Teekay Tankers Ltd. (TNK): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la logistique maritime, Teekay Tankers Ltd. (TNK) émerge comme un acteur pivot, orchestrant le transport complexe du pétrole avec une précision stratégique. Cette puissance d'expédition mondiale navigue dans les eaux complexes de la logistique énergétique, transformant les capacités maritimes brutes en un modèle commercial sophistiqué qui relie les producteurs de pétrole, les commerçants et les consommateurs à travers les continents. En tirant parti d'une flotte robuste, des technologies de pointe et des stratégies opérationnelles innovantes, Teekay Tankers a élaboré un créneau unique dans l'écosystème d'expédition mondial à enjeux élevés, offrant des solutions de transport maritime fiables, efficaces et soucieuses de l'environnement qui stimulent les solutions mondiales d'approvisionnement en énergie énergétique chaîne.

Teekay Tankers Ltd. (TNK) - Modèle d'entreprise: partenariats clés

Fabricants de navires et de chantiers navals

Teekay Tankers s'associe à des chantiers navals spécifiques pour la construction et l'entretien des navires:

Chantier naval	Emplacement	Types de navires
Samsung Heavy Industries	Corée du Sud	SUezmax et Aframax Tankers
Hyundai Heavy Industries	Corée du Sud	Camion-citernes à longue portée

Compagnies pétrolières internationales et commerçants d'énergie

Les clients clés du fret comprennent:

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

Fournisseurs d'assurance maritime

Assureur	Type de couverture	Prime annuelle
Skuld P&I Club	Protection et indemnité	4,2 millions de dollars
Assurance maritime AIG	Coque et machinerie	3,8 millions de dollars

Fournisseurs de carburant

Fournisseurs de services de souchage primaires:

• Bunker tenant des A / S
• Péninsule pétrolière
• Services de carburant mondial

Autorités portuaires et logistique maritime

Autorité portuaire	Région	Appels de port annuels
Port de Rotterdam	Pays-Bas	126 appels
Autorité portuaire de Singapour	Singapour	98 appels

Teekay Tankers Ltd. (TNK) - Modèle d'entreprise: Activités clés

Huile brut et transport de pétroliers de produits pétroliers

En 2024, Teekay Tankers Ltd. exploite une flotte de 65 navires, dont 47 pétroliers bruts Suezmax et 18 pétroliers LR2. Le tonnage total de pondérations mortes (DWT) de la flotte est d'environ 9,5 millions de tonnes métriques.

Type de navire	Nombre de navires	Âge moyen
Suezmax Crud Tankers	47	8,2 ans
LR2 Tankers de produits	18	7,5 ans

Opérations de gestion de la flotte et de navires

Les pétroliers Teekay gèrent sa flotte grâce à des stratégies opérationnelles complètes:

• Surveillance et suivi des navires 24/7
• Optimisation des performances en temps réel
• Programmes de maintenance prédictive

Surveillance de la sécurité maritime et de la conformité

La société maintient un Approche de tolérance zéro pour les violations de la sécurité. Les mesures de sécurité clés comprennent:

Métrique de sécurité	2024 performance
Taux de fréquence des blessures perdus	0,12 par million d'heures de travail
Taux de conformité réglementaire	99.8%

Optimisation de l'itinéraire et planification des cargaisons

Teekay Tankers utilise des technologies numériques avancées pour l'optimisation des itinéraires:

• Algorithmes de planification des itinéraires alimentés
• Surveillance des conditions météorologiques en temps réel et de l'état maritime
• Systèmes d'optimisation d'efficacité énergétique

Charte et trading des navires commerciaux

En 2024, les activités d'affrètement de l'entreprise comprennent:

Métrique affrétée	Valeur
Revenus de charte total	624 millions de dollars
Taux de charte quotidien moyen (Suezmax)	$25,600
Taux de charte quotidien moyen (LR2)	$22,400

Teekay Tankers Ltd. (TNK) - Modèle commercial: Ressources clés

Flotte diversifiée de navires de pétrolier modernes

Depuis le quatrième trimestre 2023, Teekay Tankers Ltd. exploite une flotte de 61 navires, notamment:

