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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Teekay Tankers Ltd | NYSE:TNK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.83 | 4.66% | 63.54 | 63.55 | 60.60 | 60.98 | 459,480 | 21:01:23 |
|
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
|
Form 20-F
ý
Form 40-F
¨
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).
|
Yes
¨
No
ý
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).
|
Yes
¨
No
ý
|
|
|
TEEKAY TANKERS LTD.
|
||
|
|
||
Date: February 24, 2017
|
By:
|
|
/s/ Vincent Lok
|
|
|
|
Vincent Lok
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
|
•
|
Reported GAAP net income of
$6.8 million
, or
$0.04
per share, and adjusted net income attributable to shareholders
(1)
of
$5.1 million
, or
$0.03
per share, in the
fourth
quarter of 2016.
|
•
|
Generated free cash flow
(1)
of
$34.2 million
in the
fourth
quarter of
2016
.
|
•
|
Declared cash dividend of $0.03 per share for the
fourth
quarter of
2016
, representing the minimum quarterly dividend.
|
•
|
Completed the sale of a Medium-Range (
MR
) product tanker and an older Suezmax tanker in November 2016 and January 2017, respectively, with one older Suezmax tanker sale scheduled to be completed in late-February 2017.
|
•
|
Since October 2016, secured three time charter-out contracts, increasing Teekay Tankers' fixed-rate charter coverage to approximately 40 percent for the 12 months ending December 31, 2017.
|
|
Three Months Ended
|
Year Ended
|
||||||||||||
(in thousands of U.S. dollars, except per share data)
|
December 31, 2016
|
September 30, 2016
|
December 31, 2015
|
December 31, 2016
|
|
December 31, 2015
|
||||||||
GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
|
|
|
|
|||||
Total revenues
|
117,704
|
|
|
104,621
|
|
|
168,986
|
|
|
526,896
|
|
|
514,193
|
|
Net income (loss)
|
6,846
|
|
|
(5,457
|
)
|
|
53,559
|
|
|
62,855
|
|
|
179,635
|
|
Earnings (loss) per share
|
0.04
|
|
|
(0.03
|
)
|
|
0.34
|
|
|
0.40
|
|
|
1.36
|
|
Weighted average number of common shares - basic
|
156,712,832
|
|
|
156,284,136
|
|
|
154,477,604
|
|
|
156,323,348
|
|
|
130,136,228
|
|
NON-GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
|
|
|
|
|||||
Adjusted net income
(loss) attributable to shareholders
(1)
|
5,104
|
|
|
(1,475
|
)
|
|
48,542
|
|
|
81,187
|
|
|
169,095
|
|
Adjusted net income (loss) per share attributable to shareholders
(1)
|
0.03
|
|
|
(0.01
|
)
|
|
0.31
|
|
|
0.52
|
|
|
1.29
|
|
Free cash flow
(1)
|
34,207
|
|
|
26,640
|
|
|
74,017
|
|
|
186,665
|
|
|
244,285
|
|
|
|
|
|
•
|
Heavy refinery maintenance programs in the U.S. Gulf through the first quarter of 2017, and a heavy spring maintenance period expected in Asia;
|
•
|
Fewer weather-related delays in key transit areas, including the Turkish Straits;
|
•
|
Firming oil prices as a result of recent OPEC cuts have increased bunker fuel costs for shipowners and prompted crude inventory drawdowns; and
|
•
|
Higher tanker fleet growth: six Suezmax tankers and nine Aframax tankers have delivered in 2017 to-date (compared to one and nine in 2016, respectively)
|
|
|
|
Three Months Ended
|
|||||||||
|
December 31, 2016
(i)
|
September 30,
2016
(i)
|
