Teekay Tankers Ltd. Reports Third Quarter 2024 Results and Declares Dividend

Rhea-AI Summary

Teekay Tankers (NYSE: TNK) has announced its third quarter 2024 results and declared a quarterly cash dividend of $0.25 per share, payable on November 22, 2024, to shareholders of record as of November 12, 2024. The company operates a fleet of 42 double-hull tankers, including 24 Suezmax tankers and 18 Aframax/LR2 tankers, plus six time chartered-in vessels. Additionally, Teekay Tankers owns a 50% stake in a VLCC and manages a ship-to-ship transfer business in the U.S. Gulf and Caribbean.

Positive

• Declared dividend of $0.25 per share for Q3 2024
• Substantial fleet of 42 owned double-hull tankers plus 6 chartered vessels
• Diversified operations including ship-to-ship transfer business

Negative

• None.

Insights

Financial Analyst

The announcement of a $0.25 per share dividend for Q3 2024 without accompanying financial results provides insight into Teekay Tankers' performance. While the dividend declaration indicates continued profitability, the absence of key financial metrics such as revenue, earnings, or operational data makes it impossible to assess the company's actual performance or compare it to previous periods. Teekay Tankers operates a substantial fleet of 42 double-hull tankers in various segments, but without concrete financial data, the market impact and shareholder value implications remain unclear. This incomplete earnings announcement deviates from standard reporting practices and leaves investors without important information needed for informed decision-making.

HAMILTON, Bermuda, Oct. 30, 2024 (GLOBE NEWSWIRE) -- Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today reported the Company's results for the quarter ended September 30, 2024 and announced that its Board of Directors has declared a cash dividend of $0.25 per share for the quarter ended September 30, 2024. The cash dividend is payable on November 22, 2024 to all shareholders of record as at November 12, 2024.

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

About Teekay Tankers

Teekay Tankers has a fleet of 42 double-hull tankers (including 24 Suezmax tankers and 18 Aframax / LR2 tankers), and has six time chartered-in tankers. Teekay Tankers’ vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time charter contracts. 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 Ltd. 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 dividend did Teekay Tankers (TNK) declare for Q3 2024?

Teekay Tankers declared a cash dividend of $0.25 per share for Q3 2024, payable on November 22, 2024, to shareholders of record as of November 12, 2024.

How many vessels does Teekay Tankers (TNK) currently operate?

Teekay Tankers operates a fleet of 42 double-hull tankers (24 Suezmax and 18 Aframax/LR2 tankers), plus six time chartered-in tankers, and owns a 50% stake in one VLCC.

When will Teekay Tankers (TNK) pay its Q3 2024 dividend?

Teekay Tankers will pay its Q3 2024 dividend on November 22, 2024, to shareholders of record as of November 12, 2024.