February 22, 2024
On February 22, Teekay Corporation and Teekay Tankers released Q4-2023 earnings results.
In the fourth quarter of 2023, Teekay Group reported strong financial results, capping off 2023 where Teekay Corporation recorded its highest annual adjusted net income in 15 years and Teekay Tankers contributing to its highest annual adjusted net income in company history.
After the repurchase of the remaining eight vessels on sale-leaseback arrangements, Teekay Tankers is expected to be debt free by the end of the first quarter of 2024.
In addition, 2023 has been a year of major milestones for Teekay Group. This included celebrating our 50th year anniversary as a company, experiencing one of the strongest year for crude tanker spot rates and Teekay Tankers transforming its balance sheet, which included it becoming net debt-free during the year.
2023 was also a year of strong operational performance, with 99.8% fleet availability and zero loss time injuries – a metric that we don’t often touch on during quarterly investor calls, but which is extremely important for the safety of our crew and for reliable operations.
With Teekay Tankers’ spot market exposure and leading position in mid-size tankers, we believe we are well positioned to continue to benefit from strong tanker market fundamentals.
Below you will find the highlights from our earnings results. For detailed information, visit our Investor pages: $TK, $TNK.