# TEEKAY TANKERS LTD.

Summary updated: 2026-10-02T10:59:45.734116Z
Canonical: https://finbar.com/research/companies/teekay-tankers-ltd

## Overview

Teekay Tankers Ltd. is a marine transportation company focused on the global seaborne movement of crude oil and refined petroleum products. It owns and operates oil tankers and also provides marine operations and maintenance services in Australia, alongside ship-to-ship support and tanker management services. [1](https://app.finbar.com/go?id=P152947018)[2](https://app.finbar.com/go?id=P152946814)[3](https://www.teekay.com/business/tankers/)

The company reported FY2025 revenue of $951.8 million. [4](https://app.finbar.com/go?id=T17608850) A company update in 2026 described a fleet of 33 owned double-hull tankers, as well as three time-chartered-in vessels. [5](https://www.teekay.com/blog/2026/05/13/teekay-tankers-ltd-reports-first-quarter-2026-results-and-declares-dividends/) Teekay Tankers was formed in 2007; the Teekay group states its vision as “Bringing energy to the world with Teekay SPIRIT.” [1](https://app.finbar.com/go?id=P152947018)[6](https://www.teekay.com/about-us/teekay-spirit/)
[1](https://app.finbar.com/go?id=P152947018)[2](https://app.finbar.com/go?id=P152946814)[4](https://app.finbar.com/go?id=T17608850)[3](https://www.teekay.com/business/tankers/)[5](https://www.teekay.com/blog/2026/05/13/teekay-tankers-ltd-reports-first-quarter-2026-results-and-declares-dividends/)[6](https://www.teekay.com/about-us/teekay-spirit/)

## Products & services

Teekay Tankers’ principal products are transportation services for crude oil and refined petroleum products using Suezmax, Aframax and LR2 tankers. Its 2025 filing defines these vessel classes as 125,000–199,999 deadweight tonnes (dwt) for Suezmax, 85,000–124,999 dwt for Aframax, and 85,000–109,999 dwt for LR2. [7](https://app.finbar.com/go?id=P152946797)[8](https://app.finbar.com/go?id=P152946802) In its Q2 2026 fleet disclosure, the company reported 34 owned double-hull tankers—14 Suezmax, 18 Aframax/LR2 and two Suezmax newbuildings—and three time-chartered-in tankers. [9](https://www.teekay.com/blog/2026/07/29/teekay-tankers-ltd-reports-second-quarter-2026-results-and-declares-dividend/) It also operates ship-to-ship support, including full-service lightering and fender and hose rentals. [1](https://app.finbar.com/go?id=P152947018)[3](https://www.teekay.com/business/tankers/)

Other services include vessel operations and maintenance, marine operations and technical support, crewing and training, and vessel-management services. [1](https://app.finbar.com/go?id=P152947018)[10](https://app.finbar.com/go?id=P152947185) In 2025, tanker operations represented approximately 86.6% of consolidated revenue and Marine Services and Other approximately 13.4%. Revenue included Suezmax voyage and time charters (45.1%), Aframax/LR2 voyage and time charters (37.9%), VLCC voyage charters (1.2%), bunker-tanker time charter (0.9%), vessel operational and maintenance services (12.4%), ship-to-ship support (1.5%), and management fees and other (1.1%). These percentages are calculated from the filing’s revenue figures as shares of total revenue. [4](https://app.finbar.com/go?id=T17608850)
[7](https://app.finbar.com/go?id=P152946797)[8](https://app.finbar.com/go?id=P152946802)[9](https://www.teekay.com/blog/2026/07/29/teekay-tankers-ltd-reports-second-quarter-2026-results-and-declares-dividend/)[1](https://app.finbar.com/go?id=P152947018)[3](https://www.teekay.com/business/tankers/)[10](https://app.finbar.com/go?id=P152947185)[4](https://app.finbar.com/go?id=T17608850)[9](https://www.teekay.com/blog/2026/07/29/teekay-tankers-ltd-reports-second-quarter-2026-results-and-declares-dividend/)[3](https://www.teekay.com/business/tankers/)

