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Dec. 18, 2015, 5:30 PM
- Golar LNG Partners (NASDAQ:GMLP) rebounded more than 15% to recover a chunk of its 42% shellacking suffered yesterday amid the Teekay dividend cuts, after saying it has experienced no material changes in its operations since its Q3 earnings announcement on Nov. 30.
- GMLP says its distribution policy has not changed and expects an unchanged distribution of $0.5775/unit in Q4; also, GMLP's board authorizes the repurchase of up to $25M of its outstanding common units.
- The other relevant stocks ended mostly higher: GLOG +2.7%, GLNG +0.1%, GLOP -3.1%, TK +21%, TNK +2.4%, TGP +12.8%, TOO +36.4%.
Dec. 18, 2015, 12:46 PM
Dec. 17, 2015, 12:45 PM
Dec. 17, 2015, 10:48 AM
- GasLog (GLOG -13.6%) and Golar LNG (GLNG -8.1%) are sharply lower in the wake of the Teekay dividend cuts, as the market focuses on GLOG and GLNG following Teekay's (TK -55.6%) announcement and Kinder Morgan's cut earlier this month.
- Wells Fargo downgrades TK and GLOG to Market Perform from Outperform, saying pressure around dividend cuts is likely to continue weighing on the stocks.
- The firm issues reduced price target ranges for the stocks, to $18-$20 from $35-$37 for TK and to $10-$12 from $21-$23 at GLNG.
- Also: TGP -45.8%, GMLP -34%, GLOP -8.4%, STNG -3.5%, NNA -3.2%, NAP -2.2%.
Dec. 17, 2015, 9:56 AM
- Teekay Corp. (TK -52.2%), Teekay Offshore (TOO -41.4%) and Teekay LNG Partners (TGP -46.3%) are crushed at the open, triggering a circuit breaker halt on the moves after announcing plans to dramatically lower dividend and distribution payouts.
- The dividend at the TK parent, which is supported primarily by the limited partner and general partner cash flows at the underlying MLPs, is being cut by 90%; TK indicated that cuts were partly in response to upcoming bond maturities, suggesting difficulty in getting funding in that market.
- TK is hit with at least three downgrades so far, and TOO has received at least two.
Oct. 6, 2015, 1:34 PM
- Shipping stocks are putting in some gains with dry bulk and gas/oil transportation companies participating in the rally.
- 28 out of the 35 stocks listed in the broad shipping category are higher. The catch-all Guggenheim Shipping ETF (NYSEARCA:SEA) is up 1.0%.
- Brisk stock market gains in Asia this week have helped sentiment, while a spike in crude oil prices won't go unnoticed. The bigger issue for the long-term will be the delicate balance between shipping/tankers supply and demand.
- Leading sector movers are Navios Maritime Partners (NMM +6.2%), Dorian (LPG +4.8%), Teekay (TK +4.2%), Navigator Holdings (NVGS +4.5%), Diana Shipping (DSX +3.2%), and GasLog Partners (GLOP +4.8%).
Aug. 5, 2015, 10:30 AM
- Teekay Tankers (TNK +1.9%) agrees to acquire a fleet of 12 Suezmax tankers from Principal Maritime Tankers for $662M, a deal TNK says will make it one of the largest owners of Suezmax tankers in the world.
- TNK says the vessels included in the deal are scheduled to be delivered by October 2015 and are expected to operate in the spot tanker market upon or soon after delivery.
- TNK expects the acquisition to be immediately accretive to earnings, free cash flow and net asset value per share.
- TNK says it has received commitments from four of its lenders to provide a new debt facility of ~$400M to be secured by the acquired vessels, and will issue $50M in new common shares to Principal, $30 million to Teekay Corp. (TK +1.4%) and $60M to a group of institutional investors.
Jul. 21, 2015, 10:32 AM
- The crash in oil prices is good for business for operators of the supertankers capable of hauling more than 2M barrels of crude around the world, such as Frontline (FRO +9.1%), Teekay Tankers (TNK +4.2%), Nordic American (NAT +2.6%), DHT Holdings (DHT +2.4%) and Euronav (EURN +1.5%), whose stocks have been moving up in recent weeks.
- The oil market rout that started in 2014 is a boon that could allow the companies to reduce debt, invest in new vessels and reward shareholders that have stuck with them through some very lean years, FT reports.
- Since the start of the year, the cost of hiring a VLCC has jumped more than 50%, with the rate for shipping oil from Saudi Arabia to Japan - the benchmark supertanker route - rising to $93.6K/day, a seven-year seasonal high.
- The supply of supertankers also has fallen sharply since 2008.
