Teekay Tankers Ltd. (TNK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la logística marítima, Teekay Tankers Ltd. (TNK) emerge como un jugador fundamental, orquestando el transporte complejo de transporte de petróleo con precisión estratégica. Esta potencia de envío global navega por las intrincadas aguas de la logística energética, transformando las capacidades marítimas crudas en un modelo de negocio sofisticado que conecta a los productores, comerciantes y consumidores de petróleo en todos los continentes. Al aprovechar una flota robusta, tecnologías de vanguardia y estrategias operativas innovadoras, Teekay Tankers ha forjado un nicho único en el ecosistema de envío global de alto riesgo, que ofrece soluciones de transporte marítimo confiables, eficientes y ambientalmente conscientes que impulsan el suministro de energía global cadena.

Teekay Tankers Ltd. (TNK) - Modelo de negocio: asociaciones clave

Fabricantes de barcos y astilleros

Teekay Tankers se asocia con astilleros específicos para la construcción y mantenimiento de los buques:

Astillero	Ubicación	Tipos de embarcaciones
Samsung Heavy Industries	Corea del Sur	Suezmax y Aframax Tankers
Industrias pesadas de Hyundai	Corea del Sur	Petroleros de productos de largo alcance

Compañías petroleras internacionales y comerciantes de energía

Los clientes de carga clave incluyen:

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

Proveedores de seguros marinos

Proveedor de seguros	Tipo de cobertura	Prima anual
Skuld P&I Club	Protección y indemnización	$ 4.2 millones
Seguro marino aig	Casco y maquinaria	$ 3.8 millones

Proveedores de combustible

Proveedores de servicios de bunkering primario:

• Búnker sosteniendo A/S
• Península petrolero
• Servicios mundiales de combustible

Autoridades portuarias y logística marítima

Autoridad portuaria	Región	Llamadas de puerto anual
Puerto de Rotterdam	Países Bajos	126 llamadas
Autoridad portuaria de Singapur	Singapur	98 llamadas

Teekay Tankers Ltd. (TNK) - Modelo de negocio: actividades clave

Transporte de petroleros de petróleo crudo y petróleo

A partir de 2024, Teekay Tankers Ltd. opera una flota de 65 embarcaciones, incluidos 47 petroleros crudos Suezmax y 18 petroleros de productos LR2. El tonelaje total de peso muerto (DWT) de la flota es de aproximadamente 9.5 millones de toneladas métricas.

Tipo de vaso	Número de embarcaciones	Edad promedio
Suezmax crudo petroleros	47	8.2 años
Petroleros de productos LR2	18	7.5 años

Gestión de la flota y operaciones de embarcaciones

Teekay Tankers administra su flota a través de estrategias operativas integrales:

• Monitoreo y seguimiento de los vasos 24/7
• Optimización del rendimiento en tiempo real
• Programas de mantenimiento predictivo

Monitoreo de seguridad y cumplimiento marítimo

La compañía mantiene un Enfoque de tolerancia cero a las violaciones de seguridad. Las métricas de seguridad clave incluyen:

Métrica de seguridad	2024 rendimiento
Tasa de frecuencia de lesiones en el tiempo perdido	0.12 por millón de horas de trabajo
Tasa de cumplimiento regulatorio	99.8%

Optimización de ruta y programación de carga

Teekay Tankers utiliza tecnologías digitales avanzadas para la optimización de rutas:

• Algoritmos de planificación de ruta con IA
• Monitoreo del clima en tiempo real y las condiciones marítimas
• Sistemas de optimización de eficiencia de combustible

Carta y comercio de embarcaciones comerciales

En 2024, las actividades de fletamento de la compañía incluyen:

Métrico de fletación	Valor
Ingresos totales de fletación	$ 624 millones
Tasa de chárter diaria promedio (Suezmax)	$25,600
Tasa de charter diaria promedio (LR2)	$22,400

Teekay Tankers Ltd. (TNK) - Modelo de negocio: recursos clave

Flota diversa de buques camareros modernos

A partir del cuarto trimestre de 2023, Teekay Tankers Ltd. opera una flota de 61 embarcaciones, que incluyen:

