- 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 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 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 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 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 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 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 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 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 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 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 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.
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 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 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 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 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 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 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 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 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 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 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 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 Corp group presentation September 2013TradeWindsnews
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
Teekay Corporation is a leading provider of marine services to the global oil and gas industry. It has a fleet of over 170 vessels across its business segments of offshore, liquefied gas, and tankers. The presentation discusses trends supporting continued growth in the offshore and liquefied natural gas markets. It also outlines Teekay's diversified business model and significant forward fixed contracts of over $15 billion. Teekay has been pursuing a strategy of growing its daughter companies like Teekay LNG and Teekay Offshore through organic projects and dropdown acquisitions, which benefit Teekay Corporation through increasing cash distributions.
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 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 Offshore Partners L.P. Q4-2015 Earnings and Business Outlook PresentationAltera Infrastructure
Teekay Offshore Partners provides a presentation on its Q4-2015 earnings and business outlook. It generated $172.9 million in cash flow from vessel operations in Q4-2015, up 19% from Q3-2015. It temporarily reduced its quarterly cash distribution to $0.11 per unit to fund growth projects. The presentation outlines the company's financial results in 2015, growth projects completed, diversified portfolio of contracted revenues, forecasted cash flows for 2016-2017, and alternatives to address remaining funding needs such as debt financing and asset sales. It also discusses opportunities in the floating production, storage and offloading vessel market as new oilfield development is expected to increase.
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.
Similar to Teekay Tankers Q2-23 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 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 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 financial results for Q1-2018 and provided an outlook for Q2-2018. Key points include:
- Generated $22.3 million in cash flow from vessel operations and an adjusted net loss of $22.0 million in Q1-2018.
- Signed a term sheet for a sale-leaseback of 7 tankers expected to improve liquidity by $36 million.
- Spot tanker rates were at cyclical lows in Q1-2018 but fundamentals point to improved rates in late 2018/2019 as fleet growth slows and oil demand increases.
- Q2-2018 is expected to see higher revenues from more operating days and a rise in expenses,
- Teekay Tankers reported an adjusted net loss of $5.9 million for Q4-2017 and generated $32.1 million in cash flow from vessel operations.
- In Q4-2017, Teekay Tankers completed a strategic merger with Tanker Investments Ltd, increasing its fleet by 18 vessels, and completed a $270 million debt refinancing for 14 former-TIL vessels.
- While tanker rates are currently at cyclical lows, fundamentals including slowing fleet growth and rebalancing of the oil market signal a tanker market recovery in late-2018.
Teekay Tankers reported 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.
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.
7 Ways to Verify the Legitimacy of DHS Ventures with Fernando Aguirre Guidanc...Fernando Aguirre DHS
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2. This presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended. All statements included in this report, other than statements of historical fact, are forward-looking statements.
When used in this report, the words "expect", "believe", "anticipate", "plan", "intend", "estimate", "may", "will" or similar words are intended to identify forward-
looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are
qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date hereof and are based on
current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such forward-looking
statements. Forward-looking statements contained in this release include, among others, statements regarding: the funding and expecting timing of the
Company's repurchase of certain vessels following exercise of related purchase options; management's expectations regarding oil demand growth and the
various contributing factors thereto (including seasonal demand) and impact thereof; management's view of the strength of the tanker market and the tanker rate
environment, and the Company's ability to continue to benefit from strong spot tanker rates, generate significant free cash flow and create shareholder value;
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; forecasted changes in global oil supply and the factors contributing thereto; 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 and
the timing thereof, and the Company’s general outlook on tanker supply and demand fundamentals (including the durability of existing conditions); the Company's
expectations regarding tanker charter contracts, including the timing of commencement, expiry or extensions thereof; the impact of the invasion of Ukraine by
Russia on the economy, our industry and our business, including as a result of sanctions and import and other restrictions, and the expected durability of
resulting changing trade patterns; management’s expectation regarding free cash flow and other financial statement items; the occurrence and timing of the
extension or repayment of existing credit facilities; anticipated drydock, equipment installation and off-hire schedules; and the Company's liquidity and market
position.
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: potential changes to or termination of the Company's capital allocation plan or
dividend policy; the declaration by the Company's Board of Directors of any future cash dividends on the Company's common shares; the Company's available
cash and the levels of its capital needs; changes in the Company's liquidity and financial leverage; 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 affecting overall
vessel tonnage requirements; non-OPEC+ and OPEC+ production and supply levels; the status of Russia's invasion of Ukraine and related sanctions, and import
and other 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; delays of vessel deliveries or whether repurchases of vessels upon the exercise of purchase options under sale-leaseback arrangements close when
expected, if at all; 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, 2022. 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 Market Activity
Total adjusted EBITDA(1) of $184.5 million, compared to
$58.4 million in Q2-22
Adjusted net income(1) of $149.4 million, or $4.38 per
share, compared to $25.7 million, or $0.76 per share, in
Q2-22
For every $5,000 above TNK’s FCF(2) breakeven of
approximately $16,000 per day, expected to generate
$2.60(3) of annual FCF per share
• Generated $170.1 million of FCF(2) in Q2-23
Declared fixed quarterly dividend of $0.25 per share
Notice given to exercise purchase options on four sale-
leaseback vessels for $57.2 million
Spot tanker rates remained very firm in Q2-23 driven by
strong Chinese and Indian crude oil imports and firm
crude oil exports from Russia and the United States
Q3 to-date spot tanker rates are following normal
seasonal patterns, well above historical averages
Extended two chartered-in vessels for an additional 12
months each at an average rate of $20,600 per day;
total of eight vessels chartered-in at an average rate of
$25,000 per day
(1) These are non-GAAP financial measures. Please see Teekay Tankers’ Q2-23 earnings release for definitions and reconciliations to the comparable GAAP measures.
