Teekay Tankers (TNK) 6-K25 Aug 162016 Q2 Current report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	TNK
Entity Registrant Name	TEEKAY TANKERS LTD.
Entity Central Index Key	1,419,945
Current Fiscal Year End Date	--12-31

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
REVENUES
Net pool revenues (note 12a)	$ 90,446	$ 90,979	$ 201,252	$ 171,488
Time charter revenues (note 12a)	22,621	13,886	45,608	28,048
Voyage charter revenues	16,025	7,297	36,574	14,825
Other revenues (notes 6 and 16)	10,529	(879)	21,137	4,445
Total revenues	139,621	111,283	304,571	218,806
Voyage expenses (note 12a)	(9,758)	(3,613)	(22,581)	(7,511)
Vessel operating expenses (note 12a)	(46,389)	(27,846)	(91,462)	(51,818)
Time-charter hire expense (note 12a)	(15,913)	(16,793)	(36,629)	(31,796)
Depreciation and amortization	(25,621)	(16,012)	(52,688)	(30,468)
General and administrative expenses (note 12a)	(4,769)	(3,211)	(10,202)	(6,682)
Asset impairment (note 13)	(6,420)	0	(6,420)	0
Restructuring charges (note 16)	0	879	0	(4,445)
Income from operations	30,751	44,687	84,589	86,086
Interest expense	(7,341)	(3,181)	(15,612)	(5,651)
Interest income	26	8	52	39
Realized and unrealized (loss) gain on derivative instruments (note 8)	(3,750)	523	(11,531)	(1,064)
Equity income (note 5)	4,740	3,587	8,554	6,169
Other expense (note 9)	(1,940)	(474)	(4,586)	(453)
Net income	$ 22,486	$ 45,150	$ 61,466	$ 85,126
Per common share amounts (note 14)
- Basic earnings per share (usd per share)	$ 0.14	$ 0.38	$ 0.39	$ 0.72
- Diluted earnings per share (usd per share)	0.14	0.38	0.39	0.72
- Cash dividends declared (usd per share)	$ 0.09	$ 0.03	$ 0.09	$ 0.06
Weighted-average number of Class A and Class B common stock outstanding (note 14)
- Basic (shares)	156,208,917	116,150,985	156,146,287	115,600,570
- Diluted (shares)	156,446,895	116,725,428	156,469,816	116,182,250

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current
Cash and cash equivalents	$ 58,018	$ 96,417
Restricted cash	1,000	870
Pool receivable from affiliates, net (note 12b)	30,396	62,735
Accounts receivable	43,611	28,313
Vessel held for sale (note 13)	14,000	0
Due from affiliates (note 12b)	80,075	67,159
Current portion of derivative assets	1,345	0
Prepaid expenses	22,736	24,320
Total current assets	251,181	279,814
Vessels and equipment At cost, less accumulated depreciation of $432.5 million (2015 - $391.0 million)	1,706,288	1,767,925
Investment in and advances to equity accounted investments (note 5)	77,862	86,808
Derivative assets (note 8)	916	5,164
Intangible assets - net (note 17)	19,342	29,619
Goodwill (note 17)	8,059	0
Other non-current assets	82	146
Total assets	2,063,730	2,169,476
Current
Accounts payable	10,784	16,717
Accrued liabilities	47,121	62,029
Current portion of long-term debt (note 7)	151,761	174,047
Current portion of derivative liabilities (note 8)	3,248	6,330
Current portion of in-process revenue contracts (notes 6 and 16)	0	1,223
Deferred revenue	475	2,676
Due to affiliates (note 12b)	15,409	26,630
Total current liabilities	228,798	289,652
Long-term debt (note 7)	892,509	990,558
Derivative liabilities (note 8)	5,177	4,208
Other long-term liabilities (note 9)	11,929	7,597
Total liabilities	1,138,413	1,292,015
Commitments and contingencies (notes 5, 7 and 8)
Equity
Common stock and additional paid-in capital (300.0 million shares authorized, 133.1 million Class A and 23.2 million Class B shares issued and outstanding as of June 30, 2016 and 132.8 million Class A and 23.2 million Class B shares issued and outstanding as of December 31, 2015)	1,095,322	1,094,874
Accumulated deficit	(170,005)	(217,413)
Total equity	925,317	877,461
Total liabilities and equity	$ 2,063,730	$ 2,169,476

Unaudited Consolidated Balance4

Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Accumulated depreciation on vessels and equipment	$ 432.5	$ 391
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	133,100,000	132,800,000
Common stock, shares outstanding	133,100,000	132,800,000
Class B [Member]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	23,200,000	23,200,000
Common stock, shares outstanding	23,200,000	23,200,000

Unaudited Consolidated Stateme5

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
OPERATING ACTIVITIES
Net income	$ 61,466	$ 85,126
Non-cash items:
Depreciation and amortization	52,688	30,468
Asset impairment (note 13)	6,420	0
Unrealized loss (gain) on derivative instruments	789	(3,852)
Equity income	(8,554)	(6,169)
Other	5,996	761
Change in operating assets and liabilities	(12,402)	(11,391)
Expenditures for dry docking	(2,810)	(4,030)
Net operating cash flow	103,593	90,913
FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs	849,728	222,435
Repayments of long-term debt	(82,410)	(13,184)
Prepayment of long-term debt	(890,091)	(191,592)
Equity contribution from Teekay Corporation to Entities under Common Control (note 3)	0	1,015
Net advances to affiliates (note 3)	0	(2,076)
Cash dividends paid	(32,782)	(6,909)
Proceeds from equity offerings, net of offering costs	0	50,928
Net financing cash flow	(155,555)	57,970
INVESTING ACTIVITIES
Expenditures for vessels and equipment	(3,937)	(228,359)
Loan repayments from equity accounted investment	2,500	0
Return of capital from (investment in) Teekay Tanker Operations Ltd. (note 5c)	15,000	(239)
Net investing cash flow	13,563	(228,598)
Decrease in cash and cash equivalents	(38,399)	(79,715)
Cash and cash equivalents, beginning of the period	96,417	162,797
Cash and cash equivalents, end of the period	58,018	83,082
Entities Under Common Control [Member]
FINANCING ACTIVITIES
Repayments of long-term debt	$ 0	$ (2,647)

Unaudited Consolidated Stateme6

Unaudited Consolidated Statements of Changes in Shareholders' Equity - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Class A [Member]Common Stock and Additional Paid-in Capital [Member]	Class B [Member]Common Stock and Additional Paid-in Capital [Member]
Beginning Balance at Dec. 31, 2015	$ 877,461		$ (217,413)	$ 1,032,239	$ 62,635
Beginning Balance, shares at Dec. 31, 2015		156,031
Net income	61,466		61,466
Dividends declared	(14,058)		(14,058)
Equity-based compensation (note 11)	448			448
Equity-based compensation (note 11), shares		253
Ending Balance at Jun. 30, 2016	$ 925,317		$ (170,005)	$ 1,032,687	$ 62,635
Ending Balance , shares at Jun. 30, 2016		156,284

Basis of Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim consolidated financial statements (or consolidated financial statements ) have been prepared in conformity with United States generally accepted accounting principles (or GAAP ). These financial statements include the accounts of Teekay Tankers Ltd. and its wholly-owned subsidiaries and equity accounted investments (collectively the Company ). 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. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements filed on Form 20-F for the year ended December 31, 2015 . In the opinion of management, these consolidated financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation.

Accounting Pronouncements

Accounting Pronouncements	6 Months Ended
Accounting Pronouncements	Jun. 30, 2016
Accounting Changes and Error Corrections [Abstract]
Accounting Pronouncements	Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (or FASB ) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers , (or ASU 2014-09 ). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 is effective for the Company January 1, 2018 and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the effect of adopting this new accounting guidance. In February 2016, the FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right of use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for the Company January 1, 2019 with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the effect of adopting this new accounting guidance. In March 2016, the FASB issued Accounting Standards Update 2016-09, Improvements to Employee Share-Based Payment Accounting (or ASU 2016-09 ). ASU 2016-09 simplifies aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. ASU 2016-09 is effective for the Company January 1, 2017 with early adoption permitted. The Company expects the impact of adopting this new accounting guidance will be a change in presentation of cash payments for tax withholdings on share settled equity awards from an operating cash outflow to financing cash outflow on the Company's statement of cash flows.

Acquisition of Entities under C

Acquisition of Entities under Common Control	6 Months Ended
Acquisition of Entities under Common Control	Jun. 30, 2016
Business Combinations [Abstract]
Acquisition of Entities under Common Control	Acquisition of Entities under Common Control On December 18, 2015, the Company acquired from Teekay Offshore Partners L.P. (or TOO ), which is an entity controlled by Teekay Corporation (or Teekay ), two conventional oil tankers (the Explorer Spirit , formerly known as the SPT Explorer, and the Navigator Spirit ), associated working capital and debt facilities, for an aggregate price of $39.0 million , including working capital of approximately $8.6 million and net of outstanding debt of approximately $49.6 million (or the 2015 Acquired Business ). Of this net amount, $30.4 million was paid on closing of the transaction in December 2015 and the remaining $8.6 million was paid in the first quarter of 2016. As part of this acquisition Teekay paid the Company $2.9 million to terminate the existing time-charters for the Explorer Spirit and Navigator Spirit. Subsequent to the acquisition, Teekay entered into a contract with the Company to guarantee commitments under the existing credit facilities related to the two vessels for a payment of $1.5 million . The effect of adjusting such information to account for the 2015 Acquired Business in periods prior to our acquisition thereof is referred to as the Entities under Common Control. Assets and liabilities of the vessels the Company acquired from TOO are reflected on the Company’s consolidated balance sheet at TOO’s historical carrying values. The net purchase price of $39.0 million over TOO’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 TOO 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 for the three and six months ended June 30, 2015 by $0.9 million and $1.9 million , respectively. The adjustments for the Entities under Common Control increased the Company’s revenues for the three and six months ended June 30, 2015 by $3.7 million and $7.3 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 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.

