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 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 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 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 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 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.
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 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 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 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 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 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 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.
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 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 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 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 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 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 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 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.
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.
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 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.
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 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 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 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 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 LNG Partners reported second quarter 2021 earnings. Adjusted net income was $57.0 million, or $0.57 per unit, down slightly from the previous quarter due to more scheduled drydockings. The partnership's liquefied natural gas fleet is substantially fixed, with 98% of capacity booked for the remainder of 2021 and 89% for 2022. Strong LNG shipping fundamentals are expected to continue into 2022, supported by firm gas prices and growing global LNG demand and trade.
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 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.
Teekay Corporation Fourth Quarter and Business Outlook 2015 PresentationTeekay Corporation
Teekay Corporation held a presentation on its Q4-2015 earnings and business outlook. It reported generating $401.4 million in cash flow in Q4-2015, up 30% year-over-year. For fiscal year 2015, it generated $1.4 billion in cash flow, up 35% over 2014. Teekay temporarily reduced its dividend to $0.055 per share to allow its two MLP subsidiaries, Teekay Offshore Partners and Teekay LNG Partners, to retain cash flows of around $450 million annually to fund growth projects without issuing new equity. This will increase the subsidiaries' distributable cash flow per unit in the future once projects are completed. Teekay
Teekay LNG Partners reported its Q2-2016 earnings. Key highlights included:
- Generated $76.1 million in distributable cash flow and $135.1 million in cash flow from vessel operations.
- Both new MEGI LNG carriers delivered to Cheniere Energy and commenced 5-year charters.
- Exmar LPG joint venture took delivery of its seventh new mid-size LPG carrier for a 5-year charter to Statoil.
- Over $900 million in new debt financings secured for committed growth projects through lender credit approvals.
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 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 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
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Similar to Teekay Tankers Q4-22 Earnings Presentation
- 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 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 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 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 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 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.
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.
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 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.
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 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 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 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 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 LNG Partners reported second quarter 2021 earnings. Adjusted net income was $57.0 million, or $0.57 per unit, down slightly from the previous quarter due to more scheduled drydockings. The partnership's liquefied natural gas fleet is substantially fixed, with 98% of capacity booked for the remainder of 2021 and 89% for 2022. Strong LNG shipping fundamentals are expected to continue into 2022, supported by firm gas prices and growing global LNG demand and trade.
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 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.
Teekay Corporation Fourth Quarter and Business Outlook 2015 PresentationTeekay Corporation
Teekay Corporation held a presentation on its Q4-2015 earnings and business outlook. It reported generating $401.4 million in cash flow in Q4-2015, up 30% year-over-year. For fiscal year 2015, it generated $1.4 billion in cash flow, up 35% over 2014. Teekay temporarily reduced its dividend to $0.055 per share to allow its two MLP subsidiaries, Teekay Offshore Partners and Teekay LNG Partners, to retain cash flows of around $450 million annually to fund growth projects without issuing new equity. This will increase the subsidiaries' distributable cash flow per unit in the future once projects are completed. Teekay
Teekay LNG Partners reported its Q2-2016 earnings. Key highlights included:
- Generated $76.1 million in distributable cash flow and $135.1 million in cash flow from vessel operations.
- Both new MEGI LNG carriers delivered to Cheniere Energy and commenced 5-year charters.
- Exmar LPG joint venture took delivery of its seventh new mid-size LPG carrier for a 5-year charter to Statoil.
- Over $900 million in new debt financings secured for committed growth projects through lender credit approvals.
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,
Similar to Teekay Tankers Q4-22 Earnings Presentation (20)
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 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 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 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.
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 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 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 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.
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.
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 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.
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.
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.
