Teekay Tankers' Market Update, January 2023

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Chapters:
0:00 Introduction
0:12 Tanker rates have softened over the past month, particularly in the VLCC segment due to reduced OPEC output
1:10 The impact due to the EU ban on imports of Russian crude oil and the G7 price cap that came into effect on Dec 5th 2022
1:44 For now, Russian crude exports are not being impeded by the EU ban + price cap
2:24 Stretching of the fleet due to longer voyages should continue to support mid-size.
rates
2:45 Spike in Chinese COVID cases could reduce oil imports in the near-term
3:29 Increase in travel to boost Chinese oil demand in 2H-2023
4:10 Looking at projections from the IEA, global oil demand is projected to increase by 1.7 mb/d this year to 101.6 mb/d, taking oil demand above pre-pandemic levels for the first time
4:47 Conclusion

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.