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Teekay Corporation (TK)

  • 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.
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  • Sep. 30, 2014, 12:45 PM
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  • 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.
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  • Sep. 30, 2014, 9:11 AM
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  • 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.
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  • 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.
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  • Jul. 12, 2013, 8:33 AM
    Seasonal 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.
  • Sep. 12, 2012, 8:38 AM
    Teekay Offshore Partners (TOO) -4.8% premarket after announcing an offering of ~7M of its common units, representing limited partner interests. Net proceeds will be used to partially finance the Voyageur Spirit FPSO the company agreed to acquire from Teekay Corp. (TK)
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  • Apr. 17, 2012, 1:35 PM
    BofA Merrill Lynch weighs in on Teekay Tankers (TNK +7.5%), upgrading the shares to Neutral following the shipper's acquisition of 13 vessels from its parent Teekay Corp. (TK).
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  • Apr. 13, 2012, 11:37 AM
    A 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%.
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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