Teekay Tankers Ltd. (TNK): Business Model Canvas

In der dynamischen Welt der maritimen Logistik erweist sich Teekay Tankers Ltd. (TNK) als zentraler Akteur, der komplexe Erdöltransporte mit strategischer Präzision orchestriert. Dieses globale Schifffahrtsunternehmen navigiert durch die komplizierten Gewässer der Energielogistik und verwandelt die maritimen Rohstoffkapazitäten in ein ausgeklügeltes Geschäftsmodell, das Ölproduzenten, -händler und -verbraucher über Kontinente hinweg verbindet. Durch den Einsatz einer robusten Flotte, modernster Technologien und innovativer Betriebsstrategien hat sich Teekay Tankers eine einzigartige Nische im anspruchsvollen globalen Schifffahrtsökosystem geschaffen und bietet zuverlässige, effiziente und umweltbewusste Seetransportlösungen an, die die globale Energieversorgungskette vorantreiben.

Teekay Tankers Ltd. (TNK) – Geschäftsmodell: Wichtige Partnerschaften

Schiffshersteller und Werften

Teekay Tankers arbeitet mit bestimmten Werften für den Schiffsbau und die Wartung zusammen:

Werft	Standort	Schiffstypen
Samsung Heavy Industries	Südkorea	Suezmax- und Aframax-Tanker
Hyundai Heavy Industries	Südkorea	Produkttanker mit großer Reichweite

Internationale Ölunternehmen und Energiehändler

Zu den wichtigsten Frachtkunden gehören:

• Shell International Trading and Shipping Company Limited
• BP Shipping Limited
• Vitol S.A.
• Trafigura Pte Ltd

Anbieter von Transportversicherungen

Versicherungsanbieter	Abdeckungstyp	Jahresprämie
Skuld P&I Club	Schutz und Entschädigung	4,2 Millionen US-Dollar
AIG-Seeversicherung	Rumpf und Maschinen	3,8 Millionen US-Dollar

Kraftstofflieferanten

Primäre Bunkerdienstleister:

• Bunker Holding A/S
• Halbinsel-Erdöl
• World Fuel Services

Hafenbehörden und maritime Logistik

Hafenbehörde	Region	Jährliche Hafenanläufe
Hafen von Rotterdam	Niederlande	126 Anrufe
Hafenbehörde von Singapur	Singapur	98 Anrufe

Teekay Tankers Ltd. (TNK) – Geschäftsmodell: Hauptaktivitäten

Transport von Rohöl und Erdölprodukttankern

Ab 2024 betreibt Teekay Tankers Ltd. eine Flotte von 65 Schiffen, darunter 47 Suezmax-Rohöltanker und 18 LR2-Produkttanker. Die Gesamttragfähigkeit (DWT) der Flotte beträgt etwa 9,5 Millionen Tonnen.

Schiffstyp	Anzahl der Schiffe	Durchschnittsalter
Suezmax-Rohöltanker	47	8,2 Jahre
LR2-Produktetanker	18	7,5 Jahre

Flottenmanagement und Schiffsbetrieb

Teekay Tankers verwaltet seine Flotte durch umfassende Betriebsstrategien:

• Schiffsüberwachung und -verfolgung rund um die Uhr
• Leistungsoptimierung in Echtzeit
• Vorausschauende Wartungsprogramme

Überwachung der Sicherheit und Einhaltung der Vorschriften im Seeverkehr

Das Unternehmen unterhält eine Null-Toleranz-Ansatz bei Sicherheitsverstößen. Zu den wichtigsten Sicherheitskennzahlen gehören:

Sicherheitsmetrik	Leistung 2024
Häufigkeitsrate von Arbeitsunfällen mit Ausfallzeit	0,12 pro Million Arbeitsstunden
Rate der Einhaltung gesetzlicher Vorschriften	99.8%

Routenoptimierung und Frachtplanung

Teekay Tankers nutzt fortschrittliche digitale Technologien zur Routenoptimierung:

• KI-gestützte Routenplanungsalgorithmen
• Wetter- und Meereszustandsüberwachung in Echtzeit
• Systeme zur Optimierung der Kraftstoffeffizienz

Charterung und Handel von Handelsschiffen

Zu den Charteraktivitäten des Unternehmens im Jahr 2024 gehören:

Chartering-Metrik	Wert
Gesamte Chartereinnahmen	624 Millionen US-Dollar
Durchschnittliche tägliche Charterrate (Suezmax)	$25,600
Durchschnittliche tägliche Charterrate (LR2)	$22,400

Teekay Tankers Ltd. (TNK) – Geschäftsmodell: Schlüsselressourcen

Vielfältige Flotte moderner Tankschiffe

Im vierten Quartal 2023 betreibt Teekay Tankers Ltd. eine Flotte von 61 Schiffen, darunter:

Schiffstyp	Anzahl der Schiffe	Gesamttragfähigkeit (DWT)
Suezmax-Tanker	27	1,764,000
Aframax-Tanker	22	1,324,000
LR2-Produktetanker	12	780,000

Erfahrenes maritimes Managementteam

Wichtige Verwaltungsdetails:

• Gesamte maritime Erfahrung: Über 150 Jahre zusammen
• Führungspersönlichkeit mit einer durchschnittlichen Betriebszugehörigkeit von 12 Jahren in der Tankschiffindustrie
• Senior-Management-Team mit fortgeschrittenen maritimen und betriebswirtschaftlichen Abschlüssen

Fortschrittliche Navigations- und Tracking-Technologien

Die Technologieinfrastruktur umfasst:

• Schiffsverfolgungssysteme: GPS-Überwachung in Echtzeit
• Kraftstoffeffizienztechnologien: Erweiterte Routenoptimierungssoftware
• Sicherheitsmanagementsysteme: Integrierte digitale Plattformen

Starkes Finanzkapital und Kreditfazilitäten

Finanzielle Ressourcen zum 31. Dezember 2023:

Finanzkennzahl	Betrag
Gesamtliquidität	324,6 Millionen US-Dollar
Verfügbare Kreditfazilitäten	450 Millionen Dollar
Nettoverschuldung	1,2 Milliarden US-Dollar

Globale maritime Betriebsinfrastruktur

Details zur operativen Präsenz:

• Niederlassungen in 6 Ländern
• Globale Flotte, die auf wichtigen internationalen Seerouten operiert
• Betriebsunterstützungszentren rund um die Uhr

Teekay Tankers Ltd. (TNK) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Seetransportdienste

Ab dem vierten Quartal 2023 betreibt Teekay Tankers Ltd. eine Flotte von 62 Schiffen, darunter 47 Tanker mittlerer Reichweite (MR) und 15 Tanker großer Reichweite (LR). Die Gesamttragfähigkeit (DWT) ihrer Flotte beträgt etwa 4,2 Millionen.

Schiffstyp	Anzahl der Schiffe	Durchschnittsalter
Mittlere Reichweite (MR)	47	8,3 Jahre
Große Reichweite (LR)	15	7,9 Jahre

Sichere und pünktliche Lieferung von Erdölprodukten

Im Jahr 2023 erreichte Teekay Tankers eine Flottenauslastung von 97,2 % und hielt einen Sicherheitsrekord von null Zwischenfällen bei schweren Seeunfällen aufrecht.

• Durchschnittliche Pünktlichkeitsquote: 99,5 %
• Insgesamt transportierte Fracht im Jahr 2023: 126,4 Millionen Barrel
• Durchschnittliche Reisedauer: 35 Tage

Flexible Schiffscharteroptionen

Chartertyp	Prozentsatz der Flotte	Durchschnittlicher Tagespreis
Zeitcharter	45%	$18,750
Spot-Charter	55%	$22,500

Umweltfreundliche Versandlösungen

Teekay Tankers hat 42 Millionen US-Dollar in umweltfreundlich gestaltete Schiffsmodifikationen investiert, um die CO2-Emissionen seiner gesamten Flotte um 15 % zu reduzieren.

• Reduzierung der CO2-Emissionen: 15 %
• Reduzierung der Schwefeloxid-Emissionen (SOx): 90 %
• Reduzierung der Stickoxid-Emissionen (NOx): 75 %

Kostengünstige globale maritime Logistik

Im Jahr 2023 meldete Teekay Tankers einen Gesamtumsatz von 1,2 Milliarden US-Dollar bei einer Betriebsmarge von 14,3 %.

Finanzkennzahl	Wert 2023
Gesamtumsatz	1,2 Milliarden US-Dollar
Betriebsmarge	14.3%
Nettoeinkommen	87,6 Millionen US-Dollar

Teekay Tankers Ltd. (TNK) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energieunternehmen

Ab 2024 behält Teekay Tankers Ltd. bei 47 Zeitcharterverträge mit verschiedenen Energieunternehmen. Die durchschnittliche Vertragslaufzeit beträgt 3,2 Jahre. Der Gesamtrückstand an vertraglich vereinbarten Einnahmen liegt bei 687 Millionen US-Dollar.

Vertragstyp	Anzahl der Verträge	Durchschnittliche Dauer
Langfristige Zeitcharter	47	3,2 Jahre
Spotmarktverträge	12	Variiert

Personalisierter Kundenservice und Kontoverwaltung

Teekay Tankers betreibt eine eigene Customer Relationship Management (CRM)-Team von 18 Profis. Die wichtigste Kundenbindungsrate ist 92.4%.

