Document

6-K 1 tnk6-kq3x25.htm 6-K Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________________________________________

FORM 6-K

___________________________________________________________

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

Commission file number 1-33867

___________________________________________________________

TEEKAY TANKERS LTD.

(Exact name of Registrant as specified in its charter)

___________________________________________________________

2nd Floor, Swan Building, 26 Victoria Street, Hamilton, HM 12, Bermuda

(Address of principal executive office)

___________________________________________________________

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý Form 40-F ¨

Table of Contents

TEEKAY TANKERS LTD.

REPORT ON FORM 6-K FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

INDEX


PART I: FINANCIAL INFORMATION		PAGE

Item 1.	Financial Statements
	Unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2025 and 2024	1
	Unaudited Consolidated Balance Sheets as at September 30, 2025 and December 31, 2024	2
	Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	3
	Unaudited Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2025 and 2024	4
	Notes to the Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
PART II: OTHER INFORMATION		35
SIGNATURES		36

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

TEEKAY TANKERS LTD. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (notes 1 and 3)

(in thousands of U.S. Dollars, except share and per share amounts)


	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
	$	$	$	$

Voyage charter revenues (note 4)	189,163	231,665	568,509	848,580
Time-charter revenues (note 4)	2,085	8,184	12,949	18,355

Other revenues (note 4)	37,775	34,589	112,070	104,050
Total revenues	229,023	274,438	693,528	970,985

Voyage expenses	(82,708)	(93,984)	(248,213)	(310,612)
Vessel operating expenses	(61,031)	(66,643)	(182,698)	(195,383)
Charter hire expenses (note 10)	(9,690)	(18,465)	(35,717)	(57,651)
Depreciation and amortization	(20,932)	(23,445)	(65,116)	(69,136)
General and administrative expenses	(11,146)	(10,481)	(35,363)	(36,870)
Gain on sale and write-down of assets (note 14)	25,890	—	77,948	11,601
Restructuring charges (note 15)	—	(5,632)	(5,568)	(5,632)
Income from operations	69,406	55,788	198,801	307,302

Interest expense	(789)	(828)	(2,339)	(6,674)
Interest income	7,569	6,137	20,994	17,887

Equity income (loss) and gain on distribution from equity-accounted investment (note 6)	8,728	(121)	9,617	2,152
Other income (note 16)	4,834	1,014	419	2,278
Net income before income tax	89,748	61,990	227,492	322,945
Income tax recovery (expense) (note 17)	2,331	(457)	3,233	(1,399)
Net income	92,079	61,533	230,725	321,546


Per common share amounts (note 18)
- Basic earnings per share	$2.66	$1.78	$6.67	$9.35
- Diluted earnings per share	$2.64	$1.77	$6.64	$9.26
- Cash dividends declared	$0.25	$0.25	$1.75	$2.75

Weighted-average number of Class A and Class B common shares outstanding (note 18)
- Basic	34,669,842	34,496,757	34,578,409	34,381,247
- Diluted	34,831,261	34,765,008	34,746,394	34,706,817

Related party transactions (note 13)

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS (notes 1 and 3)

(in thousands of U.S. Dollars)


	As at	As at
	September 30, 2025	December 31, 2024
	$	$
ASSETS
Current
Cash and cash equivalents	764,670	511,888
Short-term investments (notes 1 and 11)	10,000	—
Restricted cash – current (note 19)	804	3,673
Marketable securities (notes 11 and 16)	22,303	22,442
Accounts receivable, net of allowance of $4.5 million (2024 - $5.3 million)	68,345	82,440
Assets held for sale (notes 14 and 21)	39,782	—
Due from affiliates (note 13)	260	5,230
Bunker and lube oil inventory	36,139	45,990
Prepaid expenses	12,989	12,800

Accrued revenue	48,710	57,605
Other current assets (note 7)	9,115	5,873
Total current assets	1,013,117	747,941

Vessels and equipment
At cost, less accumulated depreciation of $501.6 million (2024 - $570.9 million) (notes 9 and 14)	1,041,105	1,132,109

Operating lease right-of-use assets (notes 10 and 14)	34,914	52,162
Total vessels and equipment	1,076,019	1,184,271
Investment in and advances to equity-accounted joint venture (note 6)	—	15,998


Goodwill, intangibles and other non-current assets (note 7)	24,100	25,758

Total assets	2,113,236	1,973,968
LIABILITIES AND EQUITY
Current
Accounts payable	19,124	25,550
Accrued liabilities (note 8)	77,916	75,668




Current portion of operating lease liabilities (note 10)	15,118	24,875
Due to affiliates (note 13)	31	152
Other current liabilities	3,153	5,797
Total current liabilities	115,342	132,042


Long-term operating lease liabilities (note 10)	20,183	28,716

Other long-term liabilities (note 8)	46,401	56,660
Total liabilities	181,926	217,418
Commitments and contingencies (notes 9, 10, 11 and 20)
Equity
Common shares and additional paid-in capital (585.0 million shares authorized, 29.9 million Class A and 4.6 million Class B shares issued and outstanding as of September 30, 2025, and 585.0 million shares authorized, 29.7 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2024) (note 12)	1,314,113	1,309,495
Accumulated surplus	617,197	447,055
Total equity	1,931,310	1,756,550
Total liabilities and equity	2,113,236	1,973,968

Subsequent events (note 21)

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (notes 1 and 3)

(in thousands of U.S. Dollars)


