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 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 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 held an earnings presentation to discuss their Q4-2019 results and outlook. Some key points include:
- Q4-2019 adjusted EBITDA and adjusted net income significantly increased compared to Q3-2019 due to higher tanker rates.
- Over $100 million in asset sales were completed in Q4-2019 to strengthen the balance sheet.
- Spot tanker rates in Q4-2019 were the highest in four years but near-term weakness is expected due to coronavirus and returning COSCO vessels.
- The presentation provided sensitivity analyses showing substantial upside to earnings and cash flow at sustained high tanker rates.
Teekay Corporation reported financial results for the fourth quarter of 2019. Total adjusted EBITDA increased 53% compared to the fourth quarter of 2018, driven by stronger results from Teekay LNG and Teekay Tankers. Teekay Parent returned to profitability in the fourth quarter. Teekay LNG is well positioned with the majority of its revenues fixed through 2020 and 2021. Teekay Tankers benefited from record high spot rates in the fourth quarter and first quarter of 2020, and strengthened its balance sheet through debt refinancing and asset sales. The Teekay Group continues to focus on deleveraging its balance sheet and improving profitability.
Teekay Tankers reported its highest quarterly results in more than 10 years for Q1-2020. The company generated over $140 million in free cash flow and reduced its net debt by over 20% from the previous quarter. Spot rates for mid-size tankers were the highest since 2008 due to factors like floating storage demand related to the oil price war between Russia and Saudi Arabia. The company secured additional fixed-rate time charter contracts at attractive rates. While medium-term uncertainty remains, Teekay Tankers is well positioned with a low fleet growth outlook and improving financial strength.
The document is Teekay LNG Partners' Q4-2019 earnings presentation. It summarizes recent highlights including:
- All newbuild and growth projects were delivered as planned.
- 2020 guidance ranges for financial metrics like adjusted EBITDA and net income were maintained from previous estimates and 2019 actual results were within those ranges.
- Distributions per unit will increase by 32% in 2020, and the partnership will continue opportunistically repurchasing common units.
The presentation provides details on the partnership's contract coverage, joint ventures, and 2020 financial guidance which expects significant increases in earnings compared to 2019.
Teekay Corporation reported strong financial results for Q1 2020. Total adjusted EBITDA increased 59% to $342 million compared to Q1 2019, driven by improved results at Teekay LNG and Teekay Tankers. Teekay Parent also had positive free cash flow of $53 million for the quarter compared to a loss in Q1 2019. Operations have continued efficiently during COVID-19 while prioritizing crew safety. Teekay also eliminated Teekay LNG Partners' incentive distribution rights, simplifying the corporate structure. Overall, the document discusses the company's Q1 2020 earnings results and highlights strategic actions taken to strengthen its financial position.
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 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 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 held an earnings presentation to discuss their Q4-2019 results and outlook. Some key points include:
- Q4-2019 adjusted EBITDA and adjusted net income significantly increased compared to Q3-2019 due to higher tanker rates.
- Over $100 million in asset sales were completed in Q4-2019 to strengthen the balance sheet.
- Spot tanker rates in Q4-2019 were the highest in four years but near-term weakness is expected due to coronavirus and returning COSCO vessels.
- The presentation provided sensitivity analyses showing substantial upside to earnings and cash flow at sustained high tanker rates.
Teekay Corporation reported financial results for the fourth quarter of 2019. Total adjusted EBITDA increased 53% compared to the fourth quarter of 2018, driven by stronger results from Teekay LNG and Teekay Tankers. Teekay Parent returned to profitability in the fourth quarter. Teekay LNG is well positioned with the majority of its revenues fixed through 2020 and 2021. Teekay Tankers benefited from record high spot rates in the fourth quarter and first quarter of 2020, and strengthened its balance sheet through debt refinancing and asset sales. The Teekay Group continues to focus on deleveraging its balance sheet and improving profitability.
Teekay Tankers reported its highest quarterly results in more than 10 years for Q1-2020. The company generated over $140 million in free cash flow and reduced its net debt by over 20% from the previous quarter. Spot rates for mid-size tankers were the highest since 2008 due to factors like floating storage demand related to the oil price war between Russia and Saudi Arabia. The company secured additional fixed-rate time charter contracts at attractive rates. While medium-term uncertainty remains, Teekay Tankers is well positioned with a low fleet growth outlook and improving financial strength.
The document is Teekay LNG Partners' Q4-2019 earnings presentation. It summarizes recent highlights including:
- All newbuild and growth projects were delivered as planned.
- 2020 guidance ranges for financial metrics like adjusted EBITDA and net income were maintained from previous estimates and 2019 actual results were within those ranges.
- Distributions per unit will increase by 32% in 2020, and the partnership will continue opportunistically repurchasing common units.
The presentation provides details on the partnership's contract coverage, joint ventures, and 2020 financial guidance which expects significant increases in earnings compared to 2019.
