Teekay Announces Dividend

Friday, May 16, 2008

Teekay Tankers Ltd. announced a cash dividend of $0.70 per share for the quarter ended March 31, 2008. This dividend is payable on May 30, 2008 to all shareholders of record on May 23, 2008.  "We are pleased to declare Teekay Tankers' first full quarter dividend since its initial public offering," stated Bjorn Moller, Teekay Tankers' Chief Executive Officer. "Spot tanker freight rates in the second quarter to-date have exceeded the average rates in the first quarter. Coupled with our recent acquisition of two Suezmax tankers in April 2008, we expect to generate more cash available for distribution in the second quarter."

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