Our Seafarers work hard – and with pride – operating all over the world to keep the global economy moving. They carry the #TeekaySPIRIT wherever they go, and they mean everything to us and their families. Happy #DayoftheSeafarer

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Geopolitical Instability Drives Record High Tanker Market Rate in the First Half of 2026

The first half of 2026 has been defined by a series of geopolitical and market events that have propelled tanker earnings to record highs across all segments.

Early in the year, shifts in Venezuelan crude exports and consolidation within the VLCC sector tightened vessel availability and supported freight rates. Market conditions were then further amplified by the U.S.-Iran conflict, which disrupted oil exports from the Middle East and led to an effective closure of the Strait of Hormuz. The resulting scramble for alternative crude supplies led to an increase in long-haul trade flows, particularly from the Atlantic Basin to Asia, driving spot tanker rates to record high levels during March and April.

In the past few days, the US and Iran have announced a peace deal which includes a provision to reopen the Strait of Hormuz to vessel traffic. This could create renewed spot rate volatility in the near-term, though it will likely take several months for crude oil production and refinery operations in the Middle East to return to normal. Looking further ahead, the need to replenish oil inventories could provide a tailwind to tanker demand in the coming months and years.

On the fleet supply slide, 2026 is on track to be a record year for new tanker orders as cash-rich owners look towards the newbuild market for fleet renewal programs. As a result, the tanker orderbook has grown and now exceeds 25% of the existing fleet size. While the tanker orderbook appears large on the surface, these vessels are needed to replace the fleet of old tankers which are approaching the end of their trading lives, with the average age of the global tanker fleet at its highest point in 26 years.

Watch Christian Waldegrave‘s tanker market update for more.

Forward Looking Statements

This content contains forward-looking statements which reflect the Company’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. 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 spot market tanker rates; changes in the production of or demand for oil; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders or greater or less than expected level of tanker scrapping; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates and other factors discussed in Teekay Tankers’ filings from time to time with the United States Securities and Exchange Commission, including its most recent Annual Report on Form 20-F and subsequent Reports on Form 6-K for the quarterly periods ended thereafter. 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.

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And the Winners for this Quarter Are ….

Congratulations to the ships that are receiving an award this quarter! May all other vessels follow the example set by the winners for their hazard reporting.

Swipe through our photos of winning vessels who have reported the highest number of hazards in their teams

About the Hazard Reporting Awards

Teekay Tankers employs a cloud-based digital hazard reporting platform. The mobile-friendly platform is used by seafarers to report unsafe acts or unsafe conditions on board as they notice them. By identifying hazards early and often, we can intervene promptly and senior management is able to implement a corrective action outside of regular inspections on-board.

When hazards are reported, they enter our hazard database. This database recognizes and highlights trends. Identifying trends on board helps our vessels narrow their focus on specific areas to fix hazards before danger occurs. These trends are reported fleet-wide so all vessels can benefit from added foresight.

The number of hazards reported by every vessel is then reflected in our Vessel Balanced Scorecard – a digital dashboard that allows us to have a bird’s eye view of fleet safety. This data is essential to make our ships a safer place for our seafaring colleagues to live and work.

To continue encouraging our seafarers to report hazards as they notice them, we have gamified the reporting process. Our vessels are put into teams competing to report the most hazards every quarter. The winners are recognized publicly and awarded a prize.

Hazard reporting is a cornerstone of our achievements in safety and vetting and we are truly grateful to our dedicated seafarers for their participation in the hazard reporting process.

The post Safety Awards for Hazard Reporting Q1-2026 appeared first on Teekay.

Teekay recognizes that wellness encompasses all: movement, relationships, habits, mindfulness, and more. With this philosophy, wellness is celebrated, encouraged, and rewarded here in Teekay. 

Our colleagues have well rounded interests that keep them fuelled physically, mentally, and even spiritually. This positive attitude towards healthy habits have been shared across our teams that have defined our Teekay culture over time. From acts of kindness to ultimate races, our range of activities will always pique someone’s interest. 

In 2026 alone, we have seen monthly gatherings, mindful meals, runs, races, and volunteerism. Teekay not only celebrates these, but also rewards teams for spreading and strengthening our #TeekaySPIRIT. With the introduction of an online and interconnected app, tracking and logging our healthy activities have been made possible! 

Teams from different offices can band together to join fitness challenges, individuals looking for moments of solitude have access to numerous meditation libraries, and activities that are familiar to colleagues from different regions from yoga to kayaking are also included. 

By embracing a more holistic approach to wellness, Teekay teams all over the world will always have a reason to be a part of something good. 

