Teekay Tankers Ltd.

Teekay Tankers Ltd.

April 04, 2014 16:30 ET

Teekay Tankers Ltd. Declares Dividend and Assumes Ownership of Two VLCC Tankers

HAMILTON, BERMUDA--(Marketwired - April 4, 2014) - Teekay Tankers Ltd. (Teekay Tankers) (NYSE:TNK) today announced that its Board of Directors has declared a cash dividend of $0.03 per share for the quarter ended March 31, 2014. The cash dividend is payable on April 30, 2014 to all shareholders of record on April 17, 2014.

In addition, in late-March 2014 Teekay Tankers exercised its rights under the security documentation to realize the amounts owed under the Company's investment in term loans and assumed full ownership of two 2010-built Very Large Crude Carrier (VLCC) vessels, which previously secured the investment in term loans.

About Teekay Tankers Ltd.

Teekay Tankers currently owns a fleet of 29 double-hull vessels, including 11 Aframax tankers, 10 Suezmax tankers, two VLCC tankers, three Long Range 2 (LR2) product tankers, three Medium-Range (MR) product tankers and has one time-chartered in Aframax tanker, which vessels an affiliate of Teekay Corporation (NYSE:TK) manages through a mix of short- or medium-term fixed-rate time-charter contracts and spot tanker market trading. The Company also owns a VLCC through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a minority interest in Tanker Investments Ltd. (OSLO:TIL). Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.

Teekay Tankers' common stock trades on the New York Stock Exchange under the symbol "TNK".

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