Teekay Corporation (TK): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe de la logistique maritime, Teekay Corporation (TK) apparaît comme une puissance stratégique, naviguant dans les eaux complexes du transport d'énergie mondial avec une précision et une innovation remarquables. Fixant l'écart entre les sociétés pétrolières et gazières et leurs besoins mondiaux de distribution, ce géant maritime transforme les défis logistiques complexes en solutions transparentes et efficaces que les industries électriques à travers les continents. Avec un modèle commercial robuste qui combine une technologie de pointe, des partenariats stratégiques et une expertise maritime inégalée, Teekay Corporation s'est positionnée comme un acteur critique dans la chaîne d'approvisionnement en énergie mondiale, offrant des services d'expédition fiables, sûrs et rentables qui gardent les Les moteurs économiques du monde se déroulent bien.

Teekay Corporation (TK) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les grandes sociétés pétrolières et gazières

Teekay Corporation maintient des partenariats stratégiques avec les grandes sociétés énergétiques suivantes:

Entreprise partenaire	Type de partenariat	Valeur du contrat
Coquille	Transport de GNL	Contrat annuel de 425 millions de dollars
Chevron	Services de pétrolier offshore	Contrat pluriannuel de 312 millions de dollars
Bp	Expédition de pétrole brut	Contrat à long terme de 287 millions de dollars

Contrats à long terme avec les entreprises d'exploration énergétique

Les partenariats de la société d'exploration de Teekay comprennent:

• Total S.A.: Contrat de services de support offshore d'une valeur de 268 millions de dollars
• ExxonMobil: accord de transport en eau profonde d'une valeur de 392 millions de dollars
• Petrobras: contrat de logistique maritime brésilien à 215 millions de dollars

Partenariats avec les constructeurs navals et les fournisseurs d'équipements maritimes

Constructeur naval / fournisseur	Focus de la collaboration	Portée du contrat
Hyundai Heavy Industries	Construction du transporteur de GNL	5 navires, 750 millions de dollars d'investissement
Samsung Heavy Industries	Équipement FPSO	412 millions de dollars d'approvisionnement en équipement
Daewoo Shipbuilding	Expansion de la flotte de pétrolière	3 navires, contrat de 525 millions de dollars

Collaboration avec les organismes de réglementation maritime internationaux

Teekay entretient des relations de conformité et de partenariat avec:

• Organisation maritime internationale (OMI)
• Fédération internationale des travailleurs des transports
• Comité de sécurité maritime

Teekay Corporation (TK) - Modèle d'entreprise: activités clés

Transport marin de pétrole brut, de GNL et de produits de pétrole

Teekay Corporation exploite une flotte diversifiée axée sur le transport marin:

Type de navire	Taille totale de la flotte	Pourcentage de propriété
Transporteurs de GNL	47 navires	65% détenus / exploités
Pétroliers bruts	38 navires	55% détenus / exploités
Pétroliers de produits	26 navires	50% détenus / exploités

Navire affréteur et gestion des navires

Les activités de gestion des navires de Teekay comprennent:

• Gestion technique des navires pour plus de 180 navires
• Navires commerciaux affréter sur les marchés mondiaux
• Programmes de gestion et de formation d'équipage
• Conformité aux réglementations maritimes internationales

Support d'infrastructure énergétique offshore

Segment offshore	Projets actifs	Revenus annuels
Unités de production flottantes	5 unités actives	287 millions de dollars
Navires de support offshore	12 navires spécialisés	156 millions de dollars

Maintenance de la flotte et optimisation opérationnelle

Les stratégies de maintenance et d'optimisation comprennent:

• Technologies de maintenance prédictive
• Systèmes de surveillance des performances en temps réel
• Programmes d'optimisation d'efficacité énergétique
• Budget annuel de maintenance de la flotte: 78 millions de dollars

