Financial Data and Key Metrics Changes - Teekay Tankers reported GAAP net income of $62.6 million or $1.81 per share and adjusted net income of $48.7 million or $1.41 per share in Q2 2025 [4] - The company generated approximately $62.8 million in free cash flow from operations and ended the quarter with a cash and short-term investment position of $712 million and no debt [5][6] - The company declared a regular quarterly fixed dividend of $0.25 per share [7] Business Line Data and Key Metrics Changes - The second quarter spot rates were counter seasonally strong, outperforming the last two quarters and above long-term averages for the second quarter [5][7] - The company sold or agreed to sell 11 vessels for total gross proceeds of $340 million and estimated book gains on sale of approximately $100 million [6] Market Data and Key Metrics Changes - Global oil production is expected to increase sharply due to the unwinding of OPEC plus supply cuts and higher production from South America [8][9] - The OPEC plus group is expected to fully unwind 2.2 million barrels per day of voluntary supply cuts by September 2025, a year ahead of schedule [9][10] - The average age of the global tanker fleet is at a 25-year high of 14 years, with the order book stabilizing at approximately 15% of the global tanker fleet [11][12] Company Strategy and Development Direction - Teekay Tankers is focused on renewing its fleet by reducing exposure to older vessels and opportunistically selling older Suezmaxes while acquiring modern vessels [5][6] - The company aims to gradually change the pace of buying as it remains focused on renewing and growing its fleet in an accretive manner to future earnings [6][12] Management's Comments on Operating Environment and Future Outlook - Management believes there are potential tailwinds for the tanker markets towards the end of the year, despite uncertainties due to the complex geopolitical landscape [6][12] - The company anticipates that the market will continue to exhibit volatility going forward, influenced by geopolitical factors and sanctions on oil exports [12][13] Other Important Information - The company has a low cash flow breakeven of $13,000 per day, which positions it well for generating strong cash flows and taking incremental steps on fleet renewal [14][15] Q&A Session Summary Question: Can you expand on the comments regarding the purchasing of the latest ship and the sales? - Management indicated that they have been active in selling older ships and are looking to recycle capital from those sales to gradually add newer ships to the fleet [20][21] Question: How are you thinking about further capital deployment as you renew the fleet? - The priority is to find good purchase candidates within core segments of Aframaxes and Suezmaxes, with potential for larger newbuildings in the medium term [22][23] Question: Do you see the increase in oil volumes lifting rates mainly in Q4? - Management expects more oil volumes coming on the market later in the year, which should lead to stronger rates as the summer months transition into the seasonally stronger winter months [28][29] Question: How should we think about the run rate for other revenue going forward? - Other revenues were higher due to a one-time restructuring charge funded by a customer, which is not expected to recur [30][31]

Q1 2019 Highlights - VLCC average spot rate in TI Pool was $35,195 per day, compared to $18,725 in Q1 2018[8] - VLCC average time charter rate was $27,630 per day[8] - Suezmax average spot rate was $27,380 per day, compared to $14,000 in Q1 2018[8] - Suezmax average time charter rate was $32,680 per day[8] - In Q1 so far, VLCC 535% fixed at around $26500 per day[12] - In Q1 so far, Suezmax 493% fixed at around $18000 per day[12] Financial Performance - Revenue increased to $232589 thousand in Q1 2019 from $98136 thousand in Q1 2018[13] - Net profit for the period was $19526 thousand in Q1 2019, compared to a loss of $39091 thousand in Q1 2018[13] - Result after taxation per share was $009 in Q1 2019, compared to $(025) in Q1 2018[13] - Cash increased to $1785 million in Mar-19 from $1730 million in Dec-18[15] Market Signals - US crude export outlook shows potential for growth to 2022[18] - Correlation between Euronav share price and new build VLCC value is 84%[25] - Demand 3% Supply 3% - VLCC $35K Q4 & Q1[26] Liquidity and Leverage - Liquidity increased to $785 million[17] - Leverage is 462% marked to market[16]

Financial Performance - Revenue for Q3 2020 was $241 million[16], a significant increase compared to the year-to-date revenue of $5772 million in 2019[14] - Net income for Q3 2020 reached $462 million[16], a substantial turnaround from a loss of $419 million year-to-date in 2019[14] - Euronav's leverage stands at 358% of book value, with available liquidity of $12 billion[19] Fleet and Operations - VLCC average spot pool rate was $42000 per day in Q3 2020, compared to $25250 in Q3 2019[8] - Suezmax average spot rate was $23500 per day in Q3 2020, versus $17250 in Q3 2019[8] - The company extended an FSO contract by 10 years to 2032, projecting $645 million in additional revenue for the joint venture[11, 34] Capital Allocation - The company declared a Q3 dividend of USD 9c per share and executed a share buyback of $185 million[11] - Year-to-date dividend yield reached 21%, with $157 per share distributed[13] - Euronav has $236 million in outstanding capex, primarily financed by bank loans, with VLCC deliveries expected in Q1 2021[13] Market Outlook - Approximately 50% of Q4 VLCC days are fixed at around $225k per day, and 45% of Suezmax days are fixed at about $115k per day[11] - The tanker market remains in a transition phase, influenced by COVID-19 restrictions, OPEC+ supply cuts, and vessel supply[35, 36] - Recycling trends indicate that when VLCC rates fall below P&L breakeven, approximately 5% of the fleet is typically recycled[22]