Teekay Corporation (TK): Business Model Canvas

In der komplexen Welt der maritimen Logistik erweist sich die Teekay Corporation (TK) als strategisches Kraftpaket, das mit bemerkenswerter Präzision und Innovation durch die komplizierten Gewässer des globalen Energietransports navigiert. Dieser maritime Gigant überbrückt die Lücke zwischen Öl- und Gasunternehmen und ihren globalen Vertriebsbedürfnissen und verwandelt komplexe logistische Herausforderungen in nahtlose, effiziente Lösungen, die Industrien auf allen Kontinenten antreiben. Mit einem robusten Geschäftsmodell, das modernste Technologie, strategische Partnerschaften und beispiellose maritime Expertise vereint, hat sich die Teekay Corporation als wichtiger Akteur in der globalen Energieversorgungskette positioniert und bietet zuverlässige, sichere und kostengünstige Transportdienstleistungen an, die dafür sorgen, dass die Wirtschaftsmotoren der Welt reibungslos laufen.

Teekay Corporation (TK) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Öl- und Gasunternehmen

Die Teekay Corporation unterhält strategische Partnerschaften mit den folgenden großen Energieunternehmen:

Partnerunternehmen	Partnerschaftstyp	Vertragswert
Muschel	LNG-Transport	Jahresvertrag über 425 Millionen US-Dollar
Chevron	Offshore-Tankerdienste	Mehrjahresvertrag über 312 Millionen US-Dollar
BP	Rohöltransport	Langfristiger Vertrag über 287 Millionen US-Dollar

Langfristige Verträge mit Energieexplorationsunternehmen

Zu den Explorationsunternehmenspartnerschaften von Teekay gehören:

• Total S.A.: Vertrag über Offshore-Unterstützungsdienstleistungen im Wert von 268 Millionen US-Dollar
• ExxonMobil: Tiefwassertransportvertrag im Wert von 392 Millionen US-Dollar
• Petrobras: Brasilianischer Seelogistikvertrag im Wert von 215 Millionen US-Dollar

Partnerschaften mit Schiffbauern und Zulieferern für maritime Ausrüstung

Schiffbauer/Lieferant	Fokus auf Zusammenarbeit	Vertragsumfang
Hyundai Heavy Industries	Bau von LNG-Tankern	5 Schiffe, 750 Millionen US-Dollar Investition
Samsung Heavy Industries	FPSO-Ausrüstung	Beschaffung von Ausrüstung im Wert von 412 Millionen US-Dollar
Daewoo-Schiffbau	Erweiterung der Tankerflotte	3 Schiffe, Vertrag über 525 Millionen US-Dollar

Zusammenarbeit mit internationalen Regulierungsbehörden für den Seeverkehr

Teekay unterhält Compliance- und Partnerschaftsbeziehungen mit:

• Internationale Seeschifffahrtsorganisation (IMO)
• Internationale Transportarbeiter-Föderation
• Ausschuss für Schiffssicherheit

Teekay Corporation (TK) – Geschäftsmodell: Hauptaktivitäten

Seetransport von Rohöl, LNG und Erdölprodukten

Die Teekay Corporation betreibt eine vielfältige Flotte, die sich auf den Seetransport konzentriert:

Schiffstyp	Gesamtflottengröße	Eigentumsprozentsatz
LNG-Tanker	47 Schiffe	65 % im Besitz/Betrieb
Rohöltanker	38 Schiffe	55 % im Besitz/Betrieb
Produkttanker	26 Schiffe	50 % im Besitz/Betrieb

Schiffscharter und Schiffsmanagement

Zu den Schiffsmanagementaktivitäten von Teekay gehören:

• Technisches Schiffsmanagement für über 180 Schiffe
• Charterung von Handelsschiffen auf globalen Märkten
• Crew-Management und Schulungsprogramme
• Einhaltung internationaler Seevorschriften

Unterstützung der Offshore-Energieinfrastruktur

Offshore-Segment	Aktive Projekte	Jahresumsatz
Schwimmende Produktionseinheiten	5 aktive Einheiten	287 Millionen Dollar
Offshore-Versorgungsschiffe	12 Spezialschiffe	156 Millionen Dollar

Flottenwartung und Betriebsoptimierung

Zu den Wartungs- und Optimierungsstrategien gehören:

• Vorausschauende Wartungstechnologien
• Echtzeit-Leistungsüberwachungssysteme
• Programme zur Optimierung der Kraftstoffeffizienz
• Jährliches Flottenwartungsbudget: 78 Millionen US-Dollar

