TNK - Earnings call transcript Q4 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day everyone. Welcome to Teekay Tankers Limited's Fourth Quarter and Fiscal 2021 Earnings Results Conference Call.

During the call, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded. remarks over I to opening turn like for call the the now and would introductions, to And company. Please go ahead.

Ryan Hamilton

Before those discussion today's materially statements. forward-looking Actual all participants where may differ like during conference earnings presentation. to website me annual Stewart presentation quarter contains I'd copy Please this www.teekaytankers.com allow will and remind fourth a you'll we at find XXXX the today to and results Kevin to begin, forward-looking projected by our of from review call. you statements. that our results direct

information actual CEO the differ the call Additional website. to concerning in annual to and factors Kevin is earnings to statements over release cause that the in our Teekay results presentation those earnings now quarter Tankers' on President and could begin. XXXX I'll from turn contained Mackay, fourth materially forward-looking and available

Kevin Mackay

XXXX for I us Thank fourth all quarter you, for families your healthy. much Ryan. safe annual joining conference very are Hello and Thank Tankers Teekay you you and earnings call. today everyone. and hope And

Andrade, the Teekay Stewart Director today are of CFO; Tankers. Tankers' Joining me Christian on Research and call for Teekay Waldegrave,

non-recurring loss presentation. $X.X recent of a third net $X.XX our $XX of million to net $X.XX year. per Please the adjustment per this of prior or includes reported Teekay million the that on the note fourth adjusted slide $X.XX quarter share or adjusted per our quarter related a during total Moving million a from loss quarters tax to was Tankers weaker our million $X.XX would quarter, had $XX decrease results excluded, three quarter, per ever adjustment share. approximately fourth of of highlights QX our or nearly If share loss $XX.X million our per from adjusted $XX or unprecedented years an XXXX one year. XXXX. or have this we challenging $X.XX in share, Despite best been $X.XX share. of net adjusted net income an reported share approximately million had is increase what We of XXXX or been $XXX per during and this which of

record also sales in XX% XXXX. reduction or free million a million $XXX flows with million of at the asset XX% net end $XXX an of reported of of $XXX $XXX We debt during XXXX increase cash million compared along to drove These year. nearly flows cash XXXX, to the or

also Our our declined year-end. and compared $XXX of the capitalization to of at to as increased net liquidity end to debt the XX% XX% total million a year position to year ago

balance and financial Our focus on our sheet transformed resilient position. built a debt reduction truly has

declared in was our options purchase of additional this which which for October. into capital as In decrease continue of key cost addition, financings which XXXX. for announced of $XX to our vessels completed in $XX redelivered Last repurchase for the quarter, between quarter a on total on of we of a sale-leaseback two pillar vessels million two we purchase are price were XXXX, and identified we sale-leaseback XXXX. through arranged strategic the to XXXX May And be unwinding expected sale-leasebacks fleet million for

Lastly, with proactive we've activities. commercial been several

exposure weaker strength. market We periods have several the that of freight been outcharters some with during of locked successful our fixed-rate in in were offsetting to market

also which capital-intensive in-charter liquidity scale entered year average This on we market at an rates. $XX,XXX rate a a fleet XXXX. newbuilding increases Aframaxes view into million. market, attractive of spot we also of in-charter our at options into prevailing less for of the well days XX% fixed late day, also per deliver rate charter active in forward As eco-Aframax sell price an renew unencumbered combined to quarter entered result, in increase a forward balance optimization. an sheet were of and per day, seven position. further the We fourth This -- XXXX-built and to an and sale a with provides our expect which two to $XX,XXX for on our fleet Based and above market delevers both manner. our We've enables was into of opportunistic agreement our us strong purchase been us extension a positive $XX

Turning to look Slide X. the at recent market. in developments tanker We spot

discipline time in downturn have of by on due of both countries has extent expected. This At led the global slide and We during the in of rates supply day virus group demand half right-hand oil XXXX parts lower COVID-XX previously new illustrates a order spot are in to million oil the kept since barrels emergence of averaging to quarter oil world Renewed midst throughput barrels the side levels. the pre-COVID fourth below of XX.X of wave shown the the same than quarter market which just This a of to the lockdowns at knock-on many global in supply oil-producing demand with per the the sticking persistently variance OPEC+ planned levels. rebalance was shown to XXXX reduced COVID-XX million the of second more rates of day, more in per XXXX. to and effects on tanker to the fourth eight the currently refinery cuts in tanker than chart due the of severe first supply. which the transmissible have spot fallen is of

