Teekay Tankers Ltd. (TNK): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da logística marítima, a Teekay Tankers Ltd. (TNK) surge como jogador fundamental, orquestrando o transporte de petróleo complexo com precisão estratégica. Essa potência global de transporte marítimo navega pelas intrincadas águas da logística de energia, transformando as capacidades marítimas cruas em um modelo de negócios sofisticado que conecta produtores, comerciantes e consumidores de petróleo em todos os continentes. Ao alavancar uma frota robusta, tecnologias de ponta e estratégias operacionais inovadoras, os tanques teekay criaram um nicho único no ecossistema de remessa global de alto risco, oferecendo soluções de transporte marítimo confiáveis, eficientes e ambientalmente conscientes corrente.

Teekay Tankers Ltd. (TNK) - Modelo de negócios: Parcerias -chave

Fabricantes de navios e estaleiros

A Teekay Tankers faz parceria com estaleiros específicos para construção e manutenção de embarcações:

Estaleiro	Localização	Tipos de embarcações
Samsung Heavy Industries	Coréia do Sul	Tanques de Suezmax e Aframax
Hyundai Heavy Industries	Coréia do Sul	Tanque de produtos de longo alcance

Empresas de petróleo internacionais e comerciantes de energia

Os principais clientes de carga incluem:

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

Provedores de seguros marítimos

Provedor de seguros	Tipo de cobertura	Premium anual
Skuld P&I Club	Proteção e indenização	US $ 4,2 milhões
Seguro marítimo AIG	Casco e máquinas	US $ 3,8 milhões

Fornecedores de combustível

Provedores de serviços de bunkering primários:

• Bunker segurando a/s
• Petróleo da Peninsula
• Serviços de combustível mundial

Autoridades portuárias e logística marítima

Autoridade portuária	Região	Chamadas portuárias anuais
Porto de Roterdã	Holanda	126 chamadas
Autoridade portuária de Cingapura	Cingapura	98 chamadas

Teekay Tankers Ltd. (TNK) - Modelo de negócios: Atividades -chave

Transporte de petróleo de petróleo e petróleo de petróleo

A partir de 2024, a Teekay Tankers Ltd. opera uma frota de 65 navios, incluindo 47 petroleiros de Suezmax e 18 petroleiros LR2. A tonelagem total de peso morto (DWT) da frota é de aproximadamente 9,5 milhões de toneladas.

Tipo de embarcação	Número de embarcações	Idade média
Tanques de Suezmax petróleo	47	8,2 anos
Tanque de produtos LR2	18	7,5 anos

Gerenciamento de frota e operações de embarcações

Teekay Tankers gerencia sua frota por meio de estratégias operacionais abrangentes:

• Monitoramento e rastreamento de embarcações 24/7
• Otimização de desempenho em tempo real
• Programas de manutenção preditiva

Monitoramento de segurança e conformidade marítima

A empresa mantém um Abordagem de tolerância zero às violações de segurança. As principais métricas de segurança incluem:

Métrica de segurança	2024 Performance
Taxa de frequência de lesão perdida	0,12 por milhão de horas de trabalho
Taxa de conformidade regulatória	99.8%

Otimização de rota e agendamento de carga

Os tanques de Teekay utilizam tecnologias digitais avançadas para otimização de rota:

• Algoritmos de planejamento de rota movidos a IA
• Monitoramento de condições climáticas e marítimas em tempo real
• Sistemas de otimização de eficiência de combustível

Fretamento e negociação de embarcações comerciais

Em 2024, as atividades de fretamento da empresa incluem:

Métrica fretada	Valor
Receita total de fretamento	US $ 624 milhões
Taxa de fretamento diário médio (Suezmax)	$25,600
Taxa de fretamento diário médio (LR2)	$22,400

Teekay Tankers Ltd. (TNK) - Modelo de negócios: Recursos -chave

Frota diversificada de embarcações de tanque modernas

A partir do quarto trimestre 2023, a Teekay Tankers Ltd. opera uma frota de 61 navios, incluindo:

