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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 58.27 | 0 | 09:00:00 |
|
|
PAGE
|
||
|
|
|
Item 1.
|
|
|
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
|
|
$
|
|
$
|
||||
|
|
|
|
|
||||
Voyage charter revenues (note 3)
|
|
317,478
|
|
|
222,077
|
|
||
Time-charter revenues (note 3)
|
|
15,567
|
|
|
3,410
|
|
||
Other revenues (notes 3 and 4)
|
|
8,855
|
|
|
12,674
|
|
||
Total revenues
|
|
341,900
|
|
|
238,161
|
|
||
|
|
|
|
|
||||
Voyage expenses
|
|
(119,241
|
)
|
|
(102,999
|
)
|
||
Vessel operating expenses (note 13b)
|
|
(50,649
|
)
|
|
(54,587
|
)
|
||
Time-charter hire expenses
|
|
(9,879
|
)
|
|
(9,448
|
)
|
||
Depreciation and amortization
|
|
(29,632
|
)
|
|
(29,865
|
)
|
||
General and administrative expenses (note 13b)
|
|
(9,286
|
)
|
|
(9,165
|
)
|
||
Loss and write-down on sale of vessels (note 15)
|
|
(3,087
|
)
|
|
—
|
|
||
Income from operations
|
|
120,126
|
|
|
32,097
|
|
||
|
|
|
|
|
||||
Interest expense
|
|
(15,135
|
)
|
|
(16,942
|
)
|
||
Interest income
|
|
256
|
|
|
365
|
|
||
Realized and unrealized loss on derivative instruments (note 8)
|
|
(827
|
)
|
|
(847
|
)
|
||
Equity income
|
|
1,940
|
|
|
753
|
|
||
Other income (expense) (note 9)
|
|
1,143
|
|
|
(365
|
)
|
||
Net income before income tax
|
|
107,503
|
|
|
15,061
|
|
||
Income tax expense (note 10)
|
|
(664
|
)
|
|
(2,614
|
)
|
||
Net income
|
|
106,839
|
|
|
12,447
|
|
||
|
|
|
|
|
||||
|
|
|
|
|
||||
Per common share amounts (note 14)
|
|
|
|
|
||||
- Basic earnings per share
|
|
$
|
3.17
|
|
|
$
|
0.37
|
|
- Diluted earnings per share
|
|
$
|
3.15
|
|
|
$
|
0.37
|
|
|
|
|
|
|
||||
Weighted-average number of Class A and Class B common stock outstanding (note 14)
|
|
|
|
|
||||
- Basic
|
|
33,669,967
|
|
|
33,584,778
|
|
||
- Diluted
|
|
33,946,292
|
|
|
33,609,540
|
|
||
|
|
|
|
|
||||
Related party transactions (note 13)
|
|
|
|
|
|
|
As at
|
|
As at
|
||
|
|
March 31,
2020
|
|
December 31, 2019
|
||
|
|
$
|
|
$
|
||
ASSETS
|
|
|
|
|
||
Current
|
|
|
|
|
||
Cash and cash equivalents
|
|
203,325
|
|
|
88,824
|
|
Restricted cash – current (note 16)
|
|
3,318
|
|
|
3,071
|
|
Accounts receivable
|
|
108,326
|
|
|
95,648
|
|
Assets held for sale (note 15)
|
|
50,818
|
|
|
65,458
|
|
Due from affiliates (note 13c)
|
|
463
|
|
|
697
|
|
Current portion of derivative assets (note 8)
|
|
—
|
|
|
577
|
|
Bunker and lube oil inventory
|
|
50,430
|
|
|
49,790
|
|
Prepaid expenses
|
|
11,841
|
|
|
10,288
|
|
Accrued revenue
|
|
66,664
|
|
|
106,872
|
|
Total current assets
|
|
495,185
|
|
|
421,225
|
|
Restricted cash – long-term (note 16)
|
|
3,437
|
|
|
3,437
|
|
Vessels and equipment
|
|
|
|
|
||
At cost, less accumulated depreciation of $535.3 million (2019 - $537.1 million) (note 6)
|
|
1,157,003
|
|
|
1,223,085
|
|
Vessels related to finance leases, at cost, less accumulated depreciation of $151.1 million (2019 - $143.7 million) (note 7)
|
|
519,210
|
|
|
527,081
|
|
Operating lease right-of-use assets (note 7)
|
|
15,511
|
|
|
19,560
|
|
Total vessels and equipment
|
|
1,691,724
|
|
|
1,769,726
|
|
Investment in and advances to equity-accounted joint venture
|
|
28,051
|
|
|
28,112
|
|
Derivative assets (note 8)
|
|
—
|
|
|
82
|
|
Other non-current assets
|
|
1,667
|
|
|
1,923
|
|
Intangible assets at cost, less accumulated amortization of $13.2 million (2019 - $13.1 million)
|
|
2,401
|
|
|
2,545
|
|
Goodwill
|
|
2,426
|
|
|
2,426
|
|
Total assets
|
|
2,224,891
|
|
|
2,229,476
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
||
Current
|
|
|
|
|
||
Accounts payable
|
|
63,278
|
|
|
70,978
|
|
Accrued liabilities (note 13c)
|
|
43,542
|
|
|
59,735
|
|
Short-term debt (note 5)
|
|
55,000
|
|
|
50,000
|
|
Due to affiliates (note 13c)
|
|
4,677
|
|
|
2,139
|
|
Liabilities associated with assets held for sale (note 15)
|
|
2,535
|
|
|
2,980
|
|
Current portion of derivative liabilities (note 8)
|
|
234
|
|
|
86
|
|
Current portion of long-term debt (note 6)
|
|
29,910
|
|
|
43,573
|
|
Current obligations related to finance leases (note 7)
|
|
25,775
|
|
|
25,357
|
|
Current portion of operating lease liabilities (note 7)
|
|
14,049
|
|
|
16,290
|
|
Other current liabilities
|
|
5,923
|
|
|