deadweight limited delays storage Finally, was cargo the by in an during the for spot due oil tanker rates floating year, last adding and XX crude amount negative fleet during quarter. port of to available idle combination up million slower supply fleet supply. supply in fleet increase the growth, The of fell around fourth to demand quarter or of XX% or tied tons capacity

reduce managed fleet Crude to Suezmax supply by and have have has time Arabia the rates Although oil on during Though February near $XX,XXX market an of faces return remained in time. the in spot COVID-XX Saudi the earnings term. in the around already $X,XXX of Suezmax adverse signaled the overall per during through tanker day shown lifted start supply. which additional tanker in oil is some to per programs rates rights dampen expect spot they that earnings cargo announced we both they spotted weak quarter-to-date barrels as per of charters lower million demand the its fixed vaccine left. April rate mitigate and of for group continue day of term, in chart cut This the will of to onwards. March for spot impacts cuts fixed our many XXXX, immediate Despite headwinds rate versus In where the first OPEC+ to may TNK countries, from several QX, to fell charters supply day. to around one true the the partially the addition particularly impact place, our

Thirdly from a translated vessels backwardated prices while floating tanker fleet, structure trading higher release oil into have spot more into to the earnings. may higher impacting bunker spot lead inventory drawdowns storage further and oil costs

our X quarter-to-date have XX% to in and Based a to of summary first $X,XXX XXXX quarter days respectively. bookings approximately first spot Teekay and of and Turning the $X,XXX Tankers' day earnings Slide booked, revenue Suezmax approximately and Aframax give date. averaged XX% per on

are revenue averaged booked, XX% which per fleet, of trading bookings have quarter-to-date days on first predominantly spot $XX,XXX LRX day. our dirty, approximately For based approximately

the attractive date fixed during market As the we rates spot spot fixed fleet the rates, mentioned The periods rates. are QX spot in to at higher offset market helps my market significantly and company's rate to current strength for in which current charters opening of locked remarks, combined weakness. than in

its QX XX% has fleet at per revenue of Suezmax $XX,XXX day. Our days booked

LRX is Our Aframax the $XX,XXX booked XX% per per XX% of first fleet day booked quarter at our is fleet at day and for $XX,XXX XXXX.

our to brought on I Further on available for coincides be our the next dry fleet rate we and with the dry touch the scheduled have in anticipated XXXX which can our for of our we detail XXXX winter months, docking presentation. forward in fully and an Lastly, schedule recovery in dockings rates, fixed charters appendix have expect which will of found slide. the more details

to as factors We tandem expected drive the market by X. shown in Slide programs, through coming which to demand a at the tanker months. move as will believe recovery the for slide. we the oil the outlook Turning improve half longer-term of Global year we vaccine rollout on left and the this during is the of with substantially the chart the coronavirus of second look

balance. already expect tightening addition, year inventories curve recent the both In that we in will more crude with as normalize increasing signs is backwardation the underway, by normalized a earlier global futures evidenced revert to oil well oil course weeks the inventories. in market prices to of higher process oil and oil levels This expected of than product an inventories during

crude floating US has somewhat Although opaque, in while global the encouraging moved three average five-year is oil to have time to storage almost that oil the back data for oil crude it inventories is unwound. held in completely first years see been inventory

As and gather expect starts second oil the as to during to above through market group course barrel, prices half the the finding of the of XXXX, returns we support return growth that supply oil per start with accelerating will market pace. $XX to demand to balance OPEC+ year, the the

equation fleet both of end the year by the oil look to levels per continues mark return The the to very demand day and XXX we XXXX. to pre-COVID million-barrel shown expect favorably. supply the chart, As to and side of approach by the in supply

remain in both financial chart uptick from slight building rise, up a and fleet shown rates, But as new ongoing of expect in book and tanker fleet We to orders during combination a XXXX, increasing XXXX, pressure the of to higher weaker pick therefore growth on by compliance. the level freight scrapping uncertainty and low restrictive regulatory size continue new and approximately by existing right prices prices COVID-XX newbuild to more technology scrap expect of to the ongoing OPEC+ the recent be few to we of the months the a over for of order X% In starting historical been tanker impact demand vessel supply slide. due orders oil have the expect there summary, to next With tanker cuts. and we significantly, remains the standards landscape, challenged to Although, will remain months, tanker in on due market the XXXX small size. overall low.