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
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ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
2. This presentation 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 Company's
expectations regarding tanker charter-in contracts, including the timing of commencement, expiry or extensions thereof and future profits therefrom; the
occurrence and expected timing of the refinancing of 19 of the Company’s vessels; the funding and expected timing of the Company’s repurchase of certain
vessels following exercise of related purchase options; management’s view of the strength of the tanker market and the tanker rate environment, and on the
Company’s ability to use its operating leverage and spot market exposure to benefit from current tanker market conditions; the Company’s expectations
regarding the future extension of some of its credit facilities, its drydock and off-hire schedules and its forecasted revenues and expenses; crude oil and refined
product tanker market fundamentals, including the balance of supply and demand in the oil and tanker markets and the continued volatility of such markets; the
Company’s ability to continue to benefit from strong spot tanker rates, generate significant free cash flow and create shareholder value; management’s
expectations regarding free cash flow amounts anticipated to be generated in the near term; management’s expectations regarding China’s economic re-opening
and its impact on global oil demand growth, including the timing thereof; expectation of an increase in relative global oil demand over the medium-term and the
various contributing factors thereto and impact thereof; the outlook for the global economy, driven by various factors; forecasts of worldwide tanker fleet growth or
contraction, vessel scrapping levels and newbuilding tanker orders, including the factors contributing thereto (including new environmental regulations) and the
timing thereof, and the Company’s general outlook on tanker supply and demand fundamentals; forecasted changes in global oil supply from non-OPEC+ and
OPEC+ sources and the factors contributing thereto; the timing and impact of publicly-announced oil supply cuts; the impact of the invasion of Ukraine by Russia
on the economy, our industry and our business, including as a result of sanctions on Russian or Belarusian companies and individuals and the persistence and
impact of altered trade patterns; the impact of import and other restrictions on Russian oil supply and exports, tanker tonne-mile demand and the ability of the
Company’s fleet to benefit compared to other segments; the Company's liquidity and market position and its ability to utilize its operating cash flows and
upcoming refinancing transactions to strengthen its balance sheet, reduce debt and fleet cash flow break-even levels, and create and increase long-term
shareholder value.
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: changes in tanker rates, including spot tanker market rate fluctuations, and in oil
prices; changes in the production of, or demand for, oil or refined products and for tankers; changes in trading patterns significantly affecting overall vessel
tonnage requirements; non-OPEC+ and OPEC+ production and supply levels; the duration and extent of the COVID-19 pandemic (including new variants or
outbreaks) and of Russia’s war with Ukraine, and any resulting effects on the markets in which the Company operates; sanctions and other restrictions related to
Russia’s invasion of Ukraine, including the timing of implementing new or revised sanctions or restrictions; greater or less than anticipated levels of tanker
newbuilding orders and deliveries and greater or less than anticipated rates of tanker scrapping; the potential for early termination of charter contracts on existing
vessels in the Company's fleet; the inability of charterers to make future charter payments; delay of vessel deliveries or purchases or of the debt refinancing; the
amount of the Company’s cash on hand; changes in the Company’s free cash flow position; changes in applicable industry laws and regulations and the timing of
implementation of new laws and regulations and the impact of such changes, including IMO 2030 and others that may further regulate greenhouse gas
emissions; 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, 2021. 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.
Forward-Looking
Statements
2
3. 3
Recent Highlights
Financial Update Value Creation Tanker Market
Adjusted net income(1) of $147.5
million, or $4.33 per share, compared
to $57.9 million, or $1.70 per share,
in Q3-22
2022 adjusted net income(1) of
$217.1 million, or $6.39 per share,
compared to adjusted net loss of
$(138.6) million, or $(4.09) per share,
in 2021
Notice given to exercise purchase
options on 9 sale-leaseback vessels
for $164 million and entered into a
term sheet to refinance 19 vessels
under a $350 million revolving credit
facility
High operating leverage, with 51
vessels(2) (96% of the fleet) trading
in the spot market, supporting
continued balance sheet
improvements
• Generated $4.84 of FCF(3) per share
in Q4-22
• For every $5,000 above TNK’s
FCF(3) breakeven of approximately
$15,000 per day, expect to generate
$2.60(4) FCF per share in 2023
• $20 million in FCF generated from
four chartered-in vessels in Q4-22
Very strong spot tanker rates in Q4-
22 and Q1-23 to-date with Aframax
and Suezmax rates outperforming all
other tanker sectors
Continued strong crude oil export
volumes from Russia post price cap
Reopening of China set to boost
global oil demand in 2023
Record low orderbook and positive
demand growth point to a continued
strong market in the medium-term
(1) These are non-GAAP financial measures. Please see Teekay Tankers’ Q4-22 earnings release for definitions and reconciliations to the comparable GAAP measures.
