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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 | |
---|---|---|---|---|---|---|---|---|
-0.14 | -0.23% | 60.14 | 60.6134 | 59.38 | 60.36 | 220,979 | 01:00:00 |
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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 ¨
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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
|
|
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TEEKAY TANKERS LTD.
|
||
|
|
||
Date: November 13, 2019
|
By:
|
|
/s/ Stewart Andrade
|
|
|
|
Stewart Andrade
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
|
|
•
|
Reported GAAP net loss of $19.9 million, or $0.07 per share, and adjusted net loss(1) of $21.2 million, or $0.08 per share, in the third quarter of 2019 (excluding items listed in Appendix A to this release).
|
•
|
Total Adjusted EBITDA(1) of $27.8 million.
|
•
|
Secured strong fourth quarter of 2019 to-date spot tanker rates of $38,000 and $30,500 on average per day for Teekay Tankers' Suezmax and Aframax fleet, an increase of 133 percent and 105 percent, respectively, compared to the third quarter of 2019.
|
•
|
Approximately 90 percent of Teekay Tankers’ fleet is currently trading in the spot tanker market; every $5,000 per day increase in spot tanker rates results in approximately $95 million, or $0.35 per share, in additional annual net income.
|
•
|
Transitioning away from the current formulaic dividend policy to focus on delevering balance sheet, building net asset value, and reducing cost of capital (refer to CEO Commentary and Summary of Recent Events sections below for more details).
|
•
|
Signed term sheet for a new 5-year, $595 million revolving credit facility to refinance a majority of Teekay Tankers’ fleet on substantially similar terms.
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|
Three Months Ended
|
||||||||
(in thousands of U.S. dollars, except per share data)
|
September 30,
2019 |
June 30,
2019 |
September 30,
2018 |
||||||
GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
|
|||
Total revenues
|
182,304
|
|
|
202,277
|
|
|
175,915
|
|
|
(Loss) income from operations
|
(4,873
|
)
|
|
5,051
|
|
|
(2,166
|
)
|
|
Net loss
|
(19,850
|
)
|
|
(14,307
|
)
|
|
(17,484
|
)
|
|
Loss per share
|
(0.07
|
)
|
|
(0.05
|
)
|
|
(0.07
|
)
|
|
NON-GAAP FINANCIAL COMPARISON
|
|
|
|
|
|
||||
Total Adjusted EBITDA (1)
|
27,837
|
|
|
36,197
|
|
|
27,750
|
|
|
Adjusted net loss (1)
|
(21,173
|
)
|
|
(12,142
|
)
|
|
(18,001
|
)
|
|
Adjusted loss per share (1)
|
(0.08
|
)
|
|
(0.05
|
)
|
|
(0.07
|
)
|
|
Free cash flow (1)
|
11,735
|
|
|
19,383
|
|
|
12,558
|
|
|
|
|
|
|
|
|
•
|
Increase in global refinery throughput - According to the International Energy Agency, global refinery throughput is expected to increase by 0.6 million barrels per day (mb/d) quarter-on-quarter in the fourth quarter of 2019, and by 1.1 mb/d year-on-year. This could be further supported by the upcoming IMO 2020 regulations and the need for refiners to increase throughput in order to produce sufficient low sulphur fuel for the marine bunker market.
|
•
|
Increase in crude tanker tonne-miles as a result of longer voyage distances - This has been primarily due to an increase in crude oil movements from the Atlantic basin to Asia, driven by the rise in U.S. crude oil exports. U.S. crude oil exports have averaged 2.9 mb/d in 2019 year-to-date vs. 2.0 mb/d in 2018 and are expected to rise further as new pipeline capacity is brought online linking the Permian basin to the U.S. Gulf coast. In October 2019, U.S. crude oil exports have been averaging 3.4 mb/d as a result of new pipeline capacity coming online, including the Cactus II and EPIC pipelines which began operations in the third quarter of 2019.
|
•
|
Geopolitical instability in the Middle East region - Following the attacks on Saudi Arabian oil infrastructure on September 14, 2019, Asian buyers have been diversifying their sources of oil supply away from the Middle East, which has further added to the increase in crude oil movements from West to East.
|
•
|
Increase in floating storage as a result of IMO 2020 - More than 20 VLCCs are currently being used to store compliant fuels ahead of the new regulations coming into force on January 1, 2020, particularly off Singapore. This is tying up a significant portion of the VLCC fleet and tightening available fleet supply.
