Teekay Tankers Ltd. reports results for the three months ended June 30, 2012, pays out reduced dividend compared to Q1.
Excerpts from the quarterly report follow:
In June 2012, Teekay Tankers completed the previously announced acquisition from [parent company] Teekay Corporation of 13 double hull conventional tankers, including seven crude oil tankers and six product tankers.
"After the completion of our 13-vessel acquisition from Teekay Corporation in June, we continue to focus on managing employment of our significantly expanded fleet to achieve the right balance of downside protection through fixed-rate coverage and upside through spot market exposure," commented Bruce Chan , Chief Executive Officer of Teekay Tankers.
Mr. Chan added, "Through this period of seasonal and cyclical spot tanker market weakness, Teekay Tankers remains financially well-positioned with over $386 million of available liquidity and no significant debt maturities until 2017."
Reportedly crude tanker rates softened during the second quarter of 2012 due to a combination of tanker supply growth, reduced tanker demand and seasonal factors. According to the International Energy Agency, global oil demand declined by 0.6 million barrels per day (mb/d) during the second quarter due to refinery turnarounds in both the Atlantic and Pacific basins.