Hormuz closure drives record tanker rates, boosts Teekay earnings

The effective closure of the Strait of Hormuz and the loosening of Venezuelan crude flows propelled midsize tanker rates to among the highest levels on record, Teekay Tankers executives told investors May 14, crediting the geopolitical environment for a surge in first-quarter earnings. Teekay Tankers reported first-quarter 2026 net income of $153.6 million, or $4.42 …

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