8,567
|
|
Total current liabilities
|
|
244,923
|
|
|
279,705
|
|
Long-term debt (note 6)
|
|
446,766
|
|
|
516,106
|
|
Long-term obligations related to finance leases (note 7)
|
|
382,905
|
|
|
389,431
|
|
Long-term operating lease liabilities (note 7)
|
|
1,462
|
|
|
3,270
|
|
Other long-term liabilities (note 10)
|
|
51,114
|
|
|
51,044
|
|
Derivative liabilities (note 8)
|
494
|
|
|
—
|
|
|
Total liabilities
|
|
1,127,664
|
|
|
1,239,556
|
|
Commitments and contingencies (notes 5, 6, 7, and 8)
|
|
|
|
|
||
Equity
|
|
|
|
|
||
Common stock and additional paid-in capital (585.0 million shares authorized, 29.1 million Class A and 4.6 million Class B shares issued and outstanding as of March 31, 2020 and 585.0 million shares authorized, 29.0 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2019) (note 12)
|
|
1,298,023
|
|
|
1,297,555
|
|
Accumulated deficit
|
|
(200,796
|
)
|
|
(307,635
|
)
|
Total equity
|
|
1,097,227
|
|
|
989,920
|
|
Total liabilities and equity
|
|
2,224,891
|
|
|
2,229,476
|
|
|
|
Three Months Ended March 31,
|
||||
|
|
2020
|
|
2019
|
||
|
|
$
|
|
$
|
||
Cash, cash equivalents and restricted cash provided by (used for)
|
|
|
|
|
||
OPERATING ACTIVITIES
|
|
|
|
|
||
Net income
|
|
106,839
|
|
|
12,447
|
|
Non-cash items:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
29,632
|
|
|
29,865
|
|
Loss and write-down on sale of vessels (note 15)
|
|
3,087
|
|
|
—
|
|
Unrealized loss on derivative instruments (note 8)
|
|
1,301
|
|
|
1,788
|
|
Equity income
|
|
(1,940
|
)
|
|
(753
|
)
|
Income tax expense (note 10)
|
|
1,439
|
|
|
2,569
|
|
Other
|
|
744
|
|
|
4,473
|
|
Change in operating assets and liabilities
|
|
(1,308
|
)
|
|
6,265
|
|
Expenditures for dry docking
|
|
(1,109
|
)
|
|
(10,433
|
)
|
Net operating cash flow
|
|
138,685
|
|
|
46,221
|
|
|
|
|
|
|
||
FINANCING ACTIVITIES
|
|
|
|
|
||
Proceeds from short-term debt (note 5)
|
|
135,000
|
|
|
30,000
|
|
Proceeds from long-term debt, net of issuance costs (note 6)
|
|
479,091
|
|
|
434
|
|
Scheduled repayments of long-term debt (note 6)
|
|
(5,728
|
)
|
|
(25,400
|
)
|
Prepayments of long-term debt (note 6)
|
|
(557,368
|
)
|
|
(20,000
|
)
|
Prepayments of short-term debt (note 5)
|
|
(130,000
|
)
|
|
(5,000
|
)
|
Scheduled repayments of obligations related to finance leases (note 7)
|
|
(6,108
|
)
|
|
(5,537
|
)
|
Net financing cash flow
|
|
(85,113
|
)
|
|
(25,503
|
)
|
|
|
|
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
||
Proceeds from sale of vessels (note 15)
|
|
60,915
|
|
|
—
|
|
Expenditures for vessels and equipment
|
|
(842
|
)
|
|
(656
|
)
|
Loan repayments from equity-accounted joint venture
|
|
2,000
|
|
|
—
|
|
Net investing cash flow
|
|
62,073
|
|
|
(656
|
)
|
|
|
|
|
|
||
Increase in cash, cash equivalents and restricted cash
|
|
115,645
|
|
|
20,062
|
|
Cash, cash equivalents and restricted cash, beginning of the period
|
|
96,790
|
|
|
60,507
|
|
Cash, cash equivalents and restricted cash, end of the period
|
|
212,435
|
|
|
80,569
|
|
|
|
Common Stock and Additional
Paid-in Capital
|
|
|
|
|
|||||||||
|
|
Thousands
of Common
Shares
#
|
|
Class A Common Shares
$
|
|
Class B Common Shares
$
|
|
Accumulated
Deficit
$
|
|
Total
$
|
|||||
Balance as at December 31, 2019
|
|
33,655
|
|
|
1,209,023
|
|
|
88,532
|
|
|
(307,635
|
)
|
|
989,920
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106,839
|
|
|
106,839
|
|
Equity-based compensation (note 12)
|
|
57
|
|
|
468
|
|
|
—
|
|
|
—
|
|
|
468
|
|
Balance as at March 31, 2020
|
|
33,712
|
|
|
1,209,491
|
|
|
88,532
|
|
|
(200,796
|
)
|
|
1,097,227
|
|
|
|
Common Stock and Additional
Paid-in Capital
|
|
|
|
|
|||||||||
|
|
Thousands
of Common
Shares
#
|
|
Class A Common Shares
$
|
|
Class B Common Shares
$
|
|
Accumulated
Deficit
$
|
|
Total
$
|
|||||
Balance as at December 31, 2018
|
|
33,570
|
|
|
1,207,397
|
|
|
88,532
|
|
|
(348,996
|
)
|
|
946,933
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,447
|
|
|
12,447
|
|
Equity-based compensation (note 12)
|
|
54
|
|
|
668
|
|
|
—
|
|
|
—
|
|
|
668
|
|
Balance as at March 31, 2019
|
|
33,624
|
|
|
1,208,065
|
|
|
88,532
|
|
|
(336,549
|
)
|
|
960,048
|
|
1.
|
Basis of Presentation
|
2.
|
Recent Accounting Pronouncements
|
3.