OPEC+ facilitate the improvement that will group we the vaccine in However, further will the an I market, as over help momentum half scrapping growth improve the will the we and gain tanker cover accomplishments tanker free increase if demand supply through months in of year, Stewart call key in XXXX. the market. tanker return we as to in see now our to the turn ahead. second Low an particularly oil programs move to believe

Stewart Andrade

Thanks, Kevin.

course world one Turning set an COVID-XX. the ago, of on to was Slide emergence About year X. the unprecedented with

in with challenges position regulatory Fortunately, the from impact our operations, on seafarers which Tankers sheet. market and of staff, a Because minimal generated Teekay company and $XXX million thus our the far with the strong shore flows in our resilient successfully navigated half transform XXXX, cash solidifying the by financial efforts first further on of has a the delivering priorities. free our logistical helped along while balance record-setting has strategic tanker

our $XXX net XX% million XXXX, from The XXXX. net and $XXX our position has liquidity XX% to or debt During during decreased by to decreased $XXX company's by $XXX million million million to has increased XX%. debt-to-cap

we at and We our until or also XX% attractive million sorry $XXX of vessels refinanced no cost made And of year for XX completed this the debt for reducing We on XXXX. rates. -- significant the debt refinancings maturities progress in capital. have majority company's

of In will higher-cost by for two sale-leasebacks debt for vessels our which previously and repurchasing a declared million, exposure under two Aframax under redeliver we Suezmax $XX have sale-leasebacks vessels options in price XXXX. May purchase addition, to combined reduced recently

of the And this bringing expect vessels to a the XXXX. which million unencumbered the able to agreement existing our additional debt Further presentation. were balance asset sell in liquidity strengthened the maturity detail recently which Suezmax since to in sell we assets facility. $XXX We total in million schedule XXXX entered our long-term to two further finance also We vessels potentially beginning sales and are an to with opportunistically sheet. is debt into on new $XX appendix

market breakeven spot reducing months. nearly to flow XX Lastly, well over in rate fleet. an as vessels day periods proactive $XX,XXX have Kevin locking spot been allowed spot fixed-rate This levels. conditions touched average mitigate today's for XX weak of and in first our significantly ranging charters we rates fixed us months committed cash XXXX days by market on on partially at our of were has half ship recent attractive of are XX% means per and locked X $XX,XXX rate the above the of per at day at between earlier, charges

resilient to that, have to the the contributed has to confidence. built which future will this flexibility we conclude. turn financial I financial transformation sheet over with call where the of provides face a with position, balance us our to All With Kevin

Kevin Mackay

once and and Stewart. It's during our to Thanks, reliability. customers challenging and closing, thank Teekay uninterrupted say service of to quarter is their staff effort that seafarers continued and again In shore-based historic of I to this providing a safe you to a would dedication year. all values for both teamwork our to truly embodied collective been like

and inception XX As focus seafarers more continue every safety of nearly we family. on detail, XXXX, And Stewart done day company. at a our of our normalized XXXX outlined Teekay opportunity our that part seized as challenge we move with an to will multiple They day our organization integral to we fronts to on In came the closer ago. opportunity. wellbeing in backbone years hopefully Teekay to execute have world in since the are transform our every and of we as

sit With balance path. continue questions. immediate lowering strength over continue to which that financial company our our The building XXXX, value. will enabling we'll of call here take flexibility us sheet now our shareholder operator, turn prioritizing face capital, in and long-term cost we we the preserves As and headwinds to strength in still early therefore

Operator

Thank We'll from first question take Instructions] you. [Operator Chappell Jon from our Evercore.

Jon Chappell

if is good a sale you capital you start very as I and you're use or morning obviously with the good unwinding Good you. can. leaseback your Stewart, and it doing of Thank afternoon. could

exercise You still recall schedule There's liquidity and at I fair fair those a roll a have of a of just will. but those as you leases, amount as amount can't correctly off.

just to sale on So unwind the you through what those XXXX for XXXX? us exercising leasebacks potential look like could remind and and options

Stewart Andrade

balance early throughout the the million have a in $XXX which a sure. we and exercise we're to total on actually of Jon, In four XXXX, unwind options six have lease Hi, leases, those additional opportunity of to position year. about

two are soon then remind possession four And we'll in the options pretty we'll under of So year. taking this year. throughout lease have of coming of be you And additional May have up. the just which an currently six to we vessels

of So really them the majority are exercisable XXXX. during

Jon Chappell

optimistic to given market But paydown the next kind unwinding years someone in million $XXX year? $XX half the couple pace of about of, then really, your this situation elevate dividend. million. Okay. these back only of maybe ask is liquidity by And liquidity your of sale today on you have the and let debt more else it just of the the is and possible I'll the view of leasebacks