Type de navire	Nombre de navires	Tonnage total de poids mort (DWT)
Custiculateurs de Suezmax	27	1,764,000
Tankers Aframax	22	1,324,000
LR2 Tankers de produits	12	780,000

Équipe de gestion maritime expérimentée

Détails de gestion clés:

• Expérience maritime totale: plus de 150 ans combinés
• Leadership exécutif avec une tenure moyenne de 12 ans dans l'industrie des pétroliers
• Équipe de direction avec des diplômes avancés maritimes et commerciaux

Technologies avancées de navigation et de suivi

L'infrastructure technologique comprend:

• Systèmes de suivi des navires: Surveillance GPS en temps réel
• Technologies d'efficacité énergétique: Logiciel avancé d'optimisation des routes
• Systèmes de gestion de la sécurité: Plates-formes numériques intégrées

Capitaux financiers et de crédit financiers solides

Ressources financières au 31 décembre 2023:

Métrique financière	Montant
Liquidité totale	324,6 millions de dollars
Facilités de crédit disponibles	450 millions de dollars
Dette nette	1,2 milliard de dollars

Infrastructure opérationnelle maritime mondiale

Détails de présence opérationnelle:

• Bureaux dans 6 pays
• Flotte mondiale opérant sur les principales routes maritimes internationaux
• Centres de soutien opérationnels 24/7

Teekay Tankers Ltd. (TNK) - Modèle d'entreprise: propositions de valeur

Services de transport maritime fiables et efficaces

Depuis le quatrième trimestre 2023, Teekay Tankers Ltd. exploite une flotte de 62 navires, dont 47 camions-citernes à moyenne portée (MR) et 15 gorgés (LR). Le tonnage total de pondérations mortes (DWT) de leur flotte est d'environ 4,2 millions.

Type de navire	Nombre de navires	Âge moyen
Moyenne portée (MR)	47	8,3 ans
Longue portée (LR)	15	7,9 ans

Livraison sûre et opportune des produits pétroliers

En 2023, les pétroliers Teekay ont atteint un taux d'utilisation de la flotte de 97,2% et ont maintenu un dossier de sécurité incité zéro pour les principaux accidents maritimes.

• Taux de livraison moyen à temps: 99,5%
• Le fret total transporté en 2023: 126,4 millions de barils
• Durée moyenne du voyage: 35 jours

Options de charte aux navires flexibles

Type de charte	Pourcentage de flotte	Taux quotidien moyen
Charte de temps	45%	$18,750
Charte	55%	$22,500

Solutions d'expédition respectueuses de l'environnement

Teekay Tankers a investi 42 millions de dollars dans les modifications des navires Eco-Design pour réduire les émissions de carbone de 15% dans sa flotte.

• Réduction des émissions de CO2: 15%
• Réduction des émissions d'oxyde de soufre (SOX): 90%
• Réduction des émissions d'oxyde d'azote (NOx): 75%

Logistique maritime mondiale rentable

En 2023, Teekay Tankers a déclaré des revenus totaux de 1,2 milliard de dollars avec une marge d'exploitation de 14,3%.

Métrique financière	Valeur 2023
Revenus totaux	1,2 milliard de dollars
Marge opérationnelle	14.3%
Revenu net	87,6 millions de dollars

Teekay Tankers Ltd. (TNK) - Modèle d'entreprise: relations avec les clients

Accords contractuels à long terme avec des sociétés énergétiques

Depuis 2024, Teekay Tankers Ltd. maintient 47 Contrats de charte à l'heure avec diverses sociétés énergétiques. La durée du contrat moyen est 3,2 ans. Total contracté des revenus arrive en date à 687 millions de dollars.

Type de contrat	Nombre de contrats	Durée moyenne
Charte à long terme	47	3,2 ans
Contrats du marché au comptant	12	Varie

Service client personnalisé et gestion des comptes

Les pétroliers Teekay exploitent un Équipe de gestion de la relation client (CRM) de 18 professionnels. Le taux de rétention client clé est 92.4%.