Teekay Corporation reported strong financial results for Q1 2020. Total adjusted EBITDA increased 59% to $342 million compared to Q1 2019, driven by improved results at Teekay LNG and Teekay Tankers. Teekay Parent also had positive free cash flow of $53 million for the quarter compared to a loss in Q1 2019. Operations have continued efficiently during COVID-19 while prioritizing crew safety. Teekay also eliminated Teekay LNG Partners' incentive distribution rights, simplifying the corporate structure. Overall, the document discusses the company's Q1 2020 earnings results and highlights strategic actions taken to strengthen its financial position.
Teekay LNG Partners reported record high adjusted net income of $52.2 million in Q1 2020, its seventh consecutive quarterly increase. While COVID-19 has impacted global markets, the Partnership's operations have continued efficiently with all charter contracts performing as expected and providing financial stability. Teekay LNG reaffirmed its 2020 adjusted net income guidance and sees its financial position strengthening with declining leverage and no debt maturities in 2020. Its liquefied natural gas fleet has 100% of revenues fixed for 2020 and 94% fixed for 2021 under long-term contracts with strong counterparties.
- 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 Corporation reported its fourth quarter and annual 2020 earnings. Total adjusted EBITDA was $201 million in Q4-20, down from $227 million in Q3-20, primarily due to weaker results at Teekay Tankers from a lower tanker market. Consolidated adjusted net income was $3 million in Q4-20, down from $15 million in Q3-20. For the full year 2020, total adjusted EBITDA increased 14% to $1.086 billion and consolidated adjusted net income was $83 million, compared to an adjusted net loss of $19 million in 2019.
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 presented its Q3-2020 earnings and provided an outlook. Key highlights included generating $46.2 million in adjusted EBITDA and $31.2 million in free cash flow for Q3. Spot tanker rates weakened in Q3 due to COVID-19 impacts but rates secured on fixed contracts averaged $37,600 per day. The tanker orderbook is at a 24-year low of 7% of the existing fleet, positioning the market for improved fundamentals. Teekay Tankers has $470 million in liquidity and aims to further reduce debt.
Teekay Tankers First Quarter 2015 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported strong financial results in Q1-2015, generating $39.0 million in adjusted net income and $53.0 million in free cash flow. The company completed the acquisition of 5 modern tankers and expanded its in-charter fleet. Spot rates in Q1 were the highest since 2008 due to low fleet growth and increasing oil demand and supply. The presentation discusses Teekay Tankers' strategy of increasing spot exposure and deleveraging its balance sheet to deliver shareholder value.
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.
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.
The document provides an earnings presentation for Teekay Offshore Partners for Q3-2016. Key highlights include:
- Generating $31.8 million in distributable cash flow for Q3-2016 and declaring a $0.11 per unit cash distribution.
- Awarding a new three-year North Sea shuttle tanker contract of affreightment that is expected to utilize approximately 2 shuttle tankers.
- Taking delivery of the first of four newbuilding towage vessels in September 2016.
- Expecting stronger results for Q4-2016 across several segments, with higher shuttle tanker utilization following seasonal maintenance.
Teekay Corporation reported its Q3-2016 earnings. It generated consolidated cash flow from vessel operations of $285.5 million for the quarter. Teekay LNG Partners and Teekay Offshore Partners both declared cash distributions for Q3-2016. Teekay LNG is on track to complete $1.3 billion in new long-term financings over the next few months to fund its committed growth projects. Teekay Offshore is working with partners to resolve delays of the Petrojarl I FPSO upgrade project.
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 Tankers reported financial results for the first quarter of 2021 that showed an increase in adjusted EBITDA compared to the previous quarter. While spot tanker rates remained weak in Q1 2021, rates spiked in March due to bad weather and the Suez Canal blockage. Looking forward, several key indicators point to a tanker market recovery in the second half of 2021 as oil demand increases and inventories normalize. Teekay Tankers maintains a strong financial position with $372 million in liquidity to capitalize on an expected market recovery.
The document is a presentation from Teekay LNG Partners regarding their Q3-2016 earnings. Some key highlights from the presentation include:
- Teekay LNG generated $54.3 million in distributable cash flow and $116 million in cash flow from vessel operations in Q3-2016.
- They have secured long-term charter contracts for all of their LNG carrier newbuildings, providing $12.2 billion in forward fee-based revenues over an average contract duration of 13 years.
- Financing for their growth projects, including 8 MEGI LNG carriers and the Bahrain regasification terminal, is on track, with committed and anticipated debt financing covering most of the
- 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
Total adjusted EBITDA increased by over $32 million, or 20%, in Q2-19 vs. Q2-18. Teekay LNG's adjusted EBITDA and earnings per unit increased significantly in Q2-19 compared to Q2-18 as its newbuilding program nears completion. Teekay Tankers' adjusted EBITDA also increased in Q2-19 due to stronger tanker market rates, though its adjusted net loss decreased less due to lower spot tanker rates and more scheduled drydockings. Teekay Parent refinanced $498 million of bonds and reduced gross debt, though its adjusted EBITDA decreased as two of its FPSO units will undergo planned maintenance in Q
Teekay Corporation reported its Q4 2018 earnings. Consolidated adjusted net loss decreased from $11.4 million in Q3 2018 to $2.0 million in Q4 2018. Teekay LNG contributed to the improved results through higher revenues from new charter contracts and spot rates. Teekay Tankers also saw higher revenues due to improved spot rates. Teekay Parent's results were impacted by unplanned shutdowns on two FPSO units, lowering revenues, but it benefited from a settlement with Petrobras recognized by Teekay Offshore.
