Teekay Tankers Ltd. Makes Accretive Investment
in First Priority Ship Mortgage Loans

Hamilton, Bermuda, July 15, 2010

Highlights
• Completed $115 million investment in 2 three-year term, first priority mortgage loans secured by two newbuilding VLCCs
• Investment will earn 9 percent annual interest rate; 10 percent annual investment yield including repayment premium feature
• Financed using existing undrawn revolving credit facility; pro forma remaining liquidity in excess of $115 million
• Transaction expected to increase annual dividend by $0.20 per share, commencing in third quarter of 2010

Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today announced that it has made a $115 million investment in 2 three-year term, fixed-rate term loans, which are secured by first priority mortgages on two 2010-built Very Large Crude Carrier (VLCC) newbuildings (the Vessels) owned by a shipowner based in Asia. The term loans will earn an annual interest rate of 9 percent and includes a repayment premium feature which provides a total investment yield of approximately 10 percent per annum. The transaction is expected to increase Teekay Tankers' annual dividend by approximately $0.20 per share during the period of the investment.

Teekay Tankers financed this investment by utilizing a portion of its undrawn revolving credit facility which bears interest at a rate of LIBOR plus 0.60 percent, or approximately 1.1 percent based on the current LIBOR rate. Subsequent to this transaction, the Company's remaining liquidity will total in excess of $115 million. Deutsche Bank AG acted as structuring agent and remains engaged as facility agent and security trustee in the transaction.

"Part of our strategic growth plan for Teekay Tankers has been to look for an avenue to become involved in the VLCC sector, which is expected to benefit from future increases in OPEC oil production and emerging long-haul routes as a result of oil demand growth in developing markets such as China and India," commented Bjorn Moller, Teekay Tankers' Chief Executive Officer. "While we would normally look to invest through vessel ownership, this investment provides Teekay Tankers with an attractive risk-adjusted return that we believe is superior relative to investing in the underlying equity of a VLCC at this time. This is also a good opportunity to make an accretive investment utilizing a portion of our existing liquidity rather than raise new equity and the fixed-rate nature of this investment is in line with our balanced chartering strategy. Importantly, we have retained sufficient liquidity for other accretive vessel acquisition opportunities that may arise in the future."

About Teekay Tankers
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 five 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. 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.