Teekay Tankers has agreed to acquire 13 tankers from Teekay Corporation for $455 million. The acquisition is expected to be accretive to Teekay Tankers' cash flow per share and dividend per share. Nine of the tankers acquired come with fixed-rate time charters, increasing Teekay Tankers' fixed-rate coverage. The transaction will be financed through the issuance of new shares, assumption of existing debt facilities on the vessels, and available credit facilities. The acquisition provides Teekay Tankers with a larger fleet and is expected to improve the company's financial position and ability to pursue future growth opportunities.
Teekay Tankers First Quarter 2012 Earnings PresentationTeekay Tankers Ltd
The presentation summarizes Teekay Tankers' Q1 2012 earnings results and provides an outlook for Q2 2012. It announces a dividend of $0.16 per share for Q1 2012 and estimates dividends between $0.05-$0.21 per share for Q2 2012 depending on spot tanker rates. It also details Teekay Tankers' agreement to acquire 13 tankers from Teekay Corporation for $455 million, which will increase fixed rate coverage and cash flow stability. The acquisition is expected to close in June 2012.
Teekay Tankers Second Quarter 2012 Earnings PresentationTeekay Tankers Ltd
- Teekay Tankers reported net income for Q2 2012 and adjusted income to exclude earnings from vessels acquired in June 2012 and other one-time items.
- Adjusted net revenues for Q2 2012 were $31.4 million, compared to $31.1 million in Q1 2012. Adjusted operating expenses were lower in Q2 at $12.1 million for vessel operating expenses and $11.8 million for depreciation and amortization.
- Excluding the impact of recently acquired vessels and special items, Teekay Tankers' financial results were largely consistent between the first and second quarters of 2012 on an adjusted basis.
Teekay Tankers Third Quarter 2012 Earnings PresentationTeekay Tankers Ltd
This document provides an earnings presentation by Teekay Tankers for the third quarter of 2012. It summarizes key financial results including a decline in cash available for distribution per share. It also discusses factors impacting tanker market fundamentals and the company's outlook. The presentation forecasts a potential increase in spot tanker rates later in Q4 due to typical winter weather delays, and it outlines Teekay Tankers' strong financial position with high liquidity and low debt repayments through 2016.
The document proposes a financing plan from GEM to accelerate the recovery of Agrenco Group. Key points:
- GEM will provide up to BRL 130 million financing line secured by shares in Agrenco Ltd in exchange for operational capital and restarting production.
- The plan expects to fully repay creditors over 7-10 years. Improved management and specialized production are expected to maximize profits and potentially shorten the repayment period.
- Approval of the plan would boost confidence in Agrenco and attract additional investment, further benefiting creditors and shareholders.
JHMA is a London-based reservoir development consultancy providing advisory services to oil and gas companies. [1] It offers reservoir studies, asset evaluations, training, and other consultancy services through experienced development geologist John Martin and an associate network. [2] JHMA has worked on fields in the UK, Norway, Netherlands, Canada, Libya, Nigeria, Yemen, Oman, Pakistan, and New Zealand for a range of clients. [3]
This document discusses Companhia Vale do Rio Doce's pursuit of long-term value growth through continuous improvement and a strong growth outlook. Over the last years it has delivered 20 major projects and pursued portfolio management, acquiring $25.4 billion in assets and divesting $3.6 billion of non-core assets. It is increasing its iron ore capacity to 450 million metric tons per year by 2011 to meet rising demand in China and other markets. The company has an ambitious $7.4 billion capex budget for 2007 focused on organic growth and projects in iron ore, bauxite, alumina, nickel, copper and coal. Disciplined capital allocation has kept its pre-tax return on invested capital
Teekay Corporation Fourth Quarter and Fiscal 2012 Earnings PresentationTeekay Corporation
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
This document is the fourth quarter and fiscal year 2012 earnings presentation for Teekay Corporation. It highlights recent company results including a slight increase in total cash flow from vessel operations in Q4-12 and an 18% increase for fiscal year 2012 compared to the prior year. It also summarizes key recent developments for Teekay Corporation and its three publicly-traded subsidiaries - Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers Ltd. These include new charter contracts, acquisitions, vessel deliveries, and declared distributions. The presentation emphasizes the company's growing consolidated fixed-rate cash flows from its offshore and gas businesses through recent investments.
Teekay Tankers First Quarter 2012 Earnings PresentationTeekay Tankers Ltd
The presentation summarizes Teekay Tankers' Q1 2012 earnings results and provides an outlook for Q2 2012. It announces a dividend of $0.16 per share for Q1 2012 and estimates dividends between $0.05-$0.21 per share for Q2 2012 depending on spot tanker rates. It also details Teekay Tankers' agreement to acquire 13 tankers from Teekay Corporation for $455 million, which will increase fixed rate coverage and cash flow stability. The acquisition is expected to close in June 2012.
Teekay Tankers Second Quarter 2012 Earnings PresentationTeekay Tankers Ltd
- Teekay Tankers reported net income for Q2 2012 and adjusted income to exclude earnings from vessels acquired in June 2012 and other one-time items.
- Adjusted net revenues for Q2 2012 were $31.4 million, compared to $31.1 million in Q1 2012. Adjusted operating expenses were lower in Q2 at $12.1 million for vessel operating expenses and $11.8 million for depreciation and amortization.
- Excluding the impact of recently acquired vessels and special items, Teekay Tankers' financial results were largely consistent between the first and second quarters of 2012 on an adjusted basis.
Teekay Tankers Third Quarter 2012 Earnings PresentationTeekay Tankers Ltd
This document provides an earnings presentation by Teekay Tankers for the third quarter of 2012. It summarizes key financial results including a decline in cash available for distribution per share. It also discusses factors impacting tanker market fundamentals and the company's outlook. The presentation forecasts a potential increase in spot tanker rates later in Q4 due to typical winter weather delays, and it outlines Teekay Tankers' strong financial position with high liquidity and low debt repayments through 2016.
The document proposes a financing plan from GEM to accelerate the recovery of Agrenco Group. Key points:
- GEM will provide up to BRL 130 million financing line secured by shares in Agrenco Ltd in exchange for operational capital and restarting production.
- The plan expects to fully repay creditors over 7-10 years. Improved management and specialized production are expected to maximize profits and potentially shorten the repayment period.
- Approval of the plan would boost confidence in Agrenco and attract additional investment, further benefiting creditors and shareholders.
JHMA is a London-based reservoir development consultancy providing advisory services to oil and gas companies. [1] It offers reservoir studies, asset evaluations, training, and other consultancy services through experienced development geologist John Martin and an associate network. [2] JHMA has worked on fields in the UK, Norway, Netherlands, Canada, Libya, Nigeria, Yemen, Oman, Pakistan, and New Zealand for a range of clients. [3]
This document discusses Companhia Vale do Rio Doce's pursuit of long-term value growth through continuous improvement and a strong growth outlook. Over the last years it has delivered 20 major projects and pursued portfolio management, acquiring $25.4 billion in assets and divesting $3.6 billion of non-core assets. It is increasing its iron ore capacity to 450 million metric tons per year by 2011 to meet rising demand in China and other markets. The company has an ambitious $7.4 billion capex budget for 2007 focused on organic growth and projects in iron ore, bauxite, alumina, nickel, copper and coal. Disciplined capital allocation has kept its pre-tax return on invested capital
Teekay Corporation Fourth Quarter and Fiscal 2012 Earnings PresentationTeekay Corporation
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
This document is the fourth quarter and fiscal year 2012 earnings presentation for Teekay Corporation. It highlights recent company results including a slight increase in total cash flow from vessel operations in Q4-12 and an 18% increase for fiscal year 2012 compared to the prior year. It also summarizes key recent developments for Teekay Corporation and its three publicly-traded subsidiaries - Teekay LNG Partners, Teekay Offshore Partners, and Teekay Tankers Ltd. These include new charter contracts, acquisitions, vessel deliveries, and declared distributions. The presentation emphasizes the company's growing consolidated fixed-rate cash flows from its offshore and gas businesses through recent investments.
