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TEEKAYTEEKAY
TEEKAY TANKERS Q1-2015 EARNINGS PRESENTATION
May 14, 2015
2
Forward Looking Statements
This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect to certain future events and performance, including
statements regarding: the crude oil and refined product tanker market fundamentals, including the balance of supply and
demand in the tanker market, estimated negative growth in the world tanker fleet, estimated growth in global oil demand
and crude oil tanker demand, changes in long-haul crude tanker movements from the Atlantic to Pacific basins, tanker
fleet utilization and spot tanker rates; the effect of lower global oil prices, including the potential impact on oil stockpiling,
refinery throughput and bunker fuel prices; TIL’s anticipated acquisition of six vessels; and the timing of a new charter-in
vessel delivery. The following factors are among those that could cause actual results to differ materially from the forward-
looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such
statement: changes in the production of or demand for oil or refined products; changes in trading patterns significantly
affecting overall vessel tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders and
deliveries and greater or less than anticipated rates of tanker scrapping; changes in global oil prices; changes in
applicable industry laws and regulations and the timing of implementation of new laws and regulations; delays in delivery
of a new charter-in vessel; and other factors discussed in Teekay Tankers’ filings from time to time with the United States
Securities and Exchange Commission, including its Report on Form 20-F for the fiscal year ended December 31, 2014.
The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or
any change in events, conditions or circumstances on which any such statement is based.
3
Recent Highlights
• Financial Results
○ Generated adjusted net income1 of $39.0
million, or $0.34 per share, up from $18.6
million, or $0.21 per share, in Q4-14
○ Generated free cash flow1 of $53.0
million, or $0.46 per share, up from $31.7
million, or $0.35 per share, in Q4-14
• Completed acquisition of five modern mid-
size tankers for an aggregate purchase price
of $230 million
• Continuing to expand in-charter fleet with
the addition of two vessels in Q1-15
○ Increases the total in-charter fleet to 12
vessels
• Strongest year-to-date spot rates since 2008
(1) See the Q1-15 earnings release for explanations and reconciliations of these non-
GAAP measures to the most directly comparable financial measures under GAAP.
4
72%
57%
40%
50%
60%
70%
80%
Q4-2013 Q1-2015
Net Debt to Book Capitalization
Executing on Teekay Tankers’ Strategy
• In-charter portfolio expanded to 12
vessels
○ Over $21 million of additional profit earned to-date
• Transitioned vessels to spot trading upon
expiration of fixed charters
○ 85% of fleet operating in the spot market
• Well-timed acquisition of 5 modern
vessels in Q1-15, which was immediately
accretive to net income
• $35 million investment in Tanker
Investments Ltd (TIL)
○ Marked-to-market gain of $11.9 million, or 34%
• Increasing shareholders’ equity through
delevering balance sheet
Financial Leverage
44%
56%
64%
85%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2012 2013 2014 Next 12 monthsended Q1-2016
Sp
ot
Exp
osu
re
Op
era
tin
g D
ays
Fixed-rate Spot (owned)
Spot (in-charter) Spot Exposure
TNK Fleet Employment Mix
Delivering Shareholder Value
5
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
$0.00
$0.05
$0.10
$0.15
$0.20
$0.25
$0.30
$0.35
$0.40
$0.45
$0.50
Q1-2014 Q2-2014 Q3-2014 Q4-2014 Q1-2015
FC
F y
ield
(annualiz
ed)2
Cash f
low
uses p
er
share
Debt prepayments Scheduled debt repayments
Dividend FCF Yield
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
10,000 15,000 20,000 25,000 30,000 35,000
Annual $ P
er
Share
Aframax Equivalent TCE4
• Spot exposure increased to maximize
FCF and net asset value (NAV)3
○ Q1 FCF yield = 32% (annualized)
○ Majority of FCF currently used to prepay debt,
increasing NAV/share
Significant Operating Leverage
(1) Free cash flow represents net income (loss), plus depreciation and amortization, unrealized losses from derivatives, non-cash Items and any write-downs or other non-recurring items,
less unrealized gains from derivatives. Please refer to the Teekay Tankers Earnings Releases for reconciliation to most directly comparable GAAP financial measure.
(2) Free cash flow (FCF) Yield is calculated based on annualized free cash flow in the given quarter over the average share price during that period.
(3) Excludes net asset value uplift from asset price appreciation.
