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Teekay Tankers Ltd. | 2007 Financial Highlights

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Teekay Tankers Ltd. | 2007 Financial Highlights ANNUAL REPORT TEEKAY TANKERS LTD. | 2007 FINANCIAL HIGHLIGHTS CURRENT FLEET 9 Aframax Oil Tankers 2 Suezmax Oil Tankers* *acquired April 2008 2 0 0 7 H IGHLIGHTS • Successfully completed the initial public offering (IPO) of 11.5 million shares of common stock on December 18, 2007 • Declared a cash dividend of $0.115 per share for the 14-day period from December 18, 2007 to December 31, 2007 • Achieved average time-charter equivalents (TCE) of $38,626 per day on the spot Aframax fleet during the 14-day post-IPO period JANUARY 1 - DECEMBER 18 - (In thousands of U.S. dollars, except per share data) DECEMBER 17, 2007 DECEMBER 31, 2007 Income Statement Data Voyage revenues $ 140,611 $ 5,696 Income from vessel operations 46,332 2,627 Net income 40,221 2,266 Balance Sheet Data Total assets — $ 310,324 Total stockholders’ equity 148,794 Per Share Data Earnings per share - basic and diluted $ 2.68 $ 0.09 Weighted-average shares outstanding – basic and diluted (thousands) (1) 15,000 25,000 Other Financial Data Cash available for distribution (2) — $ 2,874 Market capitalization at the end of period 550,000 (1) For period prior to the Company’s initial public offering on December 18, 2007, represents the number of common shares received by Teekay Corporation in exchange for a 54% ownership in Teekay Tankers Ltd. at the time of the initial public offering. (2) Please see reconciliation on page 9. TABLE OF CONTENTS Letter to Shareholders | 3 Board of Directors – Teekay Tankers Ltd. | 6 Tanker Market Report | 7 Reconciliation and Forward-Looking Statements | 9 Corporate Information | inside back cover LETTER T O S H A R E H O LDERS Bjorn Moller, Chief Executive Officer TEEKAY TANKERS LTD. PROVIDES THE OPPORTUNITY TO CO-INVEST WITH TEEKAY CORPORATION IN ITS PREMIER TANKER FRANCHISE C OMP ELLING IN V EST M ENT O P P O RTUNITY manage our fleet, using a mix of spot and fixed-rate charter contracts. This allows us to maintain exposure to the consider- I am pleased to present the first Annual Report for Teekay able upside of the spot market while insulating us from the Tankers Ltd. (NYSE: TNK). Launched in a highly successful initial lows, thereby providing investors with an optimal risk/reward public offering (IPO) in December 2007, Teekay Tankers was balance. We expect that this will allow us to pay a dividend in formed by Teekay Corporation (NYSE: TK) (Teekay) as a full virtually any tanker market environment (please see table on dividend payout vehicle, intended to appeal to yield-oriented page 4). investors looking for a spot tanker market-related investment Maximize our cash flow by participating in the Teekay opportunity. We believe that this business model will allow Pools. Teekay is the world’s largest operator of mid-size Teekay Tankers to grow faster, thereby increasing the number of tankers, comprising modern fleets of Aframax and Suezmax crude oil and petroleum product tankers operating under the tankers, marketed through a worldwide network of commercial Teekay banner and allowing the Teekay group to better serve the offices. Our tankers operating in the spot market enjoy the needs of its customers. scale benefits and capacity utilization from being employed Teekay Tankers is off to a great start. Our tankers trading in the through – and sharing in the total revenues from – Teekay’s spot market have enjoyed strong average freight rates during our Aframax and Suezmax Pools. first four months of operation, setting the stage for very attractive dividend payments in the first and second quarters of Expand our fleet through accretive acquisitions. Teekay 2008. In April 2008 we already took the first step on our growth Tankers was created as Teekay’s vehicle to consolidate the highly path with the acquisition of two Suezmax tankers from Teekay. fragmented tanker market. We intend to opportunistically grow our business through accretive acquisitions. Our sponsor Teekay is fully aligned with Teekay Tankers’ objective of profitable growth. In addition to being our largest shareholder Maintain significant financial flexibility. By targeting a with 54 percent ownership, as our manager Teekay is also relatively low level of debt, we seek to retain the financial incentivized through a performance fee mechanism to help us flexibility to act whenever attractive growth opportunities arise. increase dividends per share. As the sponsor of two other Low leverage will also serve to keep our cash flow break even publicly-listed entities, Teekay LNG Partners L.P. (NYSE: TGP) and lower than that of most of our peers. Teekay Offshore Partners L.P. (NYSE: TOO), Teekay has a proven track record of delivering attractive returns to investors who co- S I GNIFICANT GR