Teekay Tankers Ltd. Files 2023 Annual Report on Form 20-F

TL;DR

<b>Teekay Tankers Ltd. has submitted its 2023 annual report on Form 20-F, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

TEEKAY TANKERS LTD. (TNK) filed a Foreign Annual Report (20-F) with the SEC on March 15, 2024. Teekay Tankers Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company is incorporated in Hamilton, Bermuda. The filing includes data related to voyage charters, time charters, and other revenue streams. Financial data for the years 2020, 2021, 2022, and 2023 are referenced.

Why It Matters

For investors and stakeholders tracking TEEKAY TANKERS LTD., this filing contains several important signals. This filing provides a comprehensive overview of Teekay Tankers' financial health and operational activities for the past fiscal year, crucial for investors assessing the company's performance and future prospects. As a 20-F filing, it offers detailed financial statements and disclosures required for foreign private issuers, giving insight into the company's compliance and reporting standards.

Risk Assessment

Risk Level: medium — TEEKAY TANKERS LTD. shows moderate risk based on this filing. The filing is a standard annual report, which by nature contains a broad range of financial and operational data. Specific risks would require a deeper dive into the document's narrative sections, which are not fully detailed in the provided metadata.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the full 20-F filing to understand Teekay Tankers' performance and outlook.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-15 — Filing Date (Filed as of date)
• 2023 — Reporting Year (Fiscal year for the report)
• 2022 — Previous Year (Comparative financial data year)
• 2021 — Earlier Year (Comparative financial data year)
• 2020 — Oldest Year (Comparative financial data year)

Key Players & Entities

• TEEKAY TANKERS LTD. (company) — Filer name
• 0001628280-24-011401 (filing_id) — Accession number
• 20231231 (date) — Conformed period of report
• 20240315 (date) — Filed as of date
• Hamilton (location) — City of business address
• Bermuda (location) — Implied by Hamilton, D0
• 441-298-2530 (phone) — Business phone number
• USD (currency) — Currency for financial data

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.

Key Financial Figures

• $0.01 — red Class A common stock, par value of $0.01 per share TNK New York Stock Exchange

Filing Documents

• tnk-20231231.htm (20-F) — 2249KB
• tnkex-81q42023.htm (EX-8.1) — 44KB
• tnkex-121q42023.htm (EX-12.1) — 11KB
• tnkex-122q42023.htm (EX-12.2) — 11KB
• tnkex-131q42023.htm (EX-13.1) — 5KB
• tnkex-132q42023.htm (EX-13.2) — 5KB
• tnkex-151q42023.htm (EX-15.1) — 4KB
• tnk-ex97q42023.htm (EX-97) — 13KB
• tnk-20231231_g1.jpg (GRAPHIC) — 98KB
• tnk-ex97q42023001.jpg (GRAPHIC) — 233KB
• tnk-ex97q42023002.jpg (GRAPHIC) — 209KB
• tnk-ex97q42023003.jpg (GRAPHIC) — 251KB
• tnk-ex97q42023004.jpg (GRAPHIC) — 136KB
• tnk-ex97q42023005.jpg (GRAPHIC) — 120KB
• 0001628280-24-011401.txt (&nbsp;) — 10693KB
• tnk-20231231.xsd (EX-101.SCH) — 71KB
• tnk-20231231_cal.xml (EX-101.CAL) — 63KB
• tnk-20231231_def.xml (EX-101.DEF) — 494KB
• tnk-20231231_lab.xml (EX-101.LAB) — 701KB
• tnk-20231231_pre.xml (EX-101.PRE) — 595KB
• tnk-20231231_htm.xml (XML) — 979KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Auditor Name: KPMG LLP Auditor Location: Vancouver BC, Canada Auditor Firm ID: 85 2 T a b l e o f C o n t e n t s TEEKAY TANKERS LTD. INDEX TO REPORT ON FORM 20-F INDEX PAGE PART I

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors 4

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable 4

Key Information

Item 3. Key Information 4

Risk Factors

Risk Factors 4 Tax Risks 20

Information on the Company

Item 4. Information on the Company 21 A. History and Development of the Company 21 B. Business Overview 22 Our Fleet 22 Business Strategies 24 Our Chartering Strategy and Participation in the Vessel Revenue Sharing Agreements 25 Industry and Competition 25 Safety, Management of Ship Operations and Administration 27 Risk of Loss, Insurance and Risk Management 28 Flag, Classification, Audits and Inspections 28 Regulations 29 C. Organizational Structure 35 D. Property, Plant and Equipment 36 E. Taxation of the Company 36 United States Taxation 36 Marshall Islands Taxation 37 Other Taxation 37

Unresolved Staff Comments

Item 4A. Unresolved Staff Comments 37

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects 37 General 37 Significant Developments in 2023 and Early 2024 38 Important Financial and Operational Terms and Concepts 39 Our Charters 40 Summary Financial Data 40 Items You Should Consider When Evaluating Our Results of Operations 41 Results of Operations 42 Liquidity and Capital Resources 47 Critical Accounting Estimates 50 Non-GAAP Financial Measures 51

