Teekay Tankers (TNK) 20-F 27 Apr 16 2015 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2015shares
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	TNK
Entity Registrant Name	TEEKAY TANKERS LTD.
Entity Central Index Key	1,419,945
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	132,797,861
Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	23,232,757

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES
Net pool revenues (notes 16e and 16h)	$ 370,583	$ 138,631	$ 69,675
Time charter revenues (note 16e)	75,375	94,213	98,248
Voyage charter revenues	41,283	8,040	4,415
Interest income from investment in term loans (note 6)		9,118	7,677
Other revenues (note 23)	26,952
Total revenues	514,193	250,002	180,015
Voyage expenses	(19,816)	(11,223)	(8,337)
Vessel operating expenses (notes 16e and 16f)	(137,164)	(98,403)	(91,667)
Time-charter hire expense (note 18)	(74,898)	(22,160)	(6,174)
Depreciation and amortization	(73,760)	(53,292)	(50,973)
General and administrative expenses (note 16e)	(17,354)	(12,821)	(13,522)
Gain (loss) on sale of vessels (note 21)	771	9,955	(71)
Restructuring charge (note 23)	(4,772)
Income from operations	187,200	62,058	9,271
Interest expense	(17,389)	(9,128)	(10,454)
Interest income	107	287	158
Realized and unrealized loss on derivative instruments (note 12)	(1,597)	(1,712)	(1,524)
Equity income (note 8)	14,411	5,228	854
Other (expenses) income (note 17)	(3,097)	3,805	(1,014)
Net income (loss)	$ 179,635	$ 60,538	$ (2,709)
Per common share amounts (note 20)
• Basic earnings (loss) per share	$ 1.36	$ 0.67	$ (0.10)
• Diluted earnings (loss) per share	1.35	0.66	(0.10)
• Cash dividends declared	$ 0.24	$ 0.12	$ 0.12
Weighted-average number of Class A and Class B common stock outstanding (note 20)
• Basic	130,136,228	85,882,685	83,591,030
• Diluted	130,717,709	86,247,137	83,591,030

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current
Cash and cash equivalents	$ 96,417	$ 162,797
Restricted cash	870
Pool receivables from affiliates, net (note 16h)	62,735	35,254
Accounts receivable	28,313	4,475
Due from affiliates (note 16f)	67,159	50,279
Prepaid expenses	24,320	9,374
Total current assets	279,814	262,179
Vessels and equipment At cost, less accumulated depreciation of $391.0 million (2014 - $323.3 million) (note 21)	1,767,925	897,237
Investment in and advances to equity accounted investments (note 8)	86,808	73,397
Derivative asset (note 12)	5,164	4,657
Intangible assets - net (note 24)	29,619
Other non-current assets (note 21)	146	3,702
Total assets	2,169,476	1,241,172
Current
Accounts payable	16,717	1,937
Accrued liabilities (notes 10 and 16f)	62,029	18,283
Current portion of long-term debt (note 11)	174,047	47,225
Current portion of derivative liabilities (note 12)	6,330	7,263
Current portion of in-process revenue contracts (note 9)	1,223
Deferred revenue	2,676	637
Due to affiliates (note 16f)	26,630	10,395
Total current liabilities	289,652	85,740
Long-term debt (note 11)	990,558	661,340
Derivative liabilities (note 12)	4,208	10,962
Other long-term liabilities (note 13)	7,597	4,852
Total liabilities	$ 1,292,015	$ 762,894
Commitments and contingencies (notes 8, 12, and 18)
Equity
Common stock and additional paid-in capital (300 million shares authorized, 132.8 million Class A and 23.2 million class B shares issued and outstanding as of December 31, 2015 (2014 - 95.3 million Class A and 16.7 million Class B shares issued and outstanding) (notes 4 and 15)	$ 1,094,874	$ 802,650
Accumulated deficit	(217,413)	(346,927)
Entities under Common Control equity (note 3)		22,555
Total equity	877,461	478,278
Total liabilities and equity	$ 2,169,476	$ 1,241,172

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Accumulated depreciation on vessels and equipment	$ 391	$ 323.3
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	132,800,000	95,300,000
Common stock, shares outstanding	132,800,000	95,300,000
Class B [Member]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	23,200,000	16,700,000
Common stock, shares outstanding	23,200,000	16,700,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
OPERATING ACTIVITIES
Net income (loss)	$ 179,635	$ 60,538	$ (2,709)
Non-cash items:
Depreciation and amortization	73,760	53,292	50,973
(Gain) loss on sale of vessels (note 21)	(771)	(9,955)	71
Unrealized gain on derivative instruments	(8,193)	(8,281)	(8,363)
Equity income	(14,411)	(5,228)	(854)
Other	2,266	(1,450)	1,513
Change in operating assets and liabilities (note 19)	(25,880)	(50,904)	(6,633)
Expenditures for dry docking	(39,617)	(17,072)	(19,245)
Net operating cash flow	166,789	20,940	14,753
FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs	688,695	98,796	59,179
Repayments of long-term debt	(40,029)	(20,367)	(25,246)
Prepayment of long-term debt	(191,592)	(167,000)	(25,000)
Net advances from affiliates (note 3)	(825)	(17,376)	1,576
Equity contribution from Teekay Corporation		1,267
Cash dividends paid	(15,139)	(10,165)	(10,030)
Proceeds from equity offerings, net of offering costs (note 4)	242,264	111,190
Net financing cash flow	648,800	6,405	(9,648)
INVESTING ACTIVITIES
Proceeds from the sale of vessels and equipment (note 21)	11,080	154,000	9,114
Expenditures Principal Maritime Vessel acquisitions (note 21)	(612,000)
Expenditures for vessels and equipment	(236,229)	(2,084)	(1,904)
Deposit for vessel purchase (note 21)		(3,700)
Investment in term loans (note 6)		1,179	(9,120)
Net investing cash flow	(881,969)	109,806	(5,800)
(Decrease) increase in cash and cash equivalents	(66,380)	137,151	(695)
Cash and cash equivalents, beginning of the year	162,797	25,646	26,341
Cash and cash equivalents, end of the year	96,417	162,797	25,646
SPT Explorer LLC And Navigator Spirit LLC [Member]
FINANCING ACTIVITIES
Acquisition of the SPT Explorer and Navigator Spirit from Teekay Offshore Partners L.P. (note 3)	(31,870)
Ship to Ship Transfer Business [Member]
INVESTING ACTIVITIES
Acquisition	(45,581)
Entities under Common Control [Member]
FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs		10,368
Repayments of long-term debt	(4,632)	(3,309)	(3,309)
Prepayment of long-term debts of Entities under Common Control (note 3)			(5,000)
Equity contribution from Teekay Corporation to Entities under Common Control (note 3)	1,928	3,001	(1,818)
High-Q Joint Venture [Member]
INVESTING ACTIVITIES
Acquisition	1,000	1,950	$ (3,890)
Teekay Tanker Operations Ltd [Member]
INVESTING ACTIVITIES
Acquisition	$ (239)	(6,494)
Tanker Investments Ltd [Member]
INVESTING ACTIVITIES
Acquisition		$ (35,045)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Entities under Common Control [Member]	Common Stock and Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	SPT Explorer LLC And Navigator Spirit LLC [Member]	SPT Explorer LLC And Navigator Spirit LLC [Member]Entities under Common Control [Member]	SPT Explorer LLC And Navigator Spirit LLC [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, 2012	$ 314,730	$ 12,547		$ (370,377)				$ 672,435	$ 125
Beginning Balance, shares at Dec. 31, 2012			83,591
Net income (loss)	(2,709)	5,429		(8,138)
Net change in parent's equity from Entities under Common Control (note 3)	927	927
Dividends declared	(12,775)	(2,745)		(10,030)
Equity-based compensation (note 15)	657							657
Ending Balance at Dec. 31, 2013	300,830	16,158		(388,545)				673,092	125
Ending Balance , shares at Dec. 31, 2013			83,591
Net income (loss)	60,538	3,396		57,142
Proceeds from issuance of Class A common shares, net of offering costs (note 4)	111,190							111,190
Proceeds from issuance of common shares, net of offering costs (note 4), Shares			24,167
Value adjustment to share issuance to Teekay Corporation for purchase of TTOL (note 8)	17,010								17,010
Value assigned to share issuance to Teekay Corporation for purchase of TTOL (note 4), Shares			4,221
Purchase of TTOL from Teekay Corporation (note 8)	(6,626)			(6,626)
Equity contribution from Teekay Corporation	1,267			1,267
Net change in parent's equity from Entities under Common Control (note 3)	3,001	3,001
Dividends declared	(10,165)			(10,165)
Equity-based compensation (note 15)	1,233							1,233
Equity-based compensation (note 15) ,Shares			85
Ending Balance at Dec. 31, 2014	478,278	22,555		(346,927)				785,515	$ 17,135
Ending Balance , shares at Dec. 31, 2014			112,064
Net income (loss)	179,635	2,708		176,927
Proceeds from issuance of Class A common shares, net of offering costs (note 4)	246,032							$ 246,032
Proceeds from issuance of common shares, net of offering costs (note 4), Shares								37,201	6,512
Proceeds from issuance of Class B common shares, net of offering costs (note 4)	45,500								$ 45,500
Value adjustment to share issuance to Teekay Corporation for purchase of TTOL (note 8)	(239)			(239)
Net change in parent's equity from Entities under Common Control (note 3)	1,928	$ 1,928
Acquisition of SPT Explorer and Navigator Spirit from Teekay Offshore Partners L.P. (note 3)					$ (40,502)	$ (27,191)	$ (13,311)
Dividends declared	(33,863)			(33,863)
Equity-based compensation (note 15)	692							$ 692
Equity-based compensation (note 15) ,Shares			254
Ending Balance at Dec. 31, 2015	$ 877,461			$ (217,413)				$ 1,032,239	$ 62,635
Ending Balance , shares at Dec. 31, 2015			156,031

Consolidated Statements of Cha7

Consolidated Statements of Changes in Equity (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2014USD ($)
Class A [Member] | Common Stock and Additional Paid-in Capital [Member]
Proceeds from issuance of Class A common shares, net of offering costs	$ 4.8

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Nature of operations The Company (as defined below) is engaged in the international marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers as well as providing ship-to-ship transfer services. The Company’s revenues are earned in international markets. Basis of presentation and consolidation principles During October 2007, Teekay Corporation ( Teekay Company IPO The consolidated financial statements reflect the financial position, results of operations and cash flows of Teekay Tankers Ltd., its wholly-owned subsidiaries, equity accounted investments and the Entities under Common Control. The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, estimates have been made when allocating expenses from Teekay to the Entities under Common Control and such estimates may not be reflective of what actual results would have been if the Entities under Common Control had operated independently. Currency translation The Company’s functional currency is the U.S. dollar. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other (expenses) income in the accompanying consolidated statements of income (loss). Operating revenues and expenses The Company recognizes revenues from time charters daily over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off hire. When the time charter contains a profit-sharing agreement, the Company recognizes the profit-sharing or contingent revenues when the contingency is resolved. All revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned in subsequent periods. Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, revenues are also earned from other technical activities such as terminal management, consultancy, procurement and equipment rental. Revenues from short-term contracts are recognized as services are completed or based on percentage compete if carried over into the following period, or in the case of long-term contracts, are recognized over the duration of the contract period. Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. The Company, as shipowner, pays voyage expenses under voyage charters, its customers pay voyage expenses under time charters. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters and for vessels which earn net pool revenue, as described below. Voyage expenses and vessel operating expenses are recognized when incurred. Revenues and voyage expenses of the vessels operating in pool arrangements are pooled and the resulting net pool revenues, calculated on a time charter equivalent basis, are allocated to the pool participants according to an agreed formula. The agreed formula used to allocate net pool revenues varies between pools; however, the formula generally allocates revenues to pool participants on the basis of the number of days a vessel operates in the pool with weighting adjustments made to reflect vessels’ differing capacities and performance capabilities. The same revenue and expense recognition principles stated above are applied in determining the net pool revenues of the pool. The pools are responsible for paying voyage expenses and distribute net pool revenues to the participants. The Company accounts for the net allocation from the pool as revenues and amounts due from the pool are included in pool receivables from affiliates, net. Share-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of Teekay who support the operations of 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, which generally equals the vesting period. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (see note 15). Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Accounts receivable, allowance for doubtful accounts, and investment in term loans and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Company believes that the receivable will not be recovered. There are no significant amounts recorded as allowance for doubtful accounts as at December 31, 2015 and 2014. The Company’s investment in term loans and advances to equity accounted investments are recorded at cost. The premium paid over the outstanding principal amount was amortized to interest income over the term of the loan using the effective interest rate method. The Company analyzes its loans for collectability during each reporting period. A loan provision is recorded, based on current information and events, if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan provision is required, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding their ability to repay the loan, and the fair value of the underlying collateral. When a loan provision is recorded, the Company measures the amount of the provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting provision in the consolidated statements of income (loss). The carrying value of the loans is adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows, which may result in increases or decreases to the loan provision. 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 December 31, 2015 December 31, 2014 Advances to equity accounted investments Other internal metrics Performing 13,980 14,980 13,980 14,980 Equity accounted investments The Company’s investments in the High-Q joint venture, Teekay Tanker Operations Ltd. (or TTOL TIL Vessels and equipment All pre-delivery costs incurred during the construction of new buildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (including depreciation attributable to the Entities under Common Control and excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2015, 2014 and 2013 totaled $59.5 million, $42.5 million, and $42.3 million, respectively. Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Generally, the Company dry docks each vessel every two and a half to five years. The Company capitalizes a substantial portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis over its estimated useful life, which typically is from the completion of a dry docking or intermediate survey to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry docking costs, from January 1, 2013 to December 31, 2015: Year Ended December 31, 2015 $ 2014 $ 2013 $ Balance at the beginning of the year 35,509 29,269 18,672 Cost incurred for dry docking 39,617 17,072 19,245 Dry-dock amortization (12,866 ) (10,832 ) (8,648 ) Vessel sales (note 21) (114 ) — — Balance at the end of the year 62,146 35,509 29,269 Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. Estimated fair value is determined based on discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally used to estimate the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company. Goodwill and intangible assets Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Customer related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Debt issuance costs Debt issuance costs related to loan facilities, including fees, commissions and legal expenses, are directly deducted from the carrying amount of that loan facility. Debt issuance costs of revolving credit facilities and term loans are amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense in the consolidated statements of income (loss). Income taxes The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Excluding freight taxes, the Company incurred $0.2 million of income taxes for the year ended December 31, 2015. The Company believes that it and its subsidiaries are not subject to taxation under the laws of the Republic of The Marshall Islands and qualify for the Section 883 exemption under U.S. federal income tax purposes. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each quarter, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gains or losses are dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, except for certain types of interest rate swaps that it may enter into in the future. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the consolidated statements of income (loss). The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of income (loss). If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the consolidated statements of income (loss). If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the consolidated statements of income (loss). For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB) ASC 815, Derivatives and Hedging Earnings (loss) per share Earnings (loss) per share is determined by dividing (a) net income (loss) of the Company after (deducting) adding the amount of net income (loss) attributable to the Entities under Common Control by (b) the weighted-average number of shares outstanding during the applicable period. The calculation of weighted-average number of shares includes the total Class A and total Class B shares outstanding during the applicable period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock units using the treasury stock method. The computation of diluted loss per share does not assume such exercises.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02) In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments ASU 2015-16 In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ASU 2015-03 In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis (or ASU 2015-02 In May 2014, the Financial Accounting Standards Board (or FASB Revenue from Contracts with Customers ASU 2014-09 In April 2014, FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ASU 2014-08

Acquisition of Entities under C

Acquisition of Entities under Common Control	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisition of Entities under Common Control	3. Acquisition of Entities under Common Control On December 18, 2015, the Company acquired from Teekay Offshore Partners L.P. (or TOO SPT Explorer Navigator Spirit 2015 Acquired Business SPT Explorer Navigator Spirit. Assets and liabilities of the vessels we acquired from Teekay Offshore are reflected on our balance sheet at Teekay Offshore’s historical carrying values. The net purchase price of $39.0 million over Teekay Offshore’s historical net carrying value of the assets acquired and debt assumed of $25.0 million has been accounted for as a $14.0 million return of capital to Teekay. All periods prior to the acquisition of these vessels from Teekay Offshore have been retroactively adjusted to include the results of these vessels, as is required for a reorganization of entities under common control. All intercorporate transactions relating to these vessels between us and Teekay that occurred prior to the vessels’ acquisition by us have been eliminated upon consolidation. The effect of adjusting the Company’s consolidated financial statements to account for these common control exchanges increased the Company’s net income (loss) for the years ended December 31, 2015, 2014, and 2013 by $2.7 million, $3.4 million and $5.4 million, respectively. The adjustments for the Entities under Common Control increased the Company’s revenues for the year ended December 31, 2015, 2014 and 2013 by $9.8 million, $14.4 million and $9.9 million, respectively. In the preparation of these consolidated financial statements, shore-based costs for commercial management services (voyage expenses), ship management services (vessel operating expenses) and corporate/administrative services (general and administrative) were not identifiable as relating solely to the each specific vessel. Costs for commercial management services were allocated based on the rates charged by Teekay to third parties to provide such services. Costs for ship management services were allocated based on internal estimates of the cost to provide this function. Costs for corporate/administrative services were allocated based on the actual per day costs incurred for the Company’s other conventional tankers. Management believes these allocations reasonably present the interest expense and the general and administrative expenses of the Entities under Common Control.

