximately 100% from the $129 million in fiscal year 2018.
We reported adjusted net income of $83 million or $2.47 per share in the fourth quarter up from an adjusted net income of $14 million or $0.42 per share in the fourth quarter of 2018.
For the full year in 2019 we reported adjusted net income of $64 million or $1.91 per share up from an adjusted net loss of $55 million or $1.63 per share in fiscal year 2018.
Our spot tanker rates in the fourth quarter of 2019 peaked at the highest level since 2008 and Teekay Tankers marked one of the most profitable quarters since the end of the tanker market super cycle in 2009.
Including all of these items our pro forma net debt at the end of the year was reduced by $153 million or 15% since the third quarter of 2019.
And our pro forma liquidity at year-end increased to approximately $260 million from $95 million at the end of last quarter.
The market received a significant boost in October from the removal of 26 COSCO-owned VLCCs from the trading fleet due to sanctions imposed by the United States.
This tightened available fleet supply further exacerbating positive underlying fundamentals and caused crude tanker spot rates to spike to the highest level since 2008.
This spike in spot rates also drove an increase in time charter rates and Teekay Tankers took advantage of this window of opportunity by chartering out four Suezmaxes at very attractive rates averaging $37000 per day for average durations of 12 months.
Based on approximately 77% and 62% of spot revenue days booked Teekay Tankers' first quarter-to-date Suezmax and Aframax bookings have averaged approximately $51700 and $38100 per day respectively.
For our LR2 segment with approximately 65% of spot revenue days booked first quarter-to-date bookings have averaged approximately $40100 per day.
We also believe that scrapping could rebound this year as 13 million deadweight ton of tankers reaches 20 years of age.
On an annualized basis the rates we achieved in the fourth quarter of 2019 would result in over $320 million of free cash flow or over $9.5 per share.
This is compelling relative to our closing share price yesterday of $12.66 per share and equates to a free cash flow yield of approximately 75%.
From an earnings per share perspective using a similar methodology it would translate into $8 per share which can be seen in the graph on the right.
This equates to a compelling 1.6 times price to earnings ratio.
Starting with the graph on the top of the page we provide our debt repayment profile before and after the recently secured five year $533 million revolving credit facility refinancing which was approximately two times oversubscribed.
This attractively priced refinancing at LIBOR plus 240 basis points reduces our 2021 balloon maturities from approximately $390 million to approximately $70 million with our next balloon maturity coming at the end of 2024.
Including this refinancing and our previously mentioned asset sales our pro forma December 31 liquidity is $260 million compared to $95 million at the end of the third quarter.
Our balance sheet leverage has also improved with net debt to capitalization decreasing by 5% from 51% at the end of the third quarter to 46% on a pro forma basis at December 31.
Taking into account cash flows earned from the improved tanker market and proceeds from agreed asset sales our pro forma net debt at the end of the year stands at $844 million a decrease of over $200 million or approximately 20% since the end of 2018 and a decrease of $150 million or approximately 15% from the third quarter of 2019.
On the asset side we have opportunistically agreed to sell more than $100 million of assets further accelerating our debt reduction and exiting a noncore business.
And lastly on IMO 2020 I am pleased that we have had a very smooth transition to burning lower sulfur more environmentally friendly fuels which we attribute to our extensive preparations over the past three years and to having secured supply contracts with quality fuel suppliers covering approximately 75% of our requirements.

Summary:
We reported adjusted net income of $83 million or $2.47 per share in the fourth quarter up from an adjusted net income of $14 million or $0.42 per share in the fourth quarter of 2018.