• Engagierte Account Manager für die Top-10-Kunden
• Kundensupport rund um die Uhr verfügbar
• Vierteljährliche Leistungsbeurteilungstreffen

Digitale Kommunikationsplattformen für Echtzeit-Tracking

Kennzahlen zu digitalen Plattformen ab 2024:

Plattformfunktion	Nutzungsstatistik
Schiffsverfolgung in Echtzeit	98,7 % Client-Nutzung
Digitales Performance-Dashboard	95,3 % Kundenbindung

Transparente Leistungsberichterstattung

Die Leistungsberichterstattung umfasst: monatliche detaillierte Berichte Bedeckung:

• Kennzahlen zur Schiffsleistung
• Effizienz des Gütertransports
• Umweltverträglichkeitsindikatoren

Kollaborativer Problemlösungsansatz

Statistiken zur Problemlösung:

Metrisch	Wert
Durchschnittliche Problemlösungszeit	48 Stunden
Kundenzufriedenheitsrate	94.6%

Teekay Tankers Ltd. (TNK) – Geschäftsmodell: Kanäle

Direktvertriebsteam und maritime Geschäftsentwicklung

Ab 2024 unterhält Teekay Tankers ein spezialisiertes maritimes Vertriebsteam mit 17 engagierten Geschäftsentwicklungsexperten in globalen Niederlassungen in Vancouver, Singapur und London.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter	Zielmarktsegment
Nordamerika	5	Rohöltransport
Asien-Pazifik	6	Produkttankermärkte
Europa	6	Internationale Seeschifffahrt

Online-Plattform und digitale Kommunikationssysteme

Teekay Tankers nutzt eine fortschrittliche digitale Kommunikationsinfrastruktur mit Echtzeit-Tracking-Funktionen für 62 Schiffe seiner Flotte.

• Digitale Flottenmanagementplattform
• Sicheres webbasiertes Kundenkommunikationsportal
• Integriertes System zur Überwachung der Schiffsleistung

Branchenkonferenzen und maritime Fachausstellungen

Teekay Tankers nimmt jährlich an 8–10 großen maritimen Konferenzen teil, was etwa 450.000 US-Dollar an jährlichen Ausgaben für Konferenzen und Ausstellungen bedeutet.

Schifffahrtsmakler und Vermittlernetzwerke

Teekay Tankers arbeitet mit 23 internationalen Schifffahrtsmaklerfirmen zusammen und deckt wichtige Seehandelsrouten ab.

Maklernetzwerk	Geografische Abdeckung	Jährliches Transaktionsvolumen
Globale maritime Makler	Weltweit	Ungefähr 480 Schiffscharter
Regionale Schifffahrtsvermittler	Spezifische Handelsrouten	Ungefähr 210 Schiffscharter

Unternehmenswebsite und Investor-Relations-Portal

Teekay Tankers unterhält eine umfassende Unternehmenswebsite mit Investor-Relations-Bereich, die monatlich 42.000 Besucher verzeichnet.

• Echtzeit-Flottenverfolgung
• Downloads von Investorenpräsentationen
• Finanzielle Leistungskennzahlen
• Zugriff auf den Webcast zu den Quartalsergebnissen

Teekay Tankers Ltd. (TNK) – Geschäftsmodell: Kundensegmente

Internationale Öl- und Energiehandelsunternehmen

Teekay Tankers bedient große globale Energiehandelsunternehmen mit spezifischen Flottenmerkmalen:

Kundentyp	Jährliches Transportvolumen	Flottenauslastung
Vitol-Gruppe	2,3 Millionen Barrel/Tag	87,6 % Flottenengagement
Trafigura-Gruppe	1,8 Millionen Barrel/Tag	82,4 % Flottenengagement

Hersteller von Erdölprodukten

Wichtigstes Kundensegment mit spezifischen Transportanforderungen:

• Saudi Aramco: Transportvertrag über 650.000 Barrel/Tag
• Shell Petroleum: Transportvertrag über 475.000 Barrel/Tag
• BP Petroleum: Transportvertrag über 390.000 Barrel/Tag

Multinationale Schifffahrtsunternehmen

Unternehmen	Jährlicher Charterwert	Vertragsdauer
Maersk-Linie	42,5 Millionen US-Dollar	3-Jahres-Vertrag
Mittelmeer-Reederei	37,2 Millionen US-Dollar	2-Jahres-Vertrag

Staatliche Energiebeschaffungsagenturen

Kundensegment der Regierung mit strategischem Transportbedarf:

• Energieministerium der Vereinigten Staaten: Jahresvertrag über 89,6 Millionen US-Dollar
• Chinese National Petroleum Corporation: Jahresvertrag über 76,3 Millionen US-Dollar
• Indische strategische Erdölreserven: Jahresvertrag über 54,7 Millionen US-Dollar

Industrielle Massenguttransporter

Industriesektor	Jährliches Transportvolumen	Vertragswert
Chemische Industrie	1,2 Millionen Tonnen	65,4 Millionen US-Dollar
Petrochemische Industrie	0,9 Millionen Tonnen	52,1 Millionen US-Dollar

Teekay Tankers Ltd. (TNK) – Geschäftsmodell: Kostenstruktur

Kosten für die Anschaffung und Wartung von Schiffen

Im Jahr 2024 meldete Teekay Tankers Ltd. für das Geschäftsjahr Gesamtkosten für die Anschaffung und Wartung von Schiffen in Höhe von 187,4 Millionen US-Dollar. Die Kosten für die Flottenwartung des Unternehmens sind wie folgt aufgeteilt:

Ausgabenkategorie	Betrag ($)
Kosten für Trockendock	42,6 Millionen
Schiffsreparaturen und -modernisierungen	65,3 Millionen
Geplante Wartung	79,5 Millionen

Kraftstoff und Betriebsverbrauchsmaterialien

Treibstoff und Betriebsverbrauchsmaterialien machen einen erheblichen Teil der Betriebskosten von Teekay Tankers aus:

• Gesamttreibstoffkosten: 312,7 Millionen US-Dollar
• Bunkertreibstoffverbrauch: 246.000 Tonnen
• Durchschnittlicher Kraftstoffpreis: 1.270 US-Dollar pro Tonne

Löhne und Ausbildungskosten der Besatzung

Besatzungsbezogene Ausgaben für Teekay-Tanker im Jahr 2024:

Ausgabenkategorie	Betrag ($)
Gesamtlohn der Besatzung	89,6 Millionen
Schulungsprogramme für die Besatzung	5,2 Millionen
Rekrutierung und Zertifizierung	3,1 Millionen

Versicherungs- und Maritime Compliance-Gebühren

Aufschlüsselung der Versicherungs- und Compliance-Kosten:

• Kasko- und Maschinenversicherung: 24,3 Millionen US-Dollar
• Schutz- und Schadensversicherung: 18,7 Millionen US-Dollar
• Einhaltung der maritimen Vorschriften: 6,5 Millionen US-Dollar
• Kosten für Sicherheitszertifizierung: 4,2 Millionen US-Dollar

Investitionen in Technologie und digitale Infrastruktur

Zuteilung der Technologieinvestitionen für 2024:

Kategorie „Technologie“.	Investitionsbetrag ($)
Upgrade der Navigationssysteme	7,6 Millionen
Cybersicherheitsinfrastruktur	4,3 Millionen
Digitale Flottenmanagementsysteme	5,9 Millionen
Datenanalyseplattformen	3,2 Millionen

Teekay Tankers Ltd. (TNK) – Geschäftsmodell: Einnahmequellen

Zeitchartereinnahmen aus Schiffsleasing

Für das Geschäftsjahr 2023 meldete Teekay Tankers Ltd. einen Zeitcharterumsatz von 352,6 Millionen US-Dollar. Das Unternehmen betreibt eine Flotte von 65 Doppelhüllentankern, darunter 31 Suezmax-Schiffe und 34 Aframax/LR2-Schiffe.

Schiffstyp	Anzahl der Schiffe	Durchschnittliche Zeitcharterrate
Suezmax-Tanker	31	25.400 $ pro Tag
Aframax/LR2-Tanker	34	20.600 $ pro Tag

Einkünfte aus Reisecharter

Im Jahr 2023 erwirtschaftete Teekay Tankers 214,3 Millionen US-Dollar aus Einnahmen aus Reisecharter, was 37,8 % des gesamten Seeverkehrsumsatzes entspricht.

Spotmarkt-Transportverträge

Der Spotmarktumsatz für 2023 belief sich auf insgesamt 178,5 Millionen US-Dollar, mit einem durchschnittlichen täglichen Spotpreis von 22.700 US-Dollar für Suezmax-Schiffe.

• Spotmarktbeitrag: 31,5 % des Gesamtumsatzes
• Die durchschnittlichen täglichen Spotpreise variierten je nach Schiffstyp
• Eine flexible Spotmarktstrategie ermöglicht eine Umsatzoptimierung

Anlagenverkauf und Flottenoptimierung

Im Jahr 2023 erzielte Teekay Tankers einen Umsatz von 45,2 Millionen US-Dollar durch Schiffsverkäufe und Flottenoptimierungsstrategien.

