Tag Archives: Teekay Tankers
Teekay Tankers (SELL, USD 0.7): Challenging liquidity position ahead of the cyclical trough. TP revised down from 1.2
The company recently announced the acquisition of Tanker Investments in an all-share deal on a NAV-for-NAV basis, leaving TNK’s old shareholders with ~68% of the NewCo. The two companies form a natural fit as TNK owns 11% of TIL and...
Posted in oil tankers, shipping
Tagged tanker investments, Teekay Tankers, til, til-no, TNK, tnk-us
Leave a comment
Tanker consolidation continues with TNK acquiring TIL
Teekay Tankers today announced the acquisition of Tanker Investments in an all-share deal which values TIL at a 21% premium to last close and which reflects a NAV-for-NAV transaction on our estimates. TIL’s shareholder will end up with 38% of...
Posted in oil tankers
Tagged shipping, tanker investments, Teekay Tankers, til, til-no, TNK, tnk-us
Leave a comment
TNK-US: Initiation (SELL, TP 1.1)
Teekay Tankers has a fleet of 41 fully owned Suezmaxes and Aframax/LR2s, a 50/50 owned VLCC in addition to a handful of chartered in vessels. Despite the recently announced divestment of a 1999-built Aframax at USD 7.5m (vs our generic value at...
