Teekay Tankers Ltd, the Bermudian-based owner and operator of mid-sized crude oil tankers, has reported GAAP net income of $169.4 million in the first quarter of the year.

Teekay posted net income of $146.4 million in the fourth quarter of 2022, and a net loss of $13.9 million in last year’s first quarter.

Strong first quarter mid-sized tanker spot rates coupled with the company’s high operating leverage resulted in the highest quarterly adjusted net income in the company’s history of $174.9 million.

"In the first quarter of 2023, spot charter rates for mid-sized tankers rose to their highest level ever for a first quarter, on the back of clear, sustainable fundamentals," said Kevin Mackay, Teekay Tankers' president and chief executive officer.

"With Teekay Tankers' fleet deployed almost entirely in the spot market, including six of our chartered-in vessels being employed on a spot basis, we have been prime beneficiaries of the current market conditions and have delivered another quarter of record-breaking net income."