This document provides an overview of the Teekay Group's investor day presentation on November 14, 2019. It discusses Teekay Corporation's growing cash flows and improving profitability, strengthening balance sheets, simplifying and focusing on its core gas and tanker businesses. It highlights the stable and growing gas cash flows from long-term contracts and upside potential as the tanker market strengthens. The presentation outlines Teekay's strategic focus on gas shipping and oil shipping over time and the positive long-term outlook for energy shipping due to rising global energy demand and increasing dislocation between supply and demand areas, driving LNG and oil shipping growth.
The document summarizes a strategic partnership between Teekay Offshore Partners L.P. and Brookfield Asset Management. Brookfield will invest $640 million in TOO's equity, significantly strengthening TOO's balance sheet and improving liquidity. The investment will fully finance TOO's existing growth projects, extend debt maturities, and position TOO for future growth opportunities through Brookfield's operational expertise and access to capital. The partnership creates one of the world's strongest offshore infrastructure companies by combining TOO's operational platform with Brookfield's global business reach.
Teekay Corporation reported its Q4-2017 earnings. It generated $183.6 million in consolidated cash flow from vessel operations. It reported an adjusted net loss of $9.5 million, or $0.11 per share. In January 2018, Teekay completed $222.5 million in capital issuances to address upcoming bond maturities and create financial flexibility. Teekay LNG delivered 6 new LNG carriers and secured long-term financing for the vessels. Teekay Offshore commenced charters on its largest projects and secured contract extensions. Teekay Tankers completed a merger and refinancing to position itself for a tanker market recovery.
201118 trgp rbc midstream & energy infrastructure conference november 2...unknownsaylor
- Targa Resources Corp. provides a presentation at an energy infrastructure conference on November 18, 2020.
- Targa operates an integrated natural gas and natural gas liquids infrastructure platform, including gathering and processing plants, pipelines, fractionation facilities, and export terminals.
- Targa's assets are well-positioned, with substantial infrastructure in the Permian Basin connected to its downstream assets in Mont Belvieu, Texas, a key natural gas liquids hub.
Teekay Tankers reported its Q4-2016 earnings. Key highlights included generating adjusted income of $5.1 million and free cash flow of $34.2 million. The dividend was maintained at $0.03 per share. Net debt to capitalization was reduced from 50% to 47%. Spot tanker rates increased in Q4-2016 due to seasonal factors and increased oil exports, though have since softened. Teekay Tankers expects revenues to decrease in Q1-2017 due to fewer spot revenue days from vessel sales and employment changes, while expenses are also expected to decrease from timing of repairs and maintenance.
- Teekay Tankers reported strong financial results in Q2 2020, generating $125.8 million in free cash flow and reducing net debt by $181 million. Spot tanker rates remained high in Q2 driven by oil trade and floating storage, but have weakened in Q3.
- 13 of Teekay Tankers' vessels are currently fixed at an average rate of $39,100 per day, providing earnings visibility. The company has no debt maturities until 2023 after refinancing four vessels.
- Tanker demand is expected to gradually improve in the second half of 2020 as OPEC+ returns supply and refinery throughput increases, while the unwinding of floating storage returns ships to the
Teekay LNG Partners reported record high adjusted net income of $52.2 million in Q1 2020, its seventh consecutive quarterly increase. While COVID-19 has impacted global markets, the Partnership's operations have continued efficiently with all charter contracts performing as expected and providing financial stability. Teekay LNG reaffirmed its 2020 adjusted net income guidance and sees its financial position strengthening with declining leverage and no debt maturities in 2020. Its liquefied natural gas fleet has 100% of revenues fixed for 2020 and 94% fixed for 2021 under long-term contracts with strong counterparties.
- 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 Corporation reported its fourth quarter and annual 2020 earnings. Total adjusted EBITDA was $201 million in Q4-20, down from $227 million in Q3-20, primarily due to weaker results at Teekay Tankers from a lower tanker market. Consolidated adjusted net income was $3 million in Q4-20, down from $15 million in Q3-20. For the full year 2020, total adjusted EBITDA increased 14% to $1.086 billion and consolidated adjusted net income was $83 million, compared to an adjusted net loss of $19 million in 2019.