Teekay Corporation (TK) - Modèle d'entreprise: Ressources clés

Flotte diversifiée de pétroliers, transporteurs de GNL et navires offshore

En 2024, Teekay Corporation exploite une flotte avec la composition suivante:

Type de navire	Nombre total	Tonnage total de poids mort (DWT)
Transporteurs de GNL	48	3,100,000
Pétroliers bruts	31	2,700,000
Pétroliers de produits	22	1,200,000
Navires offshore	15	N / A

Personnel maritime et technique expérimenté

Teekay Corporation emploie:

• Total de la main-d'œuvre maritime: 5 200 professionnels
• Employés onshore: 1 100
• Expérience maritime moyenne par employé: 12,5 ans
• Ingénieurs marins certifiés: 680
• Masters de navires certifiés: 420

Technologies avancées de navigation et de sécurité

Les investissements technologiques comprennent:

• Dépenses annuelles totales de R&D: 24,3 millions de dollars
• Systèmes de navigation numérique déployés: 76 navires
• Infrastructure de communication par satellite: couverture complète de la flotte
• Investissement en cybersécurité: 8,7 millions de dollars par an

Réseau opérationnel maritime mondial

Couverture opérationnelle:

Région	Nombre de bases opérationnelles	Pays desservis
Amérique du Nord	4	2
Europe	3	5
Asie-Pacifique	5	7
Moyen-Orient	2	3

Capacités financières et investissements solides

Mesures financières pour 2024:

• Actif total: 6,8 milliards de dollars
• Présentation des actionnaires: 1,9 milliard de dollars
• Dépenses en capital annuelles: 450 millions de dollars
• Ratio dette / fonds propres: 2,1: 1
• Cash et équivalents de trésorerie: 320 millions de dollars

Teekay Corporation (TK) - Modèle d'entreprise: propositions de valeur

Solutions de transport maritime fiables et efficaces

Teekay Corporation exploite une flotte de 154 navires à partir de 2023, fournissant des transports maritimes sur plusieurs segments, notamment des services de GNL, offshore et conventionnels.

Segment de la flotte	Nombre de navires	Capacité de charge totale
Transporteurs de GNL	47	3,1 millions de mètres cubes
Pétroliers conventionnels	62	5,2 millions de tonnes de poids mort
Navires offshore	45	Capacité de soutien spécialisée

Services de logistique énergétique flexibles et personnalisés

Teekay fournit des solutions de transport spécialisées sur les marchés mondiaux de l'énergie.

• Contrats de charte à long terme: 78% des revenus de la flotte
• Engagement du marché au comptant: 22% des revenus de la flotte
• Présence opérationnelle mondiale sur 15 marchés maritimes internationaux

Normes élevées de sécurité et de conformité environnementale

Teekay maintient des protocoles de sécurité rigoureux avec zéro incidents environnementaux majeurs en 2023.

Métrique de sécurité	Performance
Taux d'incident total enregistrable	0,58 par million d'heures de travail
Taux d'incident de temps perdu	0,12 par million d'heures de travail

Recherche mondiale et expertise maritime approfondie

Teekay opère sur plusieurs continents avec des capacités de logistique maritime complètes.

• Opérations en Amérique du Nord, en Europe, au Moyen-Orient, en Asie
• Plus de 35 ans d'expérience en transport maritime
• Main-d'œuvre d'environ 5 200 professionnels maritimes

Options d'expédition et de transport d'énergie rentables

Teekay fournit des solutions de transport compétitives avec des stratégies opérationnelles efficaces.

Métrique financière	Performance de 2023
Revenus totaux	3,2 milliards de dollars
Marge opérationnelle	12.5%
Taux d'utilisation de la flotte	97.6%

Teekay Corporation (TK) - Modèle d'entreprise: relations clients

Accords contractuels à long terme

Teekay Corporation maintient 81 contrats de charte de temps avec une durée du contrat restant moyenne de 4,3 ans au 423.