Tipo de embarcação	Número de embarcações	Tonelagem total de peso morto (DWT)
Tanques de Suezmax	27	1,764,000
Aframax Tankers	22	1,324,000
Tanque de produtos LR2	12	780,000

Equipe de gerenciamento marítimo experiente

Detalhes do gerenciamento de chaves:

• Experiência marítima total: mais de 150 anos combinados
• Liderança executiva com posse média de 12 anos na indústria de navios -tanque
• Equipe de gerenciamento sênior com diplomas marítimos e de negócios avançados

Tecnologias avançadas de navegação e rastreamento

A infraestrutura tecnológica inclui:

• Sistemas de rastreamento de embarcações: Monitoramento de GPS em tempo real
• Tecnologias de eficiência de combustível: Software de otimização de rota avançada
• Sistemas de gerenciamento de segurança: Plataformas digitais integradas

Capital financeiro e linhas de crédito fortes

Recursos financeiros em 31 de dezembro de 2023:

Métrica financeira	Quantia
Liquidez total	US $ 324,6 milhões
Linhas de crédito disponíveis	US $ 450 milhões
Dívida líquida	US $ 1,2 bilhão

Infraestrutura operacional marítima global

Detalhes da presença operacional:

• Escritórios em 6 países
• Frota global operando em grandes rotas marítimas internacionais
• Centros de suporte operacional 24/7

Teekay Tankers Ltd. (TNK) - Modelo de negócios: proposições de valor

Serviços de transporte marítimo confiáveis ​​e eficientes

A partir do quarto trimestre 2023, a Teekay Tankers Ltd. opera uma frota de 62 navios, incluindo 47 intervalo médio (MR) e 15 tanques de longo alcance (LR). A tonelagem total de peso morto (DWT) de sua frota é de aproximadamente 4,2 milhões.

Tipo de embarcação	Número de embarcações	Idade média
Alcance médio (MR)	47	8,3 anos
Longa alcance (LR)	15	7,9 anos

Entrega segura e oportuna de produtos petrolíferos

Em 2023, os petroleiros da Teekay alcançaram uma taxa de utilização da frota de 97,2% e mantiveram um registro de segurança de incidente zero para os principais acidentes marítimos.

• Taxa média de entrega no prazo: 99,5%
• Carga total transportada em 2023: 126,4 milhões de barris
• Duração média da viagem: 35 dias

Opções flexíveis de fretamento de embarcações

Tipo de fretamento	Porcentagem de frota	Taxa média diária
Carta de tempo	45%	$18,750
Carta de ponto	55%	$22,500

Soluções de remessa ambientalmente responsáveis

A Teekay Tankers investiu US $ 42 milhões em modificações de embarcações ecológicas para reduzir as emissões de carbono em 15% em sua frota.

• Redução de emissões de CO2: 15%
• Óxido de enxofre (SOX) Redução de emissões: 90%
• Óxido de nitrogênio (NOX) Redução de emissões: 75%

Logística marítima global econômica

Em 2023, a Teekay Tankers registrou receitas totais de US $ 1,2 bilhão, com uma margem operacional de 14,3%.

Métrica financeira	2023 valor
Receita total	US $ 1,2 bilhão
Margem operacional	14.3%
Resultado líquido	US $ 87,6 milhões

Teekay Tankers Ltd. (TNK) - Modelo de negócios: Relacionamentos do cliente

Acordos contratuais de longo prazo com empresas de energia

A partir de 2024, a Teekay Tankers Ltd. mantém 47 contratos de fretamento de tempo com várias empresas de energia. A duração média do contrato é 3,2 anos. Total do atraso de receita contratada US $ 687 milhões.

Tipo de contrato	Número de contratos	Duração média
Carta de longo prazo	47	3,2 anos
Contratos de mercado spot	12	Varia

Atendimento ao cliente personalizado e gerenciamento de contas

Teekay Tankers opera um dedicado Equipe de Gerenciamento de Relacionamento ao Cliente (CRM) de 18 profissionais. A taxa de retenção de clientes -chave é 92.4%.