See some of our healthy habits in the early part of 2026:

The post Wired for Wellness appeared first on Teekay.

Another year of recognition for Teekay as we receive the Chamber of Shipping of America’s prestigious Jones F. Devlin Safety Award, a long-standing symbol of excellence in maritime safety since 1968.

We are proud to receive this award that recognizes the dedication, professionalism, and commitment of our ship teams and shore teams combined, who work every day to ensure safe vessel operations across the industry.

Vessels qualify by achieving more than two consecutive years without a crewmember missing a full turn at watch due to an occupational injury, a testament to the strong Safety culture upheld onboard and ashore.

In Teekay, Safety remains at the heart of everything we do, and recognitions like the Jones F. Devlin Award reinforce our ongoing commitment to operational excellence and safe performance.

We extend our congratulations to our entire ship and shore team whose efforts continue to set the benchmark for Safety across our operations.

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On May 14, Teekay Corporation and Teekay Tankers released their Q1-2026 earnings results.

The Teekay Group posted strong financial results for the first quarter of 2026 as spot rates in the first quarter were among the highest ever recorded for this period, fueled by geopolitical tensions in Venezuela and Iran. The U.S. blockade and the effective closure of the Strait of Hormuz, an unprecedented event which has not directly impacted the operations of our vessels, continues to disrupt the oil and tanker markets and has propelled our second quarter of 2026 to-date tanker rates to new record levels.

While rates have decreased from the extreme highs in the beginning of the second quarter, we are still chartering vessels at strong rates. Our fleet renewal strategy remains on track, balancing acquisitions of modern tonnage with the sale of older ships.

In April 2026, Teekay Tankers agreed to purchase two Korean resale Suezmax tanker newbuildings for a total of $190 million with expected deliveries in 2027 and, in May 2026, sold one 2009-built Suezmax vessel for $53.5 million.

In total since the beginning of the year, we have now acquired or agreed to acquire five mid-size tankers and sold or agreed to sell four older vessels. These measured steps continue to modernize our fleet while maintaining significant operating leverage to the tanker market.

Shareholders are also set to benefit from strong returns. Teekay Corporation has declared a special cash dividend of $1.00 per common share, payable on June 2, 2026, to shareholders of record on May 26. Consistent with Teekay Tankers’ dividend policy, we declared a regular quarterly cash dividend of $0.25 per share for the quarter ended March 31, 2026, along with a special dividend of $1.00 per share. Together, this represents a combined dividend of $1.25 per common share, payable in June.

While the near‑term tanker market outlook remains difficult to predict and highly sensitive to geopolitical developments, Teekay is well positioned to generate free cash flow and continue renewing its fleet. Supported by low cash flow break‑even levels and significant investment capacity, we remain confident in our ability to navigate volatility and deliver long‑term value.

Below you will find the highlights from our earnings results. For detailed information, visit our Investor pages:$TK, and $TNK.

The post Recap: Teekay Group First Quarter 2026 Earnings Results appeared first on Teekay.

HAMILTON, Bermuda, May 13, 2026 (GLOBE NEWSWIRE) — Teekay Corporation Ltd. (Teekay or the Company) (NYSE:TK) today reported an update for the three months ended March 31, 2026. The update and Teekay Group’s earnings presentation are available on the Company’s website here.

In addition, the Company’s Board of Directors declared a special cash dividend in the amount of $1.00 per outstanding common share. This dividend is payable on June 2, 2026 to all Teekay shareholders of record on May 26, 2026.

About Teekay

Teekay is a leading provider of international crude oil marine transportation and marine services. Teekay provides these services through its controlling ownership interest in Teekay Tankers, a leading owner and operator of mid-sized crude tankers. Teekay Tankers has a fleet of 33 double-hull tankers (including 14 Suezmax tankers and 18 Aframax / LR2 tankers, and 1 VLCC) and has three time chartered-in tankers. In addition, Teekay Tankers manages and operates vessels for the Australian government and Australian energy companies as part of the marine services provided by Teekay Tankers and owns a ship-to-ship transfer business that performs full-service lightering and lightering support operations in the U.S. Gulf and Caribbean.

Teekay’s common stock is listed on the New York Stock Exchange where it trades under the symbol “TK”.

For Investor Relations
enquiries contact:

E-mail: investor.relations@teekay.com
Website: www.teekay.com

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HAMILTON, Bermuda, May 13, 2026 (GLOBE NEWSWIRE) — Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today reported the Company’s results for the three months ended March 31, 2026 and announced that its Board of Directors has declared its fixed quarterly cash dividend of $0.25 per share for the quarter ended March 31, 2025. In addition, the Board of Directors has declared a special cash dividend of $1.00 per share. The cash dividends are payable on June 2, 2026 to all shareholders of record as at May 26, 2026.

