olivLaw · US equity research
Teekay Tankers Ltd. TNK
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
Teekay Tankers Ltd. is an international provider of marine transportation to oil industries, operating mainly Suezmax, Aframax and LR2 tankers on a mix of spot-market and fixed-rate contracts. In 2025 it renewed its fleet through sales and purchases and expanded its marine service activities, a sign of adaptation to a volatile tanker market and current geopolitical tensions. The owned fleet reached 35 ships as of March 1, 2026, with total capacity of approximately 4,813,100 dwt.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Teekay Tankers Ltd. (TNK) stock was 81.97 USD (−7.77% on the day), with market capitalisation 6.9 bn USD, P/E 8.1 on diluted EPS of 10.10 USD over the last 12 months, dividend yield 2.44%, beta 0.33, 52-week range 51.50–108.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 28.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 86.29 – 109.58
- below the lower band · %B -0.19 · band width 23.8%
- SMA 50 / 200
- 97.26 / 79.82
- mixed trend
- MACD (12, 26, 9)
- -1.90 / -0.17
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.0% | −1.1% | −17.9 pp | — |
| 3 months | +6.3% | −0.5% | +6.8 pp | — |
| 6 months | +0.9% | +4.4% | −3.5 pp | — |
| Year to date | +53.4% | +12.3% | +41.1 pp | — |
| 1 year | +34.4% | +13.5% | +20.8 pp | +15.2% |
| 3 years | +54.3% | +76.4% | −22.2 pp | +56.7% |
| 5 years | +484.2% | +63.7% | +420.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 71 percentile of its own 7-quarter history (min 3.3, median 4.5, max 45.2; quarters with earnings only).
Fiscal years
| Fiscal year | ⚠ 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 776.5 m | 943.9 m | 886.4 m | 542.4 m | 1.2 bn | 1.5 bn | 1.2 bn | 951.8 m |
| Revenue YoY | — | +21.6% | −6.1% | −38.8% | — | +25.1% | −16.6% | −22.6% |
| Net income | -52.5 m | 41.4 m | 87.3 m | -242.4 m | 235.4 m | 519.9 m | 403.7 m | 351.2 m |
| Net income YoY | — | unavailable | +111.1% | −377.6% | — | +120.8% | −22.4% | −13.0% |
| Diluted EPS | -1.57 | 1.23 | 2.57 | -7.16 | 6.87 | 15.04 | 11.63 | 10.10 |
| Diluted EPS YoY | — | unavailable | +108.9% | −378.6% | — | +118.9% | −22.7% | −13.2% |
| net % | -6.8% | 4.4% | 9.9% | -44.7% | 20.0% | 35.3% | 32.8% | 36.9% |
| Free cash flow | -13.1 m | 106.0 m | 331.9 m | -128.8 m | 199.7 m | 631.2 m | 401.4 m | 115.6 m |
The series breaks before 2018, 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 830.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 2.0 bn USD
- Total assets
- 2.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 7.98x
- ROE
- 18.5%
- ROA
- 16.7%
- FCF margin
- 12.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 886.4 m | 542.4 m | 1.2 bn | 1.5 bn | 1.2 bn | 951.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 297.2 m | 315.1 m | 495.6 m | 474.4 m | 405.5 m | 317.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 589.2 m ≈ | 227.2 m ≈ | 682.4 m ≈ | 999.3 m ≈ | 823.8 m ≈ | 634.4 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Operating income | 141.6 m | -194.1 m | 263.8 m | 546.8 m | 380.1 m | 309.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Depreciation & amortisation | 117.2 m | 106.1 m | 99.0 m | 97.6 m | 93.6 m | 86.6 m | SEC (XBRL)· 13 Mar 2026verified |