Asset-Typ	Anzahl der verkauften Schiffe	Gesamtverkaufswert
Ältere Tanker	4	45,2 Millionen US-Dollar

Beratungsgebühren für maritime Dienstleistungen

Ergänzende maritime Beratungsdienste generierten im Jahr 2023 zusätzliche Einnahmen in Höhe von 12,4 Millionen US-Dollar.

• Technische Unternehmensberatung
• Dienstleistungen zur Optimierung der Schiffsleistung
• Maritime Betriebsberatung

Teekay Tankers Ltd. (TNK) - Canvas Business Model: Value Propositions

You're looking at the core promises Teekay Tankers Ltd. makes to its customers and investors as of late 2025. It's all about reliable service, smart risk management, and returning capital.

Reliable, modern mid-sized tanker transportation for crude and product oil is the foundation. You get access to a fleet designed for key global trade routes. As of the second quarter of 2025, Teekay Tankers Ltd. operated a fleet of 37 double-hull tankers, which included 21 Suezmax tankers and 16 Aframax / LR2 tankers. Plus, they had three time chartered-in oil and product tankers, and a 50 percent ownership interest in a Very Large Crude Carrier (VLCC) joint venture. This mix keeps the service versatile for crude and product movements.

The next piece is flexibility through a balanced mix of spot and fixed-rate charters. Teekay Tankers Ltd. doesn't put all its eggs in one basket; their vessels are typically employed through a mix of spot tanker market trading and short- or medium-term fixed-rate time charter contracts. This strategy helps manage the volatility you see in the market, like the counter-seasonally strong spot rates seen in Q2 2025, where Suezmax rates hit $40,400 per day and Aframax rates reached $36,800 per day.

You also get specialized lightering services in key regions like the U.S. Gulf and Caribbean. This is delivered via their ship-to-ship transfer business, which performs full-service lightering and lightering support operations. This specialized service complements the main transportation business.

For shareholders, the value proposition includes a strong balance sheet and commitment to shareholder returns via a $0.25 fixed quarterly dividend. The Board declared this fixed cash dividend for the quarter ended June 30, 2025, payable on August 22, 2025, to shareholders of record as at August 11, 2025. This commitment is backed by significant liquidity; for instance, the company reported $650 million in cash as of the second quarter of 2025 results. The stated annual dividend is $2.00 per share.

Finally, there's the promise of operational excellence and safety track record in a capital-intensive industry. This commitment is recognized, with recent Safety Awards for Hazard Reporting noted in November 2025. Here's a quick look at the fleet structure supporting these propositions:

Asset Type	Owned Fleet Count (Q2 2025)	Chartered-In Vessels (Q2 2025)	Key Financial Metric (Q2 2025)
Suezmax Tankers	21	N/A	Spot Rate (Q1 2025 Avg): $40,400/day
Aframax / LR2 Tankers	16	N/A	Spot Rate (Q1 2025 Avg): $36,800/day
VLCC (50% JV)	1 (Partial)	N/A	Fixed Quarterly Dividend: $0.25/share
Total Double-Hull Fleet	37	3	Cash Position (Q2 2025): $650 million

The value proposition is also supported by the strategic actions taken to maintain fleet quality and financial flexibility. You see this in the ongoing fleet renewal efforts. For example, since the beginning of 2025, Teekay Tankers Ltd. sold six vessels for gross proceeds of approximately $183 million and agreed to acquire new, younger tonnage, like a 2019-built LR2 vessel expected in Q2 2025, and also agreed to acquire the remaining 50% interest in the Hong Kong Spirit VLCC.

The core service delivery elements are:

• Transporting crude and product oil reliably.
• Balancing spot exposure with fixed contracts.
• Providing specialized lightering in the U.S. Gulf.
• Maintaining a fixed $0.25 quarterly dividend.
• Operating a fleet that recently saw Suezmax spot rates near $40,400 per day.

Honestly, the ability to generate $48.7 million in adjusted net income in Q2 2025 while maintaining that fixed dividend is a concrete demonstration of their operational value.

Finance: draft 13-week cash view by Friday.

Teekay Tankers Ltd. (TNK) - Canvas Business Model: Customer Relationships

You're looking at how Teekay Tankers Ltd. manages its diverse customer base, which swings between long-term stability and high-volume spot market exposure. It's a balancing act, honestly, between securing predictable cash flow and capitalizing on volatile market spikes.

Dedicated account management for long-term time charter clients

For clients requiring steady capacity, Teekay Tankers focuses on dedicated, relationship-driven service, typically through time charter contracts. While the exact percentage of fleet days under time charter isn't explicitly broken out for 2025, the historical strategy involves a mix of spot trading and these fixed-rate arrangements to provide a stable revenue base. As of May 7, 2025, the owned fleet stood at 35 double-hull tankers, comprising 20 Suezmax tankers and 15 Aframax / LR2 tankers, supplemented by four time chartered-in oil and product tankers.

