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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 | |
---|---|---|---|---|---|---|---|---|
-1.06 | -1.82% | 57.21 | 58.805 | 57.31 | 58.31 | 252,459 | 01:00:00 |
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PAGE
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Item 1.
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Item 2.
|
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Item 3.
|
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|
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Three Months Ended
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Six Months Ended
|
|
||||
|
|
June 30, 2017
|
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June 30, 2016
|
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June 30, 2017
|
|
June 30, 2016
|
|
||||
|
|
$
|
|
$
|
|
$
|
|
$
|
|
||||
REVENUES
|
|
|
|
|
|
|
|
||||||
Net pool revenues
(note 11a)
|
|
33,100
|
|
|
93,197
|
|
|
80,289
|
|
|
207,139
|
|
|
Time-charter revenues
(note 11a)
|
|
30,091
|
|
|
22,621
|
|
|
60,421
|
|
|
45,608
|
|
|
Voyage charter revenues
|
|
30,140
|
|
|
16,025
|
|
|
69,484
|
|
|
36,574
|
|
|
Other revenues
(note 4
)
|
|
15,458
|
|
|
14,303
|
|
|
29,080
|
|
|
28,474
|
|
|
Total revenues
|
|
108,789
|
|
|
146,146
|
|
|
239,274
|
|
|
317,795
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Voyage expenses
(note 11a)
|
|
(19,430
|
)
|
|
(9,352
|
)
|
|
(43,185
|
)
|
|
(21,850
|
)
|
|
Vessel operating expenses
(note 11a)
|
|
(46,853
|
)
|
|
(46,389
|
)
|
|
(90,991
|
)
|
|
(91,462
|
)
|
|
Time-charter hire expense
|
|
(7,997
|
)
|
|
(15,913
|
)
|
|
(21,624
|
)
|
|
(36,629
|
)
|
|
Depreciation and amortization
|
|
(24,415
|
)
|
|
(25,621
|
)
|
|
(49,324
|
)
|
|
(52,688
|
)
|
|
General and administrative expenses
(note 11a)
|
|
(8,365
|
)
|
|
(9,503
|
)
|
|
(17,253
|
)
|
|
(18,974
|
)
|
|
Loss on sale of vessels
(note 12)
|
|
(142
|
)
|
|
(6,420
|
)
|
|
(4,569
|
)
|
|
(6,420
|
)
|
|
Income from operations
|
|
1,587
|
|
|
32,948
|
|
|
12,328
|
|
|
89,772
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense
|
|
(7,076
|
)
|
|
(7,341
|
)
|
|
(14,382
|
)
|
|
(15,612
|
)
|
|
Interest income
|
|
360
|
|
|
26
|
|
|
439
|
|
|
52
|
|
|
Realized and unrealized loss on derivative instruments
(note 7)
|
|
(1,560
|
)
|
|
(3,750
|
)
|
|
(1,099
|
)
|
|
(11,531
|
)
|
|
Equity (loss) income
(note 5)
|
|
(28,027
|
)
|
|
3,615
|
|
|
(26,900
|
)
|
|
5,849
|
|
|
Other expense
(note 8)
|
|
(2,761
|
)
|
|
(1,899
|
)
|
|
(4,150
|
)
|
|
(4,547
|
)
|
|
Net (loss) income
|
|
(37,477
|
)
|
|
23,599
|
|
|
(33,764
|
)
|
|
63,983
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Per common share amounts
(note 13)
|
|
|
|
|
|
|
|
|
|
||||
- Basic (loss) earnings per share
|
|
(0.22
|
)
|
|
0.14
|
|
|
(0.21
|
)
|
|
0.39
|
|
|
- Diluted (loss) earnings per share
|
|
(0.22
|
)
|
|
0.14
|
|
|
(0.21
|
)
|
|
0.39
|
|
|
- Cash dividends declared
|
|
0.03
|
|
|
0.09
|
|
|
0.06
|
|
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average number of Class A and Class B common stock outstanding
(note 13)
|
|
|
|
|
|
|
|
|
|
||||
- Basic
|
|
169,963,717
|
|
|
156,208,917
|
|
|
167,173,392
|
|
156,146,287
|
|
||
- Diluted
|
|
169,963,717
|
|
|
156,446,895
|
|
|
167,173,392
|
|
156,469,816
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Related party transactions
(note 11)
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
As at
|
||
|
|
June 30, 2017
|
|
December 31, 2016
|
||
|
|
$
|
|
$
|
||
ASSETS
|
|
|
||||
Current
|
|
|
||||
Cash and cash equivalents
|
|
87,255
|
|
|
94,157
|
|
Restricted cash
|
|
1,380
|
|
|
750
|
|
Pool receivable from affiliates, net
(note 11b)
|
|
9,084
|
|
|
24,598
|
|
Accounts receivable
|
|
18,187
|
|
|
33,789
|
|
Vessels held for sale
(note 12)
|
|
—
|
|
|
33,802
|
|
Due from affiliates
(note 11b)
|
|
46,306
|
|
|
48,712
|
|
Current portion of derivative assets
(note 7)
|
|
116
|
|
|
875
|
|
Prepaid expenses
|
|
16,664
|
|
|
21,300
|
|
Total current assets
|
|
178,992
|
|
|
257,983
|
|
Vessels and equipment
At cost, less accumulated depreciation of $500.3 million (2016 - $459.3 million) |
|
1,554,055
|
|
|
1,605,372
|
|
Investment in and advances to equity accounted investments
(note 5)
|
|
43,201
|
|
|
70,651
|
|
Derivative asset
s (note 7
)
|
|
2,920
|
|
|
4,538
|
|
Intangible assets
At cost, less accumulated amortization of $6.5 million (2016 - $4.8 million)
|
|
16,044
|
|
|
17,658
|
|
Other non-current assets
|
|
155
|
|
|
107
|
|
Goodwill
|
|
8,059
|
|
|
8,059
|
|
Total assets
|
|
1,803,426
|
|
|
1,964,368
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
||
Current
|
|
|
|
|
||
Accounts payable
|
|
9,253
|
|
|
14,406
|
|
Accrued liabilities
|
|
26,157
|
|
|
28,663
|
|
Current portion of long-term debt
(note 6)
|
|
150,254
|
|
|
171,019
|
|
Current portion of derivative liabilities
(note 7)
|
|
265
|
|
|
1,108
|
|
Deferred revenue
|
|
6,174
|
|
|
4,455
|
|
Due to affiliates
(note 11b)
|
|
31,993
|
|
|
36,297
|
|
Total current liabilities
|
|
224,096
|
|
|
255,948
|
|
Long-term debt
(note 6)
|
|
671,532
|
|
|
761,997
|
|
Other long-term liabilities
(note 8)
|
|
17,829
|
|
|
13,683
|
|
Total liabilities
|
|
913,457
|
|
|
1,031,628
|
|
Commitments and contingencies
(notes 5, 6 and 7
)
|
|
|
|
|
||
Equity
|
|
|
|
|
||
Common stock and additional paid-in capital (300.0 million shares authorized, 142.2 million Class A and 37.0 million Class B shares issued and outstanding as of June 30, 2017 and 136.1 million Class A and 23.2 million Class B shares issued and outstanding as of December 31, 2016)
(note 10)
|
|
1,143,353
|
|
|
1,103,304
|
|
Accumulated deficit
|
|
(253,384
|
)
|
|
(182,680
|
)
|
Entities under Common Control Equity
(note 3)
|
|
—
|
|
|
12,116
|
|
Total equity
|
|
889,969
|
|
|
932,740
|
|
Total liabilities and equity
|
|
1,803,426
|
|
|
1,964,368
|
|
|
|
Six Months Ended
|
|
Six Months Ended
|
||
|
|
June 30, 2017
|
|
June 30, 2016
|
||
|
|
$
|
|
$
|
||
Cash and cash equivalents provided by (used for)
|
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
|
||
Net (loss) income
|
|
(33,764
|
)
|
|
63,983
|
|
Non-cash items:
|
|
|
|
|
||
Depreciation and amortization
|
|
49,324
|
|
|
52,688
|
|
Loss on sale of vessels
(note 12)
|
|
4,569
|
|
|
6,420
|
|
Unrealized loss on derivative instruments
|
|
1,578
|
|
|
789
|
|
Equity loss (income)
|
|
26,900
|
|
|
(5,849
|
)
|
Other
|
|
6,554
|
|
|
6,796
|
|
Change in operating assets and liabilities
|
|
12,157
|
|
|
(12,046
|
)
|
Expenditures for dry docking
|
|
(3,417
|
)
|
|
(2,810
|
)
|
Net operating cash flow
|
|
63,901
|
|
|
109,971
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES
|
|
|
|
|
||
