Teekay Tankers Press Releases

Teekay Tankers Ltd. Reports Second Quarter Results

Wed, 11 Aug 2010 16:05:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 08/11/10 -- Teekay Tankers Ltd. (NYSE: TNK) -

Highlights

--  Declared a cash dividend of $0.34 per share for the quarter ended June
    30, 2010.
--  Reported second quarter adjusted net income of $7.6 million, or $0.18
    per share (excluding an unrealized loss of $5.4 million, or $0.12 per
    share, relating to the change in fair value of an interest rate swap
    agreement and a net loss attributable to the Dropdown Predecessor of
    $0.1 million, or $nil per share).
--  Earned average TCE of $18,929 per day on the spot Aframax fleet and
    $30,942 per day on the spot Suezmax fleet during the quarter ended June
    30, 2010.
--  As previously announced, since March 31, 2010 completed vessel
    acquisitions and investment in loans which on a combined basis are
    expected to increase Teekay Tankers' illustrative per share annual
    dividend run-rate by over 30 percent.

Teekay Tankers Ltd. (Teekay Tankers or the Company) today reported its second quarter results for 2010. During the quarter, the Company generated $16.7 million in Cash Available for Distribution(1), up from $13.8 million in the quarter ended March 31, 2010. Today, Teekay Tankers declared a dividend of $0.34 per share for the second quarter of 2010, representing a total cash dividend of $14.7 million(2), which will be paid on August 27, 2010 to all shareholders of record on August 20, 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 declared a dividend in 11 consecutive quarters, which now totals $5.615 per share on a cumulative basis (including the $0.34 per share dividend to be paid on August 27, 2010).

Summary of Recent Accretive Transactions

In July 2010, Teekay Tankers loaned for three years a total of $115 million to another shipping company, with the loans secured by first-priority ship mortgages on two Very Large Crude Carrier (VLCC) newbuildings. The term loans earn an annual interest rate of 9.0 percent and include a repayment premium feature which provides Teekay Tankers with a total yield of approximately 10 percent per annum. Teekay Tankers financed the loans using a portion of its undrawn revolving credit facility, which bears interest at a rate of LIBOR plus 0.60 percent.

Subsequent to making these loans, the Company entered into interest rate swap agreements with a weighted-average maturity of 2.4 years and a weighted- average interest rate of approximately 1 percent (or approximately 1.6 percent including the margin on the underlying loans). Based on its current capitalization, Teekay Tankers expects these loans to increase its annual dividend by approximately $0.20 per share during the three-year loan term.

(1) Cash Available for Distribution represents net income (loss) plus depreciation and amortization, unrealized losses from derivatives, non-cash items and any write-offs or other non-recurring items, less unrealized gains from derivatives and net income attributable to the historical results of vessels acquired by the Company from Teekay Corporation (Teekay), referred to herein as the Dropdown Predecessor, for the period when these vessels were owned and operated by Teekay.

(2) Please refer to Appendix A to this release for the calculation of the cash dividend amount.

In addition, as previously announced, in April 2010 Teekay Tankers acquired two Suezmax tankers and one Aframax tanker for a total purchase price of $168.7 million, and sold one 15-year old Aframax tanker for $17.3 million. To finance the vessel acquisitions, Teekay Tankers used net proceeds of $103.2 million from a follow-on public offering of its Class A common stock, proceeds from a $32 million concurrent private placement to the Company's sponsor, Teekay Corporation, and borrowings under the Company?s revolving credit facility for the balance.

As a result of the April and July 2010 transactions, and assuming an illustrative average Aframax spot rate of $15,000 per day and an illustrative average Suezmax spot rate of $25,000 per day, the Company estimates that it would be able to pay a dividend of approximately $1.20 per share for the four- quarter period ending June 30, 2011. This represents an increase of over 30 percent compared to the dividend using the same illustrative example prior to the April and July 2010 transactions. This estimate is based on the Company's current capitalization, fleet size, time-charter contracts, anticipated expenses and certain assumptions, including that the board of directors establishes no additional reserves other than those established for scheduled drydockings and debt repayments.

Estimated Third Quarter 2010 Dividend

The table below presents the estimated cash dividend per share for the quarter ending September 30, 2010 at various average rates earned by the Company's spot tanker fleet and reflects the estimated contribution from its existing fixed-rate time-charter contracts and the effect of scheduled vessel drydockings. These estimates are based on current assumptions and actual dividends may differ materially from those included in the following table:

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                              Suezmax Spot Rate Assumption (TCE per day)
Q3 2010 Dividend Estimate  -----------------------------------------------
 Dividend Per Share(i)     $15,000 $20,000 $25,000 $30,000 $35,000 $40,000
--------------------------------------------------------------------------
Aframax Spot Rate  $10,000    0.24    0.26    0.28    0.31    0.35    0.39
 Assumption        -------------------------------------------------------
 (TCE per day)     $15,000    0.27    0.29    0.32    0.34    0.38    0.42
                   -------------------------------------------------------
                   $20,000    0.30    0.32    0.35    0.37    0.41    0.45
                   -------------------------------------------------------
                   $25,000    0.33    0.35    0.38    0.40    0.44    0.48
                   -------------------------------------------------------
                   $30,000    0.36    0.38    0.41    0.43    0.48    0.51
                   -------------------------------------------------------
                   $35,000    0.39    0.41    0.44    0.47    0.51    0.54
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(i) Estimated dividend per share is based on estimated Cash Available for
    Distribution, less $0.9 million for scheduled principal payments
    related to one of the Company's debt facilities and less $1.3 million
    reserve for estimated drydocking costs and other vessel capital
    expenditures. The quarterly reserve for drydocking and vessel capital
    expenditures is based on the expected average quarterly cost for the
    second half of 2010 and 2011.

Tanker Market

Average freight rates for crude oil tankers during the second quarter of 2010 were relatively unchanged from the previous quarter, in contrast to the seasonal decline which typically occurs at the end of the winter season. Second quarter tanker rate strength was primarily driven by the continued recovery in global oil demand, led by China, where crude oil imports reached a record high of 5.4 million barrels per day (mb/d) in June 2010. Large crude oil tanker rates were aided by the temporary removal from the active trading fleet of approximately 25 VLCCs to be used as floating storage off the coast of Iran while the Suezmax sector was supported by strong Asian demand for crude oil sourced from West Africa, a relatively ton-mile intensive trade route.

The world tanker fleet grew by 11.9 million deadweight tonnes (mdwt), or approximately 2.7 percent, in the first half of 2010. This compares to fleet growth of 20.3 mdwt, or 5.0 percent, in the same period of 2009. A higher level of fleet removals compared to recent years has dampened tanker fleet growth in 2010 to date. In total, 10.6 mdwt of tanker capacity was removed for scrapping or conversion in the first half of the year. The ongoing phase-out of the world's remaining single-hull tankers should continue to dampen tanker fleet growth in the near- to medium-term.

Tanker freight rates have declined during the third quarter to date due to seasonal factors such as increased oil field maintenance in the North Sea, and the unwinding of floating storage contracts which has the effect of increasing the actively trading tanker fleet.

In July 2010, the International Monetary Fund (IMF) raised its forecast for global GDP growth in 2010 from 4.2 percent to 4.6 percent, its fifth upward revision since its April 2009 forecast of 1.9 percent GDP growth. The International Energy Agency (IEA) is forecasting 2010 global oil demand of 86.5 mb/d which constitutes growth of 1.8 mb/d, or 2.1 percent, over 2009 levels, the fastest rate of oil demand growth since 2004. China is expected to account for approximately 40 percent of global oil demand growth this year.