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 presented its Q3-2020 earnings and provided an outlook. Key highlights included generating $46.2 million in adjusted EBITDA and $31.2 million in free cash flow for Q3. Spot tanker rates weakened in Q3 due to COVID-19 impacts but rates secured on fixed contracts averaged $37,600 per day. The tanker orderbook is at a 24-year low of 7% of the existing fleet, positioning the market for improved fundamentals. Teekay Tankers has $470 million in liquidity and aims to further reduce debt.
Teekay Tankers First Quarter 2015 Earnings PresentationTeekay Tankers Ltd
Teekay Tankers reported strong financial results in Q1-2015, generating $39.0 million in adjusted net income and $53.0 million in free cash flow. The company completed the acquisition of 5 modern tankers and expanded its in-charter fleet. Spot rates in Q1 were the highest since 2008 due to low fleet growth and increasing oil demand and supply. The presentation discusses Teekay Tankers' strategy of increasing spot exposure and deleveraging its balance sheet to deliver shareholder value.
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.
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.
The document provides an earnings presentation for Teekay Offshore Partners for Q3-2016. Key highlights include:
- Generating $31.8 million in distributable cash flow for Q3-2016 and declaring a $0.11 per unit cash distribution.
- Awarding a new three-year North Sea shuttle tanker contract of affreightment that is expected to utilize approximately 2 shuttle tankers.
- Taking delivery of the first of four newbuilding towage vessels in September 2016.
- Expecting stronger results for Q4-2016 across several segments, with higher shuttle tanker utilization following seasonal maintenance.
Teekay Corporation reported its Q3-2016 earnings. It generated consolidated cash flow from vessel operations of $285.5 million for the quarter. Teekay LNG Partners and Teekay Offshore Partners both declared cash distributions for Q3-2016. Teekay LNG is on track to complete $1.3 billion in new long-term financings over the next few months to fund its committed growth projects. Teekay Offshore is working with partners to resolve delays of the Petrojarl I FPSO upgrade project.
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 Tankers reported financial results for the first quarter of 2021 that showed an increase in adjusted EBITDA compared to the previous quarter. While spot tanker rates remained weak in Q1 2021, rates spiked in March due to bad weather and the Suez Canal blockage. Looking forward, several key indicators point to a tanker market recovery in the second half of 2021 as oil demand increases and inventories normalize. Teekay Tankers maintains a strong financial position with $372 million in liquidity to capitalize on an expected market recovery.
The document is a presentation from Teekay LNG Partners regarding their Q3-2016 earnings. Some key highlights from the presentation include:
- Teekay LNG generated $54.3 million in distributable cash flow and $116 million in cash flow from vessel operations in Q3-2016.
- They have secured long-term charter contracts for all of their LNG carrier newbuildings, providing $12.2 billion in forward fee-based revenues over an average contract duration of 13 years.
- Financing for their growth projects, including 8 MEGI LNG carriers and the Bahrain regasification terminal, is on track, with committed and anticipated debt financing covering most of the
- 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
Total adjusted EBITDA increased by over $32 million, or 20%, in Q2-19 vs. Q2-18. Teekay LNG's adjusted EBITDA and earnings per unit increased significantly in Q2-19 compared to Q2-18 as its newbuilding program nears completion. Teekay Tankers' adjusted EBITDA also increased in Q2-19 due to stronger tanker market rates, though its adjusted net loss decreased less due to lower spot tanker rates and more scheduled drydockings. Teekay Parent refinanced $498 million of bonds and reduced gross debt, though its adjusted EBITDA decreased as two of its FPSO units will undergo planned maintenance in Q
Teekay Corporation reported its Q4 2018 earnings. Consolidated adjusted net loss decreased from $11.4 million in Q3 2018 to $2.0 million in Q4 2018. Teekay LNG contributed to the improved results through higher revenues from new charter contracts and spot rates. Teekay Tankers also saw higher revenues due to improved spot rates. Teekay Parent's results were impacted by unplanned shutdowns on two FPSO units, lowering revenues, but it benefited from a settlement with Petrobras recognized by Teekay Offshore.
This document provides an overview of the Teekay Group's investor day presentation on November 14, 2019. It discusses Teekay Corporation's growing cash flows and improving profitability, strengthening balance sheets, simplifying and focusing on its core gas and tanker businesses. It highlights the stable and growing gas cash flows from long-term contracts and upside potential as the tanker market strengthens. The presentation outlines Teekay's strategic focus on gas shipping and oil shipping over time and the positive long-term outlook for energy shipping due to rising global energy demand and increasing dislocation between supply and demand areas, driving LNG and oil shipping growth.
The document summarizes a strategic partnership between Teekay Offshore Partners L.P. and Brookfield Asset Management. Brookfield will invest $640 million in TOO's equity, significantly strengthening TOO's balance sheet and improving liquidity. The investment will fully finance TOO's existing growth projects, extend debt maturities, and position TOO for future growth opportunities through Brookfield's operational expertise and access to capital. The partnership creates one of the world's strongest offshore infrastructure companies by combining TOO's operational platform with Brookfield's global business reach.
