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Fly News Breaks for September 30, 2019
Sep 30, 2019 | 07:25 EDT
The Investor Day that was to be held in New York on October 2 at 8 am has been postponed.
News For TK;TGP;TNK From the Last 2 Days
Feb 27, 2020 | 05:56 EST
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."