|
Revenue
|
|
Three Months Ended March 31,
|
|
||||
|
2020
|
|
2019
|
|
||
|
$
|
|
$
|
|
||
Voyage charter revenues
|
|
|
|
|
||
Suezmax
|
157,720
|
|
|
102,008
|
|
|
Aframax
|
72,464
|
|
|
66,247
|
|
|
LR2
|
48,786
|
|
|
35,627
|
|
|
Full service lightering
|
38,508
|
|
|
18,195
|
|
|
Total
|
317,478
|
|
|
222,077
|
|
|
|
|
|
|
|
||
Time-charter revenues
|
|
|
|
|
||
Suezmax
|
15,567
|
|
|
1,573
|
|
|
Aframax
|
—
|
|
|
1,837
|
|
|
LR2
|
—
|
|
|
—
|
|
|
Total
|
15,567
|
|
|
3,410
|
|
|
|
|
|
|
|
||
Other revenues
|
|
|
|
|
||
Ship-to-ship support services
|
6,719
|
|
|
4,939
|
|
|
Commercial management
|
2,353
|
|
|
2,236
|
|
|
LNG terminal management, consultancy, procurement and other
|
(217
|
)
|
|
5,499
|
|
|
Total
|
8,855
|
|
|
12,674
|
|
|
|
|
|
|
|
||
Total revenues
|
341,900
|
|
|
238,161
|
|
|
4.
|
Segment Reporting
|
Three Months Ended March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Tanker Segment
|
|
Ship-to-Ship
Transfer Segment
|
|
Inter-segment Adjustment (1)
|
|
Total
|
||||||||
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
||||
Revenues (2)
|
334,403
|
|
|
|
10,694
|
|
|
|
(3,197
|
)
|
|
|
341,900
|
|
|
Voyage expenses
|
(122,438
|
)
|
|
|
—
|
|
|
|
3,197
|
|
|
|
(119,241
|
)
|
|
Vessel operating expenses
|
(43,663
|
)
|
|
|
(6,986
|
)
|
|
|
—
|
|
|
|
(50,649
|
)
|
|
Time-charter hire expenses
|
(8,319
|
)
|
|
|
(1,560
|
)
|
|
|
—
|
|
|
|
(9,879
|
)
|
|
Depreciation and amortization
|
(29,150
|
)
|
|
|
(482
|
)
|
|
|
—
|
|
|
|
(29,632
|
)
|
|
General and administrative expenses (3)
|
(8,369
|
)
|
|
|
(917
|
)
|
|
|
—
|
|
|
|
(9,286
|
)
|
|
Loss and write-down on sale of vessels
|
(3,053
|
)
|
|
|
(34
|
)
|
|
|
—
|
|
|
|
(3,087
|
)
|
|
Income from operations
|
119,411
|
|
|
|
715
|
|
|
|
—
|
|
|
|
120,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity income
|
1,940
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,940
|
|
|
Three Months Ended March 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Tanker Segment
|
|
Ship-to-Ship Transfer Segment
|
|
Inter-segment Adjustment (1)
|
|
Total
|
||||||||
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
||||
Revenues (2)
|
227,723
|
|
|
|
13,307
|
|
|
|
(2,869
|
)
|
|
|
238,161
|
|
|
Voyage expenses
|
(105,868
|
)
|
|
|
—
|
|
|
|
2,869
|
|
|
|
(102,999
|
)
|
|
Vessel operating expenses
|
(44,347
|
)
|
|
|
(10,240
|
)
|
|
|
—
|
|
|
|
(54,587
|
)
|
|
Time-charter hire expenses
|
(7,970
|
)
|
|
|
(1,478
|
)
|
|
|
—
|
|
|
|
(9,448
|
)
|
|
Depreciation and amortization
|
(29,026
|
)
|
|
|
(839
|
)
|
|
|
—
|
|
|
|
(29,865
|
)
|
|
General and administrative expenses (3)
|
(8,346
|
)
|
|
|
(819
|
)
|
|
|
—
|
|
|
|
(9,165
|
)
|
|
Income (loss) from operations
|
32,166
|
|
|
|
(69
|
)
|
|
|
—
|
|
|
|
32,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity income
|
753
|
|
|
|
—
|
|
|
|
—
|
|
|
|
753
|
|
|
(1)
|
The ship-to-ship transfer segment provides lightering support services to the tanker segment for full service lightering operations and the pricing for such services was based on actual costs incurred.
|
(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 unaudited statements of 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
|
||
|
March 31, 2020
|
|
December 31, 2019
|
||
|
$
|
|
$
|
||
Tanker
|
1,986,661
|
|
|
2,106,943
|
|
Ship-to-Ship Transfer
|
34,905
|
|
|
33,709
|
|
Cash and cash equivalents
|
203,325
|
|
|
88,824
|
|
Consolidated total assets
|
2,224,891
|
|
|
2,229,476
|
|
6.
|
Long-Term Debt
|
|
As at
|
|
As at
|
||
|
March 31, 2020
|
|
December 31, 2019
|
||
|
$
|
|
$
|
||
Revolving Credit Facility due through 2024
|
395,000
|
|
|
341,132
|
|
Term Loan due through 2021
|
89,765
|
|
|
221,729
|
|
Total principal
|
484,765
|
|
|
562,861
|
|
Less: unamortized discount and debt issuance costs
|
(8,089
|
)
|
|
(3,182
|
)
|
Total debt
|
476,676
|
|
|
559,679
|
|
Less: current portion
|
(29,910
|
)
|
|
(43,573
|
)
|
Non-current portion of long-term debt
|
446,766
|
|
|
516,106
|
|
7.
|
Operating Leases and Obligations Related to Finance Leases
|
|
As at
|
|
As at
|
||
|
March 31, 2020
|
|
December 31, 2019
|
||
|
$
|
|
$
|
||
Total obligations related to finance leases
|
408,680
|
|
|
414,788
|
|
Less: current portion
|
(25,775
|
)
|
|
(25,357
|
)
|
Long-term obligations related to finance leases
|
382,905
|
|
|
389,431
|
|
8.
