Teekay Tankers Reports Q1 Results

Press Release
Monday, May 16, 2011

Teekay Tankers Ltd. (NYSE: TNK) - Highlights

Teekay Tankers Ltd. (Teekay Tankers or the Company) today reported its first quarter results for 2011. During the quarter, the Company generated $15.7 million in Cash Available for Distribution(1). Today, Teekay Tankers declared a dividend of $0.25 per share(2) for the first quarter of 2011, which will be paid on May 27, 2011 to all shareholders of record on May 20, 2011. The first quarter dividend was calculated using the weighted average number of shares outstanding for the quarter ended March 31, 2011, a methodology that is consistent with the Company's dividend policy(3).

Teekay Tankers' policy is to pay a variable quarterly dividend equal to its Cash Available for Distribution, subject to any reserves its board of directors may from time to time determine are required. Since the Company's initial public offering in December 2007, it has declared a dividend in 14 consecutive quarters, which now totals $6.395 per share on a cumulative basis (including the $0.25 per share dividend to be paid on May 27, 2011).

"While we benefited from an increase in the average tanker rates generated by our spot-trading fleet, the first quarter's dividend was primarily supported by revenues generated by our fixed-rate time-charter portfolio and income earned on our investment in two VLCC mortgage loans," commented Bruce Chan, Teekay Tankers' Chief Executive Officer. "With spot tanker rates being weak, we expect to continue benefiting from the strong fixed-rate cash flow generated by our contracted fleet. We recently entered into a new 12 month time-charter for one of our Aframax tankers at a similar rate to its expiring time-charter, which brings our fixed-rate coverage for the last three quarters of 2011 to 60 percent and for 2012 to 33 percent, further supporting our future dividend payments."

Mr. Chan continued, "With almost $300 million of available liquidity, Teekay Tankers remains well positioned to pursue attractive growth opportunities."

 

Source: http://www.teekaytankers.com

 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Oil Soars in Biggest One-day Rally in Years

Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies

Odfjell Reports Best Quarter Since 2008

In what it is calling its best quarterly performance since third quarter 2008, the Odfjell Group for the second quarter of 2015 reported net results of $7 million.

N-KOM: New VLCC Size Floating Dock

Nakilat-Keppel Offshore & Marine (N-KOM), the joint-venture shipyard of Keppel Offshore & Marine and Nakilat, continues to see strong interest for its ship repair services in 2015,

Finance

Oil Soars in Biggest One-day Rally in Years

Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies

Odfjell Reports Best Quarter Since 2008

In what it is calling its best quarterly performance since third quarter 2008, the Odfjell Group for the second quarter of 2015 reported net results of $7 million.

ASRY 2015 Strategy Combats Challenging Market

Up to May 2015, ASRY (Arab Shipbuilding & Repair Yard), was seeing encouraging results from it’s 2015 strategy to combat the widespread challenges facing the maritime repair market,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.5814 sec (2 req/sec)