TNK Teekay Tankers

Tankers Crude Β· Suezmax / Aframax Β· 30 documents

Teekay Tankers' 35-vessel crude tanker fleet β€” 20 Aframax and 15 Suezmax β€” should earn about $89,130 a day in 2026Q3 and pay $0.25 a share. That is our forecast (PATTERN). 54% of those vessel-days are already fixed at rates Teekay Tankers has disclosed; the rest are priced at 83% of the index, the share it has historically captured.

Last paid Β· 2026Q2
$0.25
1.0% annualised
$79,300/d earned
TTM $1.00 (1.0% trailing)
2026Q3 Β· our model
$0.25
1.0% annualised
$89,130/d modelled
PATTERN
EPS $6.10 Β· 54% booked Β· declared rate held flat
2026Q4 Β· our model
$0.25
1.0% annualised
$191,780/d modelled
EPS $15.63 Β· declared rate held flat

Yields annualise each quarter Γ—4 at the last close, $96.82 (2026-10-16). Our model is not company guidance.

What will Teekay Tankers pay for 2026Q3?

Company said
Teekay Tankers has booked 54% of its 2026Q3 days (2026-07-29, source; by class on the right). It does not say what it will pay β€” turning its rates into a dividend is our job.
$68,542/d
booked average
β€”
no dividend given
Our model
Booked days at those rates, open days at 83% of spot; dividend by declared rate held flat.
$89,130/d
modelled
$0.25
modelled Β· PATTERN

Booked vs market $/day

ClassBookedAtSpot now
Suezmax Β· fixed-rate time charters 20% $57,773 $540,621
spot Β· days booked Β· not modelled 35.2% $104,800 β€”
Aframax/LR2 Β· fixed-rate time charters 15% $37,043 $314,938
spot Β· days booked Β· not modelled 37.4% $59,900 β€”

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

ClassCompany earnedBooked 2026Q3Market now8 weeks
Suezmax Β· 15 $79,3002026Q2 Β· fleet avg $87,76155% of days $540,6212026-10 median Β· 4 routes +222%
LR2 Β· 20 $79,3002026Q2 Β· fleet avg $53,35752% of days $314,9382026-10 median Β· 5 routes +224%

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β€” a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates open days only β€” booked days stay at the booked rate

Suezmax 55% booked at $87,761 Β· 618 open days
LR2 52% booked at $53,357 Β· 876 open days

2026Q3 P&L and cash

LineModelYour scenarioΞ”
Vessel-days, days modelled

Ships on the fleet list Γ— the quarter's calendar days for LR2, Suezmax: no off-hire or drydock days are deducted there.

 3,220 3,220
By class
ClassDaysModel $/dayYours $/day
Suezmax1,380117,912117,912
LR21,84067,54367,543
Fleet TCE, $/day modelled 89,130 89,130
Revenue (TCE basis), $m modelled

Vessel-days Γ— fleet TCE.

 287.0 287.0
Vessel opex, $m assumed

2026Q2: $32.4m over 3,312 vessel-days, held per day.

 (31.5) (31.5)
G&A, $m assumed

2026Q2: $15.3m over 3,312 vessel-days, held per day.

 (14.9) (14.9)
EBITDA, $m assumed 240.6 240.6
Hire for chartered-in ships, $m assumed

2026Q2: $8.5m over 3,312 vessel-days, held per day.

 (8.2) (8.2)
Interest expense, $m assumed

2026Q2: $0.8m over 3,312 vessel-days, held per day.

 (0.8) (0.8)
Scheduled debt amortisation, $m stated

2026Q3: $0.0m over 3,220 vessel-days, held per day (the issuer’s scheduled principal).

 0.0 0.0
Drydock cost, $m

No separate drydock cash line on file.

 β€” β€”
Cash break-even, $/day assumed

Ξ£ cash costs above Γ· vessel-days.

 17,201 17,201
Cushion vs fleet TCE, $/day 71,929 71,929
Free cash flow to equity, $m assumed

Revenue βˆ’ cash costs: the cash available for distribution.

 231.6 231.6
Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

 β€”

Dividend policy pattern

No stated payout policy on file.

Dividend by declared rate held flat; it does not move with the rate, so your scenario leaves it unchanged.