Teekay Corporation reported its Q4-2017 earnings. It generated $183.6 million in consolidated cash flow from vessel operations. It reported an adjusted net loss of $9.5 million, or $0.11 per share. In January 2018, Teekay completed $222.5 million in capital issuances to address upcoming bond maturities and create financial flexibility. Teekay LNG delivered 6 new LNG carriers and secured long-term financing for the vessels. Teekay Offshore commenced charters on its largest projects and secured contract extensions. Teekay Tankers completed a merger and refinancing to position itself for a tanker market recovery.
201118 trgp rbc midstream & energy infrastructure conference november 2...unknownsaylor
- Targa Resources Corp. provides a presentation at an energy infrastructure conference on November 18, 2020.
- Targa operates an integrated natural gas and natural gas liquids infrastructure platform, including gathering and processing plants, pipelines, fractionation facilities, and export terminals.
- Targa's assets are well-positioned, with substantial infrastructure in the Permian Basin connected to its downstream assets in Mont Belvieu, Texas, a key natural gas liquids hub.
Teekay Tankers reported its Q4-2016 earnings. Key highlights included generating adjusted income of $5.1 million and free cash flow of $34.2 million. The dividend was maintained at $0.03 per share. Net debt to capitalization was reduced from 50% to 47%. Spot tanker rates increased in Q4-2016 due to seasonal factors and increased oil exports, though have since softened. Teekay Tankers expects revenues to decrease in Q1-2017 due to fewer spot revenue days from vessel sales and employment changes, while expenses are also expected to decrease from timing of repairs and maintenance.
- Teekay Tankers reported strong financial results in Q2 2020, generating $125.8 million in free cash flow and reducing net debt by $181 million. Spot tanker rates remained high in Q2 driven by oil trade and floating storage, but have weakened in Q3.
- 13 of Teekay Tankers' vessels are currently fixed at an average rate of $39,100 per day, providing earnings visibility. The company has no debt maturities until 2023 after refinancing four vessels.
- Tanker demand is expected to gradually improve in the second half of 2020 as OPEC+ returns supply and refinery throughput increases, while the unwinding of floating storage returns ships to the
Teekay Tankers reported financial results for Q1-2017 and provided an outlook for Q2-2017. Key highlights include:
- Generated $7.0 million in adjusted net income and $34.4 million in free cash flow for Q1-2017.
- Spot tanker rates were lower in Q1 compared to previous years due to high fleet growth and OPEC supply cuts.
- Signed a sale-leaseback deal for 4 Suezmax tankers that will increase liquidity by $30 million.
- Expect revenues to decrease in Q2 due to the redelivery of some in-chartered vessels, while expenses are forecast to be lower.
- Teekay Tankers reported an adjusted net loss of $40.7 million for Q4-2020, compared to an adjusted net income of $3.1 million in Q3-2020. This was primarily due to lower spot tanker rates in Q4-2020.
- The company reduced its net debt by $419 million in 2020 to $510 million through strong cash flows and asset sales. It had liquidity of $373 million as of December 31, 2020.
- Spot tanker rates remained weak in Q4-2020 due to the second wave of COVID-19 and oversupply of tankers returning from floating storage. Rates are expected to improve in the second half of 2021 as oil
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 acquired 12 Suezmax tankers from Principal Maritime in late Q3-2015 and early Q4-2015. Eight of the vessels are undergoing drydocking, including modifications to improve fuel efficiency. The acquisitions were financed and have been accretive to earnings and free cash flow per share. Spot tanker rates remained strong in Q3-2015 compared to historical levels, though softened seasonally, and are expected to increase further in Q4-2015 and Q1-2016 due to higher oil demand and potential weather delays.
- 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 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.
The proposed merger between Teekay Tankers Ltd. (TNK) and Tanker Investments Ltd. (TIL) will create the largest publicly-listed mid-sized tanker company. The merger is expected to be accretive to TNK's earnings per share, strengthen its balance sheet and liquidity position, reduce its average fleet age, and lower its cash breakeven rates. The combined fleet will total 62 vessels consisting of tankers from both companies operating under the Teekay brand.
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 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.
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 reported weak financial results in Q2 2021 due to persistently low spot tanker rates. However, the company signed contracts to refinance higher-cost debt on eight vessels, which is expected to save $11 million in interest per year. While tanker markets remain weak in the near term, key indicators like rising oil demand, falling inventories, and increasing OPEC+ supply point to a recovery starting in the coming quarters. Teekay Tankers has a strong financial position with $274 million in pro forma liquidity to withstand current market conditions.