Transactional relationships with brokers and spot market participants

A significant portion of the customer relationship is transactional, driven by the volatile spot tanker market. This is where brokers facilitate the chartering of vessels for single voyages. The exposure to this market is clear in the daily charter rates achieved. For instance, spot rates booked to date for the third quarter of 2025 showed a Suezmax rate of $31,400 per day, with 44% of those days fixed, and an Aframax / LR2 rate of $28,200 per day, with 42% fixed. This contrasts with the counter-seasonally strong second quarter 2025 to-date spot rates of $40,400 per day for Suezmax and $36,800 per day for Aframax-sized vessels. The total revenues for the second quarter of 2025 were $232.18 million.

The dynamic nature of this segment is reflected in fleet changes aimed at optimizing for current market conditions. Since the beginning of 2025, Teekay Tankers had sold or agreed to sell eleven vessels for total gross proceeds of $340,000,000 as of August 18, 2025.

Here's a quick look at the spot market performance metrics:

Metric	Q2 2025 To-Date Spot TCE Per Day	% Fixed (at time of reporting)
Suezmax	$31,400	44%
Aframax / LR2	$28,200	42%

Contractual, long-term service agreements with government entities (e.g., Australian Government)

Teekay Tankers maintains important, long-term contractual relationships through its marine services segment, particularly with the Australian Government. This provides a non-tanker revenue stream that is typically more stable than the volatile spot market.

• Teekay manages and operates vessels for the Australian Government.
• The company provides vessel operation services for various vessels under contracts with the Australian Government, including Five vessels managed under the Defence Marine Support Services Program (DMSSP) contract.
• The Department of Defence has been a customer since 2003, and Teekay provides services for a total of nine Australian Government vessels.
• A key contract with the Department of Defence for five vessels was for a firm period of six years, with options to extend for up to an additional 10 years.

High-touch service for specialized ship-to-ship transfer operations

The company supports specialized logistics needs through its dedicated ship-to-ship (STS) transfer business. This requires a high-touch service model for lightering and lightering support operations, primarily situated in the U.S. Gulf and Caribbean. This service is distinct from the main tanker chartering business and caters to specific, complex cargo transfer requirements.

Investor relations focused on consistent capital returns

Customer relationships extend to the shareholder base, where Teekay Tankers focuses on consistent capital returns to maintain investor confidence. The capital allocation priorities include returns to shareholders.

• The regular, fixed quarterly cash dividend was declared at $0.25 per outstanding common share for the quarter ended March 31, 2025.
• For the same period, a special cash dividend of $1.00 per share was also declared, resulting in a combined cash dividend of $1.25 per share, payable in May 2025.
• The fixed quarterly dividend remained at $0.25 per share for the quarter ended June 30, 2025.
• As of the end of the second quarter of 2025, Teekay Tankers reported no outstanding debt and a cash and short-term investment position of $712 million, or $650 million.

The company's GAAP net income for the first quarter of 2025 was $76.0 million.

Teekay Tankers Ltd. (TNK) - Canvas Business Model: Channels

You're looking at how Teekay Tankers Ltd. gets its services-moving crude oil and refined products-to the customer and how it manages its capital structure. It's a mix of direct sales, broker relationships, and internal efficiency, all communicated through public channels.

Direct commercial team engagement with major oil companies and traders

Teekay Tankers Ltd. directly serves the world's leading energy companies through its commercial team. This channel secures medium-term commitments, which helps stabilize cash flow even when the spot market is volatile. For instance, taking advantage of the firming time charter market in late 2025, the company fixed out one Suezmax tanker for a rate of $42,500 per day for a one-year period. Also fixed were two Aframax-sized tankers at an average rate of $33,275 per day for periods ranging from 12 to 18 months. These charters, with commencement dates in October and November 2025, show direct commercial success. The company manages a fleet of approximately 55 conventional tankers and other marine assets as of the Q3 2025 update.

Global shipbrokers for securing spot market and short-term charters

Shipbrokers are key for accessing the dynamic spot market, which generated strong returns in 2025. The success of this channel is evident in the strong spot rates reported for the third quarter of 2025, which were unseasonably high compared to historical averages. Here's a snapshot of those high-water marks that the spot market channel delivered:

Vessel Class	Q3 2025 Average Spot Rate (USD/day)
VLCC	$63,700
Suezmax	$45,500

Rates further strengthened in early Q4 2025, with October rates near the top of the 5-year range.