Public Offerings and Private Pl

Public Offerings and Private Placements	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Public Offerings and Private Placements	4. Public Offerings and Private Placements The following table summarizes the issuances of common shares over the three years ending December 31, 2015: Date Number of Offering (Per Share) Gross Net Teekay’s Use of Proceeds August 2014 4,220,945 (1) $4.03 17,010 17,010 28.7 % Acquisition of interest in TTOL December 2014 24,166,666 (2) $4.80 116,000 111,190 26.2 % Acquisition of conventional tankers January 2015 3,000,000 (3) $4.57 13,716 13,685 25.5 % Acquisition of conventional tankers July 2015 6,511,812 (4) $6.99 45,500 45,500 28.3 % Acquisition of the ship-to-ship August 2015 13,630,075 (5) $6.65 90,640 90,640 28.8 % Acquisition of conventional tankers August - October 2015 7,180,083 (5) $6.12 - $7.92 49,268 49,268 26.2 % Acquisition of conventional tankers Continuous offering program during 2015 13,391,100 (6) $6.04 - $7.70 94,594 92,439 (6) General purposes including acquisitions of conventional tankers (1) Represents Class B common shares issued to Teekay as partial consideration for the Company’s acquisition of the 50% interest in TTOL, which shares had an approximate value of $15.6 million, or $3.70 per share when the purchase price was agreed between the parties. (2) Represents 20.0 million shares of Class A common stock issued to the public and 4.2 million shares of Class A common stock issued to Teekay in a concurrent private placement. The proceeds from the issuance was used to acquire modern second hand tankers (see note 21) and for general corporate purposes. Please refer to Item 7 – Major Shareholders and Related Parties. (3) In December 2014, the Company granted the underwriters a 30-day option to purchase up to an additional 3.0 million shares of the Company’s Class A common stock from the December 2014 offering. The underwriters exercised this option and on January 2, 2015, the Company issued 3.0 million shares of Class A common stock for net proceeds of $13.7 million. (4) Represents Class B common shares issued to Teekay as consideration for the Company’s acquisition of the ship-to-ship transfer business (or SPT (5) Represents 9.1 million shares of Class A common stock issued to the public and 4.5 million shares of Class A common stock issued to Teekay in a concurrent private placement. The proceeds from the issuances were used to acquire 12 modern Suezmax tankers from Principal Maritime Tankers (or Principal Maritime (6) In June 2015, the Company implemented a continuous offering program (or COP

Business Operations

Business Operations	12 Months Ended
	Dec. 31, 2015
Risks and Uncertainties [Abstract]
Business Operations	5. Business Operations Significant Customers The following table presents consolidated revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. Consolidated revenues from customers attributable to the Common Control Entities are included in the table. Year Ended December 31, 2015 2014 2013 Statoil ASA (2) (1) $ 38.3 million $ 33.7 million ConocoPhillips (2) (1) (1) $ 18.1 million (1) Less than 10% of the consolidated revenues (2) Conventional segment Concentration of Credit Risk There is a concentration of credit risk with respect to the total amounts due from affiliates and pool receivables from affiliates with these amounts being due from affiliates of Teekay as at December 31, 2015 (see note 16h). The Company also relies on Teekay Chartering Ltd., a wholly-owned subsidiary of Teekay, to actively manage and administer all voyage-related functions for vessels on time charter contracts and for vessels trading in the Teekay Aframax RSA Pool (a vessel pooling arrangement of Aframax tankers), the Teekay Classic Aframax Pool (a vessel pooling arrangement for Aframax tankers older than 15 years), the Suezmax RSA Pool (a vessel pooling arrangement of Suezmax tankers), and the Taurus RSA Pool (a vessel pooling arrangement of product tankers).

Investment in Term Loans

Investment in Term Loans	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Investment in Term Loans	6. Investment in Term Loans In July 2010, the Company invested in two term loans for a total cost of $115.6 million (or the Loans VLCCs The borrowers under the Loans had been in default on their interest payment obligations since the first quarter of 2013, and subsequently, in default of the repayment of the loan principal from the loan maturity date in July 2013. On March 21, 2014, the Company took ownership of the VLCCs and the Loans were concurrently discharged. The VLCCs had an estimated fair value of $144.0 million on that date, which approximated all amounts owing under the Loans, including $9.1 million of accrued interest. The transfer of ownership of the VLCCs and concurrent discharging of the Loans was treated as a non-cash transaction in the Company’s 2014 consolidated statement of cash flows. In May 2014, the Company sold the two wholly-owned subsidiaries, each of which owned one VLCC, to TIL (see note 21).

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting	7. Segment Reporting On July 31, 2015, the Company acquired a ship-to-ship transfer business (or SPT The following table includes results for the Company’s revenue and income from operations by segment for the year ended December 31, 2015. Prior to 2015, the Company had one operating segment. Year ended December 31, 2015 Conventional Ship-to-Ship Inter-segment (1) Total Revenues 496,455 18,587 (849 ) 514,193 Voyage expenses (19,468 ) (348 ) — (19,816 ) Vessel operating expenses (123,572 ) (14,441 ) 849 (137,164 ) Time-charter hire expense (74,860 ) (38 ) — (74,898 ) Depreciation and amortization (72,118 ) (1,642 ) — (73,760 ) General and administrative expenses (15,369 ) (1,985 ) — (17,354 ) Gain on sale of vessel 771 — — 771 Restructuring charge (4,445 ) (327 ) — (4,772 ) Income (loss) from operations (2) 187,394 (194 ) — 187,200 Equity income 14,411 — — 14,411 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred. (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: As at Conventional Tanker 1,970,365 Ship-to-Ship Transfer 74,381 Cash and cash equivalents 96,417 Accounts receivable 28,313 Consolidated total assets 2,169,476

Investments in and Advances to

Investments in and Advances to Equity Accounted Investments	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Equity Accounted Investments	8. Investments in and advances to Equity Accounted Investments Year Ended December 31, 2015 $ 2014 $ High-Q Joint Venture 21,166 18,948 Tanker Investments Ltd. 44,195 36,915 Teekay Tanker Operations Ltd. 21,447 17,534 Total 86,808 73,397 a. The Company has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong As at December 31, 2015, the joint venture has a loan outstanding with a financial institution with a balance of $54.2 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 $54.2 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 formed TIL, which seeks to opportunistically acquire, operate and sell modern second-hand tankers to benefit from an expected recovery of the tanker market. The Company purchased 2.5 million shares of common stock for $25.0 million and received a stock purchase warrant entitling it to purchase up to 750,000 additional shares of common stock of TIL (see note 12). The stock purchase warrant is a derivative asset which had an estimated fair value of $5.2 million as at December 31, 2015 (December 31, 2014 - $4.7 million). The Company also received one preferred share, which entitles the Company to elect one Board member of TIL. The preferred share does not give the Company a right to any dividends or distributions of TIL. The Company accounts for its investment in TIL using the equity method. In October 2014, the Company purchased an additional 0.9 million common shares of TIL on the open market. The common shares were acquired at a price of NOK 69 per share, or a purchase price of $10.0 million. In May 2014, the Company sold two wholly-owned subsidiaries, each of which owns one VLCC, to TIL (see note 21). In 2015, TIL had repurchased 3.3 million of its own shares on the open market. The common shares were repurchased at a weighted average price of NOK 105.2 per share, or a gross purchase price of $40.6 million. As of December 31, 2015, the Company’s ownership interest in TIL was 10.2%. 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 net working capital. Teekay retained the remaining 50% interest in TTOL. As consideration for this acquisition, the Company issued to Teekay 4.2 million Class B common shares. The 4.2 million Class B common shares had an approximate value of $15.6 million, or $3.70 per share, when the purchase price was agreed to between the parties and a value of $17.0 million, or $4.03 per share, on the acquisition closing date. The purchase price, for accounting purposes, is based upon the value of the Class B common shares 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 $6.9 million, is accounted for as an equity distribution to Teekay. The portion of the purchase price paid with the 4.2 million of Class B common shares is reflected in the statement of cash flow as a non-cash transaction. The Company accounts for its ownership interest in TTOL using the equity method. A condensed summary of the Company’s financial information for equity accounted investments (10.2% to 50.0% owned) shown on a 100% basis are as follows: As at December 31, 2015 $ 2014 $ Cash and cash equivalents 97,933 97,758 Other current assets 206,460 66,473 Vessels and equipment 855,232 715,360 Other non-current assets 25,304 21,107 Current portion of long-term debt 149,301 32,849 Other current liabilities 41,321 47,275 Long-term debt 485,627 355,784 Other non-current liabilities 31,269 31,787 Year Ended December 31, 2015 $ 2014 $ 2013 $ Revenues 225,596 94,244 7,325 Income from operations 109,253 16,460 3,256 Realized and unrealized loss on derivative instruments (689 ) (831 ) — Net income 90,059 3,598 1,686 For the year ended December 31, 2015, the Company recorded equity income of $14.4 million (2014 - $5.2 million and 2013 – $0.9 million). Equity income is comprised of the Company’s share of net income (loss) from the High-Q joint venture, TIL, and TTOL.

In-process Revenue Contracts

In-process Revenue Contracts	12 Months Ended
	Dec. 31, 2015
Text Block [Abstract]
In-process Revenue Contracts	9. In-process Revenue Contracts In August 2015, the Company agreed to acquire 12 modern Suezmax tankers from Principal Maritime (see note 21). As part of the Company’s acquisition of these vessels, the Company assumed three time-charter contracts with terms that were less favorable than the then prevailing market terms. As at December 31, 2015, the Company has a liability based on the estimated fair value of the contracts. The Company is amortizing this liability over the estimated remaining term of the contracts which expire in 2016. These contracts are estimated and amortized on a weighted basis based on the projected revenue to be earned under each contract. Amortization of in-process revenue contracts for the year ended December 31, 2015 was $4.8 million (2014 - $nil million, 2013 - $nil), which is included in other revenues (note 23) on the consolidated statements of income (loss). The contracts are expected to be fully amortized in the first quarter of 2016.

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	10. Accrued Liabilities Year Ended December 31, 2015 $ 2014 $ Voyage and vessel 30,112 7,643 Corporate accruals 19,255 366 Interest 4,742 3,980 Payroll and benefits to related parties 7,920 6,294 Total 62,029 18,283

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	11. Long-Term Debt Year Ended December 31, 2015 $ 2014 $ Revolving credit facilities due through 2018 530,971 508,593 Term loans due through 2021 635,330 147,470 Long-term debt of Entities under Common Control — 54,265 Total principal 1,166,301 710,328 Less: unamortized discount and debt issuance costs (1,696 ) (1,763 ) Total debt 1,164,605 708,565 Less: current portion (174,047 ) (47,225 ) Non-current portion of long-term debt 990,558 661,340 As at December 31, 2015, the Company had two revolving credit facilities (or the Revolvers As at December 31, 2015, the Company had five term loans outstanding, which totaled $635.3 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 December 31, 2015, the margins ranged from 0.30% to 2.80% (December 31, 2014 - 0.30% to 1.00%). The term loan repayments are made in quarterly or semi-annual payments and four of the term loans have balloon or bullet repayments due at maturity in 2017, 2018 and 2021. The term loans are collateralized by first-priority mortgages on 23 of the Company’s vessels, together with certain other related security. Four of the term loans require that certain specified subsidiaries of the Company maintain minimum hull coverage ratios of 120%, 130% and 135% of the total outstanding balance for the facility period. As at December 31, 2015, the loan-to-value ratios ranged from 174% to 1,077%. 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 contains 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, two of the term loans require 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 December 31, 2015, the Company and Teekay were in compliance with all of their covenants in respect of these term loans. The Company and wholly-owned subsidiaries of Teekay LNG Partner L.P., a controlled subsidiary of Teekay, are borrowers under one term loan arrangement. Under this arrangement, 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 December 31, 2015, the term loan arrangement had an outstanding balance of $173.9 million, of which $85.6 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 the co-obligors of the terms and conditions of the term loan. As at December 31, 2014, the Entities under Common Control had $54.3 million of long-term debt which was assumed by the Company on the dates of the respective acquisitions of the two vessels as part of the 2015 Acquired Business (see note 3). These assumed credit facilities are included, to the extent then outstanding, in the information above as of December 31, 2015. The weighted-average effective interest rate on the Company’s long-term debt as at December 31, 2015 was 1.6% (December 31, 2014 – 1.1%). This rate does not reflect the effect of the Company’s interest rate swap agreements (see note 12). In January 2016, the Company entered into a new $894.4 million long-term debt facility, consisting of both a term loan and a revolving credit facility, which is scheduled to mature in January 2021, of which $845.8 million was used to repay the Company’s two bridge loan facilities, which matured in late January 2016, and the Company’s main corporate revolving credit facility, which was scheduled to mature in 2017. The aggregate annual long-term principal repayments required to be made by the Company under the Revolvers and term loans subsequent to December 31, 2015, including the impact of the debt refinancing completed in January 2016, are $174.7 million (2016), $214.9 million (2017), $190.9 million (2018), $122.6 million (2019), $110.0 million (2020) and $353.2 million (thereafter).