Teekay Corporation (TK) – Geschäftsmodell: Schlüsselressourcen

Vielfältige Flotte von Tankern, LNG-Tankern und Offshore-Schiffen

Ab 2024 betreibt die Teekay Corporation eine Flotte mit folgender Zusammensetzung:

Schiffstyp	Gesamtzahl	Gesamttragfähigkeit (DWT)
LNG-Tanker	48	3,100,000
Rohöltanker	31	2,700,000
Produkttanker	22	1,200,000
Offshore-Schiffe	15	N/A

Erfahrenes maritimes und technisches Personal

Die Teekay Corporation beschäftigt:

• Gesamte maritime Belegschaft: 5.200 Fachkräfte
• Onshore-Mitarbeiter: 1.100
• Durchschnittliche maritime Erfahrung pro Mitarbeiter: 12,5 Jahre
• Zertifizierte Schiffsingenieure: 680
• Zertifizierte Schiffskapitäne: 420

Fortschrittliche Navigations- und Sicherheitstechnologien

Zu den Technologieinvestitionen gehören:

• Jährliche Gesamtausgaben für Forschung und Entwicklung: 24,3 Millionen US-Dollar
• Eingesetzte digitale Navigationssysteme: 76 Schiffe
• Satellitenkommunikationsinfrastruktur: Vollständige Flottenabdeckung
• Investitionen in die Cybersicherheit: 8,7 Millionen US-Dollar pro Jahr

Globales maritimes Betriebsnetzwerk

Betriebsabdeckung:

Region	Anzahl der operativen Stützpunkte	Belieferte Länder
Nordamerika	4	2
Europa	3	5
Asien-Pazifik	5	7
Naher Osten	2	3

Starkes Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen für 2024:

• Gesamtvermögen: 6,8 Milliarden US-Dollar
• Eigenkapital: 1,9 Milliarden US-Dollar
• Jährliche Investitionsausgaben: 450 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 2,1:1
• Zahlungsmittel und Zahlungsmitteläquivalente: 320 Millionen US-Dollar

Teekay Corporation (TK) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Lösungen für den Seetransport

Die Teekay Corporation betreibt ab 2023 eine Flotte von 154 Schiffen und bietet Seetransporte in verschiedenen Segmenten an, darunter LNG-, Offshore- und konventionelle Tankerdienste.

Flottensegment	Anzahl der Schiffe	Gesamttragfähigkeit
LNG-Tanker	47	3,1 Millionen Kubikmeter
Konventionelle Tanker	62	5,2 Millionen Tonnen Eigengewicht
Offshore-Schiffe	45	Spezialisierte Supportkapazität

Flexible und maßgeschneiderte Energielogistikdienstleistungen

Teekay bietet spezialisierte Transportlösungen auf den globalen Energiemärkten.

• Langfristige Zeitcharterverträge: 78 % des Flottenumsatzes
• Spotmarkt-Engagement: 22 % des Flottenumsatzes
• Globale operative Präsenz in 15 internationalen maritimen Märkten

Hohe Sicherheits- und Umweltstandards

Teekay hält strenge Sicherheitsprotokolle ein Null größere Umweltvorfälle im Jahr 2023.

Sicherheitsmetrik	Leistung
Gesamtrate der meldepflichtigen Vorfälle	0,58 pro Million Arbeitsstunden
Unfallrate mit Zeitverlust	0,12 pro Million Arbeitsstunden

Globale Reichweite und umfassende maritime Expertise

Teekay ist auf mehreren Kontinenten tätig und verfügt über umfassende maritime Logistikkapazitäten.

• Betriebe in Nordamerika, Europa, dem Nahen Osten und Asien
• Über 35 Jahre Erfahrung im Seetransport
• Belegschaft von rund 5.200 maritimen Fachkräften

Kostengünstige Versand- und Energietransportoptionen

Teekay liefert wettbewerbsfähige Transportlösungen mit effizienten Betriebsstrategien.

Finanzkennzahl	Leistung 2023
Gesamtumsatz	3,2 Milliarden US-Dollar
Betriebsmarge	12.5%
Flottenauslastung	97.6%

Teekay Corporation (TK) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen

Die Teekay Corporation unterhält 81 Zeitcharterverträge mit einer durchschnittlichen Restvertragslaufzeit von 4,3 Jahren (Stand: Q4 2023). Der Gesamtrückstand an vertraglich vereinbarten Einnahmen beläuft sich auf 2,4 Milliarden US-Dollar.