	Nine Months Ended September 30,
	2025	2024
	$	$
Cash, cash equivalents and restricted cash provided by (used for)
OPERATING ACTIVITIES
Net income	230,725	321,546
Non-cash items:
Depreciation and amortization	65,116	69,136
Gain on sale and write-down of assets (note 14)	(77,948)	(11,601)

Equity income and gain on distribution from equity-accounted investment (note 6)	(9,617)	(2,152)
Provision for uncertain tax position	(9,324)	(2,890)

Other	5,495	7,104
Change in operating assets and liabilities	12,846	32,615
Expenditures for dry docking	(12,355)	(19,633)
Net operating cash flow	204,938	394,125

FINANCING ACTIVITIES







Scheduled repayments of obligations related to finance leases	—	(5,213)
Prepayment of obligations related to finance leases	—	(136,955)
Issuance of common shares upon exercise of stock options	1,496	2,858

Cash dividends paid	(60,362)	(94,230)
Other	(1,256)	(4,103)
Net financing cash flow	(60,122)	(237,643)

INVESTING ACTIVITIES
Proceeds from sale of vessels (note 14)	281,862	23,425
Distribution from equity-accounted joint venture (note 6)	25,235	—
Expenditures for vessels and equipment	(1,936)	(4,546)
Loan repayments from equity-accounted joint venture (note 6)	380	2,500
Purchase of short-term investments (note 1)	(61,000)	—
Proceeds from short-term investments (note 1)	51,000	—
Vessel acquisitions	(190,259)	(70,504)
Purchase of marketable securities	(2,348)	—
Proceeds from sale of marketable securities	2,163	—

Net investing cash flow	105,097	(49,125)

Increase in cash, cash equivalents and restricted cash	249,913	107,357
Cash, cash equivalents and restricted cash, beginning of the period	515,561	392,155
Cash, cash equivalents and restricted cash, end of the period	765,474	499,512

Supplemental cash flow information (note 19)

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (notes 1 and 3)

(in thousands of U.S. Dollars, except share amounts)


	Common Shares and Additional Paid-in Capital
	Thousands of Common Shares #	Class A Common Shares $	Class B Common Shares $	Accumulated Surplus $	Total $
Balance as at December 31, 2024	34,361	1,220,963	88,532	447,055	1,756,550
Net income	—	—	—	76,032	76,032
Dividends declared	—	—	—	(8,626)	(8,626)
Equity-based compensation (note 12)	72	263	—	—	263
Balance as at March 31, 2025	34,433	1,221,226	88,532	514,461	1,824,219
Net income	—	—	—	62,614	62,614
Dividends declared	—	—	—	(43,275)	(43,275)
Equity-based compensation (note 12)	98	3,783	—	—	3,783
Balance as at June 30, 2025	34,531	1,225,009	88,532	533,800	1,847,341
Net income	—	—	—	92,079	92,079
Dividends declared	—	—	—	(8,682)	(8,682)
Equity-based compensation (note 12)	8	572	—	—	572
Balance as at September 30, 2025	34,539	1,225,581	88,532	617,197	1,931,310

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (notes 1 and 3)

(in thousands of U.S. Dollars, except share amounts)


		Common Shares and Additional Paid-in Capital
	Equity of Entities under Common Control	Thousands of Common Shares #	Class A Common Shares $	Class B Common Shares $	Accumulated Surplus $	Total $
Balance as at December 31, 2023	24,372	34,093	1,217,232	88,532	220,021	1,550,157
Net income	4,104	—	—	—	144,771	148,875
Net change in parent's equity from Entities under Common Control (note 3)	21	—	—	—	—	21
Dividends declared	—	—	—	—	(8,623)	(8,623)
Equity-based compensation (note 12)	—	165	3,334	—	—	3,334
Balance as at March 31, 2024	28,497	34,258	1,220,566	88,532	356,169	1,693,764
Net income	4,168	—	—	—	106,970	111,138
Net change in parent's equity from Entities under Common Control (note 3)	(151)	—	—	—	—	(151)
Dividends declared	—	—	—	—	(77,637)	(77,637)
Equity-based compensation (note 12)	—	60	1,343	—	—	1,343
Balance as at June 30, 2024	32,514	34,318	1,221,909	88,532	385,502	1,728,457
Net income	2,718	—	—	—	58,815	61,533
Net change in parent's equity from Entities under Common Control (note 3)	(59)	—	—	—	—	(59)
Dividends declared	—	—	—	—	(8,631)	(8,631)
Equity-based compensation (note 12)	—	38	(1,189)	—	—	(1,189)
Balance as at September 30, 2024	35,173	34,356	1,220,720	88,532	435,686	1,780,111

The accompanying notes are an integral part of the unaudited consolidated financial statements.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

1.Basis of Presentation

The unaudited interim consolidated financial statements (or unaudited consolidated financial statements) have been prepared in accordance with United States generally accepted accounting principles (or GAAP). These unaudited consolidated financial statements include the accounts of Teekay Tankers Ltd. (or Teekay Tankers), which is incorporated under the laws of Bermuda, its wholly-owned subsidiaries, equity-accounted joint venture and the Entities under Common Control (as defined in note 3) (collectively, the Company).

Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2024, filed on Form 20-F with the U.S. Securities and Exchange Commission (or the SEC) on March 14, 2025. In the opinion of management, these unaudited consolidated financial statements reflect all normal recurring adjustments necessary to present fairly, in all material respects, the Company’s unaudited consolidated financial position, results of operations, cash flows and changes in equity for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Intercompany balances and transactions have been eliminated upon consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

During the nine months ended September 30, 2025, the Company entered into various time deposits with financial institutions having a range of maturity dates up to five months from the origination date. The time deposits with initial maturity dates of more than three months, but less than or equal to twelve months from the origination date, are classified as short-term investments on the unaudited consolidated balance sheets. The Company classified these investments as held-to-maturity investments, which are carried at amortized cost.

2. Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update (or ASU) 2023-09, Improvements to Income Tax Disclosures (or ASU 2023-09), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. This additional disclosure is intended to provide additional information and transparency of income tax disclosures by providing consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction. The amendments in the standard are effective for annual periods beginning after December 15, 2024. Early adoption is permitted and should be applied prospectively, with retrospective application permitted. The Company will adopt this standard starting with its annual financial statements for the year ending December 31, 2025. The adoption of ASU 2023-09 is expected to result in additional disclosure for income tax reporting in the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses, which requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that, for each interim and annual reporting period, an entity:

•Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, and (d) intangible asset amortization included in each relevant expense caption on the face of the income statement within continuing operations;

•Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements;

•Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and

•Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

The amendments in the standard are effective for annual periods beginning after December 15, 2026 and for interim reporting periods beginning after December 15, 2027. Early adoption is permitted and should be applied prospectively, with retrospective application permitted. The Company expects to adopt this standard in its annual period beginning fiscal year 2027. The Company is evaluating the impact of this standard on its consolidated financial statements.

3. Acquisition of Entities under Common Control

On December 31, 2024, the Company acquired from Teekay Corporation Ltd. (or Teekay) (a) Teekay's Australian operations for a purchase price of $65.0 million plus a related working capital adjustment of $15.9 million and (b) all of Teekay's management service companies not previously owned by the Company for a purchase price of $17.3 million, which was the net working capital value of the entities being transferred to the Company. In addition, as part of the acquisition, Teekay transferred to the Company its $6.0 million supplemental retirement defined contribution plan liability, which relates to the management service companies included in the acquisition (collectively, the Acquired Operations). This liability was deducted from the total $98.2 million purchase price for Teekay's

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

Australian operations and Teekay's management service companies, resulting in a net consideration of $92.2 million paid to Teekay. This acquisition is deemed to be a business acquisition between entities under common control. Accordingly, the Company has accounted for this transaction in a manner similar to the pooling of interests method. Under this method of accounting, all financial or operational information contained in the Company's unaudited consolidated financial statements for the periods prior to December 31, 2024, the date that the interests in the businesses were acquired by the Company, and during which the Company and the applicable businesses were under common control of Teekay, are retroactively adjusted or recast to include the results of these Acquired Operations and are collectively referred to as the “Entities under Common Control”.

As a result of the Company's acquisition of the Acquired Operations, the Company's unaudited consolidated financial statements prior to the transaction date of December 31, 2024 have been retroactively adjusted or recast to include 100% of the assets and liabilities and results of the Acquired Operations on a consolidated basis during the periods the Acquired Operations and the Company were under common control of Teekay. The effect of adjusting such information to accounts in periods prior to the Company's acquisition thereof is included in the Entities under Common Control in the unaudited consolidated financial statements. All intercorporate transactions between the Company and the Acquired Operations that occurred prior to the acquisition by the Company have been eliminated upon consolidation.

Assets and liabilities of the Acquired Operations are reflected on the Company’s unaudited consolidated balance sheets at the historical carrying values of the Acquired Operations. The purchase price of $98.2 million that was in excess of the Acquired Operations' historical carrying value of the net assets acquired of $36.8 million has been accounted for as a $61.4 million return of capital to Teekay.

The effect of adjusting the Company’s unaudited consolidated financial statements to account for this common control transaction increased the Company’s net income for the three and nine months ended September 30, 2024 by $2.7 million and $11.0 million, respectively. The adjustments for the Entities under Common Control related to this transaction increased the Company’s revenues for the three and nine months ended September 30, 2024 by $31.2 million and $92.8 million, respectively.

4. Revenues

The Company’s primary source of revenue is from chartering its vessels (Suezmax tankers, Aframax tankers, Long Range 2 (or LR2) tankers and a Very Large Crude Carrier (or VLCC) tanker) to its customers and providing operational and maintenance marine services through its Australian operations. The Company utilizes two primary forms of contracts, consisting of voyage charters and time charters.

The extent to which the Company employs its vessels on voyage charters versus time charters is dependent upon the Company’s chartering strategy and the availability of time charters. Spot market rates for voyage charters are volatile from period to period, whereas time charters provide a stable source of monthly revenue. The Company also provides ship-to-ship (or STS) support services, which include managing the process of transferring cargo between seagoing ships positioned alongside each other, as well as management services to third-party owners of vessels. For descriptions of these types of contracts, see "Item 18 – Financial Statements: Note 4" in the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2024.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

The following tables contain a breakdown of the Company's revenue by segment and contract type for the three and nine months ended September 30, 2025 and September 30, 2024. The Company’s lease income consists of the revenue from its voyage charters and time charters.