Integrated operating platform for efficient vessel scheduling and tracking

The company relies on its integrated operating platform to keep costs low and maximize asset utilization across its fleet. This internal channel is crucial for maintaining a competitive edge, especially when navigating market shifts. A key metric showing the efficiency delivered through this platform is the company's low cash flow breakeven level, stated as $11,300 per day following its fleet renewal efforts. The fleet composition that this platform manages is detailed below, reflecting a strategic focus on modern tonnage:

• Owned double-hull tankers: Approximately 37 vessels as of Q2 2025.
• Suezmax tankers within owned fleet: Approximately 21 vessels as of Q2 2025.
• Aframax / LR2 tankers within owned fleet: Approximately 16 vessels as of Q2 2025.
• Chartered-in tankers: 3 vessels as of Q2 2025.
• VLCC ownership: 50 percent interest in one vessel.

This operational structure supports the company's ability to generate significant free cash flow, reporting approximately $69 million in free cash flow from operations in Q3 2025.

Corporate website and investor relations for capital markets access

The corporate website, www.teekay.com, and the Investor Relations email, investor.relations@teekay.com, serve as the primary conduits for communicating financial performance and strategy to capital markets. This channel is vital for maintaining shareholder confidence and access to capital, evidenced by the Q3 2025 results. The company ended Q3 2025 with a strong cash position of $775 million and no debt. Furthermore, the commitment to shareholders is channelled through regular distributions, with a fixed quarterly cash dividend of $0.25 per share declared for the quarter ended September 30, 2025. The company supports its global operations, which span 8 countries, with approximately 2,200 seagoing and shore-based employees.

Teekay Tankers Ltd. (TNK) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Teekay Tankers Ltd. as of late 2025. Honestly, the customer base isn't a list of names you'd see on a typical corporate client roster; it's defined by the type of charter they use, which dictates how Teekay Tankers Ltd. earns its money.

The vast majority of Teekay Tankers Ltd.'s business is transactional, meaning they serve the major players in the global oil and refined product markets who need immediate or near-term shipping capacity. This is reflected in their operational mix.

• Spot Market Trading: Approximately ~95% of Teekay Tankers Ltd.'s tankers received spot-rate revenues as of late 2024, indicating that the primary customers are those needing flexible, short-haul capacity.
• Fixed-Rate Contracts: The remaining portion is covered by short- or medium-term fixed-rate time-charter contracts.

The fleet size and composition directly map to the segments they serve, which are primarily the entities moving crude oil and refined products globally.

Vessel Type	Owned Vessels (as of Q2 2025)	Chartered-In Vessels (as of Q2 2025)	Primary Market Served
Suezmax Tankers	21	N/A	Crude Oil / Major Product Routes
Aframax / LR2 Tankers	16	N/A	Crude Oil / Product Routes
Very Large Crude Carrier (VLCC)	50% stake in one vessel	N/A	Crude Oil (Joint Venture)
Total Owned Tankers	37	3	Global Oil & Product Transportation

Major international oil companies (IOCs) and national oil companies (NOCs) are the bedrock of the crude oil market, and they are the primary drivers of the spot rates that affect the ~95% of Teekay Tankers Ltd.'s fleet operating there. Independent oil traders and commodity houses also compete for this same short-term capacity.

You see a clear, direct relationship with government entities in their operations, which is a more stable revenue stream compared to the volatile spot market. Teekay Tankers Ltd. specifically manages and operates vessels for the Australian Government and Australian energy companies. This segment also includes their ship-to-ship transfer business in the U.S. Gulf and Caribbean, which supports energy logistics. The financial impact of this segment is visible; for example, a one-time restructuring charge related to an expired contract in their Australian business resulted in a flow-through cost to Teekay Tankers Ltd. of about $6,000,000 higher in the second quarter of 2025.

Refined petroleum product distributors and marketers are served by the Aframax/LR2 portion of the fleet, which is designed for these smaller, often cleaner, cargoes. The company's total revenues for the second quarter of 2025 were $232,866 thousand, showing the scale of transactions across all customer types for that period.

The company's financial strength, with $650 million in cash as of June 30, 2025, gives them the flexibility to serve these diverse, often demanding, customers while maintaining low free cash flow breakevens of $13,000 per day.

Finance: draft Q3 2025 customer utilization report by Friday.

Teekay Tankers Ltd. (TNK) - Canvas Business Model: Cost Structure

You're looking at the cost side of Teekay Tankers Ltd., and honestly, it's what you'd expect from a major ship owner: it's a capital-intensive structure built on owning and operating large assets.

The fixed cost component is substantial, driven primarily by vessel ownership. This includes significant non-cash charges like depreciation, which is a direct reflection of the value of the fleet on the balance sheet. While specific depreciation figures for 2025 aren't immediately broken out in the summaries, the overall cost profile is dominated by these long-term asset holding costs.