Proceeds from long-term debt, net of issuance costs
|
|
14,300
|
|
|
849,728
|
|
Repayments of long-term debt
|
|
(57,894
|
)
|
|
(82,410
|
)
|
Prepayments of long-term debt
|
|
(69,216
|
)
|
|
(890,091
|
)
|
Return of capital to Teeka
y
Corporation
(note 3)
|
|
—
|
|
|
(15,000
|
)
|
Cash dividends paid
|
|
(9,925
|
)
|
|
(32,782
|
)
|
Proceeds from issuance of Class A common stock
|
|
5,000
|
|
|
—
|
|
Proceeds from equity offerings, net of offering costs
(note 10)
|
|
8,565
|
|
|
—
|
|
Other
|
|
(241
|
)
|
|
(746
|
)
|
Net financing cash flow
|
|
(109,411
|
)
|
|
(171,301
|
)
|
|
|
|
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
||
Proceeds from sale of vessels
(note 12)
|
|
40,686
|
|
|
—
|
|
Expenditures for vessels and equipment
|
|
(2,628
|
)
|
|
(3,937
|
)
|
Loan repayments from equity accounted investment
(note 5a)
|
|
550
|
|
|
2,500
|
|
Net investing cash flow
|
|
38,608
|
|
|
(1,437
|
)
|
|
|
|
|
|
||
Decrease in cash and cash equivalents
|
|
(6,902
|
)
|
|
(62,767
|
)
|
Cash and cash equivalents, beginning of the period
|
|
94,157
|
|
|
156,520
|
|
Cash and cash equivalents, end of the period
|
|
87,255
|
|
|
93,753
|
|
|
|
|
|
Common Stock and Additional
Paid-in Capital
|
|
|
|
|
||||||||||
|
|
Equity of Entities under Common Control
$
|
|
Thousands
of Common
Stock
#
|
|
Class A
$
|
|
Class B
$
|
|
Accumulated
Deficit
$
|
|
Total
$
|
||||||
Balance as at December 31, 2016
|
|
12,116
|
|
|
159,304
|
|
|
1,040,669
|
|
|
62,635
|
|
|
(182,680
|
)
|
|
932,740
|
|
Net income (loss)
|
|
1,304
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,068
|
)
|
|
(33,764
|
)
|
Proceeds from issuance of Class A common stock
(note 9)
|
|
—
|
|
|
5,955
|
|
|
13,521
|
|
|
—
|
|
|
—
|
|
|
13,521
|
|
Acquisition of TTOL
(note 3)
|
|
(13,420
|
)
|
|
13,775
|
|
|
—
|
|
|
25,897
|
|
|
(25,711
|
)
|
|
(13,234
|
)
|
Dividends declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,925
|
)
|
|
(9,925
|
)
|
Equity-based compensation (note 10)
|
|
—
|
|
|
190
|
|
|
631
|
|
|
—
|
|
|
—
|
|
|
631
|
|
Balance as at June 30, 2017
|
|
—
|
|
|
179,224
|
|
|
1,054,821
|
|
|
88,532
|
|
|
(253,384
|
)
|
|
889,969
|
|
1.
|
Basis of Presentation
|
2.
|
Accounting Pronouncements
|
3.
|
Acquisition of Entities under Common Control
|
4.
|
Segment Reporting
|
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Conventional Tanker Segment
|
|
Ship-to-Ship
Transfer Segment
|
|
Inter-segment Adjustment
(1)
|
|
Total
|
||||||||
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
||||
Revenues
(2)
|
|
96,841
|
|
|
|
14,597
|
|
|
|
(2,649
|
)
|
|
|
108,789
|
|
|
Voyage expenses
|
|
(22,079
|
)
|
|
|
—
|
|
|
|
2,649
|
|
|
|
(19,430
|
)
|
|
Vessel operating expenses
|
|
(34,278
|
)
|
|
|
(12,575
|
)
|
|
|
—
|
|
|
|
(46,853
|
)
|
|
Time-charter hire expense
|
|
(6,935
|
)
|
|
|
(1,062
|
)
|
|
|
—
|
|
|
|
(7,997
|
)
|
|
Depreciation and amortization
|
|
(23,157
|
)
|
|
|
(1,258
|
)
|
|
|
—
|
|
|
|
(24,415
|
)
|
|
General and administrative expenses
|
|
(7,513
|
)
|
|
|
(852
|
)
|
|
|
—
|
|
|
|
(8,365
|
)
|
|
(Loss) gain on sale of vessels
|
|
(150
|
)
|
|
|
8
|
|
|
|
—
|
|
|
|
(142
|
)
|
|
Income (loss) from operations
(3)
|
|
2,729
|
|
|
|
(1,142
|
)
|
|
|
—
|
|
|
|
1,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity loss
|
|
(28,027
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(28,027
|
)
|
|
Three Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Conventional Tanker Segment
|
|
Ship-to-Ship Transfer Segment
|
|
Inter-segment Adjustment
(1)
|
|
Total
|
||||||||
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
||||
Revenues
(2)
|
|
135,617
|
|
|
|
10,999
|
|
|
|
(470
|
)
|
|
|
146,146
|
|
|
Voyage expenses
|
|
(10,088
|
)
|
|
|
266
|
|
|
|
470
|
|
|
|
(9,352
|
)
|
|
Vessel operating expenses
|
|
(37,278
|
)
|
|
|
(9,111
|
)
|
|
|
—
|
|
|
|
(46,389
|
)
|
|
Time-charter hire expense
|
|
(15,456
|
)
|
|
|
(457
|
)
|
|
|
—
|
|
|
|
(15,913
|
)
|
|
Depreciation and amortization
|
|
(24,320
|
)
|
|
|
(1,301
|
)
|
|
|
—
|
|
|
|
(25,621
|
)
|
|
General and administrative expenses
|
|
(8,367
|
)
|
|
|
(1,136
|
)
|
|
|
—
|
|
|
|
(9,503
|
)
|
|
Loss on sale of vessels
|
|
(6,420
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,420
|
)
|
|
Income (loss) from operations
(3)
|
|
33,688
|
|
|
|
(740
|
)
|
|
|
—
|
|
|
|
32,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity income
|
|
3,615
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,615
|
|
|
Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Conventional Tanker Segment
|
|
Ship-to-Ship Transfer Segment
|
|
Inter-segment
Adjustment
(1)
|
|
Total
|
|
|||||||
Revenues
(2)
|
|
217,396
|
|
|
|
27,485
|
|
|
|
(5,607
|
)
|
|
|
239,274
|
|
|
Voyage expenses
|
|
(48,792
|
)
|
|
|
—
|
|
|
|
5,607
|
|
|
|
(43,185
|
)
|
|
Vessel operating expenses
|
|
(68,359
|
)
|
|
|
(22,632
|
)
|
|
|
—
|
|
|
|
(90,991
|
)
|
|
Time-charter hire expense
|
|
(19,069
|
)
|
|
|
(2,555
|
)
|
|
|
—
|
|
|
|
(21,624
|
)
|
|
Depreciation and amortization
|
|
(46,786
|
)
|
|
|
(2,538
|
)
|
|
|
—
|
|
|
|
(49,324
|
)
|
|
General and administrative expenses
|
|
(15,435
|
)
|
|
|
(1,818
|
)
|
|
|
—
|
|
|
|
(17,253
|
)
|
|
(Loss) gain on sale of vessels
|
|
(4,577
|
)
|
|
|
8
|
|
|
|
—
|
|
|
|
(4,569
|
)
|
|
Income (loss) from operations
(3)
|
|
14,378
|
|
|
|
(2,050
|
)
|
|
|
—
|
|
|
|
12,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity loss
|
|
(26,900)
|
|
|
—
|
|
|
|
—
|
|
|
|
(26,900
|
)
|
|
Six months ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Conventional Tanker Segment
|
|
Ship-to-Ship Transfer Segment
|
|
Inter-segment
Adjustment
(1)
|
|
Total
|
|
|||||||
Revenues
(2)
|
|
297,881
|
|
|
|
21,085
|
|
|
|
(1,171
|
)
|
|
|
317,795
|
|
|
Voyage expenses
|
|
(23,021
|
)
|
|
|
—
|
|
|
|
1,171
|
|
|
|
(21,850
|
)
|
|
Vessel operating expenses
|
|
(74,786
|
)
|
|
|
(16,676
|
)
|
|
|
—
|
|
|
|
(91,462
|
)
|
|
Time-charter hire expense
|
|
(35,886
|
)
|
|
|
(743
|
)
|
|
|
—
|
|
|
|
(36,629
|
)
|
|
Depreciation and amortization
|
|
(50,274
|
)
|
|
|
(2,414
|
)
|
|
|
—
|
|
|
|
(52,688
|
)
|
|
General and administrative expenses
|
|
(17,176
|
)
|
|
|
(1,798
|
)
|
|
|
—
|
|
|
|
(18,974
|
)
|
|
(Loss) gain on sale of vessels
|
|
(6,420
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,420
|
)
|
|
Income (loss) from operations
(3)
|
|
90,318
|
|
|
|
(546
|
)
|
|
|
—
|
|
|
|
89,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity income
|
|
5,849
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,849
|
|
|
(1)
|
The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services was based on actual costs incurred per voyage starting January 1, 2017 (2016 - based on estimated costs of approximately
$25,000
per voyage).