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees 53 Directors and Executive Officers of Teekay Tankers Ltd. 53 Compensation of Directors and Senior Management 54 Long-Term Incentive Program 54 Board Practices 55 The Board's Role in Oversight of Environmental, Social and Corporate Governance 56 1 T a b l e o f C o n t e n t s Crewing and Staff 56 Share Ownership 56

Major Shareholders and Related Party Transactions

Item 7. Major Shareholders and Related Party Transactions 56 A. Major Shareholders 56 B. Related Party Transactions 57

Financial Information

Item 8. Financial Information 59 Consolidated Financial Statements and Notes 59

Legal Proceedings

Legal Proceedings 59 Dividend Policy 59 Significant Changes 59

The Offer and Listing

Item 9. The Offer and Listing 59

Additional Information

Item 10. Additional Information 59 Articles of Incorporation and Bylaws 59 Material Contracts 60 Exchange Controls and Other Limitations Affecting Security Holders 60 Material United States Federal Income Tax Considerations 60 Non-United States Tax Considerations 64 Documents on Display 64

Quantitative and Qualitative Disclosures About Market Risk

Item 11. Quantitative and Qualitative Disclosures About Market Risk 64 Foreign Currency Fluctuation Risk 64 Interest Rate Risk 64 Credit Risk 65 Spot Tanker Market Rate Risk 65

Description of Securities Other than Equity Securities

Item 12. Description of Securities Other than Equity Securities 65 PART II

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies 65

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 65

Controls and Procedures

Item 15. Controls and Procedures 65 Management's Report on Internal Control over Financial Reporting 66

Audit Committee Financial Expert

Item 16A. Audit Committee Financial Expert 66

Code of Ethics

Item 16B. Code of Ethics 66

Principal Accountant Fees and Services

Item 16C. Principal Accountant Fees and Services 66

Exemptions from the Listing Standards for Audit Committees

Item 16D. Exemptions from the Listing Standards for Audit Committees 67

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 67

Change in Registrant's Certifying Accountant

Item 16F. Change in Registrant's Certifying Accountant 67

Corporate Governance

Item 16G. Corporate Governance 67

Mine Safety Disclosure

Item 16H. Mine Safety Disclosure 67

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 67

Insider Trading

Item 16J. Insider Trading 67

Cybersecurity

Item 16K. Cybersecurity 67 PART III

Financial Statements

Item 17. Financial Statements 69

Financial Statements

Item 18. Financial Statements 69

Exhibits

Item 19. Exhibits 70 Signature 72 2 T a b l e o f C o n t e n t s PART I This Annual Report should be read in conjunction with the consolidated financial statements and accompanying notes included in this Annual Report. Unless otherwise indicated, references in this Annual Report to "Teekay Tankers Ltd.", the "Company", "we", "us" and "our" and similar terms refer to Teekay Tankers Ltd. and/or one or more of its subsidiaries, except that those terms, when used in this Annual Report in connection with the common stock described herein, shall mean specifically Teekay Tankers Ltd. References in this Annual Report to "Teekay" or "Teekay Corporation" refer to Teekay Corporation and/or any one or more of its subsidiaries. In addition to historical information, this Annual Report contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements relate to future events and our operations, objectives, expectations, performance, financial condition and intentions. When used in this Annual Report, the words "expect," "intend," "plan," "believe," "anticipate," "estimate" and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements in this Annual Report include, in particular, statements regarding: our future financial condition, results of operations and future revenues, expenses and capital expenditures, and our expected financial flexibility and sources of liquidity to fund capital expenditures and pursue acquisitions and other expansion opportunities; our dividend policy and ability to pay dividends on shares of our common stock; the crude oil and refined product tanker market fundamentals, including the balance of supply and demand in the tanker market, changes in the world tanker fleet, changes in global oil and refined products demand, the rate of global oil production (including OPEC supply measures), and changes in long-haul crude tanker mov

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information

Risk Factors

Risk Factors Some of the risks summarized below and discussed in greater detail in the following pages relate principally to the industries in which we operate and to our business in general. Other risks relate principally to the securities market and to ownership of our common stock. The occurrence of any of the events described in this section could materially and adversely affect our business, financial condition, operating results and ability to pay dividends on, and the trading price of our common stock. Risk Factor Summary Risks Related to Our Industry Changes in the oil markets could result in decreased demand for our vessels and services. The cyclical nature of the tanker industry may lead to volatile changes in charter rates, and significant fluctuations in the utilization of our vessels, which may adversely affect our earnings. Changes in the spot tanker market may result in significant fluctuations in the utilization of our vessels and our profitability. Our vessels operate in the highly competitive international tanker market. High oil prices could negatively impact tanker freight rates. Marine transportation is inherently risky, and an incident involving loss or damage to a vessel, significant loss of product or environmental contamination by any of our vessels could harm our reputation and business. Terrorist attacks, increased hostilities, political change, or war could lead to further economic instability, increased costs, and business disruption. Acts of piracy on ocean-going vessels continue to be a risk, which could adversely affect our business. Public health threats, including pandemics, epidemics and other public health crises, could have adverse effects on our operations and financial results. Governments could requisition our vessels during a period of war or emergency. Risks Related to Our Business Economic downturns, including disruptions in the global credit markets, could adversely affect our ability to grow. 4 T a b l

View Full Filing

View this 20-F filing on SEC EDGAR