August 3, 2023
On August 3, Teekay Corporation and Teekay Tankers released Q2-2023 earnings results.
Teekay Corporation continues to report strong financial results for the second quarter of 2023 primarily attributed by firm spot tanker rates, strong fundamentals and reduced interest expenses resulting from the completion of bond repurchases.
Teekay Parent has continued to return capital to its shareholders in an accretive manner through its share repurchase program announced in June 2023.
In line with Teekay Tankers’ fixed dividend policy announced last quarter, Teekay Tankers declared a cash dividend of $0.25 per share for the quarter ended June 30, 2023. Spot tanker rates have remained firm as demand for mid-sized tankers remained elevated in the second quarter, driven by high export volumes from both the US Gulf and Russia, much of which went to satisfy record-high import demand from China and India.
Looking ahead, we anticipate crude tanker utilization will remain elevated, which we expect will pave the way to a strong winter market. With a strong tanker market and favorable conditions expected to last, we believe that we are set up well to create value for shareholders through steady cash flows, returning capital to shareholders, and disicplined reinvestment in our business and fleet.