The full earnings release and Teekay Group’s earnings presentation are available on the Company’s website here.

About Teekay Tankers

Teekay Tankers has a fleet of 33 double-hull tankers (including 14 Suezmax tankers, 18 Aframax / LR2 tankers, and 1 VLCC tanker), and also has three time chartered-in oil and product tankers. Teekay Tankers’ vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time charter contracts. In addition, Teekay Tankers manages and operates vessels for the Australian Government and Australian energy companies as part of the marine services provided by the Company and owns a ship-to-ship transfer business that performs full service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation Ltd.

Teekay Tankers’ Class A common shares trade on the New York Stock Exchange under the symbol “TNK.”

For Investor Relations
enquiries contact:

E-mail: investor.relations@teekay.com
Website: www.teekay.com

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3 packed days of bringing back and reinforcing what makes us successful here in Teekay

It is difficult to summarize such a memorable event but here is a glimpse of what we shared in our latest Senior Officers Conference:

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In recognition of International Women’s Day, we are reminded that giving is an intentional multiplication.

Across our global offices, teams celebrated in their own unique ways, creating moments of connection, appreciation, and reflection. Vancouver supported a local women’s shelter through a donation drive, Mumbai shared treats and words of encouragement, Singapore connected through arts, crafts, and physical challenges, Bermuda took to the outdoors, London focused on wellbeing, and Manila gathered for wellness talks, coffee, and thoughtful notes of appreciation.

Whether through shared meals, creative activities, or simply taking time to connect, the day offered a meaningful pause to honour the women who shape our teams and our industry. Together, we’re proving that when we give, we gain – as individuals, as teams, and as a global community.

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And the Winners for this Quarter Are ….

Congratulations to the ships that are receiving an award this quarter! May all other vessels follow the example set by the winners for their hazard reporting.

Swipe through our photos of winning vessels who have reported the highest number of hazards in their teams

About the Hazard Reporting Awards

Teekay Tankers employs a cloud-based digital hazard reporting platform. The mobile-friendly platform is used by seafarers to report unsafe acts or unsafe conditions on board as they notice them. By identifying hazards early and often, we can intervene promptly and senior management is able to implement a corrective action outside of regular inspections on-board.

When hazards are reported, they enter our hazard database. This database recognizes and highlights trends. Identifying trends on board helps our vessels narrow their focus on specific areas to fix hazards before danger occurs. These trends are reported fleet-wide so all vessels can benefit from added foresight.

The number of hazards reported by every vessel is then reflected in our Vessel Balanced Scorecard – a digital dashboard that allows us to have a bird’s eye view of fleet safety. This data is essential to make our ships a safer place for our seafaring colleagues to live and work.

To continue encouraging our seafarers to report hazards as they notice them, we have gamified the reporting process. Our vessels are put into teams competing to report the most hazards every quarter. The winners are recognized publicly and awarded a prize.

Hazard reporting is a cornerstone of our achievements in safety and vetting and we are truly grateful to our dedicated seafarers for their participation in the hazard reporting process.

The post Safety Awards for Hazard Reporting Q4-2025 appeared first on Teekay.

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“On behalf of the vessel, we are truly proud of Chief Cook Raffy M. Estilo for this well-deserved recognition. His dedication, creativity, and passion in the galley are clearly reflected in his winning dish, “A Holiday Platter Like No Other.” Achievements like these greatly uplift crew morale and contribute to a positive onboard environment, especially during the festive season.”

We are delighted to announce the winner of MCTC’s Cooking Competition 2025. The theme was “Festive Centrepiece” and we are thrilled to congratulate Chief Cook Raffy M. Estilo onboard Blackcomb Spirit for his dish aptly entitled “A Holiday Platter Like No Other”

With a creative centerpiece made of vegetables jutting out of the table spread, MCTC was truly impressed and will be awarding Chief Cook Raffy with a prize in recognition of his achievement.

Here’s a proud message from Captain Mohit Makhija:

“We sincerely appreciate MCTC’s continued support and recognition of our galley crew’s efforts. Congratulations as well to all participants for their enthusiasm and we look forward to participating in future competitions and continuing to showcase the talents onboard.”

Chief Cook Raffy also shares with us his table inspiration:

“In the maritime world, a holiday party is a rare moment of connection. For our recent festivities, we decided to celebrate Christmas and New Year together. My “sous chef”,  Messman Jamaico Almazan and I wanted to create something that elevated the standard buffet. The result was “A Holiday Platter Like No Other,” a culinary centerpiece designed to represent the soul of our crew.

