Teekay Tankers (TNK) 6-K/A 17 Sep 15 2015 Q2 Current report (foreign) (amended) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	TNK
Entity Registrant Name	TEEKAY TANKERS LTD.
Entity Central Index Key	1,419,945
Current Fiscal Year End Date	--12-31

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUES
Net pool revenues (note 9a)	$ 90,979	$ 20,518	$ 171,488	$ 50,681
Time charter revenues (note 9a)	10,197	20,533	20,714	42,015
Voyage charter revenues	7,297	3,382	14,825	4,378
Interest income from investment in term loans				9,118
Other revenues (note 13)	(879)		4,445
Total revenues	107,594	44,433	211,472	106,192
Voyage expenses (note 9a)	(3,545)	(3,612)	(7,379)	(5,051)
Vessel operating expenses (note 9a)	(26,201)	(23,585)	(48,642)	(46,379)
Time-charter hire expense	(16,793)	(1,112)	(31,796)	(2,164)
Depreciation and amortization	(15,227)	(12,425)	(28,899)	(24,927)
General and administrative (note 9a)	(3,039)	(3,163)	(6,339)	(6,355)
Gain on sale of vessels (note 10)		9,955		9,955
Restructuring charges (note 13)	879		(4,445)
Income from operations	43,668	10,491	83,972	31,271
Interest expense	(3,075)	(2,274)	(5,440)	(4,621)
Interest income	8	60	39	198
Realized and unrealized gain (loss) on derivative instruments (note 5)	523	(3,614)	(1,064)	(1,970)
Equity income (note 3)	3,587	15	6,169	2,609
Other (expense) income	(469)	(89)	(449)	3,534
Net income	$ 44,242	$ 4,589	$ 83,227	$ 31,021
Per common share amounts (note 11)
- Basic earnings per share	$ 0.38	$ 0.05	$ 0.72	$ 0.37
- Diluted earnings per share	0.38	0.05	0.72	0.37
- Cash dividends declared	$ 0.03	$ 0.03	$ 0.06	$ 0.06
Weighted-average number of Class A and Class B common stock outstanding (note 11)
- Basic	116,150,985	83,676,425	115,600,570	83,646,230
- Diluted	116,725,428	83,966,874	116,182,250	83,962,395

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current
Cash and cash equivalents	$ 83,082	$ 162,797
Pool receivable from affiliates, net (note 9b)	36,185	35,254
Accounts receivable	11,344	4,178
Due from affiliates (note 9b)	47,493	42,502
Prepaid expenses	13,656	8,883
Total current assets	191,760	253,614
Vessels and equipment At cost, less accumulated depreciation of $330.5 million (2014 - $301.6 million)	1,035,311	828,291
Investment in and advances to equity accounted investments (note 3)	79,566	73,397
Derivative asset (note 5)	5,526	4,657
Other non-current assets	1,992	5,400
Total assets	1,314,155	1,165,359
Current
Accounts payable	5,747	1,899
Accrued liabilities	18,218	17,565
Current portion of long-term debt (note 4)	144,453	41,959
Current portion of derivative liabilities (note 5)	7,141	7,263
Deferred revenue	398	637
Due to affiliates (note 9b)	11,830	10,395
Total current liabilities	187,787	79,718
Long-term debt (note 4)	530,219	614,104
Derivative liabilities (note 5)	8,100	10,962
Other long-term liabilities (note 6)	5,227	4,852
Total liabilities	$ 731,333	$ 709,636
Commitments and contingencies (note 3, 4 and 5)
Equity
Common stock and additional paid-in capital (300 million shares authorized, 103.6 million Class A and 16.7 million Class B shares issued and outstanding as of June 30, 2015 and 95.3 million Class A and 16.7 million Class B shares issued and outstanding as of December 31, 2014) (note 8)	$ 853,671	$ 802,650
Accumulated deficit	(270,849)	(346,927)
Total equity	582,822	455,723
Total liabilities and equity	$ 1,314,155	$ 1,165,359

Unaudited Consolidated Balance4

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Accumulated depreciation on vessels and equipment	$ 330.5	$ 301.6
Common stock, shares authorized	300,000,000	300,000,000
Class A [Member]
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	103,600,000	95,300,000
Common stock, shares outstanding	103,600,000	95,300,000
Class B [Member]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	16,700,000	16,700,000
Common stock, shares outstanding	16,700,000	16,700,000

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net income	$ 83,227	$ 31,021
Non-cash items:
Depreciation and amortization	28,899	24,927
Gain on sale of vessels		(9,955)
Unrealized gain on derivative instruments	(3,852)	(2,975)
Equity income	(6,169)	(2,609)
Other	750	(2,325)
Change in operating assets and liabilities	(11,789)	(27,676)
Expenditures for dry docking	(4,030)	(5,795)
Net operating cash flow	87,036	4,613
FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs	222,435	31,947
Repayments of long-term debt	(13,184)	(10,183)
Prepayment of long-term debt	(191,592)	(157,000)
Equity contribution from Teekay Corporation		1,267
Cash dividends paid	(6,909)	(5,018)
Proceeds from equity offerings, net of offering costs (note 8)	50,928
Net financing cash flow	61,678	(138,987)
INVESTING ACTIVITIES
Proceeds from sale of vessels		154,000
Expenditures for vessels and equipment	(228,190)	(837)
Loan repayments from equity accounted investment		1,150
Term loan advance recoveries		1,179
Net investing cash flow	(228,429)	130,492
Decrease in cash and cash equivalents	(79,715)	(3,882)
Cash and cash equivalents, beginning of the period	162,797	25,646
Cash and cash equivalents, end of the period	83,082	21,764
Tanker Investments Ltd [Member]
INVESTING ACTIVITIES
Investment		$ (25,000)
Teekay Tankers Operations Ltd [Member]
INVESTING ACTIVITIES
Investment	$ (239)

Unaudited Consolidated Stateme6

Unaudited Consolidated Statements of Changes in Shareholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Class A [Member]Common Stock and Additional Paid-in Capital [Member]	Class B [Member]Common Stock and Additional Paid-in Capital [Member]
Beginning Balance at Dec. 31, 2014	$ 455,723		$ (346,927)	$ 785,515	$ 17,135
Beginning Balance, shares at Dec. 31, 2014		112,064
Net income	83,227		83,227
Proceeds from issuance of Class A common stock (note 8)	50,928			50,928
Proceeds from issuance of Class A common stock, shares (note 8)		8,022
Value adjustment to share issuance to Teekay Corporation for purchase of Teekay Tanker Operations Ltd.	(240)		(240)
Dividends declared	(6,909)		(6,909)
Equity-based compensation (note 8)	93			93
Equity-based compensation (note 12), shares		254
Ending Balance at Jun. 30, 2015	$ 582,822		$ (270,849)	$ 836,536	$ 17,135
Ending Balance , shares at Jun. 30, 2015		120,340