December 31, 2015
(i)
|
|||||||
Time Charter-Out Fleet
|
|
|
|
|
|
|
||||
Suezmax revenue days
|
390
|
|
|
268
|
|
|
350
|
|
|
|
Suezmax TCE per revenue day
|
$27,825
|
|
$26,675
|
|
|
$28,035
|
|
|
||
Aframax revenue days
|
540
|
|
|
568
|
|
|
645
|
|
|
|
Aframax TCE per revenue day
|
$23,132
|
|
$23,282
|
|
$20,409
|
|
||||
LR2 revenue days
|
247
|
|
|
97
|
|
|
92
|
|
|
|
LR2 TCE per revenue day
|
$19,532
|
|
$25,228
|
|
|
$25,721
|
|
|
||
|
|
|
|
|
|
|
||||
Spot Fleet
|
|
|
|
|
|
|
||||
Suezmax revenue days
|
1,573
|
|
|
1,742
|
|
|
1,415
|
|
|
|
Suezmax spot TCE per revenue day
(ii)
|
$22,422
|
|
$17,603
|
|
$41,933
|
|
||||
Aframax revenue days
|
1,240
|
|
|
1,111
|
|
|
1,412
|
|
|
|
Aframax spot TCE per revenue day
(iii)
|
$17,542
|
|
$14,894
|
|
$32,412
|
|
||||
LR2 revenue days
|
460
|
|
|
705
|
|
|
522
|
|
|
|
LR2 spot TCE per revenue day
|
$13,885
|
|
$15,384
|
|
$26,468
|
|
||||
MR revenue days
|
48
|
|
|
123
|
|
|
233
|
|
|
|
MR spot TCE per revenue day
|
$11,954
|
|
$12,224
|
|
$19,391
|
|
||||
|
|
|
|
|
|
|
||||
Total Fleet
|
|
|
|
|
|
|
||||
Suezmax revenue days
|
1,963
|
|
|
2,010
|
|
|
1,765
|
|
|
|
Suezmax TCE per revenue day
|
$23,495
|
|
$18,811
|
|
$39,178
|
|
||||
Aframax revenue days
|
1,780
|
|
|
1,679
|
|
|
2,057
|
|
|
|
Aframax TCE per revenue day
|
$19,238
|
|
$17,732
|
|
$28,654
|
|
||||
LR2 revenue days
|
707
|
|
|
802
|
|
|
614
|
|
|
|
LR2 TCE per revenue day
|
$15,857
|
|
$16,575
|
|
$26,356
|
|
||||
MR revenue days
|
48
|
|
|
123
|
|
|
233
|
|
|
|
MR TCE per revenue day
|
$11,954
|
|
$12,224
|
|
$19,391
|
|
(i)
|
The TCE rates in the table above include the results of the acquisition of the two conventional tankers from Teekay Offshore Partners L.P. (
Teekay Offshore
) from the date of their acquisition in December 2015.
|
(ii)
|
Includes vessels trading in the Teekay Suezmax RSA, Gemini Suezmax pool and non-pool voyage charters.
|
(iii)
|
Includes vessels trading in the Teekay Aframax pools, non-pool voyage charters and full service lightering voyages.
|
|
|
|
Owned Vessels
|
Chartered-in Vessels
|
Total
|
Fixed-rate:
|
|
|
|
Suezmax Tankers
|
5
|
—
|
5
|
Aframax Tankers
|
6
|
—
|
6
|
LR2 Product Tankers
(i)
|
2
|
1
|
3
|
VLCC Tanker
(ii)
|
1
|
—
|
1
|
Total Fixed-Rate Fleet
|
14
|
1
|
15
|
Spot-rate:
|
|
|
|
Suezmax Tankers
|
15
|
—
|
15
|
Aframax Tankers
(iii)
|
8
|
6
|
14
|
LR2 Product Tankers
|
5
|
—
|
5
|
MR Product Tankers
|
—
|
—
|
—
|
Total Spot Fleet
|
28
|
6
|
34
|
STS Support Vessels
|
4
|
3
|
7
|
Total Teekay Tankers Fleet
|
46
|
10
|
56
|
(i)
|
Includes one Long Range 2 (
LR2
) product tanker with a charter-in contract that is scheduled to expire in May 2017.
|
(ii)
|
The Company’s ownership interest in this vessel is 50 percent.
|
(iii)
|
Includes six Aframax tankers with charter-in contracts that are scheduled to expire between April 2017 and March 2021; three of these charter-in vessel contracts include options to extend.
|
•
|
By dialing (866) 233-4566 or (416) 642-5210, if outside of North America, and quoting conference ID code 2958609.
|
•
|
By accessing the webcast, which will be available on Teekay Tankers’ website at
www.teekay.com
(the archive will remain on the website for a period of 30 days).
