Teekay Tankers recorded net income of $195.2 million for the third quarter of 2026. This was down from $225.9 million in the second quarter but more than double the $92.1 million reported a year earlier.
Revenues for the three months ended September 30 were $369.2 million, against $379.5 million in the previous quarter. Adjusted net income was $175.8 million, or $5.04 per share. The quarter's results included a $22.9 million gain on vessel sales. In July, the company completed the sale of a 2013-built very large crude carrier (VLCC) for $84.5 million.
The company attributed the sequential decline mainly to two vessel sales, lower average spot rates and weaker results from its Australian operations. Three vessels returning from bareboat charter-out contracts to trade at higher spot rates partly offset these factors.
Suezmax spot earnings averaged $106,437 per day, down from $109,171 in the second quarter. Aframax/long range 2 (LR2) earnings fell from $74,149 to $67,552 per day.
"Mid-sized tanker rates increased significantly in October to the highest levels ever recorded," said President and CEO Kenneth Hvid. He added that conflicts in the Middle East gulf, Ukraine and the Red Sea, high refining margins and longer tonne-miles had supported freight rates.
Fourth-quarter spot bookings so far average $272,000 per day for Suezmaxes and $208,300 for Aframax/LR2 tankers. Approximately 58 per cent of spot days have been fixed.
In October, Teekay Tankers ordered two Aframax/LR2 tankers from a Chinese shipyard. It followed this in November with an order for two Suezmax tankers, plus options for two more, from a Korean shipyard. All four vessels are due for delivery in 2030. The company has also agreed to buy a 2020 Korean-built medium range (MR) tanker for delivery by mid-January 2027.