| EBITDA | 258.8 m ≈ | -88.0 m ≈ | 362.9 m ≈ | 644.3 m ≈ | 473.7 m ≈ | 395.7 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Interest expense | 51.5 m | 35.0 m | 35.8 m | 27.7 m | 7.5 m | 2.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | 94.6 m | -244.3 m | 237.7 m | 532.5 m | 404.1 m | 347.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 7.3 m | -1.9 m | 2.2 m | 12.6 m | 405.0 k | -3.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Net income | 87.3 m | -242.4 m | 235.4 m | 519.9 m | 403.7 m | 351.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | 2.57 | -7.16 | 6.87 | 15.04 | 11.63 | 10.10 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 33.9 m | 33.9 m | 34.3 m | 34.6 m | 34.7 m | 34.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | 1.75 | 3.00 | 2.00 | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 97.2 m | 70.6 m | 206.9 m | 391.5 m | 511.9 m | 830.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 36.2 m | 41.1 m | 116.7 m | 114.6 m | 82.4 m | 82.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 34.6 m | 49.0 m | 60.8 m | 53.2 m | 46.0 m | 29.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 245.4 m | 245.4 m | 459.5 m | 667.0 m | 747.9 m | 1.1 bn | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 1.1 bn | 925.2 m | 430.0 m | 929.2 m | 1.1 bn | 1.0 bn | SEC (XBRL)· 13 Mar 2026verified |
| Goodwill | 2.4 m | 2.4 m | 2.4 m | 2.4 m | 2.4 m | 2.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.0 m | 1.5 m | 1.1 m | 658.0 k | 307.0 k | 0 | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 1.8 bn | 1.6 bn | 1.8 bn | 1.9 bn | 2.0 bn | 2.2 bn | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 31.1 m | 34.8 m | 42.4 m | 33.9 m | 25.6 m | 19.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 10.0 m | 25.0 m | 0 | — | — | — | SEC (XBRL)· 31 Mar 2023verified |
| Long-term debt | 232.1 m | 304.8 m | 0 | — | — | — | SEC (XBRL)· 31 Mar 2023verified |
| Current liabilities | 197.1 m | 157.1 m | 170.2 m | 168.0 m | 132.0 m | 135.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 761.3 m | 780.3 m | 713.6 m | 391.5 m | 217.4 m | 198.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 1.1 bn † | 848.0 m † | 1.1 bn † | 1.6 bn † | 1.8 bn † | 2.0 bn † | SEC (XBRL)· 13 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 347.9 m | -107.3 m | 199.7 m | 631.2 m | 471.9 m | 305.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 16.0 m | 21.4 m | 0 | 0 | 70.5 m | 190.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | 331.9 m ≈ | -128.8 m ≈ | 199.7 m ≈ | 631.2 m ≈ | 401.4 m ≈ | 115.6 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | 74.5 m | 38.1 m | 51.2 m | 17.3 m | -5.1 m | 78.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -416.1 m | 22.0 m | -113.0 m | -470.1 m | -343.4 m | -68.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Dividends paid | 0 | 0 | 0 | 59.5 m | 102.8 m | 69.0 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Returns43
- Growth46
- Balance sheet100
- Valuation55
- Quality49
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 98.78 – 189.85 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E98.78 – 189.85 (Mid 141.56)13 companies used · median multiple 14.0x · quartiles 9.8x – 18.8xBIP, CCL, DLNG, FLNG, INSW, KEX, KNOP, MATX, NCLH, RCL, RUBI, TDW, VIK
- Dividend discount (DDM)outside the aggregate26.28 – 35.34 (Mid 30.15)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 36.9% | 95 (vs peers) | 9% |
| FCF conversion · Quality | 32.9% | 4 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -6.9% | 0 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 13.7% | 91 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 106.7x | 100 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 8.0x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 8.1x | 81 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.7% | 21 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 1.0% | 14 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 59.7% | 86 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth46/100 · 2/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns43/100 · 2/2 factors with a value
- Valuation55/100 · 2/3 factors with a value
Memo
TEEKAY TANKERS LTD. (TNK). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 951.8 m USD in 2025; YoY growth -22.6%; net margin 36.9%; ROE 18.5%.