|
•
|
Slowdown in tanker fleet growth - Global fleet growth in the first nine months of the year was relatively high with net fleet growth of 28 million deadweight tonnes (mdwt), or 4.7 percent. This pace of growth is set to slow considerably with just 7 mid-size tankers scheduled to deliver in the remainder of the year and 44 vessels scheduled to deliver in 2020 (versus 75 deliveries in the first nine months of 2019). As a result, the Company estimates that global tanker fleet growth will fall to approximately 2 percent in 2020 versus expected growth of 5 percent in 2019.
|
•
|
Drydocking of ships for scrubber installation - Recent weeks have seen an increase in the number of vessels in the global fleet heading into drydock for the installation of scrubbers ahead of IMO 2020, peaking at close to 9 mdwt of capacity during the third quarter of 2019. This has further squeezed available fleet supply, and will continue to do so in the coming weeks as ship owners look to install scrubbers ahead of the January 1, 2020 implementation date.
|
|
|
|
Three Months Ended
|
|||||||||
|
September 30, 2019(i)
|
June 30, 2019(i)
|
September 30, 2018(i)
|
|||||||
Time Charter-Out Fleet
|
|
|
|
|
|
|
||||
Suezmax revenue days
|
92
|
|
|
91
|
|
|
162
|
|
|
|
Suezmax TCE per revenue day
|
$20,488
|
|
$17,281
|
|
|
$17,630
|
|
|
||
Aframax revenue days
|
—
|
|
|
—
|
|
|
393
|
|
|
|
Aframax TCE per revenue day
|
—
|
|
|
—
|
|
|
$20,559
|
|
||
LR2 revenue days
|
—
|
|
|
—
|
|
|
92
|
|
|
|
LR2 TCE per revenue day
|
—
|
|
|
—
|
|
|
|
$17,732
|
|
|
|
|
|
|
|
|
|
||||
Spot Fleet
|
|
|
|
|
|
|
||||
Suezmax revenue days
|
2,576
|
|
|
2,418
|
|
|
2,476
|
|
|
|
Suezmax spot TCE per revenue day (ii)
|
$16,321
|
|
$17,267
|
|
$15,825
|
|
||||
Aframax revenue days
|
1,821
|
|
|
1,763
|
|
|
1,402
|
|
|
|
Aframax spot TCE per revenue day (iii)
|
$14,850
|
|
$20,075
|
|
$13,693
|
|
||||
LR2 revenue days
|
781
|
|
|
840
|
|
|
644
|
|
|
|
LR2 spot TCE per revenue day (iv)
|
$14,686
|
|
$15,679
|
|
$12,527
|
|
||||
|
|
|
|
|
|
|
||||
Total Fleet
|
|
|
|
|
|
|
||||
Suezmax revenue days
|
2,668
|
|
|
2,509
|
|
|
2,638
|
|
|
|
Suezmax TCE per revenue day
|
$16,465
|
|
$17,268
|
|
$15,936
|
|
||||
Aframax revenue days
|
1,821
|
|
|
1,763
|
|
|
1,795
|
|
|
|
Aframax TCE per revenue day
|
$14,850
|
|
$20,075
|
|
$15,197
|
|
||||
LR2 revenue days
|
781
|
|
|
840
|
|
|
736
|
|
|
|
LR2 TCE per revenue day
|
$14,686
|
|
$15,679
|
|
$13,178
|
|
(i)
|
Revenue days are the total number of calendar days the Company's vessels were in its possession during a period, less the total number of off-hire days during the period associated with major repairs, dry dockings or special or intermediate surveys. Consequently, revenue days represents the total number of days available for the vessel to earn revenue. Idle days, which are days when the vessel is available to earn revenue but is not employed, are included in revenue days.
|
(ii)
|
Includes vessels trading in the Teekay Suezmax RSA, Teekay Suezmax Classic RSA and non-pool voyage charters.
|
(iii)
|
Includes vessels trading in the Teekay Aframax RSA, Teekay Aframax Classic RSA, non-pool voyage charters and full service lightering voyages.
|
(iv)
|
Includes vessels trading in the Teekay Taurus RSA and non-pool voyage charters.
|
(v)
|
Net revenues is a non-GAAP financial measure. Please refer to "Definitions and Non-GAAP Financial Measures" for a definition of this term.