Segment Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2016
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting On July 31, 2015, the Company acquired a ship-to-ship transfer business (or SPT ) from a company jointly-owned by Teekay and a Norway-based marine transportation company I.M. Skaugen SE (see note 17 ). Following the acquisition, the Company has two reportable segments, its conventional tanker segment and its ship-to-ship transfer segment. The Company’s conventional tanker segment consists of the operation of all of its tankers, including those employed on full service lightering contracts. The Company’s ship-to-ship transfer segment consists of the Company’s lightering support services, including those provided to the Company’s conventional tanker segment as part of full service lightering operations and other related services. Segment results are evaluated based on income from operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. The following table includes results for the Company’s revenues and income from vessel operations by segment for the period ended June 30, 2016 . Three Months Ended June 30, 2016 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Revenue (1) Total Revenues 129,092 10,999 (470 ) 139,621 Voyage expenses (10,494 ) 266 470 (9,758 ) Vessel operating expenses (37,278 ) (9,111 ) — (46,389 ) Time-charter hire expense (15,456 ) (457 ) — (15,913 ) Depreciation and amortization (24,320 ) (1,301 ) — (25,621 ) General and administrative expenses (3,633 ) (1,136 ) — (4,769 ) Asset impairment (6,420 ) — — (6,420 ) Income from operations (2) 31,491 (740 ) — 30,751 Equity Income 4,740 — — 4,740 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations at a cost of $24,750 per voyage. (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). Six Months Ended June 30, 2016 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Revenue (1) Total Revenues 284,657 21,085 (1,171 ) 304,571 Voyage expenses (23,752 ) — 1,171 (22,581 ) Vessel operating expenses (74,786 ) (16,676 ) — (91,462 ) Time-charter hire expense (35,886 ) (743 ) — (36,629 ) Depreciation and amortization (50,274 ) (2,414 ) — (52,688 ) General and administrative expenses (8,404 ) (1,798 ) — (10,202 ) Asset impairment (6,420 ) — — (6,420 ) Income from operations (2) 85,135 (546 ) — 84,589 Equity Income 8,554 — — 8,554 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations at a cost of $24,750 per voyage. (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 As at June 30, 2016 December 31, 2015 $ $ Conventional Tanker 1,932,151 2,020,317 Ship-to-Ship Transfer 29,950 24,429 Cash and cash equivalents 58,018 96,417 Accounts receivable 43,611 28,313 Consolidated total assets 2,063,730 2,169,476

Investments in and Advances to

Investments in and Advances to Equity Accounted Investments	6 Months Ended
Investments in and Advances to Equity Accounted Investments	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Equity Accounted Investments	Investments in and Advances to Equity Accounted Investments As at June 30, 2016 As at December 31, 2015 $ $ High-Q Joint Venture 21,197 21,166 Tanker Investments Ltd. 47,701 44,195 Teekay Tanker Operations Ltd. 8,964 21,447 Total 77,862 86,808 a. The Company has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong ), whereby the Company has a 50% economic interest in the High-Q joint venture, which is jointly controlled by the Company and Wah Kwong. The High-Q joint venture owns one Very Large Crude Carrier (or VLCC ), which is trading on a fixed time charter-out contract expiring in 2018. Under this contract, the vessel earns a fixed daily rate and an additional amount if the daily rate of any sub-charter earned exceeds a certain threshold. In March 2012, the joint venture entered into a $68.6 million loan with a financial institution. As at June 30, 2016 , the loan had an outstanding balance of $51.4 million ( December 31, 2015 – $54.2 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 $51.4 million that expires in June 2018, 50% of which is guaranteed by the Company. The interest rate swap exchanges a receipt of floating interest based on 3-months LIBOR for a payment of a fixed rate of 1.47% every three months. b. In January 2014, the Company and Teekay Corporation (or Teekay ) formed Tanker Investments Ltd. (or TIL ), which seeks to opportunistically acquire, operate and sell modern second-hand tankers to benefit from an expected recovery of the tanker market. In January 2014, 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 8 ). The stock purchase warrant is a derivative asset which had an estimated fair value of $0.9 million as at June 30, 2016 ( December 31, 2015 - $5.2 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 2015, TIL 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 . In the first half of 2016, TIL repurchased 3.3 million of its own shares on the open market. The common shares were repurchased at a weighted average price of NOK 80.2 per share, or a gross purchase price of $31.8 million . As of June 30, 2016 , the Company’s ownership interest in TIL was 11.3% . c. In August 2014, the Company purchased from Teekay a 50% interest in Teekay Tanker Operations Ltd. (or TTOL ), which owns conventional tanker commercial management and technical management operations, including direct ownership in five commercially managed tanker pools, for an aggregate price of approximately $23.7 million , including working capital of $6.7 million , of which $0.2 million was realized in the quarter ended March 31, 2015. The Company accounts for its ownership interest in TTOL using the equity method. In January 2016, the Company received $15.0 million as a return of capital from TTOL.

In-process Revenue Contracts

In-process Revenue Contracts	6 Months Ended
In-process Revenue Contracts	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
In-process Revenue Contracts	In-process Revenue Contracts In August 2015, the Company agreed to acquire 12 modern Suezmax tankers from Principal Maritime. 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 had a liability based on the estimated fair value of the contracts. The Company amortized this liability over the remaining term of the contracts, which expired in the first quarter of 2016. Amortization of in-process revenue contracts for the three and six months ended June 30, 2016 was $nil and $1.2 million , respectively which is included in other revenues (see note 16 ) on the consolidated statements of income. As at June 30, 2016 , the contracts have been fully amortized.

Long-Term Debt

Long-Term Debt	6 Months Ended
Long-Term Debt	Jun. 30, 2016
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt As at As at June 30, 2016 December 31, 2015 $ $ Revolving Credit Facilities due through 2021 511,494 530,971 Term Loans due through 2021 543,214 635,330 Total principal 1,054,708 1,166,301 Unamortized discount and debt issuance costs (10,438 ) (1,696 ) Total debt 1,044,270 1,164,605 Less: current portion (151,761 ) (174,047 ) Non-current portion of long-term debt 892,509 990,558 As at June 30, 2016 , the Company had three revolving credit facilities (or the Revolvers ), which, as at such date, provided for aggregate borrowings of up to $546.5 million , of which $35.0 million was undrawn ( December 31, 2015 - $545.5 million , of which $14.6 million was undrawn). Interest payments are based on LIBOR plus margins, which, at June 30, 2016 , ranged between 0.45% and 2.00% (December 31, 2015: 0.45% and 0.60% ). The total amount available under the Revolvers reduces by $14.0 million (remainder of 2016), $96.1 million (2017), $67.3 million (2018), $nil (2019), $nil (2020) and $369.1 million (thereafter). As at June 30, 2016 , the Company also had two term loans outstanding, which totaled $543.2 million ( December 31, 2015 - $635.3 million ). Interest payments on the term loans are based on LIBOR plus margins, which, at June 30, 2016 ranged from 0.30% to 2.00% ( December 31, 2015 - 0.30% to 2.80% ). The term loan repayments are made in quarterly or semi-annual payments and have balloon or bullet repayments due at maturity in 2021. These revolving credit facilities and term loans are further described below. In January 2016, the Company entered into a $894.4 million long-term debt facility (or the New Debt Facility ), consisting of both a term loan and a revolving credit component, which are both scheduled to mature in January 2021. As at June 30, 2016 , $845.8 million of the New Debt Facility was used to repay the Company’s two bridge loan facilities, which matured in late January 2016, and a portion of the Company’s main corporate revolving credit facility, which was scheduled to mature in 2017. As at June 30, 2016 , the corporate revolving credit facility had an outstanding balance of $96.5 million (December 31, 2015 - $447.0 million ). The New Debt Facility is collateralized by 36 of the Company’s vessels, together with other related security. The New Debt Facility also requires that the Company maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance for the facility period. As at June 30, 2016 , this ratio was 148% . The vessel values used in this ratio 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 ratio. In addition, the Company is required 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. The Company’s two remaining revolvers are collateralized by seven of the Company’s vessels, together with other related security. One of the Revolvers requires that the Company’s applicable subsidiary to maintain a minimum hull coverage ratio of 105% of the total outstanding drawn balance for the facility period. As at June 30, 2016 , this ratio was 120% . The vessel values used in this ratio is an appraised value prepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratio. One of the Revolvers is also guaranteed by Teekay and contains covenants that require Teekay to maintain the greater of free cash (cash and cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $50.0 million and at least 5.0% of Teekay’s total consolidated debt which has recourse to Teekay. In addition, one of the Revolvers requires the Company and certain of its subsidiaries to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of the Company’s total consolidated debt. The Company’s remaining term loan is collateralized by two of the Company’s vessels, together with other related security. The term loan is 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. As at June 30, 2016 , the Company was in compliance with all covenants in respect of the Revolvers and term loans. Teekay has also advised the Company that Teekay is in compliance with all covenants relating to the revolving credit facilities and term loans to which the Company is a party. The Company and certain other subsidiaries 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 June 30, 2016 , the term loan arrangement had an outstanding balance of $nil . The Company does not expect to pay any amount on behalf of its co-obligors. Teekay has agreed to indemnify the Company in respect of any losses and expenses arising from any breach by co-obligors of the terms and conditions of the term loan or revolving credit facility. The weighted-average effective interest rate on the Company’s long-term debt as at June 30, 2016 was 2.3% ( December 31, 2015 - 1.6% ). This rate does not reflect the effect of the Company’s interest rate swap agreements (see note 8 ). The aggregate annual long-term principal repayments required to be made by the Company under the Revolvers and term loans subsequent to June 30, 2016 are $83.2 million (remaining 2016), $206.0 million (2017), $177.3 million (2018), $110.0 million (2019), $110.0 million (2020) and $368.2 million (thereafter).

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest rate swaps The Company uses derivatives in accordance with its overall risk management policies. The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar LIBOR-denominated borrowings. In February 2016, in connection with the Company’s new long-term debt facility, the Company entered into a total of nine new interest rate swaps. Four of the interest rate swaps are scheduled to commence and terminate in October 2016 and December 2020, respectively, and have notional amounts of $50.0 million each with fixed rates of 1.462% . The remaining five interest rate swaps commenced in the first quarter of 2016 and are scheduled to terminate in January 2021, 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 have notional amounts of $25.0 million each with fixed rates of 1.549% , 1.155% and 1.549% , respectively. The following summarizes the Company’s interest rate swap positions as at June 30, 2016 : Interest Rate Notional Amount Fair Value / Carrying Amount of Asset (Liability) Remaining Term Fixed Interest Rate Index $ $ (years) (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap LIBOR 200,000 (891 ) 0.3 2.61 U.S. Dollar-denominated interest rate swaps (2) LIBOR 200,000 (2,788 ) 4.2 1.46 U.S. Dollar-denominated interest rate swaps LIBOR 150,000 (4,220 ) 4.5 1.55 U.S. Dollar-denominated interest rate swaps LIBOR 50,000 (526 ) 4.5 1.16 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of June 30, 2016 , ranged from 0.30% to 2.00% . (2) Scheduled to commence in October 2016. 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. Stock purchase warrant 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 securities exchange or over-the-counter market denominated in Norwegian Kroner, the Company may also exercise the stock purchase warrant at 61.67 Norwegian Kroner (or NOK) per share. The stock purchase warrant expires on January 23, 2019. For purposes of vesting, the stock purchase warrant is divided into four equally sized tranches. If the shares of TIL’s common stock trade on a national securities exchange or over-the-counter market denominated in Norwegian Kroner, each tranche will vest and become exercisable when and if the fair market value of a share of the TIL common stock equals or exceeds 77.08 NOK, 92.50 NOK, 107.91 NOK and 123.33 NOK, respectively, for such tranche for any ten consecutive trading days, subject to certain trading value requirements. As at June 30, 2016 , the first two tranches have vested. Time-charter swap Effective June 1, 2016, the Company entered into a time-charter swap agreement for 55% of two Aframax equivalent vessels. Under such agreement, the Company will receive $27,776 per day, less a 1.25% brokerage commission, and pay 55% of the net revenue distribution of two Aframax equivalent vessels employed in the Company’s Aframax revenue sharing pooling arrangement, less $500 per day, for a period of 11 months plus an additional two months at the counterparty’s option. The purpose of the agreement is to reduce the Company’s exposure to spot tanker market rate variability for certain of its vessels that are employed in the Aframax revenue sharing pooling arrangement. The Company has not designated, for accounting purposes, the time-charter swap as a cash flow hedge. The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets Accrued liabilities Current portion of derivative liabilities Derivative liabilities As at June 30, 2016 Interest rate swaps — — (1,182 ) (3,248 ) (5,177 ) Stock purchase warrant — 916 — — — Time-charter swap 1,345 — (707 ) — — 1,345 916 (1,889 ) (3,248 ) (5,177 ) As at December 31, 2015 Interest rate swaps — — (2,359 ) (6,330 ) (4,208 ) Stock purchase warrant — 5,164 — — — Time-charter swap — — — — — — 5,164 (2,359 ) (6,330 ) (4,208 ) Realized and unrealized (losses) gains relating to interest rate swaps, stock purchase warrant and the time-charter swap are recognized in earnings and reported in realized and unrealized (loss) gain on derivative instruments in the Company’s consolidated statements of income as follows: Three Months Ended June 30, Three Months Ended June 30, 2016 2015 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swaps (1,276 ) (1,808 ) (3,084 ) (2,452 ) 2,066 (386 ) Stock purchase warrant — (2,137 ) (2,137 ) — 909 909 Time-charter swap 126 1,345 1,471 — — — (1,150 ) (2,600 ) (3,750 ) (2,452 ) 2,975 523 Six Months Ended June 30, Six Months Ended June 30, 2016 2015 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swaps (10,868 ) 2,114 (8,754 ) (4,916 ) 2,983 (1,933 ) Stock purchase warrant — (4,248 ) (4,248 ) — 869 869 Time-charter swap 126 1,345 1,471 — — — (10,742 ) (789 ) (11,531 ) (4,916 ) 3,852 (1,064 )