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	1. Basis of Presentation The unaudited interim consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (or GAAP Company Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements filed on Form 20-F

Accounting Pronouncements

Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Accounting Pronouncements	2. Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (or FASB 2014-08, ASU 2014-08 ASU 2014-08 ASU 2014-08 ASU 2014-08 ASU 2014-08 In May 2014, FASB issued Accounting Standards Update 2014-09, ASU 2014-09 ASU 2014-09 ASU 2014-09 In February 2015, the FASB issued Accounting Standards Update 2015-02, ASU 2015-02 ASU 2015-02 ASU 2015-02 ASU 2015-02 In April 2015, the FASB issued Accounting Standards Update 2015-03, ASU 2015-03 ASU 2015-03

Investments in and Advances to

Investments in and Advances to Equity Accounted Investments	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Equity Accounted Investments	3. Investments in and Advances to Equity Accounted Investments As at June 30, 2015 $ As at December 31, 2014 $ High-Q Joint Venture 20,321 18,948 Tanker Investments Ltd. 40,329 36,915 Teekay Tanker Operations Ltd. 18,916 17,534 Total 79,566 73,397 a. The Company has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong High-Q High-Q VLCC In March 2012, the joint venture entered into a $68.6 million loan with a financial institution. As at June 30, 2015, the loan had an outstanding balance of $57.1 million (December 31, 2014 – $60.0 million). The loan is secured by a first-priority mortgage on the VLCC owned by the joint venture and 50% of the outstanding loan balance is guaranteed by the Company. The joint venture has an interest rate swap agreement with a notional amount of $57.1 million that expires in June 2018, 50% of which is guaranteed by the Company. The interest rate swap exchanges a receipt of floating interest based on 3-months LIBOR for a payment of a fixed rate of 1.47% every three months. b. In January 2014, the Company and Teekay Corporation (or Teekay TIL c. In August 2014, the Company purchased from Teekay a 50% interest in Teekay Tanker Operations Ltd. (or TTOL As consideration for this acquisition, the Company issued to Teekay 4.2 million shares of its Class B common stock with an approximate value of $17.0 million on the acquisition closing date. In addition, the Company reimbursed Teekay for $6.7 million of working capital it assumed from Teekay in connection with the purchase. The book value of the assets acquired, including working capital, was $16.9 million on the date of acquisition. The excess of the purchase price over the Company’s proportionate interest in the book value of the net assets acquired, which amounted to $6.8 million, is accounted for as an equity distribution to Teekay. The Company accounts for its ownership interest in TTOL using the equity method.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	4. Long-Term Debt As at June 30, 2015 $ As at December 31, 2014 $ Revolving Credit Facilities due through 2018 412,000 508,593 Term Loans due through 2021 262,672 147,470 674,672 656,063 Less current portion (144,453 ) (41,959 ) Total 530,219 614,104 As at June 30, 2015, the Company had two revolving credit facilities (or the Revolvers As at June 30, 2015, the Company had four term loans outstanding, which totaled $262.7 million (December 31, 2014 – $147.5 million). Interest payments on the term loans are based on a combination of fixed and variable rates where fixed rates range from 4.06% to 4.90% and variable rates are based on LIBOR plus a margin. At June 30, 2015, the margins ranged from 0.30% to 2.50% (December 31, 2014 – 0.30% to 1.0%). The term loan repayments are made in quarterly or semi-annual payments and three of the term loans have balloon or bullet repayments due at maturity in 2016, 2019 and 2021. The term loans are collateralized by first-priority mortgages on 11 of the Company’s vessels, together with certain other related security. Two of the term loans require that certain specified subsidiaries of the Company maintain minimum hull coverage ratios of 120% and 135% of the total outstanding balance for the facility period. As at June 30, 2015, the loan-to-value ratios ranged from 187% to 861%. The vessel values used in these ratios are appraised values prepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratios. Two of the term loans are guaranteed by Teekay and contain covenants that require Teekay to maintain the greater of (a) free cash (cash and cash equivalents) of at least $100.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 7.5% of Teekay’s total consolidated debt which has recourse to Teekay. One of the term loans is also guaranteed by Teekay and contain covenants that require Teekay to maintain the greater of (a) free cash (cash and cash equivalents) of at least $50.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 5.0% of Teekay’s total consolidated debt which has recourse to Teekay. In addition, one of the term loans requires the Company and certain of its subsidiaries to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of the Company’s total consolidated debt. As at June 30, 2015, the Company and Teekay were in compliance with all of their covenants in respect of these term loans. The Company and certain other subsidiaries of Teekay are borrowers under one term loan arrangement and one revolving credit facility. Under these arrangements, each of the borrowers is obligated on a joint and several basis. For accounting purposes, obligations resulting from long-term debt joint and several liability arrangements are measured at the sum of the amount the Company agreed to pay, on the basis of its arrangement with its co-obligor, and any additional amount the Company expects to pay on behalf of its co-obligor. As of June 30, 2015, the term loan arrangement had an outstanding balance of $181.2 million, of which $89.2 million was the Company’s share. As of June 30, 2015, the revolving credit facility had an outstanding balance of $86.6 million, of which $35.0 million was the Company’s share. The Company does not expect to pay any amount on behalf of its co-obligors. Teekay has agreed to indemnify the Company in respect of any losses and expenses arising from any breach by co-obligors of the terms and conditions of the term loan or revolving credit facility. The weighted-average effective interest rate on the Company’s long-term debt as at June 30, 2015 was 1.4% (December 31, 2014 – 1.1%). This rate does not reflect the effect of the Company’s interest rate swap agreements (see note 5). The aggregate annual long-term principal repayments required to be made by the Company under the Revolvers and term loans subsequent to June 30, 2015 are $16.2 million (remaining 2015), $140.3 million (2016), $400.2 million (2017), $53.2 million (2018) and $23.2 million (2019) and $41.6 million (thereafter).