|
(2)
|
Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's consolidated statements of (loss) income.
|
(3)
|
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
|
|
As at
|
|
As at
|
||
|
June 30, 2017
|
|
December 31, 2016
|
||
|
$
|
|
$
|
||
Conventional Tanker Segment
|
1,675,224
|
|
|
1,828,548
|
|
Ship-to-Ship Transfer Segment
|
40,947
|
|
|
41,663
|
|
Cash and cash equivalents
|
87,255
|
|
|
94,157
|
|
Consolidated total assets
|
1,803,426
|
|
|
1,964,368
|
|
5.
|
Investments in and Advances to Equity Accounted Investments
|
|
|
As at June 30, 2017
|
|
As at December 31, 2016
|
||
|
|
$
|
|
$
|
||
High-Q Joint Venture
|
|
23,024
|
|
|
22,025
|
|
Tanker Investments Ltd.
|
|
19,266
|
|
|
47,710
|
|
Gemini Tankers L.L.C.
|
|
911
|
|
|
916
|
|
Total
|
|
43,201
|
|
|
70,651
|
|
a.
|
The Company has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or
Wah Kwong
), whereby the Company has a
50%
economic interest in the High-Q joint venture, which is jointly controlled by the Company and Wah Kwong. The High-Q joint venture owns
one
Very Large Crude Carrier (or
VLCC
), which is trading on a fixed time charter-out contract expiring in 2018. Under this contract, the vessel earns a fixed daily rate and an additional amount if the daily rate of any sub-charter earned exceeds a certain threshold.
|
b.
|
In January 2014, the Company and Teekay Corporation (or
Teekay
) formed Tanker Investments Ltd. (or
TIL
), which owns and operates conventional tankers. In January 2014, the Company purchased
2.5 million
shares of TIL common stock for
$25.0 million
and received a stock purchase warrant entitling it to purchase up to
750,000
additional shares of common stock of TIL (see note
7
). The stock purchase warrant is a derivative asset which had an estimated fair value of
$nil
as at
June 30, 2017
(
December 31, 2016
-
$0.3 million
). The Company also received
one
preferred share which entitles the Company to elect
one
board member of TIL. The preferred share does not give the Company a right to any dividends or distributions of TIL. The Company accounts for its investment in TIL using the equity method.
|
c.
|
On May 31, 2017, the Company purchased from Teekay the remaining
50%
interest in TTOL, which owns conventional tanker commercial management and technical management operations, including direct ownership in
four
commercially managed revenue sharing arrangements, for
$39.0 million
, which includes an additional
$13.1 million
for assumed working capital (see note 3).
|
6.
|
Long-Term Debt
|
|
As at
|
|
As at
|
||
|
June 30, 2017
|
|
December 31, 2016
|
||
|
$
|
|
$
|
||
Revolving Credit Facilities due through 2021
|
410,926
|
|
|
466,195
|
|
Term Loans due through 2021
|
417,930
|
|
|
475,466
|
|
Total principal
|
828,856
|
|
|
941,661
|
|
Less: unamortized discount and debt issuance costs
|
(7,070
|
)
|
|
(8,645
|
)
|
Total debt
|
821,786
|
|
|
933,016
|
|
Less: current portion
|
(150,254
|
)
|
|
(171,019
|
)
|
Non-current portion of long-term debt
|
671,532
|
|
|
761,997
|
|
7.
|
Derivative Instruments
|
|
Interest Rate
|
|
Notional Amount
|
|
Fair Value / Carrying Amount of Asset
|
|
Remaining Term
|
|
Fixed Interest Rate
|
||||
|
Index
|
|
$
|
|
$
|
|
(years)
|
|
(%)
(1)
|
||||
LIBOR-Based Debt:
|
|
|
|
|
|
|
|
|
|
|
|
||
U.S. Dollar-denominated interest rate swaps
|
LIBOR
|
|
161,985
|
|
|
|
513
|
|
|
|
3.5
|
|
1.46
|
U.S. Dollar-denominated interest rate swaps
|
LIBOR
|
|
150,000
|
|
|
|
1,159
|
|
|
|
3.5
|
|
1.55
|
U.S. Dollar-denominated interest rate swaps
|
LIBOR
|
|
50,000
|
|
|
|
1,072
|
|
|
|
3.5
|
|
1.16
|
(1)
|
Excludes the margin the Company pays on its variable-rate debt, which, as of
June 30, 2017
, ranged from
0.30%
to
2.00%
.
|
|
Current portion of derivative assets
|
|
Derivative assets
|
|
Accrued liabilities
|
|
Current portion of derivative liabilities
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
As at June 30, 2017
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
89
|
|
|
2,920
|
|
|
(118
|
)
|
|
(265
|
)
|
Time-charter swap agreement
|
—
|
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
Forward freight agreements
|
27
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
116
|
|
|
2,920
|
|
|
(149
|
)
|
|
(265
|
)
|
|
|
|
|
|
|
|
|
||||
As at December 31, 2016
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements
|
—
|
|
|
4,251
|
|
|
(254
|
)
|
|
(1,108
|
)
|
Stock purchase warrant
|
—
|
|
|
287
|
|
|
—
|
|
|
—
|
|
Time-charter swap agreement
|
875
|
|
|
—
|
|
|
(667
|
)
|
|
—
|
|
|
875
|
|
|
4,538
|
|
|
(921
|
)
|
|
(1,108
|
)
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||
|
Realized (losses) gains
|
Unrealized losses
|
Total
|
|
Realized (losses) gains
|
Unrealized (losses) gains
|
Total
|
||||||
|
$
|
$
|
$
|
|
$
|
$
|
$
|
||||||
Interest rate swap agreements
|
(301
|
)
|
(1,101
|
)
|
(1,402
|
)
|
|
(1,276
|
)
|
(1,808
|
)
|
(3,084
|
)
|
Stock purchase warrant
|
—
|
|
(166
|
)
|
(166
|
)
|
|
—
|
|
(2,137
|
)
|
(2,137
|
)
|
Time-charter swap agreement
|
360
|
|
(402
|
)
|
(42
|
)
|
|
126
|
|
1,345
|
|
1,471
|
|
Forward freight agreements
|
80
|
|
(30
|
)
|
50
|
|
|
—
|
|
—
|
|
—
|
|
|
139
|
|
(1,699
|
)
|
(1,560
|
)
|
|
(1,150
|
)
|
(2,600
|
)
|
(3,750
|
)
|
|
|
|
|
|
|
|
|
||||||
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||
|
Realized (losses) gains
|
Unrealized losses
|
Total
|
|
Realized (losses) gains
|
Unrealized gains (losses)
|
Total
|
||||||
Interest rate swap agreements
|
(740
|
)
|
(399
|
)
|
(1,139
|
)
|
|
(10,868)
|
2,114
|
(8,754)
|
|||
Stock purchase warrant
|
—
|
|
(287
|
)
|
(287
|
)
|
|
—
|
|
(4,248
|
)
|
(4,248
|
)
|
Time-charter swap agreement
|
1,106
|
|
(875
|
)
|
231
|
|
|
126
|
|
1,345
|
|
1,471
|
|
Forward freight agreements
|
113
|
|
(17
|
)
|
96
|
|
|
—
|
|
—
|
|
—
|
|
|
479
|
|
(1,578
|
)
|
(1,099
|
)
|
|
(10,742
|
)
|
(789
|
)
|
(11,531
|
)
|
8.