|
•
|
The portion of the Suezmax fleet trading on the spot market has secured TCE rates per revenue day of approximately $38,000 on average, with 52 percent of the available days fixed(1);
|
•
|
The portion of the Aframax fleet trading on the spot market has secured TCE rates per revenue day of approximately $30,500 on average, with 43 percent of the available days fixed(2); and
|
•
|
The portion of the Long Range 2 (LR2) product tanker fleet trading on the spot market has secured TCE rates per revenue day of approximately $25,200 on average, with 41 percent of the available days fixed(3).
|
(1)
|
Combined average TCE rate includes Teekay Suezmax RSA, Teekay Suezmax Classic RSA and non-pool voyage charters.
|
(2)
|
Combined average TCE rate includes Teekay Aframax RSA, Teekay Aframax Classic RSA, non-pool voyage charters and full service lightering voyages.
|
(3)
|
Combined average TCE rate includes Teekay Taurus RSA and non-pool voyage charters.
|
|
|
|
Owned and Leased Vessels
|
Chartered-in Vessels
|
Total
|
Fixed-rate:
|
|
|
|
Suezmax Tankers
|
4
|
—
|
4
|
Total Fixed-Rate Fleet
|
4
|
—
|
4
|
Spot-rate:
|
|
|
|
Suezmax Tankers
|
26
|
—
|
26
|
Aframax Tankers(i)
|
17
|
4
|
21
|
LR2 Product Tankers(ii)
|
9
|
2
|
11
|
VLCC Tanker(iii)
|
1
|
—
|
1
|
Total Spot Fleet
|
53
|
6
|
59
|
Total Conventional Fleet
|
57
|
6
|
63
|
STS Support Vessels
|
2
|
3
|
5
|
Total Teekay Tankers' Fleet
|
59
|
9
|
68
|
(i)
|
Includes four Aframax tankers with charter-in contracts that are scheduled to expire in November 2019, December 2019, March 2021 and September 2021, respectively, one with an option to extend for one additional year.
|
(ii)
|
Includes two LR2 product tankers with charter-in contracts that are scheduled to expire in January 2021, each with an option to extend for one additional year.
|
(iii)
|
The Company’s ownership interest in this vessel is 50 percent.
|
|
|
|
|
|
|
|
|
(1)
|
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 $9.0 million, $19.5 million and $12.4 million for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively, and $39.9 million and $56.7 million for the nine months ended September 30, 2019 and September 30, 2018, respectively.
|
(2)
|
Other revenues include lightering support and liquefied natural gas services revenue, and pool management fees and commission revenues.
|
(3)
|
Includes realized gains on interest rate swaps of $0.6 million, $0.8 million and $0.7 million for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively, and realized gains of $2.4 million and $1.6 million for the nine months ended September 30, 2019 and 2018, respectively. The Company also recognized realized gain of $0.4 million and realized losses of $29 thousand and $0.1 million for the three months ended September 30, 2019, June 30, 2019 and September 30, 2018, respectively, and realized gain of $0.4 million and realized loss of $0.1 million for the nine months ended September 30, 2019 and 2018, respectively, relating to its forward freight agreements.
|
(4)
|
Equity income (loss) relates to the Company’s 50 percent interest in the High-Q Investment Ltd. (High-Q) joint venture, which owns one VLCC tanker.