OutputModelYour scenarioΞ”
Estimated DPS, $/share pattern $0.25
Forward yield, run-rate % 1.0%
vs last declared ($0.25, 2026Q2) +0%

Yield annualises the quarter’s DPS Γ— 4 (a run-rate, not a forecast of the year) against the $96.82 close on 2026-10-16.

This dividend is set by declared rate held flat, not by the rate β€” your scenario moves the cash line, not the DPS.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Dividend per share declared Β· model

$0.252025Q3$0.252025Q4$0.252026Q1$0.252026Q2$0.252026Q3$0.252026Q4solid = declared Β· dashed = our model

Market context β€” rates, the dividend, and the price

Rates and dividend β€” benchmark, realized and declared

100%
2026Q2 earned $79,300/day market paid $79,402/day
Fleet-weighted benchmark Realized fleet TCEModelDeclared DPS
forecast →
$0k
$100k
$200k
2025Q3
2025Q4
2026Q1
2026Q2
2026Q3
2026Q4
Declared DPS, USD/share — solid: declared · dashed: model · includes specials
$0.25
$0.25
$0.25
$1.25
$0.25
$0.25
2026Q2 rec 2026-08-10 Β· pay 2026-08-21

A settled quarter carries two bars: the lighter one is the fleet-weighted benchmark β€” what the market paid for a fleet of this class mix β€” and the solid one is what this fleet actually earned. The gap between them is the share of the index this issuer captured. Dashed-outline bars are the model estimate β€” see Dividend forecast.

The line is the declared dividend per share, with specials added into the quarter they were declared β€” dashed where it is the model's estimate. Model estimate β€” not issuer guidance.

Forward (our model β€” model quarter Γ—4): $1.00/yr Β· @ $96.82 (as of 2026-10-16) = 1.0% yield (spot-exposure scenario) Β· Trailing TTM $1.0/yr = 1.0%

Fleet rate β€” what the market pays a fleet like this one

Fleet-weighted market rate with the class benchmarks behind it: 91 points, 2025-01-03 to 2026-10-16; TNK fleet-weighted latest 398,938.00; SUEZMAX benchmark latest 540,621.00; AFRAMAX benchmark latest 288,740.50.

image/svg+xml Jul 2026 Jul 0 100,000 200,000 300,000 400,000 500,000 600,000 398,938 540,621 288,740 TNK fleet-weighted SUEZMAX benchmark AFRAMAX benchmark USD/day

Latest $398,938/day at 2026-10-16 (+29.8% on the prior print), weighted 14Γ—SUEZMAX Β· 18Γ—AFRAMAX.

The thick line prices this fleet's own class mix at the market's rate each week; the pale lines are the class benchmarks behind it. Each class benchmark is a median across every route mapped to that class, not a single assessment. A laden-leg benchmark runs hotter than a fleet earns β€” ballast days, waiting time, TC-out legs and off-hire all dilute it β€” so this is market direction, not revenue. What this fleet actually captured is the panel above.

Price and the yield it implied

Daily share price in dollars with the annualised yield each declared dividend implied: 285 points, 2025-08-29 to 2026-10-16; TNK share price latest 96.82; Implied annual yield (% p.a., right) latest 1.28.

image/svg+xml Oct 2026 Apr Jul Oct 50 60 70 80 90 100 110 97 TNK share price Implied annual yield (% p.a., right) 1.30 1.35 1.40 1.45 1.50 1.55 1.60 1.65 1.28 USD % p.a.

Latest: 2026-Q2 declared $0.25/share on 2026-07-29, 1.3% annualised against the $78.18 close that day.

The continuous line is the daily closing price in dollars β€” the raw close, not a dividend-adjusted one, which would back-adjust away the very payouts being measured. The second line carries 4 declared dividends and is marked nowhere else β€” each annualised ×4 and divided by the close on, or last before, the day it was declared. A quarter with no dividend has no mark. The segments between the marks connect them; they are not measured. This is what the share yielded at the time, not what those dividends would yield at today's price. Prices start 2025-08-29, so anything declared before then is not plotted.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β†’

No departure from the method above is recorded for TNK; the inputs and their basis are listed below.

