2025-05-08 11:34Financial Highlights - Teekay Tankers reported GAAP Net Income of $76 million, translating to $2.20 per share in Q1 2025[5] - Adjusted Net Income for Teekay Tankers was $41.8 million, or $1.21 per share[5] - Teekay Tankers generated Free Cash Flow (FCF) of $65.4 million in Q1 2025[5] - Teekay Corporation (TK) declared a special dividend of $1.00 per share, payable in July 2025[9] - Teekay Corporation's sum-of-the-parts (SOTP) value is $8.01 per share, based on a TNK investment of $492 million and a net cash position of $177 million[38] Fleet and Market Dynamics - Teekay Group sold six vessels with an average age of 17 years since the start of 2025, generating approximately $183 million in gross proceeds and an estimated $53 million in gains[9] - Spot rates for Suezmax and Aframax/LR2 vessels have increased since the beginning of the year, reaching the highest level since Q1 2024[10] - Q1 2025 spot rates for Suezmax vessels averaged $48,800, and Aframax/LR2 vessels averaged $27,800[5] - Q2 2025 to-date spot rates for Suezmax vessels averaged $43,600, and Aframax/LR2 vessels averaged $36,800, with 48% and 41% of days booked, respectively[8] - The company anticipates 1,844 Suezmax and 1,575 Aframax / LR2 spot ship days available for Q2-25[51] Future Outlook - Teekay Tankers anticipates a decrease of approximately $2.5 million in charter hire expenses for Q2 2025, primarily due to the redelivery of one in-chartered tanker in Q1 2025[51] - Teekay Tankers expects a decrease of approximately $1.5 million in depreciation and amortization for Q2 2025, mainly due to vessel sales[51] - The company's low fleet FCF break-even is approximately $13,200 per day[31]