Teekay Tankers Ltd
teekay.comWhat Do They Do?
Transports crude oil and refined products for energy companies, oil traders and government agencies, and provides marine services including ship-to-ship support and vessel management.
20-F for FY2025, filed Mar 13, 2026Our primary business is to own and operate crude oil and product tankers, and we employ a chartering strategy that seeks to capture upside…View ↗
Full Service Lightering. FSL is the process of transferring cargo between vessels, typically of different sizes. Our lightering capability…View ↗
Teekay has been operating in Australia for over 25 years, and we are one of the largest employers of Australian seafarers. We leverage our…View ↗
We have derived, and believe that we will continue to derive, a significant portion of our revenues from a limited number of customers. Our…View ↗
How Do They Make Money?
Most revenue comes from tanker voyages: customers pay to move cargo, with payment due when the voyage is completed. Time-charter hire is billed monthly in advance; third-party vessel owners pay monthly management fees plus vessel-cost reimbursements.
20-F for FY2025, filed Mar 13, 2026The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine whether this is the case based…View ↗
F-14 performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading…View ↗
The Company generates revenue from the management and operation of vessels owned by third parties. Such services may include the…View ↗
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20-F for FY2025, filed Mar 13, 2026
FY2025 revenue by product or service ↗
$951.8M
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20-F for FY2025, filed Mar 13, 2026
$951.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Voyage charter
Sold outright
20-F for FY2025, filed Mar 13, 2026 |
83%
FY2022: 88%
|
Voyage charter, FY2025
$785.2M Sources
|
Sold outright |
|
Time-charter
Recurring
|
2.5%
FY2022: 1.3%
|
Time-charter, FY2025
$23.4M Sources
|
Recurring |
|
Other
Recurring
20-F for FY2025, filed Mar 13, 2026 |
15%
FY2022: 11%
|
Other, FY2025
$143.1M Sources
|
Recurring |
Who Are Their Customers?
Oil and energy companies, traders and government agencies use its tanker and marine services. They charter vessels for individual voyages or fixed periods; third-party vessel owners contract for management services.
20-F for FY2025, filed Mar 13, 2026Voyage Charters. Tankers operating in the spot market typically are chartered for a single voyage, which may last up to several weeks. Spot…View ↗
Time Charters. A time charter is a contract for the use of a vessel for a fixed period of time at a specified daily rate. A customer…View ↗
Teekay has been operating in Australia for over 25 years, and we are one of the largest employers of Australian seafarers. We leverage our…View ↗
We have derived, and believe that we will continue to derive, a significant portion of our revenues from a limited number of customers. Our…View ↗
The Company generates revenue from the management and operation of vessels owned by third parties. Such services may include the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 37 cents of every revenue dollar as net income in FY2025 and turned 12 cents into free cash flow.
20-F for FY2025, filed Mar 13, 2026
$309.1MView ↗
20-F for FY2025, filed Mar 13, 2026
$351.2MView ↗
20-F for FY2025, filed Mar 13, 2026
$115.6MView ↗
How Are They Changing?
Growing. Revenue grew 75% in 4 years, from $542.4M in FY2021 to $951.8M in FY2025, about 15% a year.
Australian marine services
The latest report adds Australian marine services, including operations, maintenance, supply and engineering support for government and energy customers, alongside the tanker, ship-to-ship and vessel-management activities described in the older report.
20-F for FY2022, filed Mar 31, 2023 20-F for FY2025, filed Mar 13, 2026Our primary business is to own and operate crude oil and refined product tankers and we employ a chartering strategy that seeks to capture…View ↗
In December 2024, we acquired Teekay Corporation's Australian operations, which provide marine services to the Australian government…View ↗
Our primary business is to own and operate crude oil and product tankers, and we employ a chartering strategy that seeks to capture upside…View ↗
Teekay has been operating in Australia for over 25 years, and we are one of the largest employers of Australian seafarers. We leverage our…View ↗
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