Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2016 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
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 (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
REVENUES | ||||
Net pool revenues (note 12a) | $ 49,174 | $ 92,022 | $ 250,426 | $ 263,510 |
Time charter revenues (note 12a) | 23,276 | 20,339 | 68,884 | 48,387 |
Voyage charter revenues | 23,176 | 5,502 | 59,750 | 20,327 |
Other revenues (notes 6 and 16) | 8,995 | 8,538 | 30,132 | 12,983 |
Total revenues | 104,621 | 126,401 | 409,192 | 345,207 |
Voyage expenses (note 12a) | (14,933) | (2,653) | (37,514) | (10,164) |
Vessel operating expenses (note 12a) | (44,783) | (35,267) | (136,245) | (87,085) |
Time-charter hire expense | (11,335) | (21,382) | (47,964) | (53,178) |
Depreciation and amortization | (25,888) | (17,878) | (78,576) | (48,346) |
General and administrative expenses (note 12a) | (3,572) | (4,310) | (13,774) | (10,992) |
Loss on sale of vessel | (137) | 0 | (137) | 0 |
Asset impairments (note 13) | (7,766) | 0 | (14,186) | 0 |
Restructuring charges (note 16) | 0 | (327) | 0 | (4,772) |
(Loss) income from operations | (3,793) | 44,584 | 80,796 | 130,670 |
Interest expense | (6,809) | (4,008) | (22,421) | (9,659) |
Interest income | 18 | 28 | 70 | 67 |
Realized and unrealized gain (loss) on derivative instruments (note 8) | 3,629 | (1,031) | (7,902) | (2,095) |
Equity income (note 5) | 1,045 | 2,762 | 9,599 | 8,931 |
Other income (expense) (note 9) | 453 | (1,385) | (4,133) | (1,838) |
Net (loss) income | $ (5,457) | $ 40,950 | $ 56,009 | $ 126,076 |
Per common share amounts (note 14) | ||||
- Basic earnings per share (usd per share) | $ (0.03) | $ 0.31 | $ 0.36 | $ 1.02 |
- Diluted earnings per share (usd per share) | (0.03) | 0.30 | 0.36 | 1.02 |
- Cash dividends declared (usd per share) | $ 0.06 | $ 0.03 | $ 0.15 | $ 0.09 |
Weighted-average number of Class A and Class B common stock outstanding (note 14) | ||||
- Basic (shares) | 156,284,136 | 134,630,768 | 156,192,572 | 121,933,274 |
- Diluted (shares) | 156,284,136 | 135,174,756 | 156,458,691 | 122,504,070 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current | ||
Cash and cash equivalents | $ 59,237 | $ 96,417 |
Restricted cash | 1,000 | 870 |
Pool receivable from affiliates, net (note 12b) | 14,073 | 62,735 |
Accounts receivable | 25,245 | 28,313 |
Vessel held for sale (note 13) | 13,151 | 0 |
Due from affiliates (note 12b) | 52,501 | 67,159 |
Current portion of derivative assets (note 8) | 1,554 | 0 |
Prepaid expenses | 20,053 | 24,320 |
Total current assets | 186,814 | 279,814 |
Vessels and equipment, at cost, less accumulated depreciation of $449.6 million (2015 - $391.0 million) | 1,664,859 | 1,767,925 |
Investment in and advances to equity accounted investments (note 5) | 78,771 | 86,808 |
Derivative assets (note 8) | 717 | 5,164 |
Intangible assets - net (note 17) | 18,491 | 29,619 |
Goodwill (note 17) | 8,059 | 0 |
Other non-current assets | 73 | 146 |
Total assets | 1,957,784 | 2,169,476 |
Current | ||
Accounts payable | 9,858 | 16,717 |
Accrued liabilities | 26,259 | 62,029 |
Current portion of long-term debt (note 7) | 155,690 | 174,047 |
Current portion of derivative liabilities (note 8) | 1,861 | 6,330 |
Current portion of in-process revenue contracts (notes 6 and 16) | 0 | 1,223 |
Deferred revenue | 1,955 | 2,676 |
Due to affiliates (note 12b) | 26,470 | 26,630 |
Total current liabilities | 222,093 | 289,652 |
Long-term debt (note 7) | 810,961 | 990,558 |
Derivative liabilities (note 8) | 2,763 | 4,208 |
Other long-term liabilities (note 9) | 11,293 | 7,597 |
Total liabilities | 1,047,110 | 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 September 30, 2016 and 132.8 million Class A and 23.2 million Class B shares issued and outstanding as of December 31, 2015) | 1,095,511 | 1,094,874 |
Accumulated deficit | (184,837) | (217,413) |
Total equity | 910,674 | 877,461 |
Total liabilities and equity | $ 1,957,784 | $ 2,169,476 |
Unaudited Consolidated Balance4
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Accumulated depreciation on vessels and equipment | $ 449.6 | $ 391 |
Common stock, shares authorized (shares) | 300,000,000 | 300,000,000 |
Class A [Member] | ||
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (shares) | 133,100,000 | 132,800,000 |
Common stock, shares outstanding (shares) | 133,100,000 | 132,800,000 |
Class B [Member] | ||
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (shares) | 23,200,000 | 23,200,000 |
Common stock, shares outstanding (shares) | 23,200,000 | 23,200,000 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 56,009 | $ 126,076 |
Non-cash items: | ||
Depreciation and amortization | 78,576 | 48,346 |
Loss on sale of vessel | 137 | 0 |
Asset impairments (note 13) | 14,186 | 0 |
Unrealized gain on derivative instruments | (3,021) | (5,297) |
Equity income | (9,599) | (8,931) |
Other | 6,555 | 1,821 |
Change in operating assets and liabilities | 45,089 | 571 |
Expenditures for dry docking | (6,477) | (17,749) |
Net operating cash flow | 181,455 | 144,837 |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt, net of issuance costs | 875,467 | 575,328 |
Repayments of long-term debt | (119,252) | (21,276) |
Prepayment of long-term debt | (957,541) | (191,592) |
Repayment of long-term debt of Entities under Common Control (note 3) | (119,252) | (21,276) |
Net advances to affiliates (note 3) | 0 | (3,156) |
Cash dividends paid | (42,159) | (10,519) |
Proceeds from equity offerings, net of offering costs | 0 | 227,995 |
Net financing cash flow | (243,485) | 574,450 |
INVESTING ACTIVITIES | ||
Proceeds from sale of vessels (note 13) | 14,078 | 0 |
Expenditures for vessels and equipment | (6,728) | (230,664) |
Expenditures for Principal Maritimes vessel acquisitions | 0 | (526,021) |
Loan repayments from equity accounted investment (note 5a) | 2,500 | 1,000 |
Return of capital from (investment in) Teekay Tanker Operations Ltd. (note 5c) | 15,000 | (239) |
Acquisition of SPT, net of $0.4 million of cash assumed (note 17) | 0 | (45,581) |
Net investing cash flow | 24,850 | (801,505) |
Decrease in cash and cash equivalents | (37,180) | (82,218) |
Cash and cash equivalents, beginning of the period | 96,417 | 162,797 |
Cash and cash equivalents, end of the period | 59,237 | 80,579 |
Entities under Common Control [Member] | ||
FINANCING ACTIVITIES | ||
Repayments of long-term debt | 0 | (3,971) |
Repayment of long-term debt of Entities under Common Control (note 3) | 0 | (3,971) |
Equity contribution from Teekay Corporation to Entities under Common Control (note 3) | $ 0 | $ 1,641 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Ship To Ship Transfer Business [Member] | |
Cash assumed | $ 0.4 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Changes in Shareholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ 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] |
Balance as at Dec. 31, 2015 | $ 877,461 | $ (217,413) | $ 1,032,239 | $ 62,635 | |
Balance as (shares) at Dec. 31, 2015 | 156,031 | ||||
Net income | 56,009 | 56,009 | |||
Dividends declared | (23,433) | (23,433) | |||
Equity-based compensation (note 11) | 637 | 637 | |||
Equity-based compensation (note 11) (shares) | 253 | ||||
Balance as at Sep. 30, 2016 | $ 910,674 | $ (184,837) | $ 1,032,876 | $ 62,635 | |
Balance as (shares) at Sep. 30, 2016 | 156,284 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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 consolidated financial statements include the accounts of Teekay Tankers Ltd. and its wholly-owned subsidiaries and equity accounted investments (collectively the Company ). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated 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 | 9 Months Ended |
Sep. 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 result in 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 statements of cash flows. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the statement of cash flows. This update is effective for the Company January 1, 2018, with a retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. |
Acquisition of Entities under C
Acquisition of Entities under Common Control | 9 Months Ended |
Sep. 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 . As a result of the 2015 Acquired Business, the Company's consolidated financial statements prior to the date of the Company acquired interests in the vessels are retroactively adjusted to include the results of these vessels during the periods they were under common control of Teekay and had begun operations. The effect of adjusting such information to account for the 2015 Acquired Business in periods prior to the Company's 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 amount of the net purchase price of $39.0 million that was in excess of TOO’s historical carrying value of the net assets acquired 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 decreased the Company's net income for the three months ended September 30, 2015 by $0.3 million and increased the Company’s net income for the nine months ended September 30, 2015 by $1.6 million . The adjustments for the Entities under Common Control increased the Company’s revenues for the three and nine months ended September 30, 2015 by $1.0 million and $8.4 million , respectively. In the preparation of the comparative amounts in 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 | 9 Months Ended |
