Teekay Tankers Ltd. Reports Earnings Results for the First Quarter Ended March 31, 2022
May 12, 2022 at 12:19 pm
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Teekay Tankers Ltd. reported earnings results for the first quarter ended March 31, 2022. For the first quarter, the company reported revenue was USD 174.02 million compared to USD 142.75 million a year ago. Net loss was USD 13.94 million compared to USD 21.37 million a year ago. Basic loss per share from continuing operations was USD 0.41 compared to USD 0.63 a year ago. Diluted loss per share from continuing operations was USD 0.41 compared to USD 0.63 a year ago.
Teekay Tankers Ltd. is a provider of marine transportation to global oil industries. The Company is engaged in the business of owning and operating crude oil and product tankers. It provides vessel operation services for various vessels under the contracts with the Australian Government. Under these contracts the Company delivers all constituent support capabilities: vessel operations, engineering support, maintenance support, supply support, crewing and training and provide support services. The Company owns a fleet of approximately 45 double-hull tankers, including 25 Suezmax tankers, 10 Aframax tankers and nine LR2 product tankers. The Company also owns a very large crude carrier (VLCC) through a 50% owned joint venture. Its tanker segment consists of the operation of its tankers, including the operations from those tankers employed on full-service lightering contracts and the United State based ship-to-ship support service operations, including its lightering support services.