August 1, 2024
On August 1, Teekay Corporation and Teekay Tankers released Q2-2024 earnings results.
Teekay posted strong financial results for the second quarter and first half of 2024 driven by robust market fundamentals in the mid-size tanker segment.
Since reporting earnings last quarter, Teekay Tankers took incremental steps to renew its fleet by agreeing to sell two of its oldest vessels, and by acquiring a 2021-built Aframax vessel, Orchid Spirit.
With the Trans Mountain Pipeline expansion continuing to ramp up towards one Aframax cargo per day, vessel attacks in the Red Sea continuing to divert ships, and a newbuilding delivery schedule that is very low in historical terms, the mid-size tanker market is expected to remain well supported through the remainder of 2024.
Looking ahead, we are optimistic about the operating environment for mid-size tankers in the coming years. With high operating leverage to the spot tanker market and a debt-free balance sheet, we remain confident that our patience in pursuing growth opportunities positions us well to drive value creation in both the near and long-term.
Below you will find the highlights from our earnings results. For detailed information, visit our Investor pages:$TK, $TNK.