February 19, 2026
On February 18, Teekay Corporation and Teekay Tankers released Q4-2025 and annual 2025 earnings results.
Teekay Group closed out 2025 on a high note, reporting solid adjusted consolidated profit, supported by a robust tanker market. Mid‑sized spot tanker rates in Q4 2025 reached their second‑highest level in 15 years, driven by near‑record seaborne crude oil volumes and growing trade inefficiencies caused by sanctions and broader geopolitical factors.
This momentum has carried into early 2026, with spot rates remaining firm amid tighter sanctions enforcement, seasonal factors, and added volatility following recent U.S. actions in Venezuela. With significant exposure to the spot market, Teekay Tankers is well positioned to benefit from these conditions.
Teekay Tankers also continued to advance its fleet renewal efforts. Since October 2025, the company has acquired three 2016‑built Aframax tankers for $141.5 million. These vessels are currently on short bareboat charters back to the seller and will transition to full commercial and technical management upon redelivery in Q2–Q3 2026.
At the same time, the company has sold or agreed to sell two older Suezmaxes and its only VLCC, generating $157.5 million in gross proceeds. These transactions have helped lower the fleet’s average age and strengthen its overall profile while maintaining strong exposure to the spot market.
With low cash flow break‑even levels, an integrated operating platform, and strong balance sheet, we are well positioned to continue generating solid free cash flow, progress our fleet renewal plans, return capital to shareholders, and benefit from supportive tanker market fundamentals.