Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Entity Information [Line Items] | |
Entity Registrant Name | TEEKAY TANKERS LTD. |
Entity Central Index Key | 0001419945 |
Trading Symbol | TNK |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Class A | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 231,550,575 |
Class B | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 37,007,981 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES | |||
Total revenues | $ 755,763 | $ 431,178 | $ 550,543 |
Voyage expenses (notes 2 and 15e) | (360,576) | (77,368) | (53,604) |
Vessel operating expenses (notes 15e and 15f) | (209,131) | (175,389) | (182,598) |
Time-charter hire expense (note 11) | (19,538) | (30,661) | (59,647) |
Depreciation and amortization | (118,514) | (100,481) | (104,149) |
General and administrative expenses (note 15e) | (39,775) | (32,879) | (33,199) |
Gain (loss) on sale of vessels (note 20) | 170 | (12,984) | (20,594) |
Restructuring charges | (1,195) | 0 | 0 |
Income from operations | 7,204 | 1,416 | 96,752 |
Interest expense | (58,653) | (31,294) | (29,784) |
Interest income | 879 | 907 | 117 |
Realized and unrealized gain (loss) on derivative instruments (note 12) | 3,032 | 1,319 | (964) |
Equity income (loss) (note 7) | 1,220 | (25,370) | 7,680 |
Freight tax and other tax expenses (note 21) | (9,412) | (5,330) | (7,511) |
Other income (note 16) | 3,182 | 329 | 1,533 |
Net (loss) income | $ (52,548) | $ (58,023) | $ 67,823 |
Per common share amounts | |||
Basic (loss) earnings per share (in dollars per share) | $ (0.20) | $ (0.31) | $ 0.40 |
Diluted (loss) earnings per share (in dollars shares) | (0.20) | (0.31) | 0.40 |
Cash dividends declared (in dollars per share) | $ 0.03 | $ 0.12 | $ 0.18 |
Weighted-average number of Class A and Class B common stock outstanding | |||
Basic (in shares) | 268,492,922 | 187,235,377 | 170,098,572 |
Diluted (in shares) | 268,492,922 | 187,235,377 | 170,340,639 |
Voyage charter | |||
REVENUES | |||
Total revenues | $ 651,388 | $ 125,774 | $ 90,032 |
Time-charter | |||
REVENUES | |||
Total revenues | 59,786 | 112,100 | 97,374 |
Other | |||
REVENUES | |||
Total revenues | 44,589 | 53,368 | 53,029 |
Net pool | |||
REVENUES | |||
Total revenues | $ 0 | $ 139,936 | $ 310,108 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current | ||
Cash and cash equivalents | $ 54,917 | $ 71,439 |
Restricted cash (note 17) | 2,153 | 1,599 |
Pool receivables from affiliates, net (note 15h) | 56,549 | 15,550 |
Accounts receivable, including affiliate balances of $2.1 million (2017 - $0.8 million) | 17,365 | 19,288 |
Due from affiliates (note 15f) | 39,663 | 49,103 |
Current portion of derivative assets (note 12) | 2,905 | 1,016 |
Prepaid expenses | 34,096 | 18,690 |
Other current assets (note 2) | 17,943 | 0 |
Total current assets | 225,591 | 176,685 |
Restricted cash - long-term (note 17) | 3,437 | 2,672 |
Vessels and equipment At cost, less accumulated depreciation of $494.4 million (2017 - $512.0 million) (notes 10 and 20) | 1,401,551 | 1,737,792 |
Vessels related to capital leases At cost, less accumulated depreciation of $111.3 million (2017 - $25.4 million) (notes 11 and 20) | 482,010 | 227,722 |
Investment in and advances to equity-accounted for investments (note 7) | 25,766 | 25,460 |
Derivative assets (note 12) | 2,973 | 4,226 |
Intangible assets At cost, less accumulated depreciation of $10.9 million (2017 - $8.2 million) (note 8) | 11,625 | 14,605 |
Other non-current assets | 74 | 127 |
Goodwill (note 8) | 8,059 | 8,059 |
Total assets | 2,161,086 | 2,197,348 |
Current | ||
Accounts payable, including affiliate balances of $0.6 million (2017 - $nil) | 11,146 | 7,860 |
Accrued liabilities (notes 9, 12 and 15f) | 40,856 | 34,608 |
Current portion of long-term debt (note 10) | 106,236 | 166,745 |
Current portion of derivative liabilities (note 12) | 57 | 0 |
Current obligation related to capital leases (note 11) | 20,896 | 7,227 |
Deferred revenue | 0 | 557 |
Due to affiliates (note 15f) | 18,570 | 19,717 |
Total current liabilities | 197,761 | 236,714 |
Long-term debt (note 10) | 629,170 | 785,557 |
Long-term obligation related to capital leases (note 11) | 354,393 | 141,681 |
Other long-term liabilities (note 21) | 32,829 | 26,795 |
Total liabilities | 1,214,153 | 1,190,747 |
Commitments and contingencies (notes 7, 10, 11 and 12) | ||
Equity | ||
Common stock and additional paid-in capital (585.0 million shares authorized, 231.6 million Class A and 37.0 million class B shares issued and outstanding as of December 31, 2018) (2017 - 385.0 million shares authorized, 231.2 million Class A and 37.0 million Class B shares issued and outstanding) (notes 5 and 14) | 1,295,929 | 1,294,998 |
Accumulated deficit | (348,996) | (288,397) |
Total equity | 946,933 | 1,006,601 |
Total liabilities and equity | $ 2,161,086 | $ 2,197,348 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts receivable from affiliate | $ 2,100,000 | $ 800,000 |
Accumulated depreciation on vessels and equipment | 494,400,000 | 512,000,000 |
Accumulated deprecation | 111,300,000 | 25,400,000 |
Accumulated amortization | 10,900,000 | 8,200,000 |
Accounts payable, including affiliate balances | $ 600,000 | $ 0 |
Common stock, shares authorized (in shares) | 585,000,000 | 385,000,000 |
Class A | ||
Common stock, shares authorized (in shares) | 485,000,000 | 285,000,000 |
Common stock, shares issued (in shares) | 231,600,000 | 231,200,000 |
Common stock, shares outstanding (in shares) | 231,600,000 | 231,200,000 |
Class B | ||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 37,000,000 | 37,000,000 |
Common stock, shares outstanding (in shares) | 37,000,000 | 37,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | |||
Net (loss) income | $ (52,548) | $ (58,023) | $ 67,823 |
Non-cash items: | |||
Depreciation and amortization | 118,514 | 100,481 | 104,149 |
(Gain) loss on sale of vessels (note 20) | (170) | 12,984 | 20,594 |
Unrealized gain on derivative instruments (note 12) | (579) | (937) | (9,679) |
Equity (income) loss (note 7) | (1,220) | 25,370 | (7,680) |
Other | 11,664 | 8,093 | 9,943 |
Change in operating assets and liabilities (note 17) | (54,952) | 6,590 | 30,004 |
Expenditures for dry docking | (27,972) | (14,069) | (8,608) |
Net operating cash flow | (7,263) | 80,489 | 206,546 |
FINANCING ACTIVITIES | |||
Proceeds from long-term debt, net of issuance costs | 81,397 | 232,825 | 906,149 |
Repayments of long-term debt | (165,365) | (109,006) | (162,092) |
Prepayment of long-term debt | (137,717) | (443,796) | (979,877) |
Proceeds from financing related to sales and leasebacks (note 11) | 241,339 | 153,000 | 0 |
Scheduled repayments of obligations related to capital leases (note 11) | (14,958) | (4,090) | 0 |
Return of capital to Teekay Corporation (note 4) | 0 | 0 | (15,000) |
Cash dividends paid | (8,052) | (20,679) | (46,847) |
Proceeds from equity offerings, net of offering costs (note 5) | 0 | 8,521 | 7,558 |
