Teekay Corporation reported its strongest third quarter adjusted earnings per share in 15 years amid continued strength in the spot tanker market.
Teekay Parent has continued to return capital to its shareholders in an accretive manner through its share repurchase program announced in the beginning of the third quarter of 2023.
Teekay Tankers achieved its highest third quarter spot tanker rates since 2008 despite the combination of typical third quarter seasonality and OPEC+ actions resulted in pronounced volatility in the spot tanker market. Teekay Tankers also completed the repurchase of four vessels which were on sale-leaseback arrangements.
In line with Teekay Tanker’s fixed dividend policy, Teekay Tankers declared a cash dividend of $0.25 per share for the quarter ended September 30, 2023.
Looking ahead, there is the potential for a strong and healthy extended run for the overall tanker market. With almost all of Teekay Tankers’ fleet currently trading in the spot market, they believe this puts them in a very good position over the next few years to capture both opportunities and added value for our company.
Find the highlights from Teekay's earnings results in the link below