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	5. Derivative Instruments The Company uses derivatives in accordance with its overall risk management policies. The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar LIBOR-denominated borrowings. Realized and unrealized gains or losses relating to the Company’s interest rate swaps have been reported in realized and unrealized gain (loss) on derivative instruments in the consolidated statements of income. During the three and six months ended June 30, 2015, the Company recognized realized losses of $2.5 million and $4.9 million, respectively, and unrealized gains of $2.1 million and $3.0 million, respectively, relating to its interest rate swaps. During the three and six months ended June 30, 2014, the Company recognized realized losses of $2.5 million and $5.0 million, respectively, and unrealized gains of $0.7 million and $2.4 million, respectively, relating to its interest rate swaps. The following summarizes the Company’s interest rate swap positions as at June 30, 2015: Interest Rate Index Notional $ Fair Value / $ Remaining (years) Fixed (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap USD LIBOR 6M 200,000 (4,872 ) 1.3 2.61 U.S. Dollar-denominated interest rate swap USD LIBOR 3M 100,000 (10,369 ) 2.3 5.55 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of June 30, 2015, ranged from 0.30% to 2.50%. The Company is potentially exposed to credit loss in the event of non-performance by the counterparty to the interest rate swap agreements in the event that the fair value results in an asset being recorded. In order to minimize counterparty risk, the Company only enters into interest rate swap agreements with counterparties that are rated A– or better by Standard & Poor’s or A3 or better by Moody’s at the time transactions are entered into. The Company has a stock purchase warrant entitling it to purchase up to 750,000 shares of common stock of TIL at a fixed price of $10 per share. Alternatively, if the shares of TIL’s common stock trade on a National Stock Exchange or over-the-counter market denominated in Norwegian Kroner, the Company may also exercise the stock purchase warrant at 61.67 Norwegian Kroner (or NOK) per share. The stock purchase warrant expires on January 23, 2019. For purposes of vesting, the stock purchase warrant is divided into four equally sized tranches. If the shares of TIL’s common stock trade on a National Stock Exchange or over-the-counter market denominated in Norwegian Kroner, each tranche will vest and become exercisable when and if the fair market value of a share of the TIL common stock equals or exceeds 77.08 NOK, 92.50 NOK, 107.91 NOK and 123.33 NOK, respectively, for such tranche for any ten consecutive trading days, subject to certain trading value requirements. As at June 30, 2015, the fair value of the stock purchase warrant was $5.5 million, which is reflected as a derivative asset on the Company’s consolidated balance sheet. The stock purchase warrant had an initial value of $3.4 million on issuance in January 2014 and such amount is reflected in the other income (expenses) in the Company’s 2014 consolidated statements of income. During the three and six months ended June 30, 2015, the Company recognized unrealized gains of $0.9 million and $0.8 million, respectively, relating to the changes in the value of the warrant, compared to an unrealized loss of $1.8 million and an unrealized gain of $0.6 million for the same periods in the prior year. Unrealized gains and losses are reflected in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of income.

Other Long-Term Liabilities

Other Long-Term Liabilities	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	6. Other Long-Term Liabilities The Company recognizes freight tax expense in other income in its consolidated statements of income. The Company does not presently anticipate its uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected. The following is a roll-forward of the Company’s freight tax expense which is recorded in its consolidated balance sheet in other long-term liabilities: As at June 30, 2015 $ As at June 30, 2014 $ Balance at the beginning of the period 4,852 5,351 Freight tax expense 375 93 Balance at the end of the period 5,227 5,444

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2015
Investments, All Other Investments [Abstract]
Financial Instruments	7. Financial Instruments a. Fair Value Measurements For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see Note 11 to the Company’s audited consolidated financial statements filed with its Annual Report on the Form 20-F The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis. June 30, 2015 December 31, 2014 Fair Carrying $ Fair $ Carrying $ Fair $ Recurring: Cash and cash equivalents Level 1 83,082 83,082 162,797 162,797 Derivative instruments Interest rate swap agreements Level 2 (15,241 ) (15,241 ) (18,225 ) (18,225 ) Stock purchase warrant Level 3 5,526 5,526 4,657 4,657 Other: Advances to equity accounted investments Note (1) 14,980 Note (1) 14,980 Note (1) Long-term debt, including current portion Level 2 (674,672 ) (645,068 ) (656,063 ) (617,761 ) (1) The advances to equity accounted investments together with the Company’s investments in the equity accounted investments form the net aggregate carrying value of the Company’s interests in the equity accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at June 30, 2015 and December 31, 2014 were not determinable. Changes in fair value during the three and six months ended June 30, 2015 and 2014 for the Company’s derivative instrument, the TIL stock purchase warrant, which is described below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Three Months Ended Six Months Ended June 30, 2015 $ June 30, 2014 $ June 30, 2015 $ June 30, 2014 $ Fair value at the beginning of the period 4,617 5,857 4,657 — Fair value on issuance — — — 3,420 Unrealized gain (loss) included in earnings 909 (1,831 ) 869 606 Fair value at the end of the period 5,526 4,026 5,526 4,026 During January 2014, the Company received a stock purchase warrant entitling it to purchase up to 750,000 shares of the common stock of TIL (see note 5). The estimated fair value of the stock purchase warrant was determined using a Monte-Carlo simulation and is based, in part, on the historical price of common shares of TIL, the risk-free interest rate, vesting conditions and the historical volatility of comparable companies. The estimated fair value of the stock purchase warrant as of June 30, 2015 is based on the historical volatility of comparable companies of 54.10%. A higher or lower volatility would result in a higher or lower fair value of this derivative asset. b. Financing Receivables The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. Class of Financing Receivable Credit Quality Indicator Grade June 30, 2015 $ December 31, 2014 $ Advances to equity accounted investments Other internal metrics Performing 14,980 14,980 14,980 14,980