(2) Includes one Aframax in-charter expected to be delivered by the end of Q1-23.
(3) 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, other non-cash items, dry docking expenditures and other capital
expenditures. FCF based on 48 vessels operating in the spot market at the end of 2022.
(4) Annualized FCF for 12 months ending December 31, 2023.
4. 4
Very Strong Rates in
Q4-22 With Strength
Continuing Into Q1-23
Spot tanker rates were extremely
firm in Q4-22 due to a mixture of
positive demand fundamentals and
seasonal factors:
• Longer voyage distances
• High import volumes ahead of
the EU ban on Russian crude
• Increase in Chinese oil imports
• Seasonal weather delays
Aframax and Suezmax rates
averaged significantly higher than
other asset classes in Q4-22
Q1-23 is trending towards another
very strong quarter for spot rates
Source: Clarksons
(basis 2010-built, excludes Black Sea and Baltic Sea routes)
-40
-20
0
20
40
60
80
100
120
140
‘000
USD
/
Day
Benchmark Crude Tanker Spot Rates
VLCC Suezmax Aframax
0
10
20
30
40
50
60
‘000
USD
/
Day
TNK’s Fourth Quarter Average Mid-Size Tanker Rates
Q4-22 saw TNK’s highest ever fourth quarter spot tanker rates
Source: Teekay Tankers
(average of Suezmax, Aframax, and LR2 spot rates)
5. 13,800 16,200
56,000 52,100
50,600
67,600
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Suezmax Aframax / LR2
Rate
($/day)
Spot Rates
Q1-2022 Q4-2022 Q1-2023 To-Date
Q1-23 To-Date Spot
Rates
Elevated spot rates continued into
Q1-23 to-date results
Expanded charter-in portfolio with
four additional vessels joining in late
Q4-22 and early Q1-23
• Includes one chartered-in
newbuild eco Aframax for seven
years at $18,700 per day with
multi-year extension options
Currently 8 vessels chartered-in at
an average of $24,300 per day,
mark-to-market value of
approximately $60 million(2)
Suezmax Aframax / LR2(1)
Q1-23 spot ship days
available
2,237 1,983
Q1-23 % spot ship
days booked to-date
69% 57%
5
(1)
(1) Earnings and percentage booked to-date include Aframax RSA, non-RSA voyage charters and full-service lightering (FSL) for all Aframax and LR2 vessels
whether trading in the clean or dirty spot market.
(2) Mark-to-market is the present value of difference between TNK’s charter-in rates and the current average published time charter rates from Clarksons, Braemar,
Galbraiths and Poten & Partners, multiplied by the remaining days of each charter-in, including extension options on three Aframaxes in 2023.