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	12. Derivative Instruments The Company uses interest rate swaps 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 denominated LIBOR borrowings. Realized and unrealized gains or losses relating to the Company’s interest rate swaps have been reported in realized and unrealized loss on non-designated derivative instruments in the consolidated statements of income (loss). During the year ended December 31, 2015, the Company recognized a realized loss of $9.8 million and an unrealized gain of $7.7 million relating to its interest rate swaps. During the year ended December 31, 2014, the Company recognized a realized loss of $10.0 million and an unrealized gain of $7.1 million relating to its interest rate swaps. During the year ended December 31, 2013, the Company recognized a realized loss of $9.9 million and an unrealized gain of $8.4 million relating to its interest rate swaps. The following summarizes the Company’s interest rate swap positions as at December 31, 2015: Interest Rate Index Principal $ Fair Value / $ Remaining Fixed Interest (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap (1) USD LIBOR 6M 200,000 (2,662 ) 0.8 2.61 U.S. Dollar-denominated interest rate swap (1) USD LIBOR 3M 100,000 (7,876 ) 1.8 5.55 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of December 31, 2015 ranged from 0.30% to 2.80%. 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

Other Long-Term Liabilities

Other Long-Term Liabilities	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Other Long-Term Liabilities	13. Other Long-Term Liabilities The following is a roll-forward of the Company’s freight tax expenses (recovery) which are recorded in its consolidated balance sheets in other long-term liabilities, from January 1, 2014 to December 31, 2015: Year Ended December 31, 2015 $ 2014 $ Balance of unrecognized tax benefits as at January 1 4,852 5,351 Increases for positions related to the current year 3,294 406 Changes for positions taken in prior years 42 (753 ) Decreases related to statute of limitations (591 ) (152 ) Balance of unrecognized tax benefits as at December 31 7,597 4,852 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 tax years 2009 through 2015 remain open to examination by some of the major jurisdictions in which the Company is subject to tax. The Company recognizes freight tax expenses in other (expenses) income in its consolidated statements of income (loss). Interest and penalties on freight tax expenses (recoveries) are included in the roll-forward schedule above and are approximately $1.3 million and $0.6 million for the years ended December 31, 2015 and 2014, respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	14. Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash Long-term debt Derivative instruments 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 12). 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 December 31, 2015 is based on the historical volatility of comparable companies of 54.59%. A higher or lower volatility would result in a higher or lower fair value of this derivative asset. Changes in fair value during the years ended December 31, 2015 and 2014 for the TIL stock purchase warrant are as follows: Year Ended $ Year Ended $ Fair value at the beginning of the period 4,657 — Fair value on issuance — 3,420 Unrealized gain included in earnings 507 1,237 Fair value at the end of the period 5,164 4,657 The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value. December 31, 2015 December 31, 2014 Fair Value Carrying Amount Fair Value Asset/ $ Carrying Amount Fair Value Asset/ $ Recurring: Cash and cash equivalents and restricted cash Level 1 97,287 97,287 162,797 162,797 Derivative instruments Interest rate swap agreements (note 12) Level 2 (10,538 ) (10,538 ) (18,225 ) (18,225 ) Stock purchase warrant (note 12) Level 3 5,164 5,164 4,657 4,657 Other: Advances to equity accounted investments Note (1) 13,980 Note (1 ) 14,980 Note (1 ) Long-term debt, including current portion Level 2 (1,164,605 ) (1,140,135 ) (708,565 ) (669,772 ) (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 are not determinable.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Capital Stock	15. Capital Stock The authorized capital stock of Teekay Tankers Ltd. at December 31, 2015 and 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. The shares of Class A common stock entitle the holder to one vote per share while the shares of Class B common stock entitle the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As at December 31, 2015, the Company had 132.8 million shares of Class A common stock (2014 – 95.3 million), 23.2 million shares of Class B common stock (2014 – 16.7 million) and no shares of Preferred Stock issued and outstanding (2014 – nil). Commencing in December 2015, the Company adopted a new dividend policy under which quarterly dividends were set to range from 30% to 50% of its quarterly adjusted net income, subject to the discretion of its Board of Directors, with a minimum quarterly dividend of $0.03 per share. Adjusted net income is a non-GAAP measure which excludes specific items affecting net income that are typically excluded by securities analysts in their published estimates of our financial results. Prior to the change, the Company had a fixed dividend policy whereby annual dividends were set at an amount of $0.12 per share, payable quarterly. Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of Class A common stock and Class B common stock are entitled to share equally in any dividends that the Board of Directors declares from time to time out of funds legally available for dividends. Upon the Company’s liquidation, dissolution or winding-up, the holders of Class A common stock and Class B common stock shall be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Shares of the Company’s Class A common stock are not convertible into any other shares of the Company’s capital stock. Each share of Class B common stock is convertible at any time at the option of the holder thereof into one share of Class A common stock. Upon any transfer of shares of Class B common stock to a holder other than Teekay (or any of its affiliates or any successor to Teekay’s business or to all or substantially all of its assets), such shares of Class B common stock shall automatically convert into Class A common stock upon such transfer. In addition, all shares of Class B common stock will automatically convert into shares of Class A common stock if the aggregate number of outstanding shares of Class A common stock and Class B common stock beneficially owned by Teekay and its affiliates falls below 15% of the aggregate number of outstanding shares of common stock. All such conversions will be effected on a one-for-one basis. Stock-based compensation As at December 31, 2015, the Company had reserved under its 2007 Long-Term Incentive Plan a total of 4,000,000 shares of Class A common stock for issuance pursuant to awards to be granted (2014 – 4,000,000 Class A common stock). For the year ended December 31, 2015, a total of 51,948 shares (2014 – 17,073 shares) of Class A common stock were granted and issued to the Company’s non-management directors as part of their annual compensation. For the year ended December 31, 2013, 142,157 shares of Class A common stock have been granted and delivered to non-management directors as part of the Directors’ annual compensation. These Class A common shares were purchased on the open market rather than issuing shares from authorized capital. The compensation relating to the granting of such stock has been included in general and administrative expenses in the amounts of $0.3 million, $0.1 million and $0.4 million for the years ended December 31, 2015, 2014, and 2013, respectively. The Company also grants 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 (loss). During 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 has a ten-year term and vests equally over three years from the grant date. In June 2014, the Company granted 0.1 million stock options with an exercise price of $4.25 per share to an officer of the Company. These stock options have a ten-year term and vest equally over three years from the grant date. In March 2014, the Company granted 0.2 million stock options with an exercise price of $4.10 per share to non-management directors of the Company. These stock options have a ten-year term and vest immediately. The weighted-average fair value of the stock options granted during March 2015 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. The weighted-average grant-date fair value of stock options granted in June 2014 and March 2014 was $1.38 per option and $1.37 per option, respectively, 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 46.0% for the June 2014 grant and 47.7% for the March 2014 grant; expected life of five years; dividend yield of 2.8% for the June 2014 grant and 2.9% for the March 2014 grant; and risk-free interest rate of 1.6%. 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. A summary of the Company’s stock option information for the years ended December 31, 2015 and 2014 is as follows: December 31, 2015 December 31, 2014 Options (#) Weighted- Options (#) Weighted- Outstanding - beginning of year 263,175 4.16 — — Granted 58,434 5.39 263,175 4.16 Outstanding - end of year 321,609 4.39 263,175 4.16 Exercisable - end of year 188,920 4.13 152,346 4.10 A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2015 and 2014 is as follows: December 31, 2015 December 31, 2014 Options # Weighted- Average Options # Weighted- Average Outstanding non-vested stock options - beginning of year 110,829 4.25 — — Granted 58,434 5.39 110,829 4.25 Vested (36,574 ) 4.25 — — Outstanding non-vested stock options - end of year 132,689 4.75 110,829 4.25 As of December 31, 2015, there was $0.2 million (2014 - $0.1 million, 2013 - $nil) of total unrecognized compensation cost related to non-vested stock options granted. During the year ended December 31, 2015, the Company recognized $0.1 million (2014 - $0.2 million, 2013 - $nil) of expenses related to the stock options. As at December 31, 2015, the intrinsic value of the outstanding in-the-money stock options was $0.8 million (2014 - $0.2 million) and the intrinsic value of the exercisable stock options was $0.5 million. (2014 - $0.1 million). As at December 31, 2015, the weighted-average remaining life of options vested and expected to vest was 8.6 years, weighted-average remaining life of the 188,920 exercisable stock options was 8.2 years and the weighted-average exercise price was $4.13. As at December 31, 2014, the weighted-average remaining life of options vested and expected to vest was 9.2 years, weighted-average remaining life of the 152,346 exercisable stock options was 9.2 years and the weighted-average exercise price was $4.10. During 2015, the Company granted 0.2 million restricted stock units to the officers of the Company and to certain employees of Teekay subsidiaries that provide services to the Company, with an aggregate fair value of $1.0 million. During 2014, the Company granted 0.6 million restricted stock units to certain employees of Teekay subsidiaries that provide services to the Company with an aggregate fair value of $2.3 million. Each restricted stock unit is equal in value to one share of the Company’s common shares plus reinvested dividends 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 a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in that 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 shares. For the year ended December 31, 2015, the Company recorded an expense of $1.4 million (2014 - $1.2 million, 2013 - $0.7 million) related to the restricted stock units in general and administrative expenses. During the year ended December 31, 2015, 351,096 restricted stock units with a market value of $2.3 million vested and that amount, net of withholding taxes, was paid to the grantees by issuing 201,564 shares of Class A common stock. During the year ended December 31, 2014, 122,146 restricted stock units with a market value of $0.6 million vested and that amount, net of withholding taxes, was paid to the grantees by issuing 68,322 shares of Class A common stock.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	16. Related Party Transactions Acquisitions and Acquisition of Entities under Common Control a. On July 31, 2015, the Company acquired SPT (see note 24 SPT Explorer Navigator Spirit note 3 b. In August 2014, the Company purchased from Teekay a 50% ownership 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 $23.7 million, including $6.7 million in net working capital (see note 8c). c. In January 2014, the Company and Teekay formed TIL. The Company purchase 2.5 million shares of common stock of TIL for $25.0 million and received a stock purchase warrant. In October 2014, the Company purchased an additional 0.9 million common shares of TIL on the open market for a purchase price of $10.0 million USD (see notes 8b and 12). In May 2014, the Company sold two wholly-owned subsidiaries, each of which owned one VLCC, to TIL for the aggregate proceeds of $154.0 million plus related working capital on closing of $1.7 million (see note 21). d. In April 2010, when the Company purchased the Kaveri Spirit Management Fee – Related and Other e. Teekay and its wholly owned subsidiary and the Company’s manager, Teekay Tankers Management Services Ltd. ( the Manager Management Agreement Pool Managers Year Ended December 31, 2015 2014 2013 $ $ $ Time-charter revenues (i) 392 13,728 13,506 Pool management fees and commissions (ii) (10,445 ) (5,292 ) (4,043 ) Commercial management fees (iii) (1,236 ) (1,117 ) (1,079 ) Vessel operating expenses - technical management fee (iv) (7,039 ) (5,613 ) (5,637 ) Strategic and administrative service fees (v) (8,356 ) (8,676 ) (10,783 ) Entities under Common Control (note 3) Time-charter revenues (vi) 4,558 6,572 — Bareboat charter revenues (vii) — 1,156 9,928 Commercial management fees (246 ) (226 ) — Vessel operating expenses - technical management fee (430 ) (399 ) — Strategic and administrative service fees (660 ) (861 ) (927 ) (i) In December 2015, immediately after the completion of the 2015 Acquired Business, the Company chartered-out the Navigator Spirit Pinnacle Spirit Summit Spirit (ii) The Company’s share of the Pool Managers’ fees are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of income (loss). (iii) The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels not included in the pooling arrangement, which are reflected in voyage expenses on the Company’s consolidated statements of income (loss). (iv) The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company’s consolidated statements of income (loss). (v) The Manager’s strategic and administrative service fees have been presented in general and administrative fees on the Company’s consolidated statements of income (loss). The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan described in note 15) is set and paid by Teekay or such other subsidiaries. The Company reimburses Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee. (vi) The Company recorded $4.6 million and $6.6 million related to a time-charter out contract for the SPT Explorer (vii) The Company recorded $0.9 million and $5.0 million related to a bareboat charter contract for the SPT Explorer Navigator Spirit f. 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 in the consolidated balance sheets in due from affiliates or due to affiliates, are without interest or stated terms of repayment. In addition, $7.9 million and $6.3 million were payable to the Manager as at December 31, 2015 and December 31, 2014, respectively, for reimbursement of the Manager’s crewing and manning costs to operate the Company’s vessels and such amounts are included in accrued liabilities in the consolidated balance sheets. The amounts owing from the Pool Managers, which 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. In addition, the Company had advanced $46.8 million and $36.2 million as at December 31, 2015 and December 31, 2014, respectively, to the Pool Managers for working capital purposes. The Company may be required to advance additional working capital funds from time to time. Working capital advances will be returned to the Company when a vessel no longer participates in the applicable pooling arrangement, less any set-offs for outstanding liabilities or contingencies. These activities, which are reflected in the consolidated balance sheets as due from affiliates, are without interest or stated terms of repayment. g. The Management Agreement provides for payment to the Manager of a performance fee in certain circumstances. If Gross Cash Available for Distribution Incentive Threshold Cash Available for Distribution Gross Cash Available for Distribution Cash Available for Distribution h. Pursuant to certain pooling arrangements (see note 5), the Pool Managers provide certain commercial services to the pool participants and administer the pools in exchange for a fee currently equal to 1.25% of the gross revenues attributable to each pool participant’s vessels and a fixed amount per vessel per day which ranges from $275 to $350. Voyage revenues and voyage expenses of the Company’s vessels operating in these pool arrangements are pooled with the voyage revenues and voyage expenses of other pool participants. The resulting net pool revenues, calculated on a time-charter equivalent basis, are allocated to the pool participants according to an agreed formula. The Company accounts for the net allocation from the pools as “net pool revenue” on the consolidated statements of income (loss). The pool receivable from affiliates as at December 31, 2015 and December 31, 2014 was $62.7 million and $35.3 million, respectively.

Other (Expenses) Income

Other (Expenses) Income	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Other (Expenses) Income	17. Other (Expenses) Income Year Ended December 31, 2015 2014 2013 $ $ $ Freight tax (expense) recovery (3,339 ) 154 (594 ) Gain on initial recognition of stock purchase warrant (note 8b) — 3,420 — Foreign exchange gain (loss) 252 138 (107 ) Other (expense) income (10 ) 93 (313 ) Total (3,097 ) 3,805 (1,014 )

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Operating Leases	18. Operating Leases Charters-in As at December 31, 2015, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in 14 vessels were approximately $47.0 million (2016), $18.3 million (2017), $8.3 million (2018), $8.3 million (2019), $8.3 million (2020) and $1.3 million (thereafter). The Company recognizes the expense from these charters, which is included in time-charter hire expense, on a straight-line basis over the firm period of the charters. Charters-out As at December 31, 2015, 13 of the Company’s vessels operated under fixed-rate time charter contracts with the Company’s customers, of which nine contracts are scheduled to expire in 2016, three contracts are scheduled to expire in 2017 and one contract is scheduled to expire in 2018. As at December 31, 2015, minimum scheduled future revenues to be received by the Company under time charters then in place were approximately $100.8 million, comprised of $68.7 million (2016), $26.0 million (2017) and $6.1 million (2018). The carrying amount of the vessels employed on these time charters at December 31, 2015, was $442.5 million (2014 - $259.5 million). The cost and accumulated depreciation of the vessels employed on these time charters as at December 31, 2015 were $596.7 million (2014 - $397.8 million) and $154.2 million (2014 - $138.3 million), respectively. The minimum scheduled future revenues should not be construed to reflect total charter hire revenues for any of the years. Minimum scheduled future revenues do not include revenue generated from new contracts entered into after December 31, 2015, revenue from unexercised option periods of contracts that existed on December 31, 2015, or variable or contingent revenues. In addition, minimum scheduled future revenues presented above have been reduced by estimated off-hire time for period maintenance. Actual amounts may vary given unscheduled future events such as vessel maintenance.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	19. Supplemental Cash Flow Information a. The changes in non-cash working capital items related to operating activities for the years ended December 31, 2015, 2014, and 2013 are as follows: Year Ended December 31, 2015 2014 2013 $ $ $ Accounts receivable and interest receivable (13,506 ) (8,464 ) (9,189 ) Pool receivables from affiliates (27,481 ) (24,489 ) (1,664 ) Due from affiliates 12,361 (14,511 ) (3,204 ) Prepaid expenses and other current assets (11,400 ) 987 (647 ) Accounts payable and accrued liabilities 32,876 (3,174 ) 2,084 Due to affiliates (12,181 ) (928 ) 7,731 Deferred revenue 2,039 (2,324 ) (1,603 ) Other (8,588 ) 1,999 (141 ) (25,880 ) (50,904 ) (6,633 ) b. Cash interest paid (including interest paid by the Entities under Common Control) during years ended December 31, 2015, 2014, and 2013 totalled $22.8 million, $18.3 million, and $18.9 million, respectively. c. The portion of the consideration paid to Teekay for the acquisition of a 50% interest in TTOL consisting of 4.2 million of Class B common shares was treated as a non-cash transaction in the Company’s consolidated statements of cash flows (see note 8c).

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	20. Earnings (Loss) Per Share The net income (loss) available for common shareholders and earnings (loss) per common share presented in the table below excludes the results of operations of the Entities under Common Control (see note 3 Year Ended December 31, 2015 2014 2013 $ $ $ Net income (loss) 179,635 60,538 (2,709 ) Net income attributable to the Entities under Common Control 2,708 3,396 5,429 Net income (loss) available for common shareholders 176,927 57,142 (8,138 ) Weighted-average number of common shares - basic 130,136,228 85,882,685 83,591,030 Dilutive effect of stock-based compensation 581,481 364,452 — Weighted average number of common shares - diluted 130,717,709 86,247,137 83,591,030 Earnings (loss) per common share: - Basic 1.36 0.67 (0.10 ) - Diluted 1.35 0.66 (0.10 ) 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 years ended December 31, 2015 and 2014, options to acquire 43,826 shares and 110,829 shares of the Company’s Class A common stock, respectively, had an anti-dilutive effect on the calculation of diluted earnings per common share. For the year ended December 31, 2013, no shares had an anti-dilutive effect.