• Gestionnaires de compte dédiés pour les 10 meilleurs clients
• Disponibilité du support client 24/7
• Réunions de révision des performances trimestrielles

Plates-formes de communication numérique pour le suivi en temps réel

Métriques de plate-forme numérique à partir de 2024:

Fonctionnalité de plate-forme	Statistiques d'utilisation
Suivi des navires en temps réel	98,7% d'utilisation du client
Tableau de bord des performances numériques	95,3% d'engagement client

Rapports de performances transparentes

Les rapports de performances comprennent rapports détaillés mensuels revêtement:

• Métriques de performance des navires
• Efficacité du transport de fret
• Indicateurs d'impact environnemental

Approche collaborative de résolution de problèmes

Statistiques de résolution des problèmes:

Métrique	Valeur
Temps de résolution du problème moyen	48 heures
Taux de satisfaction du client	94.6%

Teekay Tankers Ltd. (TNK) - Modèle d'entreprise: canaux

Équipe de vente directe et développement commercial maritime

Teekay Tankers maintient une équipe de vente maritime spécialisée avec 17 professionnels du développement commercial dévoué dans des bureaux mondiaux à Vancouver, Singapour et à Londres en 2024.

Région de vente	Nombre de représentants commerciaux	Segment du marché cible
Amérique du Nord	5	Transport de pétrole brut
Asie-Pacifique	6	Marchés de pétrolier
Europe	6	Expédition maritime internationale

Plate-forme en ligne et systèmes de communication numérique

Teekay Tankers utilise une infrastructure de communication numérique avancée avec des capacités de suivi en temps réel pour 62 navires dans sa flotte.

• Plateforme de gestion de la flotte numérique
• Portail de communication client sécurisé sur le Web
• Système de surveillance des performances des navires intégrés

Conférences de l'industrie et expositions commerciales maritimes

Teekay Tankers participe à 8 à 10 conférences maritimes majeures chaque année, représentant environ 450 000 $ en dépenses annuelles d'engagement de la conférence et de l'exposition.

Expédition des courtiers et des réseaux intermédiaires

Les pétroliers Teekay collaborent avec 23 sociétés de courtage internationales, couvrant les principales voies commerciales maritimes.

Réseau de courtage	Couverture géographique	Volume de transaction annuel
Courtiers maritimes mondiaux	Mondial	Environ 480 chartes de navires
Intermédiaires d'expédition régionaux	Itinéraires commerciaux spécifiques	Environ 210 chartes de navires

Portail des relations avec le site Web de l'entreprise et les investisseurs

Teekay Tankers maintient un site Web complet d'entreprise avec une section Relations des investisseurs recevant 42 000 visiteurs mensuels uniques.

• Suivi de la flotte en temps réel
• Téléchargements de présentation des investisseurs
• Métriques de performance financière
• Accès trimestriel sur la diffusion sur les bénéfices

Teekay Tankers Ltd. (TNK) - Modèle d'entreprise: segments de clientèle

Sociétés internationales de trading du pétrole et de l'énergie

Les pétroliers TEEKAY desservent les grandes sociétés mondiales de trading d'énergie avec des caractéristiques spécifiques de la flotte:

Type de client	Volume de transport annuel	Utilisation de la flotte
Groupe de vitol	2,3 millions de barils / jour	87,6% d'engagement de la flotte
Groupe de trafigura	1,8 million de barils / jour	82,4% d'engagement de la flotte

Fabricants de produits pétroliers

Segment de clientèle clé avec des exigences de transport spécifiques:

• Saudi Aramco: 650 000 barils / contrat de transport de jour
• Shell Petroleum: 475 000 barils / contrat de transport d'une journée
• BP Petroleum: 390 000 barils / contrat de transport de jour

Sociétés de transport multinational

Corporation	Valeur charte annuelle	Durée du contrat
Ligne Maersk	42,5 millions de dollars	Contrat de 3 ans
Compagnie maritime méditerranéenne	37,2 millions de dollars	Contrat de 2 ans

Agences d'achat d'énergie gouvernementales

Segment de clientèle du gouvernement avec des besoins stratégiques de transport:

• Département de l'Énergie des États-Unis: contrat annuel de 89,6 millions de dollars
• Chinese National Petroleum Corporation: 76,3 millions de dollars de contrat annuel
• Réserves de pétrole stratégique indien: contrat annuel de 54,7 millions de dollars