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
	Tankers	Marine Services and Other	Total	Tankers	Marine Services and Other	Total
	$	$	$	$	$	$
Voyage charter revenues
Suezmax	100,106	—	100,106	114,111	—	114,111
Aframax / LR2	86,046	—	86,046	117,554	—	117,554
VLCC (1)	3,011	—	3,011	—	—	—
Total	189,163	—	189,163	231,665	—	231,665

Time-charter revenues
Suezmax	—	—	—	3,654	—	3,654
Aframax / LR2	—	—	—	4,530	—	4,530
Bunker tanker (2)	—	2,085	2,085	—	—	—
Total	—	2,085	2,085	8,184	—	8,184

Other revenues (3)
Vessel operational and maintenance services	522	28,248	28,770	598	28,928	29,526
Ship-to-ship support services	3,919	—	3,919	2,831	—	2,831
Management fees and other	4,315	771	5,086	—	2,232	2,232
Total	8,756	29,019	37,775	3,429	31,160	34,589

Total revenues	197,919	31,104	229,023	243,278	31,160	274,438

(1)Includes one VLCC tanker, which was acquired by the Company from its 50/50 joint venture in August 2025 and is trading in a pooling arrangement managed by a third-party.

(2)Includes variable lease payments of $0.9 million for the three months ended September 30, 2025 related to the reimbursement for certain operating expenditures received from the Company's customer relating to such costs incurred by the Company to operate the vessel.

(3)Relates to non-lease revenues.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
	Tankers	Marine Services and Other	Total	Tankers	Marine Services and Other	Total
	$	$	$	$	$	$
Voyage charter revenues
Suezmax	311,378	—	311,378	431,355	—	431,355
Aframax / LR2	254,120	—	254,120	417,225	—	417,225
VLCC (1)	3,011	—	3,011	—	—	—
Total	568,509	—	568,509	848,580	—	848,580

Time-charter revenues
Suezmax	—	—	—	10,777	—	10,777
Aframax / LR2	7,057	—	7,057	7,578	—	7,578
Bunker tanker (2)	—	5,892	5,892	—	—	—
Total	7,057	5,892	12,949	18,355	—	18,355

Other revenues (3)
Vessel operational and maintenance services (4)	1,545	89,189	90,734	2,718	84,735	87,453
Ship-to-ship support services	13,377	—	13,377	8,558	—	8,558
Management fees and other	5,585	2,374	7,959	—	8,039	8,039
Total	20,507	91,563	112,070	11,276	92,774	104,050

Total revenues	596,073	97,455	693,528	878,211	92,774	970,985

(1)Includes one VLCC tanker, which was acquired by the Company from its 50/50 joint venture in August 2025 and is trading in a pooling arrangement managed by a third-party.

(2)Includes variable lease payments of $2.9 million for the nine months ended September 30, 2025 related to the reimbursement for certain operating expenditures received from the Company's customer relating to such costs incurred by the Company to operate the vessel.

(3)Relates to non-lease revenues.

(4)Includes $5.6 million related to the recovery of severance costs during the nine months ended September 30, 2025 resulting from the termination of a management contract related to the Company's Australian operations (note 15).

Charters-out

As at September 30, 2025, one (December 31, 2024 - two) of the Company’s vessels operated under a fixed-rate time-charter contract, which is scheduled to expire in May 2029. In September 30, 2025, the Company entered into two additional time-charter contracts with terms between 12 months and 18 months for one Suezmax tanker and one Aframax / LR2 tanker which commenced operations under their respective contracts in October 2025. As at September 30, 2025, the minimum scheduled future revenues to be received by the Company under these three time-charter contracts were approximately $8.5 million (remainder of 2025), $30.6 million (2026), $8.3 million (2027), $7.7 million (2028), and $2.6 million (2029). The hire payments should not be construed to reflect a forecast of total charter hire revenue for any of the periods. Future hire payments do not include any hire payments generated from new contracts entered into after September 30, 2025 or from variable consideration, if any, under contracts. In addition, future hire payments presented above have been reduced by estimated off-hire time for required periodic maintenance and do not reflect the impact of any applicable revenue sharing arrangements whereby time-charter revenues are shared with other revenue sharing arrangement participants. Actual amounts may vary given future events such as unplanned vessel maintenance.

Contract Liabilities

As at September 30, 2025, the Company had $nil (December 31, 2024 - $2.5 million) of advanced payments recognized as contract liabilities that are expected to be recognized as time-charter revenues or voyage charter revenues in subsequent periods and which are included in other current liabilities in the Company's unaudited consolidated balance sheets.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

5. Segment Reporting

The Company has two operating segments: 1) tankers, which consists of the operation of all of the Company's tankers (including the operations from those tankers employed on full service lightering contracts), and the Company's U.S.-based ship-to-ship support service operations (including its lightering support services provided as part of full service lightering operations); and 2) marine services, which consists of operational and maintenance marine services provided to the Australian government, Australian energy companies and other third parties. As a result of the Company's acquisition of the Acquired Operations, the marine services operating segment is retroactively included in the Company's segment reporting for all periods prior to the transaction date of December 31, 2024. The primary focus of the Company’s organizational structure, internal reporting and allocation of resources by the chief operating decision maker (or CODM) is based on these two segments, both of which are presented accordingly on this basis. The CODM is the President and Chief Executive Officer of the Company. The CODM uses income from operations to assess the performance of each segment and to make decisions about allocating resources. The CODM does not assess the performance of each segment by geographic regions.