Financial Summary

The Company reported adjusted net income(1) of $7.6 million, or $0.18 per share, for the quarter ended June 30, 2010, compared to adjusted net income of $6.4 million, or $0.20 per share, for the quarter ended March 31, 2010. The reduction in the adjusted net income per share is primarily the result of the scheduled drydocking of two vessels in the second quarter of 2010, partially offset by the accretive vessel transactions completed in April 2010. Adjusted net income for the three months ended June 30, 2010, excludes an unrealized loss relating to changes in the fair value of an interest rate swap of $5.4 million, or $0.12 per share and a net loss attributable to the Dropdown Predecessor of $0.1 million, or $nil per share. Adjusted net income for the three months ended March 31, 2010 excludes an unrealized loss of $1.3 million, or $0.04 per share, relating to changes in the fair value of an interest rate swap and $1.1 million, or $0.03 per share, related to net income attributable to the Dropdown Predecessor. These adjustments are detailed in note (4) to the Consolidated Statements of Income included in this release. Including these items, the Company reported net income, on a GAAP basis, of $2.1 million, or $0.05 per share, for the quarter ended June 30, 2010, compared to net income, on a GAAP basis, of $6.1 million, or $0.16 per share, for the quarter ended March 31, 2010. Net voyage revenues(2) for the second quarter of 2010 were $31.1 million compared to $33.8 million in the prior quarter.

(1) Adjusted net income is a non-GAAP financial measure. Please refer to Note (4) to the Consolidated Statements of Income included in this release for a reconciliation of this non-GAAP measure to the most directly comparable financial measure under United States generally accepted accounting principles (GAAP) and information about specific items affecting net income that are typically excluded by securities analysts in their published estimates of the Company's financial results.

(2) Net voyage revenues represents voyage revenues less voyage expenses. Net voyage revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Company's website at www.teekaytankers.com for a reconciliation of this non- GAAP financial measure to the most directly comparable GAAP financial measure.

Operating Results

The following table highlights the operating performance of the Company's time-charter and spot vessels measured in net voyage revenue per revenue day, or time-charter equivalent (TCE) rates, before pool management fees, commissions and offhire bunker expenses:

--------------------------------------------------------------------------
                                                        Three Months Ended
                                                     June 30,     March 31,
                                                        2010          2010
--------------------------------------------------------------------------
Time-Charter Fleet
Aframax revenue days                                     485           449
Aframax TCE per revenue day (2)                      $27,217       $28,501
Suezmax revenue days                                     259           179
Suezmax TCE per revenue day (1)                      $27,193       $24,026

Spot Fleet
Aframax revenue days                                     218           351
Aframax TCE per revenue day                          $18,929       $17,624
Suezmax revenue days                                     164            90
Suezmax TCE per revenue day (2)                      $30,942       $32,032

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Total Fleet
Aframax revenue days                                     703           800
Aframax TCE per revenue day                          $24,647       $23,729
Suezmax revenue days                                     423           269
Suezmax TCE per revenue day                          $28,648       $26,706

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(1) Excludes certain profit share amounts relating to the Ganges Spirit
    and the Yamuna Spirit, which are each employed on time-charter
    contracts at a base rate of $30,500 per day with a profit sharing
    agreement whereby Teekay Tankers is entitled to the first $3,000 per
    day of the vessel's earnings above the base rate and 50 percent of the
    earnings above $33,500 per day. The profit share amount is determined
    on an annual basis in the second quarter of each year for the period
    from June 1 to May 31. The Company recognized $0.5 million in the
    second quarter relating to the profit share amount for these two
    vessels. In addition to the profit-share amounts relating to Ganges
    Spirit and the Yamuna Spirit, the Narmada Spirit time-charter contract
    also contains a profit-share component that resulted in a profit-share
    amount to the Company of $0.6 million recognized in the second quarter
    of 2010. Comparatively, the only profit-share amounts recognized during
    the first quarter of 2010, was $0.6 million relating to the Narmada
    Spirit. The TCE rate per day for the Suezmax time-charter fleet and for
    the total Suezmax fleet for the three months ended June 30, 2010, was
    $31,142 and $31,064, respectively, including the profit share amount
    recognized in the second quarter. The TCE rate per day for the Suezmax
    time-charter fleet and for the total Suezmax fleet for the three months
    ended March 31, 2010, was $27,120 and $28,764, respectively, including
    the profit share amount recognized in the first quarter of 2010.
(2) The TCE rates exclude the results of the Yamuna Spirit, Kaveri Spirit
    and Helga Spirit prior to the acquisition of these vessels by the
    Company during the second quarter of 2010.

Teekay Tankers' Fleet

The following table summarizes the Company's fleet as of August 1, 2010:

-------------------------------------------------------------------
                             Aframax       Suezmax        Number of
                               Fleet         Fleet    Owned Vessels
Time-Charter Vessels               6             3                9
Spot Vessels                       3             2                5
-------------------------------------------------------------------
Total                              9             5               14
-------------------------------------------------------------------
-------------------------------------------------------------------

Currently, the Company has fixed-rate coverage of approximately 69 percent and 65 percent for the third and fourth quarters of 2010, respectively, including the investment in the two first priority ship mortgages, which are equivalent to two vessels trading on fixed-rate bareboat charters.

Liquidity

As of June 30, 2010, the Company had total liquidity of $225.4 million (which consisted of $8.7 million of cash and $216.7 million in an undrawn revolving credit facility), compared to $135.9 million as at March 31, 2010. As of August 1, 2010, subsequent to the drawdown on the Company's revolver to fund the $115 million term loans the Company made in July 2010, the Company had total liquidity of approximately $119 million.

Conference Call

The Company plans to host a conference call on August 12, 2010 at 1:00 p.m. (ET) to discuss its results for the second quarter of 2010. An accompanying investor presentation will be available on Teekay Tankers' Web site at www.teekaytankers.com prior to the start of the call. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:

- By dialing (800) 820-0231 or (416) 640-5926, if outside North America, and quoting conference ID code 9218847.

- By accessing the webcast, which will be available on Teekay Tankers' Web site at www.teekaytankers.com (the archive will remain on the Web site for a period of 30 days).

Until Thursday, August 19, 2010, the conference call will be recorded and available until Thursday, August 19, 2010. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 9218847.

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 five 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".

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TEEKAY TANKERS LTD.
SUMMARY CONSOLIDATED STATEMENTS OF INCOME AND LOSS (1)
(in thousands of U.S. dollars, except share data)
--------------------------------------------------------------------------
                      Three Months Ended               Six Months Ended
            --------------------------------------------------------------
               June 30,    March 31,     June 30,     June 30,     June 30,
                  2010         2010         2009         2010         2009
            --------------------------------------------------------------
            (unaudited)  (unaudited)  (unaudited)  (unaudited)  (unaudited)
            --------------------------------------------------------------

VOYAGE
REVENUES        31,917       34,602       37,615       66,519       81,674
--------------------------------------------------------------------------

OPERATING
EXPENSES
Voyage
 expenses          784          767          565        1,551        1,224
Vessel
 operating
 expenses        9,239       10,609        9,829       19,848       20,309
Depreciation and
 amortization    9,781       10,088        9,799       19,869       19,450
General and
 administrative  1,746        2,277        2,608        4,023        4,706
Gain on sale
of vessel          (37)           -            -          (37)           -
            --------------------------------------------------------------
                21,513       23,741       22,801       45,254       45,689
--------------------------------------------------------------------------
Income from
 vessel
 operations     10,404       10,861       14,814       21,265       35,985
--------------------------------------------------------------------------
OTHER ITEMS
Interest
 expense        (1,607)      (1,672)      (3,459)      (3,279)      (6,665)
Interest
 income             24           12           26           36           48
Realized and
 unrealized
 (loss) gain on
 interest rate
 swap (2)       (6,705)      (2,658)       5,899       (9,363)       6,843
Other income
 (expense)-
 net                 5         (398)         (61)        (393)         (47)
--------------------------------------------------------------------------
                (8,283)      (4,716)       2,405      (12,999)         179
--------------------------------------------------------------------------
Net income       2,121        6,145       17,219        8,266       36,164
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Earnings per
share (3)
 -Basic and
  diluted        $0.05        $0.16        $0.64        $0.19        $1.20
Weighted-
 average
 number of
 Class A
 common shares
 outstanding
 -Basic and
  diluted   29,765,088   19,500,000   12,961,538   24,660,901   12,732,044
Weighted-
 average
 number of
 Class B
 common shares
 outstanding
 -Basic and
  diluted   12,500,000   12,500,000   12,500,000   12,500,000   12,500,000
Weighted-
 average
 number of
 total common
 shares
 outstanding
 -Basic and
  diluted   42,265,088   32,000,000   25,461,538   37,160,901   25,232,044
--------------------------------------------------------------------------
(1) Results for three Suezmax tankers the Ashkini Spirit, the Yamuna
    Spirit and the Kaveri Spirit and for one Aframax tanker, the Helga
    Spirit, for the periods prior to their acquisition by the Company when
    they were owned and operating under Teekay Corporation, are referred to
    as the Dropdown Predecessor. Dropdown Predecessor amounts included in
    the financial results are summarized for the respective periods in
    note (4) below. The amounts included in this release related to the
    Dropdown Predecessor for the Yamuna Spirit, Kaveri Spirit and Helga
    Spirit are preliminary, and will be finalized for inclusion in the
    Company's Form 6-K for the second quarter of 2010. Any revisions to the
    preliminary Dropdown Predecessor figures are expected to impact only
    the accounting for periods prior to the dates the Dropdown Predecessor
    described above was acquired by the Company, and therefore to have no
    effect on the adjusted net income or Cash Available for Distribution of
    the Company for any period presented in the table above, including the
    second quarter of 2010.
(2) Includes realized losses of $1.3 million, $1.3 million and $1.1 million
    for the three months ended June 30, 2010, March 31, 2010 and June 30,
    2009, respectively, and $2.7 million and $2.1 million for the six
    months ended June 30, 2010 and 2009, respectively.
(3) Earnings per share is determined by dividing (a) net income of the
    Company after deducting the amount of net income attributable to the
    Dropdown Predecessor by (b) the weighted-average number of shares
    outstanding during the applicable period.
(4) The following table provides a reconciliation of adjusted net income, a
    non-GAAP measure, to reported GAAP-based net income for the respective
    periods, adjusting for specific items affecting net income which are
    typically excluded by securities analysts in their published estimates
    of the Company's financial results:

                              Three Months Ended        Six Months Ended
                        --------------------------------------------------
                           June 30, March 31,  June 30,  June 30,  June 30,
                              2010      2010      2009      2010      2009
                        --------------------------------------------------
Net income - GAAP basis     $2,120    $6,145   $17,219     8,264   $36,164
Less:
 Net loss (income)
  attributable to the
  Dropdown Predecessor         119    (1,067)     (980)     (948)   (5,793)
 Unrealized gain on
  interest rate swap             -         -    (6,572)        -    (8,956)
Add:
 Unrealized loss on
  interest rate swap         5,375     1,333         -     6,708         -
--------------------------------------------------------------------------
Adjusted net income         $7,614    $6,411    $9,667   $14,024   $21,415
Adjusted earnings per share  $0.18     $0.20     $0.38     $0.37     $0.85
--------------------------------------------------------------------------


--------------------------------------------------------------------------
TEEKAY TANKERS LTD.
SUMMARY CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars)
--------------------------------------------------------------------------
                                                                     As at
                              As at June 30, As at March 31,   December 31,
                                       2010         2010 (1)       2009 (1)
                             ---------------------------------------------
                                 (unaudited)     (unaudited)    (unaudited)
                             ---------------------------------------------
ASSETS
Cash                                  8,653          12,152         10,432
Pool receivable from
 related parties                      6,376           7,302         11,295
Asset held for sale                       -          16,725              -
Other current assets                  4,249           3,448          3,139
Due from affiliates                   9,147          75,292         78,577
Vessels and equipment               679,803         684,176        709,141
Other non-current assets              3,422           5,021          5,317
Goodwill                             10,908          10,908         10,908
--------------------------------------------------------------------------
Total assets                        722,558         815,024        828,809
--------------------------------------------------------------------------
--------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS'
 EQUITY
Accounts payable and accrued
 liabilities                         11,919          11,241         12,890
Current portion of long-term
 debt                                 3,600           5,400          5,400
Current portion of derivative
 instruments                          3,723           3,965          3,865
Other current liabilities             3,371           3,991          4,674
Due to affiliates                     1,459           2,167              -
Long-term debt                      321,828         471,146        475,331
Other long-term liabilities          17,132          11,584         10,420
Stockholders' equity                359,526         305,530        316,229
--------------------------------------------------------------------------
Total liabilities and
 stockholders' equity               722,558         815,024        828,809
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(1) In accordance with GAAP, the balance sheets as at March 31, 2010 and
    December 31, 2009 include the Dropdown Predecessor for the Yamuna
    Spirit and Kaveri Spirit, which were acquired by the Company on April
    14, 2010, and for the Helga Spirit, which was acquired by the Company
    on May 11, 2010, respectively, to reflect ownership of the vessels from
    the time they were acquired by Teekay Corporation on August 1, 2007
    (Yamuna Spirit and Kaveri Spirit) and January 6, 2005 (Helga Spirit).
    The amounts included in this release related to the Dropdown
    Predecessor of the Yamuna Spirit, Kaveri Spirit and Helga Spirit are
    preliminary, and will be finalized for inclusion in the Company's Form
    6-K for the second quarter of 2010. Any revisions to the preliminary
    Dropdown Predecessor figures are expected to impact only the accounting
    for periods prior to the dates the Yamuna Spirit, Kaveri Spirit and
    Helga Spirit were acquired by the Company, and therefore to have no
    effect on the adjusted net income or Cash Available for Distribution of
    the Company for any post-acquisition period, including the second
    quarter of 2010.


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TEEKAY TANKERS LTD.
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
--------------------------------------------------------------------------
                                                 Six Months Ended
                                      ------------------------------------
                                      June 30, 2010 (1)   June 30, 2009 (1)
                                      ------------------------------------
                                            (unaudited)         (unaudited)
                                      ------------------------------------
Cash and cash equivalents provided by
 (used for)
OPERATING ACTIVITIES
--------------------------------------------------------------------------
Net operating cash flow                         31,814              53,264
--------------------------------------------------------------------------
FINANCING ACTIVITIES
Proceeds of long-term debt                      22,000                   -
Repayments of long-term debt                    (1,800)            (22,700)
Prepayments of long-term debt                        -             (26,376)
Proceeds from long-term debt of
 Dropdown Predecessor                                -              20,068
Prepayments of long-term debt of
 Dropdown Predecessor                          (43,828)            (16,327)
Prepayments of push-down debt of
 Dropdown Predecessor                         (131,675)            (57,000)
Return of capital                              (75,517)            (14,162)
Proceeds from issuance of Class A
 common stock                                  139,549              68,600
Share issuance costs                            (4,629)             (3,045)
Debt issuance costs                                  -                 (87)
Net advances from affiliates                    71,682              25,058
Cash dividends paid                            (24,375)            (32,750)
--------------------------------------------------------------------------
Net financing cash flow                        (48,593)            (58,721)
--------------------------------------------------------------------------
INVESTING ACTIVITIES
Proceeds from sale of vessel and
 equipment                                      17,807                   -
Expenditures for vessels and equipment          (2,807)             (3,666)
--------------------------------------------------------------------------
Net investing cash flow                         15,000              (3,666)
--------------------------------------------------------------------------
Decrease in cash and cash equivalents           (1,779)             (9,123)
Cash and cash equivalents,
 beginning of the period                        10,432              26,698
--------------------------------------------------------------------------
Cash and cash equivalents,
 end of the period                               8,653              17,575
--------------------------------------------------------------------------
--------------------------------------------------------------------------
(1) In accordance with GAAP, the statement of cash flows include the cash
    flows relating to the Dropdown Predecessor for the Yamuna Spirit and
    Kaveri Spirit, for the period from August 1, 2007 to April 14, 2010,
    and the Helga Spirit for the period from January 6, 2005 to May 11,
    2010, respectively, when the vessels were under the common control of
    Teekay Corporation but prior to their acquisition by the Company. The
    amounts included in this release related to the Dropdown Predecessor
    for the Yamuna Spirit, Kaveri Spirit and Helga Spirit are preliminary,
    and will be finalized for inclusion in the Company's Form 6-K for the
    second quarter of 2010. Any revisions to the preliminary Dropdown
    Predecessor figures are expected to impact only the accounting for
    periods prior to the dates the Dropdown Predecessor was acquired by the
    Company, and therefore to have no effect on the adjusted net income or
    Cash Available for Distribution of the Company for any post-acquisition
    period, including the second quarter of 2010.