Capital Stock and Stock-Based C

Capital Stock and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Capital Stock and Stock-Based Compensation	8. Capital Stock and Stock-Based Compensation The authorized capital stock of the Company at June 30, 2015 and December 31, 2014 was 100,000,000 shares of preferred stock, with a par value of $0.01 per share, 200,000,000 shares of Class A common stock, with a par value of $0.01 per share, and 100,000,000 shares of Class B common stock, with a par value of $0.01 per share. A share of Class A common stock entitles the holder to one vote per share while a share of Class B common stock entitles the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As of June 30, 2015, the Company had 103.6 million shares of Class A common stock (December 31, 2014 – 95.3 million), 16.7 million shares of Class B common stock (December 31, 2014 – 16.7 million) and no shares of preferred stock (December 31, 2014 – nil) issued and outstanding. In January 2015, the Company issued 3 million shares of its Class A common stock for net proceeds of $13.7 million upon the exercise by the underwriters of their options to purchase additional shares in connection with the Company’s December 2014 public offering. In March 2015 and April 2015, a total of 38,961 shares and 12,987 shares with aggregate values of $0.2 million and $0.1 million, respectively, of Class A common stock were granted to the Company’s non-management directors as part of their annual compensation for 2015. These Class A common stock were issued from the 4,000,000 shares of Class A common stock reserved under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan and distributed to the directors. In June 2015, the Company implemented a continuous offering program (or COP The Company also grants stock options and restricted stock units as incentive-based compensation under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan to certain non-management directors of the Company and to certain employees of Teekay subsidiaries that provide services to the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Company‘s stock-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of income. During March 2015, the Company granted 58,434 stock options with an exercise price of $5.39 per share to an officer of the Company. Each stock option granted in March 2015 has a ten-year term and vests equally over three years from the grant date. The weighted-average fair value of the stock options granted was $1.97 per option, estimated on the grant date using the Black-Scholes option pricing model. The following assumptions were used in computing the fair value of the stock options granted: expected volatility of 49.0%; expected life of five years; dividend yield of 2.09%; and risk-free interest rate of 1.38%. The expected life of the stock options granted was estimated using the historical exercise behavior of employees of Teekay that receive stock options from Teekay. The expected volatility was based on historical volatility as calculated using historical data during the five years prior to the grant date. During March 2015, the Company also granted 187,746 restricted stock units to the officers of the Company and certain employees of Teekay subsidiaries that provide services to the Company with an aggregate fair value of $1.0 million. Each restricted stock unit is equal to one share of the Company’s common stock plus reinvested distributions from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Any portion of a restricted stock unit award that is not vested on the date of the recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in this case, the restricted stock unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted stock unit awards, net of withholding taxes, is paid to each recipient in the form of common stock. During the three and six months ended June 30, 2015, the Company recorded $0.3 million and $1.0 million, respectively, of expenses related to the restricted stock units and stock options. During the three and six months ended June 30, 2015, a total of 147,996 restricted stock units and 351,096 restricted stock units, respectively, with a market value of $1.1 million and $2.3 million vested and was paid to the grantees by issuing 82,253 shares and 201,564 shares, respectively, of Class A common stock, net of withholding taxes.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions a. Teekay and its wholly-owned subsidiary Teekay Tankers Management Services Ltd., which is the Company’s manager (or the Manager Pool Managers Form 20-F Three Months Ended Six Months Ended June 30, 2015 $ June 30, 2014 $ June 30, 2015 $ June 30, 2014 $ Time-charter revenues (i) — 3,671 — 7,302 Pool management fees and commissions (ii) (2,468 ) (979 ) (4,860 ) (2,081 ) Commercial management fees (iii) (239 ) (326 ) (442 ) (579 ) Vessel operating expenses – technical management fee (iv) (1,656 ) (1,443 ) (3,156 ) (2,841 ) Strategic and administrative service fees (1,777 ) (2,466 ) (3,719 ) (4,935 ) (i) The Company chartered-out the Pinnacle Spirit Summit Spirit (ii) The Company’s share of the Pool Managers’ fees that are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of income. (iii) The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels not included in the pool, which are reflected in voyage expenses on the Company’s consolidated statements of income. (iv) The cost of ship management services provided by the Manager has been presented as vessel operating expenses. b. The Manager and other subsidiaries of Teekay collect revenues and remit payments for expenses incurred by the Company’s vessels. Such amounts, which are presented on the Company’s consolidated balance sheets in due from affiliates or due to affiliates, are without interest or stated terms of repayment. The amounts owing from the Pool Managers for monthly distributions are reflected in the consolidated balance sheets as pool receivables from affiliates, are without interest and are repayable upon the terms contained within the applicable pool agreement. The Company had also advanced $41.6 million and $36.2 million as at June 30, 2015 and December 31, 2014, respectively, to the Pool Managers for working capital purposes. These amounts, which are reflected in the consolidated balance sheets in due from affiliates, are without interest and are repayable when applicable vessels leave the pools. c. On August 1, 2014, the Company purchased from Teekay a 50% interest in TTOL, which owns conventional tanker commercial management and technical management operations, including the direct ownership in three commercially managed tanker pools, for an aggregate price of approximately $23.7 million, including $6.7 million in net working capital (see note 3c).

Sale of Vessels

Sale of Vessels	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Sale of Vessels	10. Sale of Vessels In May 2014, the Company sold two wholly-owned subsidiaries, each of which owned one VLCC, to TIL for aggregate proceeds of $154.0 million plus related working capital at closing of $1.7 million. The Company used $152.0 million of the sale proceeds to prepay one of the Company’s revolving credit facilities and the remainder of the proceeds was used for general corporate purposes. The Company recognized a $10.0 million gain on the sale of the two subsidiaries to TIL in the three months ended June 30, 2014, which is reflected in the Company’s consolidated statements of income.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	11. Earnings Per Share Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common stock outstanding during the period using the treasury stock method. The components of basic and diluted earnings per share are as follows: Three Months Ended Six Months Ended June 30, 2015 $ June 30, 2014 $ June 30, 2015 $ June 30, 2014 $ Net income 44,242 4,589 83,227 31,021 Weighted average number of common shares – basic 116,150,985 83,676,425 115,600,570 83,646,230 Dilutive effect of stock-based awards 574,443 290,449 581,680 316,165 Weighted average number of common shares – diluted 116,725,428 83,966,874 116,182,250 83,962,395 Earnings per common share: – Basic 0.38 0.05 0.72 0.37 – Diluted 0.38 0.05 0.72 0.37 Stock-based awards, which have an anti-dilutive effect on the calculation of diluted earnings per common share, are excluded from this calculation. For the three and six months ended June 30, 2015, options to acquire 58,434 shares of the Company’s Class A common stock had an anti-dilutive effect on the calculation of diluted earnings per common share.

Shipbuilding Contracts

Shipbuilding Contracts	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Shipbuilding Contracts	12. Shipbuilding Contracts On April 8, 2013, the Company entered into agreements with STX Offshore & Shipbuilding Co., Ltd (or STX LR2

Restructuring Charges

Restructuring Charges	6 Months Ended
	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges	13. Restructuring Charges During the six months ended June 30, 2015, the Company incurred a net $4.4 million of restructuring costs which related to the termination of the employment of certain seafarers upon the expiration of a time-charter out contract. During the quarter ended June 30, 2015, $(0.9) million of the previous charges were reversed as the Company decided not to terminate certain of the seafarers. This net charge is 100% recoverable from the customer and is reflected in other revenues on the consolidated statements of income. At June 30, 2015, no amounts of restructuring liabilities were owed to seafarers and no amounts of receivables were recoverable from the customer.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events a.) In August 2015, the Company agreed to acquire 12 modern Suezmax tankers from Principal Maritime Tankers Corporation (or Principal Maritime b.) On July 31, 2015, the Company acquired the ship-to-ship transfer business (or SPT

Investments in and Advances t21

Investments in and Advances to Equity Accounted Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in and Advances to Equity Accounted Investments	As at June 30, 2015 $ As at December 31, 2014 $ High-Q Joint Venture 20,321 18,948 Tanker Investments Ltd. 40,329 36,915 Teekay Tanker Operations Ltd. 18,916 17,534 Total 79,566 73,397

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Summary of Long-Term Debt	As at June 30, 2015 $ As at December 31, 2014 $ Revolving Credit Facilities due through 2018 412,000 508,593 Term Loans due through 2021 262,672 147,470 674,672 656,063 Less current portion (144,453 ) (41,959 ) Total 530,219 614,104

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Swap Positions	The following summarizes the Company’s interest rate swap positions as at June 30, 2015: Interest Rate Index Notional $ Fair Value / $ Remaining (years) Fixed (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap USD LIBOR 6M 200,000 (4,872 ) 1.3 2.61 U.S. Dollar-denominated interest rate swap USD LIBOR 3M 100,000 (10,369 ) 2.3 5.55 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of June 30, 2015, ranged from 0.30% to 2.50%.