Stewart Andrade

that how looking It's to of to all Yeah. certainly those and and at those possible on decide are sale-leasebacks trying many of we we want exercise.

closer -- range. higher about X% them rates X% are I've more previously to at in As some mentioned have we half and of them are the of

leases. focus a have obviously, keener would, on we So the X%

that tanker would much decide, are do with weakness those exercising in we trying we're to much strongly and use that. market current we something and at But balancing the So liquidity considering. them definitely should considering just the off to and there we how looking do how

Jon Chappell

came And then follow-up that exercise all Okay. the due you the if be? then what would options total were that outlay final year Kevin. and But of just Stewart total for one -- that to what's one to this

Stewart Andrade

a in us. about the were would over essentially $XXX May, ones that are little we the million. would it be including it If options to And of in available including and May, are $XXX ones delivering million. all that delivering bit they're all exercise Not the to be

finance different those opportunities to ways. have of we a variety in course, Of

take debt could or -- financings other other those. on we put traditional So

Jon Chappell

I then Great. Understood. release Thank sale was And two a of still to little the a you. you. the for the XX-year-old an going assets scrap Kevin I with seems It before like of to environment just market quick above current conditions one press value. today even the Aframaxes. there's well XX bit price ask with trading asset XXXX elevated just especially saw given

between more XX help also year? count funds those sale this down pay Stewart those my by appetite were quickly to that of and strategically and have expensive of to both some What's XXXX. You more but dispose built raise XXXX your leasebacks to

Kevin Mackay

It our be And older a always is at It looked fleet the question. we've to and very good is a portfolio have selling basis doesn't on ships of necessarily time. that at ships. part right

-- was is today's asset not you moment XXXX XXXX of take a what more example, tonnage. at Today over when to the of at the with inquiry of And and advantage inquiry recently at quite newer for months strong. were oldest the prices end series at early the lot as when we just pronounced although market, And you last in sold the say price. the saw couple there's attractive the relative XXXXs vessels of we the of look for approached back that ships saw elevated fleet. us the you older inquiry we the been If four for has

as to decided opportunistic we execute So an those sales. on

rates market, the outlay where on what on sell we I ships. has have kind sell we foreseeable think are our prices the XX-year over to going future. XX doesn't for not that over So depends will ship in it. a asset that formula to to to A we what think years old old us both can freight a mean lot we're we're -- and Likewise of ship going we go accomplish the written capital have don't it be to and

So target. moving much a it's pretty

Jon Chappell

it. Thank right. All Got you, Kevin.

Kevin Mackay

Jon. Thanks,

Stewart Andrade

Thanks, Jon.

Operator

of America. Bank from next our Ken take from Hoexter We'll question

Ken Hoexter

Good great. afternoon, Hey, Stewart. Kevin and

on spot. rebound your it rising decades. anything mentioned and I to on on yet? Are in the on a the which You I -- through maybe rising seems versus the the mean, bouncing be order to But four lowest you want believe I seems to still XXXX. becomes on in year. bubbling great you comments timing thoughts that noted job the be Thoughts refinancings levels along for outlook, the book Just troubling. your understand obviously, the it's when seeing

you point of at more concerned So in level ordering? to what would of get start terms

Kevin Mackay

the elements the will that the It's said There environment uncertain everything. freight will refinery of that runs timing market Yeah. come floating at we elements, is as each I way many out, The prepared the of look of the playing is challenge whether we on oil are confident into the play line we it's rates. I are -- -- to those so think winding market, we Hi, the it's XXXX. think whether complete timing margins storage. the down down that remarks, of oil demand returning our Ken, supply really, in or down rebound in and the impact itself, it's whether demand winding exactly or as

So still if the run eight a future, rate. to increasing from of supply. we're they pre-COVID eight And million But going timing we're increase once. below, uncertain. at the even commentary we're all barrels we're see the day more confident near-term the return about about OPEC+ starting barrels it very to our not but million We're positive actual hear in

when finally of around results this when the and it So timing freight therefore uncertainty -- rates. our all demand transformation transportation is demand that together. increase tanker comes of And

we'll confident it's are are a tanker comes. as But taking much position, we it towards closer each a we be think than -- as we month today. I market in better XXXX get as that So we're

