Report
EUR 570.00 For Business Accounts Only

Teekay Tankers (TNK US) – High Spot Exposure and Increased Leverage

​We have scaled down our fair value estimate to USD 6.40 per share (from USD 8.60 earlier) but maintained our Attractive view on the stock, as we believe its profitability will decline slightly with expected weakness in freight rates from the second half of the year when newbuild vessels join the fleet. We have also placed the company in the Medium risk category with a stable outlook over the long term; however, gearing higher than its peers is a concern. Aggressive fleet expansion at a time when tanker shipping is leading the maritime industry will be the key catalyst for the company.

Underlying
Provider
Drewry Maritime Equity Research
Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Analysts
Rahul Kapoor

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