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
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%.
Jan. 21, 2014, 2:15 PM
- Teekay Tankers (TNK +13.9%) and Teekay Corp. (TK -0.9%) announce the creation of a new tanker company which will seek to acquire, operate and sell modern second-hand tankers to benefit from an expected recovery in the current cyclical low of the tanker market.
- Tanker Investments Ltd. has completed a $250M private equity offering in which TNK and TK each invested $25M for a combined 20% ownership stake in the new company; the balance of the privately placed shares, which will trade on the Norwegian over-the-counter market, have been purchased by a group of institutional investors.
- A portion of the net proceeds from the private equity offering will be used to acquire four 2009 and 2010-built Aframax crude oil tankers for a combined $116M; the new company also will acquire four 2009-built Suezmax crude oil tankers from Teekay for a combined $163M.
Nov. 1, 2013, 3:10 PM
- Rates for the largest oil tankers are surging, as Chinese freight traders lead an acceleration in Asian demand for the ships to load Middle East crude, sapping a fleet surplus that had made the carriers unprofitable almost all year.
- A VLCC built 16 years ago reportedly was hired today at ~13% more than yesterday’s prevailing prices, for the biggest one-day gain in 2013; rising demand has cut a capacity surplus to the smallest since June 4, according to a Bloomberg survey.
- FRO +9.4%, SFL +0.8%, NAT +3%, TK +1.3%, TNK +0.1%, TOO +0.1%, TGP -0.1%.
Oct. 9, 2013, 12:19 PM
- Teekay Shipping (TK +2.2%) is upgraded to Overweight from Equal Weight with a new $56 price target, up from $35, at Barclays, which believes higher cash distributions from general partnership interests along with lower leverage from transitioning to an asset-light marine transportation manager are creating a positive inflection point for shareholders.
- Given this backdrop, the firm believes shareholder distributions could nearly double by 2016, creating a compelling investment case.
Jul. 12, 2013, 8:33 AMSeasonal oil tanker hiring orders rose to their highest seasonal level since 2007, as demand for crude cargoes accelerates before a projected surge in oil refining. Rates on the benchmark Saudi Arabia to Japan route reportedly have jumped fourfold to $24,939/day since late June, helping owners contend with VLCC earnings that averaged $6,838/day YTD, lowest since at least 1997. FRO +4.1% premarket. | 2 Comments
Sep. 12, 2012, 8:38 AM
Apr. 17, 2012, 1:35 PM
Apr. 13, 2012, 11:37 AMA pair of Teekay (TK -1.6%) spinoffs raised their quarterly dividends late yesterday, joining a growing list of companies seeking to add shareholder value with bigger payouts. Teekay Offshore Partners (TOO +2%) increased its dividend by 2.5%, while Teekay LNG Partners (TGP +0.9%) ups its dividend by 7.1%. | Comment!
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