The estimated value range is 98.78–189.85 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 141.56 USD, the price of 81.97 USD leaves a potential of 72.7% (value / price − 1) and a margin of safety of 42.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 36.9%
- EPS CAGR 3Y: 13.7%
- Interest coverage: 106.7x
- Current ratio: 8.0x
- P/E (TTM): 8.1x
- Payout ratio (FCF): 59.7%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 32.9%
- Revenue CAGR 3Y: -6.9%
- FCF yield: 1.7%
- Shareholder yield (distributions): 1.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 89.1 bn | 19.7 | 41.7% | 23.8% | +8.8% | +25% / +210% |
| CCLCarnival Corp Ltd. | 42.1 bn | 13.7 | 24.0% | 11.4% | +6.4% | +21% / +108% |
| BIPBrookfield Infrastructure Partners L.P. | 11.2 bn | 42.0 | 7.7% | 11.0% | +9.8% | +5% / +44% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.2 bn | 9.8 | 31.2% | 8.2% | +3.7% | −4% / +16% |
| MATXMatson, Inc. | 6.4 bn | 14.3 | 17.2% | 13.4% | −2.3% | +96% / +123% |
| KEXKirby Corporation | 6.3 bn | 18.4 | 10.4% | 10.2% | +3.0% | +5% / +56% |
| INSWInternational Seaways, Inc. | 4.7 bn | 6.0 | 37.4% | 62.0% | −11.4% | +78% / +107% |
| GLNGGolar Lng Limited | 4.3 bn | 65.7 | 3.4% | 16.7% | +51.1% | +15% / +98% |
| TDWTidewater Inc | 3.4 bn | 14.0 | 19.5% | 18.3% | +0.5% | +28% / +15% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / −2% |
| FLNGFLEX LNG Ltd. | 1.4 bn | 18.8 | 9.8% | 21.5% | −2.4% | +2% / −11% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.4 bn | 108.8 | 2.6% | 4.2% | −16.6% | +79% / +68% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +5% |
| CMDBCostamare Bulkers Holdings Limited | 430.2 m | — | -11.2% | -6.3% | unavailable | +8% / unavailable |
| KNOPKNOT Offshore Partners LP | 288.4 m | 12.4 | — | 6.4% | +14.4% | −15% / +58% |
| EDRYEurodry Ltd. | 102.6 m | — | -4.0% | — | +8.9% | +173% / +79% |
| OMEXOdyssey Marine Exploration, Inc. | 26.0 m | — | — | -13,366.3% | −54.0% | +437% / +200% |
| USEAUnited Maritime Corp | 22.2 m | — | -11.0% | -16.4% | −16.8% | +40% / −4% |
| RUBIRubico Inc. | 682.3 k | 0.0 | 6.6% | 11.2% | −2.8% | −100% / unavailable |
| DLNGDynagas Lng Partners LP | — | 2.2 | 12.9% | — | −100.0% | −16% / +16% |
| TNKTeekay Tankers Ltd. | — | 8.1 | 18.5% | 36.9% | −22.6% | +34% / +54% |
| VIKViking Holdings Ltd | — | 33.5 | 263.5% | 17.7% | +21.9% | +29% / unavailable |
1- and 3-year price returns: for TNK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.23 Total return -77% · Per year -77% | 32.39 Total return -60% · Per year -60% | 49.01 Total return -39% · Per year -39% |
| 3 years | 14.48 Total return -80% · Per year -42% | 29.23 Total return -62% · Per year -27% | 49.01 Total return -37% · Per year -14% |
| 5 years | 11.49 Total return -83% · Per year -30% | 26.38 Total return -63% · Per year -18% | 49.01 Total return -34% · Per year -8% |
- Exit P/E± 7.31
- Net margin± 5.12
- Annual revenue growth± 4.62
- Annual dilution± 0.43
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (31 Jul 2026), 6-K (29 Jul 2026), 6-K (15 May 2026), 6-K (13 May 2026), 6-K (06 May 2026).
