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 w...