## Geographic presence

Teekay Tankers operates in international tanker markets, with trading patterns including movements from Middle Eastern and Atlantic Basin producers to Asian consumers. Its reported activity also includes Aframax lightering in the U.S. Gulf and spot trading between the Caribbean and U.S. Gulf; these examples do not represent a complete route map. [11](https://app.finbar.com/go?id=P152946806)[12](https://app.finbar.com/go?id=P152946785)

The company identifies offices in Hamilton, Bermuda (its principal executive office), Singapore, London, Houston and Vancouver. [13](https://app.finbar.com/go?id=P152946742)[3](https://www.teekay.com/business/tankers/) At December 31, 2025, it reported approximately 1,800 seagoing staff on owned or managed vessels and 330 shore-based personnel, without a country-by-country or office-level breakdown. [14](https://app.finbar.com/go?id=P152947368) The 2025 filing does not provide revenue by country or region. [15](https://www.sec.gov/Archives/edgar/data/1419945/000141994526000007/tnk-20251231.htm)
[11](https://app.finbar.com/go?id=P152946806)[12](https://app.finbar.com/go?id=P152946785)[13](https://app.finbar.com/go?id=P152946742)[14](https://app.finbar.com/go?id=P152947368)[3](https://www.teekay.com/business/tankers/)[15](https://www.sec.gov/Archives/edgar/data/1419945/000141994526000007/tnk-20251231.htm)

## Business segments

Teekay Tankers reports two operating segments. **Tankers** covers operation of its tanker fleet, including vessels on full-service lightering contracts, and U.S.-based ship-to-ship support operations. **Marine Services** provides operational and maintenance marine services to the Australian government, Australian energy companies, and other third parties. [16](https://app.finbar.com/go?id=P152947878)[17](https://app.finbar.com/go?id=P152947879)

For 2025, Tankers generated $824.0 million in revenue, about **86.6%** of consolidated revenue, and $299.3 million in operating income, about **96.8%** of the total. Marine Services and Other—the label used for that column in the financial segment table—generated $127.8 million in revenue, about **13.4%**, and $9.8 million in operating income, about **3.2%**. Percentages are calculated from the reported segment totals. [18](https://app.finbar.com/go?id=T17608853)
[16](https://app.finbar.com/go?id=P152947878)[17](https://app.finbar.com/go?id=P152947879)[18](https://app.finbar.com/go?id=T17608853)

## Company history

Teekay Tankers was formed by Teekay Corporation in October 2007 and completed its initial public offering on December 18, 2007, initially owning nine Aframax tankers. [19](https://app.finbar.com/go?id=P152932956)[20](https://www.teekay.com/blog/2007/12/18/teekay-tankers-ltd-announces-completion-of-its-initial-public-offering/) It expanded through vessel acquisitions, including 13 crude-oil and product tankers from Teekay in 2012 and 12 Suezmax tankers from Principal Maritime in 2015. [21](https://www.teekay.com/blog/2012/08/09/teekay-tankers-ltd-reports-second-quarter-results-2/)[22](https://www.teekay.com/blog/2015/08/05/teekay-tankers-agrees-to-acquire-12-modern-suezmax-tankers-expects-immediate-accretion-upon-delivery/)

