European Investor
12 Nov 2026, 09:11
Teekay Tankers Edges 0.7% Higher After Hours as Record Q4 Spot Rates Point to Strong Finish
Teekay Tankers (NYSE: TNK) shares rose about 0.7% in after-hours trading after the company reported another strong quarter and said fourth-quarter spot tanker rates are tracking at record levels.
Third-quarter revenue reached $369.2 million, up from $229.0 million a year earlier. GAAP net income more than doubled to $195.2 million, or $5.60 per share, while adjusted net income rose to $175.8 million, or $5.04 per share.
Adjusted EBITDA increased to $188.4 million from $64.3 million a year earlier. However, earnings declined sequentially from the second quarter, partly due to lower average spot rates and vessel sales.
The more important catalyst was the fourth-quarter rate environment. Teekay said Suezmax spot rates booked to date are averaging about $272,000 per day, while Aframax/LR2 rates are averaging $208,300 per day. Around 58% of fourth-quarter spot tanker days have already been fixed.
Management said the current rate backdrop positions Teekay Tankers to potentially deliver its highest-ever fourth-quarter and full-year results in 2026.
The company also continued its fleet renewal strategy, ordering two Aframax/LR2 tankers and two Suezmax vessels for 2030 delivery, with options for two additional Suezmax tankers. It also agreed to acquire a 2020-built MR tanker.
Teekay declared a quarterly dividend of $0.25 per share and ended the quarter with approximately $1.42 billion in cash, restricted cash and short-term investments.
The modest 0.7% after-hours gain appears to reflect the exceptionally strong forward rate environment and cash generation outlook, balanced by lower sequential third-quarter earnings and ongoing fleet investment commitments.
Teekay Tankers (NYSE: TNK) shares rose about 0.7% in after-hours trading after the company reported another strong quarter and said fourth-quarter spot tanker rates are tracking at record levels.
Third-quarter revenue reached $369.2 million, up from $229.0 million a year earlier. GAAP net income more than doubled to $195.2 million, or $5.60 per share, while adjusted net income rose to $175.8 million, or $5.04 per share.
Adjusted EBITDA increased to $188.4 million from $64.3 million a year earlier. However, earnings declined sequentially from the second quarter, partly due to lower average spot rates and vessel sales.
The more important catalyst was the fourth-quarter rate environment. Teekay said Suezmax spot rates booked to date are averaging about $272,000 per day, while Aframax/LR2 rates are averaging $208,300 per day. Around 58% of fourth-quarter spot tanker days have already been fixed.
Management said the current rate backdrop positions Teekay Tankers to potentially deliver its highest-ever fourth-quarter and full-year results in 2026.
The company also continued its fleet renewal strategy, ordering two Aframax/LR2 tankers and two Suezmax vessels for 2030 delivery, with options for two additional Suezmax tankers. It also agreed to acquire a 2020-built MR tanker.
Teekay declared a quarterly dividend of $0.25 per share and ended the quarter with approximately $1.42 billion in cash, restricted cash and short-term investments.
The modest 0.7% after-hours gain appears to reflect the exceptionally strong forward rate environment and cash generation outlook, balanced by lower sequential third-quarter earnings and ongoing fleet investment commitments.