|
|
|
|
|
|
|
|
|
(1)
|
The Company acquired two vessels on December 18, 2015 from Teekay Offshore, which is controlled by Teekay Corporation. Results for the two conventional tankers for the periods prior to their acquisitions by the Company when they were owned and operating under the control of Teekay Corporation, are referred to as the
Entities under Common Control
and periods prior to their acquisitions have been recast to include their results in accordance with Common Control accounting as required under GAAP. The Entities under Common Control amounts included in the financial results are summarized for the respective periods in
Appendix A
. The amounts related to the Entities under Common Control impact only the accounting for the periods prior to the dates the vessels were acquired by the Company, and therefore have no effect on the adjusted net income (loss) attributable to the shareholders or free cash flow of the Company for any period.
|
(2)
|
Voyage charter revenues include revenues earned from full service lightering activities. Voyage expenses include certain costs associated with full service lightering activities which include: short-term in-charter expenses, bunker fuel expenses and other port expenses totaling $11.1 million, $8.5 million and $4.3 million for the three months ended December 31, 2016, September 30, 2016 and December 31, 2015, respectively, and $34.9 million and $5.7 million for the year ended December 31, 2016 and 2015, respectively.
|
(3)
|
Other revenues include lightering support and LNG services revenue, in-process revenue contract amortization and the associated 100 percent reimbursement of the
Hugli Spirit
redundancy cost from a customer. During the year ended December 31, 2015, the Company incurred $4.7 million of restructuring charges, of which $4.4 million related to customer-funded redundancy costs in connection with the termination of Australian seafarers of the
Hugli Spirit
upon the completion of the contract with its customer during the three months ended March 31, 2015.
|
(4)
|
In November 2016, the Company agreed to sell two Suezmax tankers, the
Ganges Spirit
and the
Yamuna Spirit
for aggregate proceeds of $33.8 million, resulting in the recognition of a write-down of $6.3 million in the three months ended December 31, 2016. The Company also completed the sale of the
Hugli Spirit
MR product tanker for $13.2 million in the fourth quarter of 2016. The vessel was previously written down to its sales price in the third quarter of 2016 resulting in the recognition of a write-down of $7.8 million in the year ended December 31, 2016. In August 2016, the Company completed the sale of the
Teesta Spirit
MR product tanker for $14.0 million. The vessel was previously written down to its sales price in the second quarter of 2016 resulting in the recognition of write-down of $6.4 million in the year ended December 31, 2016.
|
(5)
|
Includes realized losses relating to interest rate swaps that relate to amounts actually paid by the Company of $0.7 million, $1.2 million and $2.4 million for the three months ended December 31, 2016, September 30, 2016 and December 31, 2015, respectively, and $12.8 million and $9.8 million for the year ended December 31, 2016 and December 31, 2015, respectively. This is partially offset by realized gains relating to a time-charter swap agreement of $0.9 million and $1.1 million for the three months ended December 31, 2016 and September 30, 2016, respectively, and $2.2 million for the year ended December 31, 2016.
|
(6)
|
Included in equity income are the Company’s proportionate share of earnings from its investment in TIL, which owned 18 conventional tankers as at December 31, 2016, its 50 percent interest in the High-Q joint venture (
High-Q
), which owns one VLCC tanker, and its 50 percent interest in Teekay Tanker Operations Ltd (
TTOL
), which owns Teekay Corporation’s conventional tanker commercial and technical management operations.
|
|
|
Three Months Ended
|
Year Ended
|
|||||||||||||
|
|
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||
|
|
2016
|
2016
|
2015
|
2016
|
2015
|
||||||||||
High-Q Joint Venture
|
934
|
|
|
894
|
|
|
1,182
|
|
|
4,359
|
|
|
3,218
|
|
|
|
Tanker Investments Ltd.
|
334
|
|
|
(325
|
)
|
|
2,783
|
|
|
3,515
|
|
|
7,280
|
|
|
|
Teekay Tanker Operations Ltd.