Realm Resources, Managing Director, Richard RossiterSymposium
Realm Resources is developing the Katingan Ria thermal coal project in Central Kalimantan, Indonesia. The project has an 89 million tonne JORC resource and a 29 million tonne probable reserve. Realm plans an initial 2.5 million tonne per annum open-cut mining operation, with first production targeted for early 2014. The project has received key permits and has a simple geology with low strip ratios. Realm expects to fund the low capital intensity project through strategic partnerships and debt financing.
This document contains forward-looking statements regarding Iberian Minerals Corp. It discusses the company's goals of maintaining steady production at its Condestable mine in Peru and ramping up production at its Aguas Tenidas mine in Spain. It also mentions reviewing opportunities for mergers and acquisitions to expand into other base metals assets in North and South America or Europe, the Middle East, and Africa. Additionally, it provides an overview of Iberian Minerals' capital structure, corporate structure, its Condestable and Aguas Tenidas mines, and reserves and resources.
Pacific Coal aims to become Colombia's leading independent coal producer by expanding its existing producing assets and securing infrastructure capacity. The company's strategy involves increasing production through 100% ownership of its assets, pursuing vertical integration opportunities including upgraded coke production and asphaltite processing, and marketing its thermal coal and value-added products. Pacific Coal has a strong capital structure as a publicly listed company with no debt, cash reserves, and institutional investor support to fund its capital expenditures through 2012 as it works to increase production and reserves.
This document summarizes Pacific Coal's strategy to become Colombia's leading independent coal producer through vertical integration and development of existing assets. Pacific Coal aims to increase production, reserves, and efficiencies at its La Caypa, Cerro Largo, and La Tigra mines. It also has interests in a coal washing plant and plans to develop pyrolysis and coking facilities to further process coal. Pacific Coal is fully funded to expand through 2011-2012 with over $200 million budgeted for exploration, development, acquisitions, infrastructure, and equipment. The company believes this strategy will leverage rising interest in Colombian coal and provide commercial flexibility.
Pura Vida Energy (ASX:PVD) Investor Presentation February 2012Hong Bao Media
Pura Vida Energy held an investor presentation in February 2012 to discuss its recently completed IPO and listing on the ASX, as well as plans for exploration of its Mazagan permit offshore Morocco. The presentation highlighted that Pura Vida has a large acreage position in Morocco with independently certified potential resources of over 1 billion barrels of oil. It also noted that exploration of the Mazagan permit is currently underway and aims to de-risk prospects and increase recognized resources to secure funding for future drilling.
The document provides information on LNG shipping fleets and costs. It discusses how the number of ships needed for an LNG project is determined based on liquefaction capacity, annual demand, plant availability, ship size and journey times. It also summarizes the growth of the LNG shipping fleet from 100 vessels in 1998 to over 400 currently. The fleet is dominated by LNG carriers but also includes FSRUs and FSOs. The aging profile of the global fleet is examined, as is the capacity and development of LNG shipbuilding yards around the world. The LNG shipping process and projected need for new builds and retirements is outlined.
1) The document discusses trends in the US Air Force budget, including uncertainty caused by differences between requested and enacted budgets as well as potential additional cuts due to debt issues.
2) It outlines Air Force acquisition priorities such as the KC-46A, F-35, Long Range Bomber, and improving ISR and space efficiencies.
3) Guidelines are presented for improving services acquisition, incentivizing industry productivity and innovation, reducing non-productive processes, and promoting real competition.
Ontario Graphite: Considerations for Financial Investors in Mining Operations as presented at Industrial Minerals Grapihte Conference in December 2011.
Pacific Coal aims to become Colombia's leading independent coal producer by expanding its existing producing assets and securing infrastructure capacity. The company's strategy involves vertical integration across the coal supply chain from raw material production to marketing value-added products. Pacific Coal has a fully funded capital expenditure budget of $191 million from 2011-2012 to execute its strategy through exploration, development, acquisitions, infrastructure investments, equipment purchases, and pending projects. It has a strong capital structure as a publicly traded company with institutional investor support and no long-term debt issues.
First Quantum Minerals is one of the largest copper producers globally. It has a portfolio of producing mines and world-class development projects across eight countries. The company aims to become the new leader in global copper production through its acquisition of Inmet, which brings together talent and assets from both companies. First Quantum has a track record of developing large-scale mining projects on time and on budget. Its Cobre Panama project in particular will make it one of the top copper producers globally once complete.
Cordros has served as issuing house, asset manager, or stockbroker for several successful public offers and listings on the Nigerian Stock Exchange over the past decade, raising billions of naira for companies in various industries. This includes serving as asset manager for the public offers of African Petroleum Plc, C&I Leasing Plc, STACO Insurance Plc, and Eternal Oil Plc, as well as stockbroker for the offers of National Sports Lottery Plc and Union Bank Plc. Cordros' experience in completing these and other listings provides them with a strong track record for managing an IPO process.
Magellan Petroleum is executing a turnaround strategy focused on maximizing value from existing oil and gas assets in the US, Australia, and UK. Key assets include 22,000 acres in Montana's Poplar Dome, which has several near-term reserve development opportunities, and Australian natural gas assets generating long-term revenue. The company has $40 million in cash and a portfolio of assets positioned for improved cash flow and reserve growth through development activities and new contracts.
In April 2012, very large crude carrier (VLCC) rates reached almost $50,000 per day due to a combination of factors:
1) There was a surprisingly high growth in seaborne crude oil volumes as well as transport distances in the first quarter of 2012 compared to the same period in 2011.
2) This resulted in an estimated 8-9% growth in ton-miles for crude oil shipments, benefiting VLCCs which have a high market share in relevant trades.
3) Fleet growth of around 6% was outpaced by the ton-mile growth of between 5-6%, improving utilization rates and supporting higher rates.
Teekay Tankers First Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its first quarter 2013 earnings. It generated cash available for distribution of $0.10 per share and an adjusted net loss of $0.04 per share. It outperformed industry benchmarks in spot tanker rates. It has 40% fixed rate charter coverage for the next 12 months and ordered four fuel efficient LR2 product tankers. It has $294 million in total liquidity and low debt repayments through 2016.
Teekay Tankers Ltd. Second Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution, while reporting an adjusted net loss of $0.08 per share. It maintained approximately 40% fixed-rate coverage for the next 12 months. While tanker rates weakened in Q2 due to seasonal and structural factors, the outlook is for a seasonal improvement in the second half of 2013 and a better supply/demand balance in 2014. Teekay Tankers continues working to realize on its $122 million investment in two VLCC mortgage loans.
The document is Teekay Tankers' first quarter 2012 earnings presentation. It announces an agreement to acquire 13 tankers from Teekay Corporation for $455 million, which will increase Teekay Tankers' fixed rate coverage from 29% to 43% over the next year. The acquisition diversifies Teekay Tankers' fleet with the addition of mid-size oil and product tankers and provides a non-competition agreement with Teekay Corp. The presentation highlights recent financial results and the strategic benefits of the acquisition.
The document summarizes Teekay Tankers' recent highlights and financial position including:
- Declaring a $0.11 dividend per share for Q2 payable in August.
- Completing the acquisition of 13 tankers from Teekay Corporation, increasing fixed coverage to 47% over the next year.
- Having $386 million in total liquidity and no significant debt maturities until 2017.
- Entering into several new time-charter contracts that enhance downside protection while preserving balance sheet flexibility.
Teekay Tankers held an investor day presentation to discuss its business strategy and outlook. Key points include:
- Teekay Tankers has acquired 13 tankers from Teekay Corporation, increasing its fixed-rate coverage and diversifying its fleet.