OW TH O P P O RTUNITIES invest with Teekay. The investment highlights for Teekay Tankers are our clearly We are excited about the significant growth opportunities that defined business strategy, our significant growth opportunities, exist for Teekay Tankers. the current positive tanker market fundamentals and the strong sponsorship we enjoy from Teekay. O UR B USINESS STRATEGY: ACTI V E FLEET M ANAGE M ENT AND ACCRETI V E GR OW TH 3rd Party Acquisitions GROWTH OPPORTUNITIES We are pursuing a disciplined business strategy aimed at maximiz- Teekay Currently • Over 1,700 ing our dividend payments per share: Owns 35 Other crude oil tankers Tankers Suitable in the world Maintain a modern, high-quality fleet. We operate a high- for TNK to 2 Suezmaxes to • Close to 1,600 quality, double-hull tanker fleet with an average age of only 7.6 be Offered to Acquire product tankers TNK by Teekay years, compared to the average age of the world tanker fleet of • 6 Aframaxes in the world almost 11 years. Typical benefits of a young fleet include custom- • To be offered • 3 Suezmaxes er preference, lower repair costs and higher in-service availability. at FMV by July • 15 Product 2009 tankers Tactically manage our mix of spot and fixed-rate charter • May come • 11 Newbuilds contracts. Historically, the spot (single voyage) tanker market has with short-term averaged higher rates than short-term (1-3 years) fixed-rate contracts charters, although spot rates tend to be volatile and seasonal. Teekay seeks to use its market knowledge to help us tactically 3 LETTER T O S H A R E H O LDERS TANKER RATES V S . ESTI M ATED ANNUAL CASH A V AILA B LE F O R DISTRI B UTI O N P ER SHARE *** The estimated effect of the April 2008 acquisition of two Suexmax tankers on Teekay Tankers' cash available for distribution is summarized below: Suezmax Spot Rate Assumption (TCE per Day)** Pre-Suezmax Acquisitions* $ 30,000 $ 40,000 $ 50,000 $ 60,000 $ 70,000 Aframax Spot Rate $ 20,000 $ 1.64 $ 1.97 $ 2.19 $ 2.40 $ 2.60 $ 2.81 Assumption (TCE per Day) $ 25,000 $ 1.99 $ 2.34 $ 2.56 $ 2.76 $ 2.96 $ 3.16 $ 30,000 $ 2.34 $ 2.70 $ 2.91 $ 3.11 $ 3.28 $ 3.45 $ 35,000 $ 2.69 $ 3.06 $ 3.23 $ 3.40 $ 3.57 $ 3.74 $ 40,000 $ 3.04 $ 3.35 $ 3.52 $ 3.69 $ 3.86 $ 4.03 * Pro Forma distribution for 12 full months of operation of Teekay Tankers' original fleet of nine Aframax tankers it acquired in its initial public offering in December 2007. ** Pro Forma distribution for 12 full months of operation of Teekay Tankers' original fleet of nine Aframax tankers it acquired in its initial public offering in December 2007, plus two Suezmax tankers acquired in April 2008. *** Cash Available for Distribution represents estimated net income plus depreciation and amortization, loan cost amortization, non-cash tax costs and any write-offs or other non-recurring items. The information above assumes that no amount of Cash Available for Distribution is retained by Teekay Tankers as a result of any reserves established by its Board of Directors. The information also assumes that Teekay Tankers retains its existing capitalization and that LIBOR averages 2.5%. One of the key growth paths involves anticipated asset “drop- Shipyard capacity is largely full through the middle of 2011, downs” from Teekay. At the time of our IPO, our fleet comprised and this provides good visibility of how many new tankers are nine Aframax oil tankers. In April 2008, we took the first growth due to join the world fleet over the next three years. The world step with the accretive acquisition of two modern Suezmax tank- tanker orderbook has been increasing due to strong tanker ers from Teekay. Teekay is obligated to offer us a further two rates, which will result in increased deliveries in the coming Suezmax tankers by July 2009. Moreover, an additional 35 ves- years. However, tanker supply growth is expected to be con- sels in Teekay's existing fleet would be suitable for dropdown to strained by the number of single-hull vessels still operating in Teekay Tankers. the world fleet. Nearly one quarter of all tankers are single- hull; these older ships are expected to be scrapped in the Another major growth opportunity involves acquisition of third- party vessels. The ownership of the world tanker fleet is highly coming years due to a combination of regulatory and com- fragmented, with more than 3,000 tankers owned by almost mercial challenges, such as growing customer discrimination 600 ship owners, providing opportunities for consolidation. We intend to pursue accretive growth opportunities by acquiring individual vessels, and possibly smaller fleets, from third parties. T ANKER M ARKET O UTL OO K : C O NTINUED B ALANCE B ET W EEN SU PP LY AND DE M AND For several years, global tanker supply and demand have been finely balanced, resulting in very strong and volatile spot tanker rates.
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