(2) 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.
(3) Annualized FCF for 12 months ending June 30, 2024 assuming 51 vessels continue to operate in the spot market.
4. 4
Spot Rates Averaging
Well Above Historical
Levels
Spot tanker rates remained very
strong during Q2-23:
• Crude oil imports into India and China
at a record high
• Russian crude oil exports rose to a 3-
year high with volumes primarily
moving long-haul to India and China
• Firm US Gulf crude oil exports
Spot rates are following normal
seasonality during Q3, but are
averaging much higher than in prior
market cycles
Firm winter market expected due to
rising oil demand in 2H-2023 and
typical seasonality
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
$
per
Day
TNK Quarterly Spot Rates (Average of Aframax and Suezmax Rates)
TNK Quarterly Spot Rates Historical Q3 Spot Rates
5. 33,200 36,600
57,600
50,100
42,800
48,300
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Suezmax Aframax / LR2
Rate
($/day)
Spot Rates
Q3-2022 Q2-2023 Q3-2023 To-Date
Q3-23 To-Date Spot
Rates
Extended period for two charter-in
vessels. Currently eight vessels
chartered-in at an average of
$25,000 per day, mark-to-market
value of approximately $64 million(2)
Suezmax Aframax / LR2(1)
Q3-23 spot ship days
available
2,143 2,252
Q3-23 % spot ship
days booked to-date
48% 44%
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 on July 28, 2023, multiplied by the remaining days of each charter-in, including extension options on three Aframaxes in 2023.
6. Tanker Demand and
Supply Fundamentals
Remain Strong
Positive outlook for the next 2-3
years is driven by durable supply
and demand fundamentals
6
Oil Supply / Demand Voyage Distances Fleet Supply
• Global oil demand set to reach a
record high of 102.1 mb/d in
2023 (+2.2 mb/d y-o-y)
• Oil demand projected to grow by
a further 1.2 mb/d in 2024
• Rising non-OPEC+ supply from
Atlantic basin producers positive
for tonne-mile demand
86
88
90
92
94
96
98
100
102
104
2019 2020 2021 2022 2023 2024
MB/D
Source: IEA
Global Oil Demand
• Around 90% of Russian crude
oil exports are moving long-haul
to India and China
• Average Aframax / Suezmax
voyage distance up by 14%
since the start of 2022
• Trade pattern changes are
expected to be durable
• Tanker orderbook as a % of the
existing fleet remains below 5%
despite recent tanker orders
• Shipyard capacity for 2025 is
now virtually sold out
• 2% tanker fleet growth projected
in 2023 falling to near 0% levels
in both 2024 and 2025
10.0
10.5
11.0
11.5
12.0
12.5
13.0
‘000
Nautical
Miles Source: Kpler
Avg. Voyage Length*
*Aframax and Suezmax (laden + ballast)
0%
1%
2%
3%
4%
5%
6%
7%
%
Fleet
Growth
Source: Clarksons / Internal Estimates
Tanker Fleet Growth
7. 7
Continuing to Create
Significant Shareholder
Value
96% of the 53-vessel fleet trading in
the strong spot market
• Last four quarters, generated $17.62
per share of FCF(1)
• Based on Q2-23 average realized
spot rates, annualized FCF(1)(3)
forecast to be more than $19.00 per
share resulting in a FCF yield over
45%(2)
Strong cash flows rapidly increasing
shareholder value
Q2-23 net debt decreased from prior
quarter by $153 million to $28.5
million
(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 August 02, 2023 of $43.21.
(3) For 12 months ending June 30, 2024 assuming 51 vessels operating in the spot market.
0%
10%
20%
30%
40%
50%
60%
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
Annualized
FCF
Yield
Annual
FCF/Share
FCF Per Share Spot Rate Sensitivity Next 12 Months (1,2,3)
Average Mid-size Tanker Spot Rates
Q2-23 Avg Spot Rate
Last 12-Month Avg Spot Rate
9. 12
21 21 21 21
57
0
50
100
Remaining 6 months of
2023
2024 2025 2026 2027
$
Millions
Debt Repayment Profile(1)
Declared Sale Leaseback Purchase Options Scheduled Repayments incl. Capital Leases
9
Debt Repayment
Profile
(1) Repayment profile based on current drawn amounts.
