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Teekay Tankers Ltd. reports developments tied to its crude tanker fleet, chartering activity and marine services business. The company owns and operates double-hull Suezmax, Aframax/LR2 and VLCC tankers, uses a mix of spot market trading and fixed-rate time charter contracts, and provides marine services for the Australian government and Australian energy companies.
Recurring updates include quarterly and annual results, fixed cash dividend declarations, spot and time-charter rate commentary, fleet renewal through vessel acquisitions and sales, and ship-to-ship transfer operations that perform full-service lightering and lightering support in the U.S. Gulf and Caribbean. Teekay Corporation holds a controlling ownership interest in Teekay Tankers.
Teekay Tankers reported a GAAP net income of $98.2 million ($2.91/share) and adjusted net income of $80.7 million ($2.39/share) for Q2 2020. The company generated $126 million in free cash flow and reduced net debt by over $180 million, enhancing liquidity to $468 million. The fleet's fixed-rate charters rose to 23%, lowering cash flow breakeven to approximately $12,700 per day. A new $67 million term loan was secured, extending debt maturities to 2023. However, spot tanker rates have declined since mid-May, affecting near-term outlook.
Teekay Tankers reported a remarkable GAAP net income of $106.8 million ($3.17 per share) and an adjusted net income of $110.0 million ($3.27 per share) for Q1 2020. Adjusted EBITDA reached $155.4 million, while free cash flow exceeded $140 million. The company reduced net debt by approximately $200 million and enhanced liquidity to $368 million. Strong tanker rates of $52,100 and $33,600 per day for Suezmax and Aframax fleets respectively have been secured. The company has locked in $170 million of fixed revenue through time charters.