Teekay Tankers (TNK) announced Q3 2024 results yesterday (11/01), including
- Revenue of $243.3M
- Net Income of $58.8M
- Declared div of 25c/sh
- TCE daily: Suezmax $31.3K, Aframax/LR2 $36.4K
https://www.teekay.com/wp-content/uploads/2024/10/TNK-Q3-24-Earnings-Results.pdf
Subsequent to qtr close,
- Agreed to acquire parent Teekay (TK) Australia Operations for $65M. Somewhat of a sloth-y move by TK mgmt. Force the TNK CEO out, take over functions at subsidiary level, and then pay parent for the operational functions
- Sold a 2005-built Suezmax for $34M.
- In the release, mention of another vessel sale with delivery Q4 2024 - Q1 2025. As TNK have a lot of non-modern vessels in their owned fleet, this will continue to occur regularly. About half their owned fleet is approaching, or exceeded 15 years of age.
- July 2024 vessel purchase represents only owned vessel < 5 yo. With lots of cash and no LT debt, TNK is actually a “net net” entity. But, I’m not really that impressed with current Teekay mgmt (lack of vision & decision making at parent/corporate level, that then flowed down to subsidiary TNK)