Vessel Sales and Vessel Acquisi

Vessel Sales and Vessel Acquisitions	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Vessel Sales and Vessel Acquisitions	21. Vessel Sales and Vessel Acquisitions Vessel Sales In November 2015, the Company sold one conventional tanker for a sales price of $11.2 million. The Company recognized a gain on sale of the vessel of $0.8 million in the year ended December 31, 2015. 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 on 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 for general corporate purposes. The Company recognized a $10.0 million gain on the sale of the two subsidiaries to TIL for the year ended December 31, 2014, which is reflected in the Company’s consolidated statements of income (loss). In January 2013, the Company sold one Aframax tanker for aggregate proceeds of $9.1 million. The Company recognized a loss on sale of the vessel of $0.1 million in the year ended December 31, 2013. Vessel Acquisitions In August 2015, the Company agreed to acquire 12 modern Suezmax tankers from Principal Maritime. As of December 31, 2015, all 12 of the vessels had been delivered for a total purchase price of $661.3 million, consisting of $612.0 million in cash and approximately 7.2 million shares of the Company’s Class A common stock which were directly issued to Principal Maritime and which are treated as a non-cash transaction in the consolidated statements of cash flow. The value of these shares was approximately $49.3 million. To finance the cash portion of the acquisition price, the Company secured a $397.2 million loan facility with a maturity date of January 29, 2016. The loan was fully drawn as of December 31, 2015. In addition, the Company issued approximately 13.6 million shares of its Class A common stock for net proceeds of $90.6 million, including approximately 4.5 million shares which were issued to Teekay (see note 4). The Company financed the remainder of the cash purchase price with existing liquidity. The loan facility was refinanced in January 2016 (see note 11). In December 2014, the Company signed an agreement to acquire one 2008-built Aframax tanker for a purchase price of $37.0 million and placed $3.7 million in an escrow fund related to this purchase, which is recorded in other non-current assets in the Company’s consolidated balance sheets as of December 31, 2014. In December 2014, the Company also signed agreements to acquire four modern LR2 vessels for a total purchase price of $193.3 million. In January 2015, the Company secured a loan facility in the amount of $126.6 million with a maturity date of January 30, 2016. The loan facility was fully drawn in March 2015 and was secured by the Aframax tanker and the four modern LR2 vessels which delivered in February and March 2015. The loan facility was refinanced in January 2016 (see note 11).

Shipbuilding Contracts

Shipbuilding Contracts	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Shipbuilding Contracts	22. Shipbuilding Contracts In April 2013, four special purpose subsidiary companies of the Company entered into agreements with STX Offshore & Shipbuilding Co., Ltd (or STX LR2 On February 15, 2016, the Company’s subsidiaries had successfully obtained an English Court Order requiring STX to pay a total of $32.4 million in respect of the four firm shipbuilding contracts. As a result, the Company’s subsidiaries have exercised their rights under English law to seek the assistance of the English court in the enforcement of the arbitration awards. The Company and its subsidiaries are also pursuing other routes to enforce the awards against STX. Additionally, the $0.6 million cash deposit was refunded subsequent to December 31, 2015. No amounts have been recorded as receivable in respect of these awards due to uncertainty of their collection. The trial in the English High Court in respect of the Option Agreement will commence on April 11, 2016.

Restructuring Charges and Other

Restructuring Charges and Other Revenues	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring Charges and Other Revenues	23. Restructuring Charges and Other Revenues For the year ended December 31, 2015, $4.7 million of restructuring charges, of which $4.4 million related to the termination of the employment of certain seafarers upon the expiration of a time-charter out contract. This $4.4 million termination charge was recovered from the customer and the recovery is reflected in other revenues on the consolidated statements of income (loss). The remaining $0.3 million of restructuring costs related to severance payments made in relation to the acquisition of the ship-to-ship business (see note 24). At December 31, 2015, no amounts of restructuring liabilities were owed to seafarers and no amounts of receivables were recoverable from the customer. The Company also earned $17.7 million under its lightering support operations (see note 7) and amortized $4.8 million of its in-process revenue contracts which is included in other revenues on the consolidated statements of income (loss) (see note 9).

Acquisition of SPT

Acquisition of SPT	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Acquisition of SPT	24. Acquisition of SPT On July 31, 2015, the Company acquired SPT from a company jointly-owned by Teekay and a Norway-based marine transportation company, I.M. Skaugen SE, for a cash purchase price of $47.3 million (including $1.8 million for working capital). To finance this acquisition, Teekay subscribed for approximately 6.5 million shares of the Company’s Class B common stock at a subscription price of approximately $6.99 per share. SPT provides a full suite of ship-to-ship transfer services in the oil, gas and dry bulk industries. In addition to full service lightering and lightering support, it also provides consultancy, terminal management and project development services. This acquisition establishes the Company as a leading global company in the ship-to-ship transfer business, which is expected to increase the Company’s fee-based revenue and its overall fleet utilization. SPT owns and operates a fleet of six ship-to-ship support vessels. The acquisition of SPT was accounted for using the acquisition method of accounting, based upon preliminary estimates of fair value. The following table summarizes the preliminary estimates of fair values of the SPT assets acquired and liabilities assumed by the Company on the acquisition date. The Company is continuing to obtain information to finalize the estimated fair value of the SPT assets acquired and liabilities assumed and expects to complete this process as soon as practicable, but no later than one year from the acquisition date. As at July 31, 2015 ASSETS $ Cash, cash equivalents and short-term restricted cash 1,292 Accounts receivable 10,332 Prepaid expenses and other current assets 3,763 Vessels and equipment 6,475 Other assets 143 Intangible assets subject to amortization Customer relationships (1) 30,879 Total assets acquired 52,884 Accounts payable (3,650 ) Accrued liabilities (3,276 ) Total Liabilities assumed (6,926 ) Net assets acquired (2) 45,958 (1) The customer relationships are being amortized over 10 years. Aggregate amortization expense of intangible assets for the year ended December 31, 2015 was $2.0 million (excluding the retroactive adjustment described in note 2 below), which is included in depreciation and amortization. Amortization of intangible assets for the five fiscal years subsequent to 2015 is expected to be $3.1 million (2016), $3.1 million (2017), $3.1 million (2018), $3.1 million (2019), $3.1 million (2020) and $14.1 million (thereafter). As at December 31, 2015, the gross carrying amount, accumulated amortization and net carrying amount were $30.9 million, $1.3 million and $29.6 million, respectively. (2) Prior to the SPT acquisition date, SPT had in-chartered the SPT Explorer Operating results of SPT are reflected in the Company’s consolidated financial statements commencing July 31, 2015, the effective date of acquisition. For the year ended December 31, 2015, the Company recognized $33.1 million of revenues and net income of $0.3 million resulting from this acquisition. The following table provides comparative summarized consolidated pro forma financial information for the Company for the years ended December 31, 2015 and 2014, giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2014: Unaudited Pro Forma Unaudited Pro Forma Year ended Year ended December 31, 2015 December 31, 2014 Revenues 549,893 304,523 Net Income 174,275 53,269 Earnings per common share: Basic 1.30 0.58 Diluted 1.30 0.57

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	25. Subsequent Events a.) In February 2016, the Company’s subsidiaries had successfully obtained an English Court Order requiring STX to pay a total of $32.4 million in respect of four firm shipbuilding contracts. As a result, the Company’s subsidiaries have exercised their rights under English law to seek the assistance of the English court in the enforcement of the arbitration awards. The Company and its subsidiaries are pursuing other routes to enforce the awards against STX. Additionally the cash deposit of $0.6 million which was previously held in escrow has been refunded to the Company. No amounts have been recorded as receivable in respect of these awards due to uncertainty of their collection. The trial in the English High Court in respect of the Option Agreement will commence on April 11, 2016. Please read Item 18 - Financial Statements: Note 22 – Shipbuilding Contracts. b.) In January 2016, the Company entered into a new $894.4 million long-term debt facility, consisting of both a term loan and a revolving credit facility, which is scheduled to mature in January 2021, of which $845.8 million was used to repay the Company’s two bridge loan facilities, which matured in late January 2016, and the Company’s main corporate revolving credit facility, which was scheduled to mature in 2017. In February 2016, in connection with the new long-term debt facility, the Company entered into a total of nine new interest rate swaps, of which, four and five of the interest rate swaps are scheduled to terminate in December 2020 and January 2021, respectively. Four of the interest rate swaps each have a notional amount of $50.0 million with a fixed rate of 1.462% and are scheduled to commence in October 2016. The remaining five interest rate swaps commenced in the first quarter of 2016, of which one swap has a notional amount of $75.0 million, one swap has a notional amount of $50.0 million, and three swaps each have a notional amount of $25.0 million with fixed rates of 1.549%, 1.155% and 1.549%, respectively.

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Nature of operations	Nature of operations The Company (as defined below) is engaged in the international marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers as well as providing ship-to-ship transfer services. The Company’s revenues are earned in international markets.
Basis of presentation and consolidation principles	Basis of presentation and consolidation principles During October 2007, Teekay Corporation ( Teekay Company IPO The consolidated financial statements reflect the financial position, results of operations and cash flows of Teekay Tankers Ltd., its wholly-owned subsidiaries, equity accounted investments and the Entities under Common Control. The consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. In addition, estimates have been made when allocating expenses from Teekay to the Entities under Common Control and such estimates may not be reflective of what actual results would have been if the Entities under Common Control had operated independently.
Currency translation	Currency translation The Company’s functional currency is the U.S. dollar. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other (expenses) income in the accompanying consolidated statements of income (loss).
Operating revenues and expenses	Operating revenues and expenses The Company recognizes revenues from time charters daily over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off hire. When the time charter contains a profit-sharing agreement, the Company recognizes the profit-sharing or contingent revenues when the contingency is resolved. All revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. The consolidated balance sheets reflect the deferred portion of revenues and expenses, which will be earned in subsequent periods. Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, revenues are also earned from other technical activities such as terminal management, consultancy, procurement and equipment rental. Revenues from short-term contracts are recognized as services are completed or based on percentage compete if carried over into the following period, or in the case of long-term contracts, are recognized over the duration of the contract period. Voyage expenses are all expenses unique to a particular voyage, including bunker fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. The Company, as shipowner, pays voyage expenses under voyage charters, its customers pay voyage expenses under time charters. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters and for vessels which earn net pool revenue, as described below. Voyage expenses and vessel operating expenses are recognized when incurred. Revenues and voyage expenses of the vessels operating in pool arrangements are pooled and the resulting net pool revenues, calculated on a time charter equivalent basis, are allocated to the pool participants according to an agreed formula. The agreed formula used to allocate net pool revenues varies between pools; however, the formula generally allocates revenues to pool participants on the basis of the number of days a vessel operates in the pool with weighting adjustments made to reflect vessels’ differing capacities and performance capabilities. The same revenue and expense recognition principles stated above are applied in determining the net pool revenues of the pool. The pools are responsible for paying voyage expenses and distribute net pool revenues to the participants. The Company accounts for the net allocation from the pool as revenues and amounts due from the pool are included in pool receivables from affiliates, net.
Share-based compensation	Share-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of Teekay who support the operations of 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, which generally equals the vesting period. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (see note 15).
Cash and cash equivalents	Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents.
Accounts receivable, allowance for doubtful accounts, and investment in term loans and other loan receivables	Accounts receivable, allowance for doubtful accounts, and investment in term loans and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are charged off against the allowance when the Company believes that the receivable will not be recovered. There are no significant amounts recorded as allowance for doubtful accounts as at December 31, 2015 and 2014.
Investment in term loans and other loan receivables	The Company’s investment in term loans and advances to equity accounted investments are recorded at cost. The premium paid over the outstanding principal amount was amortized to interest income over the term of the loan using the effective interest rate method. The Company analyzes its loans for collectability during each reporting period. A loan provision is recorded, based on current information and events, if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan provision is required, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding their ability to repay the loan, and the fair value of the underlying collateral. When a loan provision is recorded, the Company measures the amount of the provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting provision in the consolidated statements of income (loss). The carrying value of the loans is adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows, which may result in increases or decreases to the loan provision. 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. December 31, 2015 December 31, 2014 Class of Financing Receivable Credit Quality Indicator Grade $ $ Advances to equity accounted investments Other internal metrics Performing 13,980 14,980 13,980 14,980
Equity accounted investments	Equity accounted investments The Company’s investments in the High-Q joint venture, Teekay Tanker Operations Ltd. (or TTOL TIL
Vessels and equipment	Vessels and equipment All pre-delivery costs incurred during the construction of new buildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation is calculated using an estimated useful life of 25 years, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (including depreciation attributable to the Entities under Common Control and excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2015, 2014 and 2013 totaled $59.5 million, $42.5 million, and $42.3 million, respectively. Vessel capital modifications include the addition of new equipment or can encompass various modifications to the vessel which are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Generally, the Company dry docks each vessel every two and a half to five years. The Company capitalizes a substantial portion of the costs incurred during dry docking and amortizes those costs on a straight-line basis over its estimated useful life, which typically is from the completion of a dry docking or intermediate survey to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry docking costs, from January 1, 2013 to December 31, 2015: Year Ended December 31, 2015 $ 2014 $ 2013 $ Balance at the beginning of the year 35,509 29,269 18,672 Cost incurred for dry docking 39,617 17,072 19,245 Dry-dock amortization (12,866 ) (10,832 ) (8,648 ) Vessel sales (note 21) (114 ) — — Balance at the end of the year 62,146 35,509 29,269 Vessels and equipment that are “held and used” are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. Estimated fair value is determined based on discounted cash flows or appraised values. In cases where an active second hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second hand sale and purchase market exists, an appraised value is generally used to estimate the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company.
Goodwill and intangible assets	Goodwill and intangible assets Goodwill is not amortized, but reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Customer related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value.
Debt issuance costs	Debt issuance costs Debt issuance costs related to loan facilities, including fees, commissions and legal expenses, are directly deducted from the carrying amount of that loan facility. Debt issuance costs of revolving credit facilities and term loans are amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense in the consolidated statements of income (loss).
Income taxes	Income taxes The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Excluding freight taxes, the Company incurred $0.2 million of income taxes for the year ended December 31, 2015. The Company believes that it and its subsidiaries are not subject to taxation under the laws of the Republic of The Marshall Islands and qualify for the Section 883 exemption under U.S. federal income tax purposes.
Derivative instruments	Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each quarter, regardless of the purpose or intent for holding the derivative. The method of recognizing the resulting gains or losses are dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, except for certain types of interest rate swaps that it may enter into in the future. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer possible of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the consolidated statements of income (loss). The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the consolidated statements of income (loss). If a cash flow hedge is terminated and the originally hedged item is still considered possible of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the consolidated statements of income (loss). If the hedged items are no longer possible of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the consolidated statements of income (loss). For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB) ASC 815, Derivatives and Hedging
Earnings (loss) per share	Earnings (loss) per share Earnings (loss) per share is determined by dividing (a) net income (loss) of the Company after (deducting) adding the amount of net income (loss) attributable to the Entities under Common Control by (b) the weighted-average number of shares outstanding during the applicable period. The calculation of weighted-average number of shares includes the total Class A and total Class B shares outstanding during the applicable period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock units using the treasury stock method. The computation of diluted loss per share does not assume such exercises.
Recent Accounting Pronouncements	In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02) In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments ASU 2015-16 In April 2015, the FASB issued Accounting Standards Update 2015-03, Simplifying the Presentation of Debt Issuance Costs ASU 2015-03 In February 2015, the FASB issued Accounting Standards Update 2015-02, Amendments to the Consolidation Analysis (or ASU 2015-02 In May 2014, the Financial Accounting Standards Board (or FASB Revenue from Contracts with Customers ASU 2014-09 In April 2014, FASB issued Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ASU 2014-08

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
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 December 31, 2015 December 31, 2014 Advances to equity accounted investments Other internal metrics Performing 13,980 14,980 13,980 14,980
Summarizes Change in Capitalized Dry-Docking Activity	The following table summarizes the change in the Company’s capitalized dry docking costs, from January 1, 2013 to December 31, 2015: Year Ended December 31, 2015 $ 2014 $ 2013 $ Balance at the beginning of the year 35,509 29,269 18,672 Cost incurred for dry docking 39,617 17,072 19,245 Dry-dock amortization (12,866 ) (10,832 ) (8,648 ) Vessel sales (note 21) (114 ) — — Balance at the end of the year 62,146 35,509 29,269

