November 12, 2026
On November 12, Teekay Corporation and Teekay Tankers released their Q3-2026 earnings results.
The Teekay Group delivered another strong third-quarter 2026 results, driven by a combination of elevated refinery margins, resilient global oil demand, low refined product inventories, and ongoing geopolitical disruptions that have increased transportation requirements.
A combination of rising crude oil exports from the Atlantic Basin since the start of the year coupled with the more recent recovery in supply out of the Middle East Gulf has pushed global crude oil trade volumes back above pre-war levels in recent weeks, boosting crude tanker demand.
Since reporting last quarter’s results, we have entered into newbuild contracts for two Chinese-built LR2 vessels and two Korean-built Suezmax tankers with options for two more Suezmaxes, all for deliveries in 2030. Along with our previously-announced Suezmax tanker newbuildings, Teekay Tankers now has a total of six vessels on order delivering in mid-2027 and through 2030.
In addition, we have agreed to acquire a modern MR tanker, which expands our footprint into an adjacent sector where we have an ownership history, and we believe we can leverage our integrated operating platform.
While the near-term tanker market will remain sensitive to geopolitical developments, Teekay Tankers enters the fourth quarter from a position of exceptional strength. With record rates booked to date, a low cash flow break-even, a debt-free balance sheet and significant investment capacity, we are well positioned to deliver record results in 2026, continue renewing our fleet, and create long-term value for our shareholders.