|
Other Expense
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
$
|
|
$
|
|
$
|
|
$
|
||||||||
Freight tax provision
|
(2,944
|
)
|
|
|
(2,024
|
)
|
|
|
(4,432
|
)
|
|
|
(4,502
|
)
|
|
Foreign exchange (loss) gain
|
(3
|
)
|
|
|
(62
|
)
|
|
|
70
|
|
|
|
(317
|
)
|
|
Other income
|
186
|
|
|
|
187
|
|
|
|
212
|
|
|
|
272
|
|
|
Total
|
(2,761
|
)
|
|
|
(1,899
|
)
|
|
|
(4,150
|
)
|
|
|
(4,547
|
)
|
|
|
2017
|
||
|
$
|
||
Balance of unrecognized tax benefits as at January 1
|
12,882
|
|
|
Increases for positions related to the current period
|
3,387
|
|
|
Changes for positions taken in prior periods
|
993
|
|
|
Decreases related to statute of limitations
|
(201
|
)
|
|
Balance of unrecognized tax benefits as at June 30
|
17,061
|
|
|
9.
|
Financial Instruments
|
a.
|
Fair Value Measurements
|
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||
|
|
Fair
Value
Hierarchy
Level
|
|
Carrying
Amount
Asset /
(Liability)
$
|
|
Fair
Value
Asset /
(Liability)
$
|
|
Carrying
Amount
Asset /
(Liability)
$
|
|
Fair
Value
Asset /
(Liability)
$
|
||||
Recurring:
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents and restricted cash
|
|
Level 1
|
|
88,635
|
|
|
88,635
|
|
|
94,907
|
|
|
94,907
|
|
Derivative instruments
(note 7)
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements
(1)
|
|
Level 2
|
|
2,744
|
|
|
2,744
|
|
|
3,143
|
|
|
3,143
|
|
Time-charter swap agreement
(1)
|
|
Level 3
|
|
—
|
|
|
—
|
|
|
875
|
|
|
875
|
|
Stock purchase warrant
|
|
Level 3
|
|
—
|
|
|
—
|
|
|
287
|
|
|
287
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-Recurring:
|
|
|
|
|
|
|
|
|
|
|
||||
Investment in TIL
(note 5b)
|
|
Level 1
|
|
19,266
|
|
|
19,266
|
|
|
|
|
|
||
Vessels held for sale
(note 12)
|
|
Level 2
|
|
—
|
|
|
—
|
|
|
33,802
|
|
|
33,802
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other:
|
|
|
|
|
|
|
|
|
|
|
||||
Advances to equity accounted investments
|
|
Note (2)
|
|
9,930
|
|
|
Note (2)
|
|
|
10,480
|
|
|
Note (2)
|
|
Long-term debt, including current portion
|
|
Level 2
|
|
(821,786
|
)
|
|
(810,220
|
)
|
|
(933,016
|
)
|
|
(923,306
|
)
|
(1)
|
The fair value of the Company’s interest rate swap agreements, time-charter swap agreement and forward freight agreements at
June 30, 2017
excludes accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets.
|
(2)
|
The advances to equity accounted investments together with the Company’s investments in the equity accounted investments form the net aggregate carrying value of the Company’s interests in the equity accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at
June 30, 2017
and
December 31, 2016
were not determinable.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
|
|
$
|
|
|
|
|
|
$
|
Fair value asset - beginning of the period
|
|
402
|
|
—
|
|
875
|
|
—
|
Settlements
|
|
(360)
|
|
(126)
|
|
(1,106)
|
|
(126)
|
Realized and unrealized (loss) gain in earnings
|
|
(42)
|
|
1,471
|
|
231
|
|
1,471
|
Fair value asset - at the end of the period
|
|
—
|
|
1,345
|
|
—
|
|
1,345
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||
|
|
$
|
|
$
|
|
$
|
|
$
|
||||
Fair value at the beginning of the period
|
|
166
|
|
|
3,053
|
|
|
287
|
|
|
5,164
|
|
Unrealized loss included in earnings
|
|
(166
|
)
|
|
(2,137
|
)
|
|
(287
|
)
|
|
(4,248
|
)
|
Fair value at the end of the period
|
|
—
|
|
|
916
|
|
|
—
|
|
|
916
|
|
b.
|
Financing Receivables
|
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||
Class of Financing Receivable
|
Credit Quality Indicator
|
|
Grade
|
$
|
|
$
|
||
Advances to equity accounted investments
|
Other internal metrics
|
|
Performing
|
9,930
|
|
|
10,480
|
|
Total
|
|
|
|
9,930
|
|
|
10,480
|
|
10.
|
Capital Stock and Stock-Based Compensation
|
11.
|
Related Party Transactions
|
a.
|
Teekay, and its wholly-owned subsidiary and the Company's manager, Teekay Tankers Management Services Ltd. (or the
Manager
), provide commercial, technical, strategic and administrative services to the Company pursuant to a long-term management agreement. In addition, the Manager has subcontracted with TTOL and its affiliates to provide certain commercial and technical services to the Company. Certain of the Company’s vessels participate in revenue sharing arrangements that are managed by TTOL (collectively the
Pool Managers
). For additional information about these arrangements, please read “Item 7 – Major Shareholders and Related Party Transactions – Related Party Transactions” in our Annual Report on Form 20-F for the year ended
December 31, 2016
. Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows:
|
|
Three Months Ended
|
Six Months Ended
|
||||||
|
June 30, 2017
|
June 30, 2016
|
June 30, 2017
|
June 30, 2016
|
||||
|
$
|
$
|
$
|
$
|
||||
Time-charter revenues
(i)
|
—
|
|
2,452
|
|
—
|
|
4,987
|
|
Pool management fees and commissions
(ii)
|
(1,063
|
)
|
(2,750
|
)
|
(2,799
|
)
|
(5,886
|
)
|
Commercial management fees
(iii)
|
(480
|
)
|
(408
|
)
|
(1,187
|
)
|
(748
|
)
|
Vessel operating expenses - technical management fee
(iv)
|
(2,196
|
)
|
(2,276
|
)
|
(4,422
|
)
|
(4,587
|
)
|
Strategic and administrative service fees
(v)
|
(4,253
|
)
|
(2,775
|
)
|
(6,917
|
)
|
(4,990
|
)
|
Lay-up service revenues
|
—
|
|
116
|
|
6
|
|
116
|
|
LNG terminal services revenue
(vi)
|
84
|
|
—
|
|
168
|
|
—
|
|
Technical management fee revenues
(vii)
|
1,220
|
|
—
|
|
1,220
|
|
—
|
|
Service revenues
|
277
|
|
—
|
|
277
|
|
—
|
|
Entities under Common Control (note 3):
|
|
|
|
|
||||
Pool management fees and commissions
|
1,063
|
|
2,750
|
|
2,799
|
|
5,886
|
|
Commercial management fees
|
480
|
|
408
|
|
1,187
|
|
748
|
|
Strategic and administrative service fees
(v)
|
(2,891
|
)
|
(4,178
|
)
|
(7,026
|
)
|
(8,148
|
)
|
Technical management fee revenues
(vii)
|
2,137
|
|
2,641
|
|
4,890
|
|
5,358
|
|
Service revenues
|
638
|
|
1,482
|
|
1,772
|
|
3,011
|
|
(i)
|
The Company chartered-out the
Navigator Spirit
to Teekay under a fixed-rate time-charter contract, which was scheduled to expire in July 2016. On May 18, 2016, the contract was transferred to the
Americas Spirit
, and subsequently expired on July 15, 2016.
|
(ii)
|
The Company’s share of the Pool Managers’ fees is reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of (loss) income. The Company acquired the Pool Managers on May 31, 2017 (notes 3 and 5(c)). Subsequent to the acquisition, the Company's share of the Pool Managers' fees has been eliminated.
|
(iii)
|
The Manager’s commercial management fees for vessels on time charter-out contracts and spot-traded vessels not included in the pool, which are reflected in voyage expenses on the Company’s consolidated statements of (loss) income. Subsequent to the acquisition, the Company's share of the Manager's commercial management fees has been eliminated.
|
(iv)
|
The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company's consolidated statements of (loss) income.
|
(v)
|
The Manager's strategic and administrative service fees have been presented in general and administrative fees on the Company's consolidated statements of (loss) income. The Company's executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company's long-term incentive plan described in note
10
) is set and paid by Teekay or such other subsidiaries. The Company reimburses Teekay for time spent by its executive officers on the Company's management matters through the strategic portion of the management fee.
|
(vi)
|
In November 2016, the Company's ship-to-ship transfer business signed an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly owned by Teekay LNG Partners L.P. (or
TGP
) (which is controlled by Teekay), for the Bahrain LNG Import Terminal (or the
Terminal
). The Terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly owned by TGP, has a
30%
interest.
|
(vii)
|
The Company receives reimbursements from Teekay who subcontracts technical management services from the Manager. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of (loss) income.
