Teekay Tankers (TNK) reported Q1 2024 results this week
- Rev $338.3M
- Adj Net income $132.3M
- Total Dividend of $2.25 ($0.25 reg + $2 special)
- Interesting development wrt Aframax (Slide 6)
After paying off a Sale & Leaseback facility for 8 vessels, TNK is almost debt free (their 50% VLCC JV has about $10M of debt). That could be an explanation for the special div. That said, I have been disappointed with TNK/TK mgmt for their lack of vision.
TNK mgmt seem to be happy to let TNK just disappear into the sunset.
I haven’t checked recently, but I want to say TNK’s youngest vessel is a 2015 build. I mean, it isn’t as if they don’t know what to do. A prior TK/TNK mgmt team created an entity called TIL (Tankers Investment Limited) with both TK and TNK as investors (plus external investors), and both companies co-managing the TIL fleet. TIL was quite successful as a standalone entity, and eventually TNK re-acquired the non-owned shares. TNK’s existing fleet probably contains 12 - 15 vessels that were part of TIL. Why don’t TNK or TNK & TK reboot i.e start TIL version 2? If not a full blown TIL II, just even a variation, say a Tanker Joint Venture?