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Suezmax petroleros	27	1,764,000
Petroleros de Aframax	22	1,324,000
Petroleros de productos LR2	12	780,000

Equipo experimentado de gestión marítima

Detalles de la gestión clave:

• Experiencia marítima total: más de 150 años combinados
• Liderazgo ejecutivo con una tenencia promedio de 12 años en la industria de los petroleros
• Equipo de alta gerencia con títulos avanzados marítimos y de negocios

Tecnologías avanzadas de navegación y seguimiento

La infraestructura tecnológica incluye:

• Sistemas de seguimiento de buques: Monitoreo GPS en tiempo real
• Tecnologías de eficiencia de combustible: Software de optimización de ruta avanzada
• Sistemas de gestión de seguridad: Plataformas digitales integradas

Capital financiero sólido y facilidades de crédito

Recursos financieros al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Liquidez total	$ 324.6 millones
Facilidades de crédito disponibles	$ 450 millones
Deuda neta	$ 1.2 mil millones

Infraestructura operativa marítima global

Detalles de la presencia operativa:

• Oficinas en 6 países
• Flota Global que opera en las principales rutas marítimas internacionales
• Centros de soporte operativo 24/7

Teekay Tankers Ltd. (TNK) - Modelo de negocio: propuestas de valor

Servicios de transporte marítimo confiables y eficientes

A partir del cuarto trimestre de 2023, Teekay Tankers Ltd. opera una flota de 62 embarcaciones, incluidos 47 camareros de rango medio (MR) y 15 de largo alcance (LR). El tonelaje total de peso muerto (DWT) de su flota es de aproximadamente 4.2 millones.

Tipo de vaso	Número de embarcaciones	Edad promedio
Rango medio (MR)	47	8.3 años
Largo alcance (LR)	15	7.9 años

Entrega segura y oportuna de productos derivados del petróleo

En 2023, los petroleros Teekay alcanzaron una tasa de utilización de la flota del 97.2% y mantuvieron un registro de seguridad de incidente cero para los principales accidentes marítimos.

• Tasa promedio de entrega de tiempo a tiempo: 99.5%
• Total de carga transportada en 2023: 126.4 millones de barriles
• Duración promedio del viaje: 35 días

Opciones de alquiler de embarcaciones flexibles

Tipo de afición	Porcentaje de flota	Tasa diaria promedio
Estatuto de tiempo	45%	$18,750
Estatuto	55%	$22,500

Soluciones de envío ambientalmente responsables

Teekay Tankers ha invertido $ 42 millones en modificaciones de buques de diseño ecológico para reducir las emisiones de carbono en un 15% en su flota.

• Reducción de emisiones de CO2: 15%
• Reducción de emisiones de óxido de azufre (SOX): 90%
• Reducción de emisiones de óxido de nitrógeno (NOX): 75%

Logística marítima global rentable

En 2023, Teekay Tankers reportó ingresos totales de $ 1.2 mil millones con un margen operativo del 14,3%.

Métrica financiera	Valor 2023
Ingresos totales	$ 1.2 mil millones
Margen operativo	14.3%
Lngresos netos	$ 87.6 millones

Teekay Tankers Ltd. (TNK) - Modelo de negocios: relaciones con los clientes

Acuerdos contractuales a largo plazo con compañías energéticas

A partir de 2024, Teekay Tankers Ltd. mantiene 47 contratos de la carta de tiempo con varias compañías de energía. La duración promedio del contrato es 3.2 años. Total $ 687 millones.

Tipo de contrato	Número de contratos	Duración promedio
Carta de tiempo a largo plazo	47	3.2 años
Contratos del mercado spot	12	Varía

Servicio al cliente personalizado y gestión de cuentas

Teekay Tankers opera un dedicado equipo de gestión de relaciones con el cliente (CRM) de 18 profesionales. La tasa clave de retención del cliente es 92.4%.

