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Analogy 1: Think of them as the UPS or FedEx of the high seas, but for crude oil and refined fuels.

Analogy 2: They're essentially a floating pipeline company, moving crude oil and refined products around the world using giant ships.

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• Voyage Charter Services: Provides marine transportation of commodities for a single trip.
• Time Charter Services: Leases its vessels for a specified period to customers for their use.
• Offshore Ship-to-Ship Transfer Services: Facilitates the transfer of commodities, such as crude oil and refined products, between vessels at sea.
• Tanker Commercial Management Services: Offers expertise in the commercial operation and optimization of tanker vessels.
• Tanker Technical Management Services: Provides comprehensive technical support and maintenance for tanker fleets.

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• Oil Majors: Large, integrated international oil and gas companies that require global transportation of crude oil and refined products. Examples of such companies include ExxonMobil (XOM), Shell (SHEL), BP (BP), and Chevron (CVX).
• National Oil Companies (NOCs): State-owned enterprises responsible for oil and gas production and export in their respective countries. An example is Saudi Aramco (2222.SA).
• Commodity Trading Houses: Global firms specializing in the trade and transport of physical crude oil, refined products, and other liquid commodities on a global scale. Examples include Vitol, Trafigura, and Glencore (GLEN.L).

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Kenneth Hvid, President & Chief Executive Officer

Kenneth Hvid was appointed President and Chief Executive Officer of Teekay Tankers Ltd. in August 2024. He also serves as the President and Chief Executive Officer and a director of Teekay Corporation Ltd. Mr. Hvid joined Teekay Corporation Ltd. in 2000, progressing through roles such as Senior Vice President of Teekay Gas Services (2004) and President of the Teekay Navion Shuttle Tankers and Offshore division (2006). He served as Teekay Corporation Ltd.'s Chief Strategy Officer and Executive Vice President from 2011 to 2015, and as President and Chief Executive Officer of Teekay Offshore Group Ltd. from 2015 to 2016. He has over 35 years of global shipping experience, including 12 years with A.P. Moller in Copenhagen, San Francisco, and Hong Kong. Mr. Hvid has served on the board of Gard P. & I. (Bermuda) Ltd. since 2007.

Brody Speers, Chief Financial Officer

Brody Speers was appointed Chief Financial Officer of Teekay Tankers Ltd. and Teekay Corporation Ltd. in August 2024. He joined Teekay in 2008. Prior to his current role, he held several senior financial positions, including Vice President, Finance of Teekay Corporation Ltd. since 2018 and Treasurer of Teekay Corporation Ltd. since 2022. Mr. Speers also served as Chief Financial Officer of Teekay Gas Group Ltd. (now known as Seapeak LLC) in 2017 and 2018. Before joining Teekay, he worked as a Chartered Professional Accountant for an accounting firm in Vancouver, Canada.

Mikkel Seidelin, Chief Commercial Officer

Mikkel Seidelin was appointed Chief Commercial Officer of Teekay Tankers Ltd. in August 2024, having previously served as its Head of Chartering & Commercial Operations since 2023. He joined Teekay in 2003 and has worked in various commercial functions globally, including as Pool Manager for Taurus Tankers (LR2) and as Chartering Director for Teekay Tankers Ltd.'s Suezmax business. Mr. Seidelin holds an Executive MBA from INSEAD.

Rohit Kapoor, Head of Ship Management

Rohit Kapoor was appointed Head of Ship Management in 2020. He leads the Teekay Tankers Ship Management team, bringing over 33 years of experience in oil tanker operations, including sailing as a Master. Since 2013, he has held key leadership positions within Teekay Tankers, overseeing fleets, operations, and Health, Safety, Environment, and Quality (HSEQ). Mr. Kapoor is a member of the ABS, DNV, and LR technical committees.

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The key risks to Teekay Tankers' business operations are primarily linked to the cyclical nature of the tanker industry, the age of its fleet, and geopolitical instability.

1. Volatility in Spot Tanker Rates and Oil Demand: Teekay Tankers' financial performance is highly sensitive to the highly cyclical and volatile spot tanker market, with a significant portion of its revenues derived from spot trading. Fluctuations in global oil demand and supply, changes in trading patterns, and overall tanker utilization directly impact charter rates, leading to unpredictable revenue and profitability. For instance, decreasing tanker spot day rates significantly impacted revenues in Q2 2024.
2. Aging Fleet and Fleet Renewal Needs: A substantial portion of Teekay Tankers' fleet, with some sources indicating 50% or even 65% of vessels being 15 years or older, presents a significant risk. An aging fleet can lead to increased maintenance costs and substantial future capital expenditures for vessel renewals. The limited number of new tanker deliveries expected in the coming years due to constrained shipyard capacity could further complicate timely and cost-effective fleet modernization.
3. Geopolitical Risks: Teekay Tankers operates in a global environment susceptible to geopolitical tensions, which can severely impact its operations and market dynamics. Conflicts, such as those in the Middle East, piracy, sanctions, and attacks on vessels (e.g., in the Red Sea), can increase operational costs, disrupt trade routes, create inefficiencies, and ultimately affect tanker demand and freight rates.