Sep. 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 September 30, 2016 . Three Months Ended September 30, 2016 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Adjustment (1) Total Revenues 95,626 9,837 (842 ) 104,621 Voyage expenses (15,775 ) — 842 (14,933 ) Vessel operating expenses (37,462 ) (7,321 ) — (44,783 ) Time-charter hire expense (10,784 ) (551 ) — (11,335 ) Depreciation and amortization (24,651 ) (1,237 ) — (25,888 ) General and administrative expenses (2,955 ) (617 ) — (3,572 ) Asset impairment (7,766 ) — — (7,766 ) Loss on sale of vessel (137 ) — — (137 ) (Loss) income from operations (2) (3,904 ) 111 — (3,793 ) Equity Income 1,045 — — 1,045 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred of approximately $25,000 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). Three months ended September 30, 2015 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Adjustment (1) Total Revenues 117,863 8,850 (312 ) 126,401 Voyage expenses (2,461 ) (192 ) — (2,653 ) Vessel operating expenses (29,164 ) (6,415 ) 312 (35,267 ) Time-charter hire expense (21,344 ) (38 ) — (21,382 ) Depreciation and amortization (17,234 ) (644 ) — (17,878 ) General and administrative expenses (3,398 ) (912 ) — (4,310 ) Restructuring charges — (327 ) — (327 ) Income from operations (2) 44,262 322 — 44,584 Equity Income 2,762 — — 2,762 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred of approximately $25,000 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). Nine Months Ended September 30, 2016 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Adjustment (1) Total Revenues 380,283 30,922 (2,013 ) 409,192 Voyage expenses (39,527 ) — 2,013 (37,514 ) Vessel operating expenses (112,248 ) (23,997 ) — (136,245 ) Time-charter hire expense (46,670 ) (1,294 ) — (47,964 ) Depreciation and amortization (74,925 ) (3,651 ) — (78,576 ) General and administrative expenses (11,359 ) (2,415 ) — (13,774 ) Asset impairments (14,186 ) — — (14,186 ) Loss on sale of vessel (137 ) — — (137 ) Income (loss) from operations (2) 81,231 (435 ) — 80,796 Equity Income 9,599 — — 9,599 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred of approximately $25,000 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). Nine months ended September 30, 2015 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Adjustment (1) Total Revenues 336,669 8,850 (312 ) 345,207 Voyage expenses (9,972 ) (192 ) — (10,164 ) Vessel operating expenses (80,982 ) (6,415 ) 312 (87,085 ) Time-charter hire expense (53,140 ) (38 ) — (53,178 ) Depreciation and amortization (47,702 ) (644 ) — (48,346 ) General and administrative expenses (10,080 ) (912 ) — (10,992 ) Restructuring charges (4,445 ) (327 ) — (4,772 ) Income from operations (2) 130,348 322 — 130,670 Equity Income 8,931 — — 8,931 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred of approximately $25,000 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 September 30, 2016 December 31, 2015 $ $ Conventional Tanker 1,842,803 2,020,317 Ship-to-Ship Transfer 30,499 24,429 Cash and cash equivalents 59,237 96,417 Accounts receivable 25,245 28,313 Consolidated total assets 1,957,784 2,169,476 |
Investments in and Advances to
Investments in and Advances to Equity Accounted Investments | 9 Months Ended |
Sep. 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 September 30, 2016 As at December 31, 2015 $ $ High-Q Joint Venture 22,091 21,166 Tanker Investments Ltd. 47,376 44,195 Teekay Tanker Operations Ltd. 9,304 21,447 Total 78,771 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 September 30, 2016 , the loan had an outstanding balance of $49.9 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 $49.9 million that expires in June 2018, 50% of which is guaranteed by the Company. The remaining 50% is guaranteed by the joint venture partner. The interest rate swap exchanges a receipt of floating interest based on 3-months LIBOR for a payment of a fixed rate of 1.47% every three months. b. In January 2014, the Company and Teekay formed 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 $0.7 million as at September 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 nine months 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 September 30, 2016 , the Company’s ownership interest in TIL was 11.3% ( December 31, 2015 - 10.2% ). 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 . 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 | 9 Months Ended |
Sep. 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 Tankers Corporation. 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 nine months ended September 30, 2016 was $nil and $1.2 million , respectively which is included in other revenues (see note 16 ) on the consolidated statements of (loss) income. As at September 30, 2016 , the contracts have been fully amortized. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt As at As at September 30, 2016 December 31, 2015 $ $ Revolving Credit Facilities due through 2021 466,787 530,971 Term Loans due through 2021 509,368 635,330 Total principal 976,155 1,166,301 Unamortized discount and debt issuance costs (9,504 ) (1,696 ) Total debt 966,651 1,164,605 Less: current portion (155,690 ) (174,047 ) Non-current portion of long-term debt 810,961 990,558 As at September 30, 2016 , the Company had three revolving credit facilities (or the Revolvers ), which, as at such date, provided for aggregate borrowings of up to $526.8 million , of which $60.0 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 September 30, 2016 , the margin ranged between 0.45% and 2.00% (December 31, 2015: 0.45% and 0.60% ). The total amount available under the Revolvers reduces by $10.0 million (remainder of 2016), $80.4 million (2017), $67.3 million (2018), $nil (2019), $nil (2020) and $369.1 million (thereafter). As at September 30, 2016 , the Company also had two term loans outstanding, which totaled $509.4 million ( December 31, 2015 - $635.3 million ). Interest payments on the term loans are based on LIBOR plus margins, which, at September 30, 2016 the margin 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. One term loan also has a balloon or bullet repayment 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. In January 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 corporate revolving credit facility, which was scheduled to mature in 2017. As at September 30, 2016 , the corporate revolving credit facility had an outstanding balance of $79.1 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. Such requirement is assessed on a semi-annual basis with reference to vessel valuations compiled by one or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request the Company to either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company’s option. As at September 30, 2016 , this ratio was 140% . 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 six 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. Such requirement is assessed on an annual basis, with reference to vessel valuations compiled by one or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company’s option. As at September 30, 2016 , such revolver, with a minimum hull coverage ratio requirement, had an outstanding balance of $78.6 million (December 31, 2015 - $84.0 million ) and a hull coverage ratio of 106% (December 31, 2015 - 138% ). In October 2016, the Company prepaid $5.0 million of the remaining revolver balance, and as a result of the payment, the pro forma hull coverage ratio increased to 114% . 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. 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 September 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 September 30, 2016 , the term loan arrangement had an outstanding balance of $nil from its co-obligor. 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. The weighted-average effective interest rate on the Company’s long-term debt as at September 30, 2016 was 2.4% ( 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 September 30, 2016 are $60.8 million (remaining 2016), $174.1 million (2017), $177.3 million (2018), $110.0 million (2019), $110.0 million (2020) and $344.0 million (thereafter). |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 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 September 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 (2) LIBOR 200,000 (28 ) — 2.61 U.S. Dollar-denominated interest rate swaps (3) LIBOR 200,000 (1,828 ) 4.2 1.46 U.S. Dollar-denominated interest rate swaps LIBOR 150,000 (2,699 ) 4.3 1.55 U.S. Dollar-denominated interest rate swaps LIBOR 50,000 (69 ) 4.3 1.16 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of September 30, 2016 , ranged from 0.30% to 2.00% . (2) Scheduled to expire in October 2016. (3) 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 September 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 September 30, 2016 Interest rate swaps — — (2,044 ) (1,861 ) (2,763 ) Stock purchase warrant — 717 — — — Time-charter swap 1,554 — (441 ) — — 1,554 717 (2,485 ) (1,861 ) (2,763 ) 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 gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income as follows: Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swaps (1,277 ) 3,800 2,523 (2,476 ) 1,550 (926 ) Stock purchase warrant — (199 ) (199 ) — (105 ) (105 ) Time-charter swap 1,096 209 1,305 — — — (181 ) 3,810 3,629 (2,476 ) 1,445 (1,031 ) Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swaps (12,145 ) 5,914 (6,231 ) (7,392 ) 4,533 (2,859 ) Stock purchase warrant — (4,447 ) (4,447 ) — 764 764 Time-charter swap 1,222 1,554 2,776 — — — (10,923 ) 3,021 (7,902 ) (7,392 ) 5,297 (2,095 ) |