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TEEKAY TANKERS LTD.
APPENDIX A - CASH DIVIDEND CALCULATION
(in thousands of U.S. dollars)
--------------------------------------------------------------------------

Cash Available for Distribution

The Company has adopted a dividend policy 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 for the prudent conduct of its business. Cash Available for
Distribution represents net income plus depreciation and amortization,
unrealized losses from derivatives, non-cash items and any write-offs or
other non-recurring items, less unrealized gains from derivatives and net
income attributable to the historical results of vessels acquired by the
Company from Teekay Corporation for the period when these vessels were
owned and operated by Teekay Corporation.

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                                                        Three Months Ended
                                                                   June 30,
                                                                      2010
                                                           ---------------
                                                                (unaudited)
--------------------------------------------------------------------------

Net income                                                           2,121
Add:
 Depreciation and amortization                                       9,781
 Unrealized loss from interest rate swap                             5,375
 Amortization of debt issuance costs and other                           8

Less:
 Net income and net non-cash items relating to the
  Dropdown Predecessor                                                (574)
--------------------------------------------------------------------------
Cash Available for Distribution before Reserves                     16,711
Less:
 Reserve for scheduled drydockings and other
  capital expenditures                                              (1,200)
 Reserve for debt principal repayment                                 (900)

--------------------------------------------------------------------------
Cash Available for Distribution after Reserves                      14,611

Total common shares outstanding as at June 30, 2010             43,391,744

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Cash dividend per share (rounded)                                    $0.34
--------------------------------------------------------------------------

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: tanker market fundamentals, including the balance of supply and demand in the tanker market, and spot tanker charter rates; estimated dividends per share for the four-quarter period ending June 30, 2011 and the quarter ending September 30, 2010 based on various spot tanker rates; the impact on Company dividends resulting from the vessel transactions made by the Company in April 2010 and term loans made by the Company in July 2010; the Company's mix of spot market and time-charter trading in the third and fourth quarters of 2010; anticipated drydocking and vessel upgrade costs; the Company's ability to generate surplus cash flow and pay dividends; and the impact of vessel drydock activities on the Company's future Cash Available for Distribution. 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; lower than expected level of tanker scrapping; 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; the ability of the owner of the two VLCC newbuildings securing the two first-priority ship mortgages to continue to meet its payment obligations; increases in the Company's expenses, including any drydocking expenses and associated offhire days; the ability of Teekay Tankers' board of directors to establish cash reserves for the prudent conduct of Teekay Tankers' business or otherwise; the potential termination of interest rate swap agreements; 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, 2009. 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.

Contacts:
Teekay Tankers Ltd.
Kent Alekson
Investor Relations Enquiries
+1 (604) 844-6654

Teekay Tankers Ltd.
Alana Duffy
Media Enquiries
+1 (604) 844-6631
www.teekaytankers.com

Teekay Tankers Ltd. Declares Dividend

Wed, 11 Aug 2010 16:03:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 08/11/10 -- Teekay Tankers Ltd. (NYSE: TNK) today announced that its Board of Directors has voted to declare a cash dividend of $0.34 per share for the quarter ended June 30, 2010. The cash dividend is payable on August 27, 2010 to all shareholders of record on August 20, 2010.

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 owns a fleet of nine double-hull Aframax tankers and five 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".

Contacts:
Teekay Tankers Ltd.
Kent Alekson
Investor Relations Enquiries
+1 (604) 844-6654

Teekay Tankers Ltd.
Alana Duffy
Media Enquiries
+1 (604) 844-6605
www.teekaytankers.com

Teekay Tankers Announces Second Quarter 2010 Earnings Conference Call

Tue, 03 Aug 2010 18:53:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 08/03/10 -- Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) plans to release its financial results for the second quarter of 2010 after market close Wednesday, August 11, 2010.

The Company also plans to host a conference call on Thursday, August 12, 2010 at 1:00 p.m. (ET) to discuss the results for the quarter. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:

--  By dialing (800) 820-0231 or (416) 640-5926, if outside North America,
    and quoting conference ID code 9218847.

--  By accessing the webcast, which will be available on Teekay Tankers' Web
    site at www.teekaytankers.com (the archive will remain on the Web site
    for a period of 30 days).

A supporting Second Quarter 2010 Earnings Presentation will also be available at www.teekaytankers.com in advance of the conference call start time.

The conference call will be recorded and available until Thursday, August 19, 2010. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 9218847.

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 five 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".

Contacts:
Teekay Tankers Ltd.
Kent Alekson
Investor Relations enquiries
+ 1 (604) 844-6654

Teekay Tankers Ltd.
Alana Duffy
Media enquiries
+ 1 (604) 844-6631
www.teekaytankers.com

Teekay Tankers Ltd. Makes Accretive Investment in First Priority Ship Mortgage Loans

Thu, 15 Jul 2010 16:01:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 07/15/10 -- Teekay Tankers Ltd. (NYSE: TNK) -

Highlights

--  Completed $115 million investment in 2 three-year term, first
    priority mortgage loans secured by two newbuilding VLCCs
--  Investment will earn 9 percent annual interest rate; 10 percent
    annual investment yield including repayment premium feature
--  Financed using existing undrawn revolving credit facility; pro forma
    remaining liquidity in excess of $115 million
--  Transaction expected to increase annual dividend by $0.20 per share,
    commencing in third quarter of 2010

Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today announced that it has made a $115 million investment in 2 three-year term, fixed-rate term loans, which are secured by first priority mortgages on two 2010-built Very Large Crude Carrier (VLCC) newbuildings (the Vessels)owned by a shipowner based in Asia. The term loans will earn an annual interest rate of 9 percent and includes a repayment premium feature which provides a total investment yield of approximately 10 percent per annum. The transaction is expected to increase Teekay Tankers' annual dividend by approximately $0.20 per share during the period of the investment.

Teekay Tankers financed this investment by utilizing a portion of its undrawn revolving credit facility which bears interest at a rate of LIBOR plus 0.60 percent, or approximately 1.1 percent based on the current LIBOR rate. Subsequent to this transaction, the Company's remaining liquidity will total in excess of $115 million. Deutsche Bank AG acted as structuring agent and remains engaged as facility agent and security trustee in the transaction.

"Part of our strategic growth plan for Teekay Tankers has been to look for an avenue to become involved in the VLCC sector, which is expected to benefit from future increases in OPEC oil production and emerging long-haul routes as a result of oil demand growth in developing markets such as China and India," commented Bjorn Moller, Teekay Tankers' Chief Executive Officer. "While we would normally look to invest through vessel ownership, this investment provides Teekay Tankers with an attractive risk-adjusted return that we believe is superior relative to investing in the underlying equity of a VLCC at this time. This is also a good opportunity to make an accretive investment utilizing a portion of our existing liquidity rather than raise new equity and the fixed-rate nature of this investment is in line with our balanced chartering strategy. Importantly, we have retained sufficient liquidity for other accretive vessel acquisition opportunities that may arise in the future."

Conference Call

The Company plans to host a conference call on July 16, 2010 at 11:00 a.m. (ET) to discuss this transaction. An accompanying investor presentation can be found on Teekay Tankers' Web site at www.teekaytankers.com. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:

--  By dialing 1-866-321-8231 or 1-416-642-5213, if outside North
    America, and quoting conference ID code 4276562.
--  By accessing the webcast, which will be available on Teekay
    Tankers' Web site at www.teekaytankers.com (the archive will
    remain on the Web site for a period of 90 days).

The conference call will be recorded and available until Friday, July 23, 2010. This recording can be accessed following the live call by dialing 1-888-203-1112 or 1-647-436-0148, if outside North America, and entering access code 4276562.

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 five 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".

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 affect on the Company's estimated annual dividend and liquidity as a result of the Company's investment in first priority ship mortgage loans secured by two VLCC newbuildings; average spot tanker rates, including the relative benefit to VLCC rates due to increases in OPEC oil production, emerging long-haul tanker routes and oil demand growth in developing economies such as China and India; and sufficiency of the Company's liquidity to finance future vessel acquisitions. 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 prevailing interest rates, including the LIBOR rate used to determine interest cost for drawn amounts under the Company's revolving credit facility; changes to the Company's capitalization; the ability of the owner of the two VLCC newbuildings securing the Company's investment in first priority ship mortgage loans to continue to meet its payment obligations; 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 U.S. Securities and Exchange Commission, including its Report on Form 20-F for the year ended December 31, 2009. 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.

