Teekay Tankers Ltd. (NYSE:TNK) Q3 2023 Earnings Call Transcript

Stewart Andrade: Sure. So, this quarter, we repurchased four vessels, which were on sale-leaseback, for about $57 million. Those have been on leases, which were at LIBOR plus – or SOFR plus 285. And we have eight vessels that we can repurchase in Q1 of next year. The purchase option price on those is about $137 million, and those are currently on at SOFR plus 275. So, about – both of those were – effectively 8.4% interest we were paying on those. So that’s what we’ll be – that’s what we purchased back and will be purchasing back in Q1. So, all told, for 2019 – or for 2023 and Q1 of 2024, that’s – that’ll be a total of $532 million of leases that we will have bought back. And that’s probably in the neighborhood of about $20 million a year interest savings in terms of the optimization from doing that instead of carrying those leases.

Nathan Ho: Perfect. Thank you so much.

Stewart Andrade: You’re welcome.

Operator: And there are no further questions at this time. I would like to turn the conference back to you for any additional or closing remarks.

Kevin Mackay: Thank you for joining us today, and we look forward to speaking to you next quarter.

Operator: This concludes today’s call. Thank you for your participation. You may now disconnect.