Profile: Teekay Tankers Ltd. (TNK)

Teekay Tankers Ltd., incorporated on October 17, 2007, is engaged in the international marine transportation of crude oil through the operation of its oil tankers. The fleet of the Company includes nine double-hull Aframax tankers and two double-hull Suezmax tankers. As of June 1, 2009, four of these vessels were operating in the spot market through participation in pooling arrangements managed by subsidiaries of Teekay Corporation. On April 7, 2008, the Company completed the acquisition of two double-hull Suezmax tankers from Teekay Corporation, the 2002-built Ganges Spirit and the 2003-built Narmada Spirit. As of June 1, 2009, three of the Aframax tankers were commercially managed in the Teekay Pool and one Suezmax tanker was commercially managed in the Gemini Pool. The remaining seven vessels operated under fixed-rate time-charter contracts.

The Company operates its vessels in both the spot market and under short-term (less than two years) and medium-term (at least two years but less than five years) time-charter contracts. As of June 1, 2009, three of the vessels operated in the spot market through the participation in the Teekay Pool, one vessel operated in the spot market through the participation in the Gemini Pool, and seven of the vessels operated under fixed-rate time-charter contracts. As of June 1, 2009, the Teekay Pool included 29 Aframax crude tankers, including three of the Company’s vessels, and the Gemini Pool included 38 Suezmax crude tankers, including one of the Company’s vessels.

The Company competes with Malaysian International Shipping Corporation, Aframax International Pool, the Sigma Pool, the Gemini Pool, Sovcomflot, Delta Tankers and the Stena Sonangol Pool.