Teekay Tankers .(US:TNK)2025-05-08 11:33Financial 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]