The accounting policies of the two segments are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The following table includes the Company’s revenues, expenses, other segment items, income from operations, and equity income (loss) and gain on distribution from equity-accounted investment by segment, and reconciles such amounts to the Company’s consolidated net income before income tax for the periods presented in these financial statements:


	Three Months Ended September 30, 2025
	Tankers $	Marine Services and Other $	Total $
Revenues	197,919	31,104	229,023
Voyage expenses	(82,708)	—	(82,708)
Vessel operating expenses	(32,086)	(28,945)	(61,031)
Charter hire expenses	(9,056)	(634)	(9,690)
Depreciation and amortization	(20,932)	—	(20,932)
General and administrative expenses	(11,146)	—	(11,146)
Gain on sale of vessels	25,890	—	25,890

Income from operations	67,881	1,525	69,406

Equity income and gain on distribution from equity-accounted investment	8,728	—	8,728
Non-segment reconciling items:
Interest expense			(789)
Interest income			7,569

Other income			4,834
Net income before income tax			89,748

Table of Contents

TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)


	Three Months Ended September 30, 2024
	Tankers $	Marine Services and Other $	Elimination (1) $	Total $
Revenues	243,278	31,160	—	274,438
Voyage expenses	(93,984)	—	—	(93,984)
Vessel operating expenses	(38,091)	(28,552)	—	(66,643)
Charter hire expenses	(18,465)	—	—	(18,465)
Depreciation and amortization	(23,445)	—	—	(23,445)
General and administrative expenses (2)	(10,876)	715	(320)	(10,481)

Restructuring charges	(5,952)	—	320	(5,632)
Income from operations	52,465	3,323	—	55,788

Equity loss	(121)	—	—	(121)
Non-segment reconciling items:
Interest expense				(828)
Interest income				6,137

Other income				1,014
Net income before income tax				61,990

(1)Relates to inter-segment transactions that are eliminated as part of consolidation

(2)Marine Services and Other includes certain services which were provided to Tankers by the Entities under Common Control, which offset the corresponding expense in Tankers.


	Nine Months Ended September 30, 2025
	Tankers $	Marine Services and Other $	Total $
Revenues (1)	596,073	97,455	693,528
Voyage expenses	(248,213)	—	(248,213)
Vessel operating expenses	(100,276)	(82,422)	(182,698)
Charter hire expenses	(33,836)	(1,881)	(35,717)
Depreciation and amortization	(65,116)	—	(65,116)
General and administrative expenses	(35,363)	—	(35,363)
Gain on sale and write-down of assets	77,948	—	77,948
Restructuring charges (1)	—	(5,568)	(5,568)
Income from operations	191,217	7,584	198,801

Equity income and gain on distribution from equity-accounted investment	9,617	—	9,617
Non-segment reconciling items:
Interest expense			(2,339)
Interest income			20,994

Other income			419
Net income before income tax			227,492

(1)Marine Services and Other includes severance costs of $5.6 million resulting from the termination of a management contract related to the Company's Australian operations; the severance costs are fully recoverable from the customer, and the recovery is presented in revenues.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)


	Nine Months Ended September 30, 2024
	Tankers $	Marine Services and Other $	Elimination (1) $	Total $
Revenues	878,211	92,774	—	970,985
Voyage expenses	(310,612)	—	—	(310,612)
Vessel operating expenses	(113,942)	(81,441)	—	(195,383)
Charter hire expenses	(57,651)	—	—	(57,651)
Depreciation and amortization	(69,136)	—	—	(69,136)
General and administrative expenses (2)	(38,678)	2,128	(320)	(36,870)
Gain on sale of vessel	11,601	—	—	11,601
Restructuring charges	(5,952)	—	320	(5,632)
Income from operations	293,841	13,461	—	307,302

Equity income	2,152	—	—	2,152
Non-segment reconciling items:
Interest expense				(6,674)
Interest income				17,887

Other income				2,278
Net income before income tax				322,945

(1)Relates to inter-segment transactions that are eliminated as part of consolidation.

(2)Marine Services and Other includes certain services which were provided to Tankers by the Entities under Common Control, which offset the corresponding expense in Tankers.

A reconciliation of total segment assets to total assets, presented in the accompanying unaudited consolidated balance sheets is as follows:


	September 30, 2025 (1)	December 31, 2024 (1)
	$	$
Tankers	1,295,319	1,416,789
Marine Services and Other	42,987	40,061
Due from affiliates	260	5,230
Cash and cash equivalents	764,670	511,888
Short-term investments	10,000	—
Total assets	2,113,236	1,973,968

(1)There are no differences between the measurements of the segment assets and the Company’s consolidated total assets.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

6. Investment in and Advances to Equity-Accounted Joint Venture

The Company has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong), whereby the Company has a 50% economic interest in the High-Q joint venture, which is jointly controlled by the Company and Wah Kwong. The joint venture owned one 2013-built VLCC, which was acquired by the Company in August 2025. Upon completion of the sale of this VLCC to the Company, the VLCC continues to trade on spot voyage charters in a pool managed by a third party. In addition, in August 2025, the joint venture fully repaid a $15.0 million outstanding loan balance with a financial institution. The first-priority mortgage associated with this loan and the Company's guarantee on 50% of the outstanding loan balance were both terminated subsequent to the loan repayment.

For the three and nine months ended September 30, 2025, the Company recorded equity income (loss) of $0.4 million (2024 - ($0.1) million) and $1.3 million (2024 - $2.2 million), respectively, which comprises its share of net income or loss from the joint venture.