Other Expense

Other Expense	6 Months Ended
Other Expense	Jun. 30, 2016
Other Liabilities Disclosure [Abstract]
Other Expense	Other Expense The components of other expense are as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Freight tax provision (2,024 ) (409 ) (4,501 ) (342 ) Foreign exchange loss (76 ) (65 ) (239 ) (112 ) Other income 160 — 154 1 Total (1,940 ) (474 ) (4,586 ) (453 ) The following reflects the changes in the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from December 31, 2015 to June 30, 2016 : 2016 $ Balance of unrecognized tax benefits as at January 1 7,511 Increases for positions related to the current period 4,066 Changes for positions taken in prior periods 388 Decreases related to statute of limitations (121 ) Balance of unrecognized tax benefits as at June 30 11,844 The majority of the net increase for positions for the three and six months ended June 30, 2016 relates to potential tax on freight income. The Company does not presently anticipate its uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected.

Financial Instruments

Financial Instruments	6 Months Ended
Financial Instruments	Jun. 30, 2016
Investments, All Other Investments [Abstract]
Financial Instruments	Financial Instruments a. Fair Value Measurements For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see note 14 to the Company’s audited consolidated financial statements filed with its Annual Report on the Form 20-F for the year ended December 31, 2015 . The Company has entered into a time-charter swap agreement for 55% of two Aframax equivalent vessels (see note 8 ). The fair value of this derivative agreement is the estimated amount that the Company would receive or pay to terminate the agreement at the reporting date, based on the present value of the Company’s projection of future Aframax spot market tanker rates, which have been derived from current Aframax spot market tanker rates and estimated future rates. The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis. June 30, 2016 December 31, 2015 Fair Value Hierarchy Level Carrying Amount Asset / (Liability) $ Fair Value Asset / (Liability) $ Carrying Amount Asset / (Liability) $ Fair Value Asset / (Liability) $ Recurring: Cash and cash equivalents and restricted cash Level 1 59,018 59,018 97,287 97,287 Derivative instruments Interest rate swap agreements (1) Level 2 (8,425 ) (8,425 ) (10,538 ) (10,538 ) Time-charter swap agreement Level 3 1,345 1,345 — — Stock purchase warrant Level 3 916 916 5,164 5,164 Non-Recurring: Vessel held for sale Level 2 14,000 14,000 — — Other: Advances to equity accounted investments Note (2) 11,480 Note (2) 13,980 Note (2) Long-term debt, including current portion Level 2 (1,044,270 ) (1,031,173 ) (1,164,605 ) (1,140,135 ) (1) The fair value of the Company’s interest rate swap agreements at June 30, 2016 excludes accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets. (2) The advances to equity accounted investments together with the Company’s investments in the equity accounted investments form the net aggregate carrying value of the Company’s interests in the equity accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at June 30, 2016 and December 31, 2015 were not determinable. Changes in fair value during the three and six months ended June 30, 2016 for the Company’s time-charter swap agreement, which is described below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Three and Six Months Ended June 30, 2016 $ Fair value asset - beginning of the period — Settlements (126) Realized and unrealized gain 1,471 Fair value asset - at the end of the period 1,345 The estimated fair value of the time-charter swap agreement is based in part upon the Company’s projection of future Aframax spot market tanker rates, which has been derived from current Aframax spot market tanker rates and estimated future rates, as well as an estimated discount rate. The estimated fair value of the time-charter swap agreement as of June 30, 2016 is based upon an estimated average daily tanker rate of approximately $21,500 over the remaining duration of the contract. In developing and evaluating this estimate, the Company considers the current tanker market fundamentals as well as the short and long-term outlook. A higher or lower average daily tanker rate would result in a higher or lower fair value liability or a lower or higher fair value asset. A higher or lower discount rate would result in a lower or higher fair value asset or liability. During January 2014, the Company received a stock purchase warrant entitling it to purchase up to 750,000 shares of the common stock of TIL (see note 5 ). The estimated fair value of the stock purchase warrant was determined using a Monte-Carlo simulation and is based, in part, on the historical price of common shares of TIL, the risk-free interest rate, vesting conditions and the historical volatility of comparable companies. The estimated fair value of the stock purchase warrant as of June 30, 2016 is based on the historical volatility of comparable companies of 52.43% . A higher or lower volatility would result in a higher or lower fair value of this derivative asset. Changes in fair value during the three and six months ended June 30, 2016 and 2015 for the TIL stock purchase warrant, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), are as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ $ $ $ Fair value at the beginning of the period 3,053 4,617 5,164 4,657 Unrealized (loss) gain included in earnings (2,137 ) 909 (4,248 ) 869 Fair value at the end of the period 916 5,526 916 5,526 b. Financing Receivables The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. June 30, 2016 December 31, 2015 Class of Financing Receivable Credit Quality Indicator Grade $ $ Advances to equity accounted investments Other internal metrics Performing 11,480 13,980 Total 11,480 13,980

Capital Stock and Stock-Based C

Capital Stock and Stock-Based Compensation	6 Months Ended
Capital Stock and Stock-Based Compensation	Jun. 30, 2016
Equity [Abstract]
Capital Stock and Stock-Based Compensation	Capital Stock and Stock-Based Compensation The authorized capital stock of the Company at June 30, 2016 and December 31, 2015 was 100,000,000 shares of preferred stock, with a par value of $0.01 per share, 200,000,000 shares of Class A common stock, with a par value of $0.01 per share, and 100,000,000 shares of Class B common stock, with a par value of $0.01 per share. A share of Class A common stock entitles the holder to one vote per share while a share of Class B common stock entitles the holder to five votes per share , subject to a 49% aggregate Class B common stock voting power maximum. As of June 30, 2016 , the Company had 133.1 million shares of Class A common stock ( December 31, 2015 – 132.8 million ), 23.2 million shares of Class B common stock ( December 31, 2015 – 23.2 million ) and no shares of preferred stock ( December 31, 2015 – nil ) issued and outstanding. During March 2016, a total of 9,358 shares of Class A common stock with aggregate values of $35.0 thousand and 0.3 million stock options with an exercise price of $3.74 per share were granted to the Company’s non-management directors as part of their annual compensation for 2016. These stock options have a ten -year term and vest immediately. These shares of Class A common stock and stock options were issued under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan and distributed to the directors. During March 2015 and April 2015, a total of 38,961 shares and 12,987 shares of Class A common stock with aggregate values of $0.2 million and $0.1 million , respectively, were granted to non-management directors of the Company. The Company also grants stock options and restricted stock units as incentive-based compensation under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan to certain employees of Teekay subsidiaries that provide services to the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Company‘s stock-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of income. During March 2016, the Company granted 0.2 million stock options with an exercise price of $3.74 per share to an officer of the Company. Each stock option has a ten -year term and vests equally over three years from the grant date. The weighted-average fair value of the stock options granted in 2016 was $0.87 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 51.3% ; expected life of five years; dividend yield of 7.8% ; and risk-free interest rate of 1.21% . The expected life of the stock options granted was estimated using the historical exercise behavior of employees of Teekay that receive stock options from Teekay. The expected volatility was based on historical volatility as calculated using historical data during the five years prior to the grant date. During March 2016, the Company also granted 0.3 million restricted stock units to the officers of the Company and certain employees of Teekay subsidiaries that provide services to the Company with an aggregate fair value of $1.0 million . Each restricted stock unit is equal to one share of the Company’s common stock plus reinvested distributions from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Any portion of a restricted stock unit award that is not vested on the date of the recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in this case, the restricted stock unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted stock unit awards, net of withholding taxes, is paid to each recipient in the form of common stock. During the three and six months ended June 30, 2016 , the Company recorded $0.3 million and $1.1 million (2015 - $0.3 million and $1.0 million ), respectively, of expenses related to the restricted stock units and stock options. During the three and six months ended June 30, 2016 , a total of 0.1 million restricted stock units and 0.4 million restricted stock units (2015 - 0.1 million and 0.4 million ), respectively, with a market value of $0.5 million and $1.5 million (2015 - $1.1 million and $2.3 million ) vested and was paid to the grantees by issuing 85 thousand shares and 0.2 million shares (2015 - 82 thousand and 0.2 million ), respectively, of Class A common stock, net of withholding taxes.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Management Fee - Related and Other a. Teekay and its wholly-owned subsidiary Teekay Tankers Management Services Ltd., which is the Company’s manager (or the Manager ), provide commercial, technical, strategic and administrative services to the Company. In addition, certain of the Company’s vessels participate in pooling arrangements that are managed in whole or in part by subsidiaries of Teekay (collectively the Pool Managers ). For additional information about these arrangements, please read “Item 7 – Major Shareholders and Related Party Transactions – Related Party Transactions” in our Annual Report on Form 20-F for the year ended December 31, 2015 . Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ $ $ $ Time-charter revenues (i) 2,452 — 4,987 — Lay-up services revenue (ii) 116 — 116 — Pool management fees and commissions (iii) (2,750 ) (2,468 ) (5,886 ) (4,860 ) Commercial management fees (iv) (408 ) (239 ) (748 ) (442 ) Vessel operating expenses - technical management fee (v) (2,276 ) (1,656 ) (4,587 ) (3,156 ) Strategic and administrative service fees (vi) (2,775 ) (1,777 ) (4,990 ) (3,719 ) Entities under Common Control (note 3) Time-charter revenues (vii) — 1,960 — 3,895 Commercial management fees — (64 ) — (127 ) Vessel operating expenses - technical management fee — (105 ) — (222 ) Strategic and administrative service fees — (171 ) — (340 ) (i) In December 2015, immediately after the acquisition of the 2015 Acquired Business, the Company chartered-out the Navigator Spirit to Teekay under a fixed-rate time-charter contract, which was scheduled to expire in July 2016. On May 18, 2016, the contract was transferred to the Americas Spirit , which subsequently expired on July 15, 2016. (ii) The Company recorded $0.1 million for the three and six months ended June 30, 2016 to provide lay-up services during the quarter to Teekay for two of its in-chartered vessels. (iii) The Company’s share of the Pool Managers’ fees that are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of income. (iv) The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels not included in the pool, which are reflected in voyage expenses on the Company’s consolidated statements of income. (v) The cost of ship management services provided by the Manager has been presented as vessel operating expenses. (vi) The Manager's strategic and administrative service fees have been presented in general and administrative fees on the Company's consolidated statements of income. 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 11 ) 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. (vii) The Company recorded $2.0 million and $3.9 million for the three and six months ended June 30, 2015 , respectively, related to a time charter-out contract for the Explorer Spirit associated with the Entities under Common Control. The vessel was under a fixed-rate time-charter with SPT which expired in September 2015. b. The Manager and other subsidiaries of Teekay collect revenues and remit payments for expenses incurred by the Company’s vessels. Such amounts, which are presented on the Company’s consolidated balance sheets in due from affiliates or due to affiliates, are without interest or stated terms of repayment. The amounts owing from the Pool Managers for monthly distributions are reflected in the consolidated balance sheets as pool receivables from affiliates, are without interest and are repayable upon the terms contained within the applicable pool agreement. The Company had also advanced $44.2 million and $46.8 million as at June 30, 2016 and December 31, 2015 , respectively, to the Pool Managers for working capital purposes. These amounts, which are reflected in the consolidated balance sheets in due from affiliates, are without interest and are repayable when applicable vessels leave the pools. c. On July 31, 2015, the Company acquired SPT (see note 17 ).

