Core Insights - Teekay Corporation Ltd. and Teekay Tankers Ltd. have published their 2024 Sustainability Report, available on their website [1] Company Overview - Teekay is a prominent provider of international crude oil marine transportation and marine services, operating through its controlling interest in Teekay Tankers Ltd. [2] - Teekay Tankers manages approximately 59 conventional tankers and other marine assets, employing around 2,300 seagoing and shore-based employees across eight countries [2] Fleet and Operations - Teekay Tankers operates a fleet of 36 double-hull tankers, including 20 Suezmax and 16 Aframax/LR2 tankers, along with four time-chartered oil tankers [4] - The vessels are utilized through a combination of spot market trading and short- to medium-term fixed-rate time charter contracts [4] - Teekay Tankers also manages vessels for the Australian Government and owns a ship-to-ship transfer business in the U.S. Gulf and Caribbean [4]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K ___________________________________________________________ Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2025 Commission file number 1-33867 ___________________________________________________________ TEEKAY TANKERS LTD. (Exact name of Registrant as specified in its charter) ________________________________ ...

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $76 million or $2.2 per share and adjusted net income of $42 million or $1.21 per share in the first quarter [5] - The company generated approximately $65 million in free cash flow from operations during the quarter [6] - Teekay Tankers declared a regular quarterly fixed dividend of $0.25 per share and a special dividend of $1 per share, totaling $1.25 per share payable in May [7][8] - Book equity per share increased by over $21 to approximately $53 per share as of March 31, 2025 [8] Business Line Data and Key Metrics Changes - The spot tanker market has strengthened, with secured spot rates of $40,400 per day for Suezmax and $36,800 per day for Aframax LR2 fleets, with approximately 45% of spot days booked [7] - The company has sold six vessels for total gross proceeds of approximately $183 million, with an expected accounting gain of approximately $53 million [6] Market Data and Key Metrics Changes - Midsized tanker spot rates have increased to the highest levels in over twelve months due to increased oil production from The Americas and U.S. sanctions on Russian and Iranian shipping [9] - Suezmax tanker tonne mile demand has benefited from a strong increase in the export of Kazakh crude oil, with record high loadings in March [10] - Aframax loadings from Vancouver have also reached record highs, with a significant increase in direct transits to Asia [11] Company Strategy and Development Direction - Teekay Tankers is focused on reducing exposure to older tankers and opportunistically selling 2009-built Suezmaxes as part of a fleet renewal plan [6] - The company aims to balance cash flow generation while remaining patient for future fleet renewal opportunities [20] - The management is assessing the potential for acquiring modern tonnage as market conditions evolve [7][25] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium-term outlook for the tanker market, despite uncertainties due to geopolitical developments and economic conditions [14][17] - The company is monitoring the impact of U.S. trade tariffs and geopolitical tensions on global oil demand and tanker rates [15][17] - Management noted that low oil prices could support tanker demand through reduced operational costs and potential increases in oil demand [12][13] Other Important Information - The average age of the global tanker fleet is 13.9 years, the highest since February 2001, which may lead to increased scrapping if market conditions worsen [18] - The pace of tanker newbuild orders has slowed significantly, with only 2.8 million deadweight tonnes ordered in the first quarter of 2025 [18] Q&A Session Summary Question: Market outlook and asset values - Management discussed the challenge of aligning a positive market outlook with the need for attractive asset prices for fleet renewal [22][25] Question: Maintaining critical mass in fleet - Management indicated there is a threshold for maintaining a critical mass of vessels, but current commercial performance remains strong [35][37] Question: Capital allocation and investment strategy - Management confirmed that they are assessing the attractiveness of investing in TNK shares given the liquidity available [28][31] Question: Seasonal strength of rates - Management noted that low oil prices and low inventories could lead to counter-seasonal strength in tanker rates [50][61] Question: Scrapping and fleet dynamics - Management acknowledged the potential for pressure on rates if no scrapping occurs, but noted that the aging fleet could lead to natural corrections [55][57]

Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $76 million or $2.2 per share and adjusted net income of $42 million or $1.21 per share in the first quarter [5] - The company generated approximately $65 million in free cash flow from operations during the quarter [6] - Teekay Tankers declared a regular quarterly fixed dividend of $0.25 per share and a special dividend of $1 per share, totaling $1.25 per share payable in May [7][8] - Book equity per share increased by over $21 to approximately $53 per share as of March 31, 2025 [8] Business Line Data and Key Metrics Changes - The spot tanker market has strengthened, with rates for Suezmax and Aframax LR2 fleets at $40,400 per day and $36,800 per day, respectively, with approximately 45% of spot days booked [7] - The company has sold six vessels for total gross proceeds of approximately $183 million, with an expected accounting gain of approximately $53 million [6] Market Data and Key Metrics Changes - Midsized tanker spot rates have increased to the highest levels in over twelve months due to increased oil production from The Americas and U.S. sanctions on Russian and Iranian shipping [10] - Suezmax tanker tonne mile demand has benefited from a strong increase in the export of Kazakh crude oil, with record high loadings in March [11] - Aframax loadings from Vancouver have also reached record highs, with a significant increase in direct transits to Asia [12] Company Strategy and Development Direction - Teekay Tankers is focused on reducing exposure to older tankers and opportunistically selling vessels as part of a fleet renewal plan [6] - The company aims to balance cash flow generation with the need to reinvest in new vessels as market conditions change [20] - The management is assessing opportunities in adjacent sectors while maintaining a focus on core operations [45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium-term outlook for the tanker market, despite uncertainties due to geopolitical developments and economic conditions [15][18] - The company is prepared for potential corrections in the market but believes that aging fleet dynamics will support tanker rates [19][57] - There is a potential for counter-seasonal strength in tanker rates due to low oil inventories and the need for restocking [60][62] Other Important Information - The pace of tanker newbuild orders has slowed significantly, with only 2.8 million deadweight tonnes ordered in the first quarter of 2025, the lowest since Q3 of 2022 [19] - The average age of the global tanker fleet is 13.9 years, the highest since February 2001, indicating a need for fleet renewal [19] Q&A Session Summary Question: Market outlook and asset values - Management acknowledged the challenge of balancing a strong market with the need to reinvest in new vessels, indicating that opportunities to reload may arise when market conditions change [24][26] Question: Maintaining critical mass in fleet - Management stated that while there is some room to reduce fleet size, they are cautious about dipping below a certain threshold that could impact commercial performance [35][38] Question: Capital allocation and investment strategy - Management confirmed that they are assessing the attractiveness of investing in TNK shares, given the current liquidity and market conditions [29][31] Question: Strength of tanker rates and geopolitical impacts - Management noted that while current rates are strong, predicting future movements is complex due to various global factors, but they expect some corrections in the market [50][51] Question: Restocking oil inventories and its impact - Management indicated that the current low inventories could lead to increased demand for tankers, potentially supporting rates in the near term [60][62]

Financial Highlights - Teekay Tankers reported GAAP Net Income of $76 million, translating to $2.20 per share in Q1 2025[5] - Adjusted Net Income for Teekay Tankers was $41.8 million, or $1.21 per share[5] - Teekay Tankers generated Free Cash Flow (FCF) of $65.4 million in Q1 2025[5] - Teekay Corporation (TK) declared a special dividend of $1.00 per share, payable in July 2025[9] - Teekay Corporation's sum-of-the-parts (SOTP) value is $8.01 per share, based on a TNK investment of $492 million and a net cash position of $177 million[38] Fleet and Market Dynamics - Teekay Group sold six vessels with an average age of 17 years since the start of 2025, generating approximately $183 million in gross proceeds and an estimated $53 million in gains[9] - Spot rates for Suezmax and Aframax/LR2 vessels have increased since the beginning of the year, reaching the highest level since Q1 2024[10] - Q1 2025 spot rates for Suezmax vessels averaged $48,800, and Aframax/LR2 vessels averaged $27,800[5] - Q2 2025 to-date spot rates for Suezmax vessels averaged $43,600, and Aframax/LR2 vessels averaged $36,800, with 48% and 41% of days booked, respectively[8] - The company anticipates 1,844 Suezmax and 1,575 Aframax / LR2 spot ship days available for Q2-25[51] Future Outlook - Teekay Tankers anticipates a decrease of approximately $2.5 million in charter hire expenses for Q2 2025, primarily due to the redelivery of one in-chartered tanker in Q1 2025[51] - Teekay Tankers expects a decrease of approximately $1.5 million in depreciation and amortization for Q2 2025, mainly due to vessel sales[51] - The company's low fleet FCF break-even is approximately $13,200 per day[31]

