Teekay Corporation Q4 2025 Earnings Call Summary

Performance was driven by the second-highest fourth-quarter spot tanker rates in 15 years, enabled by high spot exposure and a significantly lowered free cash flow breakeven of $11,300 per day. Stricter enforcement of sanctions against Russia, Iran, and Venezuela has created trading inefficiencies that benefit the compliant fleet by shifting volumes away from the 'dark fleet'. The U.S. naval blockade of Venezuela has redirected approximately 550,000 barrels per day from long-haul China routes to short ...