Teekay Corporation (NYSE: TK) is the largest operator of medium-sized tankers and offshore shuttle tankers (ships designed for oil transport from off-shore oil sources) by number of ships. The company ships crude oil, petroleum products, and liquefied natural gas (LNG) all over the world. Teekay manages a fleet of 158 vessels with a total carrying capacity of 4.7 million deadweight tonnes -- this represents 7% of the world Aframax fleet. Teekay also has operations in the budding LNG transportation sector, and the company offers fixed-rate, long-term contracts to major energy companies for LNG shipping. Over the past decade, the company has undergone a major transformation from being primarily an owner of ships in the cyclical spot tanker business to being a growth-oriented asset manager in the “Marine Midstream” sector.
Some of TK's major competitors include:
TK is unique for operating off-shore tankers and having one of the larger LNG-carrying fleets. Like its competitors, however, it makes most of its money from competing in the spot market.