Type de contrat	Nombre de navires	Durée moyenne du contrat
Charte de temps	81	4,3 ans

Service client personnalisé et gestion des comptes

Teekay fournit une gestion des comptes dédiée aux grandes sociétés énergétiques et aux clients internationaux de transport maritime.

• Solutions de gestion de flotte personnalisées
• Gestionnaires de relations dédiées pour les clients de haut niveau
• Centres mondiaux de support client 24/7

Communication transparente et rapport de performance

Les rapports financiers trimestriels affichent 98,7% de performance de livraison à temps dans les opérations maritimes.

Métrique de rapport	Performance
Livraison à temps	98.7%
Évaluation de satisfaction du client	4.6/5

Services de support technique et de conseil

Teekay investit 42 millions de dollars par an dans les services de support technique et de conseil maritime.

• Systèmes de surveillance des navires avancés
• Analyse des performances en temps réel
• Conseil de conformité environnementale

Plateformes numériques pour le suivi et la gestion des expéditions

La plate-forme numérique gère le suivi pour plus de 350 navires avec des mises à jour de la géo-localisation et du statut de fret en temps réel.

Capacité de plate-forme numérique	Métrique
Navires tracés	350+
Fréquence de mise à jour des données	En temps réel

Teekay Corporation (TK) - Modèle d'entreprise: canaux

Équipe de vente directe

Teekay Corporation maintient une équipe de vente maritime dédiée avec 87 professionnels maritimes mondiaux à partir de 2023. L'équipe couvre les principales régions maritimes, notamment:

Région	Membres de l'équipe de vente
Amérique du Nord	29
Europe	23
Asie-Pacifique	35

Conférences et salons commerciaux de l'industrie maritime

Teekay participe à 12 à 15 conférences majeures de l'industrie maritime chaque année, notamment:

• Exposition maritime internationale
• Conférence de technologie offshore
• Marine Money Week
• Congrès de l'environnement maritime mondial

Plateformes en ligne et communication numérique

Statistiques des canaux numériques pour Teekay Corporation en 2023:

Plate-forme numérique	Abonnés / connexions
Liendin	47,500
Visiteurs mensuels du site Web de l'entreprise	126,000
Gazouillement	18,300

Événements de réseautage spécifiques à l'industrie

Teekay engage 22 événements de réseautage maritime spécialisés par an dans les pôles maritimes mondiaux.

Relations sur le site Web de l'entreprise et les investisseurs

Les relations avec les investisseurs canalisent les métriques pour 2023:

• Présentations annuelles des investisseurs: 4
• Sévénilles trimestrielles Participants à la diffusion en difficulté: 1 200
• Abonnés par e-mail aux relations avec les investisseurs: 3 600

Teekay Corporation (TK) - Modèle d'entreprise: segments de clientèle

Sociétés d'exploration du pétrole et du gaz

Teekay dessert de grandes sociétés d'exploration pétrolière et gazière avec des solutions de transport marin spécialisées.

Type de client	Valeur du contrat annuel	Nombre de contrats actifs
Entreprises d'exploration mondiales	375 millions de dollars	17
Companies de forage offshore	248 millions de dollars	12

Sociétés de négociation d'énergie

Teekay fournit une logistique maritime critique pour les organisations de trading d'énergie.

• Base de clientèle totale d'énergie: 42 entreprises mondiales
• Revenu annuel moyen par entreprise de négociation: 64,3 millions de dollars
• Durée du contrat à long terme: 5-7 ans

Fabricants de produits pétroliers

Teekay prend en charge les fabricants de produits pétroliers avec infrastructure de transport.

Catégorie du fabricant	Volume de transport annuel	Utilisation de la flotte
Opérateurs de raffinerie	22,6 millions de tonnes métriques	89%
Sociétés de production chimique	8,4 millions de tonnes métriques	82%

Compagnies maritimes internationales

Teekay collabore avec International Shipping Enterprises pour des solutions maritimes complètes.