Other Income (Expense)
Other Income (Expense) | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Income (Expense) | Other Income (Expense) The components of other income (expense) are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 $ $ $ $ Freight tax recovery (provision) 488 (1,343 ) (4,013 ) (1,685 ) Foreign exchange loss (35 ) (42 ) (274 ) (154 ) Other income — — 154 1 Total 453 (1,385 ) (4,133 ) (1,838 ) The following reflects the changes in the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from December 31, 2015 to September 30, 2016 : 2016 $ Balance of unrecognized tax benefits as at January 1 7,511 Increases for positions related to the curre nt period 3,430 Changes for positions taken in prior period s 388 Decreases related to statute of limitations (121 ) Balance of unrecognized tax benefits as at September 30 11,208 The majority of the net increase for positions for the three and nine months ended September 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 | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [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. September 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 60,237 60,237 97,287 97,287 Derivative instruments (note 8) Interest rate swap agreements (1) Level 2 (4,624 ) (4,624 ) (10,538 ) (10,538 ) Time-charter swap agreement (1) Level 3 1,554 1,554 — — Stock purchase warrant Level 3 717 717 5,164 5,164 Non-Recurring: Vessel held for sale (note 13) Level 2 13,151 13,151 — — Other: Advances to equity accounted investments Note (2) 11,480 Note (2) 13,980 Note (2) Long-term debt, including current portion Level 2 (966,651) (955,596) (1,164,605) (1,140,135) (1) The fair value of the Company’s interest rate swap agreements and time-charter swap agreement at September 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 September 30, 2016 and December 31, 2015 were not determinable. Changes in fair value during the three and nine months ended September 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 Months Nine Months Ended Ended September 30, 2016 September 30, 2016 $ $ Fair value asset - beginning of the period 1,345 — Settlements (1,096) (1,222) Realized and unrealized gain 1,305 2,776 Fair value asset - at the end of the period 1,554 1,554 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 September 30, 2016 is based upon an estimated average daily tanker rate of approximately $19,000 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 b). 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 September 30, 2016 is based on the historical volatility of comparable companies of 45.64% . 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 nine months ended September 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 Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 $ $ $ $ Fair value at the beginning of the period 916 5,526 5,164 4,657 Unrealized (loss) gain included in earnings (199 ) (105 ) (4,447 ) 764 Fair value at the end of the period 717 5,421 717 5,421 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. September 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 | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Capital Stock and Stock-Based Compensation | Capital Stock and Stock-Based Compensation The authorized capital stock of the Company at September 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 September 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 (loss) 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 nine months ended September 30, 2016 , the Company recorded $0.2 million and $1.3 million (2015 - $0.3 million and $1.3 million ), respectively, of expenses related to the restricted stock units and stock options. During the nine months ended September 30, 2016 , a total of 0.4 million restricted stock units (2015 - 0.4 million ) with a market value of $1.5 million (2015 - $2.3 million ) vested and was paid to the grantees by issuing 0.2 million shares (2015 - 0.2 million ) of Class A common stock, net of withholding taxes. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 $ $ $ $ Time-charter revenues (i) 417 — 5,404 — Lay-up service revenues (ii) 200 — 432 — Pool management fees and commissions (iii) (2,043 ) (2,630 ) (7,929 ) (7,490 ) Commercial management fees (iv) (490 ) (385 ) (1,238 ) (827 ) Vessel operating expenses - technical management fee (v) (2,338 ) (1,687 ) (6,925 ) (4,843 ) Strategic and administrative service fees (vi) (2,471 ) (1,594 ) (7,461 ) (5,313 ) Entities under Common Control (note 3) Time-charter revenues (vii) — 663 — 4,558 Commercial management fees — (64 ) — (191 ) Vessel operating expenses - technical management fee — (112 ) — (334 ) Strategic and administrative service fees — (171 ) — (511 ) (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 revenues of $0.2 million and $0.4 million for the three and nine months ended September 30, 2016 , respectively, to provide lay-up services 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 (loss) income. The Company is entitled to a share of the Pool Managers' fees due to its 50% ownership interest in TTOL. (See Note 5(c)). (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 (loss) income. (v) The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company's consolidated statement of (loss) income. (vi) The Manager's strategic and administrative service fees have been presented in general and administrative fees on the Company's consolidated statements of (loss) 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 revenues of $0.7 million and $4.6 million for the three and nine months ended September 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 receivable from affiliates, are without interest and are repayable upon the terms contained within the applicable pool agreement. The Company had also advanced $40.8 million and $46.8 million as at September 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 and Sales of
Asset Impairments and Sales of Vessels | 9 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Asset Impairments | Asset Impairments and Sales of Vessels The Company’s consolidated statements of (loss) income for the three and nine months ended September 30, 2016 include write-downs of $7.8 million and $14.2 million , respectively, of two Medium Range (or MR ) tankers. One MR tanker was classified as held for sale at September 30, 2016 and was delivered to its buyer in November 2016. The vessel was written down to its agreed sales price. The other MR tanker was sold in August 2016 for a sales price of $14.0 million , and recognized a loss on sale of the vessel of $0.1 million . The vessel was previously written down to its agreed sales price in the second quarter of 2016. |
(Loss) Income Per Share
(Loss) Income Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
(Loss) Income Per Share | (Loss) Income Per Share Basic (loss) income per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted income 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 (loss) income per share and diluted income per share are as follows: Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 $ $ $ $ Net (loss) income (5,457 ) 40,950 56,009 126,076 Net loss (income) attributable to the Entities under Common Control — 263 — (1,636 ) Net (loss) income available for common shareholders (5,457 ) 41,213 56,009 124,440 Weighted average number of common shares – basic 156,284,136 134,630,768 156,192,572 121,933,274 Dilutive effect of stock-based awards — 543,988 266,119 570,796 Weighted average number of common shares – diluted 156,284,136 135,174,756 156,458,691 122,504,070 (Loss) income per common share: – Basic (0.03 ) 0.31 0.36 1.02 – Diluted (0.03 ) 0.30 0.36 1.02 Stock-based awards, which have an anti-dilutive effect on the calculation of diluted (loss) income per common share, are excluded from this calculation. For the nine months ended September 30, 2016 , 19 thousand of restricted stock units had an anti-dilutive effect on the calculation of diluted (loss) income per common share. For the three and nine months ended September 30, 2016 , options to acquire 0.8 million and 0.7 million shares of the Company’s Class A common stock, respectively, had an anti-dilutive effect on the calculation of diluted (loss) income per common share. For the three and nine months ended September 30, 2015 , options to acquire 0.1 million , had an anti-dilutive effect on the calculation of diluted income per common share. In periods where a loss attributable to shareholders has been incurred all stock-based awards are anti-dilutive. |
Shipbuilding Contracts
Shipbuilding Contracts | 9 Months Ended |