- The acquisition is accretive to cash flow available for dividends. Dividends per share are expected to increase 19% at illustrative spot rates.
- Tanker market fundamentals are expected to improve in 2013 with lower fleet growth and increasing oil demand, which should boost spot tanker rates from current lows.
- Teekay Tankers has a portfolio of short- and long-term fixed-rate contracts and vessel
Teekay Tankers Second Quarter 2014 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported an adjusted net loss of $0.05 per share for Q2 2014. It secured time charter contracts for two Aframax tankers and four LR2 product tankers at an average rate of $15,850 per day, bringing its total in-charter fleet to eight vessels. Spot rates were higher in Q2 2014 compared to Q2 2013, with average Suezmax rates up 32% and Aframax rates up 25%. Teekay Tankers expects its spot market exposure to increase from 26% over the next 12 months as more vessels complete current charters.
Teekay Tankers reported strong financial results in Q4-2015 compared to Q4-2014. The company generated adjusted net income of $48.5 million versus $18.6 million in the prior year quarter. Free cash flow increased to $74.0 million from $31.7 million. Looking ahead, tanker demand fundamentals are expected to remain strong in 2016, driven by oil demand growth and fleet utilization. The company recently acquired vessels and expanded its presence in the US Gulf to capitalize on growing oil trade in the region.
This document provides an earnings presentation by Teekay Tankers for their fourth quarter and fiscal year 2011 results. It highlights recent market fundamentals including oversupply of tankers and volatility in charter rates. It also summarizes the company's financial results for Q4 2011, dividend payments, fleet employment strategies of balancing spot and time-chartered vessels, and outlook for fleet growth and tanker market recovery in 2012-2013 as fleet growth slows. The presentation provides context on the company's capital structure and ability to pay dividends through weak tanker markets.
The Community and area St John's Burslem servesburslem
Welcome to St John's Church and Centre for the Community, Burslem! (In Stoke-on-Trent, Staffordshire, England)
This is a prayerful look (with music) at the Community and area St Johns Burslem serves:
What was. What is now. What could be.
Please find our web site at www.stjohnsburslem.btik.com
Realm Resources, Managing Director, Richard RossiterSymposium
Realm Resources is developing the Katingan Ria thermal coal project in Central Kalimantan, Indonesia. The project has an 89 million tonne JORC resource and a 29 million tonne probable reserve. Realm plans an initial 2.5 million tonne per annum open-cut mining operation, with first production targeted for early 2014. The project has received key permits and has a simple geology with low strip ratios. Realm expects to fund the low capital intensity project through strategic partnerships and debt financing.
This document contains forward-looking statements regarding Iberian Minerals Corp. It discusses the company's goals of maintaining steady production at its Condestable mine in Peru and ramping up production at its Aguas Tenidas mine in Spain. It also mentions reviewing opportunities for mergers and acquisitions to expand into other base metals assets in North and South America or Europe, the Middle East, and Africa. Additionally, it provides an overview of Iberian Minerals' capital structure, corporate structure, its Condestable and Aguas Tenidas mines, and reserves and resources.
Pacific Coal aims to become Colombia's leading independent coal producer by expanding its existing producing assets and securing infrastructure capacity. The company's strategy involves increasing production through 100% ownership of its assets, pursuing vertical integration opportunities including upgraded coke production and asphaltite processing, and marketing its thermal coal and value-added products. Pacific Coal has a strong capital structure as a publicly listed company with no debt, cash reserves, and institutional investor support to fund its capital expenditures through 2012 as it works to increase production and reserves.
This document summarizes Pacific Coal's strategy to become Colombia's leading independent coal producer through vertical integration and development of existing assets. Pacific Coal aims to increase production, reserves, and efficiencies at its La Caypa, Cerro Largo, and La Tigra mines. It also has interests in a coal washing plant and plans to develop pyrolysis and coking facilities to further process coal. Pacific Coal is fully funded to expand through 2011-2012 with over $200 million budgeted for exploration, development, acquisitions, infrastructure, and equipment. The company believes this strategy will leverage rising interest in Colombian coal and provide commercial flexibility.
Pura Vida Energy (ASX:PVD) Investor Presentation February 2012Hong Bao Media
Pura Vida Energy held an investor presentation in February 2012 to discuss its recently completed IPO and listing on the ASX, as well as plans for exploration of its Mazagan permit offshore Morocco. The presentation highlighted that Pura Vida has a large acreage position in Morocco with independently certified potential resources of over 1 billion barrels of oil. It also noted that exploration of the Mazagan permit is currently underway and aims to de-risk prospects and increase recognized resources to secure funding for future drilling.
The document provides information on LNG shipping fleets and costs. It discusses how the number of ships needed for an LNG project is determined based on liquefaction capacity, annual demand, plant availability, ship size and journey times. It also summarizes the growth of the LNG shipping fleet from 100 vessels in 1998 to over 400 currently. The fleet is dominated by LNG carriers but also includes FSRUs and FSOs. The aging profile of the global fleet is examined, as is the capacity and development of LNG shipbuilding yards around the world. The LNG shipping process and projected need for new builds and retirements is outlined.
1) The document discusses trends in the US Air Force budget, including uncertainty caused by differences between requested and enacted budgets as well as potential additional cuts due to debt issues.
2) It outlines Air Force acquisition priorities such as the KC-46A, F-35, Long Range Bomber, and improving ISR and space efficiencies.
3) Guidelines are presented for improving services acquisition, incentivizing industry productivity and innovation, reducing non-productive processes, and promoting real competition.
Ontario Graphite: Considerations for Financial Investors in Mining Operations as presented at Industrial Minerals Grapihte Conference in December 2011.
Pacific Coal aims to become Colombia's leading independent coal producer by expanding its existing producing assets and securing infrastructure capacity. The company's strategy involves vertical integration across the coal supply chain from raw material production to marketing value-added products. Pacific Coal has a fully funded capital expenditure budget of $191 million from 2011-2012 to execute its strategy through exploration, development, acquisitions, infrastructure investments, equipment purchases, and pending projects. It has a strong capital structure as a publicly traded company with institutional investor support and no long-term debt issues.
First Quantum Minerals is one of the largest copper producers globally. It has a portfolio of producing mines and world-class development projects across eight countries. The company aims to become the new leader in global copper production through its acquisition of Inmet, which brings together talent and assets from both companies. First Quantum has a track record of developing large-scale mining projects on time and on budget. Its Cobre Panama project in particular will make it one of the top copper producers globally once complete.
Cordros has served as issuing house, asset manager, or stockbroker for several successful public offers and listings on the Nigerian Stock Exchange over the past decade, raising billions of naira for companies in various industries. This includes serving as asset manager for the public offers of African Petroleum Plc, C&I Leasing Plc, STACO Insurance Plc, and Eternal Oil Plc, as well as stockbroker for the offers of National Sports Lottery Plc and Union Bank Plc. Cordros' experience in completing these and other listings provides them with a strong track record for managing an IPO process.
Magellan Petroleum is executing a turnaround strategy focused on maximizing value from existing oil and gas assets in the US, Australia, and UK. Key assets include 22,000 acres in Montana's Poplar Dome, which has several near-term reserve development opportunities, and Australian natural gas assets generating long-term revenue. The company has $40 million in cash and a portfolio of assets positioned for improved cash flow and reserve growth through development activities and new contracts.
In April 2012, very large crude carrier (VLCC) rates reached almost $50,000 per day due to a combination of factors:
1) There was a surprisingly high growth in seaborne crude oil volumes as well as transport distances in the first quarter of 2012 compared to the same period in 2011.
2) This resulted in an estimated 8-9% growth in ton-miles for crude oil shipments, benefiting VLCCs which have a high market share in relevant trades.
3) Fleet growth of around 6% was outpaced by the ton-mile growth of between 5-6%, improving utilization rates and supporting higher rates.