At first glance, the platter is a vibrant collection of the seafood dishes our officers and crew crave most. While these dishes are often served individually, bringing them together in a single, grand display symbolizes our unity as a family at sea.

The arrangement is inspired by the feathered tail of a peacock, an ancient symbol of prosperity, the very thing every seafarer dreams of providing for their loved ones back home.

The centerpiece also features a unique, hand-carved figure that serves as the “head and body” of the display. It is intentionally abstract: Is it a dragonfly? A bird? A dragon? A snake? Much like the crew of the Blackcomb Spirit, its identity is complex. We come from different cultures, speak different languages, and represent many nationalities. Just as the sculpture merges various forms into one striking figure, we merge our diverse lives into one mission.

This platter was about honoring the spirit of the seafarer. It stands as a reminder that no matter how far we sail or how different our backgrounds may be, on this ship, we are one family moving toward a shared dream of prosperity.”

With a very supportive team like this, who knows what else one can win!

Enjoy the mouth-watering photos of some of the submitted entries: 

The post Bringing Art to the Table appeared first on Teekay.

On February 18, Teekay Corporation and Teekay Tankers released Q4-2025 and annual 2025 earnings results.

Teekay Group closed out 2025 on a high note, reporting solid consolidated adjusted profit supported by a robust tanker market. Mid‑sized spot tanker rates in Q4 2025 reached their second‑highest level in 15 years, driven by near‑record seaborne crude oil volumes and growing trade inefficiencies caused by sanctions and broader geopolitical factors.

This momentum has carried into early 2026, with spot rates remaining firm amid tighter sanctions enforcement, seasonal factors, and added volatility following recent U.S. actions in Venezuela. With significant exposure to the spot market, Teekay Tankers is well positioned to benefit from these conditions.

Teekay Tankers also continued to advance its fleet renewal efforts. Since October 2025, the company has acquired three 2016‑built Aframax tankers for $141.5 million. These vessels are currently on short bareboat charters back to the seller and will transition to full commercial and technical management upon redelivery in Q2–Q3 2026.

At the same time, the company has sold or agreed to sell two older Suezmaxes and its only VLCC, generating $157.5 million in gross proceeds. These transactions have helped lower the fleet’s average age and strengthen its overall profile while maintaining strong exposure to the spot market.

With low cash flow break‑even levels, an integrated operating platform, and strong balance sheet, we are well positioned to continue generating solid free cash flow, progress our fleet renewal plans, return capital to shareholders, and benefit from supportive tanker market fundamentals.

Below you will find the highlights from our earnings results. For detailed information, visit our Investor pages:$TK, $TNK. 

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At Teekay, we believe that every great voyage begins with a spark and the curiosity, courage, and passion of young minds, ready to shape the maritime world.

Teekay is proud to support the MaritimeOne Singapore Scholarship Programme, led by the Singapore Maritime Foundation (SMF), a meaningful initiative that raises awareness about the maritime industry and also helps nurture the next generation of maritime leaders. 

As part of the programme, Mohd Ilham, a second-year Diploma in Nautical Studies student, has embarked on his 12-month seafarer training with Teekay. He shared that his experience has been eye-opening and encouraging, “This is my first experience sailing on a merchant vessel, crossing oceans, adapting to new climates, and learning the ship’s operations. Seafaring has taught me invaluable skills, and I’m eager to keep growing within the maritime industry.”

Deck Cadet Mohd Ilham also shared that he received plenty of learning opportunities onboard, such as stripping, educting, and understanding the pipelines in the cargo control room with close supervision by his seniors. With this opportunity, he has seen busy ports in different parts of the world for this first time, which was very exciting for him.

Of course, he still finds time for fun onboard. As per Mohd Ilham, “All of the crew and officers are friendly. Going to the gym with OS Lester Miole has been my favorite pastime and on deck, I get to learn a lot from his experience.“

Teekay will always continue to cultivate young talents for the growth of the maritime industry, not just in Singapore, but all over the world. We wish Deck Cadet Modh Ilham the very best in his first ever maritime experience!

Here are some photos of his experience:

The post Supporting the Future of Maritime Excellence appeared first on Teekay.

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Marking a great experience for learning and connecting at sea and ashore.

Our Market Research Analyst, Veraaj Kapoor had the unique opportunity to work in the Singapore Office and to visit the Singapore Spirit in the same week. Find out how he spent his week of learning in his own words: 

“It was a truly remarkable experience visiting the largest vessel in our fleet and I am especially grateful for my Safe embarkation. 