Sep. 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 by February 2014 determined 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, the subsidiaries of the Company gave STX notice that they were treating STX as having repudiated the four firm shipbuilding contracts. In February 2014, the Company gave STX notice that it was treating STX as having repudiated the Option Agreement. 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 September 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 | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Other Revenues and Restructuring Charges | Other Revenues and Restructuring Charges During the three and nine months ended September 30, 2016 , the Company recognized $9.0 million and $28.9 million , respectively, of revenue from its lightering support operations (see note 4 ). In the nine months ended September 30, 2016 and 2015, the Company amortized $1.2 million and $ nil , respectively, of its in-process revenue contracts which are included in other revenues on the consolidated statements of (loss) income (see note 6 ). During the three months ended September 30, 2015 , the Company incurred $0.3 million of restructuring costs related to severance payments made in relation to the acquisition of the ship-to-ship business (see note 17 ). During the nine months ended September 30, 2015 , the Company incurred $4.7 million of restructuring charges, of which $4.4 million related to the termination of the employment of certain seafarers upon the expiration of a time-charter out contract which was recovered from the customer. As at September 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 | 9 Months Ended |
Sep. 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 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 (loss) 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 (2) 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 September 30, 2016 , the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million , $4.0 million and $18.5 million , respectively. Amortization of intangible assets following September 30, 2016 is expected to be $0.8 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 vessel the Company acquired 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 nine months ended September 30, 2015 , giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2015: Unaudited Pro Forma Nine Months Ended September 30, 2015 Revenues 385,465 Net Income 125,274 Earnings per common share: Basic 0.97 Diluted 0.97 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events a. In September 2016, the Company entered into negotiations to sell an MR tanker, the Hugli Spirit , for a sales price of approximately $13.2 million . The sale was completed in November 2016. The vessel was classified as held for sale on the consolidated balance sheet as at September 30, 2016 and its net book value was written down to its sales price in the third quarter of 2016. As a result, there is no gain or loss on the sale of this vessel expected for the quarter ended December 31, 2016 (see note 13 ). b. In late October 2016, the Company entered into agreements to sell two Suezmax tankers, the Ganges Spirit and Yamuna Spirit , for an aggregate sales price of approximately $33.8 million . The two vessels had an aggregate net book value of $40.3 million as of September 30, 2016. The vessels will be written down to their sales price in the fourth quarter of 2016 and are expected to be delivered in early 2017. Both vessels are used as collateral for one of the Company's revolvers which had a balance of $79.1 million as at September 30, 2016. Proceeds from the sale of the vessels will be used to repay a portion of the revolver. c. In October 2016, the Company entered into a time chartered-in contract for one Aframax tanker with a daily rate of $17,000 and a contract period of 12 months with a three -month option at an escalated rate. At the same time, the Company entered into a profit or loss sharing agreement with another party to share 50% of the net profit or loss of such in-chartered Aframax vessel. |
Accounting Pronouncements Accou
Accounting Pronouncements Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Basis of Accounting | The unaudited interim consolidated financial statements (or consolidated financial statements ) have been prepared in conformity with United States generally accepted accounting principles (or GAAP ). |
Use of Estimates | The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
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 result in 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 statements of cash flows. In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments . This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the statement of cash flows. This update is effective for the Company January 1, 2018, with a retrospective approach. The Company is currently evaluating the effect of adopting this new guidance. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 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 September 30, 2016 . Three Months Ended September 30, 2016 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Adjustment (1) Total Revenues 95,626 9,837 (842 ) 104,621 Voyage expenses (15,775 ) — 842 (14,933 ) Vessel operating expenses (37,462 ) (7,321 ) — (44,783 ) Time-charter hire expense (10,784 ) (551 ) — (11,335 ) Depreciation and amortization (24,651 ) (1,237 ) — (25,888 ) General and administrative expenses (2,955 ) (617 ) — (3,572 ) Asset impairment (7,766 ) — — (7,766 ) Loss on sale of vessel (137 ) — — (137 ) (Loss) income from operations (2) (3,904 ) 111 — (3,793 ) Equity Income 1,045 — — 1,045 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred of approximately $25,000 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). Three months ended September 30, 2015 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Adjustment (1) Total Revenues 117,863 8,850 (312 ) 126,401 Voyage expenses (2,461 ) (192 ) — (2,653 ) Vessel operating expenses (29,164 ) (6,415 ) 312 (35,267 ) Time-charter hire expense (21,344 ) (38 ) — (21,382 ) Depreciation and amortization (17,234 ) (644 ) — (17,878 ) General and administrative expenses (3,398 ) (912 ) — (4,310 ) Restructuring charges — (327 ) — (327 ) Income from operations (2) 44,262 322 — 44,584 Equity Income 2,762 — — 2,762 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred of approximately $25,000 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). Nine Months Ended September 30, 2016 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Adjustment (1) Total Revenues 380,283 30,922 (2,013 ) 409,192 Voyage expenses (39,527 ) — 2,013 (37,514 ) Vessel operating expenses (112,248 ) (23,997 ) — (136,245 ) Time-charter hire expense (46,670 ) (1,294 ) — (47,964 ) Depreciation and amortization (74,925 ) (3,651 ) — (78,576 ) General and administrative expenses (11,359 ) (2,415 ) — (13,774 ) Asset impairments (14,186 ) — — (14,186 ) Loss on sale of vessel (137 ) — — (137 ) Income (loss) from operations (2) 81,231 (435 ) — 80,796 Equity Income 9,599 — — 9,599 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred of approximately $25,000 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). Nine months ended September 30, 2015 Conventional Ship-to-Ship Tanker Transfer Inter-segment Segment Segment Adjustment (1) Total Revenues 336,669 8,850 (312 ) 345,207 Voyage expenses (9,972 ) (192 ) — (10,164 ) Vessel operating expenses (80,982 ) (6,415 ) 312 (87,085 ) Time-charter hire expense (53,140 ) (38 ) — (53,178 ) Depreciation and amortization (47,702 ) (644 ) — (48,346 ) General and administrative expenses (10,080 ) (912 ) — (10,992 ) Restructuring charges (4,445 ) (327 ) — (4,772 ) Income from operations (2) 130,348 322 — 130,670 Equity Income 8,931 — — 8,931 (1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services is based on estimated costs incurred of approximately $25,000 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 September 30, 2016 December 31, 2015 $ $ Conventional Tanker 1,842,803 2,020,317 Ship-to-Ship Transfer 30,499 24,429 Cash and cash equivalents 59,237 96,417 Accounts receivable 25,245 28,313 Consolidated total assets 1,957,784 2,169,476 |
Investments in and Advances t28
Investments in and Advances to Equity Accounted Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in and Advances to Equity Accounted Investments | As at September 30, 2016 As at December 31, 2015 $ $ High-Q Joint Venture 22,091 21,166 Tanker Investments Ltd. 47,376 44,195 Teekay Tanker Operations Ltd. 9,304 21,447 Total 78,771 86,808 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | As at As at September 30, 2016 December 31, 2015 $ $ Revolving Credit Facilities due through 2021 466,787 530,971 Term Loans due through 2021 509,368 635,330 Total principal 976,155 1,166,301 Unamortized discount and debt issuance costs (9,504 ) (1,696 ) Total debt 966,651 1,164,605 Less: current portion (155,690 ) (174,047 ) Non-current portion of long-term debt 810,961 990,558 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 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 September 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 (2) LIBOR 200,000 (28 ) — 2.61 U.S. Dollar-denominated interest rate swaps (3) LIBOR 200,000 (1,828 ) 4.2 1.46 U.S. Dollar-denominated interest rate swaps LIBOR 150,000 (2,699 ) 4.3 1.55 U.S. Dollar-denominated interest rate swaps LIBOR 50,000 (69 ) 4.3 1.16 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of September 30, 2016 , ranged from 0.30% to 2.00% . (2) Scheduled to expire in October 2016. (3) Scheduled to commence in October 2016. |