In 2017, Teekay Tankers completed a share-for-share merger with Tanker Investments Ltd., adding its fleet of 18 mid-sized tankers, and acquired Teekay Corporation’s remaining interest in its tanker operations. [23](https://www.teekay.com/blog/2017/11/27/teekay-tankers-and-tanker-investments-announce-closing-of-merger/)[24](https://www.teekay.com/blog/2017/06/06/teekay-tankers-becomes-worlds-largest-mid-size-tanker-company/) In 2024, Kenneth Hvid became President and CEO; the company redomiciled to Bermuda and acquired Teekay’s Australian operations and remaining management-service companies. [25](https://app.finbar.com/go?id=P152947314)[26](https://app.finbar.com/go?id=P152947520)[27](https://app.finbar.com/go?id=P152947830)
[19](https://app.finbar.com/go?id=P152932956)[20](https://www.teekay.com/blog/2007/12/18/teekay-tankers-ltd-announces-completion-of-its-initial-public-offering/)[21](https://www.teekay.com/blog/2012/08/09/teekay-tankers-ltd-reports-second-quarter-results-2/)[22](https://www.teekay.com/blog/2015/08/05/teekay-tankers-agrees-to-acquire-12-modern-suezmax-tankers-expects-immediate-accretion-upon-delivery/)[23](https://www.teekay.com/blog/2017/11/27/teekay-tankers-and-tanker-investments-announce-closing-of-merger/)[24](https://www.teekay.com/blog/2017/06/06/teekay-tankers-becomes-worlds-largest-mid-size-tanker-company/)[25](https://app.finbar.com/go?id=P152947314)[26](https://app.finbar.com/go?id=P152947520)[27](https://app.finbar.com/go?id=P152947830)[20](https://www.teekay.com/blog/2007/12/18/teekay-tankers-ltd-announces-completion-of-its-initial-public-offering/)[21](https://www.teekay.com/blog/2012/08/09/teekay-tankers-ltd-reports-second-quarter-results-2/)[22](https://www.teekay.com/blog/2015/08/05/teekay-tankers-agrees-to-acquire-12-modern-suezmax-tankers-expects-immediate-accretion-upon-delivery/)[23](https://www.teekay.com/blog/2017/11/27/teekay-tankers-and-tanker-investments-announce-closing-of-merger/)[24](https://www.teekay.com/blog/2017/06/06/teekay-tankers-becomes-worlds-largest-mid-size-tanker-company/)

## Sources

1. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152947018)
2. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152946814)
3. [www.teekay.com](https://www.teekay.com/business/tankers/)
4. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17608850)
5. [www.teekay.com](https://www.teekay.com/blog/2026/05/13/teekay-tankers-ltd-reports-first-quarter-2026-results-and-declares-dividends/)
6. [www.teekay.com](https://www.teekay.com/about-us/teekay-spirit/)
7. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152946797)
8. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152946802)
9. [www.teekay.com](https://www.teekay.com/blog/2026/07/29/teekay-tankers-ltd-reports-second-quarter-2026-results-and-declares-dividend/)
10. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152947185)
11. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152946806)
12. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152946785)
13. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152946742)
14. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152947368)
15. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1419945/000141994526000007/tnk-20251231.htm)
16. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152947878)
17. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152947879)
18. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=T17608853)
19. [TEEKAY TANKERS LTD. — Full financial report (2024 Y)](https://app.finbar.com/go?id=P152932956)
20. [www.teekay.com](https://www.teekay.com/blog/2007/12/18/teekay-tankers-ltd-announces-completion-of-its-initial-public-offering/)
21. [www.teekay.com](https://www.teekay.com/blog/2012/08/09/teekay-tankers-ltd-reports-second-quarter-results-2/)
22. [www.teekay.com](https://www.teekay.com/blog/2015/08/05/teekay-tankers-agrees-to-acquire-12-modern-suezmax-tankers-expects-immediate-accretion-upon-delivery/)
23. [www.teekay.com](https://www.teekay.com/blog/2017/11/27/teekay-tankers-and-tanker-investments-announce-closing-of-merger/)
24. [www.teekay.com](https://www.teekay.com/blog/2017/06/06/teekay-tankers-becomes-worlds-largest-mid-size-tanker-company/)
25. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152947314)
26. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152947520)
27. [TEEKAY TANKERS LTD. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P152947830)

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