Seeking Alpha

Teekay Corporation (TK)

  • Tue, Jul. 21, 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
  • Fri, Jul. 10, 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.
  • Tue, Jun. 30, 9:13 AM
    • Teekay (NYSE:TK) declares $0.55/share quarterly dividend, 73.9% increase from prior dividend of $0.3162.
    • Forward yield 5.14%
    • Payable July 31; for shareholders of record July 17; ex-div July 15.
    | Comment!
  • Thu, Jun. 25, 9:59 AM
    • Norway's offshore oil rig workers signed a new wage deal late yesterday, avoiding a strike that could have cut energy production.
    • More than 500 rig workers, including employees on Repsol's (OTCPK:REPYF, OTCQX:REPYY) Varg and BG Group's (OTCPK:BRGXF, OTCQX:BRGYY) Knarr oil fields, had threatened to strike if talks failed; both fields are operated by vessels owned by Teekay's (NYSE:TK) Norwegian unit.
    • A strike ultimately could have escalated to nearly 5K workers, the unions had said, but most of those employees work on exploration rigs and are not involved in ongoing oil production.
    | Comment!
  • Wed, Jun. 24, 9:53 AM
    • Norway's oil rig unions and employers have started government-backed mediation in a final attempt to avoid a strike that could shut down two North Sea oil fields.
    • If the parties fail to reach a deal by midnight Oslo time, nearly 200 workers will go on strike on two Teekay-owned (NYSE:TK) production ships on the Knarr and Varg fields starting Thursday, the SAFE union has said.
    • The Talisman-operated (NYSE:TLM) Varg field currently produces ~10K boe/day; the BG-operated (OTCPK:BRGXF, OTCQX:BRGYY) Knarr field produced ~18K boe/day in April, its first full month of operation.
    • Although production has been dropping over the years, Norway is western Europe’s biggest producer, with daily output YTD of 1.93M barrels of oil, natural gas liquids and condensate.
    | Comment!
  • Thu, May 28, 11:15 AM
    • Despite crude oil’s rebound from six-year lows, the tanker market is sending a clear signal that the rally is under threat, according to a Bloomberg analysis.
    • A surge in demand for supertankers drove benchmark charter rates 57% higher in the two weeks through May 20; OPEC will have almost 500M barrels of oil in transit to buyers at the start of June, the most this year, while analysts say ~20M barrels is being stored on ships in another indication the supply glut has yet to dissipate.
    • Daily rates for supertankers on the industry’s benchmark route reached $83,412 on May 20, from $52,987 on May 6, according to the Baltic Exchange; while rates have since retreated to $65,784, they are still the highest for this time of year since at least 2008.
    • "There still seems to be a lot of physical activity, a lot of oil on the water," says the head of research at Hartland Shipping in London; while Q2 is usually quieter as refineries switch to summer fuels for the Northern Hemisphere, “the market is still busy and rates are incredibly high.”
    • Relevant tickers: FRO, TK, TNK, TOO, TGP, TNP, GLNG, STNG, NAT, DHT, EURN
  • Fri, May 15, 2:59 PM
    • Rates for the world’s biggest oil tankers surged to the highest since January as shipments accelerated from Saudi Arabia and Iraq, Bloomberg reports.
    • Ships hauling 2M-barrel cargoes of Saudi crude to Japan, a benchmark route, earned ~$81.5K/day, a 13% gain from Thursday and the highest for the time of year since at least 2009.
    • Tanker rates rose on 15 out of 16 routes tracked by the Baltic Exchange, led by advances in prices from the Persian Gulf.
    • Relevant tickers: FRO, TK, TNK, TOO, TGP, TNP, GLNG, NAT, DHT
  • Thu, May 14, 4:36 AM
    • Teekay (NYSE:TK): Q1 EPS of $0.22 misses by $0.07.
    • Revenue of $520.19M (+10.3% Y/Y) misses by $33.79M.
    • Press Release
    | Comment!
  • Wed, May 13, 5:30 PM
  • Thu, Apr. 2, 5:14 PM
    • Teekay (NYSE:TK) declares $0.3162/share quarterly dividend, in line with previous.
    • Forward yield 2.71%
    • Payable April 30; for shareholders of record April 17; ex-div April 15.
    | Comment!
  • Tue, Mar. 24, 8:53 AM
    • Production is halted at BG Group’s (OTCPK:BRGXF, OTCQX:BRGYY) Knarr oil field off Norway following a fire at its floating production unit less than a week after start-up.
    • The vessel, leased by BG from Teekay (NYSE:TK), has a production capacity of ~63K boe/day and a storage capacity of 800K barrels.
    • The Knarr field began producing on March 18, is estimated to hold ~80M boe and is expected to produce for at least a decade.
    | Comment!
  • Thu, Feb. 19, 5:48 AM
    • Teekay (NYSE:TK): Q4 EPS of $0.42 beats by $0.08.
    • Revenue of $519.78M (+12.6% Y/Y) beats by $22.38M.
    • Press Release
    | Comment!
  • Wed, Feb. 18, 5:30 PM
  • Fri, Jan. 9, 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
  • Thu, Jan. 8, 12:36 PM
    • Some of the world's largest oil traders are hiring supertankers to store crude at sea, Reuters reports: Trading firms including Vitol and Trafigura, and energy major Shell (RDS.A, RDS.B) are said to have booked crude tankers for up to 12 months in the past week.
    • Freight brokers and shipping sources consider the flurry of long-term bookings unusual and suggests that traders could use the vessels to store excess crude at sea until prices rebound, repeating a popular 2009 trading gambit when prices last crashed.
    • Analysts at JBC Energy say floating storage, while a sign of an oversupplied market, may provide some temporary support for oil prices in the coming weeks.
    • Related tanker companies: TK, TNK, TOO, TGP, TNP, FRO, GLNG, NAT, DHT.
  • Fri, Jan. 2, 9:29 AM
    • Teekay (NYSE:TK) declares $0.32/share quarterly dividend, in line with previous.
    • Forward yield 2.49%
    • Payable Jan. 30; for shareholders of record Jan. 20; ex-div Jan. 15.
    | Comment!
Visit Seeking Alpha's
TK vs. ETF Alternatives
Company Description
Teekay Corp is a provider of crude oil and gas marine transportation services and it also offers offshore oil production, storage and offloading services, mainly under long-term, fixed-rate contracts.
Sector: Services
Industry: Shipping
Country: Canada