Teekay Tankers reported net income of $92.1 million, or $2.66 per share, for the third quarter of 2025. This is a significant increase from the $62.6 million net income in the second quarter of 2025 and $61.5 million in the third quarter of 2024.
The company attributed the sequential increase primarily to a $25.9 million gain from the sale of three vessels and an $8.3 million gain on a distribution from an equity-accounted investment.
Adjusted net income, which excludes vessel sales and other items, was $53.3 million, or $1.54 per share, for the quarter, compared to $48.7 million in the prior quarter and $63.5 million in Q3 2024.
The company's total liquidity stood at $975.7 million as of September 30, 2025. The board of directors declared a cash dividend of $0.25 per share for the quarter.
Kenneth Hvid, Teekay Tankers' President and CEO, commented that spot tanker rates remained "counter-seasonally strong" during the quarter, with seaborne crude oil trade volumes approaching all-time highs. He noted this trend has continued into the fourth quarter, with spot rates strengthening.
To date for the fourth quarter, the company has booked approximately 50 per cent of its spot days at strong average rates, with Suezmaxes at $45,500 per day and Aframax/LR2s at $35,200 per day.
Teekay Tankers also continued its fleet renewal plan, completing the acquisition of one 2017-built Suezmax tanker and the remaining 50 per cent ownership interest in the Hong Kong Spirit VLCC.
In addition, the company completed four of five previously announced vessel sales during the third and fourth quarters, with the fifth sale expected to be completed in the coming days.
The five sales are expected to generate gross proceeds of $158.5 million and estimated gains of $47.5 million. The company noted it also time-chartered out three tankers at “attractive” rates.
