It does not seem Teekay Tankers’ dividend is making a comeback any time soon.
Kevin Mackay, chief executive of the New York-listed tanker owner, fielded several questions from analysts on the company’s priorities as rates rise and his answer each time was that the company wants to strengthen the balance sheet by paying down debt.
“As management, we believe that we’ll create more long-term value for shareholders running the company from a position of real financial strength,” he said in response to a question from Jefferies’ Omar Nokta on the company’s use of cash moving forward.
