March 26, 2009HAMILTON, BERMUDA–(Marketwire – March 26, 2009) – Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) today announced a nine-month extension of the time-charter contract for the Aframax tanker Everest Spirit at a rate of $26,500 per day. This contract extension brings the number of Teekay Tankers vessels operating under fixed-rate contracts to seven out of an eleven-ship fleet, or 62 percent of operating days for 2009. “The extension of the fixed-rate contract for the Everest Spirit is an example of the active commercial management of our fleet,” said Bjorn Moller, Teekay Tankers’ Chief Executive Officer. “The sustainability of dividends in today’s uncertain economic times is a significant concern among investors. By chartering out more of our ships for various periods through the end of 2011, we expect to maintain a strong dividend regardless of strength or weakness in the spot tanker market. As a result of our fixed-rate charter contracts, we can pay a dividend even if our spot tanker fleet does not earn any cash flow. For example, if spot tanker rates were to decline to an average of $10,000 per day for both Aframaxes and Suezmaxes, we would still be able to pay a dividend in 2009 in excess of $0.90 per share.” At present, more than 85 percent of Teekay Tankers’ first quarter fleet days were booked at average rates of approximately $23,000 per day and $39,000 per day for the spot Aframax and Suezmax fleets, respectively. “We expect another strong dividend payment this quarter,” continued Mr. Moller. “Teekay Tankers has paid a dividend every quarter since its initial public offering in December 2007, and over the last four quarters we have paid out aggregate dividends of $3.39 per share. We believe our full payout dividend model continues to benefit our shareholders.” The table below presents the estimated cash dividend per share for the quarter ending March 31, 2009 at various average rates earned by the Company’s spot tanker fleet and reflects the contribution from its existing fixed-rate time-charter contracts. These estimates are based on current assumptions and actual dividends may differ materially from those included in the following table: /T/ —————————————————————————- Q1 2009 Estimated Suezmax Spot Rate Assumption (TCE basis per day) Dividend Per ——————————————————- Share(i) $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 —————————————————————————- $10,000 $ 0.23 $ 0.27 $ 0.30 $ 0.36 $ 0.41 $ 0.47 $ 0.52 —————————————————————— $15,000 $ 0.29 $ 0.32 $ 0.36 $ 0.41 $ 0.47 $ 0.52 $ 0.57 —————————————————————— Aframax $20,000 $ 0.34 $ 0.37 $ 0.41 $ 0.47 $ 0.52 $ 0.57 $ 0.61 Spot —————————————————————— Rate $25,000 $ 0.39 $ 0.43 $ 0.46 $ 0.52 $ 0.57 $ 0.61 $ 0.66 Assump- —————————————————————— tion $30,000 $ 0.44 $ 0.48 $ 0.51 $ 0.57 $ 0.61 $ 0.66 $ 0.72 (TCE —————————————————————— basis $35,000 $ 0.49 $ 0.53 $ 0.56 $ 0.61 $ 0.66 $ 0.72 $ 0.77 per —————————————————————— day) $40,000 $ 0.55 $ 0.58 $ 0.61 $ 0.66 $ 0.72 $ 0.77 $ 0.81 —————————————————————— $45,000 $ 0.60 $ 0.62 $ 0.66 $ 0.71 $ 0.77 $ 0.81 $ 0.85 —————————————————————— $50,000 $ 0.64 $ 0.67 $ 0.71 $ 0.77 $ 0.81 $ 0.85 $ 0.89 —————————————————————— (i)Estimated dividend per share is based on Cash Available for Distribution, less $0.9 million for principal payments related to one of the Company’s debt facilities and less $2 million reserve for estimated dry docking costs. Cash Available for Distribution represents estimated net income plus depreciation and amortization, loan cost amortization, non-cash items and any write-offs or other non-recurring items. /T/ About Teekay Tankers Ltd. Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation (NYSE:TK) as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of nine double-hull Aframax tankers and two double-hull Suezmax tankers, which an affiliate of Teekay Corporation manages through a mix of short- or medium-term fixed-rate, time-charter contracts and spot tanker market trading. In addition, Teekay Corporation has agreed to offer to Teekay Tankers, prior to June 18, 2009, the opportunity to purchase an additional two existing Suezmax tankers. Teekay Tankers intends to distribute on a quarterly basis all of its cash available for distribution, subject to any reserves established by its board of directors. Teekay Tankers’ common stock trades on the New York Stock Exchange under the symbol “TNK”. FORWARD LOOKING STATEMENTS This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including statements regarding: the Company’s estimated dividends for the quarter ending March 31, 2009 and the year ending December 31, 2009, and the sustainability of future cash dividends; estimated cash available for distribution for the quarter ending March 31, 2009; results of the Company’s mix of spot market and time-charter trading; and the potential for Teekay Tankers to acquire additional vessels from third parties or Teekay Corporation, including the two existing Suezmax tankers which Teekay Corporation is obligated to offer the Company prior to June 18, 2009. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in the production of or demand for oil; changes in trading patterns significantly affecting overall vessel tonnage requirements; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; the potential for early termination of short- or medium-term contracts and inability of the Company to renew or replace short- or medium-term contracts; changes in interest rates and the capital markets; increases in the Company’s expenses, including any unscheduled drydocking expenses; the Company’s ability to raise financing to purchase additional vessels; the ability of Teekay Tankers’ board of directors to establish cash reserves for the prudent conduct of Teekay Tankers’ business or otherwise; and other factors discussed in Teekay Tankers’ filings from time to time with the United States Securities and Exchange Commission, including its Report on Form 20-F for the fiscal year ended December 31, 2007. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.