Teekay Corporation (TK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el complejo mundo de la logística marítima, Teekay Corporation (TK) surge como una potencia estratégica, navegando por las intrincadas aguas del transporte de energía global con notable precisión e innovación. Hacer la brecha entre las compañías de petróleo y gas y sus necesidades de distribución global, este gigante marítimo transforma desafíos logísticos complejos en soluciones perfectas y eficientes que las industrias eléctricas entre los continentes. Con un modelo de negocio robusto que combina tecnología de vanguardia, asociaciones estratégicas y experiencia marítima incomparable, Teekay Corporation se ha posicionado como un jugador crítico en la cadena de suministro de energía global, ofreciendo servicios de envío confiables, seguros y rentables que mantienen el mantenimiento del Los motores económicos del mundo funcionan sin problemas.

Teekay Corporation (TK) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con grandes compañías de petróleo y gas

Teekay Corporation mantiene asociaciones estratégicas con las siguientes principales compañías de energía:

Empresa asociada	Tipo de asociación	Valor de contrato
Caparazón	Transporte de GNL	Contrato anual de $ 425 millones
Cheurón	Servicios de petroleros en alta mar	Acuerdo de varios años de $ 312 millones
BP	Envío de petróleo crudo	$ 287 millones de contrato a largo plazo

Contratos a largo plazo con empresas de exploración energética

Las asociaciones de la firma de exploración de Teekay incluyen:

• Total S.A.: Contrato de servicios de apoyo en alta mar valorado en $ 268 millones
• ExxonMobil: Acuerdo de transporte de aguas profundas por valor de $ 392 millones
• Petrobras: contrato de logística marítima brasileña a $ 215 millones

Asociaciones con constructores navales y proveedores de equipos marítimos

Constructor de naves/proveedor	Enfoque de colaboración	Alcance del contrato
Industrias pesadas de Hyundai	Construcción del transportista de GNL	5 buques, $ 750 millones de inversión
Samsung Heavy Industries	Equipo FPSO	Adquisición de equipos de $ 412 millones
Construcción naval de Daewoo	Expansión de la flota de petroleros	3 buques, contrato de $ 525 millones

Colaboración con cuerpos regulatorios marítimos internacionales

Teekay mantiene las relaciones de cumplimiento y asociación con:

• Organización Marítima Internacional (OMI)
• Federación Internacional de Trabajadores del Transporte
• Comité de Seguridad Marítima

Teekay Corporation (TK) - Modelo de negocio: actividades clave

Transporte marino de petróleo crudo, GNL y productos de petróleo

Teekay Corporation opera una flota diversa centrada en el transporte marino:

Tipo de vaso	Tamaño total de la flota	Porcentaje de propiedad
Transportista de GNL	47 recipientes	65% propiedad/operado
Petroleros de petróleo crudo	38 embarcaciones	55% propiedad/operado
Petroleros de productos	26 embarcaciones	50% propiedad/operado

Buque fletación y gestión de embarcaciones

Las actividades de gestión de embarcaciones de Teekay incluyen:

• Gestión técnica de buques para más de 180 buques
• Carta de buques comerciales en los mercados globales
• Programas de gestión y capacitación de la tripulación
• Cumplimiento de las regulaciones marítimas internacionales

Soporte de infraestructura energética en alta mar

Segmento en alta mar	Proyectos activos	Ingresos anuales
Unidades de producción flotantes	5 unidades activas	$ 287 millones
Buques de apoyo en alta mar	12 embarcaciones especializadas	$ 156 millones

Mantenimiento de la flota y optimización operativa

Las estrategias de mantenimiento y optimización incluyen:

• Tecnologías de mantenimiento predictivo
• Sistemas de monitoreo de rendimiento en tiempo real
• Programas de optimización de eficiencia de combustible
• Presupuesto anual de mantenimiento de la flota: $ 78 millones