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Summary of Freight Tax Expense Recorded in Other Long-Term Liabilities	The following is a roll-forward of the Company’s freight tax expense which is recorded in its consolidated balance sheet in other long-term liabilities: As at June 30, 2015 $ As at June 30, 2014 $ Balance at the beginning of the period 4,852 5,351 Freight tax expense 375 93 Balance at the end of the period 5,227 5,444

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, All Other Investments [Abstract]
Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis	The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis. June 30, 2015 December 31, 2014 Fair Carrying $ Fair $ Carrying $ Fair $ Recurring: Cash and cash equivalents Level 1 83,082 83,082 162,797 162,797 Derivative instruments Interest rate swap agreements Level 2 (15,241 ) (15,241 ) (18,225 ) (18,225 ) Stock purchase warrant Level 3 5,526 5,526 4,657 4,657 Other: Advances to equity accounted investments Note (1) 14,980 Note (1) 14,980 Note (1) Long-term debt, including current portion Level 2 (674,672 ) (645,068 ) (656,063 ) (617,761 ) (1) The advances to equity accounted investments together with the Company’s investments in the equity accounted investments form the net aggregate carrying value of the Company’s interests in the equity accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at June 30, 2015 and December 31, 2014 were not determinable.
Summary of Derivative Instrument Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs	Changes in fair value during the three and six months ended June 30, 2015 and 2014 for the Company’s derivative instrument, the TIL stock purchase warrant, which is described below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Three Months Ended Six Months Ended June 30, 2015 $ June 30, 2014 $ June 30, 2015 $ June 30, 2014 $ Fair value at the beginning of the period 4,617 5,857 4,657 — Fair value on issuance — — — 3,420 Unrealized gain (loss) included in earnings 909 (1,831 ) 869 606 Fair value at the end of the period 5,526 4,026 5,526 4,026
Summary of Financing Receivables	The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. Class of Financing Receivable Credit Quality Indicator Grade June 30, 2015 $ December 31, 2014 $ Advances to equity accounted investments Other internal metrics Performing 14,980 14,980 14,980 14,980

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Summary of Related Party Transactions	a. Teekay and its wholly-owned subsidiary Teekay Tankers Management Services Ltd., which is the Company’s manager (or the Manager Pool Managers Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 $ $ $ $ Time-charter revenues (i) — 3,671 — 7,302 Pool management fees and commissions (ii) (2,468 ) (979 ) (4,860 ) (2,081 ) Commercial management fees (iii) (239 ) (326 ) (442 ) (579 ) Vessel operating expenses - technical management fee (iv) (1,656 ) (1,443 ) (3,156 ) (2,841 ) Strategic and administrative service fees (1,777 ) (2,466 ) (3,719 ) (4,935 ) (i) The Company chartered-out the Pinnacle Spirit Summit Spirit (ii) The Company’s share of the Pool Managers’ fees that are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of income. (iii) The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels not included in the pool, which are reflected in voyage expenses on the Company’s consolidated statements of income. (iv) The cost of ship management services provided by the Manager has been presented as vessel operating expenses.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share are as follows: Three Months Ended Six Months Ended June 30, 2015 $ June 30, 2014 $ June 30, 2015 $ June 30, 2014 $ Net income 44,242 4,589 83,227 31,021 Weighted average number of common shares – basic 116,150,985 83,676,425 115,600,570 83,646,230 Dilutive effect of stock-based awards 574,443 290,449 581,680 316,165 Weighted average number of common shares – diluted 116,725,428 83,966,874 116,182,250 83,962,395 Earnings per common share: – Basic 0.38 0.05 0.72 0.37 – Diluted 0.38 0.05 0.72 0.37

Investments in and Advances t28

Investments in and Advances to Equity Accounted Investments - Schedule of Investments in and Advances to Equity Accounted Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	$ 79,566	$ 73,397
High-Q Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	20,321	18,948
Tanker Investments Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	40,329	36,915
Teekay Tanker Operations Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	$ 18,916	$ 17,534

Investment in and Advances to E

Investment in and Advances to Equity Accounted Investments - Additional Information (Detail)	1 Months Ended		6 Months Ended
	Oct. 31, 2014USD ($)shares	Jan. 31, 2014USD ($)shares	Jun. 30, 2015USD ($)Vesselshares	Dec. 31, 2014USD ($)	Oct. 31, 2014NOK / shares	Aug. 01, 2014USD ($)	Mar. 31, 2012USD ($)
Investments in and Advances to Affiliates [Line Items]
Derivative asset			$ 5,526,000	$ 4,657,000
Tanker Investments Ltd [Member]
Investments in and Advances to Affiliates [Line Items]
Ownership percentage			9.29%
Investment in equity accounted investment	$ 10,000,000	$ 25,000,000
Number of stock purchase warrants | shares		1
Derivative asset			$ 5,526,000
Preferred stock, voting rights			Elect one board member
Common share price per share, acquisition closing date | NOK / shares					NOK 69
Tanker Investments Ltd [Member] | Maximum [Member]
Investments in and Advances to Affiliates [Line Items]
Number of shares available through exercise of stock purchase warrant | shares		750,000
Tanker Investments Ltd [Member] | Common Stock [Member]
Investments in and Advances to Affiliates [Line Items]
Common stock, shares purchased | shares	900,000	2,500,000
Tanker Investments Ltd [Member] | Preferred Stock [Member]
Investments in and Advances to Affiliates [Line Items]
Common stock, shares purchased | shares		1
Teekay Tanker Operations Ltd [Member]
Investments in and Advances to Affiliates [Line Items]
Ownership percentage						50.00%
Value of the assets acquired, including working capital						$ 23,700,000
Book value of the assets acquired, including working capital			$ 16,900,000
Excess of purchase price over book value of assets			6,800,000
Teekay Tanker Operations Ltd [Member] | Working Capital [Member]
Investments in and Advances to Affiliates [Line Items]
Business acquisition assets			$ 6,700,000
Teekay Tanker Operations Ltd [Member] | Class B [Member]
Investments in and Advances to Affiliates [Line Items]
Number of Common Shares Issued | shares			4,200,000
Value of common shares when the purchase price was agreed upon			$ 17,000,000
Teekay Tankers and Wah Kwong Joint Venture [Member]
Investments in and Advances to Affiliates [Line Items]
Ownership percentage			50.00%
Number of vessels | Vessel			1
Secured term loan maximum amount to be drawn							$ 68,600,000
Loan outstanding balance			$ 57,100,000	$ 60,000,000
Percentage of exposure to loan guarantee			50.00%
Teekay Tankers and Wah Kwong Joint Venture [Member] | Joint Venture Interest Rate Derivative [Member]
Investments in and Advances to Affiliates [Line Items]
Notional amount			$ 57,100,000
Fixed interest rate			1.47%
Percentage of interest rate swap agreement, description			The interest rate swap exchanges a receipt of floating interest based on 3-months LIBOR for a payment of a fixed rate of 1.47% every three months.