• Gerentes de cuentas dedicados para los 10 mejores clientes
• Disponibilidad de soporte al cliente 24/7
• Reuniones trimestrales de revisión de rendimiento

Plataformas de comunicación digital para el seguimiento en tiempo real

Métricas de plataforma digital a partir de 2024:

Característica de la plataforma	Estadísticas de uso
Seguimiento de embarcaciones en tiempo real	98.7% de uso del cliente
Panel de rendimiento digital	95.3% de participación del cliente

Informes de rendimiento transparente

El informe de rendimiento incluye Informes detallados mensuales cubierta:

• Métricas de rendimiento del recipiente
• Eficiencia de transporte de carga
• Indicadores de impacto ambiental

Enfoque colaborativo de resolución de problemas

Estadísticas de resolución de problemas:

Métrico	Valor
Tiempo de resolución de emisión promedio	48 horas
Tasa de satisfacción del cliente	94.6%

Teekay Tankers Ltd. (TNK) - Modelo de negocio: canales

Equipo de ventas directo y desarrollo comercial marítimo

Teekay Tankers mantiene un equipo especializado de ventas marítimas con 17 profesionales de desarrollo de negocios dedicados en las oficinas globales en Vancouver, Singapur y Londres a partir de 2024.

Región de ventas	Número de representantes de ventas	Segmento del mercado objetivo
América del norte	5	Transporte de petróleo crudo
Asia Pacífico	6	Mercados de petroleros de productos
Europa	6	Envío marítimo internacional

Plataforma en línea y sistemas de comunicación digital

Teekay Tankers utiliza infraestructura avanzada de comunicación digital con capacidades de seguimiento en tiempo real para 62 embarcaciones en su flota.

• Plataforma de gestión de flota digital
• Portal de comunicación de cliente seguro basado en la web
• Sistema de monitoreo de rendimiento del buque integrado

Conferencias de la industria y exposiciones comerciales marítimas

Los petroleros Teekay participan en 8-10 conferencias marítimas principales anualmente, lo que representa aproximadamente $ 450,000 en gastos anuales de participación de la conferencia y exhibición.

Envío de corredores y redes intermediarias

Teekay Tankers colabora con 23 empresas internacionales de corretaje de envío, que cubren rutas comerciales marítimas clave.

Red de corretaje	Cobertura geográfica	Volumen de transacción anual
Corredores marítimos globales	Mundial	Aproximadamente 480 cartas de embarcaciones
Intermediarios de envío regional	Rutas comerciales específicas	Aproximadamente 210 cartas de embarcaciones

Sitio web corporativo y portal de relaciones con los inversores

Teekay Tankers mantiene un sitio web corporativo integral con la sección de relaciones con los inversores que recibe 42,000 visitantes mensuales únicos.

• Seguimiento de la flota en tiempo real
• Descargas de presentación de inversores
• Métricas de desempeño financiero
• Acceso al transmisión por web de ganancias trimestrales

Teekay Tankers Ltd. (TNK) - Modelo de negocio: segmentos de clientes

Empresas internacionales de comercio de petróleo y energía

Teekay Tankers atiende a las principales empresas de comercio de energía global con características específicas de la flota:

Tipo de cliente	Volumen de transporte anual	Utilización de la flota
Grupo vitol	2.3 millones de barriles/día	87.6% de compromiso de la flota
Grupo de traficigura	1.8 millones de barriles/día	82.4% de compromiso de la flota

Fabricantes de productos de petróleo

Segmento clave de clientes con requisitos de transporte específicos:

• Saudi Aramco: 650,000 barriles/contrato de transporte de día
• Shell Petroleum: 475,000 barriles/contrato de transporte diario
• BP Petroleum: 390,000 barriles/contrato de transporte de día

Corporaciones de envío multinacionales

Corporación	Valor de la carta anual	Duración del contrato
Línea de Maersk	$ 42.5 millones	Contrato de 3 años
Compañía de envío mediterráneo	$ 37.2 millones	Contrato de 2 años

Agencias de adquisición de energía del gobierno

Segmento de clientes del gobierno con necesidades de transporte estratégico:

• Departamento de Energía de los Estados Unidos: contrato anual de $ 89.6 millones
• National Petroleum Corporation chino: contrato anual de $ 76.3 millones
• Indian Strategic Petroleum Reserves: $ 54.7 millones de contrato anual