What drives it β€” fleet TCE, 2026Q3

Expected fleet TCE
$89,130/d
54% STATED Β· 46% MODELLED
Days already fixed
54%
at disclosed rates
Index capture on open days
83%
historically captured

Earnings bridge β€” 2026Q2 β†’ 2026Q3

Anchor DPS (2026Q2) $0.25
Booked cover β€” issuer guidance targets a different quarter than the anchor β€” no same-vintage comparison TBD
Open cover (spot-exposed) β€” Suezmax 45% of days without booked cover Β· Aframax 48% of days without booked cover β€” spot-exposed TBD
Expected DPS (2026Q3) $0.25

Dividend history & forecast accuracy

Upcoming

QuarterEx-date (est.)Forecast DPSActual DPS
2026Q3 Eβ€”$0.25β€”
2026Q4 Eβ€”$0.25β€”
PeriodDPSKindEx-datePay dateSource
2026-Q2 $0.25/share regular β€” 2026-08-21 as of 2026-07-29 declaration
2026-05-13 $1.00/share special β€” β€” as of 2026-05-13 declaration
paid 2026-03-13 $1.00/share special β€” 2026-03-13 as of 2026-03-13 declaration
2026-Q1 $0.25/share regular β€” β€” as of 2026-05-13 declaration
2025-Q4 $0.25/share regular β€” β€” as of 2026-02-18 declaration
2025-Q3 $0.25/share regular β€” β€” as of 2025-10-29 declaration
2025-Q2 $0.25/share regular β€” β€” as of 2025-07-30 declaration
2025-05-07 $1.00/share special β€” β€” as of 2025-05-07 declaration
Older dividends (11 more)
PeriodDPSKindEx-datePay dateSource
2025-03-14 $1.00/share special β€” β€” as of 2025-03-14 declaration
2025-Q1 $0.25/share regular β€” β€” as of 2025-05-07 declaration
2024-Q4 $0.25/share regular β€” β€” as of 2025-02-19 declaration
2024-Q3 $0.25/share regular β€” β€” as of 2024-10-30 declaration
2024-Q2 $0.25/share regular β€” β€” as of 2024-08-01 declaration
2024-05-09 $2.00/share special β€” β€” as of 2024-05-09 declaration
2024-03-15 $1.00/share special β€” β€” as of 2024-03-15 declaration
2024-Q1 $0.25/share regular β€” β€” as of 2024-05-09 declaration
2023-Q4 $0.25/share regular β€” 2024-03-15 as of 2024-02-22 declaration
2023-05-01 $2.00/share special β€” β€” as of 2023-05-01 declaration
2023-Q1 $0.25/share regular β€” β€” as of 2024-03-15 declaration

DPS method: declared rate held flat.

Financials & fleet

Latest quarter 2026Q2

Fleet
35
Realized TCE
$79,300/d 2026Q2
Declared DPS
$0.25 2026Q2
TTM DPS
$1.0
Coverage
β€”
Revenue
$379.5M
Opex
$32.4M
Net income
$225.9M

20Γ— aframax Β· 15Γ— suezmax Β· 0Γ— vlcc current

Fleet model β€” 2026Q3

Fleet model estimate β€” not issuer guidance.

ClassShipsTCSpot% FixedGuided $/dSpot $/dBlended $/dQTD rev $MModeled Q rev $M
Suezmax15311 55% 87,761 185,993 117,912 β€” 162.7
LR220315 52% 53,357 99,747 67,543 β€” 124.3
Total35 89,130 β€” 287.0

Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians for the open days.

Expected DPS
$0.25/share
Annualized
$1.00/yr
Revenue if rates hold
$287.0M

Bear uses booked coverage only; Base adds open vessels at this issuer's realized share of the latest Gibson median; Bull reruns them at the same share of the recent 3-month peak index.

Declared $0.25 in each of the last 6 quarters β€” the forward figure is the rate itself, not a TCE-linked model. Coverage below shows how far modelled cash after debt service goes toward it.

