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Teekay Tankers (TNK) investor relations material
Teekay Tankers Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved GAAP net income of $92.1 million ($2.66/share) and adjusted net income of $53.3 million ($1.54/share) in Q3 2025, the highest quarterly result of the year.
Completed major fleet renewal actions: acquired a modern Suezmax and full VLCC ownership, and sold four to five vessels for $158.5 million gross proceeds, with estimated gains of $47.5 million.
Declared a regular fixed dividend of $0.25 per share for Q3 2025.
Paid a one-time special dividend of $1.00 per share in July 2025, totaling $85.3 million.
Financial highlights
Q3 2025 revenues were $229.0 million, with net revenues of $146.3 million and adjusted EBITDA of $64.3 million.
Free cash flow from operations reached $69 million, with cash and short-term investments totaling $775 million and no debt at quarter-end.
Spot rates in Q3 remained above historical averages; Q4-to-date spot rates: VLCC $63,745/day, Suezmax $50,000/day, Aframax/LR2 $35,200/day, with 47%-54% of spot days booked.
Net income rose to $92.1 million from $62.6 million in Q2 2025, driven by $25.9 million in vessel sale gains, $8.3 million from a joint venture distribution, and $4.6 million in unrealized securities gains.
Outlook and guidance
Management expects a strong winter market, supported by high global oil supply, rising seaborne crude trade, sanctions-driven inefficiencies, and low inventories.
Medium-term outlook is balanced, with global oil demand projected to rise by 1.1 million barrels/day in 2026 and non-OPEC+ supply growth at 1.2 million barrels/day.
Q4-25 outlook anticipates a decrease of 199 net revenue days due to vessel sales and redeliveries, partially offset by new acquisitions and time charter contracts.
What is the net impact of fleet renewal on capacity?
How do you mitigate geopolitical risks?
Future plans for the VLCC segment?
Future fleet renewal focus
Impact of sanctions on compliant tanker demand
Plans for $775M cash balance
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Next Teekay Tankers earnings date
Q4 202527 Feb, 2026
Next Teekay Tankers earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
Teekay Tankers Ltd. engages in the provision of marine transportation services for crude oil and refined products. The company provides voyage and time-chartered services; offshore ship-to-ship transfer services primarily for crude oil, liquid gases and various other cargoes from both fixed production platforms and floating supply vessels; and a flexible pooling arrangement of vessel capacity with individual customers. Teekay Tankers was founded in 2007 and is headquartered in Hamilton, Canada.
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