Teekay Tankers Ltd. Reports Second Quarter 2022 Results

Hamilton, Bermuda - August 4, 2022

Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today reported the Company’s results for the quarter ended June 30, 2022:


• Reported GAAP net income of $28.5 million, or $0.84 per share; and adjusted net income(1) of $25.7 million, or $0.76 per share, in the second quarter of 2022 (excluding items listed in Appendix A to this release).

• In July 2022, entered into an agreement to sell a 2005-built Aframax for $24.8 million.

• In-chartered one Aframax for $23,000 per day for a two-year period, increasing the Company's in-chartered Aframax-sized tanker fleet to four vessels with an average rate of $19,025 per day.

• Maintained a strong liquidity position with pro forma second quarter liquidity, including the 2005-built Aframax sale, of $249.3 million.

• Secured strong third quarter-to-date spot rates of $29,600 per day for the Suezmax fleet, $35,600 per day for the Aframax fleet, and $35,400 per day for the LR2 fleet. Recorded to-date spot rates are three to five times higher compared to the third quarter of 2021.

The full earnings release and earnings presentation are available on the Company’s website here.

About Teekay Tankers
Teekay Tankers currently has a fleet of 45 double-hull tankers (including 25 Suezmax tankers, 11 Aframax tankers and nine LR2 product tankers), and also has four time chartered-in tankers. Teekay Tankers’ vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business that performs full service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its oil tanker business.

Teekay Tankers’ Class A common stock trades on the New York Stock Exchange under the symbol “TNK.”

Teekay Tankers Ltd. press release