|
b.
|
The Manager and other subsidiaries of Teekay collect revenues and remit payments for expenses incurred by the Company’s vessels. Such amounts, which are presented on the Company’s consolidated balance sheets in due from affiliates or due to affiliates, are without interest or stated terms of repayment. The amounts owing from the Revenue Sharing Arrangements (or
RSAs
) for monthly distributions are reflected in the consolidated balance sheets as pool receivable from affiliates, are without interest and are repayable upon the terms contained within the applicable pool agreement. The Company had also advanced
$31.5 million
and
$35.7 million
as at
June 30, 2017
and
December 31, 2016
, respectively, to the RSAs for working capital purposes. These amounts, which are reflected in the consolidated balance sheets in due from affiliates, are without interest and are repayable when applicable vessels leave the pools.
|
12.
|
Sales of Vessels
|
13.
|
(Loss) Earnings Per Share
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Net (loss) income
|
(37,477
|
)
|
|
23,599
|
|
|
(33,764
|
)
|
|
63,983
|
|
Net (income) attributable to the Entities under Common Control
|
(418
|
)
|
|
(1,113
|
)
|
|
(1,304
|
)
|
|
(2,517
|
)
|
Net (loss) income available for common shareholders
|
(37,895
|
)
|
|
22,486
|
|
|
(35,068
|
)
|
|
61,466
|
|
|
|
|
|
|
|
|
|
||||
Weighted average number of common shares – basic
|
169,963,717
|
|
|
156,208,917
|
|
|
167,173,392
|
|
|
156,146,287
|
|
Dilutive effect of stock-based awards
|
—
|
|
|
237,978
|
|
|
—
|
|
|
323,529
|
|
Weighted average number of common shares – diluted
|
169,963,717
|
|
|
156,446,895
|
|
|
167,173,392
|
|
|
156,469,816
|
|
|
|
|
|
|
|
|
|
||||
(Loss) earnings per common share:
|
|
|
|
|
|
|
|
||||
– Basic
|
(0.22
|
)
|
|
0.14
|
|
|
(0.21
|
)
|
|
0.39
|
|
– Diluted
|
(0.22
|
)
|
|
0.14
|
|
|
(0.21
|
)
|
|
0.39
|
|
14.
|
Liquidity
|
15.
|
Subsequent Events
|
a.
|
In July 2017, the Company completed a
$153.0 million
sale-leaseback financing transaction relating to
four
of its Suezmax tankers. The transaction is structured as a
12
-year bareboat charter at an average rate of approximately
$11,100
per day with purchase options for all
four
vessels throughout the lease term beginning in July 2020. As a result of the transaction, the Company expects to recognize an accounting write-down in the third quarter of 2017 of approximately
$20 million
per vessel subject to the transaction.
|
b.
|
In September 2017, the Company completed the sale of
one
Aframax tanker, the
Kanata Spirit
. The Company expects to recognize a loss on sale of this vessel of approximately
$4.2 million
in the quarter ending September 30, 2017.
|
|
Owned Vessels
(1)
|
Chartered-in Vessels
|
Total
|
|
Fixed-rate:
|
|
|
|
|
Suezmax Tankers
|
5
|
—
|
5
|
|
Aframax Tankers
|
6
|
—
|
6
|
|
LR2 Product Tanker
(2)
|
2
|
—
|
2
|
|
VLCC Tanker
(3)
|
1
|
—
|
1
|
|
Total Fixed-Rate Fleet
(4)
|
14
|
—
|
14
|
|
|
|
|
|
|
Spot-rate:
|
|
|
|
|
Suezmax Tankers
|
15
|
—
|
15
|
|
Aframax Tankers
(5)
|
7
|
3
|
10
|
|
LR2 Product Tankers
|
5
|
—
|
5
|
|
Total Spot Fleet
(6)
|
27
|
3
|
30
|
|
STS Support Vessels
|
3
|
2
|
5
|
|
Total Teekay Tankers Fleet
|
44
|
5
|
49
|
1.
|
Vessels owned by Tanker Investments Ltd. (or
TIL
), in which we have a minority equity interest, are excluded from the fleet list.
|
2.
|
Long Range 2 (or
LR2
) product tankers.
|
3.
|
VLCC owned through a 50/50 joint venture.
|
4.
|
Three time-charter out contracts are scheduled to expire in
2017
, ten in
2018
and one in 2019.
|
5.
|
Three Aframax tankers are currently time-chartered in for initial periods ranging from 12 to 60 months, with two of these periods ending in 2017 and one in 2021; two of these contracts include options to extend at escalating rates.
|
6.
|
A total of 23 of our owned vessels and two of our in-chartered vessels operated in the spot market in revenue sharing arrangements, which are managed by Teekay Tanker Operations Ltd. (or
TTOL,
collectively the
Pool Managers
). As at
June 30, 2017
, the four-vessel class revenue sharing arrangements in which we participate were comprised of a total of 26 Suezmax tankers, 32 modern Aframax tankers, three Aframax tankers over 15-years-old, 11 LR2 tankers (of which 10 LR2 tankers are cross-trading in the Aframax revenue sharing arrangement). Each pooling arrangement we participate in also includes vessels owned by other revenue sharing members.
|
•
|
a net decrease of $44.7 million primarily due to lower average realized spot TCE rates earned by our Suezmax, Aframax, LR2 product and MR product tankers, partially offset by higher average rates earned on our out-chartered Aframax tankers; and
|
•
|
a net decrease of $25.6 million primarily due to various vessel employment changes in response to changing tanker market rates;
|
•
|
a net decrease of $6.3 million primarily due to the sale of Ganges Spirit, Yamuna Spirit, Teesta Spirit, Hugli Spirit and Kyeema Spirit during the first half of 2017 and the second half of 2016; and
|
•
|
a net decrease of $5.5 million primarily due to the redeliveries of 12 in-chartered vessels during the first half of 2017 and the second half of 2016;
|
•
|
a net increase of $2.1 million primarily due to fewer off-hire days in the first half of 2017.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||
(in thousands of U.S. dollars)
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||
Revenues
(1)
|
96,841
|
|
|
135,617
|
|
|
(28.6
|
)%
|
|
217,396
|
|
|
297,881
|
|
|
(27.0
|
)%
|
Less: Voyage expenses
(1)
|
(22,079
|
)
|
|
(10,088
|
)
|
|
118.9
|
%
|
|
(48,792
|
)
|
|
(23,021
|
)
|
|
111.9
|
%
|
Net revenues
|
74,762
|
|
|
125,529
|
|
|
(40.4
|
)%
|
|
168,604
|
|
|
274,860
|
|
|
(38.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Vessel operating expenses
|
(34,278
|
)
|
|
(37,278
|
)
|
|
(8.0
|
)%
|
|
(68,359
|
)
|
|
(74,786
|
)
|
|
(8.6
|
)%
|
Time-charter hire expense
|
(6,935
|
)
|
|
(15,456
|
)
|
|
(55.1
|
)%
|
|
(19,069
|
)
|
|
(35,886
|
)
|
|
(46.9
|
)%
|
Depreciation and amortization
|
(23,157
|
)
|
|
(24,320
|
)
|
|
(4.8
|
)%
|
|
(46,786
|
)
|
|
(50,274
|
)
|
|
(6.9
|
)%
|
General and administrative expenses
|
(7,513
|
)
|
|
(8,367
|
)
|
|
(10.2
|
)%
|
|
(15,435
|
)
|
|
(17,176
|
)
|
|
(10.1
|
)%
|
Loss on sale of vessels
|
(150
|
)
|
|
(6,420
|
)
|
|
(97.7
|
)%
|
|
(4,577
|
)
|
|
(6,420
|
)
|
|
(28.7
|
)%
|
Income from operations
|
2,729
|
|
|
33,688
|
|
|
(91.9
|
)%
|
|
14,378
|
|
|
90,318
|
|
|
(84.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity (loss) income
|
(28,027
|
)
|
|
3,615
|
|
|
(875.3
|
)%
|
|
(26,900
|
)
|
|
5,849
|
|
|
(559.9
|
)%
|
(1)
|
Includes
$2.6 million
and
$5.6 million
of voyage expenses for the
three and six
months ended
June 30, 2017
, respectively, and
$0.5 million
and
$1.2 million
of voyage expenses for the
three and six
months ended
June 30, 2016
, respectively, relating to lightering support services which the ship-to-ship transfer segment provided to the conventional tanker segment for full service lightering operations.