|
Derivative Instruments
|
(1)
|
Excludes the margin the Company pays on its variable-rate debt, which, as of March 31, 2020, ranged from 0.50% to 3.50%.
|
|
Current portion of derivative assets
|
|
Derivative assets
|
|
Accounts receivable (Accrued liabilities)
|
|
Current portion of derivative liabilities
|
|
Derivative liabilities
|
|||||
|
$
|
|
$
|
|
$
|
|
$
|
|
|
|||||
As at March 31, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Interest rate swap agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
|
(494
|
)
|
Forward freight agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(174
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(234
|
)
|
|
(494
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||
As at December 31, 2019
|
|
|
|
|
|
|
|
|
|
|||||
Interest rate swap agreements
|
577
|
|
|
82
|
|
|
230
|
|
|
—
|
|
|
—
|
|
Forward freight agreements
|
—
|
|
|
—
|
|
|
—
|
|
|
(86
|
)
|
|
—
|
|
|
577
|
|
|
82
|
|
|
230
|
|
|
(86
|
)
|
|
—
|
|
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||
|
March 31, 2020
|
|
March 31, 2019
|
||||||||||
|
Realized gains (losses)
|
Unrealized (losses)
|
Total
|
|
Realized gains (losses)
|
Unrealized
(losses)
|
Total
|
||||||
|
$
|
$
|
$
|
|
$
|
$
|
$
|
||||||
Interest rate swap agreements
|
523
|
|
(1,214
|
)
|
(691
|
)
|
|
954
|
|
(1,771
|
)
|
(817
|
)
|
Forward freight agreements
|
(49
|
)
|
(87
|
)
|
(136
|
)
|
|
(13
|
)
|
(17
|
)
|
(30
|
)
|
|
474
|
|
(1,301
|
)
|
(827
|
)
|
|
941
|
|
(1,788
|
)
|
(847
|
)
|
9.
|
Other Income (Expense)
|
|
Three Months Ended March 31,
|
||||
|
2020
|
|
2019
|
||
|
$
|
|
$
|
||
Foreign exchange gain (loss)
|
1,135
|
|
|
(412
|
)
|
Other income
|
8
|
|
|
47
|
|
Total
|
1,143
|
|
|
(365
|
)
|
10.
|
Income Tax Expenses
|
|
Three Months Ended 31 March
|
||||
|
2020
$ |
|
2019
$ |
||
Balance of unrecognized tax benefits as at January 1
|
49,579
|
|
|
32,059
|
|
Increases for positions related to the current year
|
422
|
|
|
1,072
|
|
Changes for positions taken in prior years
|
(82
|
)
|
|
1,786
|
|
Decreases related to statute of limitations
|
—
|
|
|
—
|
|
Balance of unrecognized tax benefits as at March 31
|
49,919
|
|
|
34,917
|
|
11.
|
Financial Instruments
|
|
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||||||
|
|
Fair
Value
Hierarchy
Level
|
|
Carrying
Amount
Asset /
(Liability)
$
|
|
Fair
Value
Asset /
(Liability)
$
|
|
Carrying
Amount
Asset /
(Liability)
$
|
|
Fair
Value
Asset /
(Liability)
$
|
||||
Recurring:
|
|
|
|
|
|
|
|
|
|
|
||||
Cash, cash equivalents and restricted cash
|
|
Level 1
|
|
210,080
|
|
|
210,080
|
|
|
95,332
|
|
|
95,332
|
|
Derivative instruments (note 8)
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate swap agreements (1)
|
|
Level 2
|
|
(554
|
)
|
|
(554
|
)
|
|
659
|
|
|
659
|
|
Forward freight agreements (1)
|
|
Level 2
|
|
(174
|
)
|
|
(174
|
)
|
|
(86
|
)
|
|
(86
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other:
|
|
|
|
|
|
|
|
|
|
|
||||
Short-term debt (note 5)
|
|
Level 2
|
|
(55,000
|
)
|
|
(55,016
|
)
|
|
(50,000
|
)
|
|
(50,000
|
)
|
Advances to equity-accounted for joint venture
|
|
(2)
|
|
7,930
|
|
|
(2)
|
|
|
9,930
|
|
|
(2)
|
|
Long-term debt, including current portion (note 6)
|
|
Level 2
|
|
(476,676
|
)
|
|
(464,786
|
)
|
|
(559,679
|
)
|
|
(558,657
|
)
|
Obligations related to finance leases, including current portion (note 7)
|
|
Level 2
|
|
(408,680
|
)
|
|
(439,278
|
)
|
|
(414,788
|
)
|
|
(442,648
|
)
|
Assets held for sale (note 15)
|
|
Level 2
|
|
22,400
|
|
|
22,400
|
|
|
37,240
|
|
|
37,240
|
|
(1)
|
The fair value of the Company’s interest rate swap agreements and FFAs at March 31, 2020 and December 31, 2019 exclude accrued interest income and expenses which are recorded in accounts receivables and accrued liabilities, respectively, on the unaudited consolidated balance sheets.
|
(2)
|
The advances to its equity-accounted joint venture, together with the Company’s investment in the equity-accounted joint venture, form the net aggregate carrying value of the Company’s interests in the equity-accounted joint venture in these unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests as at March 31, 2020 and December 31, 2019 were not determinable.
|
12.
|
Capital Stock and Equity-Based Compensation
|
13.
|
Related Party Transactions
|
a.
|
The Company's operations are conducted in part by its subsidiaries, which receive services from Teekay's wholly-owned subsidiary, Teekay Shipping Ltd. (or the Manager) and its affiliates. The Manager provides various services under a long-term management agreement (the Management Agreement). Commencing October 1, 2018, the Company elected to receive vessel management services for its owned and leased vessels (other than certain former TIL vessels, which are technically managed by a third party) from its wholly-owned subsidiaries and no longer contracts these services from the Manager.
|
b.
