Teekay Tankers owns and operates a fleet of 38 mid-sized crude oil tankers — primarily Suezmax and Aframax/LR2 vessels — that transport crude oil and refined petroleum products between producing regions, refineries, and consumption markets worldwide. The company charters its vessels to oil companies, trading companies, and government agencies, primarily through spot voyage charters, which expose Teekay Tankers to market rate volatility but also allow it to capture upside when rates are strong. Roughly 32 of 38 vessels trade spot, reflecting a deliberate strategy to maximize that exposure. Beyond its core tanker operations, Teekay Tankers runs two smaller businesses: Ship-to-Ship transfer services in the U.S. Gulf, where it is one of only two full-service providers, and Australian Marine Services, which manages government-owned vessels under long-term contracts with the Commonwealth of Australia. Teekay Tankers' profitability is driven primarily by spot tanker rates and ton-mile demand — the volume of oil moved multiplied by voyage distance — meaning geopolitical disruptions that lengthen trade routes directly benefit the company. With no debt and a low free cash flow breakeven of roughly $11,300/day, Teekay Tankers generates cash across a wide range of market conditions. The company is actively renewing its fleet by selling older vessels and reinvesting in younger tonnage, while returning capital to shareholders through a fixed quarterly dividend supplemented by special dividends.