Teekay Corporation (TK) - Modelo de negocio: recursos clave

Diversas flota de petroleros, transportistas de GNL y embarcaciones en alta mar

A partir de 2024, Teekay Corporation opera una flota con la siguiente composición:

Tipo de vaso	Número total	Total de tonelaje de peso muerto (DWT)
Transportista de GNL	48	3,100,000
Petroleros de petróleo crudo	31	2,700,000
Petroleros de productos	22	1,200,000
Buques en alta mar	15	N / A

Personal marítimo y técnico experimentado

Teekay Corporation emplea:

• Fuerza laboral marítima total: 5.200 profesionales
• Empleados en tierra: 1.100
• Experiencia marítima promedio por empleado: 12.5 años
• Ingenieros marinos certificados: 680
• Masters de barco certificado: 420

Tecnologías avanzadas de navegación y seguridad

Las inversiones tecnológicas incluyen:

• Gasto total anual de I + D: $ 24.3 millones
• Sistemas de navegación digital implementados: 76 embarcaciones
• Infraestructura de comunicación por satélite: cobertura de flota completa
• Inversión de ciberseguridad: $ 8,7 millones anuales

Red operativa marítima global

Cobertura operativa:

Región	Número de bases operativas	Países atendidos
América del norte	4	2
Europa	3	5
Asia Pacífico	5	7
Oriente Medio	2	3

Capacidades de capital financiero y de inversión sólidos

Métricas financieras para 2024:

• Activos totales: $ 6.8 mil millones
• Equidad de los accionistas: $ 1.9 mil millones
• Gastos de capital anuales: $ 450 millones
• Relación de deuda / capital: 2.1: 1
• Efectivo y equivalentes en efectivo: $ 320 millones

Teekay Corporation (TK) - Modelo de negocio: propuestas de valor

Soluciones de transporte marítimo confiables y eficientes

Teekay Corporation opera una flota de 154 embarcaciones a partir de 2023, proporcionando transporte marítimo en múltiples segmentos, incluidos los servicios de GNL, Offshore y Cander Los camareros convencionales.

Segmento de flota	Número de embarcaciones	Capacidad de carga total
Transportista de GNL	47	3.1 millones de metros cúbicos
Petroleros convencionales	62	5.2 millones de toneladas de peso muerto
Buques en alta mar	45	Capacidad de soporte especializada

Servicios de logística de energía flexible y personalizada

Teekay ofrece soluciones de transporte especializadas en los mercados de energía global.

• Contratos de la carta de tiempo a largo plazo: 78% de los ingresos de la flota
• Compromiso del mercado spot: 22% de los ingresos de la flota
• Presencia operativa global en 15 mercados marítimos internacionales

Altos estándares de seguridad y cumplimiento ambiental

Teekay mantiene rigurosos protocolos de seguridad con cero incidentes ambientales principales en 2023.

Métrica de seguridad	Actuación
Tasa de incidentes total registrable	0.58 por millón de horas de trabajo
Tasa de incidentes de tiempo perdido	0.12 por millón de horas de trabajo

Alcance global y amplia experiencia marítima

Teekay opera en múltiples continentes con capacidades de logística marítima integrales.

• Operaciones en América del Norte, Europa, Medio Oriente, Asia
• 35+ años de experiencia en transporte marítimo
• Fuerza laboral de aproximadamente 5.200 profesionales marítimos

Opciones rentables de transporte de envío y energía

Teekay ofrece soluciones de transporte competitivas con estrategias operativas eficientes.

Métrica financiera	2023 rendimiento
Ingresos totales	$ 3.2 mil millones
Margen operativo	12.5%
Tasa de utilización de la flota	97.6%

Teekay Corporation (TK) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo

Teekay Corporation mantiene 81 contratos de cargo de tiempo con una duración promedio del contrato restante de 4.3 años a partir del cuarto trimestre de 2023. Total de ingresos contratados La acumulación de ingresos es de $ 2.4 mil millones.

