Teekay Corp. (TK), owner of vessels that haul oil and liquefied natural gas, said its first-quarter loss widened to $29.7 million as tanker rates declined, Bloomberg reports.
The net loss increased to 41 cents a share, from $14 million, or 19 cents, a year earlier ago, the Hamilton, Bermuda- based company said in a statement today. Revenue fell 15 percent to $488 million from a revised $571.4 million.
Shipping rates dropped as the number of oil tankers in service rose to 2,147 in the week ended March 25, up 2.8 percent from a year earlier, according to Lloyd’s List. Teekay diversified its revenue sources by entering into liquefied- natural-gas transportation and the offshore shuttle-tanker market.
“Unlike the tanker market, the LNG market is really tight at the moment,” said Wilhelm Gedde-Dahl, an analyst at Pareto Securities ASA in Oslo. “The sentiment in the LNG industry is going to benefit the stock price, probably.”
Teekay declined 65 cents, or 1.9 percent, to $33.65 in New York Stock Exchange composite trading. The shares are up 1.7 percent this year.
Excluding interest-rate swaps and other items, Teekay reported an adjusted loss of $27.9 million, or 39 cents, compared with a loss of $3.9 million, or 5 cents. On that basis, the loss estimated by seven analysts surveyed by Bloomberg was 42 cents a share.
Second Quarter
Teekay’s second-quarter revenue will fall $10 million from the first quarter due to “seasonal maintenance” and “increased dry-docking,” the company said on an earnings conference call. Vessel operating expenses will increase $4 million to $6 million.
Revenue from LNG tankers rose to $92.8 million from $92.4 million, the company said. Revenue from the offshore shuttle- tanker segment increased to $208.3 million from $198.6 million.
Teekay’s Suezmaxes earned an average spot rate of $18,671 a day, down from $31,940 a day a year earlier. Aframaxes earned an average daily spot rate of $16,299, down from $17,824.
Suezmax tankers can carry 876,000 to 1.46 million barrels of oil, and Aframax vessels can move 547,500 to 876,000 barrels.
Suezmax rates averaged $21,424 a day in the spot market in the first quarter, down from $33,586 a year earlier, according to the London-based Baltic Exchange. Aframax rates averaged $12,775 a day, down from $17,546.
The net loss increased to 41 cents a share, from $14 million, or 19 cents, a year earlier ago, the Hamilton, Bermuda- based company said in a statement today. Revenue fell 15 percent to $488 million from a revised $571.4 million.
Shipping rates dropped as the number of oil tankers in service rose to 2,147 in the week ended March 25, up 2.8 percent from a year earlier, according to Lloyd’s List. Teekay diversified its revenue sources by entering into liquefied- natural-gas transportation and the offshore shuttle-tanker market.
“Unlike the tanker market, the LNG market is really tight at the moment,” said Wilhelm Gedde-Dahl, an analyst at Pareto Securities ASA in Oslo. “The sentiment in the LNG industry is going to benefit the stock price, probably.”
Teekay declined 65 cents, or 1.9 percent, to $33.65 in New York Stock Exchange composite trading. The shares are up 1.7 percent this year.
Excluding interest-rate swaps and other items, Teekay reported an adjusted loss of $27.9 million, or 39 cents, compared with a loss of $3.9 million, or 5 cents. On that basis, the loss estimated by seven analysts surveyed by Bloomberg was 42 cents a share.
Second Quarter
Teekay’s second-quarter revenue will fall $10 million from the first quarter due to “seasonal maintenance” and “increased dry-docking,” the company said on an earnings conference call. Vessel operating expenses will increase $4 million to $6 million.
Revenue from LNG tankers rose to $92.8 million from $92.4 million, the company said. Revenue from the offshore shuttle- tanker segment increased to $208.3 million from $198.6 million.
Teekay’s Suezmaxes earned an average spot rate of $18,671 a day, down from $31,940 a day a year earlier. Aframaxes earned an average daily spot rate of $16,299, down from $17,824.
Suezmax tankers can carry 876,000 to 1.46 million barrels of oil, and Aframax vessels can move 547,500 to 876,000 barrels.
Suezmax rates averaged $21,424 a day in the spot market in the first quarter, down from $33,586 a year earlier, according to the London-based Baltic Exchange. Aframax rates averaged $12,775 a day, down from $17,546.