Asset Impairments

Asset Impairments	6 Months Ended
Asset Impairments	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Asset Impairments	Asset Impairments The Company’s consolidated statements of income for the three and six months ended June 30, 2016 includes a $6.4 million write-down of one Medium Range (or MR ) tanker. The MR tanker was classified as held for sale at June 30, 2016 and is expected to deliver to its buyer in the third quarter of 2016. The vessel was written down to its agreed sales price.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common stock outstanding during the period using the treasury stock method. The components of basic and diluted earnings per share are as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ $ $ $ Net income 22,486 45,150 61,466 85,126 Net income attributable to the Entities under Common Control — (908 ) — (1,899 ) Net income available for common shareholders 22,486 44,242 61,466 83,227 Weighted average number of common shares – basic 156,208,917 116,150,985 156,146,287 115,600,570 Dilutive effect of stock-based awards 237,978 574,443 323,529 581,680 Weighted average number of common shares – diluted 156,446,895 116,725,428 156,469,816 116,182,250 Earnings per common share: – Basic 0.14 0.38 0.39 0.72 – Diluted 0.14 0.38 0.39 0.72 Stock-based awards, which have an anti-dilutive effect on the calculation of diluted earnings per common share, are excluded from this calculation. For the three and six months ended June 30, 2016 , options to acquire 0.8 million and 0.6 million 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 three and six months ended June 30, 2015 , options to acquire 0.1 million , had an anti-dilutive effect on the calculation of diluted earnings per common share.

Shipbuilding Contracts

Shipbuilding Contracts	6 Months Ended
Shipbuilding Contracts	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Shipbuilding Contracts	Shipbuilding Contracts In April 2013, four special purpose subsidiary companies of the Company entered into agreements with STX Offshore & Shipbuilding Co., Ltd (or STX ) of South Korea to construct four , fuel-efficient 113,000 dead-weight tonne Long Range 2 (or LR2 ) product tanker newbuildings. At the same time, the Company entered an Option Agreement with STX allowing the Company to order up to an additional 12 vessels. The payment of the Company’s first shipyard installment was contingent on the Company receiving acceptable refund guarantees for the shipyard installment payments. At around the same time, however, STX commenced a voluntary financial restructuring with its lenders, and as a result, STX's ability to obtain the necessary refund guarantees in respect of the four firm shipbuilding contracts was severely affected. In October and November 2013, the Company exercised its rights under the Option Agreement to order eight additional newbuildings. The further required shipbuilding contracts were not entered into by STX within the timeframe specified in the Option Agreement. By December 2013, the Company had determined that there was no prospect of the refund guarantees being provided under any of the firm shipbuilding contracts, and then by February 2014 that there was no prospect of the same in respect of the further contracts to be entered pursuant to the Option Agreement or of that agreement being otherwise performed by STX. In December 2013, therefore, the subsidiaries of the Company gave STX notice that they were treating STX as having repudiated the four firm shipbuilding contracts. Then in February 2014, the Company gave STX notice that it was treating STX as having repudiated the Option Agreement. Having asserted that this was the position, in February and March 2014, the Company and its subsidiaries commenced legal proceedings against STX for damages. This involved arbitration proceedings in London in respect of the four firm shipbuilding contracts and English High Court proceedings in respect of the Option Agreement. In November 2014, the Company, on behalf of the subsidiaries, placed $0.6 million in an escrow account as cash security in respect of STX's legal costs relating to the arbitration proceedings. These funds were classified as cash and cash equivalents in the Company’s consolidated balance sheet as of December 31, 2015. 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 to the Company in March 2016. The trial in the English High Court in respect of the Option Agreement commenced on April 11, 2016. STX has filed for bankruptcy protection and as of June 30, 2016, all Korean enforcement actions are stayed. STX has also instructed its London lawyers to have that protection recognized in England and Wales. While the Company is awaiting the decision of the High Court on the Option Agreement, the Company will not be in a position to take any further action on enforcement and recognition in the UK or Korea while the bankruptcy protection remains in place. No amounts have been recorded as receivable in respect of these awards due to uncertainty of their collection.

Other Revenues and Restructurin

Other Revenues and Restructuring Charges	6 Months Ended
Other Revenues and Restructuring Charges	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Other Revenues and Restructuring Charges	Other Revenues and Restructuring Charges During the three and six months ended June 30, 2016 , the Company recognized $10.5 million and $19.9 million , respectively, of revenue from its lightering support operations (see note 4 ). In the six months ended June 30, 2016 , the Company amortized $1.2 million of its in-process revenue contracts which are included in other revenues on the consolidated statements of income (see note 6 ). During the six months ended June 30, 2015, the Company incurred a net $4.4 million of restructuring costs which related to the termination of the employment of certain seafarers upon the expiration of a time-charter out contract. During the quarter ended June 30, 2015, $(0.9) million of the previous charges were reversed as the Company decided not to terminate certain of the seafarers. This net charge was recovered from the customer, and the recovery is reflected in other revenues on the consolidated statements of income. As at June 30, 2016 and December 31, 2015 , no amounts of restructuring liabilities were owed to seafarers and no amounts of receivables were recoverable from the customer.

Acquisition of Ship-to-Ship Tra

Acquisition of Ship-to-Ship Transfer Business	6 Months Ended
Acquisition of Ship-to-Ship Transfer Business	Jun. 30, 2016
Business Combinations [Abstract]
Acquisition of Ship-to-Ship Transfer Business	Acquisition of Ship-to-Ship Transfer Business 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, SPT 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. As at July 31, 2015, SPT owned and operated a fleet of six ship-to-ship support vessels and had one chartered-in Aframax tanker. See note (3) to the table below. The acquisition of SPT was accounted for using the purchase method of accounting, based upon final estimates of fair value. The following table summarizes the final estimates of fair values of the SPT assets acquired and liabilities assumed by the Company on the acquisition date. Such estimates of fair value were finalized in the first quarter of 2016 and resulted in an increase in goodwill of $8.1 million and a decrease in intangible assets by $8.4 million from preliminary estimates. Such changes did not have a material impact to the Company’s consolidated statements of income for 2016. As at ASSETS July 31, 2015 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) 17,901 Customer contracts (1) 4,599 Goodwill 8,059 Total assets acquired 52,564 LIABILITIES Accounts payable (3,650 ) Accrued liabilities (3,276 ) Total liabilities assumed (6,926 ) Net assets acquired (3) 45,638 (1) The customer relationships and customer contracts are being amortized over a weighted average amortization period of 10 years and 7.6 years, respectively. As at June 30, 2016 , the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million , $3.1 million and $19.4 million , respectively. Amortization of intangible assets following June 30, 2016 is expected to be $1.7 million (remainder of 2016), $3.2 million (2017), $2.9 million (2018), $2.2 million (2019), $2.0 million (2020) and $7.4 million (thereafter). (2) Goodwill recognized from this acquisition attributed $1.9 million to the Company’s conventional tanker segment and $6.2 million to the Company’s ship-to-ship transfer segment. (3) Prior to the SPT acquisition date, SPT had in-chartered the Explorer Spirit from Teekay, which was acquired by the Company in December 2015. Retroactively adjusting the Company’s consolidated financial statements for the acquisition of the Explorer Spirit has resulted in $1.4 million of the SPT acquisition purchase price being characterized as the settlement of a pre-existing relationship. Such amount has been accounted for as a reduction to revenue on the SPT acquisition date. Operating results of SPT are reflected in the Company’s consolidated financial statements commencing July 31, 2015, the effective date of acquisition. The following table provides comparative summarized consolidated pro forma financial information for the Company for the quarter ended June 30, 2015 , giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2015: Unaudited Unaudited Pro Forma Pro Forma Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Revenues 131,558 254,110 Net Income 45,771 85,737 Earnings per common share: Basic 0.37 0.70 Diluted 0.37 0.70

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event In August 2016, the Company completed the sale of the MR tanker, the Teesta Spirit , for approximately $14.0 million . The vessel was classified as held for sale on the consolidated balance sheet as at June 30, 2016 and its net book value was written down to its sales price. As a result, there is no gain or loss on the sale of this vessel expected for the quarter ended September 30, 2016 (see note 13 ).

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Company's Revenue and Income From Operations by Segment	The following table includes results for the Company’s revenues and income from vessel operations by segment for the period ended June 30, 2016 . Three Months Ended June 30, 2016 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Revenue (1) Total Revenues 129,092 10,999 (470 ) 139,621 Voyage expenses (10,494 ) 266 470 (9,758 ) Vessel operating expenses (37,278 ) (9,111 ) — (46,389 ) Time-charter hire expense (15,456 ) (457 ) — (15,913 ) Depreciation and amortization (24,320 ) (1,301 ) — (25,621 ) General and administrative expenses (3,633 ) (1,136 ) — (4,769 ) Asset impairment (6,420 ) — — (6,420 ) Income from operations (2) 31,491 (740 ) — 30,751 Equity Income 4,740 — — 4,740 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations at a cost of $24,750 per voyage. (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). Six Months Ended June 30, 2016 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Revenue (1) Total Revenues 284,657 21,085 (1,171 ) 304,571 Voyage expenses (23,752 ) — 1,171 (22,581 ) Vessel operating expenses (74,786 ) (16,676 ) — (91,462 ) Time-charter hire expense (35,886 ) (743 ) — (36,629 ) Depreciation and amortization (50,274 ) (2,414 ) — (52,688 ) General and administrative expenses (8,404 ) (1,798 ) — (10,202 ) Asset impairment (6,420 ) — — (6,420 ) Income from operations (2) 85,135 (546 ) — 84,589 Equity Income 8,554 — — 8,554 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations at a cost of $24,750 per voyage. (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 As at June 30, 2016 December 31, 2015 $ $ Conventional Tanker 1,932,151 2,020,317 Ship-to-Ship Transfer 29,950 24,429 Cash and cash equivalents 58,018 96,417 Accounts receivable 43,611 28,313 Consolidated total assets 2,063,730 2,169,476