(2) Purchase options totaling $57.2 million are expected to be paid with cash balances by end Q3-23.
(2)
12. Q3-23 Outlook
(1) Changes described are after adjusting Q2-23 for items included in Appendix A of Teekay Tankers’ Q2-23 Earnings Release and realized gains and losses on derivatives (see slide
14 of this earnings presentation for the Consolidated Adjusted Line Items for Q2-23).
(2) Net revenues is a non-GAAP financial measure. Please refer to the Teekay Tankers Q2-23 Earnings Release for a definition and reconciliation of this term. 12
Q2-23 in
thousands
adjusted basis(1)
Q3-23 Outlook(1)
Income Statement
Item
(expected changes from Q2-23)
Net revenues (2)
252,564
Decrease of approximately 50 spot market revenue days, primarily due to more scheduled dry dockings in
Q3-23, partially offset by more calendar days in Q3-23 compared to Q2-23.
Refer to Slide 5 for Q3-23 booked to-date spot tanker rates.
Refer to Slide 11 for a summary of fleet out-charter employment.
Time-charter hire expenses (18,691)
Increase of approximately $1 million, primarily due to an increase in hire rates resulting from the exercise of
extension options for two in-chartered tankers during Q3-23, more calendar days in Q3-23 compared to Q2-
23, as well as fewer expected off-hire days from our in-chartered tankers during Q3-23.
Income tax expense (8,121) Decrease of approximately $2 million due to vessel trading activities and regular assessment of tax positions.
13. Adjusted Net
Income(1)
Q2-23 vs Q1-23
(1) Refer to slide 14 for the Q2-23 reconciliations of non-GAAP financial measures to the most directly comparable financial measures under United States generally accepted
accounting principles (GAAP). For the Q1-23 reconciliation, please refer to the Q1-23 earnings presentation.
(2) Net revenues is a non-GAAP financial measure. Please refer to the Teekay Tankers Q2-23 Earnings Release for a definition and reconciliation of this term. 13
(In thousands of U.S. dollars)
Statement Item
Q2-2023
(unaudited)
Q1-2023
(unaudited)
Variance Comments
Revenues 370,646 394,647 (24,001)
Voyage expenses (118,082) (124,187) 6,105
Net revenues
(2)
252,564 270,460 (17,896) Decrease primarily due to lower overall spot TCE rates in Q2-23, partially offset by a full quarter
of operation for three chartered-in vessels that were delivered to us during Q1-23.
Vessel operating expenses (37,800) (38,182) 382
Time-charter hire expenses (18,691) (12,945) (5,746) Increase primarily due to a full quarter of operation for three chartered-in vessels that were
delivered to us during Q1-23, as well as the return of one chartered-in vessel that was off-hire for
dry dock during Q1-23.
Depreciation and amortization (24,384) (23,975) (409)
General and administrative expenses (12,118) (12,269) 151
Income from operations 159,571 183,089 (23,518)
Interest expense (5,450) (9,228) 3,778 Decrease primarily due to lower interest payments related to the repurchase of nine sale-
leaseback vessels during Q1-23 and the repurchase of another six sale-leaseback vessels
during Q2-23.
Interest income 1,771 2,230 (459)
Equity income 1,120 1,130 (10)
Other income (expense) 547 (21) 568
Income tax expense (8,121) (2,282) (5,839) Increase in income tax expense primarily due to vessel trading activities and regular assessment
of tax positions.
Adjusted net income 149,438 174,918 (25,480)
14. Consolidated
Adjusted Statement of
Income
Q2-23
(In thousands of U.S. dollars)
14
(1) Please refer to Appendix A in Teekay Tankers Q2-23 Earnings Release for a description of Appendix A items.
(2) Net revenues is a non-GAAP financial measure. Please refer to the Teekay Tankers Q2-23 Earnings Release for a definition and reconciliation of this
term.
Statement Item As Reported Appendix A
Items (1)
Reclassification for
Realized Gain/
Loss on Derivatives
As Adjusted
Revenues 370,646 - - 370,646
Voyage expenses (118,082) - - (118,082)
Net revenues (2) 252,564 - - 252,564
Vessel operating expenses (37,800) - - (37,800)
Time-charter hire expenses (18,691) - - (18,691)
Depreciation and amortization (24,384) - - (24,384)
General and administrative expenses (12,118) - - (12,118)
Income from operations 159,571 - - 159,571
Interest expense (5,907) - 457 (5,450)
Interest income 1,771 - - 1,771
Realized and unrealized gain on derivative instruments 547 (90) (457) -
Equity income 1,120 - - 1,120
Other income 2,262 (1,715) - 547
Income tax expense (8,121) - - (8,121)
Net income 151,243 (1,805) - 149,438
15. Drydock & Off-hire
Schedule(1)(2)(3)
15
(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 March 31, 2023 (A) June 30, 2023 (A) 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
Spot Tanker - 13 1 54 5 180 1 30 7 277
Fixed-Rate Tanker - - - - - - - - - -
Other - Unplanned Offhire - 119 - 51 - 26 - 51 - 247
- 132 1 105 5 206 1 81 7 524