|
|
|
|
As at
|
As at
|
As at
|
||||||
|
September 30,
|
June 30,
|
December 31,
|
||||||
|
2019
|
2019
|
2018
|
||||||
|
(unaudited) (4)
|
(unaudited) (4)
|
(unaudited)
|
||||||
ASSETS
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
76,705
|
|
|
35,429
|
|
|
54,917
|
|
|
Restricted cash
|
2,341
|
|
|
1,916
|
|
|
2,153
|
|
|
Pool receivable from affiliates
|
562
|
|
|
15,330
|
|
|
56,549
|
|
|
Accounts receivable
|
52,245
|
|
|
51,451
|
|
|
17,365
|
|
|
Due from affiliates
|
1,634
|
|
|
1,240
|
|
|
39,663
|
|
|
Current portion of derivative assets
|
1,878
|
|
|
1,229
|
|
|
2,905
|
|
|
Bunker and lube oil inventory (1)
|
50,473
|
|
|
63,441
|
|
|
23,179
|
|
|
Prepaid expenses (1)
|
14,108
|
|
|
10,146
|
|
|
10,917
|
|
|
Other current assets
|
61,598
|
|
|
48,296
|
|
|
17,943
|
|
|
Total current assets
|
261,544
|
|
|
228,478
|
|
|
225,591
|
|
|
Restricted cash - long-term
|
3,437
|
|
|
3,437
|
|
|
3,437
|
|
|
Vessels and equipment – net
|
1,310,541
|
|
|
1,327,480
|
|
|
1,401,551
|
|
|
Vessels related to finance leases – net
|
525,597
|
|
|
529,286
|
|
|
482,010
|
|
|
Operating lease right-of-use assets (2)
|
23,595
|
|
|
19,089
|
|
|
—
|
|
|
Investment in and advances to equity-accounted joint venture
|
26,418
|
|
|
26,351
|
|
|
25,766
|
|
|
Derivative assets
|
82
|
|
|
240
|
|
|
2,973
|
|
|
Intangible assets – net
|
9,955
|
|
|
10,498
|
|
|
11,625
|
|
|
Other non-current assets
|
910
|
|
|
1,010
|
|
|
74
|
|
|
Goodwill
|
8,059
|
|
|
8,059
|
|
|
8,059
|
|
|
Total assets
|
2,170,138
|
|
|
2,153,928
|
|
|
2,161,086
|
|
|
|
|
|
|
|
|
|
|||
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|||
Accounts payable and accrued liabilities
|
101,343
|
|
|
103,980
|
|
|
52,002
|
|
|
Short-term debt (3)
|
50,000
|
|
|
15,000
|
|
|
—
|
|
|
Due to affiliates
|
1,241
|
|
|
12,320
|
|
|
18,570
|
|
|
Current portion of derivative liabilities
|
—
|
|
|
—
|
|
|
57
|
|
|
Current portion of long-term debt
|
101,295
|
|
|
101,264
|
|
|
106,236
|
|
|
Current obligations related to finance leases
|
24,875
|
|
|
24,397
|
|
|
20,896
|
|
|
Current portion of operating lease liabilities (2)
|
16,405
|
|
|
12,224
|
|
|
—
|
|
|
Other current liabilities
|
255
|
|
|
316
|
|
|
—
|
|
|
Total current liabilities
|
295,414
|
|
|
269,501
|
|
|
197,761
|
|
|
Long-term debt
|
507,665
|
|
|
491,962
|
|
|
629,170
|
|
|
Long-term obligations related to finance leases
|
396,059
|
|
|
402,539
|
|
|
354,393
|
|
|
Long-term operating lease liabilities (2)
|
7,190
|
|
|
6,865
|
|
|
—
|
|
|
Other long-term liabilities
|
37,474
|
|
|
37,166
|
|
|
32,829
|
|
|
Derivative liabilities
|
49
|
|
|
—
|
|
|
—
|
|
|
Equity
|
926,287
|
|
|
945,895
|
|
|
946,933
|
|
|
Total liabilities and equity
|
2,170,138
|
|
|
2,153,928
|
|
|
2,161,086
|
|
|
|
|
(1)
|
Commencing in 2019, the Company is separately presenting bunker and lube oil inventory on its balance sheets. Such amounts were previously classified as prepaid expenses. Bunker and lube oil inventory has increased significantly commencing in the first quarter of 2019 as a result of changes to the Company’s RSAs whereby the Company now directly procures and has legal title to the bunker fuel for the vessels in the RSAs, with such assets being used as collateral for the new loan to finance its pool management operations entered into by the Company. Bunker and lube oil inventory is stated at cost which is determined on a first-in, first-out basis. Comparative figures have been reclassified to conform to the presentation adopted in the current period.
|
(2)
|
Upon adoption of the new lease accounting standard on January 1, 2019, the Company's chartered-in vessels, with lease terms of more than one year, are now treated as operating lease right-of-use assets and operating lease liabilities. This resulted in increases in the Company’s assets and liabilities of $23.6 million and $19.1 million at September 30, 2019 and June 30, 2019, respectively. This adoption had no impact on the Company’s Consolidated Statements of Loss.
|
(3)
|
Short-term debt relates to the Company’s loan to finance its pool management operations that was initially drawn during the first quarter of 2019.
|
(4)
|
In late 2018, the Company initiated a new RSA structure under a newly formed subsidiary, Teekay Tankers Chartering Pte. Ltd (TTCL). In the third quarter of 2019, the Company had substantially completed the transition of its RSA activities under TTCL. Under the TTCL structure, the balances in the RSA are consolidated, reflecting the Company’s rights and obligations as per the TTCL RSA agreements, whereas the previous RSA structure had an agency agreement and therefore balances were not consolidated. The transition to TTCL has therefore resulted in notable increases in various balance sheet working capital categories.
