May 9, 2024
On May 9, Teekay Corporation and Teekay Tankers released Q1-2024 earnings results.
After achieving a record high annual adjusted net income in 15 years, Teekay continued to report strong financial results in the first quarter of 2024. The performance at Teekay Tankers was again driven by the resilience of the spot tanker market, which benefited from increased global oil demand, firm tonne-mile demand and limited fleet supply growth.
Teekay Tankers has also reached a milestone becoming debt free after repurchasing our final eight-vessels on sale-leaseback arrangements during the first quarter. This concludes Teekay Tankers’ multi-year program of sale leaseback repurchases of a total of 35 vessels.
In addition to its annual fixed quarterly dividend of $0.25 per share, Teekay Tankers also declared a special dividend of $2.00 per share for a total dividend of $2.25 per share.
With Teekay Tankers’ spot market exposure and leading position in mid-size tankers, we believe we are well positioned to continue benefiting from strong tanker market fundamentals.
Below you will find the highlights from our earnings results. For detailed information, visit our Investor pages:$TK, $TNK.