|
Amounts received and (paid) by the Company for related party transactions for the periods indicated were as follows:
|
|
Three Months Ended
|
|||
|
March 31, 2020
|
March 31, 2019
|
||
|
$
|
$
|
||
Vessel operating expenses - technical management fee (i)
|
(248
|
)
|
—
|
|
Strategic and administrative service fees (ii)
|
(7,972
|
)
|
(7,792
|
)
|
Secondment fees (iii)
|
(98
|
)
|
(59
|
)
|
LNG service revenues (iv)
|
—
|
|
1,129
|
|
Technical management fee revenue (v)
|
169
|
|
258
|
|
Service revenues (vi)
|
9
|
|
150
|
|
(i)
|
The cost of ship management services provided by a third party has been presented as vessel operating expenses on the Company's unaudited consolidated statements of income. The Company paid such third party technical management fees to the Manager in relation to certain former TIL vessels.
|
(ii)
|
The Manager’s strategic and administrative service fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company’s unaudited consolidated statements of 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) is set and paid by Teekay or such other subsidiaries. The Company compensates Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee.
|
(iii)
|
The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company's unaudited consolidated statements of income.
|
(iv)
|
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 TGP, for the Bahrain LNG Import 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. The sub-contract ended in April 2019.
|
(v)
|
The Company receives reimbursements from Teekay for the provision of technical management services. These reimbursements have been presented in general and administrative expenses on the Company's unaudited consolidated statements of income.
|
(vi)
|
The Company recorded service revenues relating to TTOL's administration of certain revenue sharing agreements and provision of certain commercial services to participants in the arrangements.
|
c.
|
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 unaudited consolidated balance sheets in "due from affiliates" or "due to affiliates," as applicable, are without interest or stated terms of repayment. In addition, $7.5 million and $7.9 million were payable as crewing and manning costs as at March 31, 2020 and December 31, 2019, respectively, and such amounts are included in accrued liabilities in the unaudited consolidated balance sheets. These crewing and manning costs will be payable as reimbursement to the Manager once they are paid by the Manager to the vessels' crew.
|
d.
|
In October 2018, the Company established a new RSA structure under TTCL and subsequently began transitioning the Company's RSA activities from TTOL to TTCL. Pursuant to a service agreement with the Teekay Aframax RSA prior to the change in structure, from time to time, the Company hired vessels to perform full service lightering services. During the three months ended March 31, 2019, the Company recognized $2.0 million related to vessels that were chartered-in from the RSA to assist with full service lightering operations. These amounts have been presented in voyage expenses on the Company's unaudited consolidated statements of income.
|
14.
|
Earnings Per Share
|
|
Three Months Ended
|
||||
|
March 31, 2020
|
|
March 31, 2019
|
||
|
$
|
|
$
|
||
Net income
|
106,839
|
|
|
12,447
|
|
|
|
|
|
||
Weighted average number of common shares - basic
|
33,669,967
|
|
|
33,584,778
|
|
Dilutive effect of stock-based awards
|
276,325
|
|
|
24,762
|
|
Weighted average number of common shares - diluted
|
33,946,292
|
|
|
33,609,540
|
|
|
|
|
|
||
Earnings per common share:
|
|
|
|
||
– Basic
|
3.17
|
|
|
0.37
|
|
– Diluted
|
3.15
|
|
|
0.37
|
|
15.
|
Sale of Vessel and Other Assets
|
|
As at March 31, 2020
|
|
As at December 31, 2019
|
||||||||||||||
|
Tanker Segment
$
|
|
Ship-to-Ship Transfer Segment
$
|
|
Total
$
|
|
Tanker Segment
$
|
|
Ship-to-Ship Transfer Segment
$
|
|
Total
$
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
—
|
|
|
2,018
|
|
|
2,018
|
|
|
—
|
|
|
1,121
|
|
|
1,121
|
|
Restricted cash - current
|
—
|
|
|
337
|
|
|
337
|
|
|
—
|
|
|
337
|
|
|
337
|
|
Accounts receivable
|
—
|
|
|
4,964
|
|
|
4,964
|
|
|
—
|
|
|
4,129
|
|
|
4,129
|
|
Bunker and lube oil inventory
|
860
|
|
|
—
|
|
|
860
|
|
|
2,017
|
|
|
—
|
|
|
2,017
|
|
Prepaid expenses
|
—
|
|
|
472
|
|
|
472
|
|
|
—
|
|
|
510
|
|
|
510
|
|
Vessel and equipment
|
22,400
|
|
|
7,605
|
|
|
30,005
|
|
|
37,240
|
|
|
7,562
|
|
|
44,802
|
|
Intangibles (i)
|
—
|
|
|
6,508
|
|
|
6,508
|
|
|
—
|
|
|
6,880
|
|
|
6,880
|
|
Goodwill (i)
|
—
|
|
|
5,633
|
|
|
5,633
|
|
|
—
|
|
|
5,633
|
|
|
5,633
|
|
Other non-current assets
|
—
|
|
|
21
|
|
|
21
|
|
|
—
|
|
|
29
|
|
|
29
|
|
Total assets held for sale
|
23,260
|
|
|
27,558
|
|
|
50,818
|
|
|
39,257
|
|
|
26,201
|
|
|
65,458
|
|
Current liabilities
|
—
|
|
|
2,205
|
|
|
2,205
|
|
|
—
|
|
|
2,650
|
|
|
2,650
|
|
Other long term liabilities
|
—
|
|
|
330
|
|
|
330
|
|
|
—
|
|
|
330
|
|
|
330
|
|
Total liabilities associated with assets held for sale
|
—
|
|
|
2,535
|
|
|
2,535
|
|
|
—
|
|
|
2,980
|
|
|
2,980
|
|
Net assets to be sold and held for sale
|
23,260
|
|
|
25,023
|
|
|
48,283
|
|
|
39,257
|
|
|
23,221
|
|
|
62,478
|
|
i.
|
91% of the intangible assets and goodwill relating to support services and 100% of the LNG business intangibles and goodwill have been allocated as held for sale.
