TEEKAY TANKERS LTD. CHARTER EXTENSION CONTRIBUTES
TO SUSTAINABILITY OF DIVIDENDS

Hamilton, Bermuda, March 26, 2009 – Teekay Tankers Ltd. (Teekay Tankers) today announced a nine-month extension of the time-charter contract for the Aframax tanker Everest Spirit at a rate of $26,500 per day. This contract extension brings the number of Teekay Tankers vessels operating under fixed-rate contracts to seven out of an elevenship fleet, or 62 percent of operating days for 2009.

“The extension of the fixed-rate contract for the Everest Spirit is an example of the active commercial management of our fleet,” said Bjorn Moller, Teekay Tankers’ Chief Executive Officer. “The sustainability of dividends in today’s uncertain economic times is a significant concern among investors. By chartering out more of our ships for various periods through the end of 2011, we expect to maintain a strong dividend regardless of strength or weakness in the spot tanker market. As a result of our fixed-rate charter contracts, we can pay a dividend even if our spot tanker fleet does not earn any cash flow. For example, if spot tanker rates were to decline to an average of $10,000 per day for both Aframaxes and Suezmaxes, we would still be able to pay a dividend in 2009 in excess of $0.90 per share.”

At present, more than 85 percent of Teekay Tankers’ first quarter fleet days were booked at average rates of approximately $23,000 per day and $39,000 per day for the spot Aframax and Suezmax fleets, respectively.

“We expect another strong dividend payment this quarter,” continued Mr. Moller. “Teekay Tankers has paid a dividend every quarter since its initial public offering in December 2007, and over the last four quarters we have paid out aggregate dividends of $3.39 per share. We believe our full payout dividend model continues to benefit our shareholders.”

About Teekay Tankers Ltd.
Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation (NYSE: TK) as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of nine double-hull Aframax tankers and two double-hull Suezmax tankers, which an affiliate of Teekay Corporation manages through a mix of short- or medium-term fixed-rate, time-charter contracts and spot tanker market trading. In addition, Teekay Corporation has agreed to offer to Teekay Tankers, prior to June 18, 2009, the opportunity to purchase an additional two existing Suezmax tankers. Teekay Tankers intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors.
Teekay Tankers’ common stock trades on the New York Stock Exchange under the symbol “TNK”.

Teekay Tankers Ltd.