Teekay Tankers Ltd. · NYSE:TNK
Teekay Tankers — Q4 2021 Earnings Presentation
16 slides from Teekay Tankers's earnings presentation, Feb 24, 2022
Slide 1: Teekay Tankers Fourth Quarter and Annual 2021 Earnings Presentation
Teekay Tankers Fourth Quarter and Annual 2021 Earnings Presentation February 24, 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 Maintaining Strong Commercial Activity Liquidity Position Adjusted net loss(1) of $(25.0) million, Signed term sheets for new low- Weaker than expected spot rates or $(0.74) per share, in Q4-21 cost, flexible sale-leasebacks to due to Omicron COVID-19 variant’s co
Slide 4: Rebound in Rates During Q4-21, But Softening in Early-2022
Rebound in Rates During Q4-21, But TNK Quarterly TCE Rates Benchmark Crude Tanker Spot Rates Softening in Early-2022 VLCC Suezmax Aframax Q4-21 rates showed improvement in 16 Aframax Suezmax 25 what was a historically weak year: • Stronger oil demand due to rising 14 global mobility and economic 14.
Slide 5: Q1-22 To-Date Spot Rates
Q1-22 To-Date Spot Spot Rates Rates 15,000 Six Aframax-sized vessels employed in FSL achieved rates of $22,200 per day, increasing overall 10,000 Rate ($/day) Aframax rates in Q4-21 14,200 13,500 12,300 12,200 11,200 5,000 10,300 0 Suezmax Aframax (1) LR2 (2) Q4-2021 Q1-2022 To-Date Suezmax Aframax(
Slide 6: Drivers of Higher Tanker Demand
3 Drivers of Higher Oil Demand Reverting to pre- Oil Supply Projected to OECD Oil Inventories at a Tanker Demand COVID Levels by 2H-2022 Exceed Demand in 2022 7-Year Low Tanker demand projected to 2014-2020 range Actual Forecast Stock Change Oil Demand rebound in 2022 due to higher oil 2014-2020 avg
Slide 7: Drivers of Low Tanker Fleet Growth
3 Drivers of Low Tanker Orderbook as a % of Tanker Ordering has Slowed Mid-Size* Vessels Turning Age 20 Tanker Fleet Growth Fleet Lowest in over 20 years as NB Prices Hit 12-Year High Exceed Deliveries in 2023 / 24 Tanker NB Orders Mid-Size NB Deliveries Global tanker fleet growth of 2% expected in
Slide 8: Further Strengthened Financial Foundation
Further Strengthened Financial Foundation Pro Forma Liquidity & Debt Repayment Profile(1,2,3,4) Maintaining strong liquidity 246 position 250 • $246 million of pro forma liquidity(1,2) 26 • Term sheets signed for sale- 200 leaseback refinancing of 13 vessels at attractive interest rates, increasing
Slide 9: Appendix
Appendix 9
Slide 10: Fleet In-Charters
400 Fleet In-Charters(1) 350 300 Ship Days 250 200 150 100 50 - Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Aframax/LR2 Days 270 273 276 368 337 273 222 138 91 91 Aframax/LR2 Rate 17,700 17,700 17,788 18,063 18,115 18,317 18,394 18,550 18,700 18,700 Aframax/LR2 Da
Slide 11: Fleet Out-Charters
400 Fleet Out-Charters(1) 350 300 Ship Days 250 200 150 100 50 - Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Q3-2023 Q4-2023 Q1-2024 Q2-2024 Aframax/LR2 Days 270 194 92 92 1 - - - - - Aframax/LR2 Rates 23,083 21,671 18,000 18,000 18,000 - - - - - Aframax/LR2 Days (1) Based on existing charters e
Slide 12: Q1-22 Outlook
Q1-22 Outlook Income Statement Q4-21 in Q1-22 Outlook(1) thousands Item adjusted basis(1) (expected changes from Q4-21) Decrease of approximately 225 net revenue days, comprised of a reduction of 295 spot days and an increase of 70 fixed days, primarily due to the sale of two tankers in Q4-21 and Q1
Slide 13: Adjusted Net Loss
(In thousands of U.S. dollars) Adjusted Net Loss(1) Q4-2021 Q3-2021 Statement Item Variance Comments (unaudited) (unaudited) Q4-21 vs Q3-21 Revenues 160,155 115,531 44,624 Voyage expenses (95,968) (78,335) (17,633) (1) Net revenues 64,187 37,196 26,991 Increase primarily due to higher overall spot T
Slide 14: Consolidated Adjusted Statement of Loss
Consolidated Adjusted Statement of (In thousands of U.S. dollars) Loss Statement Item As Reported Appendix A Reclassification for As Adjusted Q4-21 Items (1) Realized Gain/ Loss on Derivatives Revenues 160,308 - (153) 160,155 Voyage expenses (95,968) - - (95,968) Net revenues (2) 64,340 - (153) 64,1
Slide 15: Drydock & Off-hire Schedule
Drydock & Off-hire Schedule(1)(2)(3) Teekay Tankers December 31, 2021 (A) March 31, 2022 (E) June 30, 2022 (E) September 30, 2022 (E) December 31, 2022 (E) Total 2022 (E) Total Total Total Total Total Total Vessels Off-hire Vessels Off-hire Vessels Off-hire Vessels Off-hire Vessels Off-hire Vessels
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