Teekays See Mixed Q2 Results
Teekay Corporation's (TK) second quarter loss narrowed as the tanker-ship company saw revenue rise and voyage expenses decline. The company also recorded a foreign exchange gain. Teekay has posted mixed results in recent quarters as derivatives affect its bottom line and a glut of tanker space pressures sport market rates. Last month Moody's lowered its outlook on Teekay to negative from stable. They are concerned about management's plan to use more equity capital when funding investments or possible asset sales to one of several publicly listed subsidiaries. Teekay reported a loss of $47.3 million, smaller than its loss the year prior of $96.5 million.