Teekay Tankers reported an adjusted net loss of $7.1 million in Q2-2017. It declared a $0.03 per share dividend. The company agreed to a share-for-share merger with Tanker Investments Ltd., which owns 18 mid-sized tankers, to modernize its fleet and realize cost synergies. The merger is expected to be 10% accretive to earnings per share and strengthen the balance sheet by decreasing leverage and increasing liquidity by $100 million. Spot tanker rates were at 4-year lows in Q2-2017 due to high fleet growth and OPEC supply cuts, but a recovery is expected in late 2018 as scrapping increases and oil supply
The document is the first quarter 2016 earnings presentation for Teekay Tankers. It discusses Teekay Tankers' financial results for Q1 2016 including generating $46 million in adjusted net income. It also discusses positive tanker market fundamentals expected through 2016 due to factors like rising oil demand and OPEC supply. The presentation provides an outlook on tanker supply/demand trends and notes earnings remained strong in Q1 despite some negative impacts from weather and refinery maintenance.
Teekay Tankers reported strong financial results for the fourth quarter and full year 2014. Net income for Q4 2014 was $18.6 million, up from $2.6 million in Q3 2014. For the full year, adjusted net income was $33.9 million compared to an adjusted net loss of $16.3 million in 2013. In December 2014, Teekay Tankers acquired 5 tankers for $230 million, which increased its owned fleet to 33 vessels. Spot rates booked so far for Q1 2015 have continued to increase and are higher than in Q4 2014. Low oil prices are expected to positively impact tanker earnings through increased refinery throughput and potential floating storage requirements.
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 Corporation reported its Q2-2018 earnings. Some key highlights:
- Consolidated cash flow from vessel operations was $164.2 million. Adjusted net loss was $21.6 million.
- Teekay Parent secured a one-year charter extension for the Banff FPSO to August 2019. Cash flow from its three directly-owned FPSOs provides upside exposure to rising oil prices.
- Teekay LNG continues executing its portfolio of growth projects delivering through 2020, which are expected to increase annual cash flow by $240 million.
- Teekay Tankers signed term sheets for $110 million in additional liquidity to improve its financial position as tanker rates are expected
Teekay Tankers presented its third quarter 2021 earnings. Key highlights included:
- Adjusted EBITDA of ($15.8) million, down from the previous quarter, due to weak spot tanker rates.
- Pro forma liquidity of $209 million providing financial resilience.
- Tanker market fundamentals remain positive with an expected recovery, supported by increasing oil demand and tight fleet supply.
- Spot tanker rates improved in early Q4 but remained weak in Q3 due to oil demand impacts from COVID variants and OPEC+ supply cuts.
- 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 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 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 reported strong financial results for Q3 2015, with adjusted net income of $40.3 million compared to $2.6 million in Q3 2014. The company generated $59.4 million in free cash flow for the quarter. Teekay Tankers recently acquired 12 Suezmax tankers and a ship-to-ship transfer business, expanding its fleet. Spot tanker rates were higher in Q3 2015 than the previous year, but softened in August and September due to seasonal maintenance, though remained strong historically. The company expects rates and cash flow to increase in Q4 2015 and Q1 2016.
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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,
among other things, statements regarding: the effect of financing transactions recently completed on the Company’s
liquidity and future debt maturity profile; expected contract commencement dates; crude oil and refined product tanker
market fundamentals, including the balance of supply and demand in the oil and tanker markets, the occurrence and
expected timing of a more sustained tanker market recovery, forecasts of worldwide tanker fleet growth, the amount of
tanker scrapping and newbuild tanker deliveries, estimated growth in global oil demand and supply, future tanker rates,
future OPEC oil supply, the impact of U.S. crude oil production and exports on mid-size tanker demand, and estimated
impact of IMO 2020 regulations on tanker demand; and potential free cash flow upside from higher tanker rates. 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: the potential for
early termination of charter contracts of existing vessels in the Company's fleet; the inability of charterers to make future
charter payments; the inability of the Company to renew or replace charter contracts; changes in tanker rates; changes in
the production of, or demand for, oil or refined products; changes in trading patterns significantly affecting overall vessel
tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders and deliveries and greater or
less than anticipated rates of tanker scrapping; changes in global oil prices; changes in applicable industry laws and
regulations and the timing of implementation of new laws and regulations and the impact of such changes; increased costs;
and other factors discussed in Teekay Tankers’ filings from time to time with the United States Securities and Exchange
Commission, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2017. 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. 3
• Q3-18 Financial Results
○ Total cash flow from vessel operations(1)
of $27.8 million and adjusted net loss(1)
of $18.0 million, or $0.07 per share
• Crude spot tanker rates strengthened
counter-seasonally in Q3-18 and have
continued to increase in Q4-18 to-
date
• Completed three previously-
announced financings totalling
approximately $100 million in
additional liquidity
(1) These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP
Financial Measures” and the Appendices of the Q3-18 earnings release for definitions
of these terms and reconciliations of these non-GAAP financial measures as used in the
earnings presentation to the most directly comparable financial measures under United
States generally accepted accounting principals (GAAP).
