Teekay Tankers Ltd. · NYSE:TNK
Teekay Tankers — Q1 2022 Earnings Presentation
17 slides from Teekay Tankers's earnings presentation, May 1, 2022
Slide 1: Teekay Tankers First Quarter 2022 Earnings Presentation
Teekay Tankers First Quarter 2022 Earnings Presentation May 12, 2022
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including, among other things, statements reg
Slide 3: Recent Highlights
Recent Highlights Financial Results Balance Sheet Market Activity Strength Total adjusted EBITDA(1) of $17.5 Completed refinancings of 13 Mid-size tanker rates spiked in late million, up from $9.7 million in Q4-21 vessels with low-cost, flexible sale- Q1-22 due to the impact of the leasebacks Russia
Slide 4: Benchmark Crude Tanker Spot Rates
Benchmark Crude Tanker Spot Rates Volatility Rises After a Weak Start to 2022 VLCC Suezmax Aframax 60 Rates were weak at the start of 2022 due to a number of factors: 50 • Omicron COVID-19 variant impact on global mobility and oil demand 40 • Temporary oil supply outages • Continued drawdown in oil
Slide 5: Q2-22 To-Date Spot Rates
Q2-22 To-Date Spot Spot Rates Rates 35,000 30,000 25,000 Rate ($/day) 20,000 15,000 30,900 30,400 27,400 10,000 16,900 15,500 13,800 5,000 0 Suezmax Aframax (1) LR2 (2) Q1-2022 Q2-2022 To-Date Suezmax Aframax(1) LR2(2) Q2-22 spot ship 2,193 977 903 days available Q2-22 % spot ship days booked 52% 45
Slide 6: Russian Invasion of Ukraine Leading to Longer Voyages and Higher Tonne-Miles
Russian Invasion of Ukraine Leading to Longer Voyages and Russian Baltic and Black Sea US Gulf Crude Oil Exports to Europe Crude Oil Exports Higher Tonne-Miles West of Suez East of Suez % East VLCC Suezmax Aframax Russian Black Sea and Baltic Sea crude oil exports have held 4.5 50% 1.8 steady since
Slide 7: Few Tankers On Order Past 2023
Few Tankers On Order Past 2023 Shipyards Are Full Through 2H-2025 Low Fleet Supply Growth Set to Drive Mid-Size Deliveries (as per Current Orderbook) Shipyard Orderbook (All Sectors) vs. Capacity Market Recovery 100 12 Aframax Suezmax Number of Vessels 10 101% 102% 100% 80 Tanker newbuild prices are
Slide 8: Healthy Financial Position with High Operating Leverage
Healthy Financial Position with High Operating Leverage Balance Sheet and Resilient Financial High Operating Fleet Management Position Leverage $288 million refinancing of 13 Pro forma liquidity of $231 million at 46 vessels (94% of the fleet) trading vessels increased liquidity by $75 end of Q1-22(
Slide 9: Appendix
Appendix 9
Slide 10: Manageable Debt Repayments
Manageable Debt Repayments Debt Repayment Profile(1,2) 150 100 $ Millions 34 50 69 62 63 64 52 0 Remaining 9 months of 2023 2024 2025 2026 2022 Scheduled Repayments incl. Capital Leases Balloon Payments (1) Excludes working capital loan facility which is expected to be continually extended for perio
Slide 11: Fleet In-Charters
400 Fleet In-Charters(1) 350 300 Ship Days 250 200 150 100 50 - Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Aframax/LR2 Days 303 276 368 337 273 222 138 91 91 92 Aframax/LR2 Rate 18,571 17,788 18,063 18,115 18,317 18,394 18,550 18,700 18,700 18,700 Aframax/LR2 Day
Slide 12: Fleet Out-Charters
400 Fleet Out-Charters(1) 350 300 Ship Days 250 200 150 100 50 - Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Q3-2024 Aframax/LR2 Days 216 92 92 1 - - - - - - Aframax/LR2 Rates 22,265 18,000 18,000 18,000 - - - - - - Aframax/LR2 Days (1) Based on existing charters excludin
Slide 13: Q2-22 Outlook
Q2-22 Outlook Q1-22 in Income Statement thousands Q2-22 Outlook(1) adjusted Item basis(1) (expected changes from Q1-22) Decrease of approximately 135 net revenue days, comprised of a reduction of 60 spot days and 75 fixed days, primarily due to the sale of three tankers in Q1-22 and Q2-22, more dry-
Slide 14: Adjusted Net Loss
(In thousands of U.S. dollars) Adjusted Net Loss(1) Q1-2022 Q4-2021 Statement Item Variance Comments (unaudited) (unaudited) Q1-22 vs Q4-21 Revenues 173,995 160,155 13,840 Voyage expenses (101,622) (95,968) (5,654) (2) Net revenues 72,373 64,187 8,186 Increase primarily due to higher overall spot TC
Slide 15: Consolidated Adjusted Statement of Loss
Consolidated Adjusted Statement of (In thousands of U.S. dollars) Loss Statement Item As Reported Appendix A Items Reclassification for As Adjusted (1) Q1-22 Realized Gain/ Loss on Derivatives Revenues 174,018 - (23) 173,995 Voyage expenses (101,622) - - (101,622) Net revenues (2) 72,396 - (23) 72,3
Slide 16: Drydock & Off-hire Schedule
Drydock & Off-hire Schedule(1)(2)(3) Teekay Tankers March 31, 2022 (A) June 30, 2022 (E) September 30, 2022 (E) December 31, 2022 (E) Total 2022 (E) Total Total Total Total Total Vessels Off-hire Vessels Off-hire Vessels Off-hire Vessels Off-hire Vessels Off-hire Segment Days Days Days Days Days Spo
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