Teekay Tankers First Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its first quarter 2013 earnings. It generated cash available for distribution of $0.10 per share and an adjusted net loss of $0.04 per share. It outperformed industry benchmarks in spot tanker rates. It has 40% fixed rate charter coverage for the next 12 months and ordered four fuel efficient LR2 product tankers. It has $294 million in total liquidity and low debt repayments through 2016.
Teekay Tankers Ltd. Second Quarter 2013 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution, while reporting an adjusted net loss of $0.08 per share. It maintained approximately 40% fixed-rate coverage for the next 12 months. While tanker rates weakened in Q2 due to seasonal and structural factors, the outlook is for a seasonal improvement in the second half of 2013 and a better supply/demand balance in 2014. Teekay Tankers continues working to realize on its $122 million investment in two VLCC mortgage loans.
The document is Teekay Tankers' first quarter 2012 earnings presentation. It announces an agreement to acquire 13 tankers from Teekay Corporation for $455 million, which will increase Teekay Tankers' fixed rate coverage from 29% to 43% over the next year. The acquisition diversifies Teekay Tankers' fleet with the addition of mid-size oil and product tankers and provides a non-competition agreement with Teekay Corp. The presentation highlights recent financial results and the strategic benefits of the acquisition.
The document summarizes Teekay Tankers' recent highlights and financial position including:
- Declaring a $0.11 dividend per share for Q2 payable in August.
- Completing the acquisition of 13 tankers from Teekay Corporation, increasing fixed coverage to 47% over the next year.
- Having $386 million in total liquidity and no significant debt maturities until 2017.
- Entering into several new time-charter contracts that enhance downside protection while preserving balance sheet flexibility.
Teekay Tankers held an investor day presentation to discuss its business strategy and outlook. Key points include:
- Teekay Tankers has acquired 13 tankers from Teekay Corporation, increasing its fixed-rate coverage and diversifying its fleet.
- The acquisition is accretive to cash flow available for dividends. Dividends per share are expected to increase 19% at illustrative spot rates.
- Tanker market fundamentals are expected to improve in 2013 with lower fleet growth and increasing oil demand, which should boost spot tanker rates from current lows.
- Teekay Tankers has a portfolio of short- and long-term fixed-rate contracts and vessel
Teekay Tankers Second Quarter 2014 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported an adjusted net loss of $0.05 per share for Q2 2014. It secured time charter contracts for two Aframax tankers and four LR2 product tankers at an average rate of $15,850 per day, bringing its total in-charter fleet to eight vessels. Spot rates were higher in Q2 2014 compared to Q2 2013, with average Suezmax rates up 32% and Aframax rates up 25%. Teekay Tankers expects its spot market exposure to increase from 26% over the next 12 months as more vessels complete current charters.
Teekay Tankers reported strong financial results in Q4-2015 compared to Q4-2014. The company generated adjusted net income of $48.5 million versus $18.6 million in the prior year quarter. Free cash flow increased to $74.0 million from $31.7 million. Looking ahead, tanker demand fundamentals are expected to remain strong in 2016, driven by oil demand growth and fleet utilization. The company recently acquired vessels and expanded its presence in the US Gulf to capitalize on growing oil trade in the region.
This document provides an earnings presentation by Teekay Tankers for their fourth quarter and fiscal year 2011 results. It highlights recent market fundamentals including oversupply of tankers and volatility in charter rates. It also summarizes the company's financial results for Q4 2011, dividend payments, fleet employment strategies of balancing spot and time-chartered vessels, and outlook for fleet growth and tanker market recovery in 2012-2013 as fleet growth slows. The presentation provides context on the company's capital structure and ability to pay dividends through weak tanker markets.
The Community and area St John's Burslem servesburslem
Welcome to St John's Church and Centre for the Community, Burslem! (In Stoke-on-Trent, Staffordshire, England)
This is a prayerful look (with music) at the Community and area St Johns Burslem serves:
What was. What is now. What could be.
Please find our web site at www.stjohnsburslem.btik.com
Teekay Tankers reported a net loss in Q4-13 but generated positive cash flow. It declared a dividend and reversed losses on its VLCC loan investments due to increased vessel values. It co-invested $25 million with Teekay Corp in a new company, Tanker Investments Ltd, to invest in secondhand tankers. Spot tanker rates hit five-year highs in January 2014 due to strong oil demand and weather delays. Teekay Tankers is finalizing the acquisition of Teekay's technical management operations, which will provide new fee revenue. Fundamentals point to a sustained tanker market recovery in 2014 as demand growth outpaces slower supply growth.
Teekay Tankers reported its Q2-2016 earnings. Some key highlights include:
- Generated $31.6 million in adjusted net income and $59.6 million in free cash flow.
- Paid a dividend of $0.06 per share, representing 30% of adjusted net income.
- Sold a non-core product tanker for $14 million, with delivery expected in mid-August.
- Increased fixed-rate charter coverage to 30% for the next 12 months.
This document provides an overview of Teekay LNG Partners' investor day presentation. It highlights the company's $11 billion in forward fee-based revenues from its LNG and LPG shipping businesses. It also discusses growth opportunities from new LNG export projects in the US and other regions, underpinned by strong Asian demand. The presentation outlines Teekay LNG's competitive advantages including its scale, innovative MEGI LNG carriers, strategic partnerships, and reliable operational performance.
The document shows spot rates in USD per day for Suezmax, Aframax, and LR2 tankers from 2015 to 2017 by quarter according to Clarksons data. Suezmax rates increased from 2015 to 2016 but declined in 2017. Aframax rates declined from 2015 to 2016 but increased in 2017. LR2 rates increased each year from 2015 to 2017.
Teekay Tankers (NYSE: TNK) Investor Day Presentation September 30 2014Teekay Tankers Ltd
This document provides an overview of Teekay Tankers' investor day presentation. The summary includes:
1) Teekay Tankers discussed the tanker market fundamentals, noting improving market conditions in 2014 and projections for continued recovery through 2016 as tanker demand growth outpaces supply growth.
2) The presentation highlighted Teekay Tankers' strategy to position itself to benefit from the expected tanker market recovery, including increasing its spot market exposure and growing its fleet and fee-based revenues.
3) Teekay Tankers believes its operational platform and experience positions it well to pursue consolidation opportunities in the changing competitive landscape.
Teekay Tankers reported adjusted net loss of $1.5 million for Q3-2016. Spot tanker rates reached 3-year lows in Q3 due to seasonal factors but have improved in Q4 with stronger oil demand and returning oil supply. While fleet growth remains elevated in 2017, fundamentals point to a more positive tanker market in 2018 with moderating fleet growth and increasing oil supply and demand.
This document provides an earnings presentation by Teekay Tankers for the third quarter of 2012. It summarizes key financial results including a decline in cash available for distribution per share. It also discusses factors impacting tanker market fundamentals and the company's outlook. The presentation forecasts a potential increase in spot tanker rates later in Q4 due to typical winter weather delays, and it outlines Teekay Tankers' strong financial position with high liquidity and low debt repayments through 2016.
The document discusses Teekay Tankers' Q4 2012 earnings results, including generating $0.13 per share in cash available for distribution. It provides an outlook for 2013, noting about 42% of the fleet is covered on fixed-rate contracts, and liquidity of $327 million with no significant debt maturities until 2017. The presentation also covers recent fleet employment activities and expectations for a gradual recovery in the tanker market starting in late 2013.
The document summarizes Teekay Tankers' fourth quarter and fiscal year 2012 earnings presentation. It discusses recent highlights including Q4-12 financial results, fleet management transactions to maintain approximately 42% fixed coverage for 2013, and a non-cash vessel impairment charge. It also provides an overview of the weak 2012 tanker market, particularly in the second half of the year for large crude tankers and the reverse for LR2 product tankers.
1) Teekay Corporation reported Q4-12 consolidated adjusted net income of $2.9 million, or $0.04 per share, compared to $1.6 million in Q4-11.