Tipo de contrato	Número de embarcaciones	Longitud promedio del contrato
Estatuto de tiempo	81	4.3 años

Servicio al cliente personalizado y gestión de cuentas

Teekay ofrece administración de cuentas dedicada para las principales compañías de energía y clientes de envío internacional.

• Soluciones de gestión de flotas personalizadas
• Gerentes de relaciones dedicadas para clientes de primer nivel
• Centros de atención al cliente globales 24/7

Informes de comunicación y rendimiento transparentes

Los informes financieros trimestrales muestran un rendimiento de entrega a tiempo de 98.7% en las operaciones marítimas.

Métrica de informes	Actuación
Entrega a tiempo	98.7%
Calificación de satisfacción del cliente	4.6/5

Soporte técnico y servicios de consultoría

Teekay invierte $ 42 millones anuales en soporte técnico y servicios de consultoría marítima.

• Sistemas de monitoreo de buques avanzados
• Análisis de rendimiento en tiempo real
• Consultoría de cumplimiento ambiental

Plataformas digitales para rastrear y administrar envíos

La plataforma digital maneja el seguimiento de más de 350 buques con actualizaciones de estado geográfico y estado de carga en tiempo real.

Capacidad de plataforma digital	Métrica
Buques rastreados	350+
Frecuencia de actualización de datos	En tiempo real

Teekay Corporation (TK) - Modelo de negocios: canales

Equipo de ventas directas

Teekay Corporation mantiene un equipo dedicado de ventas marítimas con 87 profesionales marítimos globales a partir de 2023. El equipo cubre regiones marítimas clave que incluyen:

Región	Miembros del equipo de ventas
América del norte	29
Europa	23
Asia Pacífico	35

Conferencias de la industria marítima y ferias comerciales

Teekay participa en 12-15 conferencias principales de la industria marítima anualmente, que incluyen:

• Exposición marítima internacional
• Conferencia de tecnología en alta mar
• Semana del dinero marino
• Congreso ambiental marítimo global

Plataformas en línea y comunicación digital

Estadísticas del canal digital para Teekay Corporation en 2023:

Plataforma digital	Seguidores/conexiones
LinkedIn	47,500
Sitio web corporativo Visitantes mensuales	126,000
Gorjeo	18,300

Eventos de redes específicos de la industria

Teekay se involucra en 22 eventos especializados de redes marítimas por año en los centros marítimos globales.

Sitio web corporativo y relaciones con los inversores

Relaciones con inversores Métricas del canal para 2023:

• Presentaciones anuales de inversores: 4
• Participantes de transmisión por Internet de ganancias trimestrales: 1.200
• Relaciones con inversores Subconscriptores de correo electrónico: 3.600

Teekay Corporation (TK) - Modelo de negocio: segmentos de clientes

Empresas de exploración de petróleo y gas

Teekay atiende a grandes compañías de exploración de petróleo y gas con soluciones especializadas de transporte marino.

Tipo de cliente	Valor anual del contrato	Número de contratos activos
Empresas de exploración global	$ 375 millones	17
Compañías de perforación en alta mar	$ 248 millones	12

Empresas comerciales de energía

Teekay proporciona logística marítima crítica para las organizaciones de comercio de energía.

• Base de clientes de Total Energy Trading: 42 empresas globales
• Ingresos anuales promedio por empresa comercial: $ 64.3 millones
• Duración del contrato a largo plazo: 5-7 años

Fabricantes de productos de petróleo

Teekay admite fabricantes de productos petroleros con infraestructura de transporte.

Categoría de fabricante	Volumen de transporte anual	Utilización de la flota
Operadores de refinería	22.6 millones de toneladas métricas	89%
Compañías de producción química	8,4 millones de toneladas métricas	82%

Compañías navieras internacionales

Teekay colabora con empresas de envío internacionales para soluciones marítimas integrales.