Schedule of Derivative Instruments | 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 September 30, 2016 Interest rate swaps — — (2,044 ) (1,861 ) (2,763 ) Stock purchase warrant — 717 — — — Time-charter swap 1,554 — (441 ) — — 1,554 717 (2,485 ) (1,861 ) (2,763 ) 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 gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income as follows: Three Months Ended Three Months Ended September 30, 2016 September 30, 2015 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swaps (1,277 ) 3,800 2,523 (2,476 ) 1,550 (926 ) Stock purchase warrant — (199 ) (199 ) — (105 ) (105 ) Time-charter swap 1,096 209 1,305 — — — (181 ) 3,810 3,629 (2,476 ) 1,445 (1,031 ) Nine Months Ended Nine Months Ended September 30, 2016 September 30, 2015 Realized gains (losses) Unrealized gains (losses) Total Realized gains (losses) Unrealized gains (losses) Total Interest rate swaps (12,145 ) 5,914 (6,231 ) (7,392 ) 4,533 (2,859 ) Stock purchase warrant — (4,447 ) (4,447 ) — 764 764 Time-charter swap 1,222 1,554 2,776 — — — (10,923 ) 3,021 (7,902 ) (7,392 ) 5,297 (2,095 ) |
Other Income (Expense) (Tables)
Other Income (Expense) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | The components of other income (expense) are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 $ $ $ $ Freight tax recovery (provision) 488 (1,343 ) (4,013 ) (1,685 ) Foreign exchange loss (35 ) (42 ) (274 ) (154 ) Other income — — 154 1 Total 453 (1,385 ) (4,133 ) (1,838 ) |
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 September 30, 2016 : 2016 $ Balance of unrecognized tax benefits as at January 1 7,511 Increases for positions related to the curre nt period 3,430 Changes for positions taken in prior period s 388 Decreases related to statute of limitations (121 ) Balance of unrecognized tax benefits as at September 30 11,208 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [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. September 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 60,237 60,237 97,287 97,287 Derivative instruments (note 8) Interest rate swap agreements (1) Level 2 (4,624 ) (4,624 ) (10,538 ) (10,538 ) Time-charter swap agreement (1) Level 3 1,554 1,554 — — Stock purchase warrant Level 3 717 717 5,164 5,164 Non-Recurring: Vessel held for sale (note 13) Level 2 13,151 13,151 — — Other: Advances to equity accounted investments Note (2) 11,480 Note (2) 13,980 Note (2) Long-term debt, including current portion Level 2 (966,651) (955,596) (1,164,605) (1,140,135) (1) The fair value of the Company’s interest rate swap agreements and time-charter swap agreement at September 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 September 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 nine months ended September 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 Months Nine Months Ended Ended September 30, 2016 September 30, 2016 $ $ Fair value asset - beginning of the period 1,345 — Settlements (1,096) (1,222) Realized and unrealized gain 1,305 2,776 Fair value asset - at the end of the period 1,554 1,554 Changes in fair value during the three and nine months ended September 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 Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 $ $ $ $ Fair value at the beginning of the period 916 5,526 5,164 4,657 Unrealized (loss) gain included in earnings (199 ) (105 ) (4,447 ) 764 Fair value at the end of the period 717 5,421 717 5,421 |
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. September 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) | 9 Months Ended |
Sep. 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 Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 $ $ $ $ Time-charter revenues (i) 417 — 5,404 — Lay-up service revenues (ii) 200 — 432 — Pool management fees and commissions (iii) (2,043 ) (2,630 ) (7,929 ) (7,490 ) Commercial management fees (iv) (490 ) (385 ) (1,238 ) (827 ) Vessel operating expenses - technical management fee (v) (2,338 ) (1,687 ) (6,925 ) (4,843 ) Strategic and administrative service fees (vi) (2,471 ) (1,594 ) (7,461 ) (5,313 ) Entities under Common Control (note 3) Time-charter revenues (vii) — 663 — 4,558 Commercial management fees — (64 ) — (191 ) Vessel operating expenses - technical management fee — (112 ) — (334 ) Strategic and administrative service fees — (171 ) — (511 ) (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 revenues of $0.2 million and $0.4 million for the three and nine months ended September 30, 2016 , respectively, to provide lay-up services 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 (loss) income. The Company is entitled to a share of the Pool Managers' fees due to its 50% ownership interest in TTOL. (See Note 5(c)). (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 (loss) income. (v) The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company's consolidated statement of (loss) income. (vi) The Manager's strategic and administrative service fees have been presented in general and administrative fees on the Company's consolidated statements of (loss) 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 revenues of $0.7 million and $4.6 million for the three and nine months ended September 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. |
(Loss) Income Per Share (Tables
(Loss) Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | The components of basic (loss) income per share and diluted income per share are as follows: Three Months Ended Nine Months Ended September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 $ $ $ $ Net (loss) income (5,457 ) 40,950 56,009 126,076 Net loss (income) attributable to the Entities under Common Control — 263 — (1,636 ) Net (loss) income available for common shareholders (5,457 ) 41,213 56,009 124,440 Weighted average number of common shares – basic 156,284,136 134,630,768 156,192,572 121,933,274 Dilutive effect of stock-based awards — 543,988 266,119 570,796 Weighted average number of common shares – diluted 156,284,136 135,174,756 156,458,691 122,504,070 (Loss) income per common share: – Basic (0.03 ) 0.31 0.36 1.02 – Diluted (0.03 ) 0.30 0.36 1.02 |
Acquisition of Ship-to-Ship T35
Acquisition of Ship-to-Ship Transfer Business (Tables) | 9 Months Ended |
Sep. 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 (loss) 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 (2) 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 September 30, 2016 , the gross carrying amount, accumulated amortization and net carrying amount were $22.5 million , $4.0 million and $18.5 million , respectively. Amortization of intangible assets following September 30, 2016 is expected to be $0.8 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 vessel the Company acquired 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 nine months ended September 30, 2015 , giving effect to the Company’s acquisition of SPT as if it had taken place on January 1, 2015: Unaudited Pro Forma Nine Months Ended September 30, 2015 Revenues 385,465 Net Income 125,274 Earnings per common share: Basic 0.97 Diluted 0.97 |
Acquisition of Entities under36
Acquisition of Entities under Common Control - Additional Information (Detail) $ in Thousands | Dec. 18, 2015USD ($)Vehicle | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Business Acquisition [Line Items] | ||||||
Return of capital | $ 15,000 | $ (239) | ||||
Net income | $ (5,457) | $ 40,950 | 56,009 | 126,076 | ||
Revenues | 104,621 | 126,401 | 409,192 | 345,207 | ||
Entities under Common Control [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net income | $ 0 | (263) | $ 0 | 1,636 | ||
Revenues | $ 1,000 | $ 8,400 | ||||
Entities under Common Control [Member] | SPT Explorer LLC and Navigator Spirit LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of vessels | Vehicle | 2 | |||||
Business acquisition, assumed working capital | $ 39,000 | |||||
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] | Teekay Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Amount to terminate time charters | 2,900 | |||||
Contractual amount | 1,500 | |||||
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 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Company's Revenue and Income From Operations by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 104,621 | $ 126,401 | $ 409,192 | $ 345,207 |
Voyage expenses | (14,933) | (2,653) | (37,514) | (10,164) |
Vessel operating expenses | (44,783) | (35,267) | (136,245) | (87,085) |
Time-charter hire expense | (11,335) | (21,382) | (47,964) | (53,178) |
Depreciation and amortization | (25,888) | (17,878) | (78,576) | (48,346) |
General and administrative expenses | (3,572) | (4,310) | (13,774) | (10,992) |
Asset impairments | (7,766) | 0 | (14,186) | 0 |
Loss on sale of vessel | (137) | 0 | (137) | 0 |
Restructuring charges | 0 | (327) | 0 | (4,772) |
(Loss) income from operations | (3,793) | 44,584 | 80,796 | 130,670 |
Equity Income | 1,045 | 2,762 | 9,599 | 8,931 |
Operating Segments [Member] | Conventional Tankers [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 95,626 | 117,863 | 380,283 | 336,669 |