2) Key events in Q4-12 included the Cidade de Itajai FPSO achieving first oil and commencing its charter, as well as a $429 million non-cash vessel impairment charge primarily related to Suezmax tankers at Teekay Tankers.
3) Looking ahead, the company expects growth in fixed-rate cash flows from offshore and LNG projects coming online through 2016 which should improve profitability.
- Teekay Offshore Partners L.P. reported its financial results for the fourth quarter and fiscal year of 2012 in a presentation on February 22, 2013.
- Key highlights included generating $45.9 million in distributable cash flow for Q4-2012 and declaring a $0.5125 cash distribution per unit.
- The acquisition of the Voyageur Spirit FPSO from Teekay is expected to be completed in March 2013 upon commencement of a 5-year charter, which is anticipated to increase cash distributions.
- A letter of intent was signed to provide an FSO named the Navion Clipper to Salamander Energy under a 10-year charter starting in
- Teekay Offshore Partners L.P. generated distributable cash flow of $45.9 million in Q4 2012 and declared a cash distribution of $0.5125 per unit to be paid in February 2013.
- The acquisition of the Voyageur Spirit FPSO from Teekay is expected to be completed in March 2013 upon commencement of a 5-year charter, which is anticipated to increase the Partnership's cash distribution.
- The Partnership signed a letter of intent to provide an FSO named the Navion Clipper to Salamander Energy under a 10-year charter starting in mid-2014, with the Partnership converting the vessel at an estimated cost of $50
Teekay Corporation Third Quarter 2012 Earnings PresentationTeekay Corporation
This document provides an earnings presentation for Teekay Corporation for the third quarter of 2012. It highlights recent financial results including total cash flow from vessel operations in Q3-12 compared to Q3-11. It also summarizes recent transactions including the sale of the Voyageur Spirit FPSO to Teekay Offshore and bond offerings. Updates are provided on performance of specific vessels and contracts across Teekay's business segments. Forward-looking statements are presented along with various risk factors that could affect results.
Teekay Corporation - Second Quarter 2012 Earnings Results PresentationTeekay Corporation
Teekay Corporation reported its financial results for the second quarter of 2012. It generated $208 million in cash flow from vessel operations but reported a consolidated adjusted net loss of $17 million compared to a loss of $51 million in the same period last year. Some of the key events in the quarter included the sale of 13 conventional tankers to Teekay Tankers and an offer to sell the Voyageur Spirit FPSO to Teekay Offshore. For the third quarter, Teekay expects a decrease in revenues from its fixed-rate fleet and spot rates to be flat to higher compared to the previous quarter.
Teekay Corporation reported financial results for the second quarter of 2011.
- Generated $149 million in cash flow from vessel operations. Reported an adjusted net loss of $36.3 million or $0.51 per share compared to a $0.39 loss in the previous quarter.
- Awarded new offshore contracts expected to contribute over $2.7 billion in future fixed-rate revenue.
- Repurchased 1.9 million shares for $62 million under the existing $200 million repurchase program.
Teekay Tankers reported its second quarter 2013 earnings. It generated $0.07 per share in cash available for distribution and reported an adjusted net loss of $0.08 per share. Crude tanker rates weakened in Q2 due to seasonal and structural factors, while LR2 product tanker rates also softened. However, Suezmax rates have firmed in early Q3. The period of rapid crude tanker fleet growth is coming to an end, which sets up a better supply/demand balance in 2014. Teekay Tankers' financial position remains strong with $256 million in total liquidity.
This document provides an investor presentation by Teekay Offshore Partners. It highlights Teekay Offshore's market leadership positions in harsh weather FPSOs and shuttle tankers. It also outlines the partnership's growth strategy of acquiring additional vessels and offshore projects from its sponsor Teekay Corporation. This includes potential acquisitions of 7 FPSO units and 4 new shuttle tankers. The presentation notes industry fundamentals are strong, with record oil drilling and development planned, driving increased demand for offshore production, storage and transportation assets like FPSOs and shuttle tankers.
Teekay Tankers reported its first quarter 2013 earnings. It generated cash available for distribution of $0.10 per share and an adjusted net loss of $0.04 per share. Spot rates for its tanker segments were higher than industry benchmarks. Teekay Tankers has 40% of its available days fixed over the next 12 months. It also ordered four fuel efficient LR2 product tankers with delivery in 2015-2016 and options to order additional vessels.
Third Quarter Earnings Presentation by Teekay Corporation:
1) Teekay reported $157 million in cash flow from vessel operations and an adjusted net loss of $40.6 million, or $0.58 per share, for Q3 2011.
2) Teekay agreed to acquire 3 FPSO units from Sevan Marine and invest in Sevan, and Teekay LNG agreed to acquire 8 LNG carriers from Maersk through a joint venture, increasing Teekay's forward fixed revenues to over $16 billion.
3) For Q4 2011, Teekay expects higher net revenues from the Sevan FPSO acquisitions and growth projects, offset by lower
Teekay Corporation Fourth Quarter and Fiscal 2013 Earnings PresentationTeekay Corporation
Teekay Corporation reported its financial results for the fourth quarter of 2013. Key highlights included:
- Teekay LNG and Teekay Offshore both increased their cash distributions by 2.5% in Q4.
- Teekay Parent agreed to sell its last four directly owned tankers to the new joint venture Tanker Investments Ltd.
- Construction of the Petrojarl Knarr FPSO project remains on schedule, with the unit expected to begin its charter in late Q4 2014.
- The company reported consolidated adjusted net income of $1.1 million, compared to $2.9 million in Q4 2012.
Teekay Tankers Third Quarter 2013 Earnings PresentationTeekay Tankers Ltd
- Teekay Tankers reported an adjusted net loss in Q3 2013 but generated cash available for distribution of $0.10 per share. Spot rates for Suezmax, Aframax and LR2 tankers have declined since Q3 2013.
- The company has maintained approximately 40% fixed-rate coverage for the next 12 months but the newbuilding orders from STX are unlikely to proceed due to the shipyard's failure to provide refund guarantees.
- Teekay Tankers expects to earn a 6.5% return on its investment in VLCC mortgage loans and rates are currently over $30,000 per day. The crude tanker market is expected to strengthen seasonally in the winter months
Teekay Corporation owns 30% of Teekay Offshore Partners L.P. (TOO), an offshore oil marine logistics company. TOO operates in oil production (FPSOs), storage (FSOs), and transportation (shuttle tankers). It has a large global fleet of 52 vessels across these segments and $4.8 billion in long-term contracts. Teekay Corporation also owns and controls other marine logistics daughters and may offer additional vessels to TOO for acquisition in the future to further expand its operations and support continued revenue growth.
- Teekay LNG Partners owns and operates liquefied natural gas (LNG) and liquefied petroleum gas (LPG) carriers under long-term, fixed-rate charters and is focused on expanding its fleet through acquisitions and new project opportunities.
- The presentation discusses Teekay LNG's growth opportunities through bidding on new LNG shipping and regasification projects and securing long-term contracts for two new LNG carrier newbuildings.
- Forward-looking statements note factors like availability of LNG shipping projects, changes in LNG/LPG production or trading patterns, and market fundamentals that could impact Teekay LNG's growth opportunities and ability to secure new
Teekay Corporation owns 30% of Teekay Offshore Partners L.P. (TOO), an offshore oil marine logistics company. TOO operates in oil production (FPSOs), storage (FSOs), and transportation (shuttle tankers). It has a large global fleet of vessels serving long-term contracts in the North Sea and Brazil. Teekay Corporation also owns and controls two other publicly traded daughters, Teekay LNG Partners and Teekay Tankers, and may offer additional vessels to TOO in the future.