Vertragstyp	Anzahl der Schiffe	Durchschnittliche Vertragsdauer
Zeitcharter	81	4,3 Jahre

Personalisierter Kundenservice und Kontoverwaltung

Teekay bietet dediziertes Account-Management für große Energieunternehmen und internationale Schifffahrtskunden.

• Maßgeschneiderte Flottenmanagementlösungen
• Engagierte Kundenbetreuer für erstklassige Kunden
• Weltweite Kundendienstzentren rund um die Uhr

Transparente Kommunikation und Leistungsberichte

Vierteljährliche Finanzberichte zeigen eine pünktliche Lieferleistung von 98,7 % im gesamten Seeverkehr.

Berichtsmetrik	Leistung
Pünktliche Lieferung	98.7%
Bewertung der Kundenzufriedenheit	4.6/5

Technischer Support und Beratungsdienste

Teekay investiert jährlich 42 Millionen US-Dollar in technischen Support und maritime Beratungsdienste.

• Fortschrittliche Schiffsüberwachungssysteme
• Echtzeit-Leistungsanalyse
• Beratung zur Einhaltung von Umweltvorschriften

Digitale Plattformen zur Sendungsverfolgung und -verwaltung

Die digitale Plattform übernimmt die Verfolgung von mehr als 350 Schiffen mit Echtzeit-Geolokalisierung und Aktualisierungen des Frachtstatus.

Digitale Plattformfähigkeit	Metriken
Verfolgte Schiffe	350+
Häufigkeit der Datenaktualisierung	Echtzeit

Teekay Corporation (TK) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Die Teekay Corporation unterhält ab 2023 ein engagiertes maritimes Vertriebsteam mit 87 globalen maritimen Fachleuten. Das Team deckt wichtige maritime Regionen ab, darunter:

Region	Mitglieder des Vertriebsteams
Nordamerika	29
Europa	23
Asien-Pazifik	35

Konferenzen und Messen der maritimen Industrie

Teekay nimmt jährlich an 12 bis 15 großen Konferenzen der maritimen Industrie teil, darunter:

• Internationale maritime Ausstellung
• Offshore-Technologiekonferenz
• Meeresgeldwoche
• Globaler maritimer Umweltkongress

Online-Plattformen und digitale Kommunikation

Digitale Kanalstatistik für Teekay Corporation im Jahr 2023:

Digitale Plattform	Follower/Verbindungen
LinkedIn	47,500
Monatliche Besucher der Unternehmenswebsite	126,000
Twitter	18,300

Branchenspezifische Networking-Events

Teekay beteiligt sich an 22 spezialisierten maritimen Networking-Veranstaltungen pro Jahr an globalen maritimen Knotenpunkten.

Unternehmenswebsite und Investor Relations

Kennzahlen des Investor-Relations-Kanals für 2023:

• Jährliche Investorenpräsentationen: 4
• Teilnehmer des Webcasts zu den Quartalsergebnissen: 1.200
• Abonnenten von Investor-Relations-E-Mails: 3.600

Teekay Corporation (TK) – Geschäftsmodell: Kundensegmente

Öl- und Gasexplorationsunternehmen

Teekay beliefert große Öl- und Gasexplorationsunternehmen mit spezialisierten Seetransportlösungen.

Kundentyp	Jährlicher Vertragswert	Anzahl aktiver Verträge
Globale Explorationsunternehmen	375 Millionen Dollar	17
Offshore-Bohrunternehmen	248 Millionen Dollar	12

Energiehandelsunternehmen

Teekay bietet wichtige maritime Logistik für Energiehandelsorganisationen.

• Gesamtkundenstamm im Energiehandel: 42 globale Unternehmen
• Durchschnittlicher Jahresumsatz pro Handelsunternehmen: 64,3 Millionen US-Dollar
• Langfristige Vertragslaufzeit: 5-7 Jahre

Hersteller von Erdölprodukten

Teekay unterstützt Hersteller von Erdölprodukten bei der Transportinfrastruktur.

Herstellerkategorie	Jährliches Transportvolumen	Flottenauslastung
Raffineriebetreiber	22,6 Millionen Tonnen	89%
Chemische Produktionsunternehmen	8,4 Millionen Tonnen	82%

Internationale Reedereien

Teekay arbeitet mit internationalen Schifffahrtsunternehmen für umfassende maritime Lösungen zusammen.