|
2,234
|
|
|
476
|
|
|
1,515
|
|
|
5,227
|
|
|
3,913
|
|
|
|
Total equity income
|
3,502
|
|
|
1,045
|
|
|
5,480
|
|
|
13,101
|
|
|
14,411
|
|
|
|
|
|
As at
|
As at
|
As at
|
||||||
|
December 31,
|
September 30,
|
December 31,
|
||||||
|
2016
|
2016
|
2015
|
||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||
ASSETS
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
68,108
|
|
|
59,237
|
|
|
96,417
|
|
|
Restricted cash
|
750
|
|
|
1,000
|
|
|
870
|
|
|
Pool receivable from affiliates
|
24,598
|
|
|
14,073
|
|
|
62,735
|
|
|
Accounts receivable
|
30,247
|
|
|
25,245
|
|
|
28,313
|
|
|
Vessels held for sale
|
33,802
|
|
|
13,151
|
|
|
—
|
|
|
Due from affiliates
|
41,420
|
|
|
52,501
|
|
|
67,159
|
|
|
Current portion of derivative asset
|
875
|
|
|
1,554
|
|
|
—
|
|
|
Prepaid expenses
|
15,684
|
|
|
20,053
|
|
|
24,320
|
|
|
Vessels and equipment - net
|
1,605,372
|
|
|
1,664,859
|
|
|
1,767,925
|
|
|
Investment in and advances to equity accounted
|
|
|
|
|
|
|
|
|
|
investments
|
81,273
|
|
|
78,771
|
|
|
86,808
|
|
|
Derivative assets
|
4,538
|
|
|
717
|
|
|
5,164
|
|
|
Intangible assets - net
|
17,658
|
|
|
18,491
|
|
|
29,619
|
|
|
Goodwill
|
8,059
|
|
|
8,059
|
|
|
—
|
|
|
Other non-current assets
|
41
|
|
|
73
|
|
|
146
|
|
|
Total assets
|
1,932,425
|
|
|
1,957,784
|
|
|
2,169,476
|
|
|
|
|
|
|
|
|
|
|||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|||
Accounts payable and accrued liabilities
|
39,489
|
|
|
36,117
|
|
|
78,746
|
|
|
Current portion of long-term debt
|
171,019
|
|
|
155,690
|
|
|
174,047
|
|
|
Current portion of derivative liabilities
|
1,108
|
|
|
1,861
|
|
|
6,330
|
|
|
Current portion of in-process revenue contracts
|
—
|
|
|
—
|
|
|
1,223
|
|
|
Deferred revenue
|
4,394
|
|
|
1,955
|
|
|
2,676
|
|
|
Due to affiliates
|
20,912
|
|
|
26,470
|
|
|
26,630
|
|
|
Long-term debt
|
761,997
|
|
|
810,961
|
|
|
990,558
|
|
|
Other long-term liabilities
|
12,882
|
|
|
14,056
|
|
|
11,805
|
|
|
Equity
|
920,624
|
|
|
910,674
|
|
|
877,461
|
|
|
Total liabilities and equity
|
1,932,425
|
|
|
1,957,784
|
|
|
2,169,476
|
|
|
|
|
|
|
Year Ended
|
|||||
|
|
December 31,
|
December 31,
|
||||
|
|
2016
|
2015
|
||||
|
|
(unaudited)
|
(unaudited)
(1)
|
||||
Cash and cash equivalents provided by (used for)
|
|
|
|
|
|||
OPERATING ACTIVITIES
|
|
|
|
|
|
||
Net operating cash flow
|
209,976
|
|
|
166,789
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Proceeds from long-term debt, net of issuance costs
|
906,149
|
|
|
688,695
|
|
|
|
Repayments of long-term debt
|
(162,092
|
)
|
|
(40,029
|
)
|
|
|
Prepayment of long-term debt
|
(979,877
|
)
|
|
(191,592
|
)
|
|
|
Repayment of long-term debt of Entities under Common Control
|
—
|
|
|
(4,632
|
)
|
|
|
Net advances to affiliates
|
—
|
|
|
(825
|
)
|
|
|
Acquisition of SPT Explorer and Navigator Spirit
|
—
|
|
|
(31,870
|
)
|
|
|
Equity contribution from Teekay Corporation to Entities under Common Control
|
—
|
|
|
1,928
|
|
|
|
Cash dividends paid
|
(46,847
|
)
|
|
(15,139
|
)
|
|
|
Proceeds from equity offerings, net of offering costs
|
7,558
|
|
|
242,264
|
|
|
|
Net financing cash flow
|
(275,109
|
)
|
|
648,800
|
|
|
|
|
|
|
|
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Net proceeds from sale of vessels
|
27,550
|
|
|
11,080
|
|
|
|
Expenditures for vessels and equipment
|
(9,226
|
)
|
|
(236,229
|
)
|
|
|
Expenditures for Principal Maritime vessel acquisitions
|
—
|
|
|
(612,000
|
)
|
|
|
Return of capital from (investment in) Teekay Tankers Operations Ltd.