During the three months ended September 30, 2025, the Company received a cash distribution from the joint venture in the amount of $25.6 million, of which $0.4 million was used to fully repay the Company's advances to the joint venture. The net cash distribution of $25.2 million was $8.3 million in excess of the $16.9 million carrying amount of the Company’s investment in the equity-accounted joint venture, which had been previously written down by $11.6 million at the end of 2021 to its fair value at that time. Upon the Company's receipt of the cash distribution, the Company reduced the related investment balance to nil and recognized the excess amount of $8.3 million as part of equity income and gain on distribution from equity-accounted investment in the Company's unaudited consolidated statements of income. The Company does not have a contractual obligation to return any of the distribution received or provide additional financial support to the joint venture.

As at September 30, 2025, the joint venture no longer had any operational activities and is expected to be unwound during the first half of 2026.

7. Intangible Assets

Intangible assets are included in goodwill, intangibles and other non-current assets on the Company's unaudited consolidated balance sheets.

As part of the European Union Emissions Trading System (or EU ETS) requirements, as at September 30, 2025, the Company had a balance of European Union allowances (or EUAs) totalling $8.4 million (December 31, 2024 - $5.9 million), which was recorded as indefinite-lived intangible assets. As at September 30, 2025, these intangible assets are presented as other current assets in the unaudited consolidated balance sheets as these EUAs are related to the Company's 2025 emissions levels and will be surrendered within one year from the balance sheet date. During the three and nine months ended September 30, 2025, the Company surrendered $5.3 million and $6.1 million of EUAs related to its 2024 emissions, respectively.

The carrying amount of intangible assets, excluding EUAs classified as other current assets, is as follows:


	As at
	September 30, 2025	December 31, 2024
	$	$
Customer relationships At cost of $5.7 million, less accumulated amortization of $5.6 million (2024 - cost of $5.7 million, less accumulated amortization of $5.4 million) (1)	69	307

	69	307

(1)The customer relationships are being amortized over a weighted average amortization period of 10 years. Amortization of the customer relationships for the three and nine months ended September 30, 2025 was $0.1 million and $0.2 million (2024 - $0.1 million and $0.3 million), respectively. The remaining balance of $0.1 million is expected to be amortized in 2025.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

8. Accrued Liabilities and Other Long-Term Liabilities

The following tables present the components of accrued liabilities and other long-term liabilities on the Company's unaudited consolidated balance sheets.


Accrued Liabilities	As at
	September 30, 2025	December 31, 2024
	$	$
Voyage and vessel	39,447	36,665
Obligation related to EU ETS	8,554	6,588

Corporate accruals	1,413	1,654
Interest	465	548
Payroll and benefits	28,037	30,213
Accrued liabilities	77,916	75,668

Obligation Related to EU ETS

As at September 30, 2025, the Company has recorded an obligation of $8.6 million related to its emissions levels (December 31, 2024 - $6.6 million), which was included as part of accrued liabilities in the unaudited consolidated balance sheets. During the three and nine months ended September 30, 2025, the Company settled $5.3 million and $6.1 million of obligations related to its 2024 emissions, respectively. During the three and nine months ended September 30, 2025, the Company also recognized expenses related to EU ETS of $3.4 million and $8.2 million (2024 - $1.5 million and $4.8 million), respectively, as part of voyage expenses in the unaudited consolidated statements of income.


Other Long-Term Liabilities	As at
	September 30, 2025	December 31, 2024
	$	$
Freight tax provision (note 17)	33,176	41,404
Office lease liability - long term	8,046	8,698


Defined contribution pension liability	4,648	5,091
Other	531	1,467
Other long-term liabilities	46,401	56,660

9. Long-Term Debt

As at September 30, 2025, the Company had one revolving credit facility (or the 2023 Revolver), which, as at such date, provided for aggregate borrowings of up to $201.0 million (December 31, 2024 - $254.0 million), of which $201.0 million (December 31, 2024 - $254.0 million) was undrawn. The 2023 Revolver matures in May 2029, and interest payments are based on the Secured Overnight Financing Rate (or SOFR) plus a margin of 2.00%, which, if the 2023 Revolver had been drawn, would have resulted in an interest rate of 6.1% as of September 30, 2025 (December 31, 2024 - 6.3%). As of September 30, 2025, the total amount available under the 2023 Revolver was scheduled to decrease by $29.3 million (remainder of 2025), $57.2 million (2026), $49.7 million (2027), $43.3 million (2028) and $21.5 million (2029). As of September 30, 2025, the 2023 Revolver was collateralized by 17 of the Company's vessels, together with other related security.

The 2023 Revolver requires the Company to maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance for the facility. This requirement is assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should this ratio drop below the required amount, the lenders may request that the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company's option. As at September 30, 2025, the hull coverage ratio for the 2023 Revolver was not applicable due to no balance being drawn. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of the greater of $35.0 million and at least 5% of the Company's total consolidated debt. As at September 30, 2025, the Company was in compliance with all covenants in respect of the 2023 Revolver.

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

10. Operating Leases

The Company charters-in vessels from other vessel owners on time charter-in contracts, whereby the vessel owner provides use and technical operation of the vessel for the Company, and also on bareboat-in contracts, whereby the registered owner provides the vessel to the Company during which the Company is entirely responsible for the operation of the vessel, including technical services and the crew required for operation. Time charter-in contracts and bareboat-in contracts are typically for a fixed period of time, although in certain cases the Company may have the option to extend the charter. The Company typically pays the owner a daily hire rate that is fixed over the duration of the charter. Under time charter-in contracts, the Company is generally not required to pay the daily hire rate during periods the vessel is not able to operate, whereas this does not generally apply to bareboat-in contracts.