(4) Aframax equivalent TCE: Suezmax = 1.25x, LR2 = 0.86x, MR = 0.64x
FCF1 Per Share Spot Rate Sensitivity 12 months
ending Q1-16
Current Average Aframax Spot Rate = $33,000/day
Free cash flow (FCF)1 Uses and FCF Yield2
• Every $5,000 per day increases
TNK’s FCF by $0.57 per share
6
Highest Average Q1 Spot Rates Since 2008
• Strong spot rates in Q1-2015 due to firm underlying fundamentals:
○ low fleet growth,
○ high crude oil supply,
○ rising oil demand
Source: 90% of Clarksons reported rates
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
Suezmax Aframax LR2
Stronger Spot Rates Y-o-Y
Q1-2014 Q1-2015
Strong spot rates continuing into Q2-2015
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
Monthly Spot Tanker Rates
Suezmax Aframax
7
Tanker Demand Strength Driven by Fundamentals
Source: IEA
73
74
75
76
77
78
79
Jan Feb Mar Apr May
Mb
/d
Global Refinery Throughput
2014 2015
High crude oil supply and rising oil demand
• Increase in OPEC crude supply is positive for crude tanker tonne-mile demand
○ Saudi Arabian production at a record high 10.1 mb/d
• Demand for crude oil is rising
○ Global refinery throughput is significantly higher year-on-year
○ Rising vehicle miles travelled in the U.S. is a sign that end-user demand is rising
○ IEA has raised its 2015 oil demand growth forecast to 1.1 mb/d (+210 kb/d from Jan’15)
7.5
8.0
8.5
9.0
9.5
10.0
10.5
18
19
20
21
22
23
24
Jan-0
8
Jul-0
8
Jan-0
9
Jul-0
9
Jan-1
0
Jul-1
0
Jan-1
1
Jul-1
1
Jan-1
2
Jul-1
2
Jan-1
3
Jul-1
3
Jan-1
4
Jul-1
4
Jan-1
5
Mb
/d (
Sau
di A
rab
ia)
Mb
/d (
Mid
dle
East
OP
EC
)
Middle East OPEC Production
Middle East OPEC Saudi Arabia
Source: IEA
8
-4%
-2%
0%
2%
4%
6%
8%
10%
-20
-10
0
10
20
30
40
50
20
10
20
11
20
12
20
13
20
14
20
15E
20
16E
20
17E
Nu
mb
er
of
Vessels
Suezmax Fleet Growth
Scrapping Forecast Scrapped Delivery Forecast Delivered Net Fleet Growth (% of Fleet)
Source: Clarksons / Internal Estimates
Low Fleet Supply Growth into 2017
Aframax Fleet Growth*
Mid-size tanker fleet growth remains low despite recent orders and conversions
*Includes both coated and uncoated vessels
-4%
-2%
0%
2%
4%
6%
8%
-40
-20
0
20
40
60
80
20
10
20
11
20
12
20
13
20
14
20
15E
20
16E
20
17E
Nu
mb
er
of
Vessels
9
Q2-15 Spot Rates Remain Counter-seasonally Strong
$26,600 $25,700
$21,900
$39,400
$30,700
$24,900
$36,500
$32,600
$29,100
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
Suezmax Aframax RSA LR2
Q4-14 Actual Q1-15 Actual Q2-15 to-date
Q2-15 %
booked to-
date 50% 50% 80%
10
APPENDIX
11
Fleet Employment Profile
(1) 50/50 profit share if earnings are above $12,000/day
(2) 50/50 profit share if earnings are between $16,400 and $24,400 /day plus 75/25 profit share if earnings are above $24,401/day
(3) 50/50 profit share if earnings are above $40,500/day
In-Charter Portfolio
Aframax
Aframax
Aframax
Aframax
Aframax
Aframax
Aframax
Aframax
Aframax
LR2
LR2
LR2
Out-Charter Porfolio
Aframax
Aframax
Aframax
Aframax
Aframax
Aframax
Aframax
VLCC
2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18
37,500 (3)
Optional Period$15,750
$18,900
$22,000 Optional Period
$12,000 (1)
$21,000
$16,500
$15,500
Optional Period
$21,000
$19,500
$16,750
$24,000
$15,600
$15,600
Optional Period
Optional Period
Optional Period
$18,600
$18,500 Optional Period
$15,000 Optional Period
$20,500
16,400 (2)
$22,000$17,100
12
TNK 2015 Drydock & Offhire Schedule
Notes:
(1) In the case that vessel offhire straddles between quarters, the number of vessels offhire has been allocated to the quarter in which majority of the offhire
days occur
(2) Only owned vessels are accounted for in this schedule
Segment
Vessels
Drydocked
Total
Offhire
Days
Vessels
Drydocked
Total
Offhire
Days
Vessels
Drydocked
Total
Offhire
Days
Vessels
Drydocked
Total
Offhire
Days
Vessels
Drydocked
Total
Offhire
Days
Spot Tanker 1 27 1 27 1 25 4 100 7 179
Fixed-Rate Tanker 1 90 - 53 - - - - 1 143
2 117 1 80 1 25 4 100 8 322
Total 2015March 31, 2015 (A) June 30, 2015 (E) September 30, 2015 (E) December 31, 2015 (E)
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