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COPYRIGHT 2003 Adams Business Media
Maritime Group
Update--February 23, 2003
Teekay Reports Strong Fourth Quarter Earnings Of $0.82
Company Description:
An oceangoing transporter of crude oil and petroleum products, Teekay Shipping operates a fleet of about 100 tankers under several flags. It is the world's largest operator of Aframax tankers, and it operates the world's largest fleets of shuttle tankers, which move oil from offshore platforms to refineries.
We reiterate our Buy rating on Teekay Shipping Corporation (TK) with a price target of $55. We believe Teekay shares offer one of the best ways to play the recovery in the worldwide tanker market, as Teekay has a dominant market share in the Asia Pacific and Atlantic Aframax trade. In addition, we believe Teekay's recent acquisition of Navion complements its strategy, making Teekay the largest shuttle tanker operator in the world while providing strong cash flow from attractive long-term contracts.
* Teekay Reports Strong Fourth Quarter Earnings Of $0.82--Teekay had already preannounced fourth quarter earnings of $0.82 two weeks ago. Teekay's average Aframax rate of $20,562 and costs per day of $5,213 compare favorably with third quarter averages of $16,175 and $5,616, respectively.
* Maintaining 2003 EPS, Introducing 2004 EPS--We remain comfortable with our 2003 EPS estimate of $4.60, as the year-to-date average of...
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