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Clear Emerging Threats for Teekay Tankers (TNK):

1. Accelerated Global Energy Transition and Declining Demand for Fossil Fuels: The intensifying global shift away from fossil fuels towards renewable energy sources and electrification poses a significant long-term threat to the demand for crude oil and refined petroleum products, which constitute Teekay Tankers' primary cargo. As global oil consumption potentially peaks and enters a sustained decline, the fundamental need for oil tanker services will diminish, leading to potential overcapacity in the shipping market and sustained downward pressure on freight rates and asset values. This trend is driven by government policies, technological advancements, and increasing corporate and consumer adoption of cleaner energy alternatives.

2. Increasingly Stringent Decarbonization Regulations and Environmental Standards for Shipping: The maritime industry faces escalating regulatory pressure from international bodies like the International Maritime Organization (IMO) and regional authorities (e.g., the European Union's Emissions Trading System for shipping). These regulations aim to significantly reduce greenhouse gas emissions and pollution from ships. Compliance will require substantial capital investments in new, more environmentally friendly vessels, retrofitting existing fleets with emission reduction technologies, or adopting alternative, low-carbon fuels. Teekay Tankers' current fleet of conventional oil tankers may become less competitive, incur higher operating costs (such as carbon taxes), or face premature obsolescence if not strategically adapted to these evolving environmental standards, creating significant financial and operational challenges.

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The addressable markets for Teekay Tankers' main products and services are as follows:

• Crude Oil Tanker Market: The global crude oil carriers market size was valued at approximately USD 257.37 billion in 2024 and is projected to reach nearly USD 357.68 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.2% from 2025 to 2032. This market is driven by the continuous demand for crude oil transportation due to its essential role in global energy supply chains.
• Offshore Ship-to-Ship Transfer Services Market: The global ship-to-ship transfer service market size is expected to be worth around USD 1.4 billion in 2024 and is projected to reach USD 2.5 billion by 2034, growing at a CAGR of 5.9% during the forecast period from 2025 to 2034. Crude oil is the leading application segment within this market, holding a 51.4% share in 2024.
• Refined Oil Products Marine Transportation Services: Null
• Tanker Commercial and Technical Management Services: Null

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Teekay Tankers (TNK) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Robust Tanker Market Conditions and Sustained Strong Spot Rates: The company anticipates continued strength in tanker spot rates, as evidenced by strong bookings for Suezmax and Aframax/LR2 vessels in recent and upcoming quarters. This favorable rate environment is supported by high seaborne oil trade, which increases demand for tanker services, and ongoing sanctions that lead to longer voyages and a shift of cargo from non-compliant vessels to the regulated fleet, thereby tightening vessel supply and boosting rates.
2. Global Oil Demand Growth and Increased Oil Supply from Key Regions: Projections indicate an increase in global oil demand in 2026, consistent with levels seen in 2024 and 2025. This demand may be further supported by strategic oil stockpiling, particularly in China. Additionally, an expected increase in crude oil supply from non-OPEC countries, notably in the Atlantic Basin, and the commencement of exports from the expanded Trans Mountain Pipeline are anticipated to enhance tanker demand and support freight rates. Potential increases in Venezuelan oil exports are also identified as a factor that could create additional Aframax demand.
3. Fleet Renewal and Modernization Strategy: Teekay Tankers is actively pursuing a fleet renewal strategy, involving the acquisition of modern, eco-design vessels and the selective sale of older ships. This initiative aims to enhance the operational efficiency of its fleet, maintain competitiveness, and potentially command higher charter rates, contributing to future revenue streams.

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Share Repurchases

• Teekay Tankers returned significant capital to shareholders, including $144 million through share buybacks and a special cash dividend since early August 2024.

Share Issuance

• The number of Teekay Tankers' outstanding shares increased slightly by 0.20% in one year as of March 2026.
• The company's shares outstanding grew from 33.89 million in 2021 to 34.66 million in 2025.

Inbound Investments

• American Century Companies Inc. increased its stake in Teekay Tankers by 6.7% during the third quarter of 2025, owning 1,077,363 shares valued at approximately $54.5 million.
• Several other institutional investors, including State of Alaska Department of Revenue, Global Retirement Partners LLC, Quantbot Technologies LP, Osaic Holdings Inc., and State of Wyoming, purchased or increased their holdings in Teekay Tankers during 2025.

Outbound Investments

• Since mid-September 2025, Teekay Tankers sold all of its 2.05 million common shares of Ardmore Shipping Corporation, generating total proceeds of $26.3 million.

Capital Expenditures

• In 2025, Teekay Tankers acquired six modern vessels for $300 million and sold fourteen older vessels for $500 million as part of its fleet renewal strategy.
• In January 2026, the company acquired three 2016-built Aframax tankers for $141.5 million.
• Capital expenditures for Teekay Tankers were reported as -$152 million in 2025 and -$193.25 million in the last 12 months as of March 2026, which indicates that proceeds from vessel sales exceeded acquisition costs during these periods.