Teekay Tankers President and also Chief Executive Officer Tim Mackay: “Our low breakeven rate is expected to enable us to create shareholder value in almost any market, which is important given the current market uncertainty for the second half of 2020.”
Teekay Tankers President and also Chief Executive Officer Tim Mackay: “Our low breakeven rate is expected to enable us to create shareholder value in almost any market, which is important given the current market uncertainty for the second half of 2020.”
Vancouver, B.C., basedTeekay Tankers Ltd (NYSE: TNK) reported modified earnings of $110 million for the quarter finished March 31, 2020, compared to $14.6 million in the very first quarter of in 2015.
“In the first quarter of 2020, Teekay Tankers achieved its highest quarterly adjusted profit in more than 10 years,” commented President and also Chief Executive Officer Kevin Mackay, including that “our fleet has continued to secure strong spot rates in the second quarter of 2020 to-date.”
“We have continued to execute on our strategic priorities, taking advantage of the strong spot tanker market over the last couple of months and opportunistically securing time charter-out contracts for an additional nine vessels for periods of six months to two years,” claimedMackay “We have now secured a total of 13 time charter-out contracts since October 2019, locking in approximately $170 million of forward fixed rate revenues at attractive rates and reducing our free cash flow breakeven to approximately $10,500 per day through the first quarter of 2021. Our low breakeven rate is expected to enable us to create shareholder value in almost any market, which is important given the current market uncertainty for the second half of 2020.”