- Other related tickers: GLNG, GNRT, SFL, NAO, ASC, TOO, TK, TGP
Jul. 10, 2015, 10:33 AM
- Notable movers in the shipping sector include DryShips (DRYS +3.1%), Danaois (DAC +5.6%), and Paragon Shipping (PRGN +1.6%).
- Some names in the volatile sector has been trading off of developments in Greece even with many of the Greece-based companies deriving nearly all their revenue outside the nation.
- On a broader look, the Baltic Dry Index is +21 to 874. The breakdown shows the Cape index is 1279 with a spot price of 9612 vs. 11,149 a year ago, the Panamax index is 1052 with a spot price of 8380 vs. 5432 a year ago, and the Supramax index is 767 with a spot price of 8021 vs. 7099 a year ago.
- The Baltic Tanker Clean Index is 837 vs. 521 a year ago and the Baltic Dirty Index is 857 vs. 786 a year ago.
- The Guggenheim Shipping ETF (NYSEARCA:SEA) is +1.43% on the day and -4.12% YTD.
- Related stocks: TNK, EURN, TGP, NMM, SSW, SFL, TK, SMM, TOO, GMLP, DHT, NM, MATX, NAT, FREE, DSX, SB, FRO.
Jan. 9, 2015, 12:25 PM
- Frontline (FRO +10.1%) has now jumped 63% this week amid speculation that a plunge in crude prices is spurring demand for the vessels to store cargoes.
- “The re-emergence of floating storage is what could move the crude tanker market this year from being rather good to possibly very very good," says a shipping analyst at Pareto Securities in Oslo.
- Traders may park as much as 60M barrels of oil on tankers in the coming months, according to consulting firm JBC Energy.
- Among other tanker companies: TK +1.2%, TNK +3.4%, TOO -0.3%, TGP -0.1%, TNP -0.7%, GLNG -1.9%, NAT -0.6%, DHT +3.1%.
- Earlier: Reuters: Oil glut sparks top traders to book supertankers for storage at sea
Dec. 18, 2014, 4:36 PM
- Teekay Tankers (NYSE:TNK) -6.7% AH on plans to offer 20M common shares in a public offering, plus an underwriters option to purchase up to an additional 3M shares.
- Its Teekay Corp. (NYSE:TK) parent also is purchasing $20M in common stock at the same price per share to the public.
- TNK expects to use the proceeds to partially finance the acquisition of four modern coated Aframax tankers and one modern uncoated Aframax tanker and for general corporate purposes.
Sep. 30, 2014, 12:45 PM
Sep. 30, 2014, 12:32 PM
- Teekay (TK +13.8%) says it will change its dividend policy to link its quarterly payouts to growing cash flows from its two MLPs, Teekay LNG Partners (TGP -0.2%)and Teekay Offshore Partners (TOO -1.7%), and includes an 80% increase in its annual dividend effective Q1 2015.
- The moves prompt Deutsche Bank to upgrade shares to Buy from Hold with a $90 price target, raised from $68; the firm says TK’s "bold" new strategy should result in a 20%/year growth in TK’s dividend for the foreseeable future.
Sep. 30, 2014, 9:11 AM
Sep. 16, 2014, 3:57 PM
- Ocean shipping of dry bulk commodities and oil will nearly double earnings capacity during the next several years while the smaller container ship industry will tread water, Deutsche Bank says.
- The firm believes the industry is "on the cusp of entering a new era of prosperity," driven by improved supply/demand dynamics, increased fleet utilization and abundant capital to fund profitable growth.
- On average, DB forecasts a near doubling of earnings power across its coverage universe by 2016 vs. 2013, led by shippers in the Dry Bulk and Oil trades.
- Initiated with Buy ratings: TNK +9.8%, CPLP +2.5%, DSX +2.8%, DRYS +5.5%, DLNG +2.4%, NNA +2.1%, SALT +0.8%, SSW +1.3%, GASS +3.3%.
- Started at Hold: TK +1.2%, NMM +0.3%, FRO +3.3%, TGH -0.6%.
May 12, 2014, 11:24 AM
- Nordic American Tanker (NAT +4.1%) is higher after reporting Q1 EPS of $0.05 vs. a $0.31 loss in Q4 2013 and a $0.59 loss in the year-ago quarter, and net operating cash flow of $27.1M vs. $1.9M in Q4 2013 and -$4.9M in the year-ago quarter.
- Says tanker rates achieved on average for Q1 were $26.3K/day per vessel for its trading fleet, vs. $14.1K/day in Q4 2013.
- Other tanker shares also are higher: VLCCF +5.9%, FRO +4%, TNK +3.1%, TK +1.5%.
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