Public Offerings and Private 35

Public Offerings and Private Placements (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Summary of Issuances of Common Shares	The following table summarizes the issuances of common shares over the three years ending December 31, 2015: Date Number of Offering (Per Share) Gross Net Teekay’s Use of Proceeds August 2014 4,220,945 (1) $4.03 17,010 17,010 28.7 % Acquisition of interest in TTOL December 2014 24,166,666 (2) $4.80 116,000 111,190 26.2 % Acquisition of conventional tankers January 2015 3,000,000 (3) $4.57 13,716 13,685 25.5 % Acquisition of conventional tankers July 2015 6,511,812 (4) $6.99 45,500 45,500 28.3 % Acquisition of the ship-to-ship August 2015 13,630,075 (5) $6.65 90,640 90,640 28.8 % Acquisition of conventional tankers August - October 2015 7,180,083 (5) $6.12 - $7.92 49,268 49,268 26.2 % Acquisition of conventional tankers Continuous offering program during 2015 13,391,100 (6) $6.04 - $7.70 94,594 92,439 (6) General purposes including acquisitions of conventional tankers (1) Represents Class B common shares issued to Teekay as partial consideration for the Company’s acquisition of the 50% interest in TTOL, which shares had an approximate value of $15.6 million, or $3.70 per share when the purchase price was agreed between the parties. (2) Represents 20.0 million shares of Class A common stock issued to the public and 4.2 million shares of Class A common stock issued to Teekay in a concurrent private placement. The proceeds from the issuance was used to acquire modern second hand tankers (see note 21) and for general corporate purposes. Please refer to Item 7 – Major Shareholders and Related Parties. (3) In December 2014, the Company granted the underwriters a 30-day option to purchase up to an additional 3.0 million shares of the Company’s Class A common stock from the December 2014 offering. The underwriters exercised this option and on January 2, 2015, the Company issued 3.0 million shares of Class A common stock for net proceeds of $13.7 million. (4) Represents Class B common shares issued to Teekay as consideration for the Company’s acquisition of the ship-to-ship transfer business (or SPT (5) Represents 9.1 million shares of Class A common stock issued to the public and 4.5 million shares of Class A common stock issued to Teekay in a concurrent private placement. The proceeds from the issuances were used to acquire 12 modern Suezmax tankers from Principal Maritime Tankers (or Principal Maritime (6) In June 2015, the Company implemented a continuous offering program (or COP

Business Operations (Tables)

Business Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Risks and Uncertainties [Abstract]
Revenues and Percentage of Consolidated Revenues	The following table presents consolidated revenues and percentage of consolidated revenues for customers that accounted for more than 10% of the Company’s consolidated revenues during the periods presented. Consolidated revenues from customers attributable to the Common Control Entities are included in the table. Year Ended December 31, 2015 2014 2013 Statoil ASA (2) (1) $ 38.3 million $ 33.7 million ConocoPhillips (2) (1) (1) $ 18.1 million (1) Less than 10% of the consolidated revenues (2) Conventional segment

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Company's Revenue and Income From Operations by Segment	The following table includes results for the Company’s revenue and income from operations by segment for the year ended December 31, 2015. Prior to 2015, the Company had one operating segment. Year ended December 31, 2015 Conventional Ship-to-Ship Inter-segment (1) Total Revenues 496,455 18,587 (849 ) 514,193 Voyage expenses (19,468 ) (348 ) — (19,816 ) Vessel operating expenses (123,572 ) (14,441 ) 849 (137,164 ) Time-charter hire expense (74,860 ) (38 ) — (74,898 ) Depreciation and amortization (72,118 ) (1,642 ) — (73,760 ) General and administrative expenses (15,369 ) (1,985 ) — (17,354 ) Gain on sale of vessel 771 — — 771 Restructuring charge (4,445 ) (327 ) — (4,772 ) Income (loss) from operations (2) 187,394 (194 ) — 187,200 Equity income 14,411 — — 14,411 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred. (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets	A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: As at Conventional Tanker 1,970,365 Ship-to-Ship Transfer 74,381 Cash and cash equivalents 96,417 Accounts receivable 28,313 Consolidated total assets 2,169,476

Investments in and Advances t38

Investments in and Advances to Equity Accounted Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in and Advances to Equity Accounted Investments	Year Ended December 31, 2015 $ 2014 $ High-Q Joint Venture 21,166 18,948 Tanker Investments Ltd. 44,195 36,915 Teekay Tanker Operations Ltd. 21,447 17,534 Total 86,808 73,397 a. The Company has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong As at December 31, 2015, the joint venture has a loan outstanding with a financial institution with a balance of $54.2 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 $54.2 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 formed TIL, which seeks to opportunistically acquire, operate and sell modern second-hand tankers to benefit from an expected recovery of the tanker market. The Company purchased 2.5 million shares of common stock for $25.0 million and received a stock purchase warrant entitling it to purchase up to 750,000 additional shares of common stock of TIL (see note 12). The stock purchase warrant is a derivative asset which had an estimated fair value of $5.2 million as at December 31, 2015 (December 31, 2014 - $4.7 million). The Company also received one preferred share, which entitles the Company to elect one Board member of TIL. The preferred share does not give the Company a right to any dividends or distributions of TIL. The Company accounts for its investment in TIL using the equity method. In October 2014, the Company purchased an additional 0.9 million common shares of TIL on the open market. The common shares were acquired at a price of NOK 69 per share, or a purchase price of $10.0 million. In May 2014, the Company sold two wholly-owned subsidiaries, each of which owns one VLCC, to TIL (see note 21). In 2015, TIL had repurchased 3.3 million of its own shares on the open market. The common shares were repurchased at a weighted average price of NOK 105.2 per share, or a gross purchase price of $40.6 million. As of December 31, 2015, the Company’s ownership interest in TIL was 10.2%. 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 net working capital. Teekay retained the remaining 50% interest in TTOL. As consideration for this acquisition, the Company issued to Teekay 4.2 million Class B common shares. The 4.2 million Class B common shares had an approximate value of $15.6 million, or $3.70 per share, when the purchase price was agreed to between the parties and a value of $17.0 million, or $4.03 per share, on the acquisition closing date. The purchase price, for accounting purposes, is based upon the value of the Class B common shares 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 $6.9 million, is accounted for as an equity distribution to Teekay. The portion of the purchase price paid with the 4.2 million of Class B common shares is reflected in the statement of cash flow as a non-cash transaction. The Company accounts for its ownership interest in TTOL using the equity method. A condensed summary of the Company’s financial information for equity accounted investments (10.2% to 50.0% owned) shown on a 100% basis are as follows: As at December 31, 2015 $ 2014 $ Cash and cash equivalents 97,933 97,758 Other current assets 206,460 66,473 Vessels and equipment 855,232 715,360 Other non-current assets 25,304 21,107 Current portion of long-term debt 149,301 32,849 Other current liabilities 41,321 47,275 Long-term debt 485,627 355,784 Other non-current liabilities 31,269 31,787 Year Ended December 31, 2015 $ 2014 $ 2013 $ Revenues 225,596 94,244 7,325 Income from operations 109,253 16,460 3,256 Realized and unrealized loss on derivative instruments (689 ) (831 ) — Net income 90,059 3,598 1,686

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	Year Ended December 31, 2015 $ 2014 $ Voyage and vessel 30,112 7,643 Corporate accruals 19,255 366 Interest 4,742 3,980 Payroll and benefits to related parties 7,920 6,294 Total 62,029 18,283

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Year Ended December 31, 2015 $ 2014 $ Revolving credit facilities due through 2018 530,971 508,593 Term loans due through 2021 635,330 147,470 Long-term debt of Entities under Common Control — 54,265 Total principal 1,166,301 710,328 Less: unamortized discount and debt issuance costs (1,696 ) (1,763 ) Total debt 1,164,605 708,565 Less: current portion (174,047 ) (47,225 ) Non-current portion of long-term debt 990,558 661,340

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015: Interest Rate Index Principal $ Fair Value / $ Remaining Fixed Interest (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap (1) USD LIBOR 6M 200,000 (2,662 ) 0.8 2.61 U.S. Dollar-denominated interest rate swap (1) USD LIBOR 3M 100,000 (7,876 ) 1.8 5.55 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of December 31, 2015 ranged from 0.30% to 2.80%.

Other Long-Term Liabilities (Ta

Other Long-Term Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Summary of Freight Tax Expenses (Recovery) Recorded in Other Long-Term Liabilities	The following is a roll-forward of the Company’s freight tax expenses (recovery) which are recorded in its consolidated balance sheets in other long-term liabilities, from January 1, 2014 to December 31, 2015: Year Ended December 31, 2015 $ 2014 $ Balance of unrecognized tax benefits as at January 1 4,852 5,351 Increases for positions related to the current year 3,294 406 Changes for positions taken in prior years 42 (753 ) Decreases related to statute of limitations (591 ) (152 ) Balance of unrecognized tax benefits as at December 31 7,597 4,852

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Summary of Changes in Fair Value of Stock Purchase Warrant	Changes in fair value during the years ended December 31, 2015 and 2014 for the TIL stock purchase warrant are as follows: Year Ended $ Year Ended $ Fair value at the beginning of the period 4,657 — Fair value on issuance — 3,420 Unrealized gain included in earnings 507 1,237 Fair value at the end of the period 5,164 4,657
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, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value. December 31, 2015 December 31, 2014 Fair Value Carrying Amount Fair Value Asset/ $ Carrying Amount Fair Value Asset/ $ Recurring: Cash and cash equivalents and restricted cash Level 1 97,287 97,287 162,797 162,797 Derivative instruments Interest rate swap agreements (note 12) Level 2 (10,538 ) (10,538 ) (18,225 ) (18,225 ) Stock purchase warrant (note 12) Level 3 5,164 5,164 4,657 4,657 Other: Advances to equity accounted investments Note (1) 13,980 Note (1 ) 14,980 Note (1 ) Long-term debt, including current portion Level 2 (1,164,605 ) (1,140,135 ) (708,565 ) (669,772 ) (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 are not determinable.

Capital Stock (Tables)

Capital Stock (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Summary of Stock Option Information	A summary of the Company’s stock option information for the years ended December 31, 2015 and 2014 is as follows: December 31, 2015 December 31, 2014 Options (#) Weighted- Options (#) Weighted- Outstanding - beginning of year 263,175 4.16 — — Granted 58,434 5.39 263,175 4.16 Outstanding - end of year 321,609 4.39 263,175 4.16 Exercisable - end of year 188,920 4.13 152,346 4.10
Summary of Non-Vested Stock Option Activity and Related Information	A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2015 and 2014 is as follows: December 31, 2015 December 31, 2014 Options # Weighted- Average Options # Weighted- Average Outstanding non-vested stock options - beginning of year 110,829 4.25 — — Granted 58,434 5.39 110,829 4.25 Vested (36,574 ) 4.25 — — Outstanding non-vested stock options - end of year 132,689 4.75 110,829 4.25

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Summary of Related Party Transactions	e. Teekay and its wholly owned subsidiary and the Company’s manager, Teekay Tankers Management Services Ltd. ( the Manager Management Agreement Pool Managers Year Ended December 31, 2015 2014 2013 $ $ $ Time-charter revenues (i) 392 13,728 13,506 Pool management fees and commissions (ii) (10,445 ) (5,292 ) (4,043 ) Commercial management fees (iii) (1,236 ) (1,117 ) (1,079 ) Vessel operating expenses - technical management fee (iv) (7,039 ) (5,613 ) (5,637 ) Strategic and administrative service fees (v) (8,356 ) (8,676 ) (10,783 ) Entities under Common Control (note 3) Time-charter revenues (vi) 4,558 6,572 — Bareboat charter revenues (vii) — 1,156 9,928 Commercial management fees (246 ) (226 ) — Vessel operating expenses - technical management fee (430 ) (399 ) — Strategic and administrative service fees (660 ) (861 ) (927 ) (i) In December 2015, immediately after the completion of the 2015 Acquired Business, the Company chartered-out the Navigator Spirit Pinnacle Spirit Summit Spirit (ii) The Company’s share of the Pool Managers’ fees are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of income (loss). (iii) The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels not included in the pooling arrangement, which are reflected in voyage expenses on the Company’s consolidated statements of income (loss). (iv) The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company’s consolidated statements of income (loss). (v) The Manager’s strategic and administrative service fees have been presented in general and administrative fees on the Company’s consolidated statements of income (loss). The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan described in note 15) is set and paid by Teekay or such other subsidiaries. The Company reimburses Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee. (vi) The Company recorded $4.6 million and $6.6 million related to a time-charter out contract for the SPT Explorer (vii) The Company recorded $0.9 million and $5.0 million related to a bareboat charter contract for the SPT Explorer Navigator Spirit

Other (Expenses) Income (Tables

Other (Expenses) Income (Tables)	12 Months Ended
	Dec. 31, 2015
Other Income and Expenses [Abstract]
Summary of Other (Expense) Income	Year Ended December 31, 2015 2014 2013 $ $ $ Freight tax (expense) recovery (3,339 ) 154 (594 ) Gain on initial recognition of stock purchase warrant (note 8b) — 3,420 — Foreign exchange gain (loss) 252 138 (107 ) Other (expense) income (10 ) 93 (313 ) Total (3,097 ) 3,805 (1,014 )

Supplemental Cash Flow Inform47

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Changes in Non-cash Working Capital Items Related to Operating Activities	The changes in non-cash working capital items related to operating activities for the years ended December 31, 2015, 2014, and 2013 are as follows: Year Ended December 31, 2015 2014 2013 $ $ $ Accounts receivable and interest receivable (13,506 ) (8,464 ) (9,189 ) Pool receivables from affiliates (27,481 ) (24,489 ) (1,664 ) Due from affiliates 12,361 (14,511 ) (3,204 ) Prepaid expenses and other current assets (11,400 ) 987 (647 ) Accounts payable and accrued liabilities 32,876 (3,174 ) 2,084 Due to affiliates (12,181 ) (928 ) 7,731 Deferred revenue 2,039 (2,324 ) (1,603 ) Other (8,588 ) 1,999 (141 ) (25,880 ) (50,904 ) (6,633 )

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Net Income (Loss) Per Share	The net income (loss) available for common shareholders and earnings (loss) per common share presented in the table below excludes the results of operations of the Entities under Common Control (see note 3 Year Ended December 31, 2015 2014 2013 $ $ $ Net income (loss) 179,635 60,538 (2,709 ) Net income attributable to the Entities under Common Control 2,708 3,396 5,429 Net income (loss) available for common shareholders 176,927 57,142 (8,138 ) Weighted-average number of common shares - basic 130,136,228 85,882,685 83,591,030 Dilutive effect of stock-based compensation 581,481 364,452 — Weighted average number of common shares - diluted 130,717,709 86,247,137 83,591,030 Earnings (loss) per common share: - Basic 1.36 0.67 (0.10 ) - Diluted 1.35 0.66 (0.10 )

Acquisition of SPT (Tables)

Acquisition of SPT (Tables)	12 Months Ended
	Dec. 31, 2015
Business Combinations [Abstract]
Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary estimates of fair values of the SPT assets acquired and liabilities assumed by the Company on the acquisition date. The Company is continuing to obtain information to finalize the estimated fair value of the SPT assets acquired and liabilities assumed and expects to complete this process as soon as practicable, but no later than one year from the acquisition date. As at July 31, 2015 ASSETS $ Cash, cash equivalents and short-term restricted cash 1,292 Accounts receivable 10,332 Prepaid expenses and other current assets 3,763 Vessels and equipment 6,475 Other assets 143 Intangible assets subject to amortization Customer relationships (1) 30,879 Total assets acquired 52,884 Accounts payable (3,650 ) Accrued liabilities (3,276 ) Total Liabilities assumed (6,926 ) Net assets acquired (2) 45,958 (1) The customer relationships are being amortized over 10 years. Aggregate amortization expense of intangible assets for the year ended December 31, 2015 was $2.0 million (excluding the retroactive adjustment described in note 2 below), which is included in depreciation and amortization. Amortization of intangible assets for the five fiscal years subsequent to 2015 is expected to be $3.1 million (2016), $3.1 million (2017), $3.1 million (2018), $3.1 million (2019), $3.1 million (2020) and $14.1 million (thereafter). As at December 31, 2015, the gross carrying amount, accumulated amortization and net carrying amount were $30.9 million, $1.3 million and $29.6 million, respectively. (2) Prior to the SPT acquisition date, SPT had in-chartered the SPT Explorer
Consolidated Pro forma Financial Information	The following table provides comparative summarized consolidated pro forma financial information for the Company for the years ended December 31, 2015 and 2014, giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2014: Unaudited Pro Forma Unaudited Pro Forma Year ended Year ended December 31, 2015 December 31, 2014 Revenues 549,893 304,523 Net Income 174,275 53,269 Earnings per common share: Basic 1.30 0.58 Diluted 1.30 0.57