|
|
|
|
|
Nine Months Ended
|
|||||
|
|
September 30,
|
September 30,
|
||||
|
|
2019
|
2018
|
||||
|
|
(unaudited)
|
(unaudited)
|
||||
Cash, cash equivalents and restricted cash provided by (used for)
|
|
|
|
|
|||
OPERATING ACTIVITIES
|
|
|
|
|
|
||
Net loss
|
(21,710
|
)
|
|
(64,050
|
)
|
|
|
Non-cash items:
|
|
|
|
|
|||
Depreciation and amortization
|
92,059
|
|
|
88,598
|
|
|
|
Gain on sale of vessel
|
—
|
|
|
(170
|
)
|
|
|
Unrealized loss (gain) on derivative instruments
|
3,960
|
|
|
(3,287
|
)
|
|
|
Equity income
|
(652
|
)
|
|
(265
|
)
|
|
|
Freight tax expense
|
4,181
|
|
|
3,859
|
|
|
|
Other
|
3,690
|
|
|
4,307
|
|
|
|
Change in operating assets and liabilities
|
18,685
|
|
|
(17,402
|
)
|
|
|
Expenditures for dry docking
|
(37,430
|
)
|
|
(17,035
|
)
|
|
|
Net operating cash flow
|
62,783
|
|
|
(5,445
|
)
|
|
|
|
|
|
|
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||
Proceeds from short-term debt
|
125,000
|
|
|
—
|
|
|
|
Proceeds from long-term debt, net of issuance costs
|
56,788
|
|
|
46,128
|
|
|
|
Scheduled repayments of long-term debt
|
(76,216
|
)
|
|
(92,380
|
)
|
|
|
Prepayments of long-term debt
|
(109,688
|
)
|
|
(102,717
|
)
|
|
|
Prepayments of short-term debt
|
(75,000
|
)
|
|
—
|
|
|
|
Proceeds from financing related to sales and leaseback of vessels
|
63,720
|
|
|
156,644
|
|
|
|
Scheduled repayments of obligations related to finance leases
|
(18,075
|
)
|
|
(8,841
|
)
|
|
|
Cash dividends paid
|
—
|
|
|
(8,052
|
)
|
|
|
Other
|
(126
|
)
|
|
(92
|
)
|
|
|
Net financing cash flow
|
(33,597
|
)
|
|
(9,310
|
)
|
|
|
|
|
|
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Proceeds from sale of vessel
|
—
|
|
|
589
|
|
|
|
Expenditures for vessels and equipment
|
(7,210
|
)
|
|
(3,463
|
)
|
|
|
Return of capital from equity-accounted joint venture
|
—
|
|
|
746
|
|
|
|
Net investing cash flow
|
(7,210
|
)
|
|
(2,128
|
)
|
|
|
|
|
|
|
|
|||
Increase (decrease) in cash, cash equivalents and restricted cash
|
21,976
|
|
|
(16,883
|
)
|
|
|
Cash, cash equivalents and restricted cash, beginning of the period
|
60,507
|
|
|
75,710
|
|
|
|
Cash, cash equivalents and restricted cash, end of the period
|
82,483
|
|
|
58,827
|
|
|
|
|
|
|
|
Three Months Ended
|
|||||||||||||
|
|
|
September 30, 2019
|
|
September 30, 2018
|
|
||||||||||
|
|
|
(unaudited)
|
|
(unaudited)
|
|
||||||||||
|
|
|
$
|
$ Per Share(1)
|
|
$
|
$ Per Share(1)
|
|
||||||||
Net loss - GAAP basis
|
(19,850
|
)
|
|
|
($0.07
|
)
|
|
(17,484
|
)
|
|
|
($0.07
|
)
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Add specific items affecting net loss:
|
|
|
|
|
|
|
|
|
|
|||||||
|
Unrealized gain on derivative instruments (2)
|
(405
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
|||
|
Other (3)
|
(918
|
)
|
|
|
($0.01
|
)
|
|
(513
|
)
|
|
—
|
|
|
||
Total adjustments
|
(1,323
|
)
|
|
|
($0.01
|
)
|
|
(517
|
)
|
|
—
|
|
|
|||
Adjusted net loss attributable to shareholders of
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Teekay Tankers
|
(21,173
|
)
|
|
|
($0.08
|
)
|
|
(18,001
|
)
|
|
|
($0.07
|
)
|
|
(1)
|
Basic per share amounts.