Model gaps & assumptions

suezmax: index realized at 83% β€” this issuer captured 83% of the index across 5 closed quarters (range 59%-112%; 5 on its printed spot TCE); the open share is priced at that fraction, not at the index Β· suezmax: using issuer guidance 55% fixed @ $87,761/day β€” day-weighted across its charters: Suezmax fixed-rate time charters $57,773/day x 276 days; spot days booked $104,800/day x 486 days Β· aframax: index realized at 83% β€” this issuer captured 83% of the index across 5 closed quarters (range 59%-112%; 5 on its printed spot TCE); the open share is priced at that fraction, not at the index Β· aframax: using issuer guidance 52% fixed @ $53,357/day β€” day-weighted across its charters: Aframax/LR2 fixed-rate time charters $37,043/day x 276 days; spot days booked $59,900/day x 688 days Β· aframax: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $99,747/day, not the newest month (owner 2026-10-19) Β· suezmax: 2026Q3 has ended β€” open days are priced at the mean of its own monthly medians, $185,993/day, not the newest month (owner 2026-10-19) Β· one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (RΒ² < 0.5) Β· DPS is the declared rate: $0.250 in each of 6 quarters (2025Q1, 2025Q2, 2025Q3, 2025Q4, 2026Q1, 2026Q2) β€” held flat, so it is not modelled from TCE

Forecast accuracy β€” fleet TCE

The model's fleet TCE for each quarter β€” the fleet-mix-weighted Gibson class benchmark, one quantity per fleet, never a shared class rate β€” scored against the TCE the company went on to report. Error is model minus reported, as a share of reported β€” positive means the model was too high.

Quarters scored
5
Avg abs. error
26.1%
QuarterModel TCEReported TCEError
2026Q2 $79,313/day $79,300/day +0.0%
2026Q1 $103,773/day $56,142/day +84.8%
2025Q3 $37,970/day $32,202/day +17.9%
2025Q2 $38,963/day $32,623/day +19.4%
2025Q1 $30,065/day $27,743/day +8.4%

Profit statement highlights

Line2026Q22026Q1YoY Ξ”
Revenue $379.5M $286.1M +62.9%
Opex $32.4M $31.0M -0.1%
Net income $225.9M $153.6M +260.9%
Full P&L grid β€” 6 quarters
Line item2026Q22026Q12025Q42025Q32025Q22025Q1
Revenue $M379.5286.1258.3229.0232.9231.6
Voyage expenses $M77.357.669.282.778.686.9
Vessel opex $M32.431.030.732.132.461.2
G&A $M15.310.411.211.114.59.7
Depreciation $M20.822.221.520.920.923.2
Interest expense, gross $Mβ€”β€”β€”β€”0.8β€”
Net income $M225.9153.6120.592.162.676.0
Declared DPS0.250.250.250.250.250.25

