Teekay Tankers Reports Q4 and Full Year 2024 Results, Declares Cash Dividend
HAMILTON, Bermuda, Feb. 19, 2025 – Teekay Tankers Ltd. (Teekay Tankers or the Company), a leading international marine oil tanker company, reported its financial results for the quarter and year ended December 31, 2024. The Company also announced that its Board of Directors has declared a cash dividend of $0.25 per share for the quarter ended December 31, 2024.
Financial Performance
Teekay Tankers reported a net loss of $21.8 million for the quarter ended December 31, 2024, compared to a net income of $11.3 million in the same period in 2023. For the full year 2024, the Company reported a net loss of $132.1 million, compared to a net income of $49.3 million in 2023. The decrease in net income was primarily due to lower average daily time charter rates and higher operating expenses.
Dividend Information
The cash dividend is payable on March 14, 2025, to all shareholders of record as at March 3, 2025. The dividend yield for Teekay Tankers, based on the current stock price, is approximately 3.3%.
Impact on Shareholders
The declaration of a cash dividend by Teekay Tankers is positive news for the Company’s shareholders. The dividend provides a regular source of income and demonstrates the Company’s commitment to returning value to its shareholders. The dividend yield of 3.3% is attractive in the current low-interest-rate environment.
Impact on the World
The financial performance and dividend declaration by Teekay Tankers are not expected to have a significant impact on the world as a whole. However, the Company’s results are an indication of the challenges facing the oil tanker industry, which is subject to fluctuating demand, supply, and pricing dynamics. The industry’s performance can have ripple effects on the global economy, particularly on countries that are heavily reliant on oil exports.
Conclusion
Teekay Tankers reported a net loss for the quarter and year ended December 31, 2024, and declared a cash dividend of $0.25 per share for the quarter. The dividend yield of 3.3% is attractive, and the declaration demonstrates the Company’s commitment to returning value to its shareholders. The financial performance and dividend declaration are not expected to have a significant impact on the world as a whole, but they are an indication of the challenges facing the oil tanker industry.
- Teekay Tankers reported a net loss of $21.8 million for the quarter ended December 31, 2024.
- The Company reported a net loss of $132.1 million for the full year 2024.
- Teekay Tankers declared a cash dividend of $0.25 per share for the quarter ended December 31, 2024, payable on March 14, 2025.
- The dividend yield for Teekay Tankers is approximately 3.3%.
- The financial performance and dividend declaration are not expected to have a significant impact on the world as a whole.