• Gesamtzahl der Reedereipartnerschaften: 28
• Globale maritime Abdeckung: 6 Kontinente
• Durchschnittlicher Partnerschaftsumsatz: 92,7 Millionen US-Dollar pro Jahr

Betreiber von Offshore-Energieinfrastrukturen

Teekay bietet spezialisierte Meeresdienstleistungen für die Offshore-Energieinfrastruktur an.

Infrastrukturtyp	Serviceverträge	Jahresumsatz
Offshore-Plattformen	15 aktive Verträge	213 Millionen Dollar
Schwimmende Produktionseinheiten	9 aktive Verträge	167 Millionen Dollar

Teekay Corporation (TK) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung der Flotte

Laut Jahresbericht 2023 beliefen sich die Flottenwartungs- und Anschaffungskosten der Teekay Corporation auf insgesamt 1,2 Milliarden US-Dollar. Das Unternehmen betreibt eine vielfältige Flotte von etwa 150 Schiffen in verschiedenen maritimen Segmenten.

Schiffstyp	Anzahl der Schiffe	Wartungskosten
LNG-Tanker	45	378 Millionen Dollar
Rohöltanker	62	456 Millionen US-Dollar
Offshore-Versorgungsschiffe	43	366 Millionen Dollar

Treibstoff- und Betriebskosten

Die jährlichen Treibstoff- und Betriebskosten von Teekay beliefen sich im Jahr 2023 auf 742 Millionen US-Dollar, was einen erheblichen Teil der Betriebsausgaben darstellt.

• Kosten für Bunkertreibstoff: 412 Millionen US-Dollar
• Hafengebühren: 98 Millionen US-Dollar
• Schiffsbetriebskosten: 232 Millionen US-Dollar

Personal- und Besatzungsgehälter

Die gesamten Personalkosten für 2023 beliefen sich auf 268 Millionen US-Dollar und deckten etwa 5.200 See- und Landmitarbeiter ab.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Gesamtlohnaufwand
Seefahrermannschaft	3,800	196 Millionen Dollar
Onshore-Management	1,400	72 Millionen Dollar

Einhaltung gesetzlicher Vorschriften und Versicherungen

Die Compliance- und Versicherungskosten für 2023 beliefen sich auf 89 Millionen US-Dollar.

• Einhaltung der maritimen Vorschriften: 42 Millionen US-Dollar
• Versicherungsprämien: 47 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Teekay investierte im Jahr 2023 64 Millionen US-Dollar in Technologie- und Infrastruktur-Upgrades.

• Digitale Navigationssysteme: 22 Millionen US-Dollar
• Cybersicherheitsinfrastruktur: 18 Millionen US-Dollar
• Flottenmanagementsoftware: 24 Millionen US-Dollar

Teekay Corporation (TK) – Geschäftsmodell: Einnahmequellen

Langfristige Charterverträge

Die langfristigen Charterverträge der Teekay Corporation generierten im Geschäftsjahr 2023 einen Umsatz von 1,2 Milliarden US-Dollar. Die durchschnittliche Vertragslaufzeit liegt zwischen 3 und 10 Jahren mit festen monatlichen Raten.

Vertragstyp	Jahresumsatz	Durchschnittliche Dauer
LNG-Tanker	487 Millionen US-Dollar	7 Jahre
Rohöltanker	392 Millionen US-Dollar	5 Jahre
Produkttanker	321 Millionen Dollar	4 Jahre

Versandkosten für den Spotmarkt

Die Spotmarkteinnahmen beliefen sich im Jahr 2023 auf insgesamt 276 Millionen US-Dollar, was 18,4 % der gesamten maritimen Einnahmen ausmacht.

• Durchschnittliche tägliche Spotpreise für VLCC: 25.600 $
• Durchschnittliche tägliche Spotpreise für Suezmax-Tanker: 18.900 $
• Durchschnittliche tägliche Spotpreise für Aframax-Tanker: 15.400 $

Gebühren für die Schiffsverwaltung

Die Schiffsmanagementdienstleistungen erwirtschafteten im Jahr 2023 89 Millionen US-Dollar und umfassten das technische und kommerzielle Management für Schiffe Dritter.

Offshore-Unterstützungsdienste

Offshore-Unterstützungsdienste trugen im Jahr 2023 142 Millionen US-Dollar zum Umsatz von Teekay bei, hauptsächlich aus dem Betrieb von Shuttle-Tankern in Brasilien und Norwegen.

