Teekay Tankers reported a net income of $153.6 million for the first quarter of 2026, marking an increase from the $76 million recorded during the same period in 2025. This financial performance was primarily driven by higher average spot tanker rates and the acquisition of six vessels over the previous year.
The company reported that approximately 60 per cent of Suezmax spot days and 53 per cent of Aframax spot days for the second quarter have been booked to date.
President and Chief Executive Officer Kenneth Hvid noted that geopolitical events in Venezuela and Iran have significantly influenced the market.
Hvid stated, “The US blockade and the effective closure of the Strait of Hormuz, an unprecedented event which has not directly impacted the operations of our vessels, continues to disrupt the oil and tanker markets and has propelled our second quarter of 2026 to-date tanker rates to new record levels.”
Three 2016-built Aframax tankers were acquired by the company in January 2026 for a total of $141.5 million. Teekay also agreed to purchase two Suezmax resale newbuildings from a South Korean shipyard for $190 million, with deliveries expected in 2027.
Two older Suezmax vessels were sold during the first quarter for proceeds of $73 million, resulting in gains of $22.7 million. A further 2009-built Suezmax tanker was sold in May 2026 for $53.5 million.