Teekay Tankers First Quarter 2014 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported improved financial results in Q1 2014 compared to Q1 2013, with adjusted net income of $0.20 per share versus a net loss of $0.04 per share previously. The company benefited from the highest Suezmax and Aframax spot tanker rates since 2010. In other developments, Teekay Tankers sold two VLCCs it had acquired for $154 million, realizing a 12% annual return on its original investment. Additionally, it agreed to acquire a 50% stake in Teekay Corporation's commercial and technical management operations for $15.6 million to expand its tanker services platform.
Teekay Corporation First Quarter 2014 Earnings PresentationTeekay Corporation
Teekay Corporation reported its first quarter 2014 earnings. Key highlights included generating $265 million in total cash flow from vessel operations, up 37% from Q1 2013. Teekay Parent reported adjusted net income of $3.5 million compared to an adjusted net loss of $11.7 million in Q1 2013. Teekay Parent also completed the sale of four tankers to Tanker Investments Ltd. and agreed to sell an ownership interest in its tanker operations to Teekay Tankers Ltd. Teekay's daughter companies - Teekay Offshore Partners, Teekay LNG Partners, and Teekay Tankers Ltd. - also reported strong results in the first quarter and continued progress on
Similar to Teekay Tankers Ltd. Acquisition of 13 Vessels From Teekay Corporation Conference Call Presenation (20)
Teekay Tankers Q4-23 and Annual 2023 Earnings PresentationTeekay Tankers Ltd
This document provides an earnings presentation summary for Teekay Tankers for Q4 2023 and full year 2023. Some of the key highlights included strong financial results for 2023 with record adjusted net income and free cash flow generation. Teekay Tankers is now debt free with a net cash position. Spot tanker rates remained high in 2023 and have continued at firm levels in early 2024 supported by positive tanker market fundamentals. The presentation discusses factors impacting tanker trades in a tight market and how Teekay Tankers accomplished key goals in 2023 such as transforming their balance sheet, strong operational performance, and creating shareholder value.
- Teekay Tankers reported strong financial results for Q3 2023, with adjusted EBITDA of $106.1 million, up from $91.8 million in Q3 2022. Spot tanker rates remained high in Q3 despite typical seasonal declines, and have increased further in early Q4.
- The company exercised an option to extend a chartered-in vessel for another year at $21,250 per day. It has acquired 4 vessels previously under sale-leaseback and extended a revolving credit facility to refinance vessels.
- Tanker fundamentals remain positive with a low orderbook, aging fleet, and expected growth in oil demand and exports in Q4 which should support
- Teekay Tankers reported strong financial results in Q2 2023, with adjusted EBITDA of $184.5 million and adjusted net income of $149.4 million. Spot tanker rates remained very high during the quarter.
- The tanker market fundamentals remain positive with expected growth in oil demand and longer trade routes for Russian oil exports. Tanker fleet growth is projected to remain low in the next two years.
- With over 95% of its fleet trading in the spot market, Teekay Tankers expects to continue generating significant free cash flow per share, creating substantial shareholder value.
- Teekay Tankers presented its Q1 2023 earnings and outlook. Spot tanker rates were at record highs in Q1 and remain strong in Q2 due to high US and Russian crude oil exports supporting mid-size tanker demand.
- Global oil demand is expected to grow by 2 million barrels per day in 2023 led by China, while the tanker fleet growth outlook remains positive with low fleet growth projected over the next few years.
- Teekay Tankers generated $193.8 million in free cash flow in Q1 and expects to continue generating significant cash flows with 96% of its fleet trading in the spot market. It has updated its capital allocation plan to focus on returning capital
Teekay Tankers reported strong financial results in Q4 2022 and full year 2022, with adjusted net income of $147.5 million and $217.1 million respectively. Spot tanker rates were extremely high in Q4 2022 and have remained strong into Q1 2023, particularly for Aframax and Suezmax tankers. The company expects to generate significant free cash flow in 2023 given its high operating leverage with 96% of its fleet trading in the spot market. Management sees a positive outlook for tanker demand and rates over the medium term due to supply constraints and forecasted oil demand growth.
Teekay Tankers presented its third quarter 2022 earnings. Key points include:
- Adjusted EBITDA of $91.8 million, up $33.4 million from last quarter due to higher spot tanker rates.
- Spot tanker rates remained elevated in the third quarter and are expected to stay high in the winter months.
- Changing trade patterns from the Ukraine conflict have increased mid-sized tanker demand and rates.
- Low levels of new tanker orders and an aging fleet imply minimal fleet growth through 2025, supporting tanker fundamentals.
Teekay Tankers held a second quarter 2022 earnings presentation on August 4th. Some key points:
- Spot tanker rates significantly increased in Q2 compared to Q1 and Q2 of 2021, driven by oil supply disruptions from the Russia-Ukraine conflict.
- Rates have remained strong into Q3, which is typically a seasonally weaker quarter.
- Changing trade patterns have increased tonne-mile demand for mid-size tankers as they transport Russian crude oil longer distances.
- Tanker supply/demand fundamentals are expected to remain positive for the next 2-3 years as tanker fleet growth is projected to be outpaced by demand growth. The orderbook
Teekay Corporation reported financial results for the first quarter of 2022. GAAP net income was $0.9 million compared to an adjusted net loss of $0.5 million. Total adjusted EBITDA was $41.8 million. The sale of the Teekay Gas Business in January 2022 decreased earnings, which was partially offset by higher earnings from Teekay Tankers due to increased spot tanker rates and lower costs. Teekay also expects to largely offset the remaining costs of decommissioning the Hummingbird FPSO unit through its upcoming sale.
Teekay Tankers reported financial results for the first quarter of 2022, with adjusted EBITDA of $17.5 million, up from $9.7 million in the previous quarter. Spot tanker rates strengthened in late Q1 due to the Russian invasion of Ukraine, and have improved significantly in Q2 to date. The company completed $288 million in refinancings in Q1, increasing liquidity. With 46 vessels trading on the spot market and low fleet growth expected, the company is well positioned to benefit from a strengthening tanker market.
The presentation provides an outlook for Teekay Tankers' Q1 2022 financial results. Net revenues are expected to decrease due to fewer available spot shipping days from vessel sales and more scheduled drydocking days. Time-charter hire expenses will increase slightly due to a new in-chartered vessel. Depreciation expenses will decrease as a result of vessel sales. General and administrative costs will be up modestly. Overall, financial results are forecasted to decline compared to Q4 2021 due to reduced spot shipping activity. However, the company maintains a strong liquidity position and outlook for tanker market recovery remains positive.
- Teekay Corporation reported financial results for the fourth quarter and full year of 2021. Q4 results were stronger than Q3 due to a modest improvement in spot tanker rates. However, full year 2021 results were lower than 2020 due to a weak tanker market.
- Teekay completed the sale of its interests in Teekay LNG to Stonepeak, generating $641 million in proceeds. Teekay is now largely debt free with a net cash position over $300 million.
- Looking ahead, Teekay expects a decrease in Q1 2022 adjusted net income versus Q4 2021 primarily due to fewer spot tanker days and the sale of its LNG interests. However, tanker
- Teekay Tankers reported strong financial results in Q2 2019, with adjusted EBITDA of $36.2 million, up from $16.6 million in Q2 2018. However, it reported an adjusted net loss of $12.1 million.
- Tanker market fundamentals were improving in Q2 2019 compared to the prior year, with higher tanker rates, though seasonal weakness affected Q3 2019. Rates are expected to increase later in the year.
- The company has a significant portion of its fleet employed on short-term charters, providing exposure to improving spot tanker rates. It expects revenues and depreciation to increase in Q3 2019.
Teekay Tankers presented its Q1-2019 earnings and outlook for Q2-2019. Key highlights included adjusted EBITDA of $63.4 million for Q1, up slightly from Q4-2018. Recent financing transactions increased liquidity. Spot tanker rates have remained resilient despite near-term headwinds, though Q2 seasonally weaker. Tanker demand is expected to increase in the second half of 2019 due to IMO 2020 and increased oil demand and trade flows. The orderbook remains low relative to the existing fleet, keeping fleet growth constrained over the extended period.