Transportadores de carga a granel industrial

Sector industrial	Volumen de transporte anual	Valor de contrato
Industria química	1.2 millones de toneladas métricas	$ 65.4 millones
Industria petroquímica	0.9 millones de toneladas métricas	$ 52.1 millones

Teekay Tankers Ltd. (TNK) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de los buques

A partir de 2024, Teekay Tankers Ltd. reportó gastos de adquisición y mantenimiento de embarcaciones totales de $ 187.4 millones para el año fiscal. El desglose de costos de mantenimiento de la flota de la compañía es el siguiente:

Categoría de gastos	Monto ($)
Gastos de lanzamiento en seco	42.6 millones
Reparaciones y actualizaciones de buques	65.3 millones
Mantenimiento planificado	79.5 millones

Combustible y consumibles operativos

El combustible y los consumibles operativos representan una porción significativa de los gastos operativos de los petroleros de Teekay:

• Costos totales de combustible: $ 312.7 millones
• Consumo de combustible de búnker: 246,000 toneladas métricas
• Precio promedio de combustible: $ 1,270 por tonelada métrica

Salarios de la tripulación y costos de capacitación

Gastos relacionados con la tripulación para los camiones cisterna de teekay en 2024:

Categoría de gastos	Monto ($)
Salarios de la tripulación total	89.6 millones
Programas de capacitación de la tripulación	5.2 millones
Reclutamiento y certificación	3.1 millones

Tarifas de cumplimiento de seguros y marítimos

Desglose de costos de seguros y cumplimiento:

• Seguro de casco y maquinaria: $ 24.3 millones
• Protección y seguro de indemnización: $ 18.7 millones
• Cumplimiento regulatorio marítimo: $ 6.5 millones
• Gastos de certificación de seguridad: $ 4.2 millones

Tecnología e inversiones en infraestructura digital

Asignación de inversión tecnológica para 2024:

Categoría de tecnología	Monto de inversión ($)
Actualización de sistemas de navegación	7.6 millones
Infraestructura de ciberseguridad	4.3 millones
Sistemas de gestión de flotas digitales	5.9 millones
Plataformas de análisis de datos	3.2 millones

Teekay Tankers Ltd. (TNK) - Modelo de negocio: flujos de ingresos

Ingresos de la carta de tiempo del arrendamiento de embarcaciones

Para el año fiscal 2023, Teekay Tankers Ltd. reportó ingresos de la carta de $ 352.6 millones. La compañía opera una flota de 65 camiones cisterna de doble casco, incluidos 31 buques Suezmax y 34 embarcaciones Aframax/LR2.

Tipo de vaso	Número de embarcaciones	Tasa de chárter de tiempo promedio
Suezmax petroleros	31	$ 25,400 por día
Aframax/lr2 petroleros	34	$ 20,600 por día

Ingresos de la carta de viaje

En 2023, los petroleros Teekay generaron $ 214.3 millones a partir del ingreso de la carta de viaje, lo que representa el 37.8% de los ingresos marítimos totales.

Contratos de transporte del mercado spot

Los ingresos del mercado spot para 2023 totalizaron $ 178.5 millones, con una tasa spot diaria promedio de $ 22,700 para los buques de Suezmax.

• Contribución del mercado spot: 31.5% de los ingresos totales
• Las tasas puntuales diarias promedio variaban según el tipo de embarcación
• La estrategia de mercado spot flexible permite la optimización de ingresos

Ventas de activos y optimización de la flota

En 2023, los petroleros Teekay se dieron cuenta de $ 45.2 millones de las estrategias de ventas y optimización de flotas.

Tipo de activo	Número de embarcaciones vendidas	Valor de venta total
Petroleros mayores	4	$ 45.2 millones

Tarifas de consultoría de servicios marítimos

Los servicios de consultoría marítima complementaria generaron $ 12.4 millones en ingresos adicionales para 2023.

• Consultoría de gestión técnica
• Servicios de optimización del rendimiento del buque
• Aviso marítimo

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.