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Long-term debt	$ 674,672	$ 656,063
Less current portion	(144,453)	(41,959)
Total	530,219	614,104
Long-term debt	674,672	656,063
Secured Debt [Member]
Debt Instrument [Line Items]
Long-term debt	262,672	147,470
Long-term debt	262,672	147,470
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Long-term debt	412,000	508,593
Long-term debt	$ 412,000	$ 508,593

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information - Revolvers (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)CreditFacility	Dec. 31, 2014USD ($)
Minimum [Member]
Debt Instrument [Line Items]
Percentage of margin	0.30%
Maximum [Member]
Debt Instrument [Line Items]
Percentage of margin	2.50%
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Number of debt instruments | CreditFacility	2
Revolving credit facilities borrowing capacity	$ 558,500,000	$ 634,800,000
Undrawn amount of revolving credit facility	$ 146,500,000	$ 126,200,000
Reference rate for the variable rate of the debt instrument	LIBOR
Debt Instrument, collateral description	The Revolvers were collateralized by 19 of the Company’s vessels, together with other related security.
Minimum hull coverage ratios	105.00%
Actual hull coverage ratio	149.00%
Revolving Credit Facilities [Member] | Not Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Minimum liquidity covenant requirement	$ 35,000,000
Minimum liquidity as a percentage of consolidated debt covenant requirement	5.00%
Revolving Credit Facilities [Member] | Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Maintain the greater of free cash liquidity	$ 50,000,000
Minimum liquidity as a percentage of debt	5.00%
Revolving Credit Facilities [Member] | Remainder of 2015 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	$ 44,500,000
Revolving Credit Facilities [Member] | 2016 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	89,100,000
Revolving Credit Facilities [Member] | 2017 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	395,900,000
Revolving Credit Facilities [Member] | 2018 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	$ 29,000,000
Revolving Credit Facilities [Member] | Minimum [Member]
Debt Instrument [Line Items]
Percentage of margin	0.45%	0.45%
Revolving Credit Facilities [Member] | Maximum [Member]
Debt Instrument [Line Items]
Percentage of margin	0.60%	0.60%

Long-Term Debt - Additional I32

Long-Term Debt - Additional Information - Four Term Loans (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)SecurityLoan	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 674,672,000	$ 656,063,000
Minimum [Member]
Debt Instrument [Line Items]
Percentage of margin	0.30%
Maximum [Member]
Debt Instrument [Line Items]
Percentage of margin	2.50%
Secured Debt [Member]
Debt Instrument [Line Items]
Number of debt instruments | SecurityLoan	4
Long-term debt	$ 262,672,000	$ 147,470,000
Reference rate for the variable rate of the debt instrument	LIBOR
Minimum hull coverage ratios	120.00%	135.00%
Debt Instrument, collateral description	The term loans are collateralized by first-priority mortgages on 11 of the Company’s vessels, together with certain other related security.
Secured Debt [Member] | Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Maintain the greater of free cash liquidity	$ 50,000,000
Minimum liquidity as a percentage of debt	5.00%
Secured Debt [Member] | Not Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Minimum liquidity covenant requirement	$ 35,000,000
Minimum liquidity as a percentage of consolidated debt covenant requirement	5.00%
Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Term loan fixed interest rate	4.06%
Percentage of margin	0.30%	0.30%
Actual hull coverage ratio	187.00%
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Term loan fixed interest rate	4.90%
Percentage of margin	2.50%	1.00%
Actual hull coverage ratio	861.00%
Secured Debt Two [Member] | Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Maintain the greater of free cash liquidity	$ 100,000,000
Minimum liquidity as a percentage of debt	7.50%

Long-Term Debt - Additional I33

Long-Term Debt - Additional Information - Long-term debt joint and several liability arrangements (Detail) - Jun. 30, 2015 $ in Millions	USD ($)CreditFacilityDebt_InstrumentsSecurityLoan
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Number of debt instruments | CreditFacility	2
Amount outstanding in the joint and several liability arrangement	$ 35
Secured Debt [Member]
Debt Instrument [Line Items]
Number of debt instruments | SecurityLoan	4
Amount outstanding in the joint and several liability arrangement	$ 89.2
Subsidiary of Common Parent [Member] | Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Number of debt instruments | Debt_Instruments	1
Amount outstanding in the joint and several liability arrangement	$ 86.6
Subsidiary of Common Parent [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Number of debt instruments | Debt_Instruments	1
Amount outstanding in the joint and several liability arrangement	$ 181.2

Long Term Debt - Additional Inf

Long Term Debt - Additional Information - Other (Detail) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Debt Instruments [Abstract]
Interest at a weighted-average fixed rate	1.40%	1.10%
Aggregate annual long-term principal repayments, remainder of 2015	$ 16.2
Aggregate annual long-term principal repayments, 2016	140.3
Aggregate annual long-term principal repayments, 2017	400.2
Aggregate annual long-term principal repayments, 2018	53.2
Aggregate annual long-term principal repayments, 2019	23.2
Aggregate annual long-term principal repayments, thereafter	$ 41.6

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)$ / sharesNOK / Derivativeshares	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)$ / sharesNOK / Derivativeshares	Jun. 30, 2014USD ($)	Jun. 30, 2015NOK / shares	Dec. 31, 2014USD ($)	Jan. 31, 2014USD ($)shares
Derivative [Line Items]
Derivatives, Description of Objective			The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company's exposure to interest rate variability on its outstanding floating-rate debt.
Fair value of stock purchase warrant	$ 5,526		$ 5,526			$ 4,657
Tanker Investments Ltd [Member]
Derivative [Line Items]
Number of stock purchase warrants | shares	1		1				1
Unrealized gains on the derivative asset	$ 900	$ (1,800)	$ 800	$ 600
Maximum [Member] | Tanker Investments Ltd [Member]
Derivative [Line Items]
Number of shares available through exercise of stock purchase warrant | shares	750,000		750,000
Minimum [Member] | Tranche One [Member] | Tanker Investments Ltd [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative	77.08		77.08
Minimum [Member] | Tranche Two [Member] | Tanker Investments Ltd [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative	92.50		92.50
Minimum [Member] | Tranche Three [Member] | Tanker Investments Ltd [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative	107.91		107.91
Minimum [Member] | Tranche Four [Member] | Tanker Investments Ltd [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative	123.33		123.33
Interest Rate Swap [Member]
Derivative [Line Items]
Interest rate swaps realized loss	$ (2,500)	(2,500)	$ (4,900)	(5,000)
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative [Line Items]
Interest rate swaps unrealized gain	$ 2,100	$ 700	$ 3,000	$ 2,400
Warrant [Member]
Derivative [Line Items]
Fair value of stock purchase warrant							$ 3,420
Warrant [Member] | Tanker Investments Ltd [Member]
Derivative [Line Items]
Fixed price of stock purchase warrants, per share | (per share)	$ 10		$ 10		NOK 61.67
Fair value of stock purchase warrant	$ 5,526		$ 5,526
Consecutive trading days			10 days

