February 24, 2010
HAMILTON, BERMUDA–(Marketwire – Feb. 24, 2010) – Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) today announced that its Board of Directors has voted to declare a cash dividend of $0.26 per share for the quarter ended December 31, 2009, representing a total cash dividend of $8.3 million. The cash dividend is payable on March 15, 2010 to all shareholders of record on March 8, 2010.
Teekay Tankers’ policy is to pay a variable quarterly dividend equal to its cash available for distribution, subject to any reserves its board of directors may from time-to-time determine are required. Since the Company’s initial public offering in December 2007, it has paid a dividend for nine consecutive quarters which now totals $4.90 per share on a cumulative basis (including the $0.26 per share dividend to be paid on March 15, 2010).
About Teekay Tankers
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 three 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. 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”.