Teekay Tankers reported strong financial results in Q4 2018, with cash flow from vessel operations of $62.3 million, up from $27.8 million in Q3 2018. Spot tanker rates hit three-year highs in Q4 2018 due to seasonal volatility and a structural shift in fundamentals. The company completed $40 million in financing transactions and signed a term sheet for a $25 million sale-leaseback transaction. While OPEC supply cuts may slow tanker demand in the near term, non-OPEC production growth led by the US is expected to increase tanker demand in the second half of 2019 and into 2020. Tanker fleet utilization is forecast to strengthen due to demand growth
Teekay Tankers reported its Q3-2018 earnings and provided an outlook for Q4-2018. Some key points:
- Q3-2018 revenues decreased from the prior quarter due to fewer available ship days from drydockings and vessel redeliveries. Spot tanker rates have increased since Q3-2018.
- Expenses are expected to increase in Q4-2018 due to planned maintenance and interest costs associated with recent financing transactions.
- The company completed three financings in Q3-2018 that added approximately $100 million in liquidity.
Teekay Tankers reported financial results for Q2 2018 and provided an outlook for Q3 2018. Key highlights include:
- Generated $16.6 million in cash flow from vessel operations and an adjusted net loss of $28.7 million in Q2 2018.
- Signed term sheets for $110 million in additional liquidity through sale-leaseback and working capital loan financings.
- Secured a one-year time charter contract expected to generate $6.4 million in fixed revenue.
- Spot tanker rates were lower in Q2 2018 due to OPEC cuts but an inflection point is expected later in 2018 as tanker market fundamentals improve.
Teekay Tankers reported financial results for Q1-2018 and provided an outlook for Q2-2018. Key points include:
- Generated $22.3 million in cash flow from vessel operations and an adjusted net loss of $22.0 million in Q1-2018.
- Signed a term sheet for a sale-leaseback of 7 tankers expected to improve liquidity by $36 million.
- Spot tanker rates were at cyclical lows in Q1-2018 but fundamentals point to improved rates in late 2018/2019 as fleet growth slows and oil demand increases.
- Q2-2018 is expected to see higher revenues from more operating days and a rise in expenses,
- Teekay Tankers reported an adjusted net loss of $5.9 million for Q4-2017 and generated $32.1 million in cash flow from vessel operations.
- In Q4-2017, Teekay Tankers completed a strategic merger with Tanker Investments Ltd, increasing its fleet by 18 vessels, and completed a $270 million debt refinancing for 14 former-TIL vessels.
- While tanker rates are currently at cyclical lows, fundamentals including slowing fleet growth and rebalancing of the oil market signal a tanker market recovery in late-2018.
Teekay Tankers reported a Q3-17 adjusted net loss of $14.0 million and cash flow from vessel operations of $20.6 million. It declared a $0.03 dividend and entered agreements to sell two older tankers. It also announced a $45 million share repurchase program. The presentation discussed the strategic benefits of Teekay Tankers' proposed merger with Tanker Investments Ltd, including modernizing its fleet and establishing a market-leading presence. It noted supportive factors for tanker rates such as easing fleet growth and strong oil demand and exports. Spot tanker rates have improved in Q4 so far.
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2. Forward Looking Statements
This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as
amended) which reflect management’s current views with respect to certain future events and performance, including
statements regarding: the Company’s pending acquisition of 13 conventional tankers from Teekay Corporation, including the
purchase price, timing and certainty of completing the transaction, and the effect of this transaction on the Company’s cash
available for distribution per share, dividend per share, and liquidity; tanker market fundamentals and the Company’s outlook
for an improving spot tanker market commencing in 2013; the Company’s financial position and ability to pursue further
accretive growth opportunities; the Company's mix of spot market and time-charter trading; and fixed-rate cover for the 12-
month period commencing July 1, 2012. The following factors are among those that could cause actual results to differ
materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in
evaluating any such statement: failure to satisfy the closing conditions or obtain the necessary third party consents for the
Company’s pending 13-vessel acquisition from Teekay Corporation or unexpected results from the technical inspection of
these vessels which would result in a change to the transaction purchase price; changes in the production of or demand for
oil or petroleum products; changes in trading patterns significantly affecting overall vessel tonnage requirements; lower than
expected level of tanker scrapping; changes in applicable industry laws and regulations and the timing of implementation of
new laws and regulations; the potential for early termination of time-charter out contracts and inability of the Company to
renew or replace time-charter out contracts; changes in interest rates and the capital markets; the ability of the owner of the
two VLCC newbuildings securing the two first-priority ship mortgage loans to continue to meet its payment obligations;
increases in the Company's expenses, including any dry docking expenses and associated off-hire days; the ability of
Teekay Tankers' Board of directors to establish cash reserves for the prudent conduct of Teekay Tankers' business or
otherwise; failure of Teekay Tankers Board of Directors and its Conflicts Committee to accept future acquisitions of vessels
that may be offered by Teekay Corporation or third parties; the number of additional conventional and product tanker
opportunities, if any, Teekay Corporation develops and offers to the Company under the three-year non-competition
agreement; market opportunities to acquire additional assets; and other factors discussed in Teekay Tankers’ filings from
time to time with the United States Securities and Exchange Commission, including its Report on Form 20-F for the fiscal
year ended December 31, 2011. The Company expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s
expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is
based.
2
3. Transaction Overview
» Teekay Tankers has agreed to acquire 13 conventional tankers from Teekay Corporation
for a total purchase price of approximately $455 million
• 7 mid-size conventional oil tankers and 6 product tankers with average age of only 7 years
• 9 of the thirteen vessels come with fixed-rate charters at an average rate of over $20,000 per day
• Post-transaction, fixed-rate coverage will increase from 29% to 43% for 12-month period
commencing July 1, 2012
» Transaction expected to be accretive to TNK’s Cash Available for Distribution1 per share
and cash dividend per share
» To be financed with $25 million of new TNK Class A common shares at $5.60 per share
and assumption of existing in-the-money debt facilities secured by the acquired vessels
• Acquisition includes assumption of approximately $180 million of term debt, approximately $290
million of available revolving credit facilities (of which approximately $40 million will be undrawn),
and a $200 million interest rate swap priced at 2.6%
• Post-transaction, TNK’s liquidity will increase by approximately $40 million to approximately $400
million
» Non-competition agreement provides TNK with a right of first refusal to participate in any
conventional tanker projects developed by Teekay Corporation for a period of 3 years
» Transaction is expected to close in Q2 2012
1. Cash Available for Distribution represents net income (loss) excluding depreciation and amortization, unrealized (gains) losses from derivatives, any non-cash items or write-offs of other non-
recurring items, and net income attributable to the historical results of vessels acquired by the Company from Teekay for the period when these vessels were owned and operated by Teekay.
