Teekay Tankers Ltd. (Marshall Islands)

The Company is an international provider of marine transportation to global oil industries.
The Company formed as a Marshall Islands corporation by Teekay Corporation (NYSE: TK), a leading provider of international crude oil and other marine transportation services.
Our primary business is to own and operate crude oil and refined product tankers and we employ 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 our core business, we also provide STS support services, along with our tanker commercial management operations. We believe this improves our ability to manage the cyclicality of the tanker market through the less volatile cash flows generated by these operational areas. Historically, the tanker industry has experienced volatility in profitability due to changes in the supply of, and demand for, tanker capacity. Tanker supply and demand are each influenced by several factors beyond our control.
We believe we benefit from Teekay Corporation's expertise, relationships and reputation as we operate our fleet and pursue growth opportunities. We have acquired a portion of our current operating fleet from Teekay Corporation at various times since our inception, and we anticipate additional opportunities to expand our fleet through acquisitions of tankers from third parties.
Under the supervision of our executive officers and Board of Directors, our operations are conducted in part by our subsidiaries who receive services from our Manager and its affiliates. In addition, our Manager provides various services to us under our long-term Management Agreement. We pay our Manager certain fees and reimbursements for its services. In order to provide our Manager with an incentive to improve our operation
and financial conditions, we have agreed to pay a performance fee to our Manager under certain circumstances, in addition to the basic fees provided in the Management Agreement. Please read Item 7 – Major Shareholders and Related Party Transactions: Related Party Transactions – Management Agreement for additional information about the Management Agreement.
History:
2007: The company was incorporated on October 17, 2007 by Teekay Corporation under the laws of the Republic of the Marshall Islands as Teekay Tankers Ltd.
The company was listed in New York Stock Exchange on December 18, 2007.