Teekay Tankers Says Tanker Demand And Supply Fundamentals Remain Supportive in International Shipping News 20/02/2026 Teekay Tankers Ltd. reported the Company’s results for the quarter and year ended December 31, 2025. As a result of the Company’s acquisition of Teekay Corporation Ltd.’s Australian operations and management services companies (collectively, the Acquired Operations) on December 31, 2024, financial information (excluding non-GAAP financial measures) in this release related to all periods prior to December 31, 2024 was retroactively adjusted or recast to include the Acquired Operations on a consolidated basis in accordance with Common Control accounting as required under GAAP. Fourth Quarter of 2025 Compared to Third Quarter of 2025 GAAP net income and non-GAAP adjusted net income for the fourth quarter of 2025 increased compared to the third quarter of 2025, primarily due to higher average spot tanker rates and the acquisition of two vessels during the third quarter of 2025, partially offset by the sales of five vessels during the third and fourth quarters of 2025. In addition, GAAP net income for the third quarter of 2025 included a gain on distribution from equity-accounted investment. Fourth Quarter of 2025 Compared to Fourth Quarter of 2024 GAAP net income and non-GAAP adjusted net income for the fourth quarter of 2025 increased compared to the same period of the prior year, primarily due to higher average spot tanker rates, partially offset by certain fleet changes resulting from the sales of 13 vessels, the acquisition of three vessels, and the redelivery of three chartered-in vessels between the start of the fourth quarter of 2024 and the end of 2025. In addition, GAAP net income for the fourth quarter of 2025 included a $21.7 million gain from the sales of two vessels, compared to a $27.9 million gain from the sales of two vessels in the fourth quarter of 2024. CEO Commentary “Teekay Tankers posted strong financial results for the fourth quarter and full year 2025, generating GAAP net income of $351 million and adjusted net income of $241 million in 2025,” commented Kenneth Hvid, Teekay Tankers’ President and Chief Executive Officer. “Mid-sized spot tanker rates during the fourth quarter were the second highest for a fourth quarter in the last 15 years, primarily due to near-record seaborne crude oil trade volumes and growing trade inefficiencies related to sanctions and other geopolitical events. Spot tanker rates are trending even higher so far in the first quarter of 2026, driven by a combination of widening sanctions enforcement, seasonal factors, and added volatility from U.S. action in Venezuela. With our significant exposure to the spot market, Teekay Tankers continues to benefit from these tailwinds.” “Teekay Tankers continues to execute on its fleet renewal plan. Since reporting earnings in October 2025, we have acquired three 2016-built Aframax tankers for $141.5 million and we bareboat chartered the vessels back to the seller on short-term contracts with full commercial and technical management to be transferred to us upon redelivery in the second and third quarters of 2026. In addition, we also sold, or agreed to sell, two older Suezmaxes and our only VLCC for combined gross sales proceeds of $157.5 million. The combination of the sale and purchase transactions since the beginning of 2025 has reduced our average fleet age and improved our fleet profile, while also maintaining significant operating leve