Teekay was founded in 1973 by Torben Karlshoej, then a 31 year old Danish ship broker who had emigrated to the United States at the age of 20 and mostly worked on farms. The company was named "TK" for Karlshoej's initials. It commenced operations by purchasing small second and third hand oil tankers, a lucrative trade due to the high oil prices during the 1973–1974 oil crisis. It maintained a head office in the Bahamas, thus taking advantage of low corporate taxes. Most of its ships were registered in Liberia, thus taking advantage of the comparatively low taxes and the ability to recruit seafarers from across the world. The company grew in the 1980s by operating in the risky waters off Persian Gulf during the Iran–Iraq War.Under Karlshoej's leadership, the company grew further from a tanker operator to an operational ship owner in the conventional shipping market. Over the years, Teekay expanded across new segments including gas and offshore. Teekay currently operates under two companies that are publicly traded on the New York Stock Exchange: Teekay Corporation and Teekay Tankers.