XX-year relative terms our terms at book think tanker stands -- the we're I today fleet. order in of book, the order it's where In to overall a low of

are that to the There's we've quarters propulsion facing. not have been a environment not. absorb we owners we're to systems efficiency for to question gains. lot There's increased restrictive ordering. more mention So regulatory to quandary still in of as as a uncertainty about whether or now, some and financing a of marks room also several order saying new But

do it and keep be obviously So day I we've will I think, and speak coming it that it's in in supply more think But so relative on levels. will to absorb in decent to what XXXX. But what an I fleet owners from we've while the picture eye to can't got historic we fairly a think other far XXXX can I muted for seen day bodes months. to well certainly something ordering

Ken Hoexter

in-charters process shift vessels of there the of some to putting kind just to on of strategy charter the Excellent until things fourth and Is and can the a then, you in-charter looking thought after of thought at was but right you or when quarter drove unloading shift availability mentioned and out price, not your in-charters? that find what What on the timing? your the kind XXXX.

Kevin Mackay

we've that which executing But commitment that was a vessel which I something on on. forward. right or is was a as Yeah. no whether very It's something to capital assets we're it little got economical asset an that's a long-term attractive our add as good portfolio rate fleet on good this Jon. in spoke a selling looking opportunity with to adding. or an that that the we it management felt go it averages extremely part begin time a earlier case, at, of at or fleet would was at very renew we commitment worth to about opportunity emissions always And It's consider fleet capital with the renewal

Ken Hoexter

to shifts costs? quick on point can -- real for me of you lower breakeven given what's debt remind and of the new us the just fleet the the And wrap-up, some

Stewart Andrade

will breakeven Suezmax. cash per flow between and about $XX,XXX free Our average day for Aframax XXXX be on

Ken Hoexter

your Great. Thanks appreciate Kevin and time. Stewart. I

Stewart Andrade

Ken. Thanks,

Operator

And question our next we'll Giveans from Jefferies. Randy take from

Randy Giveans

it going? How gentlemen. Hi is

Stewart Andrade

Thanks Randy. Good.

Kevin Mackay

are you? Thanks. Randy. Hi How

Randy Giveans

you time. of just your was presentation can over seem holding to Great, calculation last in guess which pretty last low since values well. the the values. that your so again was not said kind quantify the or question time three in months your last this you I asset call? thing be was mid-XXs NAV One in great. changes I a on asset up They to But think

view that current does you NAV? where now? look do So your How

Stewart Andrade

question on asset starting with So, values. your first maybe

relatively And the the the last been quarter three on of depends months, the last Over really they've over age vessel. it stable.

a modern X% on increase purchase and So, about a on in of and little change activity so because a front. bit a bit of overall But of vessels older, lower X% sale on talking movement not market. little on of the vessels we're some the maybe just more really asset bit the lot probably a values that

In would think our the don't I last on NAV NAV much NAV, think still since I has it's is. sort view quarterly in terms is of our – I what say, call. of don't consequently, the our changed the $XX, range $XX house

Of at values. on – quarter's made call course, different everyone as share views on that. material obviously and can trading that last take asset to the But point think discount the a I price you

Randy Giveans

Yeah. acquisitions, And ratios share a then low for your capacity do debt? later year you you'll With you've All your much Just debt. paying repurchases? reducing that, want down job have dividends right. to to leverage reduce see this done great how how trying

Stewart Andrade

Yeah.

leverage in reducing seeing on now levels able we might market capital tanker where we're the future But right the we're it therefore market. looking the and moment, rates really soft really our the to at at course, So we debt outlook not think depends the market deploy our be levels of for and when with needs.

is could levels. XXXX And we're with moment, be opportunities. in in we're which different in is We to a our we're respect. the in that comfortable long-term overall options context which I that at time of an entered look where opportunity. the at So in recognizing debt that delivering there that's a continuing market charter, And – we'll the say would place

So we're to maintaining strength. balance uncertainty moment both a market the position And on advantage in can take the that think of hopefully, us sheet again, opportunities. where resilient are. to and with we the continue focus given in I comfortable going we're puts our at But we be where

Randy Giveans

Got so Thanks for much. That's it it. me.