Contacts:
Teekay Tankers Ltd. - Investor Relations Enquiries
Kent Alekson
(604) 844 6654

Teekay Tankers Ltd. - Media Enquiries
Alana Duffy
(604) 844-6631
www.teekaytankers.com

Teekay Tankers Ltd. Reports First Quarter Results

Thu, 13 May 2010 08:04:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 05/13/10 -- Teekay Tankers Ltd. (NYSE: TNK) -

Highlights

- Today declared a cash dividend of $0.37 per share for the quarter ended March 31, 2010, up from $0.26 per share in the previous quarter.

- Reported first quarter adjusted net income of $6.4 million, or $0.20 per share (excluding an unrealized loss of $1.3 million, or $0.04 per share, relating to the change in fair value of an interest rate swap agreement).

- Earned average TCE rates of $17,624 per day on the spot Aframax fleet and $32,032 per day on the spot Suezmax fleet during the quarter.

- As previously announced, in April 2010 acquired three vessels and sold one vessel in accretive transactions.

Teekay Tankers Ltd. (Teekay Tankers or the Company) today reported its first quarter results for 2010. During the quarter, the Company generated $13.8 million in Cash Available for Distribution(1). Today Teekay Tankers declared a dividend of $0.37 per share for the first quarter of 2010, which will be paid on May 28, 2010 to all shareholders of record of May 21, 2010. The dividend of approximately $16.1 million(2), or $0.37 per share, was calculated using the weighted-average number of shares outstanding during the three months ended March 31, 2010, a methodology that is consistent with the Company's dividend policy. The dividend payable on the 11.4 million shares of Class A common stock the Company issued in April 2010, amounting to approximately $4.2 million, will be funded from the Company's working capital.

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 declared a dividend in ten consecutive quarters, which now totals $5.275 per share on a cumulative basis (including the $0.37 per share dividend to be paid on May 28, 2010).

Summary of Recent Accretive Transactions

As previously announced, in April 2010 Teekay Tankers acquired from Teekay Corporation two Suezmaxes, the Yamuna Spirit and the Kaveri Spirit and one Aframax, the Helga Spirit for a total purchase price of $168.7 million. This acquisition was financed through a combination of proceeds received from the completion of a $103.2 million follow-on public offering of Class A common stock, a $32 million concurrent private placement to the Company's Sponsor, Teekay Corporation, and the assumption of approximately $33.5 million of debt. In April 2010 the Company sold the Falster Spirit, a 15-year old Aframax that was scheduled to undergo a drydocking in 2010, for which no reserve is now required.

In addition, the Company recently signed a new fixed-rate time-charter for a period of 14 months for one of its Aframax tankers at a time-charter rate of $18,300 per day, commencing upon the completion of the vessel's current time-charter in August 2010.

As a result of these transactions, and assuming an illustrative average Aframax spot rate of $15,000 per day and an illustrative average Suezmax spot rate of $20,000 per day, the Company would be able to pay a dividend of approximately $1.04 per share in 2010. This represents an increase of approximately 15 percent compared to the dividend using the same illustrative example prior to the transactions(3). Additionally, each $5,000 per day increase in spot tanker rates would increase the annual dividend by approximately $0.22 per share.

(2) Please refer to Appendix A to this release for the calculation of the cash dividend amount.

(3) These estimates are based on the Company's current capitalization, fleet size, time-charter contracts, anticipated expenses and certain assumptions including that the board of directors establishes no additional reserves other than those established for scheduled drydockings and debt repayments.

These transactions are also expected to positively impact the Company's financial leverage by reducing its ratio of net debt to capitalization from approximately 59 percent at March 31, 2010 to approximately 45 percent. Financial liquidity is also expected to increase by approximately $98 million, from $135.9 million at March 31, 2010, to approximately $234 million after completion of these transactions. Expected liquidity is approximately $27 million higher than previously reported as the Helga Spirit will now replace the Falster Spirit under the Company's existing revolving credit facility.

Estimated Second Quarter 2010 Dividend

The table below presents the estimated cash dividend per share for the quarter ending June 30, 2010 at various average time-charter equivalent (TCE) rates earned by the Company's spot tanker fleet and reflects the estimated contribution from its recent acquisition, existing fixed-rate time-charter contracts and the estimated effect of scheduled vessel drydockings. The table also incorporates the expected impact from the scheduled drydocking of two tankers. These estimates are based on current assumptions and actual dividends may differ materially from those included in the following table:

---------------------------------------------------------------------------
Suezmax Spot Rate Assumption (TCE basis per day)
Q2-2010 Estimated      ----------------------------------------------------
Dividend Per Share(i)  $15,000  $20,000  $25,000  $30,000  $35,000  $40,000
---------------------------------------------------------------------------
$10,000                $  0.22  $  0.24  $  0.27  $  0.29  $  0.33  $  0.37
---------------------------------------------------------------------------
$15,000                $  0.23  $  0.26  $  0.28  $  0.31  $  0.35  $  0.38
---------------------------------------------------------------------------
$20,000                $  0.25  $  0.27  $  0.29  $  0.32  $  0.36  $  0.40
---------------------------------------------------------------------------
$25,000                $  0.26  $  0.28  $  0.31  $  0.33  $  0.37  $  0.41
---------------------------------------------------------------------------
$30,000                $  0.28  $  0.30  $  0.32  $  0.35  $  0.39  $  0.42
---------------------------------------------------------------------------
$35,000                $  0.29  $  0.31  $  0.34  $  0.36  $  0.40  $  0.44
---------------------------------------------------------------------------
(i) Estimated dividend per share is based on estimated Cash Available for
Distribution, less $0.9 million for scheduled principal payments
related to one of the Company's debt facilities and a $1.2 million
reserve for estimated drydocking costs and other vessel upgrades. The
quarterly reserve for drydocking and vessel upgrades is based on the
expected average quarterly cost for 2010 and 2011.

Tanker Market

Average spot tanker rates in the first quarter of 2010 were the highest since the first quarter of 2009, primarily driven by strong non-OECD oil demand growth, higher global oil production and limited tanker fleet growth.

China was a major source of tanker demand with crude oil imports averaging 4.6 million barrels per day (mb/d) in the first quarter of 2010, an increase of 39 percent from the same period of 2009. Global oil supply rose by 0.7 mb/d in the first quarter led predominantly by non-OPEC producers and OPEC Natural Gas Liquids (NGLs).

The world tanker fleet grew by 5.6 mdwt, or approximately 1.3 percent, in the first quarter of 2010 compared 12.0 mdwt, or 3.0 percent, in the same period of 2009. Net fleet growth was tempered by the removal of 6.3 mdwt of tanker capacity as the International Maritime Organization (IMO) targeted phase-out of single-hull tankers and higher scrap prices led to an increase in tanker scrapping. The ongoing removal of single-hull tankers from the trading fleet is expected to continue to dampen tanker fleet growth during the remainder of 2010, as illustrated by a further 2.6 mdwt being scrapped in April 2010.

Early in the second quarter, tanker rates for larger crude carriers (primarily VLCC and Suezmax class tankers) have been unseasonably firm, due to the removal of approximately 15 to 20 VLCCs from the trading fleet for use as floating storage in Iran and strong Asian demand for West African crude oil. Over the past week, Aframax rates have strengthened due to strong demand from US refiners coupled with localized weather delays in the Caribbean.

In April 2010, the International Monetary Fund (IMF) raised its global GDP growth forecast for 2010 from 3.9 percent to 4.2 percent due to expected recovery in the global economy, particularly in emerging and developing countries. As a result, the International Energy Agency (IEA) has increased its 2010 global oil demand forecast to 86.4 mb/d, which represents a 1.6 mb/d, or 1.9 percent, increase over 2009 and the highest growth rate since 2004. The increase in global oil demand during 2010 is expected to be entirely driven by non-OECD countries, led by China where demand is forecast to grow by a further 8 percent.