Transporteurs de fret industriels en vrac

Secteur industriel	Volume de transport annuel	Valeur du contrat
Industrie chimique	1,2 million de tonnes métriques	65,4 millions de dollars
Industrie pétrochimique	0,9 million de tonnes métriques	52,1 millions de dollars

Teekay Tankers Ltd. (TNK) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de maintenance des navires

En 2024, Teekay Tankers Ltd. a déclaré des frais totaux d'acquisition et d'entretien des navires de 187,4 millions de dollars pour l'exercice. La rupture des coûts de maintenance de la flotte de l'entreprise est la suivante:

Catégorie de dépenses	Montant ($)
Dépenses de dockage à sec	42,6 millions
Réparations et améliorations des navires	65,3 millions
Entretien planifié	79,5 millions

Carburant et consommables opérationnels

Les consommables de carburant et opérationnels représentent une partie importante des dépenses d'exploitation des pétroliers Teekay:

• Coût total de carburant: 312,7 millions de dollars
• Consommation de carburant du bunker: 246 000 tonnes métriques
• Prix ​​de carburant moyen: 1 270 $ par tonne métrique

Salaire de l'équipage et frais de formation

Dépenses liées à l'équipage pour les pétroliers Teekay en 2024:

Catégorie de dépenses	Montant ($)
Total des salaires de l'équipage	89,6 millions
Programmes de formation de l'équipage	5,2 millions
Recrutement et certification	3,1 millions

Frais d'assurance et de conformité maritime

Répartition des frais d'assurance et de conformité:

• Assurance de la coque et des machines: 24,3 millions de dollars
• Assurance de protection et d'indemnisation: 18,7 millions de dollars
• Conformité réglementaire maritime: 6,5 millions de dollars
• Dépenses de certification de sécurité: 4,2 millions de dollars

Investissements technologiques et infrastructures numériques

Attribution des investissements technologiques pour 2024:

Catégorie de technologie	Montant d'investissement ($)
Mise à niveau des systèmes de navigation	7,6 millions
Infrastructure de cybersécurité	4,3 millions
Systèmes de gestion de la flotte numérique	5,9 millions
Plateformes d'analyse de données	3,2 millions

Teekay Tankers Ltd. (TNK) - Modèle d'entreprise: Strots de revenus

Revenus de la Charte à l'heure de la location de navires

Pour l'exercice 2023, Teekay Tankers Ltd. a déclaré un chiffre d'affaires à l'heure de 352,6 millions de dollars. L'entreprise exploite une flotte de 65 pétroliers à double coque, dont 31 navires Suezmax et 34 navires Aframax / LR2.

Type de navire	Nombre de navires	Taux de charte à temps moyen
Custiculateurs de Suezmax	31	25 400 $ par jour
Tankers Aframax / LR2	34	20 600 $ par jour

Revenu de la charte de voyage

En 2023, les pétroliers Teekay ont généré 214,3 millions de dollars sur le revenu de la charte de voyage, ce qui représente 37,8% du total des revenus maritimes.

Contrats de transport du marché au comptant

Les revenus du marché au comptant pour 2023 ont totalisé 178,5 millions de dollars, avec un taux au comptant quotidien moyen de 22 700 $ pour les navires Suezmax.

• Contribution sur le marché au comptant: 31,5% des revenus totaux
• Les taux ponctuels quotidiens moyens variaient selon le type de navire
• La stratégie flexible sur le marché des points permet l'optimisation des revenus

Ventes d'actifs et optimisation de la flotte

En 2023, Teekay Tankers a réalisé 45,2 millions de dollars des stratégies de vente de navires et d'optimisation des flacons.

Type d'actif	Nombre de navires vendus	Valeur de vente totale
Pétroliers plus anciens	4	45,2 millions de dollars

Frais de conseil des services maritimes

Les services de conseil maritime supplémentaires ont généré 12,4 millions de dollars de revenus supplémentaires pour 2023.

• Conseil de gestion technique
• Services d'optimisation des performances des navires
• Conseil opérationnel maritime

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.