3
4. Strategic Rationale
» Modern, double-hull fleet acquired at a cyclical-low fair market value
• Mid-size Aframax and Suezmax vessels complement existing TNK fleet
• Diversification into product tanker market, supported by attractive fundamentals
• Well-maintained vessels managed by Teekay with no loss of customer trading
approvals
» Fixed-rate charter profile provides additional downside protection to TNK’s
dividend and is consistent with TNK’s outlook for improving spot tanker market
fundamentals commencing in 2013
• 7 of the 13 acquired vessels will provide upside to spot market by Q2-2013
» Acquired vessels come with attractive, ‘covenant-lite’ debt facilities with
favorable repayment profiles
» Assumed revolving credit facilities come with $40 million of undrawn capacity
which further enhances TNK’s liquidity to ~$400 million
• Provides TNK with significant financial flexibility to pursue further accretive growth
opportunities
» Non-competition agreement with Teekay Corporation further strengthens
sponsor relationship
4
5. Acquired Fleet - Good Fit with Existing Business
Charter
Acquired Vessel Year Contract
Employment Rate
Vessels Class Built Expiry
($ per day)
Zenith Spirit Suezmax 2009 Spot
Pinnacle Spirit Suezmax 2008 Fixed Oct 2014 21,000
Crude
Summit Spirit Suezmax 2008 Fixed Oct 2014 21,000
Godavari Spirit Suezmax 2004 Fixed Dec 2012 21,000
Australian Spirit Aframax 2004 Fixed Jan 2016 21,000
Axel Spirit Aframax 2004 Fixed Dec 2016 19,500
Americas Spirit Aframax 2003 Fixed Sep 2015 21,000
Galway Spirit LR2 2007 Spot
Limerick Spirit LR2 2007 Spot
Product
Donegal Spirit LR2 2006 Spot
Hugli Spirit MR 2005 Fixed Mar 2015 30,600*
Teesta Spirit MR 2004 Fixed Mar 2013 21,500
Mahanadi Spirit MR 2000 Fixed May 2013 21,500
*Charter rate covers incremental Australian crewing expenses of approximately $14,000 per day above international crewing costs.
Average Vessel Age: 7 Years Average Charter Duration: 2.3 Years
5
6. Pro Forma Fleet Employment
Name Class Y/Built Fixed-Rate Coverage
Erik Spirit Aframax 2005
Kareela Spirit Aframax 1999 Pre- Post-
Nassau Spirit Aframax 1998 Transaction Transaction
Ashkini Spirit Suezmax 2003
12 months ending
Iskmati Spirit Suezmax 2003 Trading in June 30, 2013 (Estimated) 29% 43%
Kaveri Spirit Suezmax 2004
Zenith Spirit Suezmax 2009
Teekay Pools
Donegal Spirit LR2 2006 2013 (Estimated) 23% 34%
Limerick Spirit LR2 2007
Existing Vessels Charter rate per day
Galway Spirit LR2 2007
Vessels to be Acquired Charter rate per day
Ganges Spirit Aframax 1998 $30,5001
Yamuna Spirit Aframax 1998 $30,5001
Everest Spirit Aframax 2004 $17,000
Esther Spirit Aframax 2004 $18,2002
Kanata Spirit Aframax 1999 $17,250
Matterhorn Spirit Aframax 2005 $21,375
Narmada Spirit Suezmax 2003 $21,0003
Godavari Spirit Suezmax 2004 $21,000
Teesta Spirit MR 2004 $21,500
VLCC Mortgage A
VLCC Mortgage B
Mahanadi Spirit MR 2000 $21,500
Kyeema Spirit Aframax 1999 $17,000
Helga Spirit Aframax 2004 $18,000
Pinnacle Spirit Suezmax 2008 $21,000
Summit Spirit Suezmax 2008 $21,000
Hugli Spirit MR 2005 $30,600*
Americas Spirit Aframax 2003 $21,000
Australian Spirit Aframax 2004 $21,000
Axel Spirit Aframax 2004 $19,500
Newbuilding J/V VLCC 2013
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
* Charter rate covers incremental Australian crewing expenses of approximately $14,000 per day above international crewing costs.
1. Plus profit share. Profit share above $30,500 per day entitles Teekay Tankers to the first $3,000 per day plus 50% thereafter of vessel’s incremental Gemini Pool earnings, settled in the second quarter of each year.
2. Includes profit share paying 49% of earnings in excess of $18,700 generated December 1 through March 20.
3. Profit share above the applicable minimum time-charter rate entitles Teekay Tankers to 50% of the difference between the average TD5 BITR rate and the minimum rate.
6
7. Tanker Market: Fundamentals Point to a 2013 Recovery
Demand Range Supply Range
Source: Platou / Internal estimates
Global Floating Slowdown in Moving towards Tanker market
recession; storage demand; balance by end recovery on
of 2012 –
accelerating steadied the fleet growth the back of
economy /
fleet growth market dominates demand is the lower fleet
wild card growth
7
8. Strong Product Tanker Market Fundamentals
Product tanker ton-miles set to grow as fleet growth slows to a 10-year low
Fleet Growth* (mdwt) Fleet Growth (%)
10 14%
Million Deadweight
9
% Fleet Growth
12%
8
7 10%
6 8%
5
4 6%
3 4%
2
1 2%
0 0%
2012E
2013E
2005
2006
2007
2008
2009
2010
2011
*All product tankers >10,000 dwt
» Global refining capacity expected to increase by ~8 mb/d in the period 2012-2016
• ~40% of new capacity is from export-oriented facilities in India / MEG
» Older / less efficient refineries in the Atlantic Basin are closing / converting to storage
» Product tanker fleet growth falls to ~2-3% in 2012 / 13 as the orderbook rolls off
Low fleet growth and the development of longer haul product trades
expected to increase product tanker fleet utilization
8
9. Acquisition Provides TNK with Significant Scale
» Post-transaction, TNK will become one of the world’s largest owners of
mid-size conventional tanker tonnage
Comparable Fleet Size*
8 (MDWT of Owned Tonnage)
7
6
MDwt
5
4
3
2
1
0
Sovcomflot AET Teekay Fredriksen Dynacom NAT Minerva Tsakos Marmaras General Teekay
Tankers Group Marine Navigation Maritime Tankers
Pro Forma Pre-
Transaction
Source: Owner websites/Clarksons
* Fleet data includes top owners of Aframax/LR2 and Suezmax tankers only.
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10. Transaction is Immediately Accretive to CAD1 and Dividend Per Share
Illustrative CAD 1 and $15,000 / $20,000 2
Dividend Accretion (Aframax / Suezmax)
Pre- Pro For every $1,000 per day
Transaction Forma Accretion
0.50 0.79
increase in spot rates,
CAD per share 58%
Less: Drydocking Reserve per share (0.11) (0.17) CAD1 and dividend per
Less: Principal Reserve per share (0.02) (0.19) share increase by
Dividend per Share 0.37 0.43 16% approximately $0.075
Cash Dividend Yield3 7% 8%
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Total Yield Including Principal Repayments 7% 11%
1. Cash Available for Distribution represents net income (loss) excluding depreciation and amortization, unrealized (gains) losses from derivatives, any non-cash items or write-offs of other non-
recurring items, and net income attributable to the historical results of vessels acquired by the Company from Teekay for the period when these vessels were owned and operated by Teekay.
2. Based on illustrative spot tanker rates of $15,000 per day for Aframax and $20,000 per day for Suezmax.
3. Based on closing share price of $5.43 on April 16, 2012.
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11. Key Transaction Metrics
(1)
Pre-Transaction Adjustment Pro-Forma
Fleet Size (Owned Vessels) 15 13 28
Average Vessel Age 9.6 years 8.3 years
Liquidity (as at December 31, 2011) $293m $105m $398m
Net Debt (as at December 31, 2011) $333m $366m $699m
Net Debt / Total Capitalization 40.5% 49.8%
Net Debt / Total Capitalization, net of
30.8% 45.3%
VLCC Mortgage Loans
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Book Equity $489m $216m $706m
1. Liquidity, Net Debt, and Book Equity adjustments include $66.4m net proceeds from February 8, 2012 follow-on equity raise.
2. Book Equity adjustment includes a credit of $125 million relating to dropdown predecessor accounting whereby TNK records the difference between
Teekay Corporation’s book value ($580 million) and the purchase price as an increase to equity. TNK will incur annual depreciation expense on the
acquired vessels of approximately $29 million, reflecting the Teekay Corporation book values. Book Equity adjustment also includes $25 million to be
issued to Teekay Corporation as part of this transaction.
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12. Favorable Debt Profile Maintained
» No financial covenant concerns – only requirement to maintain liquidity equivalent to 5%
of total debt, or minimum of $35 million
» Average cost of debt remains at approximately 3.7%
» Low principal repayments through 2016
*Based on estimated amount drawn upon closing.
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