Teekay Tankers' Market Update, May 2023

Chapters:
0:27 Tanker spot rates
2:00 0.5 mb/d Russian oil production cut not impacting crude oil export volumes
3:42 Chinese oil demand at a record high 16 mb/d in March 2023
4:12 Reduced OPEC+ output predominantly impacting the VLCC market
5:30 Post-COVID rebound in China set to drive oil demand growth this year
5:48 Mid-size tanker rates expected to remain firm but volatile through 2023
7:01 2% fleet growth expected in 2023 with negligible growth in 2024 / 25
7:41 Orderbook still insufficient to replace the fleet of aging ships

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Forward Looking Statements

This content contains forward-looking statements which reflect the Company’s current views with respect to certain future events and performance, including statements regarding: tanker market fundamentals, including the balance of supply and demand in the tanker market, and spot tanker charter rates. 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 spot market tanker rates; changes in the production of or demand for oil; changes in trading patterns significantly affecting overall vessel tonnage requirements; greater or less than anticipated levels of tanker newbuilding orders or greater or less than expected level of tanker scrapping; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations; changes in the typical seasonal variations in tanker charter rates and other factors discussed in Teekay Tankers’ filings from time to time with the United States Securities and Exchange Commission, including its most recent Annual Report on Form 20-F and subsequent Reports on Form 6-K for the quarterly periods ended thereafter. 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.

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