Summary of Significant Accoun50

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)Vessel	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Significant Accounting Policies [Line Items]
Period to dry dock	25 years
Depreciation of vessels and equipment excluding amortization of dry-docking expenditure | $	$ 59.5	$ 42.5	$ 42.3
Income taxes, excluding freight taxes | $	$ 0.2
Company's Fleet [Member]
Significant Accounting Policies [Line Items]
Number of vessels	59
Charters In [Member]
Significant Accounting Policies [Line Items]
Number of vessels	13
High-Q Joint Venture [Member]
Significant Accounting Policies [Line Items]
Number of vessels	1
Ownership percentage	50.00%
Dry-Docking Activity [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Period to dry dock	2 years 6 months
Dry-Docking Activity [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Period to dry dock	5 years

Summary of Significant Accoun51

Summary of Significant Accounting Policies - Summary of Financing Receivables (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Total financing receivables	$ 13,980	$ 14,980
Other Internal Metrics [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Advances to equity accounted investments	$ 13,980	$ 14,980

Summary of Significant Accoun52

Summary of Significant Accounting Policies - Summarizes Change in Capitalized Dry-Docking Activity (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Balance at the beginning of the year	$ 897,237
Cost incurred for dry docking	39,617	$ 17,072	$ 19,245
Balance at the end of the year	1,767,925	897,237
Dry-Docking Activity [Member]
Property, Plant and Equipment [Line Items]
Balance at the beginning of the year	35,509	29,269	18,672
Cost incurred for dry docking	39,617	17,072	19,245
Dry-dock amortization	(12,866)	(10,832)	(8,648)
Vessel sales (note 21)	(114)
Balance at the end of the year	$ 62,146	$ 35,509	$ 29,269

Recent Accounting Pronounceme53

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	$ 2,169,476	$ 1,241,172
Liabilities, current	289,652	85,740
Long term debt, non current	990,558	661,340
Total liabilities	1,292,015	762,894
Accounting Standards Update 2015-03 [Member] | Reclassification Adjustment [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	(1,700)	(1,800)
Non current assets	(1,700)	(1,800)
Long term debt, current	(600)	(100)
Liabilities, current	(600)	(100)
Long term debt, non current	(1,100)	(1,700)
Total liabilities	$ (1,700)	$ (1,800)

Acquisition of Entities under54

Acquisition of Entities under Common Control - Additional Information (Detail) $ in Thousands	Dec. 18, 2015USD ($)Vessel	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Business Acquisition [Line Items]
Net income (loss)			$ 179,635	$ 60,538	$ (2,709)
Revenues			514,193	250,002	180,015
SPT Explorer LLC And Navigator Spirit LLC [Member]
Business Acquisition [Line Items]
Business acquisition, assumed working capital			31,870
Entities under Common Control [Member]
Business Acquisition [Line Items]
Net income (loss)			2,708	3,396	5,429
Revenues			9,800	$ 14,400	$ 9,900
Entities under Common Control [Member] | SPT Explorer LLC And Navigator Spirit LLC [Member]
Business Acquisition [Line Items]
Business acquisition, assumed working capital	$ 39,000
Number of vessels | Vessel	2
Assumption of outstanding debt	$ 49,600
Amount paid to acquire business	30,400
Net assets acquired			25,000
Return of capital			$ 14,000
Entities under Common Control [Member] | SPT Explorer LLC And Navigator Spirit LLC [Member] | Working Capital [Member]
Business Acquisition [Line Items]
Business acquisition, assumed working capital	8,600
Entities under Common Control [Member] | SPT Explorer LLC And Navigator Spirit LLC [Member] | Teekay Corporation [Member]
Business Acquisition [Line Items]
Amount to terminate time charters	2,900
Contractual amount	$ 1,500
Subsequent Event [Member] | Entities under Common Control [Member] | SPT Explorer LLC And Navigator Spirit LLC [Member]
Business Acquisition [Line Items]
Amount paid to acquire business		$ 8,600

Public Offerings and Private 55

Public Offerings and Private Placements - Summary of Issuances of Common Shares (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended	12 Months Ended
	Aug. 31, 2015	Jul. 31, 2015	Jan. 31, 2015	Dec. 31, 2014	Aug. 31, 2014	Oct. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Subsidiary, Sale of Stock [Line Items]
Net Proceeds							$ 246,032	$ 111,190
Offering Price Per Share	$ 6.65	$ 6.99	$ 4.57	$ 4.80	$ 4.03			$ 4.80
Minimum [Member]
Subsidiary, Sale of Stock [Line Items]
Offering Price Per Share						$ 6.12
Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Offering Price Per Share						$ 7.92
Teekay Tanker Operations Ltd [Member]
Subsidiary, Sale of Stock [Line Items]
Number of Common Shares Issued					4,220,945
Gross Proceeds					$ 17,010
Net Proceeds					$ 17,010
Ship to Ship Transfer Business [Member]
Subsidiary, Sale of Stock [Line Items]
Number of Common Shares Issued		6,511,812
Gross Proceeds		$ 45,500
Net Proceeds		$ 45,500
Continuous Offering [Member] | Minimum [Member]
Subsidiary, Sale of Stock [Line Items]
Offering Price Per Share							$ 6.04
Continuous Offering [Member] | Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Offering Price Per Share							$ 7.70
Conventional Tankers [Member]
Subsidiary, Sale of Stock [Line Items]
Number of Common Shares Issued	13,630,075		3,000,000	24,166,666		7,180,083
Gross Proceeds	$ 90,640		$ 13,716	$ 116,000		$ 49,268
Net Proceeds	$ 90,640		$ 13,685	$ 111,190		$ 49,268
Conventional Tankers [Member] | Continuous Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Number of Common Shares Issued							13,391,100
Gross Proceeds							$ 94,594
Net Proceeds							$ 92,439
Teekay Corporation [Member] | Teekay Tanker Operations Ltd [Member]
Subsidiary, Sale of Stock [Line Items]
Teekay's Ownership After the Offering					28.70%
Teekay Corporation [Member] | Ship to Ship Transfer Business [Member]
Subsidiary, Sale of Stock [Line Items]
Teekay's Ownership After the Offering		28.30%
Teekay Corporation [Member] | Conventional Tankers [Member]
Subsidiary, Sale of Stock [Line Items]
Teekay's Ownership After the Offering	28.80%		25.50%	26.20%		26.20%

Public Offerings and Private 56

Public Offerings and Private Placements - Summary of Issuances of Common Shares (Parenthetical) (Detail)	Jul. 31, 2015USD ($)Vessel	Jan. 02, 2015USD ($)shares	Aug. 31, 2015Vesselshares	Jul. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014shares	Nov. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Aug. 31, 2014USD ($)$ / shares
Subsidiary, Sale of Stock [Line Items]
Net proceeds from common stock | $								$ 242,264,000	$ 111,190,000
Ship to Ship Transfer Business [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued				6,511,812
Number of vessels | Vessel	6
Teekay Corporation [Member]
Subsidiary, Sale of Stock [Line Items]
Voting power by parent								53.60%
Ownership percentage by parent								25.90%
Class B [Member] | Teekay Corporation [Member] | Ship to Ship Transfer Business [Member]
Subsidiary, Sale of Stock [Line Items]
Purchase price consideration | $	$ 45,500,000			$ 45,500,000
Business acquisition, common share price per share agreed upon | $ / shares				$ 6.99
Class A [Member] | Principal Maritime Tankers [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued								7,180,083
Number of common shares issued, non cash consideration | $								$ 49,300,000
Continuous Offering [Member] | Maximum [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Aggregate amount of shares issued at market price | $						$ 80,000,000	$ 80,000,000
Public Offering [Member] | Class A [Member] | Principal Maritime Tankers [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued			9,100,000
Public Offering [Member] | Class A [Member] | Teekay Corporation [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued					20,000,000
Private Placement [Member] | Class A [Member] | Teekay Corporation [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued									4,200,000
Private Placement [Member] | Class A [Member] | Teekay Corporation [Member] | Principal Maritime Tankers [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued			4,500,000
Underwriters' Option [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Grant period for option to purchase common shares								30 days
Net proceeds from common stock | $		$ 13,700,000
Underwriters' Option [Member] | Maximum [Member] | Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued		3,000,000
Teekay Tanker Operations Ltd [Member] | Class B [Member] | Teekay Corporation [Member]
Subsidiary, Sale of Stock [Line Items]
Percentage of ownership acquired										50.00%
Teekay Tanker Operations Ltd [Member] | Initial [Member] | Class B [Member] | Teekay Corporation [Member]
Subsidiary, Sale of Stock [Line Items]
Purchase price consideration | $										$ 15,600,000
Business acquisition, common share price per share agreed upon | $ / shares										$ 3.70
Suezmax tankers [Member] | Principal Maritime Tankers [Member]
Subsidiary, Sale of Stock [Line Items]
Number of vessels | Vessel			12

Business Operations - Revenues

Business Operations - Revenues and Percentage of Consolidated Revenue (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue, Major Customer [Line Items]
Revenue of significant customer	$ 514,193	$ 250,002	$ 180,015
Statoil ASA [Member] | Customer Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Revenue of significant customer		$ 38,300	33,700
ConocoPhillips [Member] | Customer Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Revenue of significant customer			$ 18,100

Business Operations - Revenue58

Business Operations - Revenues and Percentage of Consolidated Revenue (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2015
ConocoPhillips [Member] | Maximum [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Revenue, Major Customer [Line Items]
Percentage of revenue from significant customer	10.00%

Business Operations - Additiona

Business Operations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015
Aframax Tankers [Member] | Minimum [Member]
Concentration Risk [Line Items]
Vessels in pooling arrangement, age	15 years

Investment in Term Loans - Addi

Investment in Term Loans - Additional Information (Detail) $ in Thousands	1 Months Ended		12 Months Ended
	May. 31, 2014VesselSubsidiary	Jul. 31, 2010USD ($)SecurityLoanVessel	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Mar. 21, 2014USD ($)
Net Investment Income [Line Items]
Total amount of the term loan including costs of acquisition | $		$ 115,600	$ (1,179)	$ 9,120
Number of term loans invested | SecurityLoan		2
Number of 2010-built VLCCs collateralized for loans | Vessel		2
Interest rate on term loan		9.00%
Investment yield		10.00%
Investment, Interest Rate Reflects Current Yield Flag		true
Fair Value Asset/(Liability) [Member] | Collateral [Member]
Net Investment Income [Line Items]
Term loan, collateral amount | $					$ 144,000
Accrued Interest | $					$ 9,100
Tanker Investments Ltd [Member]
Net Investment Income [Line Items]
Number of subsidiaries sold | Subsidiary	2
Tanker Investments Ltd [Member] | Subsidiary One [Member]
Net Investment Income [Line Items]
Number of vessels sold | Vessel	1
Tanker Investments Ltd [Member] | Subsidiary Two [Member]
Net Investment Income [Line Items]
Number of vessels sold | Vessel	1

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015Segment
Segment Reporting [Abstract]
Number of operating segment	2

Segment Reporting - Schedule of

Segment Reporting - Schedule of Company's Revenue and Income From Operations by Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Revenues	$ 514,193	$ 250,002	$ 180,015
Voyage expenses	(19,816)	(11,223)	(8,337)
Vessel operating expenses	(137,164)	(98,403)	(91,667)
Time-charter hire expense	(74,898)	(22,160)	(6,174)
Depreciation and amortization	(73,760)	(53,292)	(50,973)
General and administrative expenses	(17,354)	(12,821)	(13,522)
Gain on sale of vessel	771	9,955	(71)
Restructuring charge	(4,772)
Income from operations	187,200	62,058	9,271
Equity income	14,411	$ 5,228	$ 854
Conventional Tankers [Member]
Segment Reporting Information [Line Items]
Gain on sale of vessel	771
Operating Segments [Member] | Conventional Tankers [Member]
Segment Reporting Information [Line Items]
Revenues	496,455
Voyage expenses	(19,468)
Vessel operating expenses	(123,572)
Time-charter hire expense	(74,860)
Depreciation and amortization	(72,118)
General and administrative expenses	(15,369)
Gain on sale of vessel	771
Restructuring charge	(4,445)
Income from operations	187,394
Equity income	14,411
Operating Segments [Member] | Ship-to-Ship Transfer [Member]
Segment Reporting Information [Line Items]
Revenues	18,587
Voyage expenses	(348)
Vessel operating expenses	(14,441)
Time-charter hire expense	(38)
Depreciation and amortization	(1,642)
General and administrative expenses	(1,985)
Gain on sale of vessel	0
Restructuring charge	(327)
Income from operations	(194)
Equity income	0
Inter-segment Revenue [Member]
Segment Reporting Information [Line Items]
Revenues	(849)
Voyage expenses	0
Vessel operating expenses	849
Time-charter hire expense	0
Depreciation and amortization	0
General and administrative expenses	0
Gain on sale of vessel	0
Restructuring charge	0
Income from operations	0
Equity income	$ 0

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	$ 96,417	$ 162,797	$ 25,646	$ 26,341
Accounts receivable	28,313	4,475
Consolidated total assets	2,169,476	$ 1,241,172
Conventional Tankers [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets	1,970,365
Ship-to-Ship Transfer [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets	$ 74,381

Investments in and Advances t64

Investments in and Advances to Equity Accounted Investments - Schedule of Investments in and Advances to Equity Accounted Investments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	$ 86,808	$ 73,397
Equity Accounted Investments [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	225,596	94,244	$ 7,325
Income from operations	109,253	16,460	3,256
Realized and unrealized loss on derivative instruments	(689)	(831)
Net income (loss)	90,059	3,598	$ 1,686
Equity Accounted Investments [Member] | Vessels and equipment [Member]
Schedule of Equity Method Investments [Line Items]
Non current assets	855,232	715,360
Equity Accounted Investments [Member] | Other current assets [Member]
Schedule of Equity Method Investments [Line Items]
Current assets	206,460	66,473
Equity Accounted Investments [Member] | Other non-current assets [Member]
Schedule of Equity Method Investments [Line Items]
Non current assets	25,304	21,107
Equity Accounted Investments [Member] | Other current liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Current liabilities	41,321	47,275
Equity Accounted Investments [Member] | Other non-current liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Non-current liabilities	31,269	31,787
Equity Accounted Investments [Member] | Cash and cash equivalents [Member]
Schedule of Equity Method Investments [Line Items]
Current assets	97,933	97,758
Equity Accounted Investments [Member] | Current portion of long-term debt [Member]
Schedule of Equity Method Investments [Line Items]
Current liabilities	149,301	32,849
Equity Accounted Investments [Member] | Long-term debt [Member]
Schedule of Equity Method Investments [Line Items]
Non-current liabilities	485,627	355,784
High-Q Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	21,166	18,948
Tanker Investments Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	44,195	36,915
Teekay Tanker Operations Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	$ 21,447	$ 17,534

In-process Revenue Contracts -

In-process Revenue Contracts - Additional Information (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2015VesselContract	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
In Process Revenue Contracts [Line Items]
Amortization of in-process revenue contracts		$ 4.8	$ 0	$ 0
Principal Maritime Tankers [Member]
In Process Revenue Contracts [Line Items]
Amortization of in-process revenue contracts		$ 4.8
Suezmax tankers [Member] | Principal Maritime Tankers [Member]
In Process Revenue Contracts [Line Items]
Number of vessels | Vessel	12
Number of time-charter contracts | Contract	3

Accrued liabilities - Accrued l

Accrued liabilities - Accrued liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued Liabilities [Abstract]
Voyage and vessel	$ 30,112	$ 7,643
Corporate accruals	19,255	366
Interest	4,742	3,980
Payroll and benefits to related parties	7,920	6,294
Total	$ 62,029	$ 18,283

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total principal	$ 1,166,301	$ 710,328
Less: unamortized discount and debt issuance costs	(1,696)	(1,763)
Total debt	1,164,605	708,565
Less: current portion	(174,047)	(47,225)
Non-current portion of long-term debt	990,558	661,340
Total debt	1,164,605	708,565
Entities under Common Control [Member]
Debt Instrument [Line Items]
Total principal	0	54,265
Secured Debt [Member]
Debt Instrument [Line Items]
Total principal	635,330	147,470
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Total principal	$ 530,971	$ 508,593

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information - Revolvers (Detail)	12 Months Ended
	Dec. 31, 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	2.80%
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Number of debt instruments | CreditFacility	2
Revolving credit facilities borrowing capacity	$ 545,500,000	$ 689,100,000
Undrawn amount of revolving credit facility	$ 14,600,000	$ 126,200,000
Reference rate for the variable rate of the debt instrument	LIBOR
Debt instrument, collateral description	The Revolvers were collateralized by 20 of the Company’s vessels, together with other related security.
Minimum hull coverage ratios	105.00%
Actual hull coverage ratio	138.00%
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] | 2016 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	$ 91,300,000
Revolving Credit Facilities [Member] | 2017 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	386,900,000
Revolving Credit Facilities [Member] | 2018 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	$ 67,300,000
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 I69