In brief
Teekay Tankers Ltd. is an international provider of marine transportation to oil industries, operating mainly Suezmax, Aframax and LR2 tankers on a mix of spot-market and fixed-rate contracts. In 2025 it renewed its fleet through sales and purchases and expanded its marine service activities, a sign of adaptation to a volatile tanker market and current geopolitical tensions. The owned fleet reached 35 ships as of March 1, 2026, with total capacity of approximately 4,813,100 dwt.
SWOT
Strengths
- The company has a sizeable fleet of Suezmax and Aframax tankers and a mixed model of spot and fixed-rate contracts that reduces exposure to market swings. Experience of operating through cycles is cited as an advantage.
- Operational, ship-to-ship and in-house management services bring revenues that are described as steadier than the spot tanker market, helping manage sector cyclicality.
- The affiliation with Teekay Corporation and its management experience provide commercial relationships and a consolidated operating base.
Weaknesses
- Revenues depend on spot tanker rates, which are volatile and can fall quickly in periods of excess ship supply.
- Crew and maintenance costs tend to rise as the fleet ages, which can compress margins without renewal.
- The company is exposed to currency movements against the dollar, which can affect operating expenses denominated in other currencies.
Opportunities
- Redirection of Venezuelan crude to US and European markets could increase demand for mid-size tankers, where the company has a significant presence.
- Ship purchases in 2025 and early 2026 show the company's capacity to renew its fleet, and secondhand markets may offer further opportunities.
- Expanding lightering and ship-to-ship services in the US Gulf could bring additional cargo volumes and better fleet utilisation.
Threats
- Trade wars, new port fees and political uncertainty could reduce demand and change shipping routes.
- Conflicts in Ukraine, the Red Sea and the Middle East could disrupt routes and affect oil prices and demand for transport services.
- Competition from similarly sized ships such as LR1, Panamax and VLCC vessels could intensify pressure on rates.
Risks
- Volatility of spot rateshigh
Part of the fleet trades on the spot market, where rates can fall quickly; if the market weakens, revenues could be significantly affected.
- Geopolitical tensionshigh
Conflicts in several regions can disrupt routes and demand, and their course is difficult to predict.
- Trade policy and port feesmedium
Tariffs and port fees can create uncertainty over demand and costs, and some measures have already been temporarily suspended.
- Operating costsmedium
Crew and maintenance costs are expected to increase, especially as the fleet ages.
- Currency exposurelow
If the dollar strengthens or weakens against other currencies, operating expenses could rise or fall, affecting margins.
Investment thesis
What would need to be true (bull case)
- If the tanker market stays supported by shifts in crude trade, the company could benefit from its mixed fleet and a model that allows it to capture spot-market gains.
- Profitable sales and recent acquisitions may consolidate the fleet and add flexibility in contract negotiations if market conditions remain favourable.
- Marine and management services could bring more predictable revenues, which might support results in periods of lower tanker rates.
What would break the thesis
- If the spot market weakens because of oversupply or an economic slowdown, the company's revenues could fall quickly.
- Geopolitical risks and trade wars may create greater uncertainty, and their effects on demand are difficult to estimate.
- Fleet ageing and rising crew and maintenance costs could reduce margins, especially if rates do not follow the same trend.
What to watch
- Completion of the sale of the VLCC Singapore Spirit and the unwinding of the joint venture2026
- Development of spot and short-term tanker rates for Suezmax and Aframax vesselsQ1 2027
- Effect of the suspension of port fees and new tariffs on demand2027
- Results of the acquired Australian operations and management companiesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Mar 2026; since then the company filed 6-K (31 Jul 2026), 6-K (29 Jul 2026), 6-K (15 May 2026), 6-K (13 May 2026), 6-K (06 May 2026).
