Teekay Tankers reported GAAP net income of $225.9 million, or $6.49 per share, for the second quarter ended June 30, 2026, while adjusted net income reached $193.6 million, or $5.56 per share.
The company attributed the performance to record spot tanker rates, with Suezmax vessels averaging $109,200 per day and Aframax/LR2 tankers averaging $74,100 per day during the quarter.
For the third quarter to date, Teekay Tankers reported average spot rates of $104,800 per day for Suezmax tankers and $59,900 per day for Aframax/LR2 tankers, covering approximately 44 per cent of booked spot days.
As part of its fleet renewal programme, the company acquired two South Korean Suezmax newbuilding contracts for $190 million, with delivery expected in 2027.
It also completed the sale of two vessels for total proceeds of $138 million, comprising a 2009-built Suezmax tanker for $53.5 million and a 2013-built VLCC for $84.5 million.
In addition, three 2016-built Aframax tankers acquired in January for $141.5 million were fully redelivered to company management by July.
As of June 30, total liquidity stood at $1.3 billion, including $735 million in cash and cash equivalents, $476.6 million in short-term investments and $97.6 million in undrawn credit facility capacity.
The company stated that crude tanker spot rates increased sharply during the second quarter following conflict between the United States and Iran.
President and Chief Executive Officer Kenneth Hvid said, “Although the near-term tanker market outlook remains complex, unpredictable, and subject to significant influence from geopolitical events, we believe Teekay Tankers' low cash flow break-even levels, significant free cash flow generation, and sizable investment capacity positions us well to simultaneously renew our fleet and create shareholder value.”