Long-Term Debt - Additional Information - Five Term Loans (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)SecurityLoanTerm_loan	Dec. 31, 2014USD ($)	Dec. 31, 2013
Debt Instrument [Line Items]
Total principal	$ 1,166,301,000	$ 710,328,000
Minimum [Member]
Debt Instrument [Line Items]
Percentage of margin	0.30%
Maximum [Member]
Debt Instrument [Line Items]
Percentage of margin	2.80%
Secured Debt [Member]
Debt Instrument [Line Items]
Number of debt instruments | SecurityLoan	5
Total principal	$ 635,330,000	$ 147,470,000
Reference rate for the variable rate of the debt instrument	LIBOR
Minimum hull coverage ratios	120.00%	130.00%	135.00%
Debt instrument, collateral description	The term loans are collateralized by first-priority mortgages on 23 of the Company’s vessels, together with certain other related security
Secured Debt [Member] | Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Number of debt instruments | Term_loan	1
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]
Number of debt instruments | Term_loan	2
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	174.00%
Secured Debt [Member] | Maximum [Member]
Debt Instrument [Line Items]
Term loan fixed interest rate	4.90%
Percentage of margin	2.80%	1.00%
Actual hull coverage ratio	1077.00%
Secured Debt Two [Member] | Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Number of debt instruments | Term_loan	2
Maintain the greater of free cash liquidity	$ 100,000,000
Minimum liquidity as a percentage of debt	7.50%

Long-Term Debt - Additional I70

Long-Term Debt - Additional Information - Long-term debt joint and several liability arrangements (Detail) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2016USD ($)	Dec. 31, 2015USD ($)SecurityLoanDebt_Instruments	Dec. 31, 2014USD ($)Vessel
Entities under Common Control [Member]
Debt Instrument [Line Items]
Long term debt assumed as part of acquisition			$ 54.3
Number of vessels acquired | Vessel			2
Subsequent Event [Member] | Bridge Loan [Member] | Due January Twenty Nine Two Thousand Sixteen [Member]
Debt Instrument [Line Items]
Repayments of short-term debt	$ 845.8
Secured Debt [Member]
Debt Instrument [Line Items]
Number of debt instruments | SecurityLoan		5
Amount outstanding in the joint and several liability arrangement		$ 85.6
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		$ 173.9

Long-Term Debt - Additional I71

Long-Term Debt - Additional Information - Other (Detail) $ in Millions	1 Months Ended
	Jan. 31, 2016USD ($)Bridge_Loan	Dec. 31, 2015USD ($)	Dec. 31, 2014
Debt Instrument [Line Items]
Interest at a weighted-average fixed rate		1.60%	1.10%
Due January Two Thousand And Twenty One [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Aggregate annual long-term principal repayments, 2016		$ 174.7
Aggregate annual long-term principal repayments, 2017		214.9
Aggregate annual long-term principal repayments, 2018		190.9
Aggregate annual long-term principal repayments, 2019		122.6
Aggregate annual long-term principal repayments, 2020		110
Aggregate annual long-term principal repayments, thereafter		$ 353.2
Subsequent Event [Member] | Due January Two Thousand And Twenty One [Member] | Revolving Credit Facilities [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Secured long-term debt facility	$ 894.4
Subsequent Event [Member] | Due January Two Thousand And Twenty One [Member] | Revolving Credit Facilities [Member] | Term Loan [Member] | Bridge Loan [Member]
Debt Instrument [Line Items]
Secured long-term debt facility	$ 894.4
Subsequent Event [Member] | Due January Twenty Nine Two Thousand Sixteen [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Number of bridge loan facilities | Bridge_Loan	2

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesNOK / Derivativeshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2015NOK / shares	Jan. 31, 2014USD ($)
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	$ 5,164	$ 4,657
Tanker Investments Ltd [Member]
Derivative [Line Items]
Number of stock purchase warrants | shares	1
Unrealized gains on the derivative asset	$ 500	1,200
Tanker Investments Ltd [Member] | Maximum [Member]
Derivative [Line Items]
Number of shares available through exercise of stock purchase warrant | shares	750,000
Tanker Investments Ltd [Member] | Minimum [Member] | Tranche One [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative	77.08
Tanker Investments Ltd [Member] | Minimum [Member] | Tranche Two [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative	92.50
Tanker Investments Ltd [Member] | Minimum [Member] | Tranche Three [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative	107.91
Tanker Investments Ltd [Member] | Minimum [Member] | Tranche Four [Member]
Derivative [Line Items]
Fair market value of the shares | NOK / Derivative	123.33
Interest Rate Swap [Member]
Derivative [Line Items]
Interest rate swaps realized loss	$ (9,800)	(10,000)	$ (9,900)
Interest rate swaps unrealized gain	$ 7,700	7,100	$ 8,400
Warrant [Member] | Tanker Investments Ltd [Member]
Derivative [Line Items]
Fixed price of stock purchase warrants, per share | (per share)	$ 10			NOK 61.67
Fair value of stock purchase warrant	$ 5,164	$ 4,657			$ 3,420
Consecutive trading days	10 days

Derivative Instruments - Summar

Derivative Instruments - Summary of Interest Rate Swap Positions (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)
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)	$ (2,662,000)
U.S. Dollar-denominated interest rate swap, Remaining Term (years)	9 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)	$ (7,876,000)
U.S. Dollar-denominated interest rate swap, Remaining Term (years)	1 year 9 months 18 days
U.S. Dollar-denominated interest rate swap, Fixed Interest Rate	5.55%

Derivative Instruments - Summ74

Derivative Instruments - Summary of Interest Rate Swap Positions (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2015
Minimum [Member]
Derivative [Line Items]
Margin on variable-rate debt	0.30%
Maximum [Member]
Derivative [Line Items]
Margin on variable-rate debt	2.80%

Other Long-Term Liabilities - S

Other Long-Term Liabilities - Summary of Freight Tax Expenses (Recovery) Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
Balance of unrecognized tax benefits as at January 1	$ 4,852	$ 5,351
Increases for positions related to the current year	3,294	406
Changes for positions taken in prior years	42	(753)
Decreases related to statute of limitations	(591)	(152)
Balance of unrecognized tax benefits as at December 31	$ 7,597	$ 4,852

Other Long-Term Liabilities - A

Other Long-Term Liabilities - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Liabilities, Other than Long-term Debt, Noncurrent [Abstract]
Interest and penalties on freight tax expenses (recoveries)	$ 1.3	$ 0.6

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Tanker Investments Ltd [Member] - shares	12 Months Ended
	Dec. 31, 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
Warrant [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Volatility rate	54.59%
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

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of Stock Purchase Warrant (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary of Derivative Instruments [Abstract]
Fair value at the beginning of the period	$ 4,657
Fair value on issuance	0	$ 3,420
Unrealized gain included in earnings	507	1,237
Fair value at the end of the period	$ 5,164	$ 4,657

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	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 96,417	$ 162,797	$ 25,646	$ 26,341
Stock purchase warrant	5,164	4,657
Long-term debt, including current portion	(1,166,301)	(710,328)
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	97,287	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	(10,538)	(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	5,164	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	13,980	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	(1,164,605)	(708,565)
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	97,287	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	(10,538)	(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	5,164	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	$ (1,140,135)	$ (669,772)

Capital Stock - Additional Info

Capital Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2015	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2015
Class of Stock [Line Items]
Preferred stock, shares authorized	100,000,000				100,000,000	100,000,000
Preferred stock, par value	$ 0.01				$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000				300,000,000	300,000,000
Preferred stock, shares issued	0				0	0
Preferred Stock, shares outstanding	0				0	0
Dividend rate								$ 0.12
Common Stock, Conversion Basis					Shares of the Company’s Class A common stock are not convertible into any other shares of the Company’s capital stock. Each share of Class B common stock is convertible at any time at the option of the holder thereof into one share of Class A common stock. Upon any transfer of shares of Class B common stock to a holder other than Teekay (or any of its affiliates or any successor to Teekay’s business or to all or substantially all of its assets), such shares of Class B common stock shall automatically convert into Class A common stock upon such transfer.
Stock based compensation expense					$ 692	$ 1,233	$ 657
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Restricted stock units vested					351,096	122,146
Market value of restricted stock units					$ 2,300	$ 600
Equity Option [Member]
Class of Stock [Line Items]
Stock options granted during period, value					58,434	263,175
Exercise price of stock options granted					$ 5.39	$ 4.16
Unrecognized compensation cost related to non-vested stock options granted	$ 200				$ 200	$ 100	0
Stock based compensation expense					100	200	0
Intrinsic value of outstanding in-the-money stock options	800				800	200
Intrinsic value of exercisable stock options	$ 500				$ 500	$ 100
Weighted-average remaining life of options vested and expected to vest					8 years 7 months 6 days	9 years 2 months 12 days
Exercisable stock options with weighted-average remaining life					8 years 2 months 12 days	9 years 2 months 12 days
Exercisable stock options	188,920				188,920	152,346
Weighted-average exercise price	$ 4.13				$ 4.13	$ 4.10
Equity Option [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Stock based compensation expense					$ 1,400	$ 1,200	700
Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized	200,000,000				200,000,000	200,000,000
Common stock, par value	$ 0.01				$ 0.01	$ 0.01
Voting rights per share					One vote per share
Common stock, shares issued	132,800,000				132,800,000	95,300,000
Common stock, shares outstanding	132,800,000				132,800,000	95,300,000
Class A [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued					201,564	68,322
Class A [Member] | 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
Class B [Member]
Class of Stock [Line Items]
Common stock, shares authorized	100,000,000				100,000,000	100,000,000
Common stock, par value	$ 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	23,200,000				23,200,000	16,700,000
Common stock, shares outstanding	23,200,000				23,200,000	16,700,000
Common stock conversion feature					In addition, all shares of Class B common stock will automatically convert into shares of Class A common stock if the aggregate number of outstanding shares of Class A common stock and Class B common stock beneficially owned by Teekay and its affiliates falls below 15% of the aggregate number of outstanding shares of common stock. All such conversions will be effected on a one-for-one basis.
General and Administrative Expense [Member]
Class of Stock [Line Items]
Share-based compensation expense recorded in general and administrative expenses					$ 300	$ 100	$ 400
Officer [Member] | 2007 Long-Term Incentive Plan [Member] | Subsidiaries Employees [Member] | Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Common stock, granted					200,000	600,000
Vesting period					3 years	3 years
Restricted stock units aggregate value, granted					$ 1,000	$ 2,300
Officer [Member] | Equity Option [Member] | 2007 Long-Term Incentive Plan [Member]
Class of Stock [Line Items]
Stock options granted during period, value			100,000		58,434
Exercise price of stock options granted			$ 4.25		$ 5.39
Term of stock options			10 years
Vesting period			3 years
Weighted-average grant date fair value of stock options granted		$ 1.97	$ 1.38
Expected volatility rate		49.00%	46.00%
Expected life		5 years	5 years
Dividend yield		2.09%	2.80%
Risk-free interest rate		1.38%	1.60%
Non Management Directors [Member] | Equity Option [Member] | 2007 Long-Term Incentive Plan [Member]
Class of Stock [Line Items]
Stock options granted during period, value				200,000
Exercise price of stock options granted				$ 4.10
Term of stock options				10 years
Weighted-average grant date fair value of stock options granted				$ 1.37
Expected volatility rate				47.70%
Expected life				5 years
Dividend yield				2.90%
Risk-free interest rate				1.60%
Non Management Directors [Member] | Class A [Member]
Class of Stock [Line Items]
Common stock, granted					51,948	17,073	142,157
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period					51,948
Minimum [Member]
Class of Stock [Line Items]
Dividend range under dividend policy	30.00%
Dividend rate	$ 0.03				$ 0.03
Maximum [Member]
Class of Stock [Line Items]
Dividend range under dividend policy	50.00%

Capital Stock - Summary of Stoc

Capital Stock - Summary of Stock Option Information (Detail) - Equity Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Stock Option Activity [Line Items]
Options, Outstanding-beginning of year	263,175
Options, Granted	58,434	263,175
Options, Outstanding-end of year	321,609	263,175
Options, Exercisable-end of year	188,920	152,346
Weighted-Average Exercise Price, Outstanding-beginning of year	$ 4.16
Weighted-Average Exercise Price, Granted	5.39	$ 4.16
Weighted-Average Exercise Price, Outstanding-end of year	4.39	4.16
Weighted-Average Exercise Price, Exercisable-end of year	$ 4.13	$ 4.10

Capital Stock - Summary of Non-

Capital Stock - Summary of Non-Vested Stock Option Activity and Related Information (Detail) - Non Vested Stock Options [Member] - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Nonvested Stock Option Activity [Line Items]
Options, Outstanding Non-Vested Stock Options-beginning of year	110,829
Options, Granted	58,434	110,829
Options, Vested	(36,574)
Options, Outstanding Non-Vested Stock Options-end of year	132,689	110,829
Weighted-Average Grant Date Fair Value, Outstanding non-vested stock options-beginning of Year	$ 4.25
Weighted-Average Grant Date Fair Value, Granted	5.39	$ 4.25
Weighted-Average Grant Date Fair Value, Vested	4.25
Weighted-Average Grant Date Fair Value, Outstanding non-vested stock options-end of year	$ 4.75	$ 4.25

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions	Aug. 01, 2014USD ($)Pools	Oct. 31, 2014USD ($)shares	May. 31, 2014USD ($)Subsidiary	Jan. 31, 2014USD ($)shares	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)$ / shares$ / d	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Related Party Transaction [Line Items]
Aggregate proceeds received						$ 11,080	$ 154,000	$ 9,114
Equity contribution from Teekay Corporation					$ 1,267		1,267
Reimbursement of Manager's crewing and manning costs						26,630	10,395
Working capital advanced to Pool Managers						$ 67,159	50,279
Minimum threshold for payment of performance fee to Manager | $ / shares						$ 3.20
Percentage of performance fee payable on Gross Cash Available for Distribution						20.00%
Percentage of commercial services fee						1.25%
Pool receivable from affiliates						$ 62,735	35,254
Payable To Manager [Member]
Related Party Transaction [Line Items]
Reimbursement of Manager's crewing and manning costs						$ 7,900	6,300
Minimum [Member]
Related Party Transaction [Line Items]
Fixed amount of management fee chargeable per vessel payable per day | $ / d						275
Maximum [Member]
Related Party Transaction [Line Items]
Fixed amount of management fee chargeable per vessel payable per day | $ / d						350
Pool Managers [Member]
Related Party Transaction [Line Items]
Working capital advanced to Pool Managers						$ 46,800	$ 36,200
Tanker Investments Ltd [Member]
Related Party Transaction [Line Items]
Investment in equity accounted investment		$ 10,000		$ 25,000
Number of subsidiaries sold | Subsidiary			2
Tanker Investments Ltd [Member] | Working Capital [Member]
Related Party Transaction [Line Items]
Aggregate proceeds received			$ 1,700
Tanker Investments Ltd [Member] | Vessels [Member]
Related Party Transaction [Line Items]
Aggregate proceeds received			$ 154,000
Tanker Investments Ltd [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Common stock, shares purchased | shares		0.9		2.5
Teekay Tanker Operations Ltd [Member]
Related Party Transaction [Line Items]
Ownership percentage	50.00%
Commercially managed tanker pools | Pools	3
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

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Transactions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Time-charter revenues	$ 392	$ 13,728	$ 13,506
Pool management fees and commissions	(10,445)	(5,292)	(4,043)
Commercial management fees	(1,236)	(1,117)	(1,079)
Vessel operating expenses	(137,164)	(98,403)	(91,667)
Strategic and administrative service fees	(8,356)	(8,676)	(10,783)
Technical management fee [Member]
Related Party Transaction [Line Items]
Vessel operating expenses	(7,039)	(5,613)	(5,637)
Entities under Common Control [Member]
Related Party Transaction [Line Items]
Time-charter revenues	4,558	6,572
Bareboat charter revenues	0	1,156	9,928
Commercial management fees	(246)	(226)
Strategic and administrative service fees	(660)	(861)	$ (927)
Entities under Common Control [Member] | Technical management fee [Member]
Related Party Transaction [Line Items]
Vessel operating expenses	$ (430)	$ (399)