Profit statement – highlights SEC EDGAR company facts

LineFY2009FY2010FY2011H1 2012FY20122012Q2H1 2013FY20132013Q2H1 2014FY20142014Q2H1 20152015Q4 (FY βˆ’ 9M)FY20152015Q22015Q3H1 20162016Q4 (FY βˆ’ 9M)FY20162016Q22016Q3H1 20172017Q4 (FY βˆ’ 9M)FY20172017Q22017Q32018Q1H1 20182018Q4 (FY βˆ’ 9M)FY20182018Q22018Q32019Q1H1 20192019Q4 (FY βˆ’ 9M)FY20192019Q22019Q32020Q1H1 20202020Q4 (FY βˆ’ 9M)FY20202020Q22020Q32021Q1H1 20212021Q4 (FY βˆ’ 9M)FY20212021Q22021Q3FY2022FY2023FY2024FY2025YoY Ξ”
Revenue β€”240.3215.1105.9197.451.088.4180.043.5106.2276.244.4218.8189.5534.7111.3126.4317.8123.2550.5146.1109.6239.3100.7431.2108.891.2β€”340.1260.5776.5171.7175.9β€”445.2311.3943.9207.0187.4β€”588.4127.8886.4246.5170.2β€”266.2160.3542.4123.4115.91178.01473.71229.3951.8 -22.6%
EBITDA / operating income 81.357.6-44.416.2-340.26.9-4.09.3-5.531.365.810.586.163.0193.744.744.689.810.296.832.9-3.212.32.81.41.6-13.7β€”-21.831.27.2-13.4-2.2β€”37.191.6123.95.1-4.9β€”213.1-42.3141.693.0-29.2β€”-131.3-21.3-194.1-119.4-41.5263.8546.8380.1309.1 -18.7%
Operating expenses 183.0182.8259.589.7537.644.192.5166.749.074.9β€”33.9β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€” β€”
Net result 55.5-23.1-113.1-4.0-370.2-4.3-7.7-2.7-5.731.068.94.685.157.5183.645.141.064.09.167.823.6-5.2-33.8-1.9-58.0-37.5-22.4-19.2-46.611.5-52.5-27.4-17.512.4-1.963.141.4-14.3-19.9106.8205.0-73.387.398.2-44.4-21.4-150.5-39.8-242.4-129.1-52.1235.4519.9403.7351.2 -13.0%
Declared DPS β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€” β€”
Full P&L grid β€” 4 lines Γ— 55 quarters
Line itemFY2009FY2010FY2011H1 2012FY2012Q2 2012H1 2013FY2013Q2 2013H1 2014FY2014Q2 2014H1 2015Q4 2015FY2015Q2 2015Q3 2015H1 2016Q4 2016FY2016Q2 2016Q3 2016H1 2017Q4 2017FY2017Q2 2017Q3 2017Q1 2018H1 2018Q4 2018FY2018Q2 2018Q3 2018Q1 2019H1 2019Q4 2019FY2019Q2 2019Q3 2019Q1 2020H1 2020Q4 2020FY2020Q2 2020Q3 2020Q1 2021H1 2021Q4 2021FY2021Q2 2021Q3 2021FY2022FY2023FY2024FY2025
Operating revenuesβ€”240.3215.1105.9197.451.088.4180.043.5106.2276.244.4218.8189.5534.7111.3126.4317.8123.2550.5146.1109.6239.3100.7431.2108.891.2β€”340.1260.5776.5171.7175.9β€”445.2311.3943.9207.0187.4β€”588.4127.8886.4246.5170.2β€”266.2160.3542.4123.4115.91178.01473.71229.3951.8
Operating expenses183.0182.8259.589.7537.644.192.5166.749.074.9β€”33.9β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
Operating income81.357.6-44.416.2-340.26.9-4.09.3-5.531.365.810.586.163.0193.744.744.689.810.296.832.9-3.212.32.81.41.6-13.7β€”-21.831.27.2-13.4-2.2β€”37.191.6123.95.1-4.9β€”213.1-42.3141.693.0-29.2β€”-131.3-21.3-194.1-119.4-41.5263.8546.8380.1309.1
Profit for the period55.5-23.1-113.1-4.0-370.2-4.3-7.7-2.7-5.731.068.94.685.157.5183.645.141.064.09.167.823.6-5.2-33.8-1.9-58.0-37.5-22.4-19.2-46.611.5-52.5-27.4-17.512.4-1.963.141.4-14.3-19.9106.8205.0-73.387.398.2-44.4-21.4-150.5-39.8-242.4-129.1-52.1235.4519.9403.7351.2

Fleet exposure assets reviewed Β· 2026-06-30

ClassShipsTCSpotMixGuided $/dayQtrNext-Q bookedExpected blend
Suezmax 14 β€” β€”
121,800 2026Q2 104,800 β€”
Aframax 18 β€” β€”
98,000 2026Q2 59,900 β€”

Guidance & sources

Issuer guidance β€” forward-looking

PeriodMetricValueCoverageAs ofSource
2026Q3Aframax/LR2 fixed-rate time charters $37,043 β€” 2026-07-29 β€”
2026Q3Aframax/LR2 spot TCE (booked to date) $59,900 44.0% 2026-07-29 print
2026Q3Suezmax fixed-rate time charters $57,773 β€” 2026-07-29 β€”
2026Q3Suezmax spot TCE (booked to date) $104,800 44.0% 2026-07-29 print
Sources β€” press, filings & documents

Press & filings by quarter

QuarterReportPresentationDividendOther
2026Q3 6-K, 6-K β€” β€” β€”
2026Q2 6-K, 6-K, 6-K β€” β€” β€”
2026Q1 20-F, 6-K β€” β€” β€”
2025Q4 6-K, 6-K β€” β€” β€”
2025Q3 6-K, 6-K β€” β€” β€”
2025Q2 6-K, 6-K, 6-K β€” β€” β€”
2025Q1 20-F, 6-K β€” β€” β€”
2024Q4 6-K, 6-K exhibit, 6-K, 6-K, 6-K β€” β€” β€”
2024Q3 6-K, 6-K exhibit, 6-K, 6-K β€” β€” β€”
2024Q2 6-K, 6-K, 6-K β€” β€” β€”
2024Q1 20-F, 6-K β€” β€” β€”

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