Voyage expenses | (15,775) | (2,461) | (39,527) | (9,972) |
Vessel operating expenses | (37,462) | (29,164) | (112,248) | (80,982) |
Time-charter hire expense | (10,784) | (21,344) | (46,670) | (53,140) |
Depreciation and amortization | (24,651) | (17,234) | (74,925) | (47,702) |
General and administrative expenses | (2,955) | (3,398) | (11,359) | (10,080) |
Asset impairments | (7,766) | (14,186) | ||
Loss on sale of vessel | (137) | (137) | ||
Restructuring charges | 0 | (4,445) | ||
(Loss) income from operations | (3,904) | 44,262 | 81,231 | 130,348 |
Equity Income | 1,045 | 2,762 | 9,599 | 8,931 |
Operating Segments [Member] | Ship-to-Ship Transfer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 9,837 | 8,850 | 30,922 | 8,850 |
Voyage expenses | 0 | (192) | 0 | (192) |
Vessel operating expenses | (7,321) | (6,415) | (23,997) | (6,415) |
Time-charter hire expense | (551) | (38) | (1,294) | (38) |
Depreciation and amortization | (1,237) | (644) | (3,651) | (644) |
General and administrative expenses | (617) | (912) | (2,415) | (912) |
Asset impairments | 0 | 0 | ||
Loss on sale of vessel | 0 | 0 | ||
Restructuring charges | (327) | (327) | ||
(Loss) income from operations | 111 | 322 | (435) | 322 |
Equity Income | 0 | 0 | 0 | 0 |
Inter-segment Revenue [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (842) | (312) | (2,013) | (312) |
Voyage expenses | 842 | 0 | 2,013 | 0 |
Vessel operating expenses | 0 | 312 | 0 | 312 |
Time-charter hire expense | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Asset impairments | 0 | 0 | ||
Loss on sale of vessel | 0 | 0 | ||
Restructuring charges | 0 | 0 | ||
(Loss) income from operations | 0 | 0 | 0 | 0 |
Equity Income | 0 | 0 | 0 | 0 |
Lightering support services, cost per voyage | $ 25 | $ 25 | $ 25 | $ 25 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 59,237 | $ 96,417 | $ 80,579 | $ 162,797 |
Accounts receivable | 25,245 | 28,313 | ||
Consolidated total assets | 1,957,784 | 2,169,476 | ||
Conventional Tankers [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Consolidated total assets | 1,842,803 | 2,020,317 | ||
Ship-to-Ship Transfer [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Consolidated total assets | $ 30,499 | $ 24,429 |
Investments in and Advances t40
Investments in and Advances to Equity Accounted Investments - Schedule of Investments in and Advances to Equity Accounted Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in and advances to equity accounted investments | $ 78,771 | $ 86,808 |
High-Q Joint Venture [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in and advances to equity accounted investments | 22,091 | 21,166 |
Tanker Investments Ltd [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in and advances to equity accounted investments | 47,376 | 44,195 |
Teekay Tanker Operations Ltd [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in and advances to equity accounted investments | $ 9,304 | $ 21,447 |
Investments in and Advances t41
Investments in and Advances to Equity Accounted Investments - Additional Information (Detail) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2016USD ($) | Oct. 31, 2014USD ($)shares | Jan. 31, 2014USD ($)shares | Sep. 30, 2016USD ($)Vesselshares | Sep. 30, 2016USD ($)NOK / shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)NOK / shares | Oct. 31, 2014NOK / shares | Aug. 31, 2014USD ($)pool | Mar. 31, 2012USD ($) | |
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Total principal | $ 976,155,000 | $ 976,155,000 | $ 1,166,301,000 | $ 1,166,301,000 | |||||||
Derivative assets (note 8) | 717,000 | 717,000 | 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] | |||||||||||
Preferred stock, voting rights | elect one board member | ||||||||||
Preferred stock, voting rights | 1 | ||||||||||
Investment in equity accounted investment | $ 10,000,000 | $ 25,000,000 | |||||||||
Derivative assets (note 8) | $ 700,000 | $ 700,000 | 5,200,000 | 5,200,000 | |||||||
Common share price per share, acquisition closing date (NOK per share) | 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) | shares | 750,000 | ||||||||||
Tanker Investments Ltd [Member] | Common Stock [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Common stock, shares purchased (shares) | 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) | shares | 1 | ||||||||||
Teekay Tanker Operations Ltd [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||||||||
Value of the assets acquired, including working capital | $ 23,700,000 | ||||||||||
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] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||
Number of vessels | Vessel | 1 | ||||||||||
Secured term loan maximum amount to be drawn | $ 68,600,000 | ||||||||||
Total principal | $ 49,900,000 | $ 49,900,000 | $ 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 | $ 49,900,000 | $ 49,900,000 | |||||||||
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. | ||||||||||
Teekay Tanker Operations Ltd [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Number of commercially managed tanker pools | pool | 5 | ||||||||||
Return of capital | $ 15,000,000 | ||||||||||
Tanker Investments Ltd [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Shares repurchased (shares) | 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 | |||||||||
Tanker Investments Ltd [Member] | Tanker Investments Ltd [Member] | |||||||||||
Investments in and Advances to Affiliates [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 11.30% | 11.30% | 10.20% | 10.20% |
In-process Revenue Contracts -
In-process Revenue Contracts - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Aug. 31, 2015ContractVessel | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
In Process Revenue Contracts [Line Items] | ||||
Amortization of in-process revenue contracts | $ | $ 0 | $ 1,200,000 | $ 0 | |
Suezmax tankers [Member] | Principal Maritime Tankers [Member] | ||||
In Process Revenue Contracts [Line Items] | ||||
Number of time-charter contracts | Contract | 3 | |||
Teekay Tankers [Member] | Suezmax tankers [Member] | Principal Maritime Tankers [Member] | ||||
In Process Revenue Contracts [Line Items] | ||||
Number of vessels | Vessel | 12 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total principal | $ 976,155 | $ 1,166,301 |
Unamortized discount and debt issuance costs | (9,504) | (1,696) |
Total debt | 966,651 | 1,164,605 |
Less: current portion | (155,690) | (174,047) |
Non-current portion of long-term debt | 810,961 | 990,558 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | 509,368 | 635,330 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total principal | $ 466,787 | $ 530,971 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information - Revolvers and Term Loans (Detail) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($)Debt_InstrumentsCreditFacilityVessel | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Jan. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||
Total principal | $ 976,155,000 | $ 1,166,301,000 | |||
Repayments of 2 bridge loans and a portion of the revolving credit facility | 845,800,000 | ||||
Prepaid amount | $ 957,541,000 | $ 191,592,000 | |||
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 | 140.00% | ||||
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% | ||||
Revolving Credit Facilities [Member] | RevolvingCreditFacility1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal | $ 79,100,000 | 447,000,000 | |||
Revolving Credit Facilities [Member] | Remaining Revolving Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Total principal | $ 78,600,000 | 84,000,000 | |||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | CreditFacility | 2 | ||||
Total principal | $ 509,368,000 | 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] | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | CreditFacility | 3 | ||||
Revolving credit facilities borrowing capacity | $ 526,800,000 | 545,500,000 | |||
Undrawn amount of revolving credit facility | 60,000,000 | 14,600,000 | |||
Total principal | 466,787,000 | $ 530,971,000 | |||
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 | $ 10,000,000 | ||||
Revolving Credit Facilities [Member] | 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Reduction in the total amount available under Revolvers | 80,400,000 | ||||
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 | 6 | ||||
Minimum hull coverage ratios | 105.00% | ||||
Actual hull coverage ratio | 106.00% | 138.00% | |||
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% | |||
Subsequent Event [Member] | Revolving Credit Facilities [Member] | Remaining Revolving Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Prepaid amount | $ 5,000,000 | ||||
Subsequent Event [Member] | Revolving Credit Facilities [Member] | Remaining Revolving Credit Facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Actual hull coverage ratio | 114.00% | ||||
Subsidiary of Common Parent [Member] | Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | Debt_Instruments | 1 | ||||
Outstanding balance form co-obligor | $ 0 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information - Other (Detail) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instruments [Abstract] | ||