|
16.
|
Supplemental Cash Flow Information
|
|
As at
|
|
As at
|
|
As at
|
|
As at
|
||||
|
March 31, 2020
|
|
December 31, 2019
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
$
|
|
$
|
|
$
|
|
$
|
||||
Cash and cash equivalents
|
203,325
|
|
|
88,824
|
|
|
75,045
|
|
|
54,917
|
|
Restricted cash – current
|
3,318
|
|
|
3,071
|
|
|
2,087
|
|
|
2,153
|
|
Restricted cash – long-term
|
3,437
|
|
|
3,437
|
|
|
3,437
|
|
|
3,437
|
|
Cash and cash equivalents held for sale
|
2,018
|
|
|
1,121
|
|
|
—
|
|
|
—
|
|
Restricted cash held for sale - current
|
337
|
|
|
337
|
|
|
—
|
|
|
—
|
|
|
212,435
|
|
|
96,790
|
|
|
80,569
|
|
|
60,507
|
|
|
|
|
|
|
For the three months ended
|
||||
|
|
|
|
|
March 31, 2020
|
|
March 31, 2019
|
||
|
|
|
|
|
$
|
|
$
|
||
Leased assets obtained in exchange for new operating lease liabilities
|
|
—
|
|
|
25,656
|
|
17.
|
Liquidity
|
18.
|
Subsequent Events
|
a.
|
On April 30, 2020, the Company finalized the sale of the non-U.S. portion of its ship-to-ship support services business, as well its LNG terminal management business for $26 million, with an adjustment for the final amounts of cash and other working capital present on the closing date. The Company received $14.3 million in May 2020, which is 50% of the $26 million plus estimated cash and other working capital at closing. The remaining balance is due to the Company on August 31, 2020.
|
b.
|
In May 2020, the Company entered into an agreement to sell one Aframax tanker for $14 million, which is expected to be delivered to its buyer at the end of the second quarter or early in the third quarter of 2020.
|
|
Owned and Leased Vessels
|
Chartered-in Vessels
|
Total
|
|
Fixed-rate:
|
|
|
|
|
Suezmax Tanker
|
5
|
—
|
5
|
|
Total Fixed-Rate Fleet (1)
|
5
|
—
|
5
|
|
|
|
|
|
|
Spot-rate:
|
|
|
|
|
Suezmax Tankers
|
21
|
—
|
21
|
|
Aframax Tankers (2)
|
17
|
2
|
19
|
|
LR2 Product Tankers (2)(3)
|
9
|
2
|
11
|
|
VLCC Tanker (4)
|
1
|
—
|
1
|
|
Total Spot Fleet (5)
|
48
|
4
|
52
|
|
STS Support Vessels
|
2
|
3
|
5
|
|
Total Teekay Tankers Fleet
|
55
|
7
|
62
|
1.
|
All time charter-out contracts are scheduled to expire in 2020.
|
2.
|
One Aframax tanker is currently time-chartered in for a period of 60 months expiring in 2021, one Aframax tanker is currently time-chartered in for a period of 24 months expiring in 2021 with an option to extend for one year, and two LR2 tankers are currently time-chartered in for periods of 24 months expiring in 2021, each with an option to extend for one year.
|
3.
|
Long Range 2 (or LR2) product tankers.
|
4.
|
VLCC owned through a 50/50 joint venture. As at March 31, 2020, the VLCC was trading on spot voyage charters in a pooling arrangement managed by a third party.
|
5.
|
As at March 31, 2020, a total of 43 of our owned, leased and chartered-in vessels, as well as 18 vessels not in our fleet owned by third parties, were subject to revenue sharing agreements (or RSAs).
|
•
|
an increase of $83.1 million due to higher overall average realized spot TCE rates earned by our Suezmax, Aframax and LR2 product tankers, as well as a higher extension rate from one time-charter out contract;
|
•
|
an increase of $12.0 million due to a lower number of off-hire days related to dry dockings and off-hire bunker expenses compared to the same period in the prior year; and
|
•
|
a net increase of $4.1 million due to a higher number of vessels on time-charter out contracts earning higher rates compared to spot rates for the first quarter of 2019, partially offset by a decrease in spot voyage charter days resulting from a higher amount of FSL voyage days;
|
•
|
a decrease of $8.7 million due to the sale of one Suezmax tanker in the fourth quarter of 2019 and three Suezmax tankers in the first quarter of 2020 and the write-down of another Suezmax tanker classified as held for sale as of March 31, 2020; and
|
•
|
a decrease of $2.5 million primarily due to the amortization of first dry dockings for various former Tanker Investments Limited (or TIL) vessels subsequent to our acquisition of TIL in late 2017.
|
(1)
|
Includes $3.2 million and $2.9 million of voyage expenses for the three months ended March 31, 2020 and 2019, respectively, related to lightering support services, which the STS transfer segment provided to the tanker segment for FSL operations.
|
|
Tanker Segment
|
|||||||||||||||||
|
Three Months Ended March 31, 2020
|
|||||||||||||||||
|
Revenues (1)(5)
|
Voyage Expenses (2)(5)
|
Adjustments (3)
|
TCE Revenues
|
Revenue Days
|
Average TCE per Revenue Day (3)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$157,720
|
|
|
($56,350
|
)
|
|
$238
|
|
|
$101,608
|
|
2,071
|
|
|
$49,067
|
|
|
Voyage-charter contracts - Aframax (4)(5)
|
|
$98,540
|
|
|
($38,980
|
)
|
|
($215
|
)
|
|
$59,345
|
|
1,723
|
|
|
$34,438
|
|
|
Voyage-charter contracts - LR2 (5)
|
|
$55,924
|
|
|
($23,040
|
)
|
|
($2
|
)
|
|
$32,882
|
|
953
|
|
|
$34,494
|
|
|
Time-charter out contracts - Suezmax
|
|
$15,567
|
|
|
($271
|
)
|
|
$3
|
|
|
$15,299
|
|
453
|
|
|
$33,752
|
|
|
Total
|
|
$327,751
|
|
|
($118,641
|
)
|
|
$24
|
|
|
$209,134
|
|
5,200
|
|
|
$40,214
|
|
|
(1)
|
Excludes $1.8 million of revenue earned from our responsibilities in employing the vessels subject to the RSAs, a $1.1 million reduction of taxes recoverable from one of our customers, and $0.5 million of bunker commissions earned.
