Teekay Tankers (Buy, TP: USD75.00) - Discounted tanker exposure
We see an attractive risk/reward, with scheduled tanker supply growth of just 3% in 2025, and potentially increased demand from the unwinding of cuts (2.2mbbl/day) by OPEC+ from December 2024. As a result, we believe Teekay Tankers offers appealing exposure to the tanker segment, trading at a hefty ~35% discount to steel values, compared with the peer group average of 4%. We reiterate our BUY, but have reduced our target price to USD75 (81).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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