TNK Q4 2024 results

02/20
Teekay Tankers (TNK) announced Q4 2024 results today, including

Additional asset sales in Q1 2025 (two Suezmax + one LR2 tanker) should add to the TNK cash-pile. But no indication that the company has plans to replace any of the 5 vessels.

Hohum, say something nice

  1. TK/TNK are more generous with their dividend than Angeliki Frangou is with NMM shareholders
  2. I realize TNK had a net cash position after Q3 2024. One of the Slides indicates the gross proceeds from the sale of the 5 vessels will be $160.3M A portion has already accrued in their books, and the rest will show up in Q1 2025.

OTOH, Angeliki Frangou has been a lot more forward-thinking, and made a lot of moves to expand her different fleet flavors of shipping

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Was a little curious about TNK’s cash position, so I went digging.
More informative data in the TNK earnings release

  • Cash position $511.9M (liquidity > $750M)
  • TCE per day earnings: Suezmax $28,577; Aframax/LR2 $31,306 (also in Slides)
  • TCE rates have fallen in Q1-to-date
  • TNK made a 5.1% passive investment in Ardmore Shipping- figure that’s a $20M - $25M investment