Teekay Tankers – TNK – Deleveraging continues at breakneck pace – TNK reported stronger than expected 1Q results, provided fairly solid guidance for bookings thus far into 2Q and disclosed several new time charters. Its cash levels increased materially while its debt positioned declined meaningfully. We expect the balance sheet to strengthen even further based on strong results expected again in 2Q. – Buy – Clarkson Platou Research