Maritime Logistikberatung

Die Beratungsdienste für die Seelogistik erwirtschafteten im Jahr 2023 einen Umsatz von 37 Millionen US-Dollar und stellten spezialisierte Beratungsdienste für Seetransportkunden bereit.

Teekay Corporation (TK) - Canvas Business Model: Value Propositions

You're looking at the core promises Teekay Corporation (TK), through its controlling interest in Teekay Tankers Ltd., makes to its energy and government clients as of late 2025. This isn't about fluff; it's about the hard assets and service structure they put to work.

Reliable, international crude oil marine transportation services

The value proposition rests on a substantial, modern fleet capable of global crude oil transport. As of the second quarter of 2025, Teekay Tankers owned a fleet of 37 double-hulled oil and product tankers, specifically comprising 21 Suezmax tankers and 16 Aframax / LR2 tankers. Plus, they had three chartered-in oil and product tankers under management. For context on market responsiveness, the quarter-to-date spot rates for the second quarter of 2025 reached $40,400 per day for Suezmax vessels and $36,800 per day for Aframax-sized vessels. Teekay Corporation reported a GAAP net income of $29.6 million for the third quarter of 2025.

Fleet optimization providing modern, efficient vessels to clients

Teekay Corporation actively manages its fleet age and capacity to maintain efficiency. Since the start of 2025 through the first quarter, the company sold six older vessels, realizing total gross proceeds of approximately $183 million. This optimization continued into the second quarter, where the company agreed to sell five additional vessels for total gross proceeds of $158.5 million. By the third quarter of 2025, four out of five planned vessel sales were completed, with total expected proceeds remaining at $158.5 million. On the acquisition side, the company agreed to acquire one 2019-built LR2 vessel scheduled for delivery in late-May 2025, and in the second quarter of 2025, acquired one 2017-built Suezmax vessel. They also agreed to acquire the remaining 50% ownership interest in the Hong Kong Spirit Very Large Crude Carrier (VLCC).

The fleet renewal activity can be summarized:

• Vessels sold since start of 2025 (through Q3): 10 (6 + 4)
• Total expected proceeds from Q2/Q3 sales: $158.5 million
• New Suezmax vessel acquired in Q2 2025: 1
• VLCC interest acquired in Q2/Q3 2025: 50% stake

Flexible chartering options: spot market exposure and fixed-rate contracts

Clients benefit from a balanced approach to employment, mitigating rate volatility. Teekay Tankers' vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time-charter contracts. The Hong Kong Spirit VLCC, owned through a 50/50 joint venture, was employed in a spot market pool as of March 1, 2025. This mix allows Teekay Corporation to capture upside when rates are strong, like the counter-seasonally strong rates seen in Q2 2025.

Comprehensive marine services, including specialized Australian operations

Teekay Corporation extends its value beyond crude oil transport through specialized marine services, particularly in Australia. Teekay Australia, now integrated into Teekay Tankers, previously generated approximately $10 million in annual EBITDA. This segment provides services primarily to the Australian Government. Specific commitments include vessel operation services for five vessels under the Defence Marine Support Services Program contract. The Australian operations manage key assets such as the Australian Border Force Cutter "Ocean Shield" and the Australian Maritime Safety Authority's Emergency Towage Vessel "Coral Knight". Furthermore, Teekay Australia has served as the crewing manager for the Floating Production, Storage and Offloading (FPSO) vessel Ningaloo Vision since 2012.

The scope of Australian marine services includes:

Service Component	Key Deliverable/Asset Example
Vessel Operations	Five vessels under Defence contract
Government Assets Managed	"Ocean Shield," "Coral Knight"
Crewing Management	Ningaloo Vision since 2012
Prior Annual EBITDA	Approximately $10 million

Teekay Corporation (TK) - Canvas Business Model: Customer Relationships

You're looking at how Teekay Corporation manages its relationships with the energy firms that hire its vessels and the shareholders who fund the operation. It's a dual approach, balancing the predictability of contracts with the upside of the open market, all while keeping the capital markets informed.

Dedicated commercial teams managing long-term fixed-rate time charters

Teekay Corporation, primarily through Teekay Tankers Ltd., maintains relationships built on securing medium-term fixed-rate time-charter contracts. This strategy aims to provide a stable revenue base, though specific fleet-wide exposure data for late 2025 isn't explicitly detailed in the latest updates. We do know that as of the first quarter of 2025, at least one owned Aframax / LR2 vessel was operating under a fixed-rate time-charter contract scheduled to expire in May 2025. The management's stated intent is to enter into such fixed-rate time charters in the future, signaling an ongoing commitment to this relationship type for risk management.