|
|
Conventional Tanker Segment
|
|||||||||||||||||
|
Three Months Ended June 30, 2017
|
|||||||||||||||||
|
Revenues
(1)
|
Voyage Expenses
(2)
|
Adjustments
(3)
|
Net Revenues
|
Revenue Days
|
Average TCE per Revenue Day
(3)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$22,869
|
|
|
($2,539
|
)
|
|
($84
|
)
|
|
$20,246
|
|
1,222
|
|
|
$16,567
|
|
|
Voyage-charter contracts - Aframax
(4)
|
|
$34,182
|
|
|
($19,021
|
)
|
|
$201
|
|
|
$15,362
|
|
1,058
|
|
|
$14,523
|
|
|
Voyage-charter contracts - LR2
|
|
$6,191
|
|
|
($29
|
)
|
|
$237
|
|
|
$6,399
|
|
451
|
|
|
$14,180
|
|
|
Time-charter out contracts - Suezmax
|
|
$14,120
|
|
|
($260
|
)
|
|
$8
|
|
|
$13,868
|
|
540
|
|
|
$25,694
|
|
|
Time-charter out contracts - Aframax
|
|
$12,451
|
|
|
($169
|
)
|
|
$34
|
|
|
$12,316
|
|
544
|
|
|
$22,621
|
|
|
Time-charter out contracts - LR2
|
$
|
3,520
|
|
|
($61
|
)
|
|
$8
|
|
|
$3,467
|
|
200
|
|
|
$17,371
|
|
|
Total
(1)
|
|
$93,333
|
|
|
($22,079
|
)
|
|
$404
|
|
|
$71,658
|
|
4,015
|
|
|
$17,848
|
|
|
(1)
|
Excludes $2.7 million of commissions and management fees earned from TTOL, which we acquired during the second quarter of 2017, from the management of external vessels trading in the revenue sharing arrangements (or
RSAs
), $0.6 million of bunker rebates and $0.2 million of revenue earned from a profit-sharing agreement for the three months ended June 30, 2017.
|
(2)
|
Includes $2.6 million of inter-segment voyage expenses relating to lightering support services provided by the STS transfer segment for the three months ended June 30, 2017.
|
(3)
|
Average TCE per Revenue Day excludes $0.4 million in off-hire bunker and other expenses included as part of the adjustments.
|
(4)
|
Includes $20.6 million of revenues and $15.0 million of voyage expenses related to the full service lightering business, which include $2.6 million inter-segment voyage expenses referenced in note 2 above relating to the full service lightering business by the STS transfer segment for the three months ended June 30, 2017.
|
|
Three Months Ended June 30, 2016
|
|||||||||||||||||
|
Revenues
(1)
|
Voyage Expenses
(2)
|
Adjustments
(3)
|
Net Revenues
|
Revenue Days
|
Average TCE per Revenue Day
(3)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$53,663
|
|
|
($1,667
|
)
|
|
$624
|
|
|
$52,620
|
|
1,695
|
|
|
$31,040
|
|
|
Voyage-charter contracts - Aframax
(4)
|
|
$37,294
|
|
|
($8,155
|
)
|
|
$37
|
|
|
$29,176
|
|
1,271
|
|
|
$22,949
|
|
|
Voyage-charter contracts - LR2
|
|
$15,299
|
|
|
($6
|
)
|
|
$6
|
|
|
$15,299
|
|
728
|
|
|
$21,015
|
|
|
Voyage-charter contracts - MR
|
|
$2,967
|
|
|
($4
|
)
|
|
$150
|
|
|
$3,113
|
|
182
|
|
|
$17,106
|
|
|
Time-charter out contracts - Suezmax
|
|
$5,998
|
|
|
($100
|
)
|
—
|
|
|
$5,898
|
|
182
|
|
|
$32,404
|
|
|
|
Time-charter out contracts - Aframax
|
|
$14,214
|
|
|
($68
|
)
|
|
$20
|
|
|
$14,166
|
|
586
|
|
|
$24,174
|
|
|
Time-charter out contracts - LR2
|
|
$2,409
|
|
|
($88
|
)
|
—
|
|
|
$2,321
|
|
91
|
|
|
$25,500
|
|
|
|
Total
(1)
|
|
$131,844
|
|
|
($10,088
|
)
|
|
$837
|
|
|
$122,593
|
|
4,735
|
|
|
$25,887
|
|
|
(1)
|
Excludes $2.9 million of commissions and management fees earned from the management of external vessels trading in the RSAs which we acquired during Q2-17 and $0.9 million of bunker rebates for the three months ended June 30, 2016.
|
(2)
|
Includes $0.5 million of inter-segment voyage expenses relating to lightering support services provided by the STS transfer segment for the three months ended June 30, 2016.
|
(3)
|
Average TCE per Revenue Day excludes $0.8 million in off-hire bunker and other expenses included as part of the adjustments.
|
(4)
|
Includes $8.4 million of revenues and $6.2 million of voyage expenses related to the full service lightering business, which include $0.5 million inter-segment voyage expenses referenced in note 2 above relating to the full service lightering business by the STS transfer segment for the three months ended June 30, 2016.
|
|
Six Months Ended June 30, 2017
|
|||||||||||||||||
|
Revenues
(1)
|
Voyage Expenses
(2)
|
Adjustments
(3)
|
Net Revenues
|
Revenue Days
|
Average TCE per Revenue Day
(3)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$53,867
|
|
|
($5,147
|
)
|
|
$60
|
|
|
$48,780
|
|
2,527
|
|
|
$19,305
|
|
|
Voyage-charter contracts - Aframax
(4)
|
|
$81,422
|
|
|
($42,555
|
)
|
|
$350
|
|
|
$39,217
|
|
2,322
|
|
|
$16,891
|
|
|
Voyage-charter contracts - LR2
|
|
$14,469
|
|
|
($76
|
)
|
|
$260
|
|
|
$14,653
|
|
901
|
|
|
$16,263
|
|
|
Time-charter out contracts - Suezmax
|
|
$26,752
|
|
|
($496
|
)
|
|
$9
|
|
|
$26,265
|
|
1,025
|
|
|
$25,634
|
|
|
Time-charter out contracts - Aframax
|
|
$24,657
|
|
|
($320
|
)
|
|
$111
|
|
|
$24,448
|
|
1,075
|
|
|
$22,735
|
|
|
Time-charter out contracts - LR2
|
|
$9,012
|
|
|
($198
|
)
|
—
|
|
|
$8,814
|
|
470
|
|
|
$18,773
|
|
|
|
Total
(1)
|
|
$210,179
|
|
|
($48,792
|
)
|
|
$790
|
|
|
$162,177
|
|
8,320
|
|
|
$19,495
|
|
|
(1)
|
Excludes $5.5 million of commissions and management fees earned from the management of external vessels trading in the RSAs which we acquired during Q2-17, $1.4 million of bunker rebates and $0.3 million of revenue earned from a profit-sharing agreement for the six months ended June 30, 2017.
|
(2)
|
Includes $5.6 million of inter-segment voyage expenses relating to lightering support services provided by the STS transfer segment for the six months ended June 30, 2017.
|
(3)
|
Average TCE per Revenue Day excludes $0.8 million in off-hire bunker and other expenses included as part of the adjustments.
|
(4)
|
Includes $47.8 million of revenues and $35.4 million of voyage expenses related to the full service lightering business, which include $5.6 million inter-segment voyage expenses referenced in note 2 relating to the full service lightering business by the STS transfer segment for the six months ended June 30, 2017.
|
|
Six Months Ended June 30, 2016
|
|||||||||||||||||
|
Revenues
(1)
|
Voyage Expenses
(2)
|
Adjustments
(3)
|
Net Revenues
|
Revenue Days
|
Average TCE per Revenue Day
(3)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$116,124
|
|
|
($2,498
|
)
|
|
$289
|
|
|
$113,915
|
|
3,391
|
|
|
$33,593
|
|
|
Voyage-charter contracts - Aframax
(4)
|
|
$89,978
|
|
|
($20,067
|
)
|
|
$267
|
|
|
$70,179
|
|
2,793
|
|
|
$25,123
|
|
|
Voyage-charter contracts - LR2
|
|
$31,373
|
|
|
$22
|
|
|
($4
|
)
|
|
$31,391
|
|
1,407
|
|
|
$22,304
|
|
|
Voyage-charter contracts - MR
|
|
$6,237
|
|
|
($8
|
)
|
|
$271
|
|
|
$6,500
|
|
364
|
|
|
$17,858
|
|
|
Time-charter out contracts - Suezmax
|
|
$12,155
|
|
|
($178
|
)
|
|
$3
|
|
|
$11,980
|
|
371
|
|
|
$32,252
|
|
|
Time-charter out contracts - Aframax
|
|
$28,698
|
|
|
($133
|
)
|
|
$10
|
|
|
$28,576
|
|
1,219
|
|
|
$23,444
|
|
|
Time-charter out contracts - LR2
|
|
$4,773
|
|
|
($159
|
)
|
|
($17
|
)
|
|
$4,630
|
|
182
|
|
|
$25,444
|
|
|
Time-charter out contracts - MR
|
|
($18
|
)
|
—
|
|
|
$18
|
|
—
|
|
—
|
|
—
|
|
|
|||
Total
(1)
|
|
$289,320
|
|
|
($23,021
|
)
|
|
$837
|
|
|
$267,171
|
|
9,727
|
|
|
$27,464
|
|
|
(1)
|
Excludes $5.9 million of commissions and management fees earned from the management of external vessels trading in the RSAs which we acquired during Q2-17, $1.4 million of bunker rebates and $1.2 million of in-process revenue contract for the six months ended June 30, 2016.
