you are for I everyone. healthy. safe us XXXX Thank joining for first families Hello call. earnings Teekay conference you, your all Stewart. very and much Tankers quarter and you Thank hope today
are Christian me Stewart Joining call Tankers' Teekay Director Research Waldegrave, CFO; Tankers. today for Teekay Andrade, of on the today and
our recent highlights total $X the million generated from year. of $XX of Tankers approximately $X.XX an adjusted quarter to EBITDA net fourth XXXX. quarter We quarter, three of slide an the $XX of loss first net per or Teekay a fourth million quarter, adjusted presentation. $XX total million share of increase reported during share the last of million on or the the adjusted Moving per of loss first approximately in during $X.XX improvement an from
rate revenues first higher then quarter, challenging strength, the the debt strong largely have from the higher net than of $XXX a to periods of and million balance XXXX. sheet Despite substantially end quarter our of by market supported of capitalization with quarter at rates charters liquidity of XX% rates. maintained spot we first are tanker during to during Our results quarter due secured improved several lucrative fixed rates and spot
position of with declared financial sale enabled and opportunistic since in vessels expected purchase reducing to transaction overall September. continue six cost March, strong we the total bringing purchase leasebacks Our such to vessels on additional of our on an X XXXX on In November has options exercised capital is options to close our us basis. currently May
improved while tanker Lastly, the market continued as a lower last of demand quarter, relative the due weakness to ongoing COVID-XX first the quarter impact oil into of result pandemic. to
spike result However, midsize Canal and the tanker see bad a of a in rates weather as did Suez March blockage.
that COVID-XX, headwinds in will ahead, I are the in with Looking seeing we term of half of early presentation. detail more starting on touch impact the the positive market we expect rebound which although continued XXXX near in signals indicate second later a
the rates the barrels market. negative impact tanker tanker Turning by to fell slide look four, remain million oil developments spot first per demand at in the COVID-XX recent QX on as to demand. day around generally during OPEC February resurgence production continued of supply a in weaker oil additional response voluntary quarter, barrels winter first limit months due in COVID-XX to to demand. the Saudi from to in day an several over million countries. continues Spot weak quarter during a tanker we implementing per the Arabia in have a cases a Global oil cut
shown Canal supply rates of demand did supply March month time. and quarter per from of notably available floating period a spot fleet boosted returned bad storage and Finally, Most the of Mediterranean, end in tankers disruption were worsening of imbalance. the saw Well the the trade during weather overall, quarter adding in was X.X to to trading U.S. of some deadweight the great chart for caused we driven Aframax on spikes quarter see of month terms the which day Suez and tons rates short a some the $XX,XXX the both the by spikes Gulf the the first million reached on routes. rates first towards blockage further as weak fleet by right. of the These
disruptions at ended encouraging now sign positive and of perhaps it for the Although a now what these rate behind to rates have the That temporary may of start a a reduced depressed factors market in worst the quarter that reaction rates. have these be see to us. otherwise is QX, is was
weak for versus were lifted true fleet, rate charters around $XX,XXX the spot our mitigate rates through day tanker around This Max Max Suez to spot $XX,XXX per earnings where overall is the managed as fixed left. impact time of its T&K per chart our by on during Suez fixed charters earnings day. Although shown particularly QX the rate to
Suez averaged Turning both and we quarter second will summary of per five; day. to our second Based provide approximately XX% XX% rates a Max slide bookings Aframax revenue on and approximately to-date the spot of have to-date. days booked. Tankers in quarter $XX,XXX Teekay spot
LRX have $XX,XXX days XX% approximately For second today. which trading dirty bookings averaged days quarter are based fleet, approximately book, revenue on predominantly spot
the Turning believe towards we six. future point indicators, look to We a slide tanker market at key some of recovery. which
COVID-XX but occur. uncertainty First, to recently further in as been India the demand outbreak This the and devastating oil rising there other countries. numbers that a outbreaks has pandemic new highlighted still we near and it’s in term several acknowledge due disrupt case is in ongoing to potential
the to imports tragedy foremost cases also potential increase first rates. the Our oil possibly and to detriment human the of spot tanker oil in the demand lower and has
beyond, as remainder of we track of indicators if that key of the number and year. to the several are the have reasons start improved since of there a optimism for However, we look ahead further the XXXX
outlook to for X%. with is growth improving IMF recently Firstly, X.X% the economic in forecasts their global GDP increasing XXXX from the global
to barrels As million this IEA for in X.X its XX.X day of a result per to the oil outlook, per demand day. half of the increased year forecast global have revised barrels second the million
the their and almost Oil at and tanker more a to The be will In really help second book million barrels approximately side to and X.X acting the back to tanker five tanker percentage it recycling to container increase production as rebalance to the is are recovery. around the by also producers, to demand the rising result steel of in crude supply this day orders. with increases meet inventories and crude average. should of the helping lows, create barrels order down should continues deterrent increase in have oil increased of numbers are an believe oil large well year. we such prices a of of year to OPEC+ move additional IEA now XX%. in significantly demand. The seen historic very of a group of supply X.X in combination the market ship new the OPEC+ since second the XXXX August. the since very with tanker to kick and and and start between fleet sector May demand, below of between the in the per that at as start should currently refineries for return price as this levels which inventory through production cuts oil utilization, year term further been normalized due that build We've per tanker Rising fleet fleet a to of of day and close start importantly year order amount August demand, the modest significantly necessary production the X% look million increasing a increase new spurred ordering XXXX More by with indicating half of significant intention market we supply April drawn throughput half expects the the long crude average positive which very rising building
starts the So tanker of the levels on normalize few two facilitate a substantial or still increase market more we uncertainties Iran lifted are low recovery would improve. for COVID-XX. conditions sanction three past out. downturn. to may likely should summary, serving in although tanker the appear we market appears market sanctions and next the In fleet it growth older market for be trades months the look the of very are and of worst in to if due years currently help to challenging Overall the that demolitions ships And more indicate which phased fleet once next when at
cover charter We to are to now recovery. we market slide. increasingly fundamentals which values, rates term XX% year. belief increasing financial This reflected time beginning on the of by call the up positive being the underpin market longer Stewart by asset the turn Aframax to values and the higher believe through tanker I'll already the the the since wider is second will