Proceeds from issuance of common stock, net of share issuance costs (note 5) | 0 | 5,000 | 0 |
Other | (92) | (241) | (744) |
Net financing cash flow | (3,448) | (178,466) | (290,853) |
INVESTING ACTIVITIES | |||
Proceeds from the sales of vessels and equipment (note 20) | 589 | 52,131 | 27,550 |
Expenditures for vessels and equipment | (5,827) | (4,732) | (9,226) |
Net investing cash flow | (4,492) | 78,780 | 21,824 |
Decrease in cash, cash equivalents and restricted cash | (15,203) | (19,197) | (62,483) |
Cash, cash equivalents and restricted cash, beginning of the year | 75,710 | 94,907 | 157,390 |
Cash, cash equivalents and restricted cash, end of the year (note 17d) | 60,507 | 75,710 | 94,907 |
TIL | |||
INVESTING ACTIVITIES | |||
Cash acquired in TIL acquisition, net of transaction fees (note 23) | 0 | 30,831 | 0 |
High-Q Joint Venture | |||
INVESTING ACTIVITIES | |||
Loan repayments from equity-accounted for investment (note 7) | 0 | 550 | 3,500 |
Gemini Tankers L.L.C. | |||
INVESTING ACTIVITIES | |||
Return of capital from equity-accounted for investments | $ 746 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A | Teekay Tanker Operations LtdClass B | TIL | Entities Under Common Control | Entities Under Common ControlTeekay Tanker Operations Ltd | Entities Under Common ControlTeekay Tanker Operations LtdClass B | Common Stock and Paid-in Capital | Common Stock and Paid-in CapitalClass A | Common Stock and Paid-in CapitalClass B | Common Stock and Paid-in CapitalTeekay Tanker Operations LtdClass B | Common Stock and Paid-in CapitalTILClass A | Accumulated Deficit | Accumulated DeficitTeekay Tanker Operations LtdClass B |
Beginning Balance, shares (in shares) at Dec. 31, 2015 | 156,031 | |||||||||||||
Beginning Balance at Dec. 31, 2015 | $ 899,479 | $ 22,018 | $ 1,032,239 | $ 62,635 | $ (217,413) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net (loss) income | 67,823 | 4,968 | $ 5,000 | 62,855 | ||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 3,020 | |||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ 7,558 | $ 7,558 | ||||||||||||
Net change in parent's equity from Entities under Common Control (note 4) | 130 | 130 | ||||||||||||
Return of capital from Entities under Common Control (note 4) | (15,000) | (15,000) | ||||||||||||
Dividends declared | (28,122) | (28,122) | ||||||||||||
Equity-based compensation (in shares) | 253 | |||||||||||||
Equity-based compensation | 872 | 872 | ||||||||||||
Ending Balance, shares (in shares) at Dec. 31, 2016 | 159,304 | |||||||||||||
Ending Balance at Dec. 31, 2016 | 932,740 | 12,116 | $ 1,040,669 | 62,635 | (182,680) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net (loss) income | (58,023) | 1,304 | $ 1,300 | (59,327) | ||||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 5,955 | |||||||||||||
Proceeds from issuance of common stock, net of offering costs | $ 13,521 | $ 13,521 | ||||||||||||
Acquisitions (in shares) | 13,775 | 88,978 | ||||||||||||
Acquisitions | $ (13,234) | $ (151,262) | $ 13,420 | $ (25,897) | $ (151,262) | $ 25,711 | ||||||||
Dividends declared | (20,679) | (20,679) | ||||||||||||
Equity-based compensation (in shares) | 190 | |||||||||||||
Equity-based compensation | 1,014 | 1,014 | ||||||||||||
Ending Balance, shares (in shares) at Dec. 31, 2017 | 268,202 | |||||||||||||
Ending Balance at Dec. 31, 2017 | 1,006,601 | 0 | 1,206,466 | 88,532 | (288,397) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net (loss) income | (52,548) | (52,548) | ||||||||||||
Dividends declared | (8,052) | (8,052) | ||||||||||||
Equity-based compensation (in shares) | 357 | |||||||||||||
Equity-based compensation | 1,220 | 1,220 | ||||||||||||
Other | (288) | (289) | 1 | |||||||||||
Ending Balance, shares (in shares) at Dec. 31, 2018 | 268,559 | |||||||||||||
Ending Balance at Dec. 31, 2018 | $ 946,933 | $ 0 | $ 1,207,397 | $ 88,532 | $ (348,996) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - Teekay Tanker Operations Ltd - Entities Under Common Control | Dec. 31, 2017 | May 31, 2017 | Aug. 31, 2014 |
Percentage of voting interests acquired | 50.00% | ||
Teekay Corporation | |||
Percentage of voting interests acquired | 50.00% | 50.00% |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation and consolidation principles These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP ). They include the accounts of Teekay Tankers Ltd., a Marshall Islands corporation, its wholly-owned subsidiaries and the Entities under Common Control, as described in note 4, and any variable interest entities (or VIEs ) of which it is the primary beneficiary (collectively, the Company ). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. In addition, estimates have been made when allocating expenses from Teekay Corporation ( Teekay ) to the Entities under Common Control and such estimates may not be reflective of what actual results would have been if the Entities under Common Control had operated independently. Significant intercompany balances and transactions have been eliminated upon consolidation. Prior to the Company's adoption of Accounting Standards Update 2017-01, Clarifying the Definition of a Business , (or ASU 2017-01 ) on October 1, 2017, the Company accounted for the acquisition of vessels from Teekay as a transfer of a business between entities under common control. The method of accounting for such transfers, as well as the acquisition of other businesses from Teekay, was similar to the pooling of interests method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity. The amount by which the proceeds paid by the Company differs from Teekay's historical carrying value of the acquired business is accounted for as a return of capital to, or contribution of capital from, Teekay. In addition, transfers of net assets between entities under common control were accounted for as if the transfer occurred from the date that the Company and the acquired business were both under the common control of Teekay and had begun operations (note 2). On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in Teekay Tanker Operations Ltd. (or TTOL ). As a result of the acquisition, the Company's consolidated financial statements prior to the date the Company acquired a controlling interest in TTOL have been retroactively adjusted to eliminate the use of the equity method of accounting for the original 50% interest in TTOL and to include 100% of the assets and liabilities and results of TTOL during the periods they were under common control of Teekay and had begun operations. All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition of a controlling interest in TTOL by the Company have been eliminated upon consolidation (note 4). In July 2017 and during 2018, the Company completed sales-leaseback financing arrangements with four and 10 lessor entities established by financial institutions, respectively. The Company is considered to be the primary beneficiary of the lessor entities under the arrangements and has since consolidated these VIEs (note 11). On November 27, 2017, the Company completed its merger with Tanker Investments Ltd. ( TIL ), as a result of which TIL became a wholly-owned subsidiary of the Company. Prior to the merger, the Company accounted for its 11.3% interest in TIL using the equity method (notes 7 and 23). Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other expenses in the accompanying consolidated statements of (loss) income. Revenues Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters within revenue sharing arrangements follow the same revenue recognition policy as voyage charters not in revenue sharing arrangements (or RSAs ). The voyage revenues and voyage expenses, or net revenue, of vessels operating in revenue sharing arrangements are pooled and the resulting aggregate net contribution from all vessels in the revenue sharing arrangement, calculated on a time charter equivalent basis, is allocated to the revenue sharing arrangement participants according to an agreed formula. The agreed formula used to allocate the aggregate net contribution varies between revenue sharing arrangements; however, the formula generally allocates the aggregate net contribution to the participants of the revenue sharing arrangements on the basis of the number of days a vessel operates in the revenue sharing arrangement with weighting adjustments made to reflect vessels’ differing capacities and performance capabilities. The difference between the net revenue earned by a vessel of the Company performing voyage charters within a revenue sharing arrangement and its allocated share of the aggregate net contribution is reflected within voyage expenses. For those revenue sharing arrangements where the Company does not have an undivided interest in the working capital associated with it, the Company’s allocated share of the aggregate net contribution due from the revenue sharing arrangement is reflected in the Company’s consolidated balance sheet as pool receivables from affiliates (note 2). The consolidated balance sheets reflect in other current assets the accrued portion of revenues for those voyages that commence prior to balance sheet date and complete after the balance sheet date. Time charters The Company recognizes revenues from time charters accounted for as operating leases on a straight-line basis over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off hire. When the time charter contains a profit-sharing agreement, the Company recognizes the profit-sharing or contingent revenues when the contingency is resolved. The consolidated balance sheets reflect in accounts receivable, any accrued revenue and in deferred revenue, the deferred portion of revenues which will be earned in subsequent periods (note 2). Other revenues Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other activities such as the commercial and technical management of vessels, terminal management, consultancy, procurement and equipment rental. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period (note 2). Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters within a revenue sharing arrangement and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter, in which case the Company pays voyage expenses. Voyage expenses are recognized when incurred. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters and for vessels which earn net pool revenue, as described above. Vessel operating expenses are recognized when incurred. The Company recognizes the expense from vessels time-chartered from other owners, which is included in time-charter hire expense, on a straight-line basis over the firm period of the charters. Share-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of Teekay who support the operations of the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period, which generally equals the vesting period. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (note 14). Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Restricted cash The Company maintains restricted cash deposits relating to certain contracts of the ship-to-ship transfer business, LNG terminal management and for certain freight forward agreements (notes 12 and 17d). Attached to these contracts are certain performance guarantees required by the Company. Restricted cash - long-term The Company maintains restricted cash deposits for the purposes of the margin requirements of the Company's obligations related to certain capital leases (notes 11 and 17d). Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are written off against the allowance when the Company believes that the receivable will not be recovered. There are no significant amounts recorded as allowance for doubtful accounts as at December 31, 2018 and 2017 . The consolidated balance sheets reflect, in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and in other current assets, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. Other loan receivables The Company’s advances to equity-accounted for investments are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan loss provision is recognized, based on current information and events, if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan loss provision is required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding their ability to repay the loan, and the fair value of the underlying collateral. When a loan loss provision is recognized, the Company measures the amount of the loss provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting loss in the consolidated statements of (loss) income. The carrying value of the loans is adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows, which may result in increases or decreases to the loan loss provision. The following table reflects the carrying value of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis and the grade as of December 31, 2018. Class of Financing Receivable Credit Quality Indicator Grade December 31, 2018 December 31, 2017 Advances to equity-accounted for investments Other internal metrics Performing 9,930 9,930 9,930 9,930 Equity-accounted for investments The Company’s investments in joint ventures in which the Company has the ability to exercise significant influence over the operating and financial policies of the entity are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted for investments for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted for investment is impaired and if its estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of (loss) income. The Company’s maximum exposure to loss is the amount it has invested in its equity-accounted for investments. Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation for vessels is calculated using an estimated useful life of 25 years from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (including depreciation attributable to the Entities under Common Control and excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2018 , 2017 and 2016 totaled $95.2 million , $80.1 million , and $81.5 million , respectively. Generally, the Company dry docks each vessel every two and a half to five years. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2016 to December 31, 2018 : Year Ended December 31, 2018 2017 2016 Balance at the beginning of the year 48,460 49,298 62,146 Cost incurred for dry docking 27,896 16,239 9,340 Dry-dock amortization (20,326 ) (17,077 ) (18,736 ) Vessel sales (11 ) — (3,452 ) Balance at the end of the year 56,019 48,460 49,298 Vessels and equipment that are intended to be “held and used” in the Company's business are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and is based on second-hand sale and purchase data. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest, other expenses and related liabilities attributable to vessels and equipment classified as held for sale, continue to be recognized as incurred. Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. The Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment, effective October 1, 2018 (note 2). Consequently, g oodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Debt issuance costs Debt issuance costs related to recognized debt liabilities, including fees, commissions and legal expenses, are deferred and presented as a direct deduction from the carrying amount of the debt liability. Debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Debt issuance costs are amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense in the Company’s consolidated statements of (loss) income. Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument, if applicable, and included in determining the debt extinguishment gain or loss to be recognized. In addition, any unamortized debt issuance costs are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other related costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount (based on the reduction in borrowing capacity) of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. Income taxes The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position taken or expected to be taken in a tax return will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Company's consolidated statements of (loss) income. The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of The Marshall Islands or Bermuda, or that distributions by its subsidiaries to the Company will not be subject to any income taxes under the laws of such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses is dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, however it could for certain types of interest rate swaps that it may enter into in the future. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer probable of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the Company's consolidated statements of (loss) income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the Company's consolidated statements of (loss) income. If a cash flow hedge is terminated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the Company's consolidated statements of (loss) income. If the hedged items are no longer probable of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the Company's consolidated statements of (loss) income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) ASC 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated derivatives are recorded in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income. Earnings (loss) per share Earnings (loss) per share is determined by dividing (a) net income (loss) of the Company after deducting the amount of net income (loss) attributable to the Entities under Common Control which were purchased solely with cash by (b) the weighted-average number of shares outstanding during the applicable period and the equivalent shares outstanding that are attributable to the Entities under Common Control. The calculation of weighted-average number of shares includes the total Class A and total Class B shares outstanding during the applicable period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock units using the treasury stock method. The computation of diluted loss per share does not assume such exercises. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent 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 requires 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 became effective for the Company as of January 1, 2018 and may be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of such date. The Company has elected to apply ASU 2014-09 only to those contracts that were not completed as of January 1, 2018. The Company has adopted ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences on adoption of ASU 2014-09: • The Company previously presented the net allocation for its vessels participating in RSAs as net pool revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. This had the effect of increasing voyage charter revenues and voyage expenses for the year ended December 31, 2018 by $292.6 million . There was no cumulative impact to opening equity as at January 1, 2018. • The Company previously presented all accrued revenue as a component of accounts receivable. The Company has determined that if the right to such consideration is conditioned upon something other than the passage of time, such accrued revenue should be presented apart from accounts receivable. This had the effect of increasing other current assets and decreasing accounts receivable by $17.9 million at December 31, 2018 . In February 2016, 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. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 is effective January 1, 2019, with early adoption permitted. The Company adopted ASU 2016-02 on January 1, 2019. FASB issued an additional accounting standards update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect. The Company has elected to use this new optional transition approach. To determine the cumulative effect adjustment, the Company will not reassess lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The adoption of ASU 2016-02 will result in a change in accounting method for the lease portion of the daily charter hire for the Company’s chartered-in vessels accounted for as operating leases with firm periods of greater than one year as well as a small number of office leases. Under ASU 2016-02, the Company will recognize a right-of-use asset and a lease liability on the balance sheet for these charters and office leases based on the present value of future minimum lease payments, whereas currently no right-of-use asset or lease liability is recognized. On January 1, 2019, a right of use asset and a lease liability of $11.0 million , were each recognized. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged, unless the right-of-use asset becomes impaired. 