6. 0
100
200
300
400
500
600
700
800
2021 2022
Billion
Tonne-Miles
Aframax Suezmax
0
200
400
600
800
1,000
1,200
2021 2022
Billion
Tonne-Miles
Crude Trade Pattern
Changes Almost
Exclusively Benefit
Mid-Sized Tankers
100% of crude oil volumes lifted from
Russian ports are on mid-sized
tankers due to draft restrictions at the
main loading areas (Baltic Sea, Black
Sea, and Kozmino)
2022 saw a 39% increase in tonne-
miles from Russian crude oil exports
as volumes were diverted away from
Europe towards India and China
90% of European crude oil imports
were on mid-sized tankers in 2022
2022 saw a 12% increase in mid-
sized tonne-mile demand from
European crude oil imports as
countries replaced Russian oil with
volumes from further afield
These trade pattern changes are
expected to be durable and will
continue to benefit mid-size tanker
demand in 2023 and beyond
6
Russian Crude Oil
Exports (100% Lifted
on Aframax / Suezmax)
European Crude Oil
Imports (90% Delivered
on Aframax / Suezmax)
+39%
+12%
Source: Kpler
0
2
4
6
8
10
12
14
Aframax Suezmax VLCC
Year-on-Year
Growth
(%)
2022 Crude Tanker
Demand Growth (%)
Source: Clarksons
7. Oil Demand Set to
Reach Record High in
2023 Driven by China
As per the IEA, global oil demand is
expected to increase by 2.0 mb/d in
2023 to a record high of 101.9 mb/d
The end of China’s zero-COVID
policy is expected to lead to a more
rapid increase in Chinese oil demand
than previously expected, with China
accounting for around half of global oil
demand growth in 2023
Jet fuel demand is projected to grow
by 1.1 mb/d in 2023 as international
travel continues to open up, leading to
increased refinery crude throughput
Oil supply and demand look well
balanced in 1H-2023 but could turn to
a deficit in 2H-2023 as demand
accelerates, resulting in a potential
need for more OPEC+ supply
7
86
88
90
92
94
96
98
100
102
2019 2020 2021 2022 2023
MB/D
Global Oil Demand
12.0
12.5
13.0
13.5
14.0
14.5
15.0
15.5
16.0
16.5
17.0
MB/D
Chinese Oil Demand
Source: IEA
8. 8
Low Fleet Growth For
the Next 2-3 Years,
Tanker Fleet Utilization
Set to Remain High
0
10
20
30
40
50
60
70
Q1-18
Q3-18
Q1-19
Q3-19
Q1-20
Q3-20
Q1-21
Q3-21
Q1-22
Q3-22
Q1-23
Q3-23
Q1-24
Q3-24
Q1-25
Q3-25
No.
Ships
Tanker Delivery Schedule
Aframax Suezmax VLCC
Orderbook
Tanker fleet growth is set to slow
significantly over the next 2-3 years
due to a shrinking orderbook
• Tanker orderbook as a percentage
of the existing fleet is now below
4%, the lowest on record
Pace of new tanker orders remains
low with 8 mdwt of new tanker
orders placed in 2022, the lowest
since the mid-1990s
Shipyards are largely full until 2H-
2025 due to record levels of
containership and LNG carrier
orders over the past two years
Tanker demand is projected to
outstrip tanker fleet growth over the
medium term which should support
high levels of fleet utilization and
strong spot tanker rates
Source: Clarksons
Source: Clarksons (Tonne-Mile Growth);
Clarksons / Internal Estimates (Fleet Growth)
-2
-1
0
1
2
3
4
5
6
7
8
2021 2022E 2023E 2024E
%
Change
Y-o-y
Tanker Demand Set to Outstrip Fleet
Supply Growth in 2023 / 24
Tonne-Mile Demand Growth Fleet Supply Growth
9. 9
High Operating
Leverage Positions
TNK for Significant
Free Cash Flow
Generation
Prioritized balance sheet improvements
and value creation in 2022:
• FCF(1) generation of $318 million in
2022, of which the chartered-in portfolio
contributed $20 million
• Net debt(4) reduced by 41% Y-o-Y to
$345 million. Net debt to balance
sheet capitalization of 24%
as at December 31, 2022
For 2023, 51 vessels(5) (96% of the
fleet) trading in the spot market coupled
with positive fundamentals positions the
Company to generate significant cash
flows and to rapidly increase
shareholder value
• Based on Q4-22 avg spot rate,
annualized FCF(1) would be
approximately $20 per share resulting in
a FCF yield over 50%(2)
(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, other non-cash items, dry docking expenditures and other capital expenditures.
(2) Free Cash Flow (FCF) yield is calculated based on annualizing free cash flow for a given quarter divided by TNK’s closing share price on February 22, 2023 of $37.36.
(3) For 12 months ending December 31, 2023.
(4) Net debt is a non-GAAP financial measure and represents short-term, current and long-term debt and current and long-term obligations related to finance leases less cash and
cash equivalents and restricted cash.