Financial Summary

The Company reported adjusted net income(1) of $6.4 million, or $0.20 per share, for the quarter ended March 31, 2010, compared to adjusted net income of $4.5 million, or $0.14 per share, for the quarter ended December 31, 2009. Adjusted net income for the three months ended March 31, 2010 excludes an unrealized loss of $1.3 million, or $0.04 per share, relating to changes in the fair value of an interest rate swap. Adjusted net income for the three months ended December 31, 2009 excludes an unrealized gain of $3.4 million, or $0.11 per share, relating to changes in the fair value of an interest rate swap. These adjustments are detailed in note 4 to the Summary Consolidated Statements of Income included in this release. Including these items, the Company reported net income, on a GAAP basis, of $5.1 million, or $0.16 per share, for the quarter ended March 31, 2010, compared to net income, on a GAAP basis, of $7.9 million, or $0.25 per share, for the quarter ended December 31, 2009. Net voyage revenues(2) for the first quarter of 2010 increased to $26.0 million from $25.2 million in the prior quarter.

(1) Adjusted net income is a non-GAAP financial measure. Please refer to Note 4 to the Summary Consolidated Statements of Income included in this release for a reconciliation of this non-GAAP measure to the most directly comparable financial measure under United States generally accepted accounting principles (GAAP) and information about specific items affecting net income that are typically excluded by securities analysts in their published estimates of the Company's financial results.

(2) Net voyage revenues represents voyage revenues less voyage expenses. Net voyage revenues is a non-GAAP financial measure used by certain investors to measure the financial performance of shipping companies. Please see the Company's website at www.teekaytankers.com for a reconciliation of this non-GAAP financial measure as used in this release to the most directly comparable GAAP financial measure.

Operating Results

The following table highlights the operating performance of the Company's time-charter and spot vessels measured in net voyage revenue per revenue day, or TCE rates, before deducting internal pool management fees, internal pool commissions and off-hire bunker expenses:

---------------------------------------------------------------------------
Three Months Ended
March 31, 2010  December 31, 2009(A)
---------------------------------------------------------------------------
Time-Charter Fleet
Aframax revenue days                               449                  483
Aframax TCE per revenue day                    $28,501              $29,721
Suezmax revenue days                               179                   95
Suezmax TCE per revenue day(B)                 $24,026              $30,653

Spot Fleet
Aframax revenue days                               351                  334
Aframax TCE per revenue day                    $17,624              $15,283
Suezmax revenue days                                90                  179
Suezmax TCE per revenue day                    $32,032              $20,939

---------------------------------------------------------------------------
Total Fleet
Aframax revenue days                               800                  817
Aframax TCE per revenue day                    $23,729              $23,816
Suezmax revenue days                              269                   274
Suezmax TCE per revenue day(B)                 $26,706              $24,302
---------------------------------------------------------------------------
(A) The 2009 TCE rates have been adjusted to conform to the calculation of
net voyage revenue per revenue day in 2010, as described above. In
2009, the calculation of net voyage revenue per revenue day was
previously based on net voyage revenues before deducting external
broker commissions.
(B) The Narmada Spirit time-charter contract contains a profit-share
component that resulted in a profit-share amount to us of $0.6 million
recognized in the first quarter of 2010. The TCE rate per day for the
Suezmax time-charter fleet and for the total Suezmax fleet for the
three months ended March 31, 2010 was $27,120 and $28,764,
respectively, including the profit share amount recognized in the
quarter.

Teekay Tankers' Fleet

The following table summarizes the Company's fleet as of May 1, 2010:

---------------------------------------------------------------------------
Aframax            Suezmax          Number of
Fleet              Fleet      Owned Vessels
Time-Charter Vessels                6                  3                  9
Spot Vessels                        3                  2                  5
---------------------------------------------------------------------------
Total                               9                  5                 14
---------------------------------------------------------------------------

Currently, approximately 71 percent and 64 percent of the aggregate vessel operating days for the Company's fleet for the second quarter of 2010 and fiscal 2010, respectively, are under fixed-rate charters, including the vessel transactions announced in April 2010 and the new fixed-rate time-charter of one of the Company's Aframax tankers.

Liquidity

As of March 31, 2010, the Company had total liquidity of $135.9 million (which consisted of $12.2 million of cash and $123.7 million in an undrawn revolving credit facility). Liquidity is expected to increase by approximately $98 million as a result of the above mentioned transactions.

About Teekay Tankers

Teekay Tankers' common stock trades on the New York Stock Exchange under the symbol "TNK".

---------------------------------------------------------------------------
TEEKAY TANKERS LTD.
SUMMARY CONSOLIDATED STATEMENTS OF INCOME(1)
(in thousands of U.S. dollars, except share data)
---------------------------------------------------------------------------
Three Months Ended
March 31, December 31,    March 31,
2010         2009       2009(1)
(unaudited)  (unaudited)  (unaudited)

VOYAGE REVENUES                            26,990       25,951       34,448
---------------------------------------------------------------------------

OPERATING EXPENSES
Voyage expenses                             1,012          724          580
Vessel operating expenses                   8,391        9,370        8,504
Depreciation and amortization               7,392        7,493        7,031
General and administrative                  1,479        1,329        1,527
---------------------------------------------------------------------------
18,274       18,916       17,642
---------------------------------------------------------------------------
Income from vessel operations               8,716        7,035       16,806
---------------------------------------------------------------------------
OTHER ITEMS
Interest expense                             (993)      (1,155)      (2,165)
Interest income                                13           10           22
Realized and unrealized (loss) gain on
interest rate swap(2)                     (2,658)       2,031          944
Other income (expense) - net                    2           (5)          34
---------------------------------------------------------------------------
(3,636)         881       (1,165)
---------------------------------------------------------------------------
Net income                                  5,080        7,916       15,641
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Earnings per share(3)
- Basic and diluted                   $     0.16   $     0.25   $     0.57
Weighted-average number of Class A
common shares outstanding
- Basic and diluted                   19,500,000   19,500,000   12,500,000
Weighted-average number of Class B
common shares outstanding
- Basic and diluted                   12,500,000   12,500,000   12,500,000
Weighted-average number of total
common shares outstanding
- Basic and diluted                   32,000,000   32,000,000   25,000,000
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(1) Results for the Suezmax tanker the Ashkini Spirit for the period prior
to its acquisition by the Company when it was owned and operating under
Teekay Corporation, is referred to as the Dropdown Predecessor. In
accordance with GAAP, the Company's financial statements are
retroactively adjusted to include the historical results of the
acquired vessel from the date the vessel was originally under the
control of Teekay Corporation. Dropdown Predecessor amounts included in
net income above are summarized for the respective periods in note 4
below.
(2) Includes realized losses of $1.3 million, $1.3 million and $1.4 million
for the three months ended March 31, 2010, December 31, 2009, and March
31, 2009, respectively.
(3) Earnings per share is determined by dividing (a) net income of the
Company after deducting the amount of net income attributable to the
Dropdown Predecessor by (b) the weighted-average number of shares
outstanding during the applicable period.
(4) The following table provides a reconciliation of adjusted net income, a
non-GAAP measure, to reported GAAP-based net income for the respective
periods, adjusting for specific items affecting net income which are
typically excluded by securities analysts in their published estimates
of the Company's financial results:

Three Months Ended
------------------------------------
March 31, December 31,    March 31,
2010         2009         2009

Net income - GAAP basis                $    5,080   $    7,916   $   15,641
Less:
Net income attributable to the
Dropdown Predecessor                          -            -       (1,508)
Unrealized gain on interest rate swap          -       (3,376)      (2,382)
Add:
Unrealized loss on interest rate swap      1,333            -            -
---------------------------------------------------------------------------
Adjusted net income                    $    6,413   $    4,540   $   11,751
Adjusted earnings per share            $     0.20   $     0.14   $     0.47
---------------------------------------------------------------------------