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 as of 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 became effective for the Company as of January 1, 2018, with a retrospective approach. The Company has elected to classify distributions received from equity method investees in the consolidated statement of cash flows based on the nature of the distribution. The adoption of this update did not have a material impact on the Company. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows: Restricted Cash , (or ASU 2016-18 ). ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities are also required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU 2016-18 became effective for the Company as of January 1, 2018. Adoption of ASU 2016-18 resulted in the Company including in its consolidated statement of cash flows changes in cash, cash equivalents and restricted cash. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business , (or ASU 2017-01 ). ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. ASU 2017-01 also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606. Unlike a business combination, no goodwill or bargain purchase gain is recognized as part of an asset acquisition. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years. The Company adopted this standard effective October 1, 2017, and this standard was applied to the acquisition of TIL (note 23). In October 2017, the FASB issued Accounting Standards Update 2017-04, Simplifying the Test for Goodwill Impairment (or ASU 2017-04 ). Pursuant to this update, goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. ASU 2017-04 eliminated existing guidance that required an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. ASU 2017-04 requires prospective adoption approach and is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company elected to adopt ASU 2017-04 on October 1, 2018. The adoption of this update did not have a material impact on the Company. In August 2018, the FASB issued Accounting Standards Update 2018-15, Intangibles-Goodwill and Other-Internal Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract , (or ASU 2018-15 ). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company has elected to adopt ASU 2018-15 on October 1, 2018, and such adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures. |
Acquisition of Entities under C
Acquisition of Entities under Common Control | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Entities under Common Control | Acquisition of Entities under Common Control From time to time the Company has acquired from Teekay, or other entities controlled by Teekay, vessels or interests in businesses. These acquisitions (including, among others, the remaining 50% interest in TTOL in May 2017) were deemed to be vessel or business acquisitions between entities under common control. Accordingly, for transactions prior to the Company's adoption of ASU 2017-01 on October 1, 2017, the Company accounted for these transactions in a manner similar to the pooling of interests method. Under this method of accounting, the Company’s consolidated financial statements, for periods prior to the respective dates the interests in the vessels or applicable businesses were actually acquired by the Company, are retroactively adjusted to include the results of the acquired vessels and businesses. The periods retroactively adjusted include all periods that the Company and the acquired vessels or businesses were both under common control of Teekay and had begun operations. All financial or operational information contained in these financial statements for the periods prior to the respective dates the interests in the vessels and businesses were actually acquired by the Company, and during which the Company and the applicable vessels or businesses were under common control of Teekay, are retroactively adjusted to include the results of these acquired vessels and businesses and are collectively referred to as the “ Entities under Common Control ”. TTOL Transactions On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in TTOL for $39.0 million , which included $13.1 million for working capital. TTOL owns conventional tanker commercial management and technical management operations. The Company issued approximately 13.8 million shares of the Company's Class B common stock to Teekay as consideration in addition to the working capital consideration of $13.1 million . In August 2014, the Company purchased from Teekay its initial 50% interest in TTOL for an aggregate price of approximately $23.7 million , including net working capital. As consideration for the 2014 acquisition, the Company issued to Teekay 4.2 million Class B common shares. The 4.2 million Class B common shares had an approximate value of $15.6 million , or $3.70 per share, when the purchase price was agreed to between the parties and a value of $17.0 million , or $4.03 per share, on the acquisition closing date. The purchase price, for accounting purposes, was based upon the value of the Class B common shares on the acquisition closing date. In addition, the Company reimbursed Teekay for $6.7 million of working capital it assumed from Teekay in connection with the 2014 purchase. As a result of the Company's acquisition of a controlling interest in TTOL in May 2017, the Company's consolidated financial statements prior to the date the Company acquired the controlling interest have been retroactively adjusted to eliminate the equity method of accounting previously used for the original 50% interest owned and to include 100% of the assets and liabilities and results of TTOL on a consolidated basis during the periods TTOL and the Company were under common control of Teekay and had begun operations. The effect of adjusting such information to accounts in periods prior to the Company's acquisition of the remaining 50% thereof is included in the Entities under Common Control. All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition by the Company have been eliminated upon consolidation. Assets and liabilities of TTOL are reflected on the Company’s consolidated balance sheets at TTOL’s historical carrying values. The amount of the net consideration of $39.0 million that was in excess of TTOL’s historical carrying value of the net assets acquired of $13.3 million has been accounted for as a $25.7 million return of capital to Teekay. The effect of adjusting the Company’s consolidated financial statements to account for the TTOL common control transaction decreased the Company’s net loss for the year ended December 31, 2017 by $1.3 million and increased the Company's net income for the year ended December 31, 2016 by $5.0 million . The adjustments for the Entities under Common Control related to the TTOL transaction increased the Company’s revenues for the years ended December 31, 2017 and 2016 by $8.6 million and $23.6 million , respectively. In addition, prior to the acquisition TTOL had paid dividends to the Company and Teekay, which have now been accounted for as a return of capital on the consolidated statements of cash flows. The effect of adjusting for the TTOL common control transaction decreased the Company's inflow of cash from investing activities by $15.0 million and increased the Company's outflow of cash from financing activities by $15.0 million , for the year ended December 31, 2016. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company’s primary source of revenue is from chartering its vessels (Aframax tankers, Suezmax tankers and Long Range 2 (or LR2 ) tankers) to its customers. The Company utilizes two primary forms of contracts, consisting of voyage charters and time-charters. The extent to which the Company employs its vessels on voyage charters versus time charters is dependent upon the Company’s chartering strategy and the availability of time charters. Spot market rates for voyage charters, including conventional voyages and lightering voyages, are volatile from period to period, whereas time charters provide a stable source of monthly revenue. The Company also provides ship-to-ship support services, which includes managing the process of transferring cargo between seagoing ships positioned alongside each other, either stationary or underway, as well as commercial management services to third-party owners of vessels. Finally, the Company manages LNG terminals and procures LNG-related goods and services for terminal owners and other customers. Voyage Charters Voyage charters are charters for a specific voyage that are usually priced on a current or "spot" market rate and then adjusted for any pool participation based on predetermined criteria, if applicable. Voyage charters for full service lightering voyages may also be priced based on pre-agreed terms. The performance obligations within a voyage charter contract, which will typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine whether this is the case based upon the decision-making rights the charterer has under the contract. Such contracts are considered either fixed or variable, depending on certain conditions. Delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than three months. The Company does not engage in any specific tactics to minimize vessel residual value risk due to the short-term nature of the contracts. Time Charters Pursuant to a time charter, the Company charters a vessel to a customer for a fixed period of time, generally one year or more. The performance obligations within a time-charter contract, which will include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is typically invoiced monthly in advance for time-charter contracts, based on a fixed daily hire amount. However, certain sources of variability exist, including off-hire and sometimes profit share revenue. If the vessel is off-hire due to mechanical breakdown or for any other reason, the charterer does not pay charter hire for this time. For contracts including a profit share component, the profit share consideration occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. Variable consideration of the Company’s contracts is typically recognized as incurred, as either such revenue is allocated and accounted for under lease accounting requirements or, alternatively, such consideration is allocated to distinct periods within a contract that such variable consideration was incurred in. The Company does not engage in any specific tactics to minimize vessel residual value risk. As at December 31, 2018 , two of the Company’s vessels operated under time-charter contracts with the Company’s customers, both of which are scheduled to expire in 2019. As at December 31, 2018 , the future hire payments expected to be received by the Company under time charters then in place were approximately $6.3 million . The hire payments should not be construed to reflect a forecast of total charter hire revenues for any of the periods. Future hire payments do not include hire payments generated from new contracts entered into after December 31, 2018 , from unexercised option periods of contracts that existed on December 31, 2018 or from variable consideration, if any. In addition, future hire payments presented above have been reduced by estimated off-hire time for required period maintenance. Actual amounts may vary given future events such as unplanned vessel maintenance. The carrying amount of the Company's owned vessels employed on time charters as at December 31, 2018 , was $58.3 million (2017 - $517.9 million ). The cost and accumulated depreciation of the vessels employed on these time charters as at December 31, 2018 were $88.2 million (2017 - $754.2 million ) and $29.9 million (2017 - $236.3 million ), respectively. As at December 31, 2018 , the Company had no (2017 - $0.5 million ) advanced payments recognized as contract liabilities that are expected to be recognized as time-charter revenues in the following period which are included in deferred revenue on the Company's consolidated balance sheets. Other Revenues Ship-to-ship support services include managing the process of transferring cargo between seagoing ships positioned alongside each other. Each operation is typically completed in less than 48 hours. The performance obligations within a commercial management contract are satisfied as services are rendered over the duration of such contracts. The management fee, consisting of a fixed component based on the number of days a vessel was under management and a variable component based on the vessel’s monthly earnings, is invoiced monthly in arrears for commercial management contracts. The performance obligations within an LNG terminal management contract are satisfied as services are rendered over the duration of such contracts. The management fee, consisting of a fixed amount, subject to contingent annual inflationary adjustments, is typically invoiced monthly in arrears. Substantially all of the Company’s performance obligations are satisfied over the duration of the associated contract, and the Company uses the proportion of elapsed time as its method to recognize revenue over the contract duration. The variable consideration of the Company’s contracts is typically recognized as incurred as such consideration is allocated to distinct periods within a contract. Revenue Table The following table contains a breakdown of the Company's revenue by contract type for the years ended December 31, 2018 , 2017 and 2016 . All revenue is part of the Company's conventional tanker segment, except for revenue for ship-to-ship support services and LNG terminal management, consultancy, procurement and other related services, which are part of the Company's ship-to-ship transfer segment. Year Ended December 31, 2018 2017 2016 Voyage charters (1) Suezmax 359,443 6,696 11,218 Aframax 119,830 26,250 30,591 LR2 67,245 — — Full service lightering 104,870 92,828 48,223 Total 651,388 125,774 90,032 Time-charters Aframax 35,531 50,964 54,593 Suezmax 16,898 45,745 30,597 LR2 7,357 15,391 12,184 Total 59,786 112,100 97,374 Other revenue Ship-to-ship support services 28,629 33,436 29,973 Commercial management 8,829 12,946 13,834 LNG terminal management, consultancy, procurement and other 7,131 6,986 9,222 Total 44,589 53,368 53,029 Net pool revenues (1) Suezmax — 91,854 173,747 Aframax — 22,718 79,457 LR2 — 25,353 48,599 MR — 11 8,305 Total — 139,936 310,108 Total revenues 755,763 431,178 550,543 (1) Prior to the January 1, 2018 adoption of ASU 2014-09, the Company presented the net allocation for its vessels participating in RSAs as net pool revenues. The Company has determined that it is the principal in voyages performed by its vessels included in the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. The adoption of ASU 2014-09 had the impact of increasing voyage charter revenues and voyage expenses for the year ended December 31, 2018 by $292.6 million . The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09. |