The business
The company was formed in October 2007 by Teekay Corporation Ltd. and completed its initial public offering in December 2007 with nine Aframax tankers. Since 2024 it is incorporated in Bermuda, after moving its domicile from the Marshall Islands. The core business is owning and operating crude oil and product tankers, using a chartering strategy that seeks upside in the spot market while reducing downside risk through fixed-rate time charters. It is also present in ship-to-ship services and in marine operations for the Australian government, which the company says reduce the cyclicality of the tanker market. 1
In December 2024 the company acquired the Australian operations of Teekay Corporation and all management services companies not previously owned by it, widening its revenue base into operational and maintenance marine services that are described as less volatile than the spot tanker market. 1
The source text does not break out a separate segment for every revenue type; details by contract type and segment are referred to Notes 4 and 5 of the financial statements. The overall strategy remains dividing the fleet between spot voyages, fixed-rate time charters and full service lightering. 1
Segments
Crude oil and product tanker transport
This activity covers Suezmax, Aframax, LR2 and VLCC tankers, operated on the spot market or under fixed-rate contracts. As of March 1, 2026 the tanker fleet included 38 ships, of which 35 owned, with most ships on the spot market. 1
Ship-to-ship and bunker services
The company provides cargo transfer services between ships positioned alongside each other, including full service lightering in the US Gulf, with three support and bunker tankers under charter. Demand depends on oil market arbitrage and on traders optimising their costs. 1
Marine services and management
Through the Australian operations and the management companies acquired in 2024, the company provides operational and maintenance services to the government, energy companies and third parties, which helps stabilise revenues. 1
Market context
The tanker market has been described as having volatile profitability, driven by changes in the supply of and demand for tanker capacity and by external factors. The company sold eight Suezmax and three Aframax / LR2 tankers in 2025 and bought several more ships, indicating an active fleet rotation. 1
Competition comes from similarly sized ships, including Suezmax, LR2, Panamax and VLCC vessels that can enter competing trades, and independent owners now control most of the international tanker fleet. 1
Trends
- Tariffs and global trademixed
New tariffs and port fees introduced in 2025 and 2026 have created uncertainty about demand, routes and costs, which could affect rates if trade disputes intensify. The port fees were suspended until October 2026. 1
- Geopolitical conflicts and routestailwind
Conflicts in Ukraine, the Red Sea and the Strait of Hormuz area have disrupted energy supply chains and shipping routes. According to the source, developments in Venezuela could favour mid-size tankers if more Venezuelan oil is sold to US and European markets. 1
- Sanctions and the compliant fleetmixed
Sanctions and export restrictions have shifted trade flows and moved some demand towards the compliant fleet, which can benefit an operator with a modern fleet. The effect depends on how policies evolve. 1
- Operating costs and regulationheadwind
Crew and maintenance costs are expected to rise with inflation and fleet age, and currency fluctuations against the dollar can influence operating expenses. 1
Competitive position
The company competes with other Suezmax and Aframax operators, as well as owners of LR1, Panamax and VLCC ships that can take the same charters. The market structure is fragmented, with many independent shipowners. 1
In ship-to-ship and lightering services, competition comes from specialist transfer operators and from companies that run their own support vessels, and demand depends on customers optimising their costs. 1
- Teekay CorporationTK
Parent company that created Teekay Tankers and sold it ships and assets; it is described as the majority holder of voting power.
- Ardmore ShippingASC
Operator of medium-range product and chemical tankers, in which the company held an investment that it sold in 2025.
- I.M. Skaugen SE
Norway-based marine transportation company that was a joint owner of the ship-to-ship transfer business acquired by the company in 2015.
- Wah Kwong Maritime Transport
Partner in the joint venture that owned the VLCC tanker the company bought in 2025.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Why Teekay Tankers Stock Dropped TodayYahoo Finance — News · 22 Sept 2026 · EN
SEC filings
- Current report (foreign issuer)31 Jul 2026
- Current report (foreign issuer)29 Jul 2026
- Current report (foreign issuer)15 May 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)06 May 2026
- Annual report (foreign issuer)13 Mar 2026
- Current report (foreign issuer)18 Feb 2026
- Current report (foreign issuer)31 Oct 2025
- Current report (foreign issuer)29 Oct 2025
- Current report (foreign issuer)01 Aug 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Teekay Tankers Ltd. · 13 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.