Teekay Tankers' Q2 2013 Loss Attributed to Charter Market Changeover

MarineLink.com
Thursday, August 08, 2013
A Teekay tankship in Suez transit: Photo courtesy of Teekay Tankers

Teekay Tankers Ltd. report an adjusted net loss of $6.3 million, or $0.08 per share, for the quarter ended June 30, 2013, compared to adjusted net income attributable to shareholders of Teekay Tankers of $0.9 million, or $0.01 per share, for the same period in the prior year.

Teekay explain that the increase in adjusted net loss attributable to shareholders of Teekay Tankers is primarily the result of the change in employment of certain of the Company's vessels from fixed rates to lower spot rates on expiry of their fixed-rate charters and lower average realized spot tanker rates for the second quarter of 2013 compared to the same period in the prior year.

Financial highlights

  • Declared a cash dividend of $0.03 per share for the quarter ended June 30, 2013.
  • Reported second quarter 2013 adjusted net loss attributable to shareholders of Teekay Tankers(1) of $6.3 million, or $0.08 per share (excluding specific items which decreased GAAP net loss by $0.6 million, or $0.01 per share).
  • Took delivery of the 50 percent-owned VLCC newbuilding, Hong Kong Spirit, in June 2013 which commenced a five-year time-charter contract.
  • Extended time-charter out contract of one Aframax tanker at above current spot market rates, maintaining strong fixed-rate charter coverage of approximately 40 percent over the next 12 months.
  • Total liquidity of $255.5 million with no significant debt maturities until 2017.
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