Interest at a weighted-average fixed rate | 2.40% | 1.60% |
Aggregate annual long-term principal repayments, remainder of 2016 | $ 60.8 | |
Aggregate annual long-term principal repayments, 2017 | 174.1 | |
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 | $ 344 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2016USD ($)Vesseltranche$ / sharesNOK / Derivativeshares | Sep. 30, 2016NOK / shares | Feb. 29, 2016USD ($)Agreement | |
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. | ||
Maximum [Member] | Tanker Investments Ltd [Member] | |||
Derivative [Line Items] | |||
Number of shares available through exercise of stock purchase warrant (shares) | 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% | ||
Stock Purchase Warrant [Member] | Tanker Investments Ltd [Member] | |||
Derivative [Line Items] | |||
Fixed price of stock purchase warrants, per share (usd 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] | |||
Aframax equivalent vessel percent | 55.00% | ||
Derivative, number of vessel-equivalents in swap agreement | Vessel | 2 | ||
Agreement daily receivable | $ | $ 27,776 | ||
Derivative, brokerage fee, percent | 1.25% | ||
Derivative, deduction from daily payments made | $ | $ 500 | ||
Derivative, term of contract (in months) | 11 months | ||
Derivative, term of contract extension, counterparty option (in months) | 2 months |
Derivative Instruments - Summar
Derivative Instruments - Summary of Interest Rate Swap Positions (Detail) | 9 Months Ended |
Sep. 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 | $ 200,000,000 |
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability) | $ (28,000) |
U.S. Dollar-denominated interest rate swap, Remaining Term (years) | 0 years |
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 | $ 200,000,000 |
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability) | $ (1,828,000) |
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 | $ 150,000,000 |
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability) | $ (2,699,000) |
U.S. Dollar-denominated interest rate swap, Remaining Term (years) | 4 years 3 months 18 days |
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 | $ 50,000,000 |
U.S. Dollar-denominated interest rate swap, Fair Value / Carrying Amount of Asset (Liability) | $ (69,000) |
U.S. Dollar-denominated interest rate swap, Remaining Term (years) | 4 years 3 months 18 days |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets (note 8) | $ 1,554 | $ 0 |
Derivative assets (note 8) | 717 | 5,164 |
Accrued liabilities | (2,485) | (2,359) |
Current portion of derivative liabilities | (1,861) | (6,330) |
Derivative liabilities | (2,763) | (4,208) |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Accrued liabilities | (2,044) | (2,359) |
Current portion of derivative liabilities | (1,861) | (6,330) |
Derivative liabilities | (2,763) | (4,208) |
Stock Purchase Warrant [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (note 8) | 717 | $ 5,164 |
Time-charter Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets (note 8) | 1,554 | |
Accrued liabilities | $ (441) |
Derivative Instruments - Gain (
Derivative Instruments - Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative [Line Items] | ||||
Realized gains (losses) | $ (181) | $ (2,476) | $ (10,923) | $ (7,392) |
Unrealized gains (losses) | 3,810 | 1,445 | 3,021 | 5,297 |
Total | 3,629 | (1,031) | (7,902) | (2,095) |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Realized gains (losses) | (1,277) | (2,476) | (12,145) | (7,392) |
Unrealized gains (losses) | 3,800 | 1,550 | 5,914 | 4,533 |
Total | 2,523 | (926) | (6,231) | (2,859) |
Stock Purchase Warrant [Member] | ||||
Derivative [Line Items] | ||||
Realized gains (losses) | 0 | 0 | 0 | 0 |
Unrealized gains (losses) | (199) | (105) | (4,447) | 764 |
Total | (199) | (105) | (4,447) | 764 |
Time-charter Swap [Member] | ||||
Derivative [Line Items] | ||||
Realized gains (losses) | 1,096 | 0 | 1,222 | 0 |
Unrealized gains (losses) | 209 | 0 | 1,554 | 0 |
Total | $ 1,305 | $ 0 | $ 2,776 | $ 0 |
Other Income (Expense) - Compon
Other Income (Expense) - Components of Other Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Liabilities Disclosure [Abstract] | ||||
Freight tax recovery (provision) | $ 488 | $ (1,343) | $ (4,013) | $ (1,685) |
Foreign exchange loss | (35) | (42) | (274) | (154) |
Other income | 0 | 0 | 154 | 1 |
Total | $ 453 | $ (1,385) | $ (4,133) | $ (1,838) |
Other Income (Expense) - Schedu
Other Income (Expense) - Schedule of Unrecognized Tax Benefits (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Other Liabilities Disclosure [Abstract] | |
Balance of unrecognized tax benefits as at January 1 | $ 7,511 |
Increases for positions related to the current period | 3,430 |
Changes for positions taken in prior periods | 388 |
Decreases related to statute of limitations | (121) |
Balance of unrecognized tax benefits as at September 30 | $ 11,208 |
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time-charter swap agreement (1) | $ 1,554 | $ 0 |
Stock purchase warrant | 717 | 5,164 |
Vessel held for sale (note 13) | 13,151 | 0 |
Advances to equity accounted investments | 11,480 | 13,980 |
Long-term debt, including current portion | (966,651) | (1,164,605) |
Time-charter Swap [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time-charter swap agreement (1) | 1,554 | |
Stock Purchase Warrant [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stock purchase warrant | 717 | 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 | (966,651) | (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 | 60,237 | 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 | (4,624) | (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) | 1,554 | 0 |
Carrying Amount Asset / (Liability) [Member] | Fair Value Measurements, Recurring [Member] | Level 3 [Member] | Stock Purchase Warrant [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stock purchase warrant | 717 | 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 (note 13) | 13,151 | 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 | (955,596) | (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 | 60,237 | 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 | (4,624) | (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) | 1,554 | 0 |
Fair Value Asset / (Liability) [Member] | Fair Value Measurements, Recurring [Member] | Level 3 [Member] | Stock Purchase Warrant [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stock purchase warrant | 717 | 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 (note 13) | $ 13,151 | $ 0 |
Financial Instruments - Summa53
Financial Instruments - Summary of Derivative Instrument Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) - Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
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 | $ 1,345 | $ 0 | ||
Settlements | (1,096) | (1,222) | ||
Realized and unrealized gain (loss) | 1,305 | 2,776 | ||
Fair value at the end of the period | 1,554 | 1,554 | ||
Stock Purchase 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 | 916 | $ 5,526 | 5,164 | $ 4,657 |
Realized and unrealized gain (loss) | (199) | (105) | (4,447) | 764 |
Fair value at the end of the period | $ 717 | $ 5,421 | $ 717 | $ 5,421 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($)Vessel | 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 | |
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 (shares) | 750,000 | |
Time-charter Swap [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Aframax equivalent vessel percent | 55.00% | |
Aframax equivalent vessels | Vessel | 2 | |
Estimated average daily tanker rate | $ | $ 19 | |
Stock Purchase Warrant [Member] | Tanker Investments Ltd [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Volatility rate | 45.64% |
Financial Instruments - Summa55
Financial Instruments - Summary of Financing Receivables (Detail) - USD ($) $ in Thousands | Sep. 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-Based56
Capital Stock and Stock-Based Compensation - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2016 | Apr. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||||||
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock, shares authorized (shares) | 300,000,000 | 300,000,000 | 300,000,000 | |||||
Preferred stock, shares issued (shares) | 0 | 0 | 0 | |||||
Preferred Stock, shares outstanding (shares) | 0 | 0 | 0 | |||||
Stock based compensation expense | $ 200,000 | $ 300,000 | $ 1,300,000 | $ 1,300,000 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Restricted stock units vested (shares) | 400,000 | 400,000 | ||||||
Market value of restricted stock units | $ 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 (usd per share) | $ 0.87 | |||||||
Expected volatility rate | 51.30% | |||||||
Expected life (in years) | 5 years | |||||||
Dividend yield | 7.80% | |||||||
Risk-free interest rate | 1.21% | |||||||
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 (shares) | 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 (shares) | 300,000 | |||||||
Exercise price of stock options granted (usd per share) | $ 3.74 | |||||||
2007 Long-Term Incentive Plan [Member] | Non Management Directors [Member] | Equity Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Term of stock options (in years) | 10 years | |||||||
