Teekay Tankers Ltd. · NYSE:TNK
Teekay Tankers — Q1 2021 Earnings Presentation
15 slides from Teekay Tankers's earnings presentation, May 13, 2021
Slide 1: Teekay Tankers First Quarter 2021 Earnings Presentation
Teekay Tankers First Quarter 2021 Earnings Presentation May 13, 2021
Slide 2: Forward Looking Statement
Forward Looking Statement This release 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 regardin
Slide 3: Recent Highlights
Recent Highlights Financial Results Maintaining Strong Market Activity Balance Sheet Total adjusted EBITDA(1) of $15.9 Liquidity of $372 million as at March Weak freight market in Q1-21, but million, up $6.1 million from Q4-20 31, 2021 mid-size tanker spot rates saw spikes in March on the back of ba
Slide 4: Weak Spot Rates in Q1-21, but Spikes Late in the Quarter
Weak Spot Rates in Q1-21, but Spikes TNK Q1-21 Rates Benchmark Crude Tanker Spot Rates Late in the Quarter VLCC Suezmax Aframax Spot Rate Total Rate (Incl TCs) Spot rates remained generally 18 25 weak in Q1-21: 16 • Ongoing impact of COVID-19 on oil demand and refinery throughput 20 14 • OPEC+ suppl
Slide 5: Q2-21 To-Date Spot Charter Rates
Q2-21 To-Date Spot Spot Rates Charter Rates 20,000 15,000 11,900 Rate ($/day) 11,400 10,700 10,500 10,500 10,100 10,000 5,000 0 Suezmax Aframax (1) LR2 (2) Q1-2021 Q2-2021 To-Date Suezmax Aframax(1) LR2(2) Q2-21 spot ship 2,241 1,139 696 days available Q2-21 % spot ship days booked 55% 49% 49% to-da
Slide 6: Key Indicators Point to a Tanker Market Recovery
Key Indicators Point to a Tanker Market Recovery Still some near-term uncertainty Jan-21 May-21 Trend due to COVID-19 and potential impact on demand as fresh outbreaks occur 2021 Global GDP Growth (IMF) 5.5% 6.0% ✓ However, stronger oil demand 2H-2021 Global Oil Demand (IEA) 98.6 mb/d 98.9 mb/d ✓ ou
Slide 7: Maintaining Strong Financial Foundation
Maintaining Strong Financial Foundation $372 million of liquidity Liquidity & Debt Repayment Profile(1,2) provides financial strength and flexibility 400 Net debt to capitalization of 32% as at March 31, 2021 300 Exercised 6 additional purchase options on more expensive sale-leaseback $ Millions fin
Slide 8: Appendix
Appendix 8
Slide 9: Fleet In-Charters
150 Fleet In-Charters(1) Ship Days 100 50 - Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Aframax Days 91 68 - - - - 92 90 91 Aframax Rates 21,000 21,000 - - - - 18,700 18,700 18,700 Aframax Days (1) Based on existing charters excluding extension options 9
Slide 10: Fleet Out-Charters
400 350 Fleet Out-Charters(1) 300 Ship Days 250 200 150 100 50 - Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022 Q3-2022 Q4-2022 Q1-2023 Q2-2023 Suezmax Days 19 - - - - - - - - Aframax/LR2 Days 300 276 188 180 103 - - - - Suezmax Rates 44,737 - - - - - - - - Aframax/LR2 Rates 23,931 23,317 25,478 25,625 24,
Slide 11: Q2-21 Outlook
Q2-21 Outlook Income Statement Item Q2-21 Outlook(1) (expected changes from Q1-21) Decrease of approximately 320 net revenue days, comprised of a reduction of 490 fixed-rate revenue days and an increase of 170 spot revenue days, primarily due to more scheduled dry dockings in Q2-21 compared to Q1-21
Slide 12: Adjusted Net Loss
(In thousands of U.S. dollars) Adjusted Net Loss(1) Q1-2021 Q4-2020 Statement Item Variance Comments (unaudited) (unaudited) Q1-21 vs Q4-20 Revenues 142,777 126,992 15,785 Increase primarily due to higher overall spot TCE rates in Q1-21, as well as fewer scheduled dry dockings and off-hire days in Q
Slide 13: Consolidated Adjusted Statement of Loss
Consolidated Adjusted Statement of (In thousands of U.S. dollars) Loss Q1-21 Statement Item As Reported Appendix A Reclassification for As Adjusted Items(1) Realized Gain/ Loss on Derivatives Revenues 142,749 - 28 142,777 Voyage expenses (69,045) - - (69,045) Vessel operating expenses (43,048) - - (
Slide 14: Drydock & Off-hire Schedule
Drydock & Off-hire Schedule(1)(2)(3) Teekay Tankers March 31, 2021 (A) June 30, 2021 (E) September 30, 2021 (E) December 31, 2021 (E) Total 2021 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 Spot Ta
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