Derivative Instruments - Summar

Derivative Instruments - Summary of Interest Rate Swap Positions (Detail) - Jun. 30, 2015 - USD ($)	Total
U.S. Dollar-denominated interest rate swap 1 [Member]
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swap, Interest Rate Index	USD LIBOR 6M
U.S. Dollar-denominated interest rate swap, Principal Amount	$ 200,000,000
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability)	$ (4,872,000)
U.S. Dollar-denominated interest rate swap, Remaining Term (years)	1 year 3 months 18 days
U.S. Dollar-denominated interest rate swap, Fixed Interest Rate	2.61%
U.S. Dollar-denominated interest rate swap 2 [Member]
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swap, Interest Rate Index	USD LIBOR 3M
U.S. Dollar-denominated interest rate swap, Principal Amount	$ 100,000,000
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability)	$ (10,369,000)
U.S. Dollar-denominated interest rate swap, Remaining Term (years)	2 years 3 months 18 days
U.S. Dollar-denominated interest rate swap, Fixed Interest Rate	5.55%

Derivative Instruments - Summ37

Derivative Instruments - Summary of Interest Rate Swap Positions (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2015
Minimum [Member]
Derivative [Line Items]
Margin on variable-rate debt	0.30%
Maximum [Member]
Derivative [Line Items]
Margin on variable-rate debt	2.50%

Other Long-Term Liabilities - S

Other Long-Term Liabilities - Summary of Freight Tax Expense Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
Balance at the beginning of the period	$ 4,852	$ 5,351
Freight tax expense	375	93
Balance at the end of the period	$ 5,227	$ 5,444

Financial Instruments - Summary

Financial Instruments - Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Jan. 31, 2014	Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 83,082	$ 162,797	$ 21,764		$ 25,646
Stock purchase warrant	5,526	4,657
Long-term debt, including current portion	(674,672)	(656,063)
Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stock purchase warrant				$ 3,420
Carrying Amount Asset / (Liability) [Member] | Fair Value Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	83,082	162,797
Carrying Amount Asset / (Liability) [Member] | Fair Value Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements	(15,241)	(18,225)
Carrying Amount Asset / (Liability) [Member] | Fair Value Measurements, Recurring [Member] | Level 3 [Member] | Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stock purchase warrant	5,526	4,657
Carrying Amount Asset / (Liability) [Member] | Fair Value Measurements, Other [Member] | Equity Accounted Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Advances to equity accounted investments	14,980	14,980
Carrying Amount Asset / (Liability) [Member] | Fair Value Measurements, Other [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	(674,672)	(656,063)
Fair Value Asset / (Liability) [Member] | Fair Value Measurements, Recurring [Member] | Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	83,082	162,797
Fair Value Asset / (Liability) [Member] | Fair Value Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements	(15,241)	(18,225)
Fair Value Asset / (Liability) [Member] | Fair Value Measurements, Recurring [Member] | Level 3 [Member] | Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stock purchase warrant	5,526	4,657
Fair Value Asset / (Liability) [Member] | Fair Value Measurements, Other [Member] | Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ (645,068)	$ (617,761)

Financial Instruments - Summa40

Financial Instruments - Summary of Derivative Instrument Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at the beginning of the period	$ 4,617	$ 5,857	$ 4,657
Fair value on issuance				$ 3,420
Unrealized gain (loss) included in earnings	909	(1,831)	869	606
Fair value at the end of the period	$ 5,526	$ 4,026	$ 5,526	$ 4,026

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - Tanker Investments Ltd [Member] - shares	6 Months Ended
	Jun. 30, 2015	Jan. 31, 2014
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of stock purchase warrants	1	1
Warrant [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Volatility rate	54.10%
Maximum [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of shares available through exercise of stock purchase warrant		750,000

Financial Instruments - Summa42

Financial Instruments - Summary of Financing Receivables (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Total financing receivables	$ 14,980	$ 14,980
Other internal metrics [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Advances to equity accounted investments	$ 14,980	$ 14,980

Capital Stock and Stock-Based43

Capital Stock and Stock-Based Compensation - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended	6 Months Ended
	Jun. 30, 2015	Apr. 30, 2015	Mar. 31, 2015	Jan. 31, 2015	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Preferred stock, shares authorized	100,000,000				100,000,000	100,000,000	100,000,000
Preferred stock, par value	$ 0.01				$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000				300,000,000	300,000,000	300,000,000
Preferred stock, shares issued	0				0	0	0
Preferred Stock, shares outstanding	0				0	0	0
Net proceeds from common stock						$ 50,928,000
Stock based compensation expense						$ 93,000
2007 Long-Term Incentive Plan [Member]
Class of Stock [Line Items]
Common stock, shares reserved for issuance upon awards to be granted	4,000,000				4,000,000	4,000,000
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Restricted stock units vested					147,996	351,096
Market value of restricted stock units					$ 1,100,000	$ 2,300,000
Equity Option [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Stock based compensation expense					$ 300,000	$ 1,000,000
Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized	200,000,000				200,000,000	200,000,000	200,000,000
Common stock, par value	$ 0.01				$ 0.01	$ 0.01	$ 0.01
Voting rights per share						One vote per share
Common stock, shares issued	103,600,000				103,600,000	103,600,000	95,300,000
Common stock, shares outstanding	103,600,000				103,600,000	103,600,000	95,300,000
Class A [Member] | Underwriters' Option [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued				3,000,000
Net proceeds from common stock				$ 13,700,000
Class A [Member] | Continuous Offering Program June 2015 [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued					5,022,000	5,022,000
Net proceeds from common stock					$ 37,300,000	$ 37,300,000
Issuance of new common units, maximum aggregate amount	$ 80,000,000				$ 80,000,000	$ 80,000,000
Class A [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued					82,253	201,564
Class B [Member]
Class of Stock [Line Items]
Common stock, shares authorized	100,000,000				100,000,000	100,000,000	100,000,000
Common stock, par value	$ 0.01				$ 0.01	$ 0.01	$ 0.01
Voting rights per share						Five votes per share
Maximum percentage of voting power						49.00%
Common stock, shares issued	16,700,000				16,700,000	16,700,000	16,700,000
Common stock, shares outstanding	16,700,000				16,700,000	16,700,000	16,700,000
Officer [Member] | Subsidiaries Employees [Member] | Restricted Stock Units (RSUs) [Member] | 2007 Long-Term Incentive Plan [Member]
Class of Stock [Line Items]
Common stock, granted			187,746
Common stock aggregate values, granted			$ 1,000,000
Vesting period	3 years		3 years
Officer [Member] | Equity Option [Member] | 2007 Long-Term Incentive Plan [Member]
Class of Stock [Line Items]
Stock options granted during period, value			58,434
Exercise price of stock options granted			$ 5.39
Term of stock options			10 years
Vesting period			3 years
Weighted-average grant date fair value of stock options granted			$ 1.97
Expected volatility rate			49.00%
Expected life			5 years
Dividend yield			2.09%
Risk-free interest rate			1.38%
Non Management Directors [Member] | Class A [Member]
Class of Stock [Line Items]
Common stock, granted		12,987	38,961
Common stock aggregate values, granted		$ 100,000	$ 200,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Time-charter revenues		$ 3,671		$ 7,302
Pool management fees and commissions	$ (2,468)	(979)	$ (4,860)	(2,081)
Commercial management fees	(239)	(326)	(442)	(579)
Vessel operating expenses	(26,201)	(23,585)	(48,642)	(46,379)
Strategic and administrative service fees	(1,777)	(2,466)	(3,719)	(4,935)
Technical management fee [Member]
Related Party Transaction [Line Items]
Vessel operating expenses	$ (1,656)	$ (1,443)	$ (3,156)	$ (2,841)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Aug. 31, 2014
Related Party Transaction [Line Items]
Working capital advanced to Pool Managers	$ 47,493	$ 42,502
Teekay Tanker Operations Ltd [Member]
Related Party Transaction [Line Items]
Ownership percentage			50.00%
Value of the assets acquired, including working capital			$ 23,700
Teekay Tanker Operations Ltd [Member] | Working Capital [Member]
Related Party Transaction [Line Items]
Business acquisition assets			$ 6,700
Pool Managers [Member]
Related Party Transaction [Line Items]
Working capital advanced to Pool Managers	$ 41,600	$ 36,200