(5) Includes one Aframax in-charter expected to be delivered by the end of Q1-23
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
$22.00
$24.00
$26.00
$28.00
Annualized
FCF
yield
Annual
FCF/Share
Average Mid-size Tanker Spot Rates
FCF Per Share Spot Rate Sensitivity Next 12 Months (1,2,3)
Q4-22 Avg Spot Rate
Q1-23 Avg to-date spot TCE
2022 Avg Spot Rate
11. 45 43 44 45 46
164
0
50
100
150
200
250
2023 2024 2025 2026 2027
$
Millions
Pro Forma Debt Repayment Profile(1,2,3)
Declared Sale Leaseback Purchase Options
11
Manageable Debt
Repayments
(1) Purchase options of $164 million is expected to be paid with cash by end Q1-23.
(2) Excludes working capital loan facility which is expected to be continually extended for periods of six months.
(3) Repayment profile based on current drawn amounts.
12. Fleet In-Charters
12
Newbuild Eco Aframax in-charter
delivered in January. The Vessel is
in-chartered for 7 years at $18,700
per day with multi-year extension
options
Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025
Suezmax Days 90 91 92 92 91 91 92 92 90 91
Suezmax Optional Days - - - - - - - - - -
Aframax/LR2 Optional Days 23 91 146 230 273 273 198 45 1 91
Aframax/LR2 Days 459 546 498 414 364 364 302 276 269 182
Aframax/LR2 Rate (incl. Options) 20,370 23,450 23,631 24,054 24,268 24,268 25,206 28,086 29,200 29,200
Suezmax Rate (incl. Options) 32,250 32,250 32,250 32,250 32,250 32,250 32,250 32,250 32,250 32,250
-
100
200
300
400
500
600
700
800
-
100
200
300
400
500
600
700
800
Ship
Days
Suezmax Days Suezmax Optional Days Aframax/LR2 Days Aframax/LR2 Optional Days
13. Fleet Out-Charters(1)
TNK entered into one Aframax out-
chartered for $48,500 per day for 12
months and one Suezmax out-
chartered for $38,475 per day for
21-26 months
(1) Based on existing charters excluding extension options and expected drydock / off-hire days noted on slide 17
13
Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025
Suezmax Optional Days - - - - - - 4 92 56 -
Suezmax Days 90 91 92 92 91 91 88 - - -
Aframax/LR2 Days 107 91 92 92 38 - - - - -
Aframax/LR2 Optional Days - - - - - - - - - -
Suezmax Rate (incl. Options) 38,475 38,475 38,475 38,475 38,475 38,475 38,475 38,475 38,475 -
Aframax/LR2 Rate (incl. Options) 32,822 48,500 48,500 48,500 48,500 - - - - -
-
20
40
60
80
100
120
-
20
40
60
80
100
120
Ship
Days
Suezmax Days Suezmax Optional Days Aframax/LR2 Days Aframax/LR2 Optional Days
14. Q1-23 Outlook
(1) Changes described are after adjusting Q4-22 for items included in Appendix A of Teekay Tankers’ Q4-22 Earnings Release and realized gains and losses on derivatives (see slide
16 of this earnings presentation for the Consolidated Adjusted Line Items for Q4-22).
(2) Net revenues is a non-GAAP financial measure. Please refer to the Teekay Tankers Q4-22 Earnings Release for a definition of this term. 14
Q4-22 in
thousands
adjusted basis(1)
Q1-23 Outlook(1)
Income Statement
Item
(expected changes from Q4-22)
Net revenues (2)
236,156
Increase of approximately 95 net revenue days, consisting of an increase of 100 fixed days and a decrease of
5 spot days, primarily due to four in-chartered tankers, three of which were delivered between December and
February and the other that is estimated to be delivered around mid-March, partially offset by fewer calendar
days and more off-hire days in Q1-23 compared to Q4-22.
Refer to Slide 5 for Q1-23 booked to-date spot tanker rates.
Refer to Slide 13 for a summary of fleet out-charter employment.
Vessel operating expenses (36,209) Increase of approximately $1 million, primarily due to the timing of maintenance activities.
Time-charter hire expenses (8,035)
Increase of approximately $5 million, primarily due to four in-chartered tankers, three of which were delivered
between December and February and the other that is estimated to be delivered around mid-March.
