An amazing data-point - In Q3, TNK has a net cash position!
Worth repeating, in a slightly different manner,
Current Assets - All liabilities (current & long term) = +$83.3M
(For a capital intensive sector, I am just astounded)
The slight negative - their owned fleet is on the not-so-young side. IIRC, there isn’t any vessel younger than 10 years in the TNK fleet (Need to check on that stat). Will also have to listen to the earnings call to see if any analyst queried on their future plans
Yes, multiple questions on the same subject - what are TNK;s plans to rejuvenate the fleet?
The answer: No immediate plans to rejuvenate the fleet.
Just an observation or two on TNK management.
Decent grade for what has been achieved the last few years in day-to-day fleet management operations. But, low grade for the future TNK. Even just some consideration of a plan to rejuvenate the fleet seems off-the-table. In some ways, sad.