Investments in and Advances t26

Investments in and Advances to Equity Accounted Investments (Tables)	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in and Advances to Equity Accounted Investments	As at June 30, 2016 As at December 31, 2015 $ $ High-Q Joint Venture 21,197 21,166 Tanker Investments Ltd. 47,701 44,195 Teekay Tanker Operations Ltd. 8,964 21,447 Total 77,862 86,808

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
Long-Term Debt (Tables)	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of Long-Term Debt	As at As at June 30, 2016 December 31, 2015 $ $ Revolving Credit Facilities due through 2021 511,494 530,971 Term Loans due through 2021 543,214 635,330 Total principal 1,054,708 1,166,301 Unamortized discount and debt issuance costs (10,438 ) (1,696 ) Total debt 1,044,270 1,164,605 Less: current portion (151,761 ) (174,047 ) Non-current portion of long-term debt 892,509 990,558

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Swap Positions	The following summarizes the Company’s interest rate swap positions as at June 30, 2016 : Interest Rate Notional Amount Fair Value / Carrying Amount of Asset (Liability) Remaining Term Fixed Interest Rate Index $ $ (years) (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap LIBOR 200,000 (891 ) 0.3 2.61 U.S. Dollar-denominated interest rate swaps (2) LIBOR 200,000 (2,788 ) 4.2 1.46 U.S. Dollar-denominated interest rate swaps LIBOR 150,000 (4,220 ) 4.5 1.55 U.S. Dollar-denominated interest rate swaps LIBOR 50,000 (526 ) 4.5 1.16 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of June 30, 2016 , ranged from 0.30% to 2.00% . (2) Scheduled to commence in October 2016.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets Accrued liabilities Current portion of derivative liabilities Derivative liabilities As at June 30, 2016 Interest rate swaps — — (1,182 ) (3,248 ) (5,177 ) Stock purchase warrant — 916 — — — Time-charter swap 1,345 — (707 ) — — 1,345 916 (1,889 ) (3,248 ) (5,177 ) As at December 31, 2015 Interest rate swaps — — (2,359 ) (6,330 ) (4,208 ) Stock purchase warrant — 5,164 — — — Time-charter swap — — — — — — 5,164 (2,359 ) (6,330 ) (4,208 )
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	Realized and unrealized (losses) gains relating to interest rate swaps, stock purchase warrant and the time-charter swap are recognized in earnings and reported in realized and unrealized (loss) gain on derivative instruments in the Company’s consolidated statements of income as follows: Three Months Ended June 30, Three Months Ended June 30, 2016 2015 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swaps (1,276 ) (1,808 ) (3,084 ) (2,452 ) 2,066 (386 ) Stock purchase warrant — (2,137 ) (2,137 ) — 909 909 Time-charter swap 126 1,345 1,471 — — — (1,150 ) (2,600 ) (3,750 ) (2,452 ) 2,975 523 Six Months Ended June 30, Six Months Ended June 30, 2016 2015 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swaps (10,868 ) 2,114 (8,754 ) (4,916 ) 2,983 (1,933 ) Stock purchase warrant — (4,248 ) (4,248 ) — 869 869 Time-charter swap 126 1,345 1,471 — — — (10,742 ) (789 ) (11,531 ) (4,916 ) 3,852 (1,064 )

Other Expense (Tables)

Other Expense (Tables)	6 Months Ended
Other Expense (Tables)	Jun. 30, 2016
Other Liabilities Disclosure [Abstract]
Schedule of Other Nonoperating Income (Expense)	The components of other expense are as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 $ $ $ $ Freight tax provision (2,024 ) (409 ) (4,501 ) (342 ) Foreign exchange loss (76 ) (65 ) (239 ) (112 ) Other income 160 — 154 1 Total (1,940 ) (474 ) (4,586 ) (453 )
Schedule of Unrecognized Tax Benefits Roll Forward	The following reflects the changes in the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from December 31, 2015 to June 30, 2016 : 2016 $ Balance of unrecognized tax benefits as at January 1 7,511 Increases for positions related to the current period 4,066 Changes for positions taken in prior periods 388 Decreases related to statute of limitations (121 ) Balance of unrecognized tax benefits as at June 30 11,844

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
Financial Instruments (Tables)	Jun. 30, 2016
Investments, All Other Investments [Abstract]
Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis	The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis. June 30, 2016 December 31, 2015 Fair Value Hierarchy Level Carrying Amount Asset / (Liability) $ Fair Value Asset / (Liability) $ Carrying Amount Asset / (Liability) $ Fair Value Asset / (Liability) $ Recurring: Cash and cash equivalents and restricted cash Level 1 59,018 59,018 97,287 97,287 Derivative instruments Interest rate swap agreements (1) Level 2 (8,425 ) (8,425 ) (10,538 ) (10,538 ) Time-charter swap agreement Level 3 1,345 1,345 — — Stock purchase warrant Level 3 916 916 5,164 5,164 Non-Recurring: Vessel held for sale Level 2 14,000 14,000 — — Other: Advances to equity accounted investments Note (2) 11,480 Note (2) 13,980 Note (2) Long-term debt, including current portion Level 2 (1,044,270 ) (1,031,173 ) (1,164,605 ) (1,140,135 ) (1) The fair value of the Company’s interest rate swap agreements at June 30, 2016 excludes accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets. (2) The advances to equity accounted investments together with the Company’s investments in the equity accounted investments form the net aggregate carrying value of the Company’s interests in the equity accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at June 30, 2016 and December 31, 2015 were not determinable.
Summary of Derivative Instrument Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs	Changes in fair value during the three and six months ended June 30, 2016 for the Company’s time-charter swap agreement, which is described below and is measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Three and Six Months Ended June 30, 2016 $ Fair value asset - beginning of the period — Settlements (126) Realized and unrealized gain 1,471 Fair value asset - at the end of the period 1,345 Changes in fair value during the three and six months ended June 30, 2016 and 2015 for the TIL stock purchase warrant, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3), are as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ $ $ $ Fair value at the beginning of the period 3,053 4,617 5,164 4,657 Unrealized (loss) gain included in earnings (2,137 ) 909 (4,248 ) 869 Fair value at the end of the period 916 5,526 916 5,526
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. June 30, 2016 December 31, 2015 Class of Financing Receivable Credit Quality Indicator Grade $ $ Advances to equity accounted investments Other internal metrics Performing 11,480 13,980 Total 11,480 13,980

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
Related Party Transactions (Tables)	Jun. 30, 2016
Related Party Transactions [Abstract]
Summary of Related Party Transactions	Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ $ $ $ Time-charter revenues (i) 2,452 — 4,987 — Lay-up services revenue (ii) 116 — 116 — Pool management fees and commissions (iii) (2,750 ) (2,468 ) (5,886 ) (4,860 ) Commercial management fees (iv) (408 ) (239 ) (748 ) (442 ) Vessel operating expenses - technical management fee (v) (2,276 ) (1,656 ) (4,587 ) (3,156 ) Strategic and administrative service fees (vi) (2,775 ) (1,777 ) (4,990 ) (3,719 ) Entities under Common Control (note 3) Time-charter revenues (vii) — 1,960 — 3,895 Commercial management fees — (64 ) — (127 ) Vessel operating expenses - technical management fee — (105 ) — (222 ) Strategic and administrative service fees — (171 ) — (340 ) (i) In December 2015, immediately after the acquisition of the 2015 Acquired Business, the Company chartered-out the Navigator Spirit to Teekay under a fixed-rate time-charter contract, which was scheduled to expire in July 2016. On May 18, 2016, the contract was transferred to the Americas Spirit , which subsequently expired on July 15, 2016. (ii) The Company recorded $0.1 million for the three and six months ended June 30, 2016 to provide lay-up services during the quarter to Teekay for two of its in-chartered vessels. (iii) The Company’s share of the Pool Managers’ fees that are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of income. (iv) The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels not included in the pool, which are reflected in voyage expenses on the Company’s consolidated statements of income. (v) The cost of ship management services provided by the Manager has been presented as vessel operating expenses. (vi) The Manager's strategic and administrative service fees have been presented in general and administrative fees on the Company's consolidated statements of income. 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 11 ) 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. (vii) The Company recorded $2.0 million and $3.9 million for the three and six months ended June 30, 2015 , respectively, related to a time charter-out contract for the Explorer Spirit associated with the Entities under Common Control. The vessel was under a fixed-rate time-charter with SPT which expired in September 2015.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2016
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share are as follows: Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 $ $ $ $ Net income 22,486 45,150 61,466 85,126 Net income attributable to the Entities under Common Control — (908 ) — (1,899 ) Net income available for common shareholders 22,486 44,242 61,466 83,227 Weighted average number of common shares – basic 156,208,917 116,150,985 156,146,287 115,600,570 Dilutive effect of stock-based awards 237,978 574,443 323,529 581,680 Weighted average number of common shares – diluted 156,446,895 116,725,428 156,469,816 116,182,250 Earnings per common share: – Basic 0.14 0.38 0.39 0.72 – Diluted 0.14 0.38 0.39 0.72

Acquisition of Ship-to-Ship T33

Acquisition of Ship-to-Ship Transfer Business (Tables)	6 Months Ended
Acquisition of Ship-to-Ship Transfer Business (Tables)	Jun. 30, 2016
Business Combinations [Abstract]
Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the final estimates of fair values of the SPT assets acquired and liabilities assumed by the Company on the acquisition date. Such estimates of fair value were finalized in the first quarter of 2016 and resulted in an increase in goodwill of $8.1 million and a decrease in intangible assets by $8.4 million from preliminary estimates. Such changes did not have a material impact to the Company’s consolidated statements of income for 2016. As at ASSETS July 31, 2015 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) 17,901 Customer contracts (1) 4,599 Goodwill 8,059 Total assets acquired 52,564 LIABILITIES Accounts payable (3,650 ) Accrued liabilities (3,276 ) Total liabilities assumed (6,926 ) Net assets acquired (3) 45,638 (1) The customer relationships and customer contracts are being amortized over a weighted average amortization period of 10 years and 7.6 years, respectively. As at June 30, 2016 , the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million , $3.1 million and $19.4 million , respectively. Amortization of intangible assets following June 30, 2016 is expected to be $1.7 million (remainder of 2016), $3.2 million (2017), $2.9 million (2018), $2.2 million (2019), $2.0 million (2020) and $7.4 million (thereafter). (2) Goodwill recognized from this acquisition attributed $1.9 million to the Company’s conventional tanker segment and $6.2 million to the Company’s ship-to-ship transfer segment. (3) Prior to the SPT acquisition date, SPT had in-chartered the Explorer Spirit from Teekay, which was acquired by the Company in December 2015. Retroactively adjusting the Company’s consolidated financial statements for the acquisition of the Explorer Spirit has resulted in $1.4 million of the SPT acquisition purchase price being characterized as the settlement of a pre-existing relationship. Such amount has been accounted for as a reduction to revenue on the SPT acquisition date.
Consolidated Pro forma Financial Information	The following table provides comparative summarized consolidated pro forma financial information for the Company for the quarter ended June 30, 2015 , giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2015: Unaudited Unaudited Pro Forma Pro Forma Three Months Ended Six Months Ended June 30, 2015 June 30, 2015 Revenues 131,558 254,110 Net Income 45,771 85,737 Earnings per common share: Basic 0.37 0.70 Diluted 0.37 0.70

