|Over a month ago|
Teekay Tankers downgraded to Hold from Buy at Fearnley » 05:3906/0206/02/20
Fearnley analyst Espen…
Fearnley analyst Espen Fjermestad downgraded Teekay Tankers to Hold from Buy with a $15 price target.
Teekay Tankers upgraded to Buy from Hold at DNB Markets » 05:2905/2805/28/20
DNB Markets analyst Mats…
DNB Markets analyst Mats Bye upgraded Teekay Tankers to Buy from Hold with a $21 price target.
Fly Intel: Pre-market Movers » 09:1605/2105/21/20
KDMN, TGP, TNK, BJ, EXPE, HRL, MDT, BBY, TJX, TTWO, BSX
Check out this morning's…
Teekay Tankers reports Q1 adj. EPS $3.27, consensus $2.66 » 05:3205/2105/21/20
Reports Q1 revenue…
Reports Q1 revenue $341.9M, consensus $276.25M. "In the first quarter of 2020, Teekay Tankers achieved its highest quarterly adjusted profit in more than 10 years, with adjusted net income of approximately $110 million, or $3.27 per share, and I am pleased to report that our fleet has continued to secure strong spot rates in the second quarter of 2020 to-date," commented Kevin Mackay, Teekay Tankers' President and CEO. "While COVID-19 is having an unprecedented impact on the world and is clearly a major focus for us, we are fortunate to be in a position where our financial results are stronger so far in 2020 and we have had minimal impacts on our operations due to the pandemic. We are truly proud of how our seafarers and onshore colleagues have responded to COVID-19, implementing new standards which focus on the health and well-being of everyone involved in our organization, especially our colleagues at sea, while maintaining consistently safe and efficient operations for our customers. We have continued to execute on our strategic priorities, taking advantage of the strong spot tanker market over the last couple of months and opportunistically securing time charter-out contracts for an additional nine vessels for periods of six months to two years. We have now secured a total of 13 time charter-out contracts since October 2019, locking in approximately $170 million of forward fixed rate revenues at attractive rates and reducing our free cash flow breakeven to approximately $10,500 per day through the first quarter of 2021. Our low breakeven rate is expected to enable us to create shareholder value in almost any market which is important given the current market uncertainty for the second half of 2020. In addition, we continue to focus on further increasing our financial strength. With the strong cash flows we generated from operations and the proceeds from vessel sales in the first quarter, we reduced our net debt by approximately $200 million, or over 20 percent, to $730 million as of March 31, while also significantly increasing our total liquidity to $368 million over the same period, and have subsequently continued to make meaningful progress on both fronts." Mr. Mackay added, "Our focus on debt reduction creates shareholder value directly through increased net asset value and also increased financial flexibility, which is important in all tanker markets. With a low free cash flow breakeven, a strong liquidity position, lower balance sheet leverage, no significant debt maturities until 2024 and our mid-size fleet profile, we believe that Teekay Tankers is one of the best positioned companies in our sector to continue creating shareholder value."
Teekay LNG, Teekay announce elimination of incentive distribution rights » 09:3505/1105/11/20
TGP, TK, TNK
Teekay Corporation (TK)…
Teekay Corporation (TK) and Teekay LNG Partners L.P. (TGP) announced the execution of a definitive agreement to eliminate all of the Partnership's incentive distribution rights in exchange for 10.75 million newly-issued Teekay LNG common units. The Transaction concurrently closed on May 11, 2020. Following the completion of this Transaction, Teekay now beneficially owns approximately 36 million Teekay LNG common units and remains the sole owner of Teekay GP L.L.C., the general partner of Teekay LNG, which together represents an economic interest of approximately 42 percent in the Partnership. The Boards of Directors of Teekay and Teekay GP, as well as the Teekay GP Conflicts Committee, which consists entirely of independent directors, unanimously approved the IDR elimination transaction.
|Over a quarter ago|
Teekay Tankers falls -18.0% » 12:0004/0204/02/20
Teekay Tankers is down…
Teekay Tankers is down -18.0%, or -$4.16 to $18.94.
Teekay Tankers downgraded to Hold from Buy at DNB Markets » 05:4003/0903/09/20
DNB Markets analyst Mats…
DNB Markets analyst Mats Bye downgraded Teekay Tankers to Hold from Buy with a $21 price target.
Teekay Tankers reports Q4 adj. EPS $2.47, consensus $2.04 » 05:5602/2702/27/20
Reports Q4 revenue…
Reports Q4 revenue $303.89M, may not compare to consensus $195.37M. "With average crude spot tanker rates reaching their highest levels since 2008, Teekay Tankers had one of its most profitable quarters since the end of the tanker market super-cycle in 2009, generating adjusted net income of approximately $83 million, or $2.47 per share," commented Kevin Mackay, Teekay Tankers' President and CEO. "This strength continued into the early part of 2020, and I am pleased that the spot rates our fleet has secured in the first quarter of 2020 to-date are significantly higher than those achieved in the fourth quarter. Crude spot tanker rates have come under pressure in recent weeks, primarily due to the coronavirus and the removal of sanctions against COSCO; however, we continue to believe that the tanker supply and demand fundamentals point towards an improved rate environment in the medium-term. Since November 2019, we have taken advantage of improved tanker market conditions to execute on many of the strategic priorities that we laid out at our recent Teekay Group Investor Day, with the goal of creating shareholder value and strengthening our balance sheet," continued Mr. Mackay. "We have agreed to several opportunistic asset sales for combined proceeds of over $100 million at attractive levels, which when combined with strong free cash flow from operations, is accelerating our planned balance sheet delevering efforts. To illustrate this point, taking into account cash flows in the fourth quarter of 2019 and the impact of agreed asset sales, Teekay Tankers' proforma net debt has decreased by approximately $153 million, or 15 percent, since the end of the third quarter of 2019. On January 1, 2020, the shipping industry implemented IMO 2020 low sulphur regulations, moving to a new emissions standard that limits marine fuel sulphur content to 0.5 percent. Teekay Tankers fully supports the use of cleaner burning fuels across the industry, in line with one of our core values of Sustainability. We experienced a smooth transition to the lower sulphur fuels, which we attribute to our extensive preparations over the past three years and to having secured supply contracts covering approximately 75 percent of our fuel requirements in 2020. With significant operating leverage, a strong liquidity position, ongoing balance sheet delevering and our mid-size fleet profile, we believe that Teekay Tankers is one of the best positioned companies in our sector to create shareholder value."
Teekay Tankers sells three vessels for approximately $57M » 16:0401/2801/28/20
The company has agreed to…
The company has agreed to sell three 2003-built Suezmax tankers in separate transactions for combined sale proceeds of approximately $57M. The first vessel was delivered to the buyer in December 2019 and the remaining two vessels are expected to be delivered during February 2020. The proceeds from the vessel sales are expected to be used to reduce debt, including approximately $30M of debt directly secured by these three vessels.
Teekay Tankers sells non-U.S. ship-to-ship transfer business » 16:0301/2801/28/20
The company has reached…
The company has reached an agreement with Hili Ventures to sell a portion of its oil and gas ship-to-ship transfer support services business, which also provides gas terminal management and gas consulting services, for approximately $26M. The sale is expected to close late in Q1 or early in Q2. Teekay Tankers will retain its entire Full-Service Lightering business that operates in the U.S. Gulf, which provides ship-to-ship oil transfers for both U.S. crude imports and exports. In addition, the Company will continue to operate oil ship-to-ship transfer support services in North America and the Caribbean, a business that has synergies with its core Full-Service Lightering business.