Related Party Transactions - 85

Related Party Transactions - Summary of Related Party Transactions (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Time-charter revenues	$ 392	$ 13,728	$ 13,506
Entities under Common Control [Member]
Related Party Transaction [Line Items]
Time-charter revenues	4,558	6,572
Bareboat charter revenues	$ 0	1,156	9,928
Entities under Common Control [Member] | SPT Explorer [Member]
Related Party Transaction [Line Items]
Bareboat charter revenues		900	5,000
Entities under Common Control [Member] | Navigator Spirit [Member]
Related Party Transaction [Line Items]
Bareboat charter revenues		$ 300	$ 5,000

Other (Expenses) Income - Summa

Other (Expenses) Income - Summary of Other (Expenses) Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Contingency [Line Items]
Freight tax (expense) recovery	$ (3,339)	$ 154	$ (594)
Foreign exchange gain (loss)	252	138	(107)
Other (expense) income	(10)	93	(313)
Total	(3,097)	3,805	$ (1,014)
Warrant [Member]
Income Tax Contingency [Line Items]
Gain on initial recognition of stock purchase warrant	$ 0	$ 3,420

Operating Leases - Additional I

Operating Leases - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)Vessel	Dec. 31, 2014USD ($)
Operating Leased Assets [Line Items]
Minimum commitment to be incurred by Company, 2016	$ 47
Minimum commitment to be incurred by Company, 2017	18.3
Minimum commitment to be incurred by Company, 2018	8.3
Minimum commitment to be incurred by Company, 2019	8.3
Minimum commitment to be incurred by Company, 2020	8.3
Minimum commitment to be incurred by Company, thereafter	1.3
Minimum scheduled future revenues to be received by Company	100.8
Minimum scheduled future revenues to be received by Company in current year	68.7
Minimum scheduled future revenues to be received by Company in second year	26
Minimum scheduled future revenues to be received by Company in third year	6.1
Carrying amount of vessels employed on operating leases	442.5	$ 259.5
Cost of the vessels	596.7	397.8
Accumulated depreciation of the vessels	$ 154.2	$ 138.3
Charters In [Member]
Operating Leased Assets [Line Items]
Number of vessels | Vessel	13
Charters In [Member] | Commitments [Member]
Operating Leased Assets [Line Items]
Number of vessels | Vessel	14
Charters Out [Member] | Fixed Rate Time Charter Contract [Member]
Operating Leased Assets [Line Items]
Number of vessels | Vessel	13
Charters Out [Member] | Time Charter Contract Expiration 2016 [Member]
Operating Leased Assets [Line Items]
Number of vessels | Vessel	9
Charters Out [Member] | Time Charter Contract Expiration 2017 [Member]
Operating Leased Assets [Line Items]
Number of vessels | Vessel	3
Charters Out [Member] | Time Charter Contract Expiration 2018 [Member]
Operating Leased Assets [Line Items]
Number of vessels | Vessel	1

Supplemental Cash Flow Inform88

Supplemental Cash Flow Information - Changes in Non-cash Working Capital Items Related to Operating Activities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Information [Abstract]
Accounts receivable and interest receivable	$ (13,506)	$ (8,464)	$ (9,189)
Pool receivables from affiliates	(27,481)	(24,489)	(1,664)
Due from affiliates	12,361	(14,511)	(3,204)
Prepaid expenses and other current assets	(11,400)	987	(647)
Accounts payable and accrued liabilities	32,876	(3,174)	2,084
Due to affiliates	(12,181)	(928)	7,731
Deferred revenue	2,039	(2,324)	(1,603)
Other	(8,588)	1,999	(141)
Change in non-cash working capital items related to operating activities	$ (25,880)	$ (50,904)	$ (6,633)

Supplemental Cash Flow Inform89

Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Aug. 01, 2014
Supplemental Cash Flow Information [Line Items]
Cash interest paid including realized losses on the interest rate swap agreements	$ 22.8	$ 18.3	$ 18.9
Teekay Tanker Operations Ltd [Member]
Supplemental Cash Flow Information [Line Items]
Percentage of ownership acquired				50.00%
Teekay Tanker Operations Ltd [Member] | Class B [Member]
Supplemental Cash Flow Information [Line Items]
Number of common shares issued for acquisition	4.2

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings (loss) per common share:
Net income (loss)	$ 179,635	$ 60,538	$ (2,709)
Net income (loss) available for common shareholders	$ 176,927	$ 57,142	$ (8,138)
Weighted average number of common shares - basic	130,136,228	85,882,685	83,591,030
Dilutive effect of stock-based compensation	581,481	364,452
Weighted average number of common shares - diluted	130,717,709	86,247,137	83,591,030
Basic	$ 1.36	$ 0.67	$ (0.10)
Diluted	$ 1.35	$ 0.66	$ (0.10)
Entities under Common Control [Member]
Earnings (loss) per common share:
Net income (loss)	$ 2,708	$ 3,396	$ 5,429

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	43,826	110,829	0

Vessel Sales and Vessel Acqui92

Vessel Sales and Vessel Acquisitions - Additional Information (Detail)	1 Months Ended						3 Months Ended	12 Months Ended
	Nov. 30, 2015USD ($)Tanker	Aug. 31, 2015USD ($)Vesselshares	Jan. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)Vesselshares	May. 31, 2014USD ($)Subsidiary	Jan. 31, 2013USD ($)Tanker	Oct. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)Vesselshares	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Property, Plant and Equipment [Line Items]
Aggregate proceeds received								$ 11,080,000	$ 154,000,000	$ 9,114,000
Gain (loss) on the sale of subsidiary recognized								771,000	9,955,000	(71,000)
Revolving credit facilities repaid								191,592,000	167,000,000	25,000,000
Net proceeds from common stock								246,032,000	111,190,000
Tanker Investments Ltd [Member]
Property, Plant and Equipment [Line Items]
Gain (loss) on the sale of subsidiary recognized									10,000,000
Number of subsidiaries sold | Subsidiary					2
Tanker Investments Ltd [Member] | Revolving Credit Facilities [Member]
Property, Plant and Equipment [Line Items]
Revolving credit facilities repaid					$ 152,000,000
Conventional Tankers [Member]
Property, Plant and Equipment [Line Items]
Number of vessels | Tanker	1
Aggregate proceeds received	$ 11,200,000
Gain (loss) on the sale of subsidiary recognized								$ 771,000
Number of common stock issued | shares		13,630,075	3,000,000	24,166,666			7,180,083
Net proceeds from common stock		$ 90,640,000	$ 13,685,000	$ 111,190,000			$ 49,268,000
Class A [Member] | Principal Maritime Tankers [Member]
Property, Plant and Equipment [Line Items]
Number of common stock issued | shares								7,180,083
Number of common shares issued, non cash consideration								$ 49,300,000
Teekay Corporation [Member] | Class A [Member] | Principal Maritime Tankers [Member]
Property, Plant and Equipment [Line Items]
Number of common stock issued | shares								4,500,000
Working Capital [Member] | Tanker Investments Ltd [Member]
Property, Plant and Equipment [Line Items]
Aggregate proceeds received					1,700,000
Vessels [Member] | Tanker Investments Ltd [Member]
Property, Plant and Equipment [Line Items]
Aggregate proceeds received					$ 154,000,000
Aframax Tankers [Member]
Property, Plant and Equipment [Line Items]
Number of vessels | Vessel				1
Aggregate proceeds received						$ 9,100,000
Gain (loss) on the sale of subsidiary recognized										$ (100,000)
Number of tankers sold | Tanker						1
Aggregate purchase price				$ 37,000,000					37,000,000
Aframax Tankers [Member] | Other Non-current Assets [Member]
Property, Plant and Equipment [Line Items]
Escrow fund				$ 3,700,000					3,700,000
Suezmax tankers [Member] | Principal Maritime Tankers [Member]
Property, Plant and Equipment [Line Items]
Number of vessels | Vessel		12
Number of vessels, acquired | Vessel								12
Aggregate purchase price								$ 661,300,000
Aggregate purchase price, cash								612,000,000
Suezmax tankers [Member] | Due January Twenty Nine Two Thousand Sixteen [Member] | Principal Maritime Tankers [Member]
Property, Plant and Equipment [Line Items]
Loan facility, amount								$ 397,200,000
Suezmax tankers [Member] | Teekay Corporation [Member] | Class A [Member] | Principal Maritime Tankers [Member]
Property, Plant and Equipment [Line Items]
Number of common stock issued | shares								13,600,000
Net proceeds from common stock								$ 90,600,000
Modern LR2 vessels [Member]
Property, Plant and Equipment [Line Items]
Number of vessels | Vessel				4
Aggregate purchase price				$ 193,300,000					$ 193,300,000
Aframax Tanker And Lr Two Tankers [Member] | Due January Thirty Two Thousand Sixteen [Member]
Property, Plant and Equipment [Line Items]
Loan facility, amount			$ 126,600,000

Shipbuilding Contracts - Additi

Shipbuilding Contracts - Additional Information (Detail)	Feb. 15, 2016USD ($)Contracts	Feb. 29, 2016USD ($)Contracts	Dec. 31, 2013Vessel	Apr. 30, 2013VesselDWT	Nov. 30, 2013Vessel	Dec. 31, 2016USD ($)	Nov. 30, 2014USD ($)
Cash and cash equivalents [Member]
Property, Plant and Equipment [Line Items]
Amount of escrow account placed							$ 600,000
STX [Member]
Property, Plant and Equipment [Line Items]
Weight capacity in dead-weight tonne | DWT				113,000
STX [Member] | Subsequent Event [Member]
Property, Plant and Equipment [Line Items]
Litigation settlement amount	$ 32,400,000	$ 32,400,000
Number of shipbuilding contracts | Contracts	4	4
Receivable recorded	$ 0
Refund of cash deposit held in escrow						$ 600,000
Additional Order Option Maximum [Member] | STX [Member]
Property, Plant and Equipment [Line Items]
Number of vessels | Vessel				12
Orders to Construct Newbuildings [Member] | STX [Member]
Property, Plant and Equipment [Line Items]
Number of vessels | Vessel			4	4
Option To Order Exercised [Member] | STX [Member]
Property, Plant and Equipment [Line Items]
Number of vessels | Vessel					8

Restructuring Charges and Oth94

Restructuring Charges and Other Revenues - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,772,000
Restructuring liability	0
Amount of restructuring receivables recoverable from customer	0
Revenue earned	514,193,000	$ 250,002,000	$ 180,015,000
Amortization of in-process revenue contracts	4,800,000	$ 0	$ 0
Special Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,400,000
Reimbursement revenue	4,400,000
Lightering Support Operations [Member]
Restructuring Cost and Reserve [Line Items]
Revenue earned	17,700,000
Ship to Ship Transfer Business [Member]
Restructuring Cost and Reserve [Line Items]
Revenue earned	33,100,000
Ship to Ship Transfer Business [Member] | Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs related to severance payments made in relation to acquisition	300,000
Principal Maritime Tankers [Member]
Restructuring Cost and Reserve [Line Items]
Amortization of in-process revenue contracts	$ 4,800,000

Acquisition of SPT - Additional

Acquisition of SPT - Additional Information (Detail) $ / shares in Units, $ in Thousands, shares in Millions	Jul. 31, 2015USD ($)Vessel$ / sharesshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)$ / shares	Dec. 31, 2013USD ($)	Aug. 31, 2015$ / shares	Jan. 31, 2015$ / shares	Aug. 31, 2014$ / shares
Business Acquisition [Line Items]
Shares issued, price per share | $ / shares	$ 6.99		$ 4.80		$ 6.65	$ 4.57	$ 4.03
Revenue		$ 514,193	$ 250,002	$ 180,015
Net income		176,927	$ 57,142	$ (8,138)
Ship to Ship Transfer Business [Member]
Business Acquisition [Line Items]
Purchase price of acquisition	$ 47,300
Number of vessels | Vessel	6
Revenue		33,100
Net income		$ 300
Ship to Ship Transfer Business [Member] | Teekay Corporation [Member] | Class B [Member]
Business Acquisition [Line Items]
Number of common stock issued | shares	6.5
Shares issued, price per share | $ / shares	$ 6.99
Ship to Ship Transfer Business [Member] | Working Capital [Member]
Business Acquisition [Line Items]
Purchase price of acquisition	$ 1,800

Acquisition of SPT - Summary of

Acquisition of SPT - Summary of Preliminary Estimates of Fair Values of SPT Assets Acquired and Liabilities Assumed (Detail) - Ship to Ship Transfer Business [Member] $ in Thousands	Jul. 31, 2015USD ($)
Business Acquisition [Line Items]
Cash, cash equivalents and short-term restricted cash	$ 1,292
Accounts receivable	10,332
Prepaid expenses and other current assets	3,763
Vessels and equipment	6,475
Other assets	143
Intangible assets subject to amortization Customer relationships	30,879
Total assets acquired	52,884
Accounts payable	(3,650)
Accrued liabilities	(3,276)
Total Liabilities assumed	(6,926)
Net assets acquired	$ 45,958

Acquisition of SPT - Summary 97

Acquisition of SPT - Summary of Preliminary Estimates of Fair Values of SPT Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - Ship to Ship Transfer Business [Member] - USD ($) $ in Millions	Jul. 31, 2015	Dec. 31, 2015	Dec. 31, 2015
Business Acquisition [Line Items]
Amortization expense for the year			$ 2
Purchase price of acquisition	$ 47.3
Settlement of Preexisting Obligation [Member]
Business Acquisition [Line Items]
Purchase price of acquisition		$ 1.4
Customer Relationships [Member]
Business Acquisition [Line Items]
Amortization period			10 years
Amortization expense, 2016		3.1	$ 3.1
Amortization expense, 2017		3.1	3.1
Amortization expense, 2018		3.1	3.1
Amortization expense, 2019		3.1	3.1
Amortization expense, 2020		3.1	3.1
Amortization expense, There after		14.1	14.1
Gross carrying amount		30.9	30.9
Accumulated amortization		1.3	1.3
Net carrying amount		$ 29.6	$ 29.6

Acquisition of SPT - Summarized

Acquisition of SPT - Summarized Consolidated Pro forma Financial Information (Detail) - Ship to Ship Transfer Business [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Revenues	$ 549,893	$ 304,523
Net Income	$ 174,275	$ 53,269
Earnings per common share:
Basic	$ 1.30	$ 0.58
Diluted	$ 1.30	$ 0.57

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member]	Feb. 15, 2016USD ($)Contracts	Feb. 29, 2016USD ($)Interest_Rate_SwapsContracts	Jan. 31, 2016USD ($)Bridge_Loan	Dec. 31, 2016USD ($)
Subsequent Event [Line Items]
Number of interest rate swaps | Interest_Rate_Swaps		9
Interest Rate Swap One to Four [Member]
Subsequent Event [Line Items]
Notional amount		$ 50,000,000
Interest rate swaps fixed rate		1.462%
Interest Rate Swap Five [Member]
Subsequent Event [Line Items]
Notional amount		$ 75,000,000
Interest rate swaps fixed rate		1.549%
Interest Rate Swap Six [Member]
Subsequent Event [Line Items]
Notional amount		$ 50,000,000
Interest rate swaps fixed rate		1.155%
Interest Rate Swap Seven [Member]
Subsequent Event [Line Items]
Notional amount		$ 25,000,000
Interest rate swaps fixed rate		1.549%
Interest Rate Swap Eight [Member]
Subsequent Event [Line Items]
Notional amount		$ 25,000,000
Interest rate swaps fixed rate		1.549%
Interest Rate Swap Nine [Member]
Subsequent Event [Line Items]
Notional amount		$ 25,000,000
Interest rate swaps fixed rate		1.549%
STX [Member]
Subsequent Event [Line Items]
Litigation settlement amount	$ 32,400,000	$ 32,400,000
Number of shipbuilding contracts | Contracts	4	4
Refund of cash deposit held in escrow				$ 600,000
Receivable recorded	$ 0
Due January Two Thousand And Twenty One [Member] | Revolving Credit Facilities [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Secured long-term debt facility			$ 894,400,000
Due January Two Thousand And Twenty One [Member] | Revolving Credit Facilities [Member] | Bridge Loan [Member] | Term Loan [Member]
Subsequent Event [Line Items]
Secured long-term debt facility			$ 894,400,000
Due January 2016 [Member] | Secured Debt [Member]
Subsequent Event [Line Items]
Number of bridge loan facilities | Bridge_Loan			2
Due January 2016 [Member] | Secured Debt [Member] | Bridge Loan [Member]
Subsequent Event [Line Items]
Repayments of short-term debt			$ 845,800,000