Teekay Corporation Ltd. (Teekay) provides international crude oil marine transportation and other marine services. Teekay provides these services through its controlling ownership interest in Teekay Tankers Ltd. (Teekay Tankers), one of the world’s leading owners and operators of mid-sized crude tankers.
The consolidated Teekay entities manage and operate approximately 60 conventional tankers and other marine assets, including vessels operated for the Australian government. With offices in eigh...
Teekay Corporation Ltd. (Teekay) provides international crude oil marine transportation and other marine services. Teekay provides these services through its controlling ownership interest in Teekay Tankers Ltd. (Teekay Tankers), one of the world’s leading owners and operators of mid-sized crude tankers.
The consolidated Teekay entities manage and operate approximately 60 conventional tankers and other marine assets, including vessels operated for the Australian government. With offices in eight countries and approximately 2,300 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading energy companies.
At March 1, 2025, the company have an economic ownership interest of 31.0% in Teekay Tankers and hold 55.1% of the voting power of Teekay Tankers, through the company’s ownership of Teekay Tankers' Class A and Class B common shares. Teekay Tankers includes all of the company’s conventional crude oil and product tankers. Teekay Tankers' conventional tankers primarily operate in the spot tanker market or are subject to time charters or contracts of affreightment that are priced on a spot market basis. The company consider contracts that have an original term of less than one year in duration to be short-term. As of March 1, 2025, one of Teekay Tankers' tankers is on a fixed-rate time-charter contract with an initial duration of at least one year. Teekay Tankers also owns a ship-to-ship (or STS) transfer business that performs full service lightering and lightering support operations in the U.S. Gulf and Caribbean, and also has direct business operations in Australia through which it provides operational and maintenance marine services to the Australian Government and Australian energy companies.
In addition to Teekay Tankers, the company also formed and developed Teekay LNG Partners L.P. (now Seapeak) in connection with the company’s expansion into the liquefied gas shipping sector. The company sold the company’s entire interests in Seapeak and related assets to affiliates of Stonepeak Partners L.P. pursuant to the sale of the Teekay Gas Business in January 2022.
The company’s primary business is to own and operate crude oil tankers, refined product tankers and other marine investments which the company achieve through the company’s controlling shareholding in Teekay Tankers.
Subsequent to the sale of the Teekay Gas Business and the disposition and recycling of the company’s FPSO units, the company have two primary lines of business: (1) tankers and (2) marine services and the company’s segments are presented on this basis.
Segments
Tankers
The primary business of the company’s Tankers segment, which is operated through Teekay Tankers, is to own and operate crude oil and refined product tankers. Teekay Tankers employs a chartering strategy that seeks to capture upside opportunities in the tanker spot market while using fixed-rate time charters and full-service lightering contracts to reduce downside risks. In addition to its core business, Teekay Tankers provides STS support services, along with its tanker commercial management operations.
Chartering Strategy
Teekay Tankers operates its vessels in the spot market, under time-charter contracts of varying lengths and under FSL contracts.
Full-Service Lightering
FSL is the process of transferring cargo between vessels, typically of different sizes. Teekay Tankers’ lightering capability leverages access to its Aframax fleet operating in the USG and its offshore lightering support acumen to provide full-service lightering. Teekay Tankers’ customers include oil companies and trading companies that are importing or exporting crude oil in the USG to or from larger Suezmax tankers and Very Large Crude Carriers (or VLCCs) which are port restricted due to their size.
Revenue Sharing Agreements
Teekay Tankers and certain third-party vessel owners have entered RSAs. As of December 31, 2024, 25 owned and chartered-in Suezmax tankers and 20 owned and chartered-in Aframax / LR2 tankers in the company’s fleet, as well as three vessels not in its fleet, owned by third parties, were subject to RSAs. The vessels subject to the RSAs are employed and operated in the spot market or pursuant to time charters of less than one year.
Marine Services and Other
Marine Services
In December 2024, Teekay Tankers acquired Teekay's Australian operations, and all the company’s management services companies not previously owned by Teekay Tankers. As part of the acquisition, Teekay transferred its supplemental retirement defined contribution plan, which relates to the management service companies included in the acquisition (collectively, the Acquired Operations).
As a result of the Acquired operations transaction, Teekay Tankers has direct business operations in Australia through which it provides various marine services to the Commonwealth of Australia and Australian energy companies.
As part of the company’s Australian operations, it provides marine services to the Commonwealth of Australia, energy companies and other third parties. The company’s marine services business in Australia provides operations, supply, maintenance and engineering support and crewing and training services, primarily under long-term contracts with the Commonwealth of Australia, for 11 Australian government-owned vessels. In addition, the company provides crewing services for an FPSO unit in Western Australia and bareboat charter-in a bunker tanker which is time chartered-out to a third party at a rate that is equal to the bareboat cost plus an operational element.
Other
In prior years, Teekay Parent directly owned FPSO units, all of which has been divested by Teekay Parent.
Safety, Management of Ship Operations and Administration
The company operates its vessels under a comprehensive and integrated Safety Management System that complies with the ISM Code, the International Standards Organization’s (or ISO) 9001 for Quality Assurance, ISO 14001 for Environment Management Systems, and ISO 45001:2018 Occupational Health and Safety Management System and the Maritime Labour Convention 2006.
Customers
The company’s customers include major energy and utility companies, major oil traders, large oil consumers and petroleum product producers, government agencies, and various other entities that depend upon marine transportation.
Flag, Classification, Audits and Inspections
The company’s vessels are registered with reputable flag states, and the hull and machinery of all its vessels has been ‘classed’ by one of the major classification societies and members of the International Association of Classification Societies Ltd. (or IACS): DNV, Lloyd’s Register of Shipping, the American Bureau of Shipping, or Bureau Veritas.
Regulations
The International Maritime Organization (IMO) regulations relating to pollution prevention for oil tankers have been adopted by many of the jurisdictions in which the company's tanker fleet operates.
The International Convention for Safety of Life at Sea (SOLAS) and other IMO regulations concerning safety, including those relating to treaties on the training of shipboard personnel, lifesaving appliances, radio equipment and the global maritime distress and safety system, apply to the company’s operations.
All the company’s maritime labor contracts comply with the Maritime Labour Convention (MLC).
The company has complied with the United States Coast Guard (USCG) regulations by using self-insurance for certain vessels and obtaining financial guaranties from a third party for the remaining vessels.
The company conducts regular oil spill response drills in accordance with the guidelines set out in the Oil Pollution Act of 1990 (OPA 90).
The company’s vessels that discharge certain effluents, including ballast water, in the U.S. waters must obtain a Clean Water Act permit from the Environmental Protection Agency (or EPA) titled the ‘Vessel General Permit’ (or VGP) and comply with a range of effluent limitations, best management practices, reporting, inspections and other requirements.
History
The company was founded in 1973. It was incorporated in the Republic of Liberia in 1979 and was domesticated in the Republic of The Marshall Islands in 1999. The company was formerly known as Teekay Corporation and changed its name to Teekay Corporation Ltd. in 2024.