Teekay Tankers Ltd.
NYSE : TNK

Teekay Tankers Ltd.

May 16, 2012 16:01 ET

Teekay Tankers Ltd. Declares Dividend

HAMILTON, BERMUDA--(Marketwire - May 16, 2012) - Teekay Tankers Ltd. (NYSE:TNK) today announced that its Board of Directors has voted to declare a cash dividend of $0.16 per share for the quarter ended March 31, 2012. The cash dividend is payable on June 5, 2012 to all shareholders of record on May 29, 2012.

About Teekay Tankers Ltd.

Teekay Tankers currently owns a fleet of nine double-hull Aframax tankers, six double-hull Suezmax tankers, and charters in one additional Aframax tanker, all of which 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 newbuilding, through a 50 percent joint venture which is scheduled to deliver in April 2013. In addition, Teekay Tankers recently agreed to acquire a fleet of 13 crude oil and product tankers from Teekay Corporation, which is expected to be completed in June 2012. Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business. Since inception, Teekay Tankers has distributed on a quarterly basis all of its Cash Available for Distribution, less scheduled principal payments related to the Company's debt facilities and reserves for estimated dry docking costs and other reserves established by its Board of Directors.

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

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