Quarterly ResultMay 13, 2026, 04:19 PM
Teekay Tankers Q1 Net Income $153.6M; Special Dividend $1.00
AI Summary
Teekay Tankers Ltd. reported strong first quarter 2026 results with GAAP net income of $153.6 million and adjusted net income of $128.3 million, driven by high spot tanker rates. The company declared a combined dividend of $1.25 per share, including a $1.00 special dividend. Teekay Tankers continued its fleet renewal strategy with both acquisitions and sales of vessels, while noting that the near-term tanker market outlook remains difficult to predict due to geopolitical events.
Key Highlights
- Reported GAAP net income of $153.6 million, or $4.42 per share, for Q1 2026.
- Achieved adjusted net income of $128.3 million, or $3.69 per share, in Q1 2026.
- Declared a regular cash dividend of $0.25 per share and a special dividend of $1.00 per share, totaling $1.25 per share.
- Acquired three 2016-built Aframax tankers for $141.5 million in Q1 2026.
- Sold two Suezmax tankers for $73.0 million, recording a $22.7 million gain in Q1 2026.
- Agreed to purchase two Suezmax newbuildings for $190 million, expected delivery in 2027.
- Q2 2026 to-date Suezmax spot rates averaged $121,800 per day (60% booked).
- Total liquidity stood at $1.2 billion as of March 31, 2026.