Renaissance Technologies LLC and Renaissance Technologies Holdings Corporation report beneficial ownership of 4,396,122 common shares of Teekay Corporation Ltd., representing 5.16% of the class. The filing shows the reporting persons have sole voting and sole dispositive power over these shares, and it notes that certain Renaissance-managed funds have the right to receive dividends or proceeds from the securities.
This Schedule 13G is submitted under the rules for passive investors and the signatories certify the shares are held in the ordinary course of business and not for the purpose of changing control. The disclosure notifies the market of a material institutional passive position in Teekay.
Teekay Corp. (NYSE: TK) 6-K – six months ended 30 Jun 25
- Top-line pressure: Revenue fell 33% YoY to $463.3 m as tanker spot rates softened (tankers –37%; marine services +16%).
- Profitability: Income from operations dropped 49% to $124.0 m despite a $53.1 m gain on vessel disposals; underlying operating margin contracted to 15% (vs. 23%). Net income slid 47% to $137.2 m; earnings attributable to TK shareholders sank 62% to $33.6 m, diluted EPS $0.39 (vs. $0.92).
- Cash & liquidity: Cash, equivalents and restricted cash rose 24% to $851.5 m; short-term investments $61 m; undrawn $220 m revolver leaves TK net-debt-free. Operating cash flow declined 55% to $130.7 m as working capital and weaker rates offset asset sale gains.
- Fleet actions: Sold/closed six tankers for $182.5 m (gain $53.9 m); five additional tankers ($158.5 m) classified as held-for-sale. Post-period, bought a 2017 Suezmax for $64.3 m and agreed to acquire a JV-owned 2013 VLCC for $63 m; one Suezmax sale at $34.5 m signed.
- Capital returns: Repurchased 0.73 m shares for $4.9 m (avg. $6.73); $28.1 m remains authorised. Declared $86.6 m common and $35.9 m NCI dividends. Shares outstanding fell 7% YoY to 85.3 m.
- Balance sheet: Vessels & equipment decreased 18% as older tonnage sold; equity climbed to $2.0 bn. EU ETS obligations up to $10.4 m; intangible EU allowances $7.8 m.
Management sees adequate liquidity and remains covenant-compliant. Revenue contraction and lower underlying earnings offset strong cash, highlighting dependency on asset sales while positioning fleet for a future rate recovery.