February 3, 2010 / 10:02 PM / in 8 years

UPDATE 1-Teekay Tankers sees higher Q4 dividend

* Expects Q4 dividend of $0.24-$0.27/shr

* Sees better demand for tankers in 2010

* Shares rise 3 pct post-market

Feb 3 (Reuters) - Teekay Tankers Ltd (TNK.N) said it planned to increase its fourth-quarter dividend, and that the average spot rates for the first quarter so far were well above the fourth quarter of 2009.

For the fourth quarter, tanker shipping company said it expects to pay out a dividend between 24 cents and 27 cents a share, up from 15 cents a share in the third quarter.

Teekay Tankers said it expects 2010 will be another year of significant volatility for the tanker market, with spot rates helped by growing demand for tankers, countered by the relatively high amount of new tanker capacity entering the fleet.

Shares of the Hamilton, Bermuda-based company were up 3 percent at $9.25 in post-market trade. They closed at $8.99 Wednesday on the New York Stock Exchange. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Anne Pallivathuckal)

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