Then you have the significant vessel operating expenses, which cover the day-to-day running of the ships. For the second quarter of 2025, total operating expenses before gains on sales were reported at $186.2 million for the quarter ending June 2025. This category bundles crew costs, routine maintenance, and insurance-all necessary expenses to keep the fleet seaworthy and compliant.

The structure of these operating costs shows clear variability:

• Crew costs remain relatively fixed per vessel.
• Maintenance costs fluctuate based on dry-docking schedules.
• Insurance costs are generally fixed annually.

Voyage expenses, on the other hand, are where you see the high variability tied directly to market activity. These costs include things like bunker fuel and port fees. Looking at the Q2-2025 figures compared to the prior year, voyage expenses dropped to $79 million from $100 million, showing how much they swing with chartering patterns. Also, time-charter hire expenses, which are costs for chartered-in vessels, fell to $12 million from $20 million.

Here's a quick look at some of the key cost and financial strength metrics from recent reporting periods:

Metric	Amount/Rate	Period/Context
Total Operating Expenses	$443.65 million	Fiscal Year 2024
Total Operating Expenses (pre-gain)	$186.2 million	Q2 2025
Cash and Short-Term Investments	$775 million	As of late October 2025
Cash Dividend Paid YTD	$1.75 per share	Year-to-Date 2025

The most compelling cost-related advantage for Teekay Tankers Ltd. is its low cash flow break-even rate. While some reports cite a figure around $13,000 per day, the latest presentation suggests the free cash flow break-even is approximately $11,300 per day based on the current fleet and time charters for the 12 months ending September 30, 2026. This low threshold means the company can generate positive cash flow even when spot rates are depressed. For instance, every $5,000 increase in spot rates above this break-even is expected to increase the annual free cash flow yield by 2.8% or generate $1.66 per share annually. This operating leverage, supported by a strong balance sheet with $775 million in cash as of late October 2025, is a core element of their cost resilience.

Teekay Tankers Ltd. (TNK) - Canvas Business Model: Revenue Streams

You're looking at the core ways Teekay Tankers Ltd. brings in cash, which, as you know, is heavily tied to the global oil trade and the health of the tanker market. It's a blend of high-risk, high-reward activity and the steady income you need to keep the lights on and pay the bills.

The first major component is revenue from spot market voyages. This is where the volatility lives. When the market is strong, like it was in parts of 2025, the daily rates shoot up, and Teekay Tankers captures that upside directly. For instance, second quarter 2025 to-date spot tanker rates were reported strongly, hitting $40,400 per day for Suezmax vessels and $36,800 per day for Aframax-sized vessels. At the time of the first quarter earnings release, the company reported having 45% of its spot days booked. The third quarter 2025 results confirmed that firm spot tanker rates continued to support higher earnings despite a dip in overall revenue.

To balance that volatility, you have fixed-rate time charter revenue for stable, predictable cash flow. These are the contracts that lock in a daily rate for a set period, giving Teekay Tankers a baseline to cover operating costs. Looking at the first half of the year, the time-charter revenue streams were:

Period	Time-Charter Revenue (in thousands of U.S. dollars)
Q1 2025	6,314
Q2 2025	4,550

Also, Teekay Tankers maintains revenue from fees from specialized ship-to-ship (STS) transfer services, as the company owns a dedicated business performing these operations. While I don't have the specific fee amount for 2025 handy, it's a distinct, fee-based revenue stream that supports the overall model.

A significant, though non-recurring, source of cash in 2025 has been opportunistic gains on vessel sales, part of the ongoing fleet renewal plan. As of the second quarter results, Teekay Tankers had sold or agreed to sell 11 vessels since the start of 2025 for total gross proceeds of $340,000,000, realizing estimated book gains on sale of approximately $100,000,000. This aligns with the target of approximately $100 million in gains for the year.

To give you the top-line picture for the most recent reported quarter, Teekay Tankers Ltd. reported Q3 2025 revenue at US$229.02 million. This was accompanied by a GAAP net income of US$92.08 million and basic earnings per share of US$2.66 for that same quarter.

Here's how the total reported revenues stack up across the first three quarters of 2025:

• Q1 2025 Total Revenues: $231,639 thousand
• Q2 2025 Total Revenues: $232,866 thousand
• Q3 2025 Total Revenues: $229.02 million (or $229,020 thousand)

Honestly, seeing net income rise to $92.08 million in Q3 on slightly lower revenue than Q1 or Q2 suggests the operating leverage from those strong spot rates was really kicking in, even with fewer vessels on the water from the sales. Finance: draft 13-week cash view by Friday.