---------------------------------------------------------------------------
TEEKAY TANKERS LTD.
SUMMARY CONSOLIDATED BALANCE SHEETS
(in thousands of U.S. dollars)
---------------------------------------------------------------------------
As at        As at
March 31, December 31,
2010         2009
(unaudited)
ASSETS
Cash                                                    12,152       10,432
Pool receivable from related parties                     6,412       10,427
Asset held for sale                                     16,725            -
Other current assets                                     2,592        2,415
Due from affiliates                                      5,937          223
Vessels and equipment                                  483,549      506,309
Other non-current assets                                 3,141        3,396
Goodwill                                                 6,761        6,761
---------------------------------------------------------------------------
Total assets                                           537,269      539,963
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued liabilities                 9,010        9,761
Current portion of long-term debt                        3,600        3,600
Current portion of derivative instruments                3,965        3,865
Other current liabilities                                3,189        3,849
Due to affiliates                                        2,167          569
Long-term debt                                         300,728      301,628
Other long-term liabilities                             11,584       10,420
Stockholders' equity                                   203,026      206,271
---------------------------------------------------------------------------
Total liabilities and stockholders' equity             537,269      539,963
---------------------------------------------------------------------------
---------------------------------------------------------------------------


---------------------------------------------------------------------------
TEEKAY TANKERS LTD.
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands of U.S. dollars)
---------------------------------------------------------------------------
Three Months Ended
March 31,
2010       2009(1)
(unaudited)  (unaudited)
Cash and cash equivalents provided by (used for)
OPERATING ACTIVITIES
---------------------------------------------------------------------------
Net operating cash flow                                 12,071       38,775
---------------------------------------------------------------------------
FINANCING ACTIVITIES
Repayments of long-term debt                              (900)        (900)
Prepayments of long-term debt                                -      (10,000)
Repayment of pushed-down debt of Dropdown Predecessor        -       (1,096)
Net advances from (to) affiliates                            -         (535)
Return of capital to the Parent from the Dropdown
Predecessor                                                 -      (11,673)
Cash dividends paid                                     (8,320)     (18,000)
Other financing activities                                  (3)           -
---------------------------------------------------------------------------
Net financing cash flow                                 (9,223)     (42,204)
---------------------------------------------------------------------------
INVESTING ACTIVITIES
Expenditures for vessels and equipment                  (1,128)        (857)
---------------------------------------------------------------------------
Net investing cash flow                                 (1,128)        (857)
---------------------------------------------------------------------------
Increase (decrease) in cash and cash equivalents         1,720       (4,286)
Cash and cash equivalents, beginning of the period      10,432       26,698
---------------------------------------------------------------------------
Cash and cash equivalents, end of the period            12,152       22,412
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(1) In accordance with GAAP, the statement of cash flows includes the cash
flows relating to the Dropdown Predecessor for the Ashkini Spirit for
the period from August 1, 2007 to June 24, 2009, when the vessel was
under the common control of Teekay Corporation but prior to its
acquisition by the Company.

TEEKAY TANKERS LTD.

APPENDIX A - CASH DIVIDEND CALCULATION

(in thousands of U.S. dollars)

Cash Available for Distribution

The Company has adopted a dividend policy 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 for the prudent conduct of its business. Cash Available for Distribution represents net income plus depreciation and amortization, unrealized losses from derivatives, non-cash items and any write-offs or other non-recurring items, less unrealized gains from derivatives and net income attributable to the historical results of vessels acquired by the Company from Teekay Corporation for the period when these vessels were owned and operated by Teekay Corporation. The calculations below exclude the comparable per share dividend payable on the 11.4 million shares of Class A common stock the Company issued in April 2010, amounting to an aggregate of approximately $4.2 million, which will be funded from the Company's working capital.

---------------------------------------------------------------------------
Three Months Ended
March 31, 2010
(unaudited)
---------------------------------------------------------------------------

Net income                                                            5,080
Add:
Depreciation and amortization                                        7,392
Unrealized gain from interest rate swap                              1,333
Less:
Amortization of debt issuance costs and other                           (3)
---------------------------------------------------------------------------
Cash Available for Distribution                                      13,802
Less:
Reserve for scheduled drydockings and other capital expenditures    (1,200)
Reserve for debt principal repayment                                  (900)
---------------------------------------------------------------------------
Cash Available for Distribution After Reserves                       11,702

Weighted average number of common shares outstanding during the
three months ended March 31, 2010                               32,000,000

---------------------------------------------------------------------------
Cash dividend per share (rounded)                                $     0.37
---------------------------------------------------------------------------

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: tanker market fundamentals, including the balance of supply and demand in the tanker market, and spot tanker charter rates; estimated dividends per share for the quarter ending June 30, 2010 and 2010 based on various spot tanker rates; the Company's mix of spot market and time-charter trading in the quarter ending June 30, 2010 and fiscal 2010; anticipated drydocking and vessel upgrade costs; the Company's ability to generate surplus cash flow and pay dividends; and the impact of vessel drydock activities on the Company's future Cash Available for Distribution. 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; lower than expected level of tanker scrapping; 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 drydocking expenses and associated offhire days; 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, 2009. 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.

Contacts:
Teekay Tankers Ltd. - Investor Relations Enquiries
Kent Alekson
(604) 844-6654

Teekay Tankers Ltd. - Media Enquiries
Alana Duffy
(604) 844-6631
www.teekaytankers.com

Teekay Tankers Ltd. Declares Dividend

Thu, 13 May 2010 08:00:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 05/13/10 -- Teekay Tankers Ltd. (NYSE: TNK) today announced that its Board of Directors has voted to declare a cash dividend of $0.37 per share for the quarter ending March 31, 2010. The cash dividend is payable on May 28, 2010 to all shareholders of record on May 21, 2010.

About Teekay Tankers Ltd.

Teekay Tankers' common stock trades on the New York Stock Exchange under the symbol "TNK".

Contacts:
Teekay Tankers Ltd. - Investor Relations Enquiries
Kent Alekson
+1 (604) 844-6654

Teekay Tankers Ltd. - Media Enquiries
Alana Duffy
+1 (604) 844-6605
www.teekaytankers.com

Teekay Tankers Ltd. Announces First Quarter 2010 Earnings Conference Call

Tue, 04 May 2010 12:25:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 05/04/10 -- Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) plans to release its financial results for the first quarter of 2010 before market open on Thursday, May 13, 2010.

The Company also plans to host a conference call on Thursday, May 13, 2010 at 1:00 p.m. (ET) to discuss its results for the quarter. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:

--  By dialing (866) 322-8032 or (416) 640 -3406, if outside North America,
and quoting conference ID code 7246400.
--  By accessing the webcast, which will be available on Teekay Tankers' Web
site at www.teekaytankers.com (the archive will remain on the Web site
for a period of 30 days).

A supporting First Quarter 2010 Earnings Presentation will also be available at www.teekaytankers.com in advance of the conference call start time.

The conference call will be recorded and available until Thursday, May 20, 2010. This recording can be accessed following the live call by dialing (888) 203-1112 or (647) 436-0148, if outside North America, and entering access code 7246400.

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 five 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".

Contacts:
Teekay Tankers Ltd. - Investor Relations Enquiries
Kent Alekson
(604) 844-6654

Teekay Tankers Ltd. - Media Enquiries
Alana Duffy
(604) 844-6631
www.teekaytankers.com

Teekay Tankers Ltd. 2009 Annual Report on Form 20-F Available Online

Fri, 30 Apr 2010 16:49:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 04/30/10 -- Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today announced that its 2009 Annual Report on Form 20-F, including complete 2009 audited financial statements, was filed with the U.S. Securities and Exchange Commission (SEC) on March 30, 2010. The Company subsequently filed an amendment to the Annual Report with the SEC on Form 20-F/A on April 5, 2010. The Annual Report, as amended, has also been made available on the Company's Web site, www.teekaytankers.com.

Shareholders may receive a printed copy of the Annual Report on Form 20-F and the Annual Report on Form 20-F/A free of charge upon request through the Company's Web site or by calling Teekay Tankers Investor Relations at +1 604 844 6654.

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 five 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".

