Teekay Tankers (NYSE: TNK) reported record quarterly adjusted earnings in Q2 2026, driven by historic highs in spot tanker rates. The company generated a GAAP net income of $226 million, or $6.49 per share, and an adjusted net income of $194 million, or $5.56 per share. This marked a 50% increase over the previous quarter and surpassed the company’s previous record set in Q1 2023. Teekay ended the quarter with over $1.2 billion in cash and no debt.
The Suezmax fleet earned average spot rates of $109,200 per day, while the Aframax/LR2 fleet earned $74,100 per day. The company generated around $200 million in free cash flow during the quarter, noting a breakeven free cash flow level of approximately $9,700 per day. For Q3, Teekay has already secured rates of $104,800 for its Suezmax fleet and $59,900 for its Aframax/LR2 fleet, with about 44% of spot days booked.
Teekay Tankers has been actively renewing its fleet, acquiring two new Suezmax vessels for $190 million, expected for delivery in 2027. The company has sold nine older vessels for a total of $369.5 million over the past year, contributing to combined gains of $125 million. Geopolitical disruptions have added volatility to global oil markets, but management remains optimistic that inventory restocking could further support future tanker demand.
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