|
15,000
|
|
|
(239
|
)
|
|
|
Loan repayments from High-Q
|
3,500
|
|
|
1,000
|
|
|
|
Acquisition of SPT
|
—
|
|
|
(45,581
|
)
|
|
|
Net investing cash flow
|
36,824
|
|
|
(881,969
|
)
|
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
(28,309
|
)
|
|
(66,380
|
)
|
|
|
Cash and cash equivalents, beginning of the year
|
96,417
|
|
|
162,797
|
|
|
|
Cash and cash equivalents, end of the year
|
68,108
|
|
|
96,417
|
|
|
(1)
|
In accordance with GAAP, the statements of cash flow for the year ended December 31, 2015 include the Entities under Common Control results for the two vessels acquired from Teekay Offshore in December 2015 to reflect the ownership of the vessels from the time they were owned and operating under the control of Teekay Corporation. Any amounts related to the Entities under Common Control impact only the accounting for the periods prior to the dates the vessels were acquired by the Company, and therefore have no effect on the adjusted net income (loss) attributable to the shareholders or free cash flow of the Company for any period.
|
|
|
|
|
|
Three Months Ended
|
|||||||||
|
|
|
December 31, 2016
|
|
December 31, 2015
|
|
||||||
|
|
|
(unaudited)
|
|
(unaudited)
|
|
||||||
|
|
|
$
|
$ Per Share
(1)
|
|
$
|
$ Per Share
(1)
|
|
||||
Net income - GAAP basis
|
6,846
|
|
|
$0.04
|
|
53,559
|
|
|
$0.35
|
|
||
Subtract:
|
|
|
|
|
|
|
|
|
|
|
||
|
Net income attributable to the Entities under Common Control
(2)
|
—
|
|
|
—
|
|
(1,072
|
)
|
|
($0.01)
|
|
|
Net income attributable to shareholders of Teekay Tankers
|
6,846
|
|
|
$0.04
|
|
52,487
|
|
|
$0.34
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Add (subtract) specific items affecting net income:
|
|
|
|
|
|
|
|
|
|
|
||
|
Loss (gain) on sale of vessels
(3)
|
6,271
|
|
|
$0.04
|
|
(771
|
)
|
|
($0.01)
|
|
|
|
Unrealized gain on derivative instruments
(4)
|
(6,658
|
)
|
|
($0.04)
|
|
(2,896
|
)
|
|
($0.02)
|
|
|
|
Other
(5)
|
(1,355
|
)
|
|
($0.01)
|
|
(278
|
)
|
|
—
|
|
|
Total adjustments
|
(1,742
|
)
|
|
($0.01)
|
|
(3,945
|
)
|
|
($0.03)
|
|
||
Adjusted net income attributable to shareholders of Teekay
|
|
|
|
|
|
|
|
|
|
|
||
|
Tankers
|
5,104
|
|
|
$0.03
|
|
48,542
|
|
|
$0.31
|
|
|
|
|
Year Ended
|
|||||||||
|
|
|
December 31, 2016
|
|
December 31, 2015
|
|
||||||
|
|
|
(unaudited)
|
|
(unaudited)
|
|
||||||
|
|
|
$
|
$ Per Share
(1)
|
|
$
|
$ Per Share
(1)
|
|
||||
Net income - GAAP basis
|
62,855
|
|
|
$0.40
|
|
179,635
|
|
|
$1.37
|
|
||
Subtract:
|
|
|
|
|
|
|
|
|
||||
|
Net income attributable to the Entities under Common Control
(2)
|
—
|
|
|
—
|
|
(2,708
|
)
|
|
($0.02)
|
|
|
Net income attributable to shareholders of Teekay Tankers
|
62,855
|
|
|
$0.40
|
|
176,927
|
|
|
$1.35
|
|
||
|
|
|
|
|
|
|
|
|
|
|||
Add (subtract) specific items affecting net income:
|
|
|
|
|
|
|
|
|
||||
|
Loss (gain) on sale of vessels
(3)
|
20,594
|
|
|
$0.13
|
|
(771
|
)
|
|
($0.01)
|
|
|
|
Unrealized gain on derivative instruments
(4)
|
(1,540
|
)
|
|
($0.01)
|
|
(8,193
|
)
|
|
($0.06)
|
|
|
|
Other
(5)
|
(722
|
)
|
|
—
|
|
1,132
|
|
|
$0.01
|
|
|
Total adjustments
|
18,332
|
|
|
$0.12
|
|
(7,832
|
)
|
|
($0.06)
|
|
||
Adjusted net income attributable to shareholders of Teekay
|
|
|
|
|
|
|
|
|
||||
|
Tankers
|
81,187
|
|
|
$0.52
|
|
169,095
|
|
|
$1.29
|
|
(1)
|
Fully diluted per share amounts.