3
Recent Highlights
3
4. Crude Tanker Market Recovery From Q3-2018
Tanker supply / demand balance has reached an inflection point
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
USD/Day
Source: 90% Clarksons Global Average
Aframax Rates
5-year range 5-year avg. 2018
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
55,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
USD/Day
Source: 90% Clarksons Global Average
Suezmax Rates
5-year range 5-year avg. 2018
4
5. Crude Oil Supply On The Rise
Both OPEC and non-OPEC contributing to cargo supply growth
• OPEC + Russia have collectively added
a net 1.4 mb/d of crude oil production to
the market since Q2-2018
• Iranian exports are not falling as rapidly
as expected due to US waivers; oil
market appears well supplied through
the peak winter demand months
• US crude exports have averaged >2
mb/d since May 2018 and are expected
to reach 4 mb/d by end-2019
• Trade to Asia is predominantly on
VLCCs (though this requires Aframaxes
for reverse lightering in the US Gulf) and
Suezmaxes while trade to Europe is
predominantly on Aframaxes
0.0
0.5
1.0
1.5
2.0
2.5
MillionBarrelsperDay
US Crude Exports by Region
Asia Europe Americas Canada
5
42.8
43.0
43.2
43.4
43.6
43.8
44.0
44.2
44.4
MillionBarrelsperDay
OPEC + Russia Crude Oil Production
1.4 mb/d increase
since April
Source: IEA
Source: EIA
6. Fleet Supply Growth Set to Ease
~2% average annual tanker fleet growth projected 2018-2020
7.6%
3.9%
5.8%
3.8%
1.7%
1.3%
3.2%
6.0%
4.8%
1.4%
3.1%
1.9%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-30
-20
-10
0
10
20
30
40
50
MillionDWT
Source: Clarksons, internal estimates
Total Tanker Fleet Growth
Deliveries Scrapping Net Growth (% of Fleet)
Forecasted Fleet Growth by Size Range
VLCC Suezmax Aframax LR2
2016 6.9% 5.3% 2.6% 10.9%
2017 5.2% 7.8% 0.3% 8.6%
2018 -0.1% 3.2% 0.4% 3.3%
2019 4.5% 1.3% 2.1% 1.1%
2020 2.4% -0.1% 1.9% 0.4%
• Low tanker fleet growth during 2018-
2020 as the orderbook rolls off and as
tanker scrapping remains high
• Shipyards full for 2019 delivery, and
around 90% full for 2020 delivery
following recent LNG / container orders
• Lack of mid-size tanker ordering in
recent months leads to low Aframax /
Suezmax fleet growth in 2019 / 2020
6
7. $15,800
$13,700
$12,500
$19,000
$19,900
$17,000
-
10,000
20,000
Suezmax Aframax LR2
$perday
Q3-18 Actual Q4-18 to-date
3
Q4-18 Spot Earnings Update
7
Suezmax Aframax LR2
Q4-18 spot ship
days available
2,437 1,541 715
Q4-18 % booked
to-date
59% 54% 42%
(1) Combined average spot TCE rate including Suezmax RSA and non-pool voyage charters
(2) Combined average spot TCE rate including Aframax RSA, non-pool voyage charters and full service lightering (FSL) voyages
(3) Combined average spot TCE rate including Taurus RSA and non-pool voyage charters.
1 2
8. $0.00
$0.50
$1.00
$1.50
$10,000 $15,000 $20,000 $25,000 $30,000 $35,000
FCF1PerShare
Average Mid-Sized TCE4
FCF1 Per Share Spot Rate Sensitivity2
8
TNK Offers Significant Upside in a Tanker
Market Recovery
(1) Free cash flow (FCF) represents net income, plus depreciation and amortization, unrealized losses from derivatives, non-cash items, FCF from equity accounted investments and any
write-offs or other non-recurring items, less unrealized gains from derivatives and other non-cash items. Please refer to the Teekay Tankers Earnings Releases for reconciliation to most
directly comparable GAAP financial measure.
(2) For 12 months ending Q3-19
(3) Based on 90% of Clarksons global average Aframax and Suezmax spot rates on November 9, 2018
(4) Based on weighted average number of forecast Suezmax and Aframax / LR2 spot market ship days for 12 months ending Q3-19
(5) Combined weighted average Q4-18 spot TCE rate booked-to-date including RSA, non-pool and FSL voyages
Q4-18 to-date4,5
Q3-184
Current average spot rate3,4
12. Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Q4-2020 Q1-2021 Q2-2021
Suezmax Days 153 90 91 35 - - - - - - -
Aframax/LR2 Days 217 90 13 - - - - - - - -
Suezmax Rates 17,400 17,500 17,500 17,500 - - - - - - -
Aframax/LR2 Rates 23,158 25,000 25,000 - - - - - - - -
-
50
100
150
200
250
300
ShipDays
Suezmax Days Aframax/LR2 Days
(1) Based on existing charters excluding extension options and expected drydock/ offhire days noted on slide 16
(2) Excludes full service lightering
12
Fleet Employment – Out-Charters1
(2)
13. 13
Q4-18 Outlook
(1) Changes described are after adjusting Q3-18 for items included in Appendix A of Teekay Tankers Q3-18 Earnings Release and realized gains and losses on
derivatives (see slide 15 to this earnings presentation for the Consolidated Adjusted Line Items for Q3-18).
