Teekay Tankers – Attractive Valuation Ahead of Recovery in Tanker Space

Teekay Tankers (TNK US, Unattractive, USD 1.60)–Trim Fair Value on Weak Earnings and Asset Disposals

DMFR - Teekay Tankers' Acquisition of TIL: What Does This Mean for Shareholders?

DMFR – Teekay Tankers – Stormy Seas Ahead as Earnings Expected to Remain at Very Low Levels

Equity Analyst

Nikesh Shukla

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

Teekay Tankers Ltd Class A / Equity Bottom-Up

<p><strong>Losses greater than our estimate, outlook remains gloomy:</strong> Teekay Tankers’ (TNK’s) operating revenue surged 29.1% year on year in the first quarter of 2018 to USD 168.5m despite an average decline of 33.1% in realised freight rates across each vessel class. The rise is attributed to the expanded fleet as a result of the acquisition of Tanker Investment Limited and increased voyage expenses because of changes in reporting methodology. Quarterly Time Charter Equivalent (TCE) revenue slid to USD…</p>

Losses greater than our estimate, outlook remains gloomy: Teekay Tankers’ (TNK’s) operating revenue surged 29.1% year on year in the first quarter of 2018 to USD 168.5m despite an average decline of 33.1% in realised freight rates across each vessel class. The rise is attributed to the expanded fleet as a result of the acquisition of Tanker Investment Limited and increased voyage expenses because of changes in reporting methodology. Quarterly Time Charter Equivalent (TCE) revenue slid to USD…

Will Liquidity Issues Continue to Haunt Teekay Tankers?