Operator

we a Securities. Clarksons from And Omar Platou question have from Nokta

Omar Nokta

Hi, maybe you. Stewart. towards Kevin. Hi, touch on Randy's I end. the wanted Thank of kind question just to

about the renewal you've outright you from And Clearly, been very unique. obviously But and you've you've vessels recently. of capital. been your appetite and to start you now? and here expansion. think been acquire do selling and here? about the lot fleet ships? you how up what's in to has purchase picked maybe fleet mentioned the general, thinking the You the question sale capital is lowering Obviously, deleveraging, feel growth cost time a charter-in get about market is But When do and interesting deploying as

Kevin Mackay

you Stewart, for question. that because take cut that second, can would a I through out

Stewart Andrade

Okay. Hi, Omar.

the the that, in the the XXXX. into and about But purchases strengthen that inquiring This just given our second And market. think maybe in we at cycle cost guess, the half as sheet standpoint year, coming the think it of we same it putting which to forward of And into context, to Jon right is have that last also strength. over wanting asset about time, to of we and down view are to time a down. – we So up I Randy relatively this first market from balance the maintain comments recognize my the come about capital would have asset of was of values year. we number expensive like probably have leases a will terms pay

maintaining off those So can things paying we to our in thinking sheet about we need terms balance of our and then take of advantage down, how opportunities. capital, strength also balance

a think this is standpoint, time a about to sensible So think from I investment. cycle

capital-intensive do – our XXXX, to less opportunity in a again, in you building way. took as new saw delivering in long-term we an charter, you our that for As

us value. for that look to add allow continue we'll shareholder So deals to

Omar Nokta

XX maybe on you've hear kind selling of down the maybe ships may months, on Okay. I and If And I horizon the it seem debt. as focused a expansion be now transition. really like, appears that, it And past you, been does guess, and as okay is I it I recall now. XX like months paying read

Stewart Andrade

maybe Look, just... want to I

Kevin Mackay

Sure.

I can if Omar, just think clarify I that.

Stewart Andrade

Go Kevin. Yeah. ahead,

Kevin Mackay

wouldn't as at expansion. sort look things I an of

think our I fleet like company gets year or as any any takes each shipping older. tanker company by

itself we portfolio the portfolio. to shrink we to period So of have until manage may might time at that and opportunities how look the constantly right the the fleet. that rejuvenate And renew find we for a mean

some not can the be not rebalance stronger to harvest as more have that It's to we again harvest put it's are here looking around more we're we we once expansion we not -- market. assets for at going will did So really a how want believe what our sake those of -- of to may some XXXX, Because we for as in capital into we older go towards. growth. to point portfolio

just as the tanker in a I'd managing a than it process rejuvenation So an company at normal of in more look expansion. rather

Omar Nokta

think when two, that that. that's that of of definitely you fair feel I preferred years chartered guess think I now and -- it delivery, as adding makes you I Thanks. when one, for more is in repeatable sense. buying seven But tonnage prefer do you the to is? how how do Aframax maybe do guess method Is it's about appreciate a And you And then ships? opposed to time? that on

Kevin Mackay

opportunity. generally, that particular follow. to we'll There I isn't formula at want a think look we every

and think we an asset trade. this look remain I agile will, essentially as, at have to if you

able haven't the times if At have one we firm is and can more the reported. go we've just repeatable? few the the but with done conversations themselves Is the we've at you opportunities, us this point. it it. execute. get see been repeat we find would to nothing And opportunities to can moment, a we one repeat love people, when you'll So I present that or

Omar Nokta

with the one LRXs, obviously maybe past more you. And But from you there's Seeing been those mentioned bit on separation. the your Got perspective in the quarter I on Thank of they've more me. in trading clean? generally Can back a of for you it. clean. dirty And a just vessels tandem Aframaxes. how are now shifting trades Where the are in give last ships process? that the a some into guidance many you recall

Kevin Mackay

of trading cleaned and space. Yeah, nine two the cleaning out in the are been fully up have

LRX And aren't to well of to on -- we round-trip we in expending get end As clean the rates some as at up same those additional doldrums the dock vessels But QX, going basis it. as to the coming in market of transitioning a worth QX, look a have is market. again, money dry that Q into of vessel may any into extra crude sort trade. clean are that

more the go. is where think if of that's going a, on you So a to will, view we kind market of week-to-week

Omar Nokta

Great. Yeah. thanks Kevin, That’s it and Stewart. me. for Thanks

Stewart Andrade

you. Thank

Kevin Mackay

Thanks Omar.

Operator

queue the And company no further remarks. would the in are over questions any back there I for to time. at closing to turn this conference the like

Kevin Mackay

you next Well, to families just you all we We us like thank everybody you to to and joining speaking and I'd safe, quarter. today. remain forward look for to hope say your

Operator

and concludes ladies gentlemen, again, participation today. that We today's your conference. appreciate Once

Teekay Tankers (TNK) 25 Feb 212020 Q4 Earnings call transcript