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.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

"K" Line Review of Medium-Term Management Plan

Kawasaki Kisen Kaisha, Ltd. (“K” Line) reviewed “K” Line Group’s medium-term management Plan, which was formulated in March 2015 as the business strategy toward our 100th anniversary in 2019,

Matson Announces Q2 Dividend of $0.18/Share

The Board of Directors of Matson, Inc. today declared a second quarter dividend of $0.18 per common share. The dividend will be paid on June 2, 2016 to all shareholders

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Tanker Trends

Blacklisted Oil Tanker Returning to Libya

An Indian-flagged oil tanker is returning to Libya, the North African country's rival oil corporation said on Thursday, after its failed first attempt to export

India Instructs Disputed Tanker to Await UN Orders

India has instructed an Indian-flagged oil tanker that has been blacklisted by the U.N. not to discharge its cargo of crude oil from Libya's rival eastern government

Argentina Crude Exports Poised to Hit Record

Argentina's oil producers have shipped record volumes of crude this month, spurred by a new government subsidy that has also prompted state-owned oil company YPF

Finance

"K" Line Review of Medium-Term Management Plan

Kawasaki Kisen Kaisha, Ltd. (“K” Line) reviewed “K” Line Group’s medium-term management Plan, which was formulated in March 2015 as the business strategy toward our 100th anniversary in 2019,

Matson Announces Q2 Dividend of $0.18/Share

The Board of Directors of Matson, Inc. today declared a second quarter dividend of $0.18 per common share. The dividend will be paid on June 2, 2016 to all shareholders

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

 
 
Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1017 sec (10 req/sec)