Financial Performance & Capital Allocation - Teekay Tankers reported GAAP Net Income of $76 million, or $2.20 per share, and Adjusted Net Income of $41.8 million, or $1.21 per share, for Q1 2025[5] - Teekay Tankers' Free Cash Flow (FCF) for Q1 2025 was $65.4 million[5] - Teekay Tankers declared a fixed quarterly dividend of $0.25 per share and a special dividend of $1.00 per share, payable in May 2025[9] - Teekay Corporation (TK) declared a special dividend of $1.00 per share payable in July 2025[9] - Teekay Corporation's sum-of-the-parts (SOTP) value is $8.01 per share, based on a TNK investment of $492 million and a net cash position of $177 million with 83.5 million shares outstanding[38] Fleet Management - Teekay Tankers agreed to acquire one 2019-built LR2, expected to deliver in late-May 2025[9] - Since the start of 2025, Teekay Tankers sold six vessels with an average age of 17 years for gross proceeds of approximately $183 million and estimated gains from sales of approximately $53 million[9] Spot Market & Tanker Rates - Mid-size tanker spot rates have increased to the highest level since Q1 2024[14] - Q1 2025 spot rates for Suezmax vessels averaged $48,800, compared to $47,300 in Q1 2024[6] - Q1 2025 spot rates for Aframax/LR2 vessels averaged $27,800, compared to $26,800 in Q1 2024[6] - Approximately 48% of Suezmax and 41% of Aframax/LR2 spot ship days have been booked for Q2 2025 to-date[8]

HAMILTON, Bermuda, May 07, 2025 (GLOBE NEWSWIRE) -- Teekay Corporation Ltd. (Teekay or the Company) (NYSE:TK) today reported a business update for the three months ended March 31, 2025. The business update and Teekay Group’s earnings presentation are available on the Company’s website here. The Company’s Board of Directors declared a special cash dividend in the amount of $1.00 per outstanding common share. This dividend is payable on July 16, 2025 to all Teekay shareholders of record on July 2, 2025. About ...

Core Viewpoint - Teekay Tankers Ltd. reported its financial results for Q1 2025, declaring a fixed cash dividend of $0.25 per share and a special cash dividend of $1.00 per share, payable on May 30, 2025 [1]. Company Overview - Teekay Tankers operates a fleet of 35 double-hull tankers, which includes 20 Suezmax tankers and 15 Aframax/LR2 tankers, along with four time-chartered oil and product tankers [3]. - The company employs its vessels through a combination of spot market trading and short- to medium-term fixed-rate time charter contracts [3]. - Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50% joint venture and manages vessels for the Australian Government and energy companies [3]. - Additionally, the company operates a ship-to-ship transfer business that provides lightering services in the U.S. Gulf and Caribbean [3]. - Teekay Tankers was established in December 2007 by Teekay Corporation Ltd. [3].

Group 1 - Teekay Tankers (TNK) stock closed at $42.89, with a daily increase of +1.54%, outperforming the S&P 500's gain of 0.58% [1] - The stock has risen by 10.37% over the past month, contrasting with the Transportation sector's decline of 6.4% and the S&P 500's loss of 0.84% [1] Group 2 - The upcoming earnings report for Teekay Tankers is anticipated, with projected earnings per share (EPS) of $1.53, indicating a 60.36% decrease year-over-year [2] - For the full year, earnings are estimated at $6.38 per share and revenue at $662.04 million, reflecting declines of -38.12% and -9.44% respectively from the previous year [2] Group 3 - Recent changes in analyst estimates for Teekay Tankers are being monitored, as they indicate short-term business trends and analyst sentiment regarding profitability [3] - The Zacks Rank system, which incorporates estimate changes, provides actionable ratings, with stocks rated 1 historically yielding an average annual return of +25% since 1988 [4][5] Group 4 - Teekay Tankers has a Forward P/E ratio of 6.62, which is lower than the industry's average Forward P/E of 9.34, indicating a valuation discount [6] - The Transportation - Shipping industry, to which Teekay Tankers belongs, has a Zacks Industry Rank of 230, placing it in the bottom 8% of over 250 industries [6]

HAMILTON, Bermuda, April 29, 2025 (GLOBE NEWSWIRE) -- Teekay Corporation Ltd. (Teekay) (NYSE:TK) and Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) (collectively, the Teekay Group) plan to release their financial results for the first quarter 2025 after market close on Wednesday, May 7, 2025. The Teekay Group plans to host a conference call on Thursday, May 8, 2025 at 11:00 a.m. (ET) to discuss its results for the first quarter 2025. All shareholders and interested parties are invited to listen to the live ...