Teekay Tankers Minor model adjustments
We have updated our estimates owing to the Q2 report, and our model for the reported QTD fixtures for Q3 and the announced sales and acquisition of vessels, among other small adjustments. We still find Teekay Tankers well-positioned to capitalise on the strong mid-size tanker market (one-year TC rates for Suezmax and LR2 ~50% and ~80% above the 10-year average) supported by positive tonne-mile effects from the Red Sea disruptions. Furthermore, with the longevity of the cycle bolstered by limited vessel deliveries (~1% of the current crude and product tankers fleet to be delivered for the rest of 2024) and an average fleet age of ~13 years for both segments. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our USD81.0 target price.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.