Public Offerings and Private Pl
Public Offerings and Private Placements | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Public Offerings and Private Placements | Public Offerings and Private Placements The following table summarizes the issuances of common shares over the three years ended December 31, 2018 : Date Number of Common Stock Issued Offering Price Gross Proceeds Net Proceeds Teekay's Ownership After the Offering Use of Proceeds Continuous offering program during 2016 3,020,000 (1) $2.38 - $2.75 7,747 7,558 (1 ) General corporate purposes January 2017 2,155,172 (2) $2.32 5,000 5,000 25.7 % General corporate purposes May 2017 13,775,224 (3) $1.88 25,897 25,897 31.4 % Acquisition of controlling interest in TTOL November 2017 88,977,544 (4) $1.70 151,262 151,262 24.1 % TIL Merger Continuous offering program during 2017 3,800,000 (5) $2.26 - $2.41 8,826 8,521 (5 ) General corporate purposes (1) In December 2016, the Company re-opened its $80.0 million continuous offering program (or COP ). The portion of the Company's voting power and ownership held by Teekay at December 31, 2016 was 52.9% and 25.4% , respectively. (2) Represents Class A common shares issued in a private placement to Teekay. The gross proceeds were used for general corporate purposes, including to strengthen the Company's liquidity position and to delever its balance sheet. (3) Represents Class B common shares issued to Teekay as consideration for the Company's acquisition of the remaining 50% interest in TTOL, which shares had an approximate value of $25.9 million , or $1.88 per share, on the closing date of the transaction (notes 4 and 7). (4) Represents Class A common shares issued to the shareholders of TIL as consideration for the Company's acquisition of the remaining 88.7% interest in TIL. The shares had an approximate value of $151.3 million , or $1.70 per share, on the closing date of the transaction (notes 7 and 23). (5) In January 2017, the Company re-opened its $80.0 million COP. The portion of the Company's voting power and ownership held by Teekay at December 31, 2017 was 54.1% and 28.8% respectively. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting 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 the operations from TTOL and TIL, which were acquired in 2017 (notes 7 and 23) and those tankers 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 LNG terminal management, consultancy, procurement and other related services. Segment results are evaluated based on income (loss) 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 tables include results for the Company’s revenue and income (loss) from operations by segment for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2)(3) 720,076 48,175 (12,488 ) 755,763 Voyage expenses (3) (373,064 ) — 12,488 (360,576 ) Vessel operating expenses (174,278 ) (34,853 ) — (209,131 ) Time-charter hire expense (13,537 ) (6,001 ) — (19,538 ) Depreciation and amortization (114,062 ) (4,452 ) — (118,514 ) General and administrative expenses (4) (36,481 ) (3,294 ) — (39,775 ) Gain on sale of vessel — 170 — 170 Restructuring charges (152 ) (1,043 ) — (1,195 ) Income (loss) from operations 8,502 (1,298 ) — 7,204 Equity income 1,220 — — 1,220 Year Ended December 31, 2017 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2)(3) 391,267 50,422 (10,511 ) 431,178 Voyage expenses (3) (87,879 ) — 10,511 (77,368 ) Vessel operating expenses (135,740 ) (39,649 ) — (175,389 ) Time-charter hire expense (25,666 ) (4,995 ) — (30,661 ) Depreciation and amortization (95,433 ) (5,048 ) — (100,481 ) General and administrative expenses (4) (29,539 ) (3,340 ) — (32,879 ) (Loss) gain on sale of vessel (13,034 ) 50 — (12,984 ) Income (loss) from operations 3,976 (2,560 ) — 1,416 Equity loss (25,370 ) — — (25,370 ) Year Ended December 31, 2016 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2)(3) 512,608 41,136 (3,201 ) 550,543 Voyage expenses (3) (56,805 ) — 3,201 (53,604 ) Vessel operating expenses (150,100 ) (32,498 ) — (182,598 ) Time-charter hire expense (57,368 ) (2,279 ) — (59,647 ) Depreciation and amortization (99,024 ) (5,125 ) — (104,149 ) General and administrative expenses (4) (29,432 ) (3,767 ) — (33,199 ) (Loss) gain on sale of vessel (20,926 ) 332 — (20,594 ) Income (loss) from operations 98,953 (2,201 ) — 96,752 Equity income 7,680 — — 7,680 (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 actual costs incurred during 2018 and 2017 (2016 - based on estimated costs of approximately $25,000 per voyage). (2) Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in other revenues in the Company's consolidated statements of (loss) income. (3) The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see note 2). (4) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources) (note 15e). A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: As at As at Conventional Tanker 2,069,854 2,089,099 Ship-to-Ship Transfer 36,315 36,810 Cash and cash equivalents 54,917 71,439 Total assets 2,161,086 2,197,348 |
Investments in and advances to