Acquisition of Entities under34

Acquisition of Entities under Common Control - Additional Information (Detail) $ in Thousands	Dec. 31, 2015USD ($)	Dec. 18, 2015USD ($)Vehicle	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Business Acquisition [Line Items]
Return of capital						$ 15,000	$ (239)
Net income			$ 22,486		$ 45,150	61,466	85,126
Revenues			139,621		111,283	304,571	218,806
Entities Under Common Control [Member]
Business Acquisition [Line Items]
Net income			$ 0		908	$ 0	1,899
Revenues					$ 3,700		$ 7,300
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 \| Vehicle		2
Assumption of outstanding debt		$ 49,600
Amount paid to acquire business		30,400		$ 8,600
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

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
Segment Reporting - Additional Information (Detail)	Jun. 30, 2016Segment
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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Revenues	$ 139,621,000	$ 111,283,000	$ 304,571,000	$ 218,806,000
Voyage expenses (note 12a)	(9,758,000)	(3,613,000)	(22,581,000)	(7,511,000)
Vessel operating expenses	(46,389,000)	(27,846,000)	(91,462,000)	(51,818,000)
Time-charter hire expense (note 12a)	(15,913,000)	(16,793,000)	(36,629,000)	(31,796,000)
Depreciation and amortization	(25,621,000)	(16,012,000)	(52,688,000)	(30,468,000)
General and administrative expenses (note 12a)	(4,769,000)	(3,211,000)	(10,202,000)	(6,682,000)
Asset Impairment Charges	(6,420,000)	0	(6,420,000)	0
Restructuring charges (note 16)	0	879,000	0	(4,445,000)
Income from operations	30,751,000	44,687,000	84,589,000	86,086,000
Equity income (note 5)	4,740,000	$ 3,587,000	8,554,000	$ 6,169,000
Operating Segments [Member] \| Conventional Tankers [Member]
Segment Reporting Information [Line Items]
Revenues	129,092,000		284,657,000
Voyage expenses (note 12a)	(10,494,000)		(23,752,000)
Vessel operating expenses	(37,278,000)		(74,786,000)
Time-charter hire expense (note 12a)	(15,456,000)		(35,886,000)
Depreciation and amortization	(24,320,000)		(50,274,000)
General and administrative expenses (note 12a)	(3,633,000)		(8,404,000)
Asset Impairment Charges	(6,420,000)		(6,420,000)
Income from operations	31,491,000		85,135,000
Equity income (note 5)	4,740,000		8,554,000
Operating Segments [Member] \| Ship-to-Ship Transfer [Member]
Segment Reporting Information [Line Items]
Revenues	10,999,000		21,085,000
Voyage expenses (note 12a)	266,000		0
Vessel operating expenses	(9,111,000)		(16,676,000)
Time-charter hire expense (note 12a)	(457,000)		(743,000)
Depreciation and amortization	(1,301,000)		(2,414,000)
General and administrative expenses (note 12a)	(1,136,000)		(1,798,000)
Asset Impairment Charges	0		0
Income from operations	(740,000)		(546,000)
Equity income (note 5)	0		0
Inter-segment Revenue [Member]
Segment Reporting Information [Line Items]
Revenues	(470,000)
Voyage expenses (note 12a)	470,000
Vessel operating expenses	0
Time-charter hire expense (note 12a)	0
Depreciation and amortization	0
General and administrative expenses (note 12a)	0
Asset Impairment Charges	0
Income from operations	0
Equity income (note 5)	0
Lightering support services, cost per voyage	$ 24,750		24,750
Inter-segment Revenue [Member] \| Conventional Tankers [Member]
Segment Reporting Information [Line Items]
Revenues			(1,171,000)
Voyage expenses (note 12a)			1,171,000
Vessel operating expenses			0
Time-charter hire expense (note 12a)			0
Depreciation and amortization			0
General and administrative expenses (note 12a)			0
Asset Impairment Charges			0
Income from operations			0
Equity income (note 5)			$ 0

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	$ 58,018	$ 96,417	$ 83,082	$ 162,797
Accounts receivable	43,611	28,313
Consolidated total assets	2,063,730	2,169,476
Conventional Tankers [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets	1,932,151	2,020,317
Ship-to-Ship Transfer [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets	$ 29,950	$ 24,429

Investments in and Advances t38

Investments in and Advances to Equity Accounted Investments - Schedule of Investments in and Advances to Equity Accounted Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	$ 77,862	$ 86,808
High-Q Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	21,197	21,166
Tanker Investments Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	47,701	44,195
Teekay Tanker Operations Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	$ 8,964	$ 21,447

Investments in and Advances t39

Investments in and Advances to Equity Accounted Investments - Additional Information (Detail)	1 Months Ended			6 Months Ended			12 Months Ended
	Jan. 31, 2016USD ($)	Oct. 31, 2014USD ($)shares	Jan. 31, 2014USD ($)shares	Jun. 30, 2016USD ($)Vesselshares	Jun. 30, 2016USD ($)NOK / sharesshares	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)NOK / shares	Mar. 31, 2015USD ($)	Oct. 31, 2014NOK / shares	Aug. 31, 2014USD ($)pool	Mar. 31, 2012USD ($)
Investments in and Advances to Affiliates [Line Items]
Total principal				$ 1,054,708,000	$ 1,054,708,000		$ 1,166,301,000	$ 1,166,301,000
Derivative assets (note 8)				916,000	$ 916,000		5,164,000	5,164,000
Return of capital				$ 15,000,000		$ (239,000)
Tanker Investments Ltd [Member]
Investments in and Advances to Affiliates [Line Items]
Ownership percentage				11.30%	11.30%
Investment in equity accounted investment		$ 10,000,000	$ 25,000,000
Derivative assets (note 8)				$ 916,000	$ 916,000		5,164,000	5,164,000
Preferred stock, voting rights				elect one board member
Common share price per share, acquisition closing date \| NOK / shares										NOK 69
Number of stock purchase warrants \| shares			1
Tanker Investments Ltd [Member] \| Maximum [Member]
Investments in and Advances to Affiliates [Line Items]
Number of shares available through exercise of stock purchase warrant \| shares			750,000
Tanker Investments Ltd [Member] \| Common Stock [Member]
Investments in and Advances to Affiliates [Line Items]
Common stock, shares purchased \| shares		900,000	2,500,000
Tanker Investments Ltd [Member] \| Preferred Stock [Member]
Investments in and Advances to Affiliates [Line Items]
Common stock, shares purchased \| shares			1
Teekay Tanker Operations Ltd [Member]
Investments in and Advances to Affiliates [Line Items]
Ownership percentage											50.00%
Number of commercially managed tanker pools \| pool											5
Value of the assets acquired, including working capital									$ 200,000		$ 23,700,000
Return of capital	$ 15,000,000
Teekay Tanker Operations Ltd [Member] \| Working Capital [Member]
Investments in and Advances to Affiliates [Line Items]
Business acquisition assets											$ 6,700,000
Teekay Tankers and Wah Kwong Joint Venture [Member]
Investments in and Advances to Affiliates [Line Items]
Ownership percentage				50.00%	50.00%
Number of vessels \| Vessel				1
Secured term loan maximum amount to be drawn												$ 68,600,000
Total principal				$ 51,400,000	$ 51,400,000		$ 54,200,000	$ 54,200,000
Percentage of exposure to loan guarantee				50.00%	50.00%
Percentage of exposure to derivative				50.00%	50.00%
Teekay Tankers and Wah Kwong Joint Venture [Member] \| Joint Venture Interest Rate Derivative [Member]
Investments in and Advances to Affiliates [Line Items]
Notional amount				$ 51,400,000	$ 51,400,000
Fixed interest rate				1.47%	1.47%
Percentage of interest rate swap agreement, description				The interest rate swap exchanges a receipt of floating interest based on 3-months LIBOR for a payment of a fixed rate of 1.47% every three months.
Tanker Investments Ltd [Member]
Investments in and Advances to Affiliates [Line Items]
Shares repurchased \| shares				3,300,000			3,300,000
Shares repurchased (NOK per share) \| NOK / shares					$ 80.2			$ 105.2
Payments for repurchase of shares				$ 31,800,000			$ 40,600,000
Number of stock purchase warrants \| shares			1	1	1
Tanker Investments Ltd [Member] \| Maximum [Member]
Investments in and Advances to Affiliates [Line Items]
Number of shares available through exercise of stock purchase warrant \| shares			750,000

In-process Revenue Contracts -

In-process Revenue Contracts - Additional Information (Detail)	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2015ContractVessel	Jun. 30, 2016USD ($)	Jun. 30, 2016USD ($)
In Process Revenue Contracts [Line Items]
Amortization of in-process revenue contracts \| $		$ 0	$ 1,200,000
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

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total principal	$ 1,054,708	$ 1,166,301
Unamortized discount and debt issuance costs	(10,438)	(1,696)
Total debt	1,044,270	1,164,605
Less: current portion	(151,761)	(174,047)
Non-current portion of long-term debt	892,509	990,558
Secured Debt [Member]
Debt Instrument [Line Items]
Total principal	543,214	635,330
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Total principal	$ 511,494	$ 530,971

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information - Revolvers and Term Loans (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)CreditFacilityVessel	Dec. 31, 2015USD ($)	Jan. 31, 2016USD ($)
Debt Instrument [Line Items]
Total principal	$ 1,054,708,000	$ 1,166,301,000
Repayments of 2 bridge loans and a portion of the revolving credit facility	$ 845,800,000
New Debt Facility [Member]
Debt Instrument [Line Items]
Debt instrument, face amount			$ 894,400,000
Collateral, number of vessels \| Vessel	36
Minimum hull coverage ratios	125.00%
Actual hull coverage ratio	148.00%
New Debt Facility [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%
Minimum [Member]
Debt Instrument [Line Items]
Percentage of margin	0.30%
Maximum [Member]
Debt Instrument [Line Items]
Percentage of margin	2.00%
Secured Debt [Member]
Debt Instrument [Line Items]
Number of debt instruments \| CreditFacility	2
Total principal	$ 543,214,000	635,330,000
Secured Debt [Member] \| Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Maintain the greater of free cash liquidity	$ 50,000,000
Minimum liquidity as a percentage of debt	5.00%
Secured Debt [Member] \| Remaining Secured Debt [Member]
Debt Instrument [Line Items]
Collateral, number of vessels \| Vessel	2
Revolving Credit Facilities [Member] \| RevolvingCreditFacility1 [Member]
Debt Instrument [Line Items]
Total principal	$ 96,500,000	447,000,000
Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Number of debt instruments \| CreditFacility	3
Total principal	$ 511,494,000	530,971,000
Revolving credit facilities borrowing capacity	546,500,000	545,500,000
Undrawn amount of revolving credit facility	35,000,000	$ 14,600,000
Revolving Credit Facilities [Member] \| Not Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Minimum liquidity covenant requirement	$ 35,000,000
Minimum liquidity as a percentage of consolidated debt covenant requirement	5.00%
Revolving Credit Facilities [Member] \| Guaranteed By Teekay Corporation [Member]
Debt Instrument [Line Items]
Maintain the greater of free cash liquidity	$ 50,000,000
Minimum liquidity as a percentage of debt	5.00%
Revolving Credit Facilities [Member] \| Remainder of 2016 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	$ 14,000,000
Revolving Credit Facilities [Member] \| 2017 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	96,100,000
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] \| 2019 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	0
Revolving Credit Facilities [Member] \| 2020 [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	0
Revolving Credit Facilities [Member] \| Thereafter [Member]
Debt Instrument [Line Items]
Reduction in the total amount available under Revolvers	$ 369,100,000
Revolving Credit Facilities [Member] \| Remaining Revolving Credit Facilities [Member]
Debt Instrument [Line Items]
Number of debt instruments \| CreditFacility	2
Collateral, number of vessels \| Vessel	7
Minimum hull coverage ratios	105.00%
Actual hull coverage ratio	120.00%
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Percentage of margin	0.30%	0.30%
London Interbank Offered Rate (LIBOR) [Member] \| Secured Debt [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of margin	2.00%	2.80%
London Interbank Offered Rate (LIBOR) [Member] \| Revolving Credit Facilities [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Percentage of margin	0.45%	0.45%
London Interbank Offered Rate (LIBOR) [Member] \| Revolving Credit Facilities [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Percentage of margin	2.00%	0.60%