Sale of Vessels - Additional In

Sale of Vessels - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	May. 31, 2014USD ($)Subsidiaries	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Property, Plant and Equipment [Line Items]
Aggregate proceeds received				$ 154,000
Revolving credit facilities repaid			$ 191,592	157,000
Gain (loss) on the sale of subsidiary recognized		$ 9,955		$ 9,955
Tanker Investments Ltd [Member]
Property, Plant and Equipment [Line Items]
Number of subsidiaries sold | Subsidiaries	2
Gain (loss) on the sale of subsidiary recognized		$ 9,955
Tanker Investments Ltd [Member] | Revolving Credit Facilities [Member]
Property, Plant and Equipment [Line Items]
Revolving credit facilities repaid			$ 152,000
Working Capital [Member] | Tanker Investments Ltd [Member]
Property, Plant and Equipment [Line Items]
Aggregate proceeds received	$ 1,700
Vessels [Member] | Tanker Investments Ltd [Member]
Property, Plant and Equipment [Line Items]
Aggregate proceeds received	$ 154,000

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings per common share:
Net income	$ 44,242	$ 4,589	$ 83,227	$ 31,021
Weighted average number of common shares - basic	116,150,985	83,676,425	115,600,570	83,646,230
Dilutive effect of stock-based awards	574,443	290,449	581,680	316,165
Weighted average number of common shares - diluted	116,725,428	83,966,874	116,182,250	83,962,395
Basic	$ 0.38	$ 0.05	$ 0.72	$ 0.37
Diluted	$ 0.38	$ 0.05	$ 0.72	$ 0.37

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - Jun. 30, 2015 - shares	Total	Total
Class A [Member]
Earning Per Share [Line Items]
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards	58,434	58,434

Shipbuilding Contracts - Additi

Shipbuilding Contracts - Additional Information (Detail) $ in Millions	Apr. 08, 2013VesselDWT	Nov. 30, 2013Vessel	Nov. 30, 2014USD ($)
Property, Plant and Equipment [Line Items]
Weight capacity in dead-weight tonnes | DWT	113,000
Cash and cash equivalents [Member]
Property, Plant and Equipment [Line Items]
Amount of escrow account placed | $			$ 0.6
Additional Order Option Maximum [Member]
Property, Plant and Equipment [Line Items]
Number of vessels	12
Orders to Construct Newbuildings [Member]
Property, Plant and Equipment [Line Items]
Number of vessels	4
Option To Order Exercised [Member]
Property, Plant and Equipment [Line Items]
Number of vessels		8

Restructuring Charges - Additio

Restructuring Charges - Additional Information (Detail) - Jun. 30, 2015 - USD ($)	Total	Total
Restructuring and Related Activities [Abstract]
Restructuring charges (note 13)	$ (879,000)	$ 4,445,000
Restructuring charges recoverable percentage		100.00%
Restructuring liability	0	$ 0
Amount of restructuring receivables recoverable from customer	$ 0	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ / shares in Units, shares in Millions	Jul. 31, 2015USD ($)$ / sharesshares	Aug. 31, 2015USD ($)Vesselshares	Jun. 30, 2015USD ($)
Subsequent Event [Line Items]
Net proceeds from common stock			$ 50,928,000
Subsequent Event [Member] | Ship To Ship Transfer Business [Member]
Subsequent Event [Line Items]
Purchase price of acquisition	$ 45,500,000
Subsequent Event [Member] | Principal Maritime Tankers [Member] | Suezmax tankers [Member]
Subsequent Event [Line Items]
Aggregate purchase price		$ 662,000,000
Aggregate purchase price, cash		$ 612,000,000
Subsequent Event [Member] | Principal Maritime Tankers [Member] | Suezmax tankers [Member] | Scheduled For Delivery October Twenty Fifteen [Member]
Subsequent Event [Line Items]
Number of vessels | Vessel		12
Subsequent Event [Member] | Principal Maritime Tankers [Member] | Suezmax tankers [Member] | Due January Twenty Nine Two Thousand Sixteen [Member]
Subsequent Event [Line Items]
loan facility, amount		$ 397,200,000
Subsequent Event [Member] | Class A [Member] | Suezmax tankers [Member]
Subsequent Event [Line Items]
Number of common stock issued | shares		13.6
Net proceeds from common stock		$ 90,600,000
Subsequent Event [Member] | Class A [Member] | Principal Maritime Tankers [Member]
Subsequent Event [Line Items]
Number of common stock issued | shares		7.2
Subsequent Event [Member] | Class A [Member] | Teekay Corporation [Member]
Subsequent Event [Line Items]
Number of common stock issued | shares		4.5
Subsequent Event [Member] | Class B [Member] | Teekay Holdings Limited [Member] | Ship To Ship Transfer Business [Member]
Subsequent Event [Line Items]
Number of common stock issued | shares	6.5
Net proceeds from common stock	$ 45,500,000
Shares issued, price per share | $ / shares	$ 6.99