• Asociaciones totales de la compañía naviera: 28
• Cobertura marítima global: 6 continentes
• Ingresos de asociación promedio: $ 92.7 millones anuales

Operadores de infraestructura energética en alta mar

Teekay ofrece servicios marinos especializados para infraestructura energética en alta mar.

Tipo de infraestructura	Contratos de servicio	Ingresos anuales
Plataformas en alta mar	15 contratos activos	$ 213 millones
Unidades de producción flotantes	9 contratos activos	$ 167 millones

Teekay Corporation (TK) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de la flota

A partir del informe anual de 2023, los costos de mantenimiento y adquisición de la flota de Teekay Corporation totalizaron $ 1.2 mil millones. La compañía opera una flota diversa de aproximadamente 150 embarcaciones en diferentes segmentos marítimos.

Tipo de vaso	Número de embarcaciones	Costo de mantenimiento
Transportista de GNL	45	$ 378 millones
Petroleros de petróleo crudo	62	$ 456 millones
Buques de apoyo en alta mar	43	$ 366 millones

Costos de combustible y operativo

Los gastos anuales de combustible y operaciones de Teekay para 2023 fueron de $ 742 millones, lo que representa una parte significativa de los gastos operativos.

• Costos de combustible de búnker: $ 412 millones
• CARACIONES PORTO: $ 98 millones
• Gastos operativos del buque: $ 232 millones

Salarios de personal y tripulación

Los gastos totales de personal para 2023 ascendieron a $ 268 millones, que cubrió aproximadamente 5,200 empleados marítimos y en tierra.

Categoría de empleado	Número de empleados	Gastos salariales totales
Tripulación de marinero	3,800	$ 196 millones
Gestión en tierra	1,400	$ 72 millones

Cumplimiento regulatorio y seguro

El cumplimiento y los costos de seguro para 2023 alcanzaron los $ 89 millones.

• Cumplimiento regulatorio marítimo: $ 42 millones
• Primas de seguro: $ 47 millones

Inversiones de tecnología e infraestructura

Teekay invirtió $ 64 millones en tecnología e actualizaciones de infraestructura durante 2023.

• Sistemas de navegación digital: $ 22 millones
• Infraestructura de ciberseguridad: $ 18 millones
• Software de gestión de flota: $ 24 millones

Teekay Corporation (TK) - Modelo de negocios: flujos de ingresos

Contratos de la carta a largo plazo

Los contratos charter a largo plazo de Teekay Corporation generaron $ 1.2 mil millones en ingresos para el año fiscal 2023. La duración promedio del contrato oscila entre 3 y 10 años con tarifas mensuales fijas.

Tipo de contrato	Ingresos anuales	Duración promedio
Transportista de GNL	$ 487 millones	7 años
Petroleros de petróleo crudo	$ 392 millones	5 años
Petroleros de productos	$ 321 millones	4 años

Tasas de envío del mercado manchado

Los ingresos del mercado spot para 2023 totalizaron $ 276 millones, lo que representa el 18.4% de los ingresos marítimos totales.

• Tasas spot diarias promedio para VLCC: $ 25,600
• Tarifas spot diarias promedio para los petroleros de Suezmax: $ 18,900
• Tasas spot diarias promedio para los petroleros Aframax: $ 15,400

Tarifas de gestión de buques

Los servicios de gestión de buques generaron $ 89 millones en 2023, cubriendo la gestión técnica y comercial para buques de terceros.

Servicios de soporte en alta mar

Los servicios de apoyo en alta mar contribuyeron con $ 142 millones a los ingresos de Teekay en 2023, principalmente de las operaciones de transbordadores de transbordadores en Brasil y Noruega.

Consultoría de logística marítima

Los servicios de consultoría de logística marítima generaron $ 37 millones en ingresos para 2023, brindando servicios de asesoramiento especializados a clientes de transporte marino.

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.