Bermuda-based Teekay Tankers Ltd. yesterday reported first-quarter net income of $14.0 million, or $0.56 per share, a rise of nearly $8 million compared to the fourth quarter of 2007.

The company achieved a time charter equivalent (TCE) of $36,253 per day on the spot Aframax fleet during the first quarter.

Net voyage revenues for the first three months of 2008 were $26.6 million, compared to $21.2 million for the three months ended December 31, 2007.

The board of Teekay Tankers declared a cash dividend of 70 cents per share for the period from January 1, 2008 to March 31, 2008, representing a total cash dividend of $17.5 million. The dividend will be paid on May 30, 2008 to all shareholders of record on May 23, 2008.