Transactional relationships via the volatile spot tanker market

A significant portion of customer interaction happens transactionally through the volatile spot tanker market. Teekay Tankers manages a fleet of approximately 55 conventional tankers as of the third quarter of 2025, with these vessels often trading on the spot market. This exposure allowed Teekay Tankers to report its best quarterly performance in the past 12 months in Q3 2025, supported by spot tanker rates that were unusually strong for the season. The company is positioned to benefit from this volatility due to its strong exposure to the spot market. This transactional business involves servicing major energy firms globally, with operations spanning 8 countries and a workforce of about 2,200 employees.

Here's a quick look at the scale of the business driving these spot market relationships in Q3 2025:

Metric	Teekay Corporation (Consolidated)	Teekay Tankers (Subsidiary)
Revenues (in thousands of U.S. dollars)	228,485	229 million
GAAP Net Income Attributable to Shareholders (in thousands of U.S. dollars)	29,552	92,100
Income from Operations (in thousands of U.S. dollars)	69,166	N/A

Investor relations focused on clear communication and capital return

Teekay Corporation's relationship with its investors centers on transparency, evidenced by regular quarterly updates and conference calls, such as the one held on October 30, 2025, to discuss Q3 2025 results. A key component of this relationship is the commitment to capital return, which management views as equally important as fleet renewal. The company demonstrated this commitment through specific payouts:

• Teekay Tankers declared a regular, fixed quarterly cash dividend of $0.25 per share for the quarter ended September 30, 2025.
• Teekay Corporation paid a one-time cash special dividend of $1.00 per outstanding common share, totaling $85.3 million, during the third quarter of 2025.

The financial results underpinning these returns included a GAAP net income attributable to Teekay Corporation shareholders of $29.6 million, or $0.34 per share, for the third quarter of 2025. Also, Teekay Tankers reported an adjusted net income of $53.3 million, or $1.54 per share, for the same period. This focus on consistent dividends and strategic fleet renewal, which involved expected gross proceeds of $158.5 million from vessel sales, forms the core of the investor dialogue.

Teekay Corporation (TK) - Canvas Business Model: Channels

You're looking at how Teekay Corporation (TK) gets its services-crude oil marine transportation and marine services-to the energy companies that need them. It's a mix of locking in business long-term and playing the daily market.

The primary channel is through direct chartering contracts with major energy companies, often via its controlling interest in Teekay Tankers Ltd. (TNK). This provides a baseline of revenue stability. Teekay Tankers provides a comprehensive set of marine services to the world's leading energy companies, operating offices in 8 countries with approximately 2,200 seagoing and shore-based employees.

The deployment of the fleet is split between fixed contracts and the open market. Here's a quick look at the rates and fleet size as of late 2025 data:

Metric	Unit	Q3 2025 Data Point	Related Period/Context
Fleet Size (Tankers Managed)	Vessels	55	As of October 29, 2025
Suezmax Spot Rate (QTD)	USD/day	$40,400	Q2 2025 to-date
Aframax Spot Rate (QTD)	USD/day	$36,800	Q2 2025 to-date
FCF Break-even Rate	USD/day	$11,300	Projected for 12 months ending Sept 30, 2026
Long-Term Charter Rate (Suezmax)	USD/day	$42,500	One-year charter rate
Long-Term Charter Rate (Aframax Avg)	USD/day	$33,275	12-18 month charter rate average

The reliance on the global spot market trading for crude oil and product tankers is evident in the day rates, but the company actively manages this exposure through contract mix. Teekay Tankers' vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time charter contracts.

• - One Suezmax vessel was out-chartered for $42,500 per day for one year.
• - Two Aframax-sized vessels were chartered for an average of $33,275 per day for 12 - 18 months.
• - The company completed the acquisition of one 2017-built Suezmax vessel and the remaining 50% ownership interest in the Hong Kong Spirit VLCC tanker as part of fleet renewal.
• - Teekay Tankers agreed to sell five vessels for total gross proceeds of $158.5 million.

For corporate website and investor relations for capital market access, the company uses its public listing and investor communications to reach capital providers. Teekay Corporation's common stock trades on the New York Stock Exchange under the symbol "TK".

