Teekay Tankers Ltd
Teekay Tankers Ltd. is a U.S.-listed maritime transportation company incorporated in Bermuda that owns and operates a fleet of double-hulled crude oil and product tankers. Its business also includes lightering and ship-to-ship support services in the U.S. Gulf and Caribbean, plus marine services work for the Australian government, energy companies, and other third parties.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueOperation of crude and product tankers employed on spot voyages and fixed-rate charters.
Operational and maintenance marine services provided mainly in Australia.
U.S.-based lightering and ship-to-ship transfer services for larger tankers.
Products
Reported · share of revenue- Voyage Charters Suezmax44.6 %
- Voyage Charters Aframax and LR236.7 %
- Vessel Operational and Maintenance Services Other Revenue12.4 %
- Shiptoshipsupportservices Otherrevenue1.5 %
- Time Charters Aframax LR21.2 %
- Other3.6 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Teekay Tankers serves oil producers, refiners, traders, and charterers that need ocean transport for crude oil and refined products. It also works for the Australian government and Australian energy companies through its marine services business, and for third parties needing lightering or ship-to-ship support. The mix of spot and fixed-rate contracts means customers range from market-based charterers to counterparties seeking more stable vessel capacity.
Buy tanker capacity on spot voyages or short fixed-rate charters to move crude and products globally.
Use tankers to transport crude feedstock and refined products between production, refining, and consumption hubs.
Buy marine operations and maintenance services under service arrangements in Australia.
Use ship-to-ship and full-service lightering support in the U.S. Gulf and Caribbean.
Strategy
The company’s strategy centers on balancing spot-market exposure with short- and medium-term time charters across a modern tanker fleet. It also uses marine services and lightering activities to diversify earnings sources beyond pure voyage trading. Fleet composition, charter mix, and geographic positioning are central to how it competes in volatile tanker markets.
A mixed spot and time-charter strategy helps capture market upside while reducing revenue volatility.
Marine services and lightering provide additional revenue streams and customer relationships.
A double-hulled fleet across Suezmax, Aframax/LR2, and VLCC classes supports market access and trading optionality.
Geography
The company’s tanker fleet operates internationally, with commercial exposure tied to global crude and refined-product trade routes. Its marine services are concentrated in Australia, while its lightering and ship-to-ship support business is based in the U.S. Gulf and Caribbean. This mix creates exposure to global shipping lanes, regional energy trade flows, and country-specific service contracts.
Risks
Teekay Tankers is exposed to tanker rate volatility, fuel and insurance cost inflation, and operational disruptions across global shipping lanes. The company also faces geopolitical risk, especially in Middle East transit corridors, where conflict can reduce trade flows or disrupt routing. Because part of the business relies on spot market trading, earnings and cash flow can change quickly with oil demand, fleet supply, and route inefficiencies.
- Strait of Hormuz and Middle East disruptionImpact: HighLikelihood: High
The company notes conflict in and around the Strait of Hormuz can disrupt operations, lift costs, and weaken tanker demand over time.
Exposure: Global tanker routes and crude transport demand
- Tanker market cyclicalityImpact: HighLikelihood: High
A large share of revenues comes from spot voyage trading, which is directly tied to volatile freight rates and utilization.
Exposure: Voyage charter revenues
- Operating cost inflationImpact: MediumLikelihood: High
Trading inefficiencies, bunker fuel, and insurance premiums can increase when shipping lanes are disrupted.
Exposure: Voyage expenses and vessel operating costs
- Customer concentration in marine servicesImpact: MediumLikelihood: Medium
Marine services rely on Australian government and energy-related counterparties, creating contract renewal and budget sensitivity.
Exposure: Marine services revenue
Accounting
Judgemental itemsThe company earns revenue from voyage charters, time charters, bareboat charters, and marine services, each with different timing and measurement considerations.
Impact: Affects revenue comparability between quarters
A large owned fleet means depreciation is a significant non-cash charge tied to vessel values and estimated service lives.
Impact: Affects operating profit and asset carrying values
Asset disposals and impairments can produce large non-recurring swings in reported income.
Impact: Can distort core operating performance
The company recognizes income from an equity-accounted investment, which can fluctuate with the underlying venture’s results.
Impact: Adds non-operating variability to net income
Similar listed companies
Publicly listed companies with a comparable business focus.
Teekay Corporation Ltd
TK · Deep Sea Foreign Transportation of Freight
Teekay Corp Ltd is a Bermuda-based maritime transportation company focused on international crude oil shipping and related marine services.
Nordic American Tankers Limited
NAT · Water Transportation
Nordic American Tankers Ltd is a U.S.-listed shipping company that owns and operates a fleet of Suezmax crude oil tankers.
Tsakos Energy Navigation Ltd
TEN · Deep Sea Foreign Transportation of Freight
Tsakos Energy Navigation Limited is a marine transportation company that owns and operates a fleet of crude oil tankers, product carriers and LNG carriers…
International Seaways, Inc.
INSW · Water Transportation
International Seaways owns and operates a global tanker fleet that transports crude oil and refined petroleum products.
Flex LNG Ltd.
FLNG · Water Transportation
Okeanis Eco Tankers Corp.
ECO · Deep Sea Foreign Transportation of Freight
Last updated: 28/09/2026