Teekay Tankers Minor model adjustments
Following the company signing term sheets for new, low-cost, sale-leaseback financing to refinance 13 existing vessels and two vessel sales post-Q4, pro-forma liquidity has improved to USD246m – in our view, making it more resilient to near-term headwinds. We have updated our estimates, owing to the Q4 results, vessel divestment and updated charter coverage. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We have raised our target price to USD13.0 (11.6).
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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