Long-Term Debt - Additional I43

Long-Term Debt - Additional Information - Long-term debt joint and several liability arrangements (Detail) - Secured Debt [Member]	6 Months Ended
	Jun. 30, 2016USD ($)Debt_InstrumentsCreditFacility
Debt Instrument [Line Items]
Number of debt instruments \| CreditFacility	2
Subsidiary of Common Parent [Member]
Debt Instrument [Line Items]
Number of debt instruments \| Debt_Instruments	1
Amount outstanding in the joint and several liability arrangement \| $	$ 0

Long Term Debt - Additional Inf

Long Term Debt - Additional Information - Other (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Debt Instruments [Abstract]
Interest at a weighted-average fixed rate	2.30%	1.60%
Aggregate annual long-term principal repayments, remainder of 2016	$ 83.2
Aggregate annual long-term principal repayments, 2017	206
Aggregate annual long-term principal repayments, 2018	177.3
Aggregate annual long-term principal repayments, 2019	110
Aggregate annual long-term principal repayments, 2020	110
Aggregate annual long-term principal repayments, thereafter	$ 368.2

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	6 Months Ended
Derivative Instruments - Additional Information (Detail)	Jun. 30, 2016USD ($)Vesseltranche$ / sharesNOK / Derivativeshares	Jun. 30, 2016NOK / shares	Feb. 29, 2016USD ($)Agreement	Jan. 31, 2014shares
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.
Tanker Investments Ltd [Member]
Derivative [Line Items]
Number of stock purchase warrants \| shares	1			1
Maximum [Member] \| Tanker Investments Ltd [Member]
Derivative [Line Items]
Number of shares available through exercise of stock purchase warrant \| shares	750,000
Minimum [Member] \| Tranche One [Member] \| Tanker Investments Ltd [Member]
Derivative [Line Items]
Fair market value of the shares \| NOK / Derivative	77.08
Minimum [Member] \| Tranche Two [Member] \| Tanker Investments Ltd [Member]
Derivative [Line Items]
Fair market value of the shares \| NOK / Derivative	92.5
Minimum [Member] \| Tranche Three [Member] \| Tanker Investments Ltd [Member]
Derivative [Line Items]
Fair market value of the shares \| NOK / Derivative	107.91
Minimum [Member] \| Tranche Four [Member] \| Tanker Investments Ltd [Member]
Derivative [Line Items]
Fair market value of the shares \| NOK / Derivative	123.33
Interest Rate Swap [Member]
Derivative [Line Items]
Number of interest rate derivatives held \| Agreement			9
Interest Rate Swap, October 2016 Through December 2020 [Member]
Derivative [Line Items]
Number of interest rate derivatives held \| Agreement			4
Notional amount \| $			$ 50,000,000
Fixed interest rate			1.462%
Interest Rate Swap, Q1 2016 Through January 2021 [Member]
Derivative [Line Items]
Number of interest rate derivatives held \| Agreement			5
Interest Rate Swap, Q1 2016 Through January 2021, $75 Million Notional Amount [Member]
Derivative [Line Items]
Number of interest rate derivatives held \| Agreement			1
Notional amount \| $			$ 75,000,000
Fixed interest rate			1.549%
Interest Rate Swap, Q1 2016 Through January 2021, $50 Million Notional Amount [Member]
Derivative [Line Items]
Number of interest rate derivatives held \| Agreement			1
Notional amount \| $			$ 50,000,000
Fixed interest rate			1.155%
Interest Rate Swap, Q1 2016 Through January 2021, $25 Million Notional Amount [Member]
Derivative [Line Items]
Number of interest rate derivatives held \| Agreement			3
Notional amount \| $			$ 25,000,000
Fixed interest rate			1.549%
Warrant [Member] \| Tanker Investments Ltd [Member]
Derivative [Line Items]
Fixed price of stock purchase warrants, per share \| (per share)	$ 10	NOK 61.67
Number of tranches \| tranche	4
Consecutive trading days	10 days
Number of tranches vested \| tranche	2
Time-charter Swap [Member]
Derivative [Line Items]
Derivative, percent of required need	55.00%
Derivative, number of vessel-equivalents in swap agreement \| Vessel	2
Derivative, daily payments received \| $	$ 27,776
Derivative, brokerage fee, percent	1.25%
Derivative, deduction from daily payments made \| $	$ 500
Derivative, term of contract	11 months
Derivative, term of contract extension, counterparty option	2 months

Derivative Instruments - Summar

Derivative Instruments - Summary of Interest Rate Swap Positions (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Minimum [Member]
LIBOR-Based Debt:
Margin on variable-rate debt	0.30%
Maximum [Member]
LIBOR-Based Debt:
Margin on variable-rate debt	2.00%
U.S. Dollar-denominated interest rate swap 1 [Member]
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swap, Notional Amount	$ 200,000
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability)	$ (891)
U.S. Dollar-denominated interest rate swap, Remaining Term (years)	3 months 18 days
U.S. Dollar-denominated interest rate swap, Fixed Interest Rate	2.61%
U.S. Dollar-denominated interest rate swap 2 [Member]
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swap, Notional Amount	$ 200,000
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability)	$ (2,788)
U.S. Dollar-denominated interest rate swap, Remaining Term (years)	4 years 2 months 12 days
U.S. Dollar-denominated interest rate swap, Fixed Interest Rate	1.46%
U.S. Dollar-denominated interest rate swap 3 [Member]
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swap, Notional Amount	$ 150,000
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability)	$ (4,220)
U.S. Dollar-denominated interest rate swap, Remaining Term (years)	4 years 6 months
U.S. Dollar-denominated interest rate swap, Fixed Interest Rate	1.55%
U.S. Dollar-denominated interest rate swap 4 [Member]
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swap, Notional Amount	$ 50,000
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability)	$ (526)
U.S. Dollar-denominated interest rate swap, Remaining Term (years)	4 years 6 months
U.S. Dollar-denominated interest rate swap, Fixed Interest Rate	1.16%

Derivative Instruments - Locati

Derivative Instruments - Location and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Current portion of derivative assets	$ 1,345	$ 0
Derivative assets (note 8)	916	5,164
Accrued liabilities	(1,889)	(2,359)
Current portion of derivative liabilities	(3,248)	(6,330)
Derivative liabilities	(5,177)	(4,208)
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Accrued liabilities	(1,182)	(2,359)
Current portion of derivative liabilities	(3,248)	(6,330)
Derivative liabilities	(5,177)	(4,208)
Warrant [Member]
Derivatives, Fair Value [Line Items]
Derivative assets (note 8)	916	$ 5,164
Time-charter Swap [Member]
Derivatives, Fair Value [Line Items]
Current portion of derivative assets	1,345
Accrued liabilities	$ (707)

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Realized gains (losses)	$ (1,150)	$ (2,452)	$ (10,742)	$ (4,916)
Unrealized gains (losses)	(2,600)	2,975	(789)	3,852
Total	(3,750)	523	(11,531)	(1,064)
Interest Rate Swap [Member]
Derivative [Line Items]
Realized gains (losses)	(1,276)	(2,452)	(10,868)	(4,916)
Unrealized gains (losses)	(1,808)	2,066	2,114	2,983
Total	(3,084)	(386)	(8,754)	(1,933)
Warrant [Member]
Derivative [Line Items]
Realized gains (losses)	0	0	0	0
Unrealized gains (losses)	(2,137)	909	(4,248)	869
Total	(2,137)	909	(4,248)	869
Time-charter Swap [Member]
Derivative [Line Items]
Realized gains (losses)	126	0	126	0
Unrealized gains (losses)	1,345	0	1,345	0
Total	$ 1,471	$ 0	$ 1,471	$ 0

Other Expense - Components of O

Other Expense - Components of Other Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Freight tax provision	$ (2,024)	$ (409)	$ (4,501)	$ (342)
Foreign exchange loss	(76)	(65)	(239)	(112)
Other income	160	0	154	1
Total	$ (1,940)	$ (474)	$ (4,586)	$ (453)

Other Expense - Schedule of Unr

Other Expense - Schedule of Unrecognized Tax Benefits (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Other Liabilities Disclosure [Abstract]
Beginning Balance	$ 7,511
Increases for positions related to the current period	4,066
Changes for positions taken in prior periods	388
Decreases related to statute of limitations	(121)
Ending Balance	$ 11,844

Financial Instruments - Summary

Financial Instruments - Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time-charter swap agreement	$ 1,345	$ 0
Stock purchase warrant	916	5,164
Vessel held for sale	14,000	0
Advances to equity accounted investments	11,480	13,980
Long-term debt, including current portion	(1,044,270)	(1,164,605)
Time-charter Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time-charter swap agreement	1,345
Warrant [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Stock purchase warrant	916	5,164
Carrying Amount Asset / (Liability) [Member] \| Equity Accounted Investments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Advances to equity accounted investments	11,480	13,980
Carrying Amount Asset / (Liability) [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	(1,044,270)	(1,164,605)
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	59,018	97,287
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	(8,425)	(10,538)
Carrying Amount Asset / (Liability) [Member] \| Fair Value Measurements, Recurring [Member] \| Level 3 [Member] \| Time-charter Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time-charter swap agreement	1,345	0
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	916	5,164
Carrying Amount Asset / (Liability) [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vessel held for sale	14,000	0
Fair Value Asset / (Liability) [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	(1,031,173)	(1,140,135)
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	59,018	97,287
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	(8,425)	(10,538)
Fair Value Asset / (Liability) [Member] \| Fair Value Measurements, Recurring [Member] \| Level 3 [Member] \| Time-charter Swap [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Time-charter swap agreement	1,345	0
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	916	5,164
Fair Value Asset / (Liability) [Member] \| Fair Value, Measurements, Nonrecurring [Member] \| Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Vessel held for sale	$ 14,000	$ 0

Financial Instruments - Summa52

Financial Instruments - Summary of Derivative Instrument Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - Level 3 [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Warrant [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at the beginning of the period	$ 3,053,000	$ 4,617,000	$ 5,164,000	$ 4,657,000
Realized and unrealized gain	(2,137,000)	909,000	(4,248,000)	869,000
Fair value at the end of the period	916,000	$ 5,526,000	916,000	$ 5,526,000
Time-charter Swap [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value at the beginning of the period	0		0
Settlements	(126,000)		(126,000)
Realized and unrealized gain	1,471,000		1,471,000
Fair value at the end of the period	$ 1,345,000		$ 1,345,000