Investments in and advances to Equity Accounted Investments | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and advances to Equity Accounted Investments | Investments in and advances to Equity-Accounted for Investments Year Ended December 31, 2018 2017 High-Q Joint Venture 25,766 24,546 Gemini Tankers L.L.C. — 914 Total 25,766 25,460 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 VLCC, which traded on a fixed time charter-out contract that expired in May 2018. Under the fixed contract, the vessel earned a daily rate and an additional amount if the daily rate of sub-charter earnings exceeded a certain threshold. The VLCC completed its dry dock in July 2018 and subsequently began trading on spot voyage charters in a pool managed by a third party. As at December 31, 2018 , the High-Q joint venture has a loan outstanding with a financial institution with a balance of $37.5 million ( December 31, 2017 - $42.7 million ). The loan is secured by a first-priority mortgage on the VLCC owned by the High-Q joint venture and 50% of the outstanding loan balance is guaranteed by the Company. The High-Q joint venture also had an interest rate swap agreement that expired in June 2018. The interest rate swap exchanged a receipt of floating interest based on 3 -months LIBOR for a payment of a fixed rate of 1.47% every three months. b. On May 31, 2017, the Company entered into a Merger Agreement to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 3.3 shares of Class A common stock of the Company for each of TIL common stock not owned by the Company. Prior to the completion of the merger, the Company accounted for its 11.3% investment in TIL using the equity method. On November 27, 2017, the Company completed the merger with TIL, and the Company remeasured its equity investment in TIL to fair value based on the relative share exchange value at the date of the acquisition, which resulted in the recognition of a net write-down of $26.7 million presented in equity income (loss) on the consolidated statements of (loss) income (note 23). c. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in TTOL for $39.0 million , which included $13.1 million for assumed working capital (note 4). The Company issued approximately 13.8 million shares of the Company's Class B common stock to Teekay as consideration in addition to the working capital consideration of $13.1 million . As a result, the Company now consolidates TTOL and thus, all comparative periods have been retroactively adjusted to include TTOL on a consolidated basis (note 4) and TTOL's results are not included in the summary of equity-accounted for investment results below. Prior to the May 31, 2017 purchase, the Company equity-accounted for its initial 50% interest in TTOL. A condensed summary of the Company’s financial information for equity-accounted for investments ( 11.3% to 50.0% owned) shown on a 100% basis are as follows: As at December 31, 2018 2017 Cash, cash equivalents and restricted cash 1,697 2,231 Other current assets 2,488 4,774 Vessels and equipment 81,789 83,417 Current portion of long-term debt 5,378 5,616 Other current liabilities 452 572 Long-term debt 31,742 36,645 Other non-current liabilities 20,436 19,207 Year Ended December 31, 2018 2017 2016 Revenues 9,601 107,691 169,631 Income from operations 4,159 11,640 62,998 Realized and unrealized (loss) gain on derivative instruments (104 ) 26 (244 ) Net income (loss) 2,441 (8,967 ) 39,536 For the year ended December 31, 2018 , the Company recorded equity income (loss) of $1.2 million ( 2017 - $(25.4) million and 2016 – $7.7 million ). Equity income for the year ended December 31, 2018 is comprised of the Company's share of net income from the High-Q joint venture. Equity loss for the year ended December 31, 2017 is comprised of the Company’s share of net (loss) income from the High-Q joint venture, Gemini Tankers L.L.C. and from TIL for the period from January 1, 2017 until November 27, 2017, which includes an other than temporary impairment write-down of the investment in TIL (note 23). Equity income for the year ended December 31, 2016 is comprised of the Company's share of net income from the High-Q joint venture, TIL and Gemini Tankers L.L.C. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The carrying amount of goodwill for the conventional segment was $1.9 million as at December 31, 2018 and 2017. In 2018, 2017 and 2016, the Company conducted its annual goodwill impairment review of its conventional segment and concluded that no impairment had occurred. The carrying amount of goodwill for the ship-to-ship transfer segment was $6.2 million as at December 31, 2018 and 2017. In 2018, 2017 and 2016, the Company conducted its annual goodwill impairment review of its ship-to-ship transfer segment and concluded that no impairment had occurred. Intangible Assets The carrying amounts of intangible assets are as follows: As at December 31, 2018 December 31, 2017 $ $ Customer relationships (1) 9,724 11,853 Customer contracts (1) 1,901 2,642 Favorable time-charter out contracts — 110 11,625 14,605 (1) The customer relationships and customer contracts are being amortized over weighted average amortization periods of 10 years and 7.6 years , respectively. Amortization of intangible assets for the year ended December 31, 2018 was $2.9 million (2017 - $3.3 million , 2016 - $3.9 million ). Amortization of intangible assets for the five years subsequent to 2018 is expected to be $2.2 million (2019), $2.0 million (2020), $1.8 million (2021), $1.6 million (2022), $1.5 million (2023) and $2.5 million (thereafter). |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Year Ended December 31, 2018 2017 Voyage and vessel 23,922 19,404 Corporate accruals 1,587 1,244 Interest and dividends 6,678 3,984 Payroll and benefits (note 15h) 8,669 9,976 Total 40,856 34,608 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Year Ended December 31, 2018 2017 Revolving credit facilities due through 2022 417,997 539,735 Term loans due through 2021 323,995 423,512 Total principal 741,992 963,247 Less: unamortized discount and debt issuance costs (6,586 ) (10,945 ) Total debt 735,406 952,302 Less: current portion (106,236 ) (166,745 ) Non-current portion of long-term debt 629,170 785,557 As at December 31, 2018 , the Company had two revolving credit facilities (or the Revolvers ), which, as at such date, provided for available aggregate borrowings of up to $429.8 million , of which $11.8 million was undrawn ( December 31, 2017 - $628.3 million , of which $88.6 million was undrawn). Interest payments are based on LIBOR plus margins, which at December 31, 2018 ranged between 2.00% and 2.75% ( December 31, 2017 - 0.45% and 2.75% ). The total amount available under the Revolvers reduces by $16.8 million (2019), $16.8 million (2020), $309.5 million (2021) and $86.7 million (2022). As at December 31, 2018 the Company also had three term loans outstanding, which totaled $324.0 million ( December 31, 2017 - $423.5 million ). Interest payments on the term loans are based on a combination of a fixed rate of 5.4% ( December 31, 2017 - 5.40% ) and variable rates based on LIBOR plus margins. As at December 31, 2018 , the margin ranged from 0.30% to 2.00% ( December 31, 2017 - 0.30% to 2.00% ). The term loan repayments are made in quarterly or semi-annual payments. Two of the term loans also have a balloon or bullet repayment due at maturity in 2020 and 2021. The Company's debt facilities are further described below. In November 2018, a wholly-owned subsidiary of the Company entered into a working capital loan facility agreement (or the Working Cap Loan ) which provides available aggregate borrowings of up to $40.0 million for the subsidiary, with the option to increase the facility up to an additional $15.0 million , subