Two SeekingAlpha blogs on Teekay Tankers (TNK).1. A Speculative idea, but generally positivehttp://seekingalpha.com/article/1076151-teekay-tankers-a-spe...2. A more cautious takehttp://seekingalpha.com/article/1087281-teekay-tankers-ltd-a...There were some good points in both articles. I agreed with much of the second author had to sayup until he ran the TNK NAV. I think NAV is a tricky calculation in the current tanker marketenvironment. I made one try last month, then found myself revising my number shortly afterwards.Two thoughts occurred to me1. Tanker companies usually value a vessel based on future cash flows, not NAV. A depressedtanker market means the company would have to adjust its earnings outlook for one, two,maybe all its vessels2. The future cash flows would affect the NAV of the vessel. But NAV would not come into playunless the company was seeking to sell, or to refinance the vessel.
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