|
(2)
|
Includes $3.2 million of inter-segment voyage expenses related to lightering support services provided by the STS transfer segment.
|
(3)
|
Adjustments primarily include off-hire bunker expenses, which are excluded from Average TCE per revenue day.
|
(4)
|
Includes $36.7 million of revenues and $16.9 million of voyage expenses related to the FSL business, which includes $3.2 million of inter-segment voyage expenses referenced in note (2) above related to the FSL business by the STS transfer segment.
|
(5)
|
Excludes $5.3 million of revenues and $3.8 million of voyage expenses related to risk-sharing agreements that were entered during the first quarter of 2019 for two time charter-in contracts.
|
|
Tanker Segment
|
|||||||||||||||||
|
Three Months Ended March 31, 2019
|
|||||||||||||||||
|
Revenues (1)(5)
|
Voyage Expenses (2)(5)
|
Adjustments (3)
|
TCE Revenues
|
Revenue Days
|
Average TCE per Revenue Day (3)
|
||||||||||||
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
(in thousands)
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
Voyage-charter contracts - Suezmax
|
|
$102,008
|
|
|
($47,261
|
)
|
|
$2,163
|
|
|
$56,910
|
|
2,415
|
|
|
$23,568
|
|
|
Voyage-charter contracts - Aframax (4)(5)
|
|
$82,771
|
|
|
($39,660
|
)
|
|
$344
|
|
|
$43,455
|
|
1,752
|
|
|
$24,797
|
|
|
Voyage-charter contracts - LR2
|
|
$34,039
|
|
|
($17,288
|
)
|
|
$107
|
|
|
$16,858
|
|
815
|
|
|
$20,694
|
|
|
Time-charter out contracts - Suezmax
|
|
$1,573
|
|
|
($92
|
)
|
|
$74
|
|
|
$1,555
|
|
90
|
|
|
$17,281
|
|
|
Time-charter out contracts - Aframax
|
|
$1,838
|
|
|
($10
|
)
|
|
$1
|
|
|
$1,829
|
|
75
|
|
|
$24,276
|
|
|
Total
|
|
$222,229
|
|
|
($104,311
|
)
|
|
$2,689
|
|
|
$120,607
|
|
5,147
|
|
|
$23,432
|
|
|
(1)
|
Excludes $1.6 million of revenue earned from our responsibilities in employing the vessels subject to the RSAs and $0.6 million of bunker commissions earned.
|
(2)
|
Includes $2.9 million of inter-segment voyage expenses related to lightering support services provided by the STS transfer segment.
|
(3)
|
Adjustments primarily include off-hire bunker expenses, which are excluded from Average TCE per revenue day.
|
(4)
|
Includes $17.9 million of revenues and $11.4 million of voyage expenses related to the FSL business, which includes $2.9 million of inter-segment voyage expenses referenced in note (2) above related to the FSL business by the STS transfer segment.
|
(5)
|
Excludes $3.3 million of revenues and $1.6 million of voyage expenses related to the risk-sharing agreements that were entered during the first quarter of 2019 for two time charter-in contracts.
|
•
|
an increase of $83.1 million for the three months ended March 31, 2020 due to higher overall average realized spot rates by our Suezmax, Aframax and LR2 product tankers, as well as a higher extension rate from one time-charter out contract;
|
•
|
an increase of $12.0 million for the three months ended March 31, 2020 due to a lower number of off-hire days related to dry dockings and off-hire bunker expenses compared to the same period in the prior year;
|
•
|
a net increase of $4.1 million for the three months ended March 31, 2020, primarily due to a higher number of vessels on time-charter out contracts earning higher rates compared to the spot rates for the three months ended March 31, 2019, partially offset by a decrease in spot voyage charter days resulting from a higher amount of FSL voyage days; and
|
•
|
an increase of $2.0 million for the three months ended March 31, 2020 due to one extra calendar day compared to the same period in the prior year;
|
•
|
a net decrease of $10.5 million for the three months ended March 31, 2020, primarily due to the sale of four Suezmax tankers during the fourth quarter of 2019 and first quarter of 2020 and the redeliveries of two Aframax in-chartered tankers to their owners in the first quarter of 2020, partially offset by the addition of one Aframax and two LR2 in-chartered tankers that were delivered to us at various times during 2019; and
|
•
|
a decrease of $1.1 million for the three months ended March 31, 2020 due to a reduction of taxes recoverable from one of our customers offset by a corresponding decrease in tax expense.
|
•
|
the sale of one Suezmax tanker in the first quarter of 2020, which resulted in a loss of $2.7 million; and
|
•
|
the write-down of one Suezmax tanker by $0.5 million to its estimated sales price.
|
|
|
Three Months Ended March 31,
|
|||||||
(in thousands of U.S. Dollars, except percentage changes)
|
|
2020
|
|
|
2019
|
|
|
% Change
|
|
Revenues (1)
|
|
10,694
|
|
|
13,307
|
|
|
(19.6
|
)%
|
Vessel operating expenses
|
|
(6,986
|
)
|
|
(10,240
|
)
|
|
(31.8
|
)%
|
Time-charter hire expenses
|
|
(1,560
|
)
|
|
(1,478
|
)
|
|
5.5
|
%
|
Depreciation and amortization
|
|
(482
|
)
|
|
(839
|
)
|
|
(42.6
|
)%
|
General and administrative expenses
|
|
(917
|
)
|
|
(819
|
)
|
|
12.0
|
%
|
Loss on sale of vessel
|
|
(34
|
)
|
|
—
|
|
|
—
|
%
|
Income (loss) from operations
|
|
715
|
|
|
(69
|
)
|
|
1,136.2
|
%
|
(1)
|
Includes $3.2 million and $2.9 million of revenues for the three months ended March 31, 2020 and March 31, 2019, respectively, related to lightering support services, which the STS transfer segment provided to the tanker segment for FSL operations.
