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...

Read more as a Free Access member.
Log In Register
Posted in oil tankers, shipping | Tagged , , , , , | 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...

Read more as a Free Access member.
Log In Register
Posted in oil tankers | Tagged , , , , , , | 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...

Read more as a Free Access member.
Log In Register
Posted in oil tankers, shipping | Tagged , | 1 Comment