May 14, 2026
On May 14, Teekay Corporation and Teekay Tankers released their Q1-2026 earnings results.
The Teekay Group posted strong financial results for the first quarter of 2026 as spot rates in the first quarter were among the highest ever recorded for this period, fueled by geopolitical tensions in Venezuela and Iran. The U.S. blockade and the effective closure of the Strait of Hormuz, an unprecedented event which has not directly impacted the operations of our vessels, continues to disrupt the oil and tanker markets and has propelled our second quarter of 2026 to-date tanker rates to new record levels.
While rates have decreased from the extreme highs in the beginning of the second quarter, we are still chartering vessels at strong rates. Our fleet renewal strategy remains on track, balancing acquisitions of modern tonnage with the sale of older ships.
In April 2026, Teekay Tankers agreed to purchase two Korean resale Suezmax tanker newbuildings for a total of $190 million with expected deliveries in 2027 and, in May 2026, sold one 2009-built Suezmax vessel for $53.5 million.
In total since the beginning of the year, we have now acquired or agreed to acquire five mid-size tankers and sold or agreed to sell four older vessels. These measured steps continue to modernize our fleet while maintaining significant operating leverage to the tanker market.
Shareholders are also set to benefit from strong returns. Teekay Corporation has declared a special cash dividend of $1.00 per common share, payable on June 2, 2026, to shareholders of record on May 26. Consistent with Teekay Tankers’ dividend policy, we declared a regular quarterly cash dividend of $0.25 per share for the quarter ended March 31, 2026, along with a special dividend of $1.00 per share. Together, this represents a combined dividend of $1.25 per common share, payable in June.
While the near‑term tanker market outlook remains difficult to predict and highly sensitive to geopolitical developments, Teekay is well positioned to generate free cash flow and continue renewing its fleet. Supported by low cash flow break‑even levels and significant investment capacity, we remain confident in our ability to navigate volatility and deliver long‑term value.