As at September 30, 2025, minimum commitments to be incurred by the Company under time charter-in contracts and bareboat-in contracts were approximately $9.9 million (remainder of 2025), $24.9 million (2026), $15.1 million (2027), $8.5 million (2028), and $7.4 million (2029).

11. Fair Value Measurements

For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see "Item 18 – Financial Statements: Note 12" to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2024.

The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value on a recurring basis.


		September 30, 2025		December 31, 2024
	Fair Value Hierarchy Level	Carrying Amount Asset / (Liability) $	Fair Value Asset / (Liability) $	Carrying Amount Asset / (Liability) $	Fair Value Asset / (Liability) $
Recurring:
Cash, cash equivalents and restricted cash (note 19)	Level 1	765,474	765,474	515,561	515,561
Short-term investments	Level 1	10,000	10,000	—	—
Marketable securities	Level 1	22,303	22,303	22,442	22,442
Obligation related to EU ETS (note 8) (1)	Level 1	(8,554)	(8,554)	(6,588)	(6,588)




Non-recurring:
Operating lease right-of-use assets	Level 2			11,735	11,735





Other:

Advances to equity-accounted joint venture	Level 2	—	—	380	Note (2)

(1)As at September 30, 2025, the Company has recorded an obligation related to EU ETS for $8.6 million (December 31, 2024 - $6.6 million) which was included as part of accrued liabilities in the unaudited consolidated balance sheets. This amount can include an accrual representing the difference between the total emissions liability and the carrying value of the EUAs held as at the end of the reporting period. The fair value of the accrual is estimated using the fair market value of an EUA that is traded on a regulated energy exchange at the end of the reporting period. As at September 30, 2025, an accrual of $0.2 million was made as the carrying value of the EUAs held was less than the total emissions liability (December 31, 2024 - $0.7 million).

(2)The advances to its equity-accounted joint venture, together with the Company’s investment in the equity-accounted joint venture, form the net aggregate carrying value of the Company’s interests in the equity-accounted joint venture in these unaudited consolidated financial statements. In August 2025, the Company completed the acquisition of the VLCC that was owned through the equity-accounted joint venture, at which time the equity-accounted joint venture used the proceeds to pay off certain outstanding obligations, including the Company's advances to its equity-accounted joint venture. As at December 31, 2024, the fair values of the individual components of such aggregate interests were not determinable.

The Company is exposed to credit loss in the event of non-performance by the financial institutions where its cash, cash equivalents and short-term investments are held. In order to minimize credit risk, the Company only places deposits and short-term investments with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transaction. In addition, to the extent practical, cash deposits and short-term investments are held by and entered into with, as applicable, different counterparties to reduce concentration risk.

The Company's investment in marketable securities is exposed to equity price fluctuations that could have an impact on the fair value of the investment.

Table of Contents

TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

12. Share Capital and Equity-Based Compensation

The authorized share capital of the Company at September 30, 2025 was 100.0 million preference shares (December 31, 2024 - 100.0 million shares), with a par value of $0.01 per share (December 31, 2024 - $0.01 per share), 485.0 million Class A common shares (December 31, 2024 - 485.0 million shares), with a par value of $0.01 per share (December 31, 2024 - $0.01 per share), and 100.0 million Class B common shares (December 31, 2024 - 100.0 million shares), with a par value of $0.01 per share (December 31, 2024 - $0.01 per share). A Class A common share entitles the holder to one vote per share while a Class B common share entitles the holder to five votes per share, subject to a 49% aggregate Class B common share voting power maximum. As of September 30, 2025, the Company had 29,912,967 Class A common shares (December 31, 2024 – 29,734,640), 4,625,997 Class B common shares (December 31, 2024 – 4,625,997) and no preference shares (December 31, 2024 – nil) issued and outstanding.

During the three and nine months ended September 30, 2025, the Company recognized $0.5 million and $3.3 million (2024 - $0.3 million and $3.1 million), respectively, of expenses related to restricted stock units in general and administrative expenses. During the nine months ended September 30, 2025, a total of 27,223 restricted stock units (2024 - 138,358) with a market value of $1.2 million (2024 - $9.2 million) vested and 15,483 (2024 - 84,117) shares of Class A common stock, net of withholding taxes, were concurrently issued to the grantees.

13. Related Party Transactions

a.The Company's operations are conducted in part by its subsidiaries, which receive services from Teekay Services Limited (or the Manager) and certain affiliates, which were previously owned by Teekay and were subsequently acquired by the Company as part of the Company's acquisition of the Acquired Operations on December 31, 2024. The Manager provides various services under a long-term management agreement (or the Management Agreement), as disclosed below. Subsequent to the Company's acquisition of the Acquired Operations, any services provided by the Manager to the Company are eliminated on consolidation and not disclosed in the Company's consolidated financial statements. In addition to the Management Agreement, the Company and its subsidiaries have entered into management services agreements with Teekay and its affiliates pursuant to which the Manager provides services to Teekay and its affiliates in return for a management fee paid to the Manager by Teekay. Amounts (paid) received by the Company for related party transactions for the periods indicated below were as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	$	$	$	$
Transaction fee related to the sale of certain vessels (i)	(700)	—	(1,740)	—
Management fee revenues (ii)	537	—	1,709	—
Entities under Common Control (note 3)
Strategic and administrative service fees (iii)	—	(8,355)	—	(29,031)
Management fee revenues (ii)	—	1,808	—	6,664
Vessel operating expenses - technical management fee (iv)	—	—	—	(155)

(i)The Company pays a transaction fee to Teekay upon the sale of vessels that were previously owned by Tanker Investments Ltd., which the Company acquired in 2017. This fee is equal to 1.0% of the aggregate consideration payable to the Company pursuant to a sale contract. During the three and nine months ended September 30, 2025, this fee was related to the sale of two vessels and five vessels, respectively.