• - Teekay Corporation Ltd. reported a Market Cap of $807.50M as of late October 2025.
• - Teekay Parent's cash and short-term investments stood at $200,648 thousand as of June 30, 2025.
• - The company paid a special cash dividend of $1.00 per common share in July 2025, totaling $85.3 million.
• - Q3 2025 GAAP Net Income attributable to shareholders was $29.6 million, or $0.34 per share.

Finance: draft 13-week cash view by Friday.

Teekay Corporation (TK) - Canvas Business Model: Customer Segments

You're looking at the core groups Teekay Corporation (TK) serves, which directly impacts how they structure their operations and manage shareholder expectations. Honestly, for a company like Teekay Corporation, the customer base is split between the entities chartering their vessels and the investors holding the stock.

The operational side, primarily through its controlling ownership in Teekay Tankers, focuses on providing marine transportation services. This segment serves:

• - Major global energy companies and oil traders requiring crude transport. Teekay Tankers provides a comprehensive set of marine services to the world's leading energy companies. Vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time-charter contracts.
• - Australian Government and energy companies for marine services. Teekay manages marine assets, including vessels operated for the Australian Government.

As of late 2025, Teekay Tankers manages and operates approximately 55 conventional tankers and other marine assets. This fleet includes 37 owned double-hull tankers, broken down into 22 Suezmax and 15 Aframax/LR2 vessels, plus additional chartered vessels. For context on the market they serve, second quarter 2025-to-date spot tanker rates were reported at $40,400 per day for Suezmax and $36,800 per day for Aframax-sized vessels.

The second major segment is the financial one, consisting of public shareholders looking for returns:

• - Public shareholders (TK) seeking capital returns and dividend income.

Here's a quick look at the recent financial performance relevant to these shareholders, based on Teekay Corporation's Q3 2025 update:

Metric	Value (As of Q3 2025 or Latest Reported)	Context/Date
U.S. GAAP Net Income Attributable to Shareholders	$29.6 million	Three Months Ended September 30, 2025
Earnings Per Common Share	$0.34	Q3 2025
Regular Quarterly Cash Dividend Declared	$0.25 per share	Payable in November 2025
Last Paid Dividend Per Share	$1.00	Payable July 16, 2025
Reported Dividend Yield (TTM)	20.86%	As of latest report
Market Capitalization	$799M or $807.50M	Reported in late 2025 updates
Teekay Parent Ownership in Teekay Tankers	10.6 million shares	As at September 30, 2025

To be fair, the dividend structure has seen recent variability; for instance, the dividend paid on July 16, 2025, was $1.00 per share, while a regular quarterly dividend of $0.25 per share was declared for November 2025. The company is actively managing its asset base, completing four of five planned vessel sales for total expected gross proceeds of $158.5 million.

Teekay Corporation (TK) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Teekay Corporation (TK) business, which is heavily influenced by the operational costs of its subsidiary, Teekay Tankers Ltd. (TNK). Since the company is focused on fleet renewal, a significant portion of its capital activity involves buying and selling assets, which impacts cash flow but not necessarily the recurring operating cost structure directly.

For the third quarter ended September 30, 2025, the consolidated Vessel operating expenses were reported at ($61,031 thousand). The increase in this line item compared to prior periods was attributed to the timing of certain non-recurring expenditures and fleet changes during the second and third quarters of 2025. To be fair, the publicly available summaries don't break this down further into the specific components you asked for.

Here is what we know about the main components of the cost structure based on late 2025 reporting:

• - Vessel operating expenses (Total Q3 2025): ($61,031 thousand).
• - Crewing, Maintenance, and Insurance: Specific 2025 breakdowns for these sub-components are not explicitly detailed in the readily available Q3 2025 summaries. Historically, crew costs and repairs/maintenance are the two largest components of VOE.
• - Costs associated with dry-docking: The Q3 2025 results noted fewer scheduled dry dockings in Q3-25, suggesting lower associated costs for that specific quarter compared to others.

General and Administrative (G&A) expenses for the Parent and Tankers entities are not explicitly itemized in the provided consolidated financial highlights for Q3 2025. However, we can look at the overall operating performance to infer the relative size of overhead costs. Consolidated Income from operations for the three months ended September 30, 2025, was $69,166 thousand, against consolidated Revenues of $228,485 thousand. This means that operating expenses (which include G&A, VOE, and depreciation/amortization) consumed a significant portion of the revenue before reaching that operating income level.