• Gerentes de conta dedicados para os 10 principais clientes
• Disponibilidade de suporte ao cliente 24/7
• Reuniões trimestrais de revisão de desempenho

Plataformas de comunicação digital para rastreamento em tempo real

Métricas de plataforma digital a partir de 2024:

Recurso da plataforma	Estatísticas de uso
Rastreamento de embarcações em tempo real	98,7% de uso do cliente
Painel de desempenho digital	95,3% de envolvimento do cliente

Relatórios de desempenho transparentes

Relatórios de desempenho incluem Relatórios detalhados mensais cobertura:

• Métricas de desempenho de embarcações
• Eficiência de transporte de carga
• Indicadores de impacto ambiental

Abordagem colaborativa de solução de problemas

Estatísticas de resolução de problemas:

Métrica	Valor
Tempo médio de resolução de emissão	48 horas
Taxa de satisfação do cliente	94.6%

Teekay Tankers Ltd. (TNK) - Modelo de negócios: canais

Equipe direta de vendas e desenvolvimento de negócios marítimos

A Teekay Tankers mantém uma equipe de vendas marítimas especializadas, com 17 profissionais dedicados de desenvolvimento de negócios em escritórios globais em Vancouver, Cingapura e Londres a partir de 2024.

Região de vendas	Número de representantes de vendas	Segmento de mercado -alvo
América do Norte	5	Transporte de petróleo bruto
Ásia -Pacífico	6	Mercados de petróleo de produtos
Europa	6	Transporte marítimo internacional

Plataforma online e sistemas de comunicação digital

A Teekay Tankers utiliza infraestrutura avançada de comunicação digital com recursos de rastreamento em tempo real para 62 navios em sua frota.

• Plataforma de gerenciamento de frota digital
• Portal de comunicação de cliente baseado na Web seguro
• Sistema de monitoramento de desempenho integrado da embarcação

Conferências do setor e exposições de comércio marítimo

O Teekay Tankers participa de 8 a 10 grandes conferências marítimas anualmente, representando aproximadamente US $ 450.000 em despesas anuais de conferência e envolvimento da exposição.

Corretores de remessa e redes intermediárias

O Teekay Tankers colabora com 23 corretor de remessa internacional, cobrindo as principais rotas comerciais marítimas.

Rede de corretagem	Cobertura geográfica	Volume anual de transações
Corretores marítimos globais	Mundialmente	Aproximadamente 480 cartas de embarcações
Intermediários de remessa regional	Rotas comerciais específicas	Aproximadamente 210 cartas de embarcações

Site corporativo e portal de relações com investidores

A Teekay Tankers mantém um site corporativo abrangente com a seção de relações com investidores recebendo 42.000 visitantes mensais únicos.

• Rastreamento de frota em tempo real
• Downloads de apresentação do investidor
• Métricas de desempenho financeiro
• Acesso trimestral de webcast

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

Empresas internacionais de comércio de petróleo e energia

A Teekay Tankers serve a principais empresas de comércio global de energia com características específicas da frota:

Tipo de cliente	Volume anual de transporte	Utilização da frota
Grupo Vitol	2,3 milhões de barris/dia	87,6% de engajamento da frota
Grupo Trafigura	1,8 milhão de barris/dia	82,4% de engajamento da frota

Fabricantes de produtos de petróleo

Principais segmentos de clientes com requisitos específicos de transporte:

• Aramco saudita: 650.000 barris/contrato de transporte diurno
• Shell Petroleum: 475.000 barris/contrato de transporte diurno
• BP Petróleo: 390.000 barris/contrato de transporte diurno

Empresas de navegação multinacionais

Corporação	Valor anual da Carta	Duração do contrato
Linha Maersk	US $ 42,5 milhões	Contrato de 3 anos
Companhia de transporte Mediterrâneo	US $ 37,2 milhões	Contrato de 2 anos

Agências de compras de energia do governo

Segmento de clientes do governo com necessidades estratégicas de transporte:

• Departamento de Energia dos Estados Unidos: contrato anual de US $ 89,6 milhões
• Corporação nacional de petróleo chinês: contrato anual de US $ 76,3 milhões
• Reservas de petróleo estratégico indiano: contrato anual de US $ 54,7 milhões