|
(2)
|
See note 1 to the Summary Consolidated Statements of Income (Loss) included in this release for further details.
|
(3)
|
See note 4 to the Summary Consolidated Statements of Income (Loss) included in this release for further details.
|
(4)
|
Includes the realized loss due to the termination of one of the Company's interest rate swaps in connection with the Company's January 2016 debt refinancing and unrealized gains due to the changes in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes, including unrealized gains or losses on interest rate swaps, a time-charter swap and a TIL common stock purchase warrant.
|
(5)
|
The amounts recorded primarily relate to unrealized derivative gains and losses in joint ventures, and foreign exchange gains.
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||
|
|
|
December 31, 2016
|
December 31, 2015
|
|
December 31, 2016
|
December 31, 2015
|
||||||||
|
|
|
(unaudited)
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income - GAAP basis
|
6,846
|
|
|
53,559
|
|
|
|
62,855
|
|
|
179,635
|
|
|
|
|
Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Entities under Common Control
(1)
|
—
|
|
|
(1,072
|
)
|
|
|
—
|
|
|
(2,708
|
)
|
|
Net income attributable to shareholders of Teekay Tankers
|
6,846
|
|
|
52,487
|
|
|
|
62,855
|
|
|
176,927
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Depreciation and amortization
|
25,573
|
|
|
25,130
|
|
|
|
104,149
|
|
|
71,428
|
|
|
|
|
Proportionate share of free cash flow from equity accounted investments
|
4,819
|
|
|
6,761
|
|
|
|
18,840
|
|
|
19,124
|
|
|
|
|
Loss on sale of vessels
|
6,271
|
|
|
—
|
|
|
|
20,594
|
|
|
—
|
|
|
|
|
Other
|
858
|
|
|
3,555
|
|
|
|
4,230
|
|
|
4,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Less:
|
.
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Equity income
|
(3,502
|
)
|
|
(5,480
|
)
|
|
|
(13,101
|
)
|
|
(14,411
|
)
|
|
|
|
Unrealized gain on derivative instruments
|
(6,658
|
)
|
|
(2,896
|
)
|
|
|
(9,679
|
)
|
|
(8,193
|
)
|
|
|
|
Amortization of in-process revenue contracts
|
—
|
|
|
(4,769
|
)
|
|
|
(1,223
|
)
|
|
(4,769
|
)
|
|
|
|
Gain on sale of vessels
|
—
|
|
|
(771
|
)
|
|
|
—
|
|
|
(771
|
)
|
|
Free cash flow
|
34,207
|
|
|
74,017
|
|
|
|
186,665
|
|
|
244,285
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Weighted-average number of common shares outstanding for the period
|
156,712,832
|
|
|
154,477,604
|
|
|
|
156,323,348
|
|
|
130,136,228
|
|
|
||
|
|
|
|
|
|
|
|
|
|
(1)
|
See note 1 to the Summary Consolidated Statements of Income (Loss) included in this release for further details.
|
|
|
1 Year Teekay Tankers Chart |
1 Month Teekay Tankers Chart |
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