(ii)The Company receives management fees from Teekay for time spent on Teekay matters by employees of the Company.

(iii)The Manager’s strategic and administrative service fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses in the Company’s consolidated statements of income. The Company’s executive officers are employees of the Entities under Common Control, and their compensation (other than any awards under the Company’s long-term incentive plan) is set and paid by the Entities under Common Control.

(iv)The cost of ship management services provided by a third party has been presented as vessel operating expenses on the Company's unaudited consolidated statements of income. The Company paid such third-party technical management fees to the Manager in relation to certain vessels previously owned by Tanker Investments Ltd.

b.Teekay and its subsidiaries may collect certain cash receipts and remit payments for certain expenses incurred by the Company. Such amounts, which are presented on the Company's unaudited consolidated balance sheets in "due from affiliates" or "due to affiliates", as applicable, are without interest or stated terms of repayment.

c.In August 2025, the Company acquired one 2013-built VLCC from the Company's 50/50 owned High-Q joint venture for a purchase price of $63.0 million. The transaction was completed with terms that were considered to be at arm's length and reflective of fair market value. As of September 30, 2025, no amounts were payable to or receivable from the High-Q joint venture related to this transaction.

Table of Contents

TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

14. Vessel Sales and Write-down of Assets

During the three months ended September 30, 2025, the Company completed the sales of three Suezmax tankers for a total price of $97.0 million, with the Company recognizing an aggregate gain on sales of $25.9 million.

During the nine months ended September 30, 2025, the Company completed the sales of seven Suezmax tankers and two Aframax / LR2 tankers for a total price of for $279.5 million, with the Company recognizing an aggregate gain on sales of $78.7 million.

In June 2025 and July 2025, the Company agreed to sell one Aframax / LR2 tanker and one Suezmax tanker, respectively, for a total price of $61.5 million, and both tankers and their related bunker and lube oil inventories were classified as held for sale as at September 30, 2025 (see note 21).

During the nine months ended September 30, 2025, the Company recorded a write-down of $0.8 million on its operating lease right-of-use assets, which were written-down to their estimated fair values based on prevailing charter rates for comparable periods, due to a reduction in these charter rates.

During the nine months ended September 30, 2024, the Company completed the sale of one Aframax / LR2 tanker for $23.5 million, with the Company recognizing a gain on sale of $11.6 million.

15. Restructuring Charges

During the nine months ended September 30, 2025, the Company recorded restructuring charges of $5.6 million, which relate to the severance costs resulting from the termination of a management contract related to the Company's Australian operations. The severance costs are fully recoverable from the customer, and the recovery is presented in revenues (note 4).

During the three and nine months ended September 30, 2024, the Company incurred restructuring charges of $5.6 million related to changes made to its senior management team.

16. Other Income

The components of other income are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	$	$	$	$
Foreign exchange gain	80	144	542	1,980
Unrealized gain (loss) on marketable securities	4,575	—	(536)	—
Realized gain on marketable securities (1)	210	—	210	—
Other (expense) income (2)	(31)	870	203	298
Total	4,834	1,014	419	2,278

(1) Realized gain on the sale of marketable securities reflects the difference between the sale proceeds and the cost of the marketable securities.

(2) Includes $1.4 million related to the premiums paid in relation to the repurchase of certain vessels previously under sale-leaseback arrangements during the nine months ended September 30, 2024.

17. Income Tax Recovery (Expense)

The components of the provision for income tax recovery (expense) are as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	$	$	$	$
Current	2,446	(810)	3,126	(2,049)
Deferred	(115)	353	107	650
Income tax recovery (expense)	2,331	(457)	3,233	(1,399)

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TEEKAY TANKERS LTD. AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(all tabular amounts stated in thousands of U.S. Dollars, other than share or per share data)

The following table reflects changes in uncertain tax positions relating to freight tax liabilities, which are recorded in other long-term liabilities in the Company's unaudited consolidated balance sheets:


	Nine Months Ended September 30,
	2025 $	2024 $
Balance as at January 1	41,404	47,813
Increases for positions related to the current year	859	1,695
Increases for positions related to prior years	3,567	5,448
Decreases for positions taken in prior years	—	(3,303)

Decreases related to expiry of limitation period	(13,750)	(6,730)
Foreign exchange loss (gain)	1,096	(1,455)
Balance as at September 30	33,176	43,468

Included in the Company's current income tax recovery (expense) are provisions for uncertain tax positions relating to freight taxes. Positions relating to freight taxes can vary each period depending on the trading patterns of the Company's vessels.

The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly.

18. Earnings Per Share

The net income available for common shareholders and earnings per common share are presented in the table below:

Three Months Ended September 30,

Nine Months Ended September 30,

SEC Form 6-K filed by Teekay Tankers Ltd.