|
(2)
|
Reflects unrealized gains or losses 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 and forward freight agreements.
|
(3)
|
The amount recorded for the three months ended September 30, 2019 primarily relates to unrealized foreign exchange gains. The amount recorded for the three months ended September 30, 2018 primarily relates to foreign exchange gains, debt issuance costs that were written off in connection with the refinancing of the Company's debt facilities and restructuring charges.
|
|
|
|
|
|
Three Months Ended
|
|||||
|
|
|
September 30, 2019
|
September 30, 2018
|
||||
|
|
|
(unaudited)
|
(unaudited)
|
||||
|
|
|
|
|
|
|
||
|
Net loss - GAAP basis
|
(19,850
|
)
|
|
(17,484
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
31,536
|
|
|
29,595
|
|
|
|
|
Proportionate share of free cash flow from equity-accounted joint venture
|
522
|
|
|
92
|
|
|
|
|
Equity loss (1)
|
—
|
|
|
359
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
Equity income (1)
|
(68
|
)
|
|
—
|
|
|
|
|
Unrealized gain on derivative instruments
|
(405
|
)
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
Free cash flow
|
11,735
|
|
|
12,558
|
|
|
||
|
|
|
|
|
|
|
|
|
Weighted-average number of common shares outstanding for the period - basic
|
268,990,399
|
|
|
268,558,556
|
|
|
(1)
|
Equity (income) loss relates to the Company’s 50 percent interest in the High-Q joint venture, which owns one VLCC tanker.
|
|
|
|
Three Months Ended
|
|||
|
September 30, 2019
|
September 30, 2018
|
||
|
(unaudited)
|
(unaudited)
|
||
Net loss - GAAP basis
|
(19,850
|
)
|
(17,484
|
)
|
Depreciation and amortization
|
31,536
|
|
29,595
|
|
Interest expense, net of interest income
|
15,996
|
|
14,756
|
|
Freight tax and other tax expenses
|
1,435
|
|
2,050
|
|
EBITDA
|
29,117
|
|
28,917
|
|
|
|
|
||
Add (subtract) specific income statement items affecting EBITDA:
|
|
|
||
Foreign exchange gain
|
(918
|
)
|
(1,251
|
)
|
Realized gain on interest rate swaps
|
(613
|
)
|
(711
|
)
|
Unrealized gain on derivative instruments
|
(405
|
)
|
(4
|
)
|
Equity (income) loss
|
(68
|
)
|
359
|
|
Other loss – net
|
—
|
|
119
|
|
Consolidated adjusted EBITDA
|
27,113
|
|
27,429
|
|
Adjusted EBITDA from equity-accounted joint venture (See Appendix D)
|
724
|
|
321
|
|
Total Adjusted EBITDA
|
27,837
|
|
27,750
|
|
|
|
|
Three Months Ended
|
|||||||
|
September 30, 2019
|
September 30, 2018
|
||||||
|
(unaudited)
|
(unaudited)
|
||||||
|
At
|
Company's
|
At
|
Company's
|
||||
|
100%
|
Portion (1)
|
100%
|
Portion (1)
|
||||
Revenues
|
2,022
|
|
1,011
|
|
1,363
|
|
682
|
|
Vessel and other operating expenses
|
(575
|
)
|
(287
|
)
|
(722
|
)
|
(361
|
)
|
Depreciation and amortization
|
(908
|
)
|
(454
|
)
|
(903
|
)
|
(452
|
)
|
Income (loss) from vessel operations of equity-accounted joint venture
|
539
|
|
270
|
|
(262
|
)
|
(131
|
)
|
|
|
|
|
|
||||
Net interest expense
|
(403
|
)
|
(202
|
)
|
(456
|
)
|
(228
|
)
|
Equity income (loss) of equity-accounted joint venture
|
136
|
|
68
|
|
(718
|
)
|
(359
|
)
|
|
|
|
|
|
||||
Equity income (loss) of equity-accounted joint venture
|
136
|
|
68
|
|
(718
|
)
|
(359
|
)
|
Depreciation and amortization
|
908
|
|
454
|
|
903
|
|
452
|
|
Interest expense, net of interest income
|
403
|
|
202
|
|
456
|
|
228
|
|
Adjusted EBITDA from equity-accounted joint venture
|
1,447
|
|
724
|
|
641
|
|
321
|
|
|
|
1 Year Teekay Tankers Chart |
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