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail)	6 Months Ended
Financial Instruments - Additional Information (Detail)	Jun. 30, 2016USD ($)Vesselshares	Jan. 31, 2014shares
Tanker Investments Ltd [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of stock purchase warrants	1	1
Tanker Investments Ltd [Member] \| 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
Time-charter Swap [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative, percent of required need	55.00%
Derivative, number of vessel-equivalents in swap agreement \| Vessel	2
Estimated average daily tanker rate \| $	$ 21,500
Warrant [Member] \| Tanker Investments Ltd [Member]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Volatility rate	52.43%

Financial Instruments - Summa54

Financial Instruments - Summary of Financing Receivables (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Financing Receivable, Recorded Investment [Line Items]
Advances to equity accounted investments	$ 11,480	$ 13,980
Other internal metrics [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Advances to equity accounted investments	$ 11,480	$ 13,980

Capital Stock and Stock-Based55

Capital Stock and Stock-Based Compensation - Additional Information (Detail)	1 Months Ended			3 Months Ended		6 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares	Apr. 30, 2015USD ($)shares	Mar. 31, 2015USD ($)shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Dec. 31, 2015$ / sharesshares
Class of Stock [Line Items]
Preferred stock, shares authorized				100,000,000		100,000,000		100,000,000
Preferred stock, par value \| $ / shares				$ 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
Stock based compensation expense \| $				$ 300,000	$ 300,000	$ 1,100,000	$ 1,000,000
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Restricted stock units vested				100,000	100,000	400,000	400,000
Market value of restricted stock units \| $				$ 500,000	$ 1,100,000	$ 1,500,000	$ 2,300,000
2007 Long-Term Incentive Plan [Member] \| Equity Option [Member]
Class of Stock [Line Items]
Weighted-average grant date fair value of stock options granted \| $ / shares	$ 0.87
Expected volatility rate	51.30%
Expected life	5 years
Dividend yield	7.80%
Risk-free interest rate	1.21%
2007 Long-Term Incentive Plan [Member] \| Officer [Member]
Class of Stock [Line Items]
Stock options granted during period	200,000
Exercise price of stock options granted \| $ / shares	$ 3.74
2007 Long-Term Incentive Plan [Member] \| Officer [Member] \| Equity Option [Member]
Class of Stock [Line Items]
Term of stock options	10 years
Vesting period	3 years
2007 Long-Term Incentive Plan [Member] \| Non Management Directors [Member]
Class of Stock [Line Items]
Stock issued during period for share based compensation, shares, new issues	9,358	12,987	38,961
Stock issued during period for share based compensation, value, new issues \| $	$ 35,000	$ 100,000	$ 200,000
Stock options granted during period	300,000
Exercise price of stock options granted \| $ / shares	$ 3.74
2007 Long-Term Incentive Plan [Member] \| Non Management Directors [Member] \| Equity Option [Member]
Class of Stock [Line Items]
Term of stock options	10 years
2007 Long-Term Incentive Plan [Member] \| Officers and Certain Subsidiaries Employees [Member] \| Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Vesting period	3 years
Common stock, granted	300,000
Common stock aggregate values, granted \| $	$ 1,000,000
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 \| $ / shares				$ 0.01		$ 0.01		$ 0.01
Voting rights per share						one vote per share
Common stock, votes per share owned						1
Common stock, shares issued				133,100,000		133,100,000		132,800,000
Common stock, shares outstanding				133,100,000		133,100,000		132,800,000
Class A [Member] \| Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Stock issued during period, shares, new issues				85,000	82,000	200,000	200,000
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 \| $ / shares				$ 0.01		$ 0.01		$ 0.01
Voting rights per share						five votes per share
Common stock, votes per share owned						5
Maximum percentage of voting power						49.00%
Common stock, shares issued				23,200,000		23,200,000		23,200,000
Common stock, shares outstanding				23,200,000		23,200,000		23,200,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Transactions (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)Vessel	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Vessel	Jun. 30, 2015USD ($)
Related Party Transaction [Line Items]
Pool management fees and commissions	$ (2,750)	$ (2,468)	$ (5,886)	$ (4,860)
Commercial management fees	(408)	(239)	(748)	(442)
Vessel operating expenses	(46,389)	(27,846)	(91,462)	(51,818)
Strategic and administrative service fees	(2,775)	(1,777)	(4,990)	(3,719)
Time-charter [Member]
Related Party Transaction [Line Items]
Revenues	2,452	0	4,987	0
Lay-up Services [Member]
Related Party Transaction [Line Items]
Revenues	$ 116	0	$ 116	0
Number of vessels \| Vessel	2		2
Technical management fee [Member]
Related Party Transaction [Line Items]
Vessel operating expenses	$ (2,276)	(1,656)	$ (4,587)	(3,156)
Entities Under Common Control [Member]
Related Party Transaction [Line Items]
Commercial management fees	0	(64)	0	(127)
Strategic and administrative service fees	0	(171)	0	(340)
Entities Under Common Control [Member] \| Time-charter [Member]
Related Party Transaction [Line Items]
Revenues	0	1,960	0	3,895
Entities Under Common Control [Member] \| Technical management fee [Member]
Related Party Transaction [Line Items]
Vessel operating expenses	$ 0	$ (105)	$ 0	$ (222)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Working capital advanced to Pool Managers	$ 80,075	$ 67,159
Pool Managers [Member]
Related Party Transaction [Line Items]
Working capital advanced to Pool Managers	$ 44,200	$ 46,800

Asset Impairments - Additional

Asset Impairments - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)Vessel	Jun. 30, 2016USD ($)Vessel
Property, Plant and Equipment [Abstract]
Write-down of tanker \| $	$ 6.4	$ 6.4
Number of vessels held for sale \| Vessel	1	1

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 22,486	$ 45,150	$ 61,466	$ 85,126
Net income available for common shareholders	$ 22,486	$ 44,242	$ 61,466	$ 83,227
Weighted average number of common shares - basic	156,208,917	116,150,985	156,146,287	115,600,570
Dilutive effect of stock-based awards	237,978	574,443	323,529	581,680
Weighted average number of common shares - diluted	156,446,895	116,725,428	156,469,816	116,182,250
Earnings per common share:
Basic (usd per share)	$ 0.14	$ 0.38	$ 0.39	$ 0.72
Diluted (usd per share)	$ 0.14	$ 0.38	$ 0.39	$ 0.72
Entities Under Common Control [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 0	$ 908	$ 0	$ 1,899

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
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	800,000	100,000	600,000	100,000

Shipbuilding Contracts - Additi

Shipbuilding Contracts - Additional Information (Detail) - STX Offshore And Shipbuilding Co., Ltd [Member] $ in Millions	Feb. 15, 2016USD ($)	Apr. 30, 2013ContractVesselDWT	Nov. 30, 2013Vessel	Nov. 30, 2014USD ($)
Property, Plant and Equipment [Line Items]
Weight capacity in dead-weight tonnes \| DWT		113,000
Litigation settlement, amount \| $	$ 32.4
Number Of Shipbuilding Contracts \| Contract		4
Cash and cash equivalents [Member]
Property, Plant and Equipment [Line Items]
Amount of escrow account placed \| $				$ 0.6
Orders to Construct Newbuildings [Member]
Property, Plant and Equipment [Line Items]
Number of vessels		4
Additional Order Option Maximum [Member]
Property, Plant and Equipment [Line Items]
Number of vessels		12
Option To Order Exercised [Member]
Property, Plant and Equipment [Line Items]
Number of vessels			8

Other Revenues and Restructur62

Other Revenues and Restructuring Charges - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restructuring Cost and Reserve [Line Items]
Revenues	$ 139,621,000	$ 111,283,000	$ 304,571,000	$ 218,806,000
Amortization of in-process revenue contracts	0		1,200,000
Restructuring charges	0	$ (879,000)	0	$ 4,445,000
Restructuring liability	0		0
Amount of restructuring receivables recoverable from customer	0		0
Lightering Support Operations [Member]
Restructuring Cost and Reserve [Line Items]
Revenues	$ 10,500,000		$ 19,900,000

Acquisition of Ship-to-Ship T63

Acquisition of Ship-to-Ship Transfer Business - Additional Information (Detail) - Ship to Ship Transfer Business [Member] $ / shares in Units, shares in Millions, $ in Millions	Jul. 31, 2015USD ($)Vessel$ / sharesshares	Mar. 31, 2016USD ($)
Business Acquisition [Line Items]
Purchase price of acquisition	$ 47.3
Goodwill, purchase accounting adjustments		$ 8.1
Finite-lived intangible assets, purchase accounting adjustments		$ (8.4)
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
Working Capital [Member]
Business Acquisition [Line Items]
Purchase price of acquisition	$ 1.8
Ship-to-ship Support Vessel [Member]
Business Acquisition [Line Items]
Number of vessels \| Vessel	6
Aframax Tanker [Member]
Business Acquisition [Line Items]
Number of vessels \| Vessel	1

Acquisition of Ship-to-Ship T64

Acquisition of Ship-to-Ship Transfer Business - Summary of Preliminary Estimates of Fair Values of SPT Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Jul. 31, 2015	Dec. 31, 2015	Jun. 30, 2016
Business Acquisition [Line Items]
Goodwill		$ 0	$ 8,059
Ship to Ship Transfer Business [Member]
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
Goodwill	8,059
Total assets acquired	52,564
Accounts payable	(3,650)
Accrued liabilities	(3,276)
Total Liabilities assumed	(6,926)
Net assets acquired	45,638
Gross carrying amount			22,500
Accumulated amortization			(3,100)
Net carrying amount			19,400
Amortization expense, remainder of 2016			1,700
Amortization expense, 2017			3,200
Amortization expense, 2018			2,900
Amortization expense, 2019			2,200
Amortization expense, 2020			2,000
Amortization expense, Thereafter			$ 7,400
Purchase price of acquisition	47,300
Ship to Ship Transfer Business [Member] \| Settlement of Preexisting Obligation [Member]
Business Acquisition [Line Items]
Purchase price of acquisition		$ 1,400
Ship to Ship Transfer Business [Member] \| Conventional Tankers [Member]
Business Acquisition [Line Items]
Goodwill	1,900
Ship to Ship Transfer Business [Member] \| Ship-to-Ship Transfer [Member]
Business Acquisition [Line Items]
Goodwill	6,200
Ship to Ship Transfer Business [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	17,901
Amortization period			10 years
Ship to Ship Transfer Business [Member] \| Customer Contracts [Member]
Business Acquisition [Line Items]
Intangible assets subject to amortization	$ 4,599
Amortization period			7 years 7 months 6 days

Acquisition of Ship-to-Ship T65

Acquisition of Ship-to-Ship Transfer Business - Summarized Consolidated Pro Forma Financial Information (Detail) - Ship to Ship Transfer Business [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Business Acquisition [Line Items]
Revenues	$ 131,558	$ 254,110
Net Income	$ 45,771	$ 85,737
Earnings per common share:
Basic	$ 0.37	$ 0.70
Diluted	$ 0.37	$ 0.70

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Aug. 31, 2016	Sep. 30, 2016
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Gain (loss) on sale of vessel		$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Aggregate proceeds received	$ 14,000,000