|
(2)
|
Includes $1.2 million of inter-segment voyage expenses relating to lightering support services provided by the STS transfer segment for the six months ended June 30, 2016.
|
(3)
|
Average TCE per Revenue Day excludes $0.8 million in off-hire bunker and other expenses included as part of the adjustments.
|
(4)
|
Includes $20.1 million of revenues and $15.2 million of voyage expenses related to the full service lightering business, which include $1.2 million inter-segment voyage expenses referenced in note 2 above relating to the full service lightering business by the STS transfer segment for the six months ended June 30, 2016.
|
•
|
decreases of $24.6 million and $45.6 million for the three and six months ended
June 30, 2017
, respectively, due to lower average realized rates earned by our Suezmax, Aframax, and LR2 tankers;
|
•
|
net decreases of $18.9 million and $41.9 million for the three and six months ended
June 30, 2017
, respectively, primarily due to the redeliveries of various in-charters to their owners at various times during 2016 and
2017
and the sale of two Suezmax product tankers,
|
•
|
net decreases of $11.7 million and $26.9 million for the three and six months ended
June 30, 2017
due to various vessel employment changes in response to changing tanker market rates;
|
•
|
a decrease of $1.2 million for the six months ended June 30, 2017 due to in-process revenue contract amortization that we recognized in revenue in the first quarter of 2016; and
|
•
|
a decrease of $0.9 million for the six months ended June 30, 2017 due to one additional calendar day in the first quarter of 2016 as 2016 was a leap year;
|
•
|
increases of $3.5 million and $7.6 million for the three and six months ended June 30, 2017, respectively, due to increases in the number of voyages related to our full service lightering operations;
|
•
|
net increases o
f $1.0 million and $2.1 million for the three and six months ended
June 30, 2017
, respectively, due to fewer off-hire days in the three and six months ended June 30,
2017
compared to the same periods in the prior year; and
|
•
|
an increase of $0.8 million for the six months ended
June 30, 2017
due to higher average rates earned on our out-chartered Aframax tankers.
|
•
|
decreases of $3.2 million and $5.5 million for the
three and six
months ended
June 30, 2017
, respectively, primarily due to the sales of two MR tankers in the second half of 2016, two Suezmax tankers in the first quarter of 2017 and one Aframax tanker in the second quarter of 2017; and
|
•
|
decreases of $0.9 million and $1.4 million for the three and six months ended
June 30, 2017
, respectively, due to higher transition costs incurred in 2016 compared to 2017 directly relating to 12 Suezmax tankers which were acquired in the latter part of 2015;
|
•
|
increases of $1.1 million and $0.8 million for the three and
six
months ended
June 30, 2017
, respectively, due to the timing and scope of repairs and planned maintenance activities in 2017 as compared to 2016.
|
•
|
a net decrease of $1.2 million for the six months ended June 30, 2017 due to lower corporate expenses incurred during the first half of 2017, primarily as a result of lower legal expenses relating to financing activities and the STX arbitration; and
|
•
|
net decreases of $1.5 million and $0.8 million for the three and six months ended June 30, 2017, respectively, primarily due to higher staffing and office facility costs that were incurred in 2016 relating to TTOL's business;
|
•
|
net increases of $0.4 million and $0.7 million for the three and six months ended June 30, 2017, respectively, primarily due to higher administrative, strategic management, and other fees incurred.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||
(in thousands of U.S. dollars)
|
|
$
|
|
$
|
|
$
|
|
$
|
||||
High-Q Joint Venture
|
|
756
|
|
|
2,202
|
|
|
1,549
|
|
|
2,531
|
|
Tanker Investments Ltd.
|
|
(28,777
|
)
|
|
1,426
|
|
|
(28,444
|
)
|
|
3,506
|
|
Gemini Tankers L.L.C.
|
|
(6
|
)
|
|
(13
|
)
|
|
(5
|
)
|
|
(188
|
)
|
Total equity (loss) income
|
|
(28,027
|
)
|
|
3,615
|
|
|
(26,900
|
)
|
|
5,849
|
|
•
|
a decrease of $30.2 million and $32.0 million for the three and six months ended June 30, 2017, respectively, primarily due to a $28.1 million write-down of our investment in TIL to its fair market value and lower equity earnings resulting from lower average realized spot rates earned; and
|
•
|
a decrease of $1.4 million and $1.0 million for the three and
six
months ended June 30, 2017, respectively, from our High-Q joint venture primarily resulting from a profit share recognized in the second quarter of 2016 as VLCC rates averaged above certain thresholds, triggering a profit sharing with the customer.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||
(in thousands of U.S. dollars)
|
2017
|
|
2016
|
|
% Change
|
|
2017
|
|
2016
|
|
% Change
|
||||||
Revenues
(1)(2)
|
14,597
|
|
|
10,999
|
|
|
32.7
|
%
|
|
27,485
|
|
|
21,085
|
|
|
30.4
|
%
|
Less: Voyage expenses
|
—
|
|
|
266
|
|
|
(100.0
|
)%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
Net revenues
|
14,597
|
|
|
11,265
|
|
|
29.6
|
%
|
|
27,485
|
|
|
21,085
|
|
|
30.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Vessel operating expenses
|
(12,575
|
)
|
|
(9,111
|
)
|
|
38.0
|
%
|
|
(22,632
|
)
|
|
(16,676
|
)
|
|
35.7
|
%
|
Time-charter hire expense
|
(1,062
|
)
|
|
(457
|
)
|
|
132.4
|
%
|
|
(2,555
|
)
|
|
(743
|
)
|
|
243.9
|
%
|
Depreciation and amortization
|
(1,258
|
)
|
|
(1,301
|
)
|
|
(3.3
|
)%
|
|
(2,538
|
)
|
|
(2,414
|
)
|
|
5.1
|
%
|
General and administrative expenses
|
(852
|
)
|
|
(1,136
|
)
|
|
(25.0
|
)%
|
|
(1,818
|
)
|
|
(1,798
|
)
|
|
1.1
|
%
|
Gain on sale of vessel
|
8
|
|
|
—
|
|
|
100.0
|
%
|
|
8
|
|
|
—
|
|
|
100.0
|
%
|
Loss from operations
|
(1,142
|
)
|
|
(740
|
)
|
|
54.3
|
%
|
|
(2,050
|
)
|
|
(546
|
)
|
|
275.5
|
%
|
(1)
|
Includes
$2.6 million
and
$5.6 million
of revenues for the three and
six
months ended
June 30, 2017
, respectively, relating to lightering support services which the STS transfer segment provided to the conventional tanker segment for full service lightering operations.
|
(2)
|
Includes
$0.5 million
and
$1.2 million
of revenues for the three and
six
months ended
June 30, 2016
, respectively, relating to lightering support services which the STS transfer segment provided to the conventional tanker segment for full service lightering operations.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||
(in thousands of U.S. dollars)
|
|
$
|
|
$
|
|
$
|
|
$
|
||||
Interest expense
|
|
(7,076
|
)
|
|
(7,341
|
)
|
|
(14,382
|
)
|
|
(15,612
|
)
|
Interest income
|
|
360
|
|
|
26
|
|
|
439
|
|
|
52
|
|
Realized and unrealized loss on derivative instruments
|
|
(1,560
|
)
|
|
(3,750
|
)
|
|
(1,099
|
)
|
|
(11,531
|
)
|
Other expense
|
|
(2,761
|
)
|
|
(1,899
|
)
|
|
(4,150
|
)
|
|
(4,547
|
)
|
|
|
Six Months Ended
|
||||
|
|
June 30, 2017
|
|
June 30, 2016
|
||
(in thousands of U.S. dollars)
|
|
$
|
|
$
|
||
Net cash flow provided by operating activities
|
|
63,901
|
|
|
109,971
|
|
Net cash flow used for financing activities
|
|
(109,411
|
)
|
|
(171,301
|
)
|
Net cash flow provided by (used for) investing activities
|
|
38,608
|
|
|
(1,437
|
)
|
•
|
a net decrease of $69.7 million in operating earnings, primarily as a result of lower realized spot rates earned and a decrease in our fleet size due to the sales of two MR tankers, two Suezmax tankers and one Aframax tanker; and
|
•
|
a $0.6 million decrease in operating cash outflows relating higher dry-docking costs incurred in the six months ended
June 30, 2017
, compared to the same period in
2016
;
|
•
|
a $24.2 million increase in operating cash inflows primarily due to the timing of the settlement of operating assets and liabilities.
