TNK is experiencing a windfall from the Strait of Hormuz closure driving spot tanker rates to all-time highs. With Q2-to-date Suezmax rates at $121,800/day (nearly double Q1's $62,124/day) and 60% of spot days already fixed, Q2 earnings are likely to substantially exceed Q1. The $1.00 special dividend signals management's confidence in sustained cash generation. Monitor the geopolitical situation in the Middle East for rate sustainability — any resolution reopening the Strait would likely cause a sharp rate normalization.
Price Chart
Executive Summary
Teekay Tankers reported Q1 2026 results with GAAP net income of $153.6M ($4.42/share), up from $76.0M ($2.20/share) YoY, driven by record-high spot tanker rates amid the Strait of Hormuz closure. Q2-to-date spot rates have surged to all-time highs (Suezmax $121,800/day, Aframax/LR2 $98,000/day), and the company declared a combined $1.25/share dividend including a $1.00 special dividend.
Key Facts
- Q1 2026 GAAP net income of $153.6M vs $76.0M in Q1 2025, up 102% YoY
- Q1 2026 total revenues of $286.1M vs $231.6M in Q1 2025, up 23.5% YoY
- Q1 2026 adjusted net income of $128.3M ($3.69/share) vs $41.8M ($1.21/share) in Q1 2025
- Q1 2026 Suezmax spot TCE of $62,124/day vs $26,765/day in Q1 2025, up 132%
- Q1 2026 Aframax/LR2 spot TCE of $59,934/day vs $27,846/day in Q1 2025, up 115%
- Q2 2026 to-date spot rates at record levels: Suezmax $121,800/day (60% fixed), Aframax/LR2 $98,000/day (53% fixed)
- Declared combined dividend of $1.25/share ($0.25 regular + $1.00 special), payable June 2026
- Total liquidity of $1.2B as of March 31, 2026, including $722M cash and $274M short-term investments
- Acquired three Aframax tankers for $141.5M in Q1; agreed to purchase two Suezmax newbuildings for $190M in April 2026
- Sold two Suezmax tankers for $73M in Q1 with $22.7M gains; sold another for $53.5M in May 2026
Financial Impact
Q1 2026 net income of $153.6M represents a $77.5M increase YoY; Q2-to-date spot rates are approximately 2x Q1 levels, implying potential for significantly higher Q2 earnings
Risk Factors
- Geopolitical resolution reopening the Strait of Hormuz would collapse spot rates from current record levels
- Q2-to-date rates have already declined from early-Q2 extremes; further softening would reduce forward earnings
- Fleet renewal capex ($190M in newbuildings) and vessel sales reduce operating leverage to the spot market
- Oil supply disruption of ~10M barrels/day could eventually reduce tanker demand if sustained
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001419945-26-000016 |
| Document: 0001419945-26-000016-index-headers.html | 0001419945-26-000016 |
| Document: 0001419945-26-000016-index.html | 0001419945-26-000016 |
| Document: 0001419945-26-000016.txt | 0001419945-26-000016 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | Insider Cluster | $90.82 $100.82 | ▲ +11.01% | ▲ +12.96% | $101.01 (+11.22%) |
Aug 19, 2026 6w ago | Insider Cluster | $90.82 $100.82 | ▲ +11.01% | ▲ +12.96% | $101.01 (+11.22%) |
Aug 19, 2026 6w ago | Insider Cluster | $90.82 $100.82 | ▲ +11.01% | ▲ +12.96% | $101.01 (+11.22%) |
May 15, 2026 20w ago | 6-K | $75.94 $75.40 | ▼ −0.71% | ▼ −2.83% | $101.01 (+33.01%) |
May 13, 2026 20w ago | 6-K | $76.09 $75.40 | ▼ −0.90% | ▼ −0.05% | $101.01 (+32.75%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access