02/20
Teekay Tankers (TNK) announced Q4 2024 results today, including
- Rev of $258.4M (includes Teekay Australia)
- Adj Rev of $228.5M (comparable to Q3 2024)
- Net Income of $82.1M
- Adj Net Income of $51.8M
- TNK have started asset sales - two in Q4 2024
- Declared div of 25c/sh
https://static.seekingalpha.com/uploads/sa_presentations/660/107660/original.pdf
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
- TK/TNK are more generous with their dividend than Angeliki Frangou is with NMM shareholders
- 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