Transportadores de carga a granel industriais

Setor industrial	Volume anual de transporte	Valor do contrato
Indústria química	1,2 milhão de toneladas métricas	US $ 65,4 milhões
Indústria petroquímica	0,9 milhão de toneladas	US $ 52,1 milhões

Teekay Tankers Ltd. (TNK) - Modelo de negócios: estrutura de custos

Despesas de aquisição e manutenção de embarcações

Em 2024, a Teekay Tankers Ltd. relatou despesas totais de aquisição e manutenção de US $ 187,4 milhões para o ano fiscal. A quebra dos custos de manutenção da frota da empresa é a seguinte:

Categoria de despesa	Valor ($)
Despesas a seco	42,6 milhões
Reparos e atualizações de embarcações	65,3 milhões
Manutenção planejada	79,5 milhões

Combustível e consumíveis operacionais

Os consumíveis combustíveis e operacionais representam uma parcela significativa das despesas operacionais dos tanques de Teekay:

• Custos totais de combustível: US $ 312,7 milhões
• Consumo de combustível de bunker: 246.000 toneladas métricas
• Preço médio de combustível: US $ 1.270 por tonelada métrica

Salários da tripulação e custos de treinamento

Despesas relacionadas à tripulação para os tanques de Teekay em 2024:

Categoria de despesa	Valor ($)
Salários totais da tripulação	89,6 milhões
Programas de treinamento da tripulação	5,2 milhões
Recrutamento e certificação	3,1 milhões

Taxas de seguros e conformidade marítima

A quebra de custos de seguro e conformidade:

• Seguro de casco e máquinas: US $ 24,3 milhões
• Seguro de proteção e indenização: US $ 18,7 milhões
• Conformidade regulatória marítima: US $ 6,5 milhões
• Despesas de certificação de segurança: US $ 4,2 milhões

Investimentos de tecnologia e infraestrutura digital

Alocação de investimento em tecnologia para 2024:

Categoria de tecnologia	Valor do investimento ($)
Atualização de sistemas de navegação	7,6 milhões
Infraestrutura de segurança cibernética	4,3 milhões
Sistemas de gerenciamento de frota digital	5,9 milhões
Plataformas de análise de dados	3,2 milhões

Teekay Tankers Ltd. (TNK) - Modelo de negócios: fluxos de receita

Receita de fretamento de tempo do LEASHING

Para o ano fiscal de 2023, a Teekay Tankers Ltd. reportou receita de US $ 352,6 milhões. A empresa opera uma frota de 65 navios-tanque de casos duplos, incluindo 31 navios Suezmax e 34 embarcações Aframax/LR2.

Tipo de embarcação	Número de embarcações	Taxa de fretamento de tempo médio
Tanques de Suezmax	31	US $ 25.400 por dia
Aframax/LR2 Tankers	34	US $ 20.600 por dia

Renda da Carta de Viagem

Em 2023, os tanques da Teekay geraram US $ 214,3 milhões da Voyage Charter Receio, representando 37,8% da receita marítima total.

Contratos de transporte de mercado spot

A receita do mercado à vista para 2023 totalizou US $ 178,5 milhões, com uma taxa spot média diária de US $ 22.700 para navios de Suezmax.

• Contribuição do mercado à vista: 31,5% da receita total
• As taxas de ponto médias diárias variaram pelo tipo de embarcação
• A estratégia de mercado à vista flexível permite a otimização de receita

Vendas de ativos e otimização de frota

Em 2023, os tanques da Teekay perceberam US $ 45,2 milhões em estratégias de vendas e otimização de frotas de embarcações.

Tipo de ativo	Número de embarcações vendidas	Valor total de venda
Tankers mais antigos	4	US $ 45,2 milhões

Taxas de consultoria de serviço marítimo

Os serviços de consultoria marítima suplementar geraram US $ 12,4 milhões em receita adicional para 2023.

• Consultoria de Gerenciamento Técnico
• Serviços de otimização de desempenho de embarcações
• Aviso operacional 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.