Announced 08/01
- Rev $296.6M
- Net Income $107M
- Acquired a 2021-build
- Sold two older vessels
- Declared a 25c/sh div
https://www.teekay.com/wp-content/uploads/2024/07/TNK-Q2-24-ER-Document.pdf
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Interestingly, the vessel acquisition was completed in July 2024, and is unencumbered (The company has access to credit facilities). [Edit: If TNK received the proceeds from the two vessel sales within the month, then I think it isn’t such a stretch to have the new vessel be an unencumbered transaction. Still think TNK mgmt is a little late on rejuvenating its fleet]
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Charter-in rates are climbing - $34K daily for a charter-in extension. (Does make sense, given supply and demand issues)
[Edit: In its early years, TNK would take in one or two charter-in vessels, and it was usually just a side bet - about +$5K daily per vessel if TNK got the bet right, and maybe - $5k daily if the bet was really off. Now, the charter-ins might be newer than their owned vessels, so earnings could potentially increase] -
Very nice charter-out rate $49750 daily (for Aframax vessel)
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Very big jump in off-hire days for Q3 2024 (Slide 14)
https://www.teekay.com/wp-content/uploads/2024/07/TNK-Q2-24-Earnings-Presentation.pdf -
Huge cash position (even after spending ~ $71M on a new vessel, minimal debt