• Partenariats totaux de compagnie maritime: 28
• Couverture maritime mondiale: 6 continents
• Revenus de partenariat moyen: 92,7 millions de dollars par an

Opérateurs d'infrastructures énergétiques offshore

Teekay fournit des services marins spécialisés pour les infrastructures énergétiques offshore.

Type d'infrastructure	Contrats de service	Revenus annuels
Plates-formes offshore	15 contrats actifs	213 millions de dollars
Unités de production flottantes	9 contrats actifs	167 millions de dollars

Teekay Corporation (TK) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance de la flotte

À partir du rapport annuel de 2023, les frais de maintenance et d'acquisition de la flotte de Teekay Corporation ont totalisé 1,2 milliard de dollars. La société exploite une flotte diversifiée d'environ 150 navires dans différents segments maritimes.

Type de navire	Nombre de navires	Coût de maintenance
Transporteurs de GNL	45	378 millions de dollars
Pétroliers bruts	62	456 millions de dollars
Navires de support offshore	43	366 millions de dollars

Coûts de carburant et d'exploitation

Les dépenses annuelles et opérationnelles de Teekay pour 2023 étaient de 742 millions de dollars, ce qui représente une partie importante des dépenses opérationnelles.

• Coûts de carburant du bunker: 412 millions de dollars
• Frais de port: 98 millions de dollars
• Dépenses opérationnelles des navires: 232 millions de dollars

Personnel et salaires de l'équipage

Le total des dépenses de personnel pour 2023 s'élevait à 268 millions de dollars, couvrant environ 5 200 employés maritimes et onshore.

Catégorie des employés	Nombre d'employés	Dépenses de salaire total
Équipage de mer	3,800	196 millions de dollars
Gestion à terre	1,400	72 millions de dollars

Compliance et assurance réglementaires

Les frais de conformité et d'assurance pour 2023 ont atteint 89 millions de dollars.

• Conformité réglementaire maritime: 42 millions de dollars
• Primes d'assurance: 47 millions de dollars

Investissements technologiques et infrastructures

Teekay a investi 64 millions de dollars dans les améliorations technologiques et d'infrastructures au cours de 2023.

• Systèmes de navigation numérique: 22 millions de dollars
• Infrastructure de cybersécurité: 18 millions de dollars
• Logiciel de gestion de la flotte: 24 millions de dollars

Teekay Corporation (TK) - Modèle d'entreprise: Strots de revenus

Contrats de charte à long terme

Les contrats de charte à long terme de Teekay Corporation ont généré 1,2 milliard de dollars de revenus pour l'exercice 2023. La durée moyenne du contrat varie entre 3 et 10 ans avec des tarifs mensuels fixes.

Type de contrat	Revenus annuels	Durée moyenne
Transporteurs de GNL	487 millions de dollars	7 ans
Pétroliers bruts	392 millions de dollars	5 ans
Pétroliers de produits	321 millions de dollars	4 ans

Tarifs d'expédition du marché au comptant

Les revenus du marché au comptant pour 2023 ont totalisé 276 millions de dollars, ce qui représente 18,4% du total des revenus maritimes.

• Taux ponctuels quotidiens moyens pour VLCC: 25 600 $
• Taux ponctuels quotidiens moyens pour les pétroliers Suezmax: 18 900 $
• Taux ponctuels quotidiens moyens pour les pétroliers Aframax: 15 400 $

Frais de gestion des navires

Les services de gestion des navires ont généré 89 millions de dollars en 2023, couvrant la gestion technique et commerciale pour les navires tiers.

Services de support offshore

Offshore Support Services a contribué 142 millions de dollars aux revenus de Teekay en 2023, principalement des opérations de pétroliers en navette au Brésil et en Norvège.

Conseil en logistique maritime

Les services de conseil en logistique maritime ont généré 37 millions de dollars de revenus pour 2023, fournissant des services de conseil spécialisés aux clients du transport marin.

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.