|
•
|
a decrease in cash outflows of $22.9 million due to lower cash dividends paid during the six months ended
June 30, 2017
, as a result lower earnings as our dividend policy is based on adjusted net income, partially offset by the increase in the number of our shares of outstanding Class A and B common stock from issuances of our shares in 2016 and the first half of 2017;
|
•
|
a decrease of $15.0 million in cash outflows, related to the return of capital in 2016 by the Entities under Common Control to Teekay;
|
•
|
an increase of $13.6 million in cash inflows from proceeds received from our continuous offering program (or
COP
) which we relaunched in November 2016 and proceeds from an issuance of 2.2 million shares of Class A common stock to Teekay; and
|
•
|
a net decrease in cash outflows of $10.0 million due to the repayments and prepayments on our current term loans and revolving credit facilities, partially offset by the 2016 refinancing of our long-term debt facilities.
|
•
|
an increase of $40.7 million in cash inflows related to the sales of two Suezmax tankers, one Aframax tanker and one lightering support vessel in the first half of 2017; and
|
•
|
a net decrease of $1.3 million in cash outflows due to fewer capital expenditures for the fleet during the six months ended June 30, 2017, compared to the same period in 2016;
|
•
|
a decrease of $2.0 million in cash inflows related to the 2016 repayment of a loan to us from our High-Q joint venture.
|
(1)
|
Excludes expected interest payments of
$12.0 million
(remaining in
2017
),
$20.9 million
(
2018
),
$17.1 million
(
2019
),
$13.8 million
(
2020
) and
$6.1 million
(
2021
). Expected interest payments are based on the existing interest rates for variable-rate loans at LIBOR plus margins that range from
0.30%
to
2.00%
at
June 30, 2017
. The expected interest payments do not reflect the effect of related interest rate swaps that we have used to hedge certain of our floating-rate debt.
|
(2)
|
Excludes payments required if we execute all options to extend the terms of in-chartered leases signed as of
June 30, 2017
. If we exercise all options to extend the terms of signed in-chartered leases, we would expect total payments of
$13.1 million
(remaining in
2017
),
$16.6 million
(
2018
),
$8.3 million
(
2019
),
$8.3 million
(
2020
) and
$1.4 million
(
2021
).
|
•
|
the timing and certainty of our future growth prospects and opportunities, including any future vessel acquisitions;
|
•
|
our financial position and ability to take advantage of growth opportunities in the global conventional tanker market;
|
•
|
the crude oil and refined product tanker market fundamentals, including the balance of supply and demand in the tanker market, estimated growth in the world tanker fleet, estimated growth in global oil demand and crude oil tanker demand, and changes in spot tanker rates;
|
•
|
the expected delivery dates for our tankers in-chartered, out-chartered, and pending sale;
|
•
|
expected contract commencement and termination dates;
|
•
|
future oil prices and production;
|
•
|
tanker fleet utilization, including our ability to secure new fixed-rate time charter-out agreements;
|
•
|
our ability to obtain the required approvals for and complete the merger with TIL by the fourth quarter of 2017;
|
•
|
our ability to successfully integrate TIL and realize the expected benefits and synergies from the combined company;
|
•
|
our ability to realize the expected benefits and synergies from the acquisition of TTOL;
|
•
|
the effectiveness of our chartering strategy in capturing upside opportunities and reducing downside risks, including our ability to take advantage of a tanker market recovery;
|
•
|
our ability to generate surplus cash flow and pay dividends from our existing vessel fleet or from any potential vessel acquisitions;
|
•
|
the expected range of our quarterly adjusted net income to be paid as quarterly dividends;
|
•
|
meeting our going concern requirements and our liquidity needs, including anticipated funds and sources of financing for liquidity and capital expenditure needs and the sufficiency of cash flows, and our expectation that we will have sufficient liquidity for at least a one-year period;
|
•
|
our ability to refinance existing debt obligations, to raise additional debt and capital to fund capital expenditures and negotiate extensions or redeployments of existing assets;
|
•
|
our compliance with, and the effect on our business and operating results of, covenants under our term loans and credit facilities;
|
•
|
our expectations regarding payments made on behalf of our co-obligors in connection with the loan arrangements in which certain other subsidiaries of Teekay are also borrowers;
|
•
|
continued material variations in the period-to-period fair value of our derivative instruments;
|
•
|
our expectations regarding uncertain tax positions;
|
•
|
the outcome of legal action against STX; and
|
•
|
our hedging activities relating to foreign exchange, interest rate and spot market risks.
|
|
|
Expected Maturity Date
|
|
||||||||||||
|
|
Remainder of
2017
|
2018
|
2019
|
2020
|
2021
|
Total
|
|
Fair Value
Asset/(Liability)
|
Rate
(1)
|
|||||
|
|
(in millions of U.S. dollars, except percentages)
|
|
||||||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|||||||
|
Variable rate
|
57.6
|
174.5
|
|
108.9
|
|
108.9
|
|
379.0
|
|
828.9
|
|
(810.2
|
)
|
2.9%
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest Rate Swaps
|
|
|
|
|
|
|
|
|
|||||||
|
U.S. Dollar-denominated interest rate swaps
(2)
|
23.1
|
46.3
|
|
46.3
|
|
46.3
|
|
—
|
|
162.0
|
|
0.5
|
|
1.5%
|
|
U.S. Dollar-denominated interest rate swaps
(2)
|
—
|
—
|
|
—
|
|
—
|
|
150.0
|
|
150.0
|
|
1.2
|
|
1.6%
|
|
U.S. Dollar-denominated interest rate swaps
(2)
|
—
|
—
|
|
—
|
|
—
|
|
50.0
|
|
50.0
|
|
1.1
|
|
1.2%
|
(1)
|
Rate refers to the weighted-average effective interest rate for our long-term debt, including the margin we pay on our variable-rate.
|
(2)
|
Interest payments on U.S. Dollar-denominated debt and interest rate swaps are based on LIBOR. The average variable rate paid to us under our interest rate swaps is set quarterly at the six-month and three-month LIBOR, respectively.
|
Terms of Expiring 2018
|
|
Votes For
|
|
Votes Withheld
|
|
Votes Against
|
|
Broker Non-Votes
|
Arthur Bensler
|
|
157,263,044
|
|
34,244,170
|
|
N/A
|
|
N/A
|
Bjorn Moller
|
|
157,028,175
|
|
34,479,039
|
|
N/A
|
|
N/A
|
Richard T. du Moulin
|
|
183,494,589
|
|
8,012,625
|
|
N/A
|
|
N/A
|
Richard J. F. Bronks
|
|
182,030,461
|
|
9,476,753
|
|
N/A
|
|
N/A
|
William Lawes
|
|
181,958,500
|
|
9,548,714
|
|
N/A
|
|
N/A
|
Kenneth Hvid
|
|
157,046,252
|
|
34,460,962
|
|
N/A
|
|
N/A
|
10.1
|
Agreement and Plan of Merger, dated as of May 31, 2017, by and among Teekay Tankers Ltd., Royal 2017 Ltd. and Tanker Investments Ltd.*
|
10.2
|
Voting and Support Agreement, dated as of May 31, 2017, between Teekay Corporation, Teekay Holdings Limited, Teekay Finance Limited, Tanker Investments Ltd. and Teekay Tankers Ltd.*
|
10.2
|
Purchase Agreement, dated as of May 31, 2017, between Teekay Tankers Ltd. and Teekay Holdings Limited*
|
100
|
The following materials for the Registrant’s Report on Form 6-K formatted in XBRL:
|
|
|
|
|
TEEKAY TANKERS LTD.
|
|
|
|
|
|
||
Date:
|
September 12, 2017
|
|
|
By:
|
/s/ Vincent Lok
|
|
|
|
|
|
Vincent Lok
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year Teekay Tankers Chart |
1 Month Teekay Tankers Chart |
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