Teekay Tankers Ltd. Reports Fourth Quarter and Annual 2022 Results

Rhea-AI Summary

Teekay Tankers Ltd. (NYSE: TNK) reported its financial results for the fourth quarter and year ended December 31, 2022. The company operates a fleet of 44 double-hull tankers, including Suezmax, Aframax, and LR2 product tankers. Teekay employs a mix of time charter contracts and spot market trading. Additionally, it has eight chartered-in tankers and a joint venture holding a Very Large Crude Carrier. The press release highlights Teekay's strategic position within the oil tanker sector, focusing on its diverse fleet and operational capabilities to optimize revenue generation.

Positive

• Teekay Tankers operates a fleet of 44 double-hull tankers, enhancing capacity and operational flexibility.
• The company has a mix of short- and medium-term fixed-rate contracts and spot trading, providing revenue diversification.
• The fleet includes various tanker types, such as Suezmax and Aframax, catering to different market demands.

Negative

• None.

HAMILTON, Bermuda, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today reported the Company's results for the quarter and year ended December 31, 2022.

The full earnings release and earnings presentation are available on the Company’s website here.

About Teekay Tankers

Teekay Tankers has a fleet of 44 double-hull tankers (including 25 Suezmax tankers, 10 Aframax tankers and nine LR2 product tankers), and also has eight time chartered-in tankers (including one tanker expected to be delivered prior to the end of the first quarter of 2023). Teekay Tankers’ vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business that performs full service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its oil tanker business.

Teekay Tankers’ Class A common stock trades on the New York Stock Exchange under the symbol “TNK.”

For Investor Relations
enquiries contact:

E-mail: TeekayTankers@IGBIR.com
Website: www.teekay.com

FAQ

What are the recent financial results of Teekay Tankers (TNK)?

Teekay Tankers reported its earnings for the quarter and year ended December 31, 2022, indicating its operational performance.

How many tankers does Teekay Tankers (TNK) have?

Teekay Tankers operates a fleet of 44 double-hull tankers, including various types such as Suezmax, Aframax, and LR2.

What type of contracts does Teekay Tankers (TNK) use for its vessels?

Teekay Tankers employs short- and medium-term fixed-rate time charter contracts along with spot market trading.

Does Teekay Tankers (TNK) have any joint ventures?

Yes, Teekay Tankers owns a Very Large Crude Carrier through a 50 percent-owned joint venture.

When was Teekay Tankers (TNK) formed?

Teekay Tankers was formed in December 2007 as part of Teekay Corporation's strategy to expand its oil tanker business.