Core Viewpoint - Teekay Tankers Ltd. reported its financial results for the quarter ended June 30, 2025, and declared a fixed cash dividend of $0.25 per share, payable on August 22, 2025, to shareholders of record as of August 11, 2025 [1]. Company Overview - Teekay Tankers operates a fleet of 37 double-hull tankers, which includes 21 Suezmax tankers and 16 Aframax/LR2 tankers, along with three time-chartered oil and product tankers [2]. - The company's vessels are utilized through a combination of spot market trading and short- to medium-term fixed-rate time charter contracts [2]. - Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture and manages vessels for the Australian Government and energy companies [2]. - Additionally, the company has a ship-to-ship transfer business that provides full-service lightering and support operations in the U.S. Gulf and Caribbean [2]. - Teekay Tankers was established in December 2007 by Teekay Corporation Ltd. [2].

Core Insights - Teekay Corporation Ltd. and Teekay Tankers Ltd. have published their 2024 Sustainability Report, available on their website [1] Company Overview - Teekay is a prominent provider of international crude oil marine transportation and marine services, operating through its controlling interest in Teekay Tankers Ltd. [2] - Teekay Tankers manages approximately 59 conventional tankers and other marine assets, employing around 2,300 seagoing and shore-based employees across eight countries [2] Fleet and Operations - Teekay Tankers operates a fleet of 36 double-hull tankers, including 20 Suezmax and 16 Aframax/LR2 tankers, along with four time-chartered oil tankers [4] - The vessels are utilized through a combination of spot market trading and short- to medium-term fixed-rate time charter contracts [4] - Teekay Tankers also manages vessels for the Australian Government and owns a ship-to-ship transfer business in the U.S. Gulf and Caribbean [4]

Q1 2025 Financial & Operating Results May 23, 2025 Disclaimer This presentation contains forward-looking statements within the meaning of applicable federal securities laws. Such statements are based upon current expectations that involve risks and uncertainties. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words such as "may," "will," "should," "estimates," "intends," and similar expressions are intended to identify ...

Core Viewpoint - Nordic American Tankers (NAT) is experiencing a highly active period in early 2025, focusing on vessel acquisitions and sales while prioritizing dividends [1][4]. Vessel Acquisitions and Sales - NAT has purchased two vessels and declared purchase options on two lease-financed ships, refinancing them as part of its strategic plan [2]. - On January 22, 2025, NAT declared the purchase option for the 2018-built Suezmax Nordic Aquarius at a price of $24 million, with refinancing agreed upon due to strong market value appreciation [3]. - On the same date, NAT sold the 2003-built Suezmax tanker Nordic Apollo for $22.9 million [3]. - On February 28, 2025, NAT purchased a 2016-built Suezmax named Nordic Galaxy for $66 million, financed with 50% lease financing [3]. - On the same date, NAT declared the purchase option for the 2018-built Suezmax tanker Nordic Cygnus at a price of $24 million, with refinancing also agreed upon [3]. - On March 14, 2025, NAT agreed to purchase a second 2016-built Suezmax tanker named Nordic Moon for $66 million, also financed with 50% lease financing [3]. - On May 2, 2025, NAT entered into an agreement to sell the 2004-built Nordic Castor for $22.5 million [4]. Financial Agreements - On February 6, 2025, NAT signed a five-year financing agreement with Beal Bank/CLMG for a Senior Secured Credit Agreement amounting to $150 million, replacing a previous facility from February 2019 [3].

Core Viewpoint - Teekay Tankers Ltd. reported its financial results for Q1 2025, declaring a fixed cash dividend of $0.25 per share and a special cash dividend of $1.00 per share, payable on May 30, 2025 [1]. Company Overview - Teekay Tankers operates a fleet of 35 double-hull tankers, which includes 20 Suezmax tankers and 15 Aframax/LR2 tankers, along with four time-chartered oil and product tankers [3]. - The company employs its vessels through a combination of spot market trading and short- to medium-term fixed-rate time charter contracts [3]. - Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50% joint venture and manages vessels for the Australian Government and energy companies [3]. - Additionally, the company operates a ship-to-ship transfer business that provides lightering services in the U.S. Gulf and Caribbean [3]. - Teekay Tankers was established in December 2007 by Teekay Corporation Ltd. [3].

Transaction Summary - CMB.TECH and Golden Ocean propose a stock-for-stock merger, with CMB.TECH as the surviving entity[16] - Post-merger, CMB.TECH shareholders are expected to own approximately 70% and Golden Ocean shareholders 30% (or 67% and 33% excluding treasury shares)[19] - Golden Ocean shareholders are slated to receive 0.95 CMB.TECH shares for each Golden Ocean share, based on a price of $15.23 per share for CMBT and $14.49 per share for GOGL[19] - The combined entity will operate as CMB.TECH NV, headquartered in Belgium, with a combined market capitalization of approximately $3.2 billion and a free float of around 38.4% (excluding treasury shares)[19] Company Profile & Financials - CMB.TECH has a fleet of 162 vessels with an average age of 4.1 years, including conventional, dual fuel hydrogen, and ammonia-ready vessels[21] - Golden Ocean has 91 vessels with an average age of 8.2 years, with a cash breakeven of $13,750 per day per vessel and a TCE in 2024 of $22,680[31] - Golden Ocean's FY 2024 net income was $223.2 million, with earnings per share of $1.12 and a dividend of $1.05 per share[34] - The pro-forma company has a contract backlog of $3 billion and a fair market value of $11.1 billion[37] Market & Strategy - The combined company aims to create diverse, sustainable, and high-quality cash flows, attract top talent, and reward shareholders[50] - The combined fair market value of the fleet is approximately $11.1 billion[57] - The combined entity will have more than 250 modern vessels at the forefront of decarbonization[81]

Core Viewpoint - Teekay Corporation Ltd. and Teekay Tankers Ltd. have released their Annual Reports for the fiscal year ended December 31, 2024, which are available for public access [1][2]. Company Overview - Teekay is a prominent provider of international crude oil marine transportation and marine services, operating through its controlling interest in Teekay Tankers Ltd. [2] - Teekay Tankers manages approximately 60 conventional tankers and other marine assets, including vessels for the Australian government, with a workforce of around 2,300 employees across eight countries [2]. Fleet and Operations - Teekay Tankers operates a fleet of 37 double-hull tankers, including 22 Suezmax and 15 Aframax/LR2 tankers, along with five time-chartered-in tankers [4]. - The vessels are employed through a combination of spot market trading and short- to medium-term fixed-rate time charter contracts [4]. - Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a joint venture and manages vessels for the Australian government and energy companies [4]. Stock Information - Teekay's common shares are traded on the New York Stock Exchange under the symbol "TK," while Teekay Tankers' Class A common shares trade under the symbol "TNK" [3][5].