2007 Long-Term Incentive Plan [Member] | Officer [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock options granted during period (shares) | 200,000 | |||||||
Exercise price of stock options granted (usd per share) | $ 3.74 | |||||||
2007 Long-Term Incentive Plan [Member] | Officer [Member] | Equity Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Term of stock options (in years) | 10 years | |||||||
Vesting period (in years) | 3 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 (in years) | 3 years | |||||||
Common stock, granted (shares) | 300,000 | |||||||
Common stock aggregate values, granted | $ 1,000,000 | |||||||
Class A [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 | 200,000,000 | |||||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Voting rights per share (vote per share) | one vote per share | |||||||
Common stock, votes per share owned (vote per share) | $ 1 | |||||||
Common stock, shares issued (shares) | 133,100,000 | 133,100,000 | 132,800,000 | |||||
Common stock, shares outstanding (shares) | 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 (shares) | 200,000 | 200,000 | ||||||
Class B [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares authorized (shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Voting rights per share (vote per share) | five votes per share | |||||||
Common stock, votes per share owned (vote per share) | $ 5 | |||||||
Maximum percentage of voting power | 49.00% | |||||||
Common stock, shares issued (shares) | 23,200,000 | 23,200,000 | 23,200,000 | |||||
Common stock, shares outstanding (shares) | 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 | 9 Months Ended | ||
Sep. 30, 2016USD ($)Vessel | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Vessel | Sep. 30, 2015USD ($) | |
Related Party Transaction [Line Items] | ||||
Pool management fees and commissions | $ (2,043) | $ (2,630) | $ (7,929) | $ (7,490) |
Commercial management fees | (490) | (385) | (1,238) | (827) |
Vessel operating expenses | (44,783) | (35,267) | (136,245) | (87,085) |
Strategic and administrative service fees | (2,471) | (1,594) | (7,461) | (5,313) |
Time-charter [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | 417 | 0 | 5,404 | 0 |
Lay-up Services [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | $ 200 | 0 | $ 432 | 0 |
Number of vessels | Vessel | 2 | 2 | ||
Technical management fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Vessel operating expenses | $ (2,338) | (1,687) | $ (6,925) | (4,843) |
Entities under Common Control [Member] | ||||
Related Party Transaction [Line Items] | ||||
Commercial management fees | 0 | (64) | 0 | (191) |
Strategic and administrative service fees | 0 | (171) | 0 | (511) |
Entities under Common Control [Member] | Time-charter [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from Related Parties | 0 | 663 | 0 | 4,558 |
Entities under Common Control [Member] | Technical management fee [Member] | ||||
Related Party Transaction [Line Items] | ||||
Vessel operating expenses | $ 0 | $ (112) | $ 0 | $ (334) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Aug. 31, 2014 |
Related Party Transaction [Line Items] | |||
Working capital advanced to Pool Managers | $ 52,501 | $ 67,159 | |
Teekay Tanker Operations Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Pool Managers [Member] | |||
Related Party Transaction [Line Items] | |||
Working capital advanced to Pool Managers | $ 40,800 | $ 46,800 |
Asset Impairments and Sales o59
Asset Impairments and Sales of Vessels - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2016USD ($) | Sep. 30, 2016USD ($)Vessel | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Vessel | Sep. 30, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Write-downs | $ 7,800 | $ 14,200 | |||
Number of medium range tankers impaired | Vessel | 2 | 2 | |||
Number of medium range tankers held for sale | Vessel | 1 | 1 | |||
Gain (loss) on sale | $ (137) | $ 0 | $ (137) | $ 0 | |
MR Tanker [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sale price | $ 14,000 | ||||
Gain (loss) on sale | $ (100) |
(Loss) Income Per Share - Basic
(Loss) Income Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ (5,457) | $ 40,950 | $ 56,009 | $ 126,076 |
Net (loss) income available for common shareholders | $ (5,457) | $ 41,213 | $ 56,009 | $ 124,440 |
Weighted average number of common shares - basic (shares) | 156,284,136 | 134,630,768 | 156,192,572 | 121,933,274 |
Dilutive effect of stock-based awards (shares) | 0 | 543,988 | 266,119 | 570,796 |
Weighted average number of common shares - diluted (shares) | 156,284,136 | 135,174,756 | 156,458,691 | 122,504,070 |
Earnings per common share: | ||||
Basic (usd per share) | $ (0.03) | $ 0.31 | $ 0.36 | $ 1.02 |
Diluted (usd per share) | $ (0.03) | $ 0.30 | $ 0.36 | $ 1.02 |
Entities under Common Control [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income | $ 0 | $ (263) | $ 0 | $ 1,636 |
(Loss) Income Per Share - Addit
(Loss) Income Per Share - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earning Per Share [Line Items] | ||||
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards | 19 | |||
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 | 100 | 700 | 100 |
Shipbuilding Contracts - Additi
Shipbuilding Contracts - Additional Information (Detail) DWT in Thousands, $ in Millions | Feb. 15, 2016USD ($) | Apr. 30, 2013ContractVesselDWT | Nov. 30, 2013Vessel | Mar. 31, 2016USD ($) | Nov. 30, 2014USD ($) |
Property, Plant and Equipment [Line Items] | |||||
Number of special purpose subsidiaries | 4 | ||||
STX Offshore And Shipbuilding Co., Ltd [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Weight capacity in dead-weight tonnes | DWT | 113 | ||||
Number Of Shipbuilding Contracts | Contract | 4 | ||||
Litigation settlement, amount | $ | $ 32.4 | ||||
STX Offshore And Shipbuilding Co., Ltd [Member] | Cash and cash equivalents [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Amount of escrow account placed | $ | $ 0.6 | $ 0.6 | |||
STX Offshore And Shipbuilding Co., Ltd [Member] | Orders to Construct Newbuildings [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | 4 | ||||
STX Offshore And Shipbuilding Co., Ltd [Member] | Additional Order Option Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | 12 | ||||
STX Offshore And Shipbuilding Co., Ltd [Member] | Option To Order Exercised [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | 8 |
Other Revenues and Restructur63
Other Revenues and Restructuring Charges - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||||
Revenues | $ 104,621,000 | $ 126,401,000 | $ 409,192,000 | $ 345,207,000 | |
Amortization of in-process revenue contracts | 0 | 1,200,000 | 0 | ||
Restructuring charges | 0 | $ 327,000 | 0 | 4,772,000 | |
Restructuring charges | 4,700,000 | ||||
Restructuring liability | 0 | 0 | $ 0 | ||
Amount of restructuring receivables recoverable from customer | 0 | 0 | $ 0 | ||
Lightering Support Operations [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Revenues | $ 9,000,000 | $ 28,900,000 | |||
Contract Termination [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 4,400,000 |
Acquisition of Ship-to-Ship T64
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) | shares | 6.5 | |
Shares issued, price per share (in dollars 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 T65
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 | Sep. 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 | (4,000) | ||
Net carrying amount | 18,500 | ||
Amortization expense, remainder of 2016 | 800 | ||
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 T66
Acquisition of Ship-to-Ship Transfer Business - Summarized Consolidated Pro Forma Financial Information (Detail) - Ship to Ship Transfer Business [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ | $ 385,465 |
Net Income | $ | $ 125,274 |
Earnings per common share: | |
Basic (usd per share) | $ / shares | $ 0.97 |
Diluted (usd per share) | $ / shares | $ 0.97 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2016USD ($)Vessel | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Subsequent Event [Line Items] | |||||||
Loss on sale of vessel | $ (137,000) | $ 0 | $ (137,000) | $ 0 | |||
Book value | 1,664,859,000 | 1,664,859,000 | $ 1,767,925,000 | ||||
Total principal | 966,651,000 | 966,651,000 | $ 1,164,605,000 | ||||
Subsequent Event [Member] | Profit sharing agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of vessels | Vessel | 1 | ||||||
Derivative, fixed time charter rate | $ 17,000 | ||||||
Charter Contract Period (in months) | 12 months | ||||||
Option Exercise Period (in months) | 3 months | ||||||
Aframax equivalent vessel percent | 50.00% | ||||||
MR Tanker, Hugli Spirit [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Sale price | 13,200,000 | 13,200,000 | |||||
MR Tanker, Hugli Spirit [Member] | Scenario, Forecast [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Loss on sale of vessel | $ 0 | ||||||
Suezmax tankers [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Book value | 40,300,000 | 40,300,000 | |||||
Total principal | $ 79,100,000 | $ 79,100,000 | |||||
Suezmax tankers [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Sale price | $ 33,800,000 | ||||||
Number of vessels | Vessel | 2 |