Contacts:
Teekay Tankers Ltd. - Investor Relations Enquiries
Kent Alekson
(604) 844-6654

Teekay Tankers Ltd. - Media Enquiries
Alana Duffy
(604) 844-6631
www.teekaytankers.com

Teekay Tankers Provides Update to First Quarter Dividend Guidance and Impact of Accretive Acquisition on Dividend Run-Rate

Wed, 21 Apr 2010 16:01:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 04/21/10 -- Teekay Tankers Ltd. (NYSE: TNK) -

Highlights

- First quarter dividend expected to be in the range of $0.33 to $0.37 per share, in-line with guidance provided in early-March 2010, up from $0.26 per share paid in previous quarter, primarily due to higher spot tanker rates

- Recent vessel acquisitions expected to be approximately 15 percent accretive to 2010 dividend distributions

- Further strengthened Company's financial position through reduction in financial leverage and increase in liquidity

- Approximately 59 percent of fleet now trading under fixed-rate charters for remainder of 2010

Teekay Tankers Ltd. (Teekay Tankers or the Company) today updated its previous guidance for its estimated cash dividend per share for the quarter ended March 31, 2010, and its estimated dividend run-rate taking into account its recent acquisition of three vessels and the sale of one of its older vessels, coupled with its issuance of 11.4 million Class A shares. Due to significant demand, the Company's initial 7.0 million public share offering was increased 10 percent, to 7.7 million shares. In addition, the Company issued 1.1 million shares pursuant to the underwriters' over-allotment option and issued 2.6 million shares through a concurrent private placement to Teekay Tankers' sponsor, Teekay Corporation, as part of the vessel acquisition. For further information about the acquisition and associated equity offering including an updated Investor Presentation and a copy of the initial offering press release, please refer to the Company's website at www.teekaytankers.com.

Review
Details of Recent 3 Ship Acquisition

The Company's first quarter dividend, which is currently anticipated to be between $0.33 and $0.37 per share, will not be impacted by the follow-on offering completed in early April 2010, and is expected to be paid in late May 2010. The dividend per share will be calculated by dividing the Company's Cash Available for Distribution(1) generated in the first quarter by the weighted average shares outstanding during the first quarter, a methodology that is consistent with the Company's dividend policy. The dividend payable on the 11.4 million Class A shares issued in April 2010, amounting to approximately $4 million, will be funded from the Company's working capital. The first quarter's dividend is expected to be approximately 27 to 42 percent higher than the previous quarter's dividend primarily due to higher revenues generated by the Company's five vessels operating in the spot market, and lower drydocking reserves as a result of the sale of the Falster Spirit.

The Company's estimated dividend run-rate, as provided previously using illustrative spot tanker rates, is expected to increase by approximately 15 percent due to the previously announced acquisition of two Suezmax tankers, the Yamuna Spirit and Kaveri Spirit and one Aframax tanker, the Helga Spirit (to be acquired in late April) and the sale of the Falster Spirit, a 15 year-old Aframax tanker that was scheduled to undergo a $3 million drydocking in 2010, for which no reserve is now required.

As previously reported prior to these transactions, assuming an illustrative average Aframax spot rate of $15,000 per day and illustrative average Suezmax spot rate of $20,000 per day, shareholders would have expected to receive a dividend of approximately $0.90 per share annually. Subsequent to completing the above-mentioned transactions in April 2010 and using the same illustrative spot tanker rates, the Company would now expect to pay a dividend of approximately $1.03 per share, an increase of approximately 15 percent from the previous illustrative example. These estimates are based on the Company's current capitalization, fleet size and anticipated expenses and assumes that the board of directors establishes no additional reserves other than for scheduled drydockings and debt repayments. In addition, each $5,000 per day increase in spot tanker rates would increase the illustrative dividend by approximately $0.26 per share.

"We are pleased to have completed this accretive transaction which benefits Teekay Tankers and its shareholders in many ways. It enables us to increase the dividend, expands our fleet by 23 percent while reducing its average age, and improves our financial position by giving us access to additional cash to grow in the future," commented Bjorn Moller, Teekay Tankers' Chief Executive Officer. "We continue to believe spot tanker rates will be volatile in 2010 and we therefore remain comfortable with our fleet mix which has increased to almost 60 percent of our vessels operating under fixed-rate time-charters for the rest of 2010." Mr. Moller continued, "This approach, combined with our low quarterly debt service costs, provides a floor under our cash flows, enabling us to pay an attractive dividend under any tanker market rate scenario during this period while at the same time providing shareholders with upside in tanker rates."

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 eight double-hull Aframax tankers and five 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. An additional Aframax, the Helga Spirit will be acquired in late April 2010. 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

Contacts:
Teekay Tankers Ltd. - Investor Relations Enquiries
Kent Alekson
(604) 844-6654

Teekay Tankers Ltd. - Media Enquiries
Alana Duffy
(604) 844-6631
www.teekaytankers.com

Teekay Tankers Ltd. Announces Pricing of Public Offering of Class A Common Stock

Tue, 06 Apr 2010 08:43:00 -0400

HAMILTON, BERMUDA -- (MARKET WIRE) -- 04/06/10 -- Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) announced today that it has priced its follow-on public offering of 7,700,000 shares of Class A common stock at $12.25 per share. The offering is expected to close on April 9, 2010, subject to customary closing conditions. Teekay Tankers has granted the underwriters a 30-day option to purchase up to an additional 1,155,000 shares to cover any over-allotments. The number of shares offered in this offering was increased from 7,000,000 shares to 7,700,000 shares (the over-allotment option was increased from 1,050,000 shares to 1,155,000 shares).

The Company expects to use the net offering proceeds - together with a concurrent issuance to Teekay Corporation (NYSE: TK) of 2,612,244 unregistered shares of Class A common stock at $12.25 per share and borrowings under the Company's revolving credit facility for the balance - to acquire three oil tankers (the Vessels) from Teekay Corporation for aggregate consideration of approximately $168.7 million.

The Company plans to acquire the following three Vessels:

--  the 2004-built Suezmax tanker, the Kaveri Spirit, a Suezmax tanker
    currently participating in a Suezmax tanker pool;

--  the 2002-built Suezmax tanker, the Yamuna Spirit, a Suezmax tanker
    currently operating under a fixed-rate, time-charter contract that is
    scheduled to expire in May 2012 and includes a profit share component;
    and

--  the 2005-built Aframax tanker, the Helga Spirit, an Aframax tanker
    currently operating under a fixed-rate, time-charter contract that is
    scheduled to expire in October 2010.

As a result of the acquisition of the Vessels and the sale of an Aframax tanker, the Falster Spirit, which the Company has agreed to sell to a third party and is expected to be delivered to its purchaser in mid-April 2010, the Company's net fleet capacity will increase by approximately 23 percent to a total of approximately 1.8 million deadweight tonnes. If the underwriters exercise their option to purchase additional shares to cover over-allotments, the Company will use those net proceeds to help finance the acquisition of the Vessels, which would reduce borrowings under the Company's revolving credit facility.

Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. Teekay Tankers currently owns a fleet of nine double-hull Aframax tankers (including the Falster Spirit) 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 and spot-tanker-market trading. Teekay Tankers will acquire from Teekay Corporation the Vessels upon the closing of the offering. Teekay Tankers intends to continue 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' Class A common stock is listed on the New York Stock Exchange under the symbol "TNK."

The joint book running managers for the offering are UBS Investment Bank, Citi, J.P. Morgan and Deutsche Bank Securities. The co-managers for the offering are Oppenheimer & Co. and Danske Markets.

When available, copies of the prospectus supplement and accompanying base prospectus related to the offering may be obtained from UBS Investment Bank, 299 Park Avenue, New York, NY 10171, or by calling UBS Investment Bank toll-free at 888-827-7275; from Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, Attention: Prospectus Department, or by calling Citi toll-free at 800-831-9146; from J.P. Morgan, Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11271, or by calling J.P. Morgan toll-free at 866-803-9204; or from Deutsche Bank Securities toll-free at 800-503-4611, or via email at prospectusrequest@list.db.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering may be made only by means of a prospectus supplement and accompanying base prospectus.

The statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. . These risks and uncertainties include, but are not limited to, those discussed in Teekay Tankers' public filings with the SEC. Teekay Tankers undertakes no obligation to revise or update any forward-looking statements unless required to do so under the securities laws.

Contacts:
Teekay Tankers Ltd. - Investor Relations Enquiries
Kent Alekson
+1 (604) 609-6442

Teekay Tankers Ltd. - Media Enquiries
Alana Duffy
+1 (604) 844-6605