Teekay Tankers Ltd. Declares Second Quarter Dividend

HAMILTON, BERMUDA, Aug 17 (MARKET WIRE) --
Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today
announced that its Board of Directors has voted to declare a cash
dividend of $0.40 per share for the quarter ended June 30, 2009,
representing a total cash dividend of $12.8 million. The cash dividend is
payable on August 31, 2009 to all shareholders of record on August 24,
2009.

Teekay Tankers' policy is to pay a variable quarterly dividend equal to
its Cash Available for Distribution, subject to any reserves its board of
directors may from time-to-time determine are required. Since the
Company's initial public offering in December 2007, it has paid a
dividend for six consecutive quarters which now totals $4.38 per share on
a cumulative basis (including the $0.40 per share dividend to be paid on
August 31, 2009).

On June 24, 2009, the Company acquired a 2003-built Suezmax tanker, the
Ashkini Spirit, for $57 million. The purchase was financed through a
seven million common share public follow-on offering with proceeds in
excess of the purchase price used to reduce the amount drawn under the
Company's revolving credit facility. In addition, as part of the
acquisition, the undrawn availability under the revolving credit facility
increased by a further $58 million. As a result of the increased
availability under the revolving credit facility, based on the amount
currently drawn, principal payments are not required under this facility
until May 2015, rather than November 2013. Approximately 56 percent, 41
percent, and 25 percent of Teekay Tankers' total operating days for the
second half of 2009, fiscal 2010 and fiscal 2011, respectively, are now
under fixed-rate charters at an average rate of approximately $30,000 per
day.

"We continue to benefit from our strategy of actively managing our fleet
between fixed-rate and spot charters which has enabled us to pay an
attractive dividend despite the relative weakness in the current spot
tanker market," commented Bjorn Moller, Teekay Tankers' Chief Executive
Officer. "Although we saw a brief strengthening in rates at the end of
June, the spot tanker market remained soft through most of the second
quarter and into the third quarter. With a majority of our fleet
operating under one- to three-year fixed-rate time-charters, Teekay
Tankers is well positioned in the current weak tanker market environment
and will also benefit from strengthening spot rates as tanker demand
improves with a global economic recovery."

About Teekay Tankers

Teekay Tankers Ltd. was formed in December 2007 by Teekay Corporation
(NYSE: TK) as part of its strategy to expand its conventional oil tanker
business. Teekay Tankers currently owns a fleet of nine double-hull
Aframax tankers and three double-hull Suezmax tankers, which an affiliate
of Teekay Corporation manages through a mix of short- or medium-term
fixed-rate time-charter contracts and spot tanker market trading. In
addition, Teekay Corporation has agreed to offer to Teekay Tankers, the
opportunity to purchase an additional Suezmax tanker. Teekay Tankers
intends to distribute on a quarterly basis all of its cash available for
distribution, subject to any reserves established by its board of
directors.

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

FORWARD LOOKING STATEMENTS

This release contains forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended) which reflect
management's current views with respect to certain future events and
performance, including statements regarding: the relative strength of the
spot tanker market and global economic growth; results of the Company's
mix of spot market and time-charter trading; and the Company's ability to
generate surplus cash flow and pay dividends. The following factors are
among those that could cause actual results to differ materially from the
forward-looking statements, which involve risks and uncertainties, and
that should be considered in evaluating any such statement: changes in
the production of or demand for oil; changes in trading patterns
significantly affecting overall vessel tonnage requirements; changes in
applicable industry laws and regulations and the timing of implementation
of new laws and regulations; the potential for early termination of
short- or medium-term contracts and inability of the Company to renew or
replace short- or medium-term contracts; changes in interest rates and
the capital markets; increases in the Company's expenses, including any
unscheduled drydocking expenses; the Company's ability to raise financing
to purchase additional vessels; the ability of Teekay Tankers' board of
directors to establish cash reserves for the prudent conduct of Teekay
Tankers' business or otherwise; and other factors discussed in Teekay
Tankers' filings from time to time with the United States Securities and
Exchange Commission, including its Report on Form 20-F for the fiscal
year ended December 31, 2008. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to
any forward-looking statements contained herein to reflect any change in
the Company's expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is based.

Contacts:
Teekay Tankers Ltd.
Kent Alekson
Investor relations enquiries
+ 1 (604) 844-6654

Teekay Tankers Ltd.
Nicole Breuls
Media enquiries
+ 1 (604) 844-6605
www.teekaytankers.com

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