Income Statement Item Q4-18 Outlook
(expected changes from Q3-18)
Revenues
Decrease of approximately 95 net revenue days in TNK, mainly due to drydockings for various vessels and the
redelivery of one in-chartered vessel to its owner in late Q3-18, partially offset by one in-chartered vessel which
was delivered to us in Q4-18.
Refer to Slide 7 for Q4-18 to-date spot tanker rates.
Vessel operating expenses Increase of approximately $1.0 million primarily due to the timing of maintenance activities.
Net interest expense and realized loss on derivative instruments
Increase of approximately $2.0 million primarily due to interest expenses incurred in relation to the two sale-
leaseback transactions completed in late Q3-18 and mid Q4-18, partially offset by the decrease in loan balance
for one of our revolvers resulting from prepayments that are related to the sale-leaseback transactions.
14. Consolidated Adjusted Statement of Loss
Q3-18 vs Q2-18
14
(In thousands of U.S. dollars)
Statement Item
Q3-2018
(unaudited)
Q2-2018
(unaudited)
Comments
Voyage revenues 175,796 171,659 Increase primarily due to higher spot TCE rates in Q3-18 compared to Q2-18.
Voyage expenses (83,048) (86,933) Decrease primarily due to a fewer number of full service lightering voyages in Q3-18 compared to Q2-18.
Vessel operating expenses (52,161) (52,652)
Time-charter hire expense (4,317) (5,697) Decrease due to the redelivery of one in-chartered vessel to its owner in Q2-18.
Depreciation and amortization (29,595) (29,573)
General and administrative expenses (8,747) (9,407)
Loss from operations (2,072) (12,603)
Interest expense (13,770) (13,275)
Interest income 250 160
Equity loss (359) (70)
Other expense (2,050) (2,955)
Adjusted Net loss1
(18,001) (28,743)
(1) Refer to slides 15 and 16 for Q3-18 and Q2-18 reconciliations of non-GAAP financial measures to the most directly comparable financial measures under United
States generally accepted accounting principals (GAAP).
15. Consolidated Adjusted Statement of Loss
15
Q3-18
(in thousands of U.S. dollars)
Statement Item As Reported Appendix A
Items (1)
Reclassification for
Realized Gain/
Loss on Derivatives
As Adjusted
Revenues 175,915 - (119) 175,796
Voyage expenses (83,048) - - (83,048)
Vessel operating expenses (52,161) - - (52,161)
Time-charter hire expense (4,317) - - (4,317)
Depreciation and amortization (29,595) - - (29,595)
General and administrative expenses (8,747) - - (8,747)
Restructuring charge (213) 213 - -
Loss from operations (2,166) 213 (119) (2,072)
Interest expense (15,006) 525 711 (13,770)
Interest income 250 - - 250
Realized and unrealized gain on derivative instruments 596 (4) (592) -
Equity loss (359) - - (359)
Other expense (799) (1,251) - (2,050)
Net loss (17,484) (517) - (18,001)
16. Consolidated Adjusted Statement of Loss
16
Q2-18
(in thousands of U.S. dollars)
Statement Item As Reported Appendix A
Items (1)
Reclassification for
Realized Gain/
Loss on Derivatives
As Adjusted
Revenues 171,659 - - 171,659
Voyage expenses (86,933) - - (86,933)
Vessel operating expenses (52,652) - - (52,652)
Time-charter hire expense (5,697) - - (5,697)
Depreciation and amortization (29,573) - - (29,573)
General and administrative expenses (9,407) - - (9,407)
Gain on sale of vessel 170 (170) - -
Restructuring charge (982) 982 - -
Loss from operations (13,415) 812 - (12,603)
Interest expense (13,931) - 656 (13,275)
Interest income 160 - - 160
Realized and unrealized gain (loss) on derivative instruments 1,116 (460) (656) -
Equity loss (70) - - (70)
Other expense (1,273) (1,682) - (2,955)
Net loss (27,413) (1,330) - (28,743)
17. Drydock & Offhire Schedule
17
Teekay Tankers
Segment
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Vessels
Total
Off-hire
Days
Spot Tanker 1 36 1 54 4 130 5 167 11 387 16 480
Fixed-Rate Tanker 1 6 - - - - - - 1 6 - -
Other - Unplanned Offhire - 46 - 24 - 30 - 58 - 158 - 210
2 88 1 78 4 160 5 225 12 551 16 690
Note:
(1) Includes vessels scheduled for drydocking and an estimate of unscheduled offhire.
(2) In the case that a vessel drydock & offhire straddles between quarters, the drydock & offhire has been allocated to the quarter in which majority of drydock days occur.
(3) Only owned vessels are accounted for in this schedule and vessel count only reflects the vessels with drydock related offhire.
Total 2018 Total 2019March 31, 2018 (A) June 30, 2018 (A) September 30, 2018 (A) December 31, 2018 (E)