|
|
|
Three Months Ended
|
||||
|
|
March 31, 2020
|
|
March 31, 2019
|
||
(in thousands of U.S. Dollars)
|
|
$
|
|
$
|
||
Interest expense
|
|
(15,135
|
)
|
|
(16,942
|
)
|
Interest income
|
|
256
|
|
|
365
|
|
Realized and unrealized loss on derivative instruments
|
|
(827
|
)
|
|
(847
|
)
|
Income tax expense
|
|
(664
|
)
|
|
(2,614
|
)
|
Other income (expense)
|
|
1,143
|
|
|
(365
|
)
|
|
|
Three Months Ended March 31,
|
||||
|
|
2020
|
|
2019
|
||
(in thousands of U.S. Dollars)
|
|
$
|
|
$
|
||
Net cash flow provided by operating activities
|
|
138,685
|
|
|
46,221
|
|
Net cash flow used for financing activities
|
|
(85,113
|
)
|
|
(25,503
|
)
|
Net cash flow provided by (used for) investing activities
|
|
62,073
|
|
|
(656
|
)
|
•
|
a net increase of $90.8 million in cash inflows primarily due to higher operating earnings resulting from higher average realized spot tanker rates, lower number of off-hire days, partially offset by the sale of four Suezmax tankers between December 2019 and March 2020; and
|
•
|
a decrease of $9.3 million in operating cash outflows in the first quarter of 2020 relating to lower expenditures for dry-docking activities;
|
•
|
a net decrease of $7.6 million in cash inflows due to changes in working capital.
|
•
|
a net increase of $39.6 million in cash outflows due to an increase in repayments and prepayments on our revolving credit facilities and term loans in relation to our refinancing during the three months ended March 31, 2020; and
|
•
|
a net increase of $20.0 million in cash inflows due to a decrease in net drawdowns under our working capital loan facility.
|
•
|
an increase of $60.9 million in cash inflows due to the proceeds received from the sale of three Suezmax tankers during the three months ended March 31, 2020; and
|
•
|
an increase of $2.0 million in cash inflows due to loan repayments from our joint venture.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beyond
|
|||||||
(in millions of U.S. Dollars)
|
Total
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
2025
|
|||||||
U.S. Dollar-Denominated Obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Scheduled repayments of revolving facilities, term loans and other debt (1)
|
265.5
|
|
|
9.3
|
|
|
57.4
|
|
|
80.4
|
|
|
65.3
|
|
|
53.1
|
|
|
—
|
|
Repayments at maturity of revolving facilities, term loans and other debt (1)
|
219.3
|
|
|
—
|
|
|
71.1
|
|
|
—
|
|
|
—
|
|
|
148.2
|
|
|
—
|
|
Scheduled repayments of obligations related to finance leases (2)
|
408.7
|
|
|
19.3
|
|
|
27.3
|
|
|
29.5
|
|
|
31.9
|
|
|
34.6
|
|
|
266.1
|
|
Chartered-in vessels (operating leases) (3)
|
33.1
|
|
|
26.6
|
|
|
6.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
926.6
|
|
|
55.2
|
|
|
162.3
|
|
|
109.9
|
|
|
97.2
|
|
|
235.9
|
|
|
266.1
|
|
(1)
|
Excludes expected interest payments of $14.3 million (remainder of 2020), $16.4 million (2021), $12.3 million (2022), $9.4 million (2023), and $4.0 million (2024). Expected interest payments are based on the existing interest rates for variable-rate loans at LIBOR plus margins that range from 0.50% to 3.50% at March 31, 2020. 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 imputed interest payments of $23.1 million (remainder of 2020), $28.9 million (2021), $26.7 million (2022), $24.3 million (2023), $21.8 million (2024) and $54.3 million (thereafter).
|
(3)
|
Excludes payments required if we execute options to extend the terms of in-chartered leases signed as of March 31, 2020. If we exercise all options to extend the terms of signed in-chartered leases, we would expect total payments of $27.3 million (remainder of 2020), $25.5 million (2021), and $4.8 million (2022).
|
•
|
crude oil and refined product tanker market fundamentals, including the balance of supply and demand in the oil and tanker markets and the volatility of such markets;
|
•
|
forecasts of worldwide tanker fleet growth or contraction and newbuilding tanker deliveries and vessel scrapping;
|
•
|
estimated growth in global oil demand and supply;
|
•
|
our expectation of being able to pass along the higher cost of low sulphur fuel to our customers;
|
•
|
future tanker rates, OPEC+ oil production or oil supply cuts and floating storage demand;
|
•
|
our expectations regarding the effects of the COVID-19 pandemic on our industry and business, including our liquidity;
|
•
|
our liquidity needs for the upcoming 12 months, including anticipated funds and sources of financing for liquidity and capital expenditure needs, the sufficiency of cash flows, and our and Teekay's expected compliance with covenants in our financing agreements;
|
•
|
our expectations regarding and accounting estimates and the level of expected changes in our provisions for uncertain tax positions relating to freight taxes in the next 12 months;
|
•
|
our and Teekay's compliance with, and the effect on our and Teekay's business and operating results on, covenants under our term loan and credit facilities; and
|
•
|
expected interest payments on our contractual obligations and the impact on our payment obligations if we exercise options to extend in-chartered leases.
|
|
|
|
|
TEEKAY TANKERS LTD.
|
|
|
|
|
|
||
Date:
|
June 2, 2020
|
|
|
By:
|
/s/ Stewart Andrade
|
|
|
|
|
|
Stewart Andrade
Chief Financial Officer
(Principal Financial and Accounting Officer)
|
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