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 Today

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

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

Tanker Trends

Egypt to Complete East Port Said Side Channel in 2016

Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016,

Concordia Maritime Charters MR Tanker

Concordia Maritime has signed a contract for the charter of an IMO2/3 class MR tanker, the company announced today. The vessel will be chartered jointly with Stena Weco,

Stena Bulk Orders Tankers from China

Stena Bulk has placed an order for three 50,000 dwt IMOIIMAX MR tankers with the Chinese shipyard CSSC Offshore & Marine Engineering (CSSC OME), formerly Guangzhou Shipyard International (GSI),


R-22 Phase-out Presents Dangers and Expense -WSS

The shipping industry is facing price, supply and safety risks in the run-up to the global ban on R-22 (chlorodifluoromethane or HCFC) refrigerant, warns Wilhelmsen Ships Service,

U.S. Ups Philippines Aid as South China Sea Turmoil Builds

The United States has raised its military aid to the Philippines this year to $79 million, the U.S. ambassador said on Wednesday, as tension rises in the region

Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb

Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of

Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.0783 sec (13 req/sec)