General and administrative expenses (10,942) Decrease of approximately $1 million, primarily due to the timing of expenditures.
15. Adjusted Net
Income(1)
Q4-22 vs Q3-22
(1) Refer to slide 16 for the Q4-22 reconciliations of non-GAAP financial measures to the most directly comparable financial measures under United States generally accepted
accounting principles (GAAP). For the Q3-22 reconciliation, please refer to the Q3-22 earnings presentation.
(2) Net revenues is a non-GAAP financial measure. Please refer to the Teekay Tankers Q4-22 Earnings Release for a definition of this term. 15
(In thousands of U.S. dollars)
Statement Item
Q4-2022
(unaudited)
Q3-2022
(unaudited)
Variance Comments
Revenues 368,145 279,766 88,379
Voyage expenses (131,989) (135,013) 3,024
Net revenues
(2)
236,156 144,753 91,403 Increase primarily due to higher overall spot TCE rates in Q4-22 and fewer scheduled dry
dockings and off-hire days in Q4-22, partially offset by the sale of one Aframax vessel in Q3-
22.
Vessel operating expenses (36,209) (35,983) (226)
Time-charter hire expenses (8,035) (7,236) (799)
Depreciation and amortization (24,459) (24,251) (208)
General and administrative expenses (10,942) (9,687) (1,255) Increase primarily due to the timing of expenditures.
Income from operations 156,511 67,596 88,915
Interest expense (9,291) (8,832) (459)
Interest income 920 216 704
Equity income 1,708 221 1,487 Increase in equity income due to higher earnings from the equity-accounted for VLCC primarily
as a result of higher realized spot rates in Q4-22.
Other income (expense) 566 (20) 586
Income tax expense (2,901) (1,270) (1,631) Increase in income tax expense primarily due to vessel trading activities and regular
assessment of tax positions.
Adjusted net income 147,513 57,911 89,602
16. Consolidated
Adjusted Statement of
Income
Q4-22
(In thousands of U.S. dollars)
16
(1) Please refer to Appendix A in Teekay Tankers Q4-22 Earnings Release for a description of Appendix A items.
(2) Net revenues is a non-GAAP financial measure. Please refer to the Teekay Tankers Q4-22 Earnings Release for a definition of this term
Statement Item As Reported Appendix A
Items (1)
Reclassification for
Realized Gain/
Loss on Derivatives
As Adjusted
Revenues 367,318 - 827 368,145
Voyage expenses (131,989) - - (131,989)
Net revenues (2) 235,329 - 827 236,156
Vessel operating expenses (36,209) - - (36,209)
Time-charter hire expenses (8,035) - - (8,035)
Depreciation and amortization (24,459) - - (24,459)
General and administrative expenses (10,942) - - (10,942)
Restructuring charges (1,409) 1,409 - -
Income from operations 154,275 1,409 827 156,511
Interest expense (9,666) - 375 (9,291)
Interest income 920 - - 920
Realized and unrealized gain on derivative instruments 581 621 (1,202) -
Equity income 1,708 - - 1,708
Other (expense) income (490) 1,056 - 566
Income tax expense (901) (2,000) - (2,901)
Net income 146,427 1,086 - 147,513
17. Drydock & Off-hire
Schedule(1)(2)(3)
17
(1) Includes vessels scheduled for drydocking, ballast water treatment system installation, and an estimate of unscheduled off-hire.
(2) In the case that a vessel drydock & off-hire straddles between quarters, the drydock has been allocated to the quarter in which majority of drydock days occur.
(3) Vessel count only reflects the vessels with drydock and/or ballast water treatment system installation related off-hire.
Teekay Tankers December 31, 2022 (A) March 31, 2023 (E) June 30, 2023 (E) September 30, 2023 (E) December 31, 2023 (E) Total 2023 (E)
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 2 89 - - 1 35 6 210 - - 7 245
Fixed-Rate Tanker - - - - - - - - - - - -
Other - Unplanned Offhire - 11 - 136 - 52 - 51 - 51 - 290
2 100 - 136 1 87 6 261 - 51 7 535