Regarding Debt servicing costs, this category appears to be minimal or non-existent for the consolidated entity as of late 2025. Teekay Corporation highlighted a debt-free status and a strong cash position of $775 million as of the Q3 2025 update. This suggests that interest expense and principal repayments on external debt are not a major recurring cost drain, though the company did fund its other working capital requirements and provide funding to its equity-accounted joint venture from time to time.

The capital allocation side also shows costs related to fleet renewal, which are typically investing/financing activities rather than operating expenses, but they are significant cash outlays:

Activity	Amount / Detail	Period / Status
Gross Proceeds from Vessel Sales (Expected Total)	$158.5 million	Five vessel sales completed in Q3/Q4 2025.
Estimated Gain on Vessel Sales	Approximately $47.5 million	From the five vessel sales.
Quarterly Dividend Paid (Teekay Corp)	$1.00 per share (Totaling $85.3 million)	One-time special dividend paid in July 2025.
Regular Quarterly Dividend (Teekay Tankers)	$0.25 per share	Declared for Q3 2025, payable in November 2025.

The company is clearly prioritizing cash preservation and fleet optimization, which keeps financing costs low, but the day-to-day running of the fleet-crewing, maintenance, and insurance-remains the core operating expense you need to track closely.

Teekay Corporation (TK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Teekay Corporation brings in money as of late 2025. This is primarily through its controlling ownership in Teekay Tankers Ltd. (TNK), plus any direct income or asset realization events at the parent level.

The primary revenue driver is the chartering of vessels, which Teekay Tankers executes across the spot market and through fixed-rate time charter contracts. This activity generates the bulk of the consolidated revenue figures reported by Teekay Corporation.

Here are the key components making up the revenue picture for Teekay Corporation:

• - Tanker charter revenue from spot market and time charter contracts.
• - Q3 2025 Consolidated Revenue was reported at $228.5 million (the closest reported figure is $228,485 thousand, or $228.485 million for the three months ended September 30, 2025).
• - Gains on vessel sales, totaling expected gross proceeds of $158.5 million from five vessels in 2025, largely realized through Teekay Tankers' fleet renewal plan.
• - Dividend income from its controlling interest in Teekark Tankers.

To give you a clearer view of how these streams are materializing, particularly the asset sales and the income derived from the subsidiary, here's a breakdown based on recent reporting:

Revenue Component	Specific Financial Data Point	Period/Context
Consolidated Revenue (TK)	$228.485 million	Three Months Ended September 30, 2025
Expected Gross Proceeds from Vessel Sales (TNK)	$158.5 million	Total expected from five vessel sales in 2025
Estimated Gain on Vessel Sales (Attributable to TK Parent)	$8.7 million	For the quarter ended September 30, 2025
Dividend Income from TNK (Regular Quarterly)	$0.25 per share declared by TNK for Q3 2025
Dividend Income from TNK (Reported Parent Receipt)	$13.3 million	Cash dividends received by Teekay Parent from Teekay Tankers in Q2 2025
Spot Market Rates (Q4 2025 Booked)	Suezmaxes at $45,500 per day; Aframax/LR2s at $35,200 per day
Time Charter Rates (New Bookings)	One Suezmax at $42,500 per day; Two Aframax at average $33,275 per day

The tanker charter revenue stream is supported by strong market conditions. For instance, Teekay Tankers opportunistically time-chartered out one Suezmax vessel for $42,500 per day and two Aframax sized vessels for an average of $33,275 per day for periods between 12 to 18 months. This mix of spot and fixed-rate business helps smooth out the revenue volatility you see in the maritime sector. Also, Teekay Tankers declared a regular fixed quarterly cash dividend of $0.25 per share for the quarter ended September 30, 2025.

The asset sales are a significant, though less recurring, source of cash flow and gain recognition. The five vessel sales are expected to generate total gross proceeds of $158.5 million, with estimated gains on sales of approximately $47.5 million recorded across the third and fourth quarters. For Teekay Corporation itself, the Q3 2025 results included specific income components flowing from Teekay Tankers:

• - Gains on Teekay Tankers' vessel sales: $8.7 million, or $0.10 per share.
• - Gain on distribution from equity accounted investment: $2.6 million, or $0.03 per share.
• - Unrealized gain on marketable securities: $1.4 million, or $0.02 per share.

Honestly, the dividend income from Teekay Tankers is the most direct way Teekay Corporation monetizes its controlling interest. You saw Teekay Parent receive cash dividends totaling $13.3 million in the second quarter of 2025. Plus, Teekay Corporation paid out a large one-time cash dividend of $85.3 million in July 2025, likely supported by these cash flows and asset sales.