It was fantastic meeting the crew, who have done an incredible job keeping the vessel in top condition. The deck was spotless and bright, and more importantly, the camaraderie and Teamwork onboard were on full display. It was a great reflection of our SPIRIT values, thanks to Captain Arjun Kumar and his crew.

I would also like to extend a special thank you to:

Additional Master Vikesh Jaydev Suvarna for a comprehensive walkthrough of the deck and its various functions. Seeing the massive piping systems, how cargo is loaded onto the vessel, and the extensive Safety measures and backups in place were genuinely fascinating.

Chief Engineer Sakshat Toraskar for the engine room tour. It was great to look at the machinery, especially the propeller shaft, up close as well the control room.

Chief Cook Alemao Jawaharlal and his team for preparing a great meal ahead of the tour, which was much appreciated.

Bosun Avinash Dudhmal and his team who impressed me as I witnessed them take vessel security so seriously, maintaining close control and thoroughly registering who came on and off board throughout the visit.

Overall, Captain Arjun and crew were extremely welcoming and made the visit a valuable and memorable learning experience.

I would also like to highlight the week I spent in the Singapore office, where I learned a great deal and deepened my understanding of our business and operations. I am grateful for our colleagues for sharing insights into commercial operations, fuel efficiency, vetting, and an overall feel of our Technical operations. Most especially, I am grateful to them for making me feel so welcome. “

Engaging with different departments is definitely one of the many ways we continue our learning and strengthen our Teamwork in Teekay.  

The post Singapore Spirit in Singapore appeared first on Teekay.

Capital Link Releases its 2025 Shipping Sectors Webinar Highlights Booklet

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Another testament to the commitment and hard work of everyone onboard and ashore.

Each year, the United States maritime industry publicly recognizes the merchant mariners responsible for safe vessel operations through the Chamber of Shipping of America‘s Annual Safety Awards.

This year, Teekay proudly accepted the Environmental Achievement Awards for thirty-two vessels, a recognition of our crews’ dedication to protecting and preserving our marine environment.

A heartfelt congratulations to all our teams!
These awards reflect the unwavering dedication and professionalism you bring to upholding the highest standards across our operations.

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From sea to shore, happy holidays from all our Teekay family!

The post Holiday Spirit at Teekay 2025 appeared first on Teekay.

Australian High Commissioner, Susannah Hodson, said the visit underscored the importance of preparedness and partnership. “Partnership is our greatest strength in times of need.“

The ADV Reliant made a three-day pit stop in Rarotonga, Cook Islands to showcase specialist gear, deliver handy training sessions, and reinforce Australia’s ongoing promise to help keep Pacific waters safe.

Here are the key activities that Teekay supported during the successful visit that continues to build long-lasting partnership with our friends in the Pacific.

Capacity Building

During the visit, the ship welcomed special guests onboard, including Cook Islands Prime Minister, the Hon Mark Brown and the Australian and New Zealand High Commissioners. They joined the guided tours displaying Reliant’s disaster relief, health support, and search-and-rescue capabilities.

Equipment Delivery 

ADV Reliant delivered essential equipment to the Cook Islands Police Service (as Minister of Police) to support their maritime security efforts, including maintenance for their patrol boat – a gesture that Safety and Security is a priority for all. 

Maritime Training

Our dependable ADV Reliant crew, alongside Australian Defence personnel, ran maritime-focused first aid training for a mix of government agencies, helping local responders sharpen their skills for sea-based medical emergencies. Participants included a broad selection of Cook Islands maritime and emergency professionals, including representatives from Rarotonga Hospital, Police and Fire services, NGO’s, various government agencies, Te Puna Marama Voyaging Foundation, and Ports and Airports Authorities, as well as other organisations involved in marine rescue and support operations.

Strengthening Partnerships 

Australian High Commissioner, Susannah Hodson, said the visit underscored the importance of preparedness and partnership. “Partnership is our greatest strength in times of need. If natural disasters strike in the Pacific, Australia, New Zealand, our wider Pacific family stand shoulder to shoulder to protect lives and rebuild communities. ADV Reliant’s visit is a testament to that commitment.” Hodson also praised the crew’s contribution to regional capability, saying: “From delivering essential equipment to providing specialised training, their work ensures our Pacific partners have the tools and expertise they need to respond to challenges at sea and on land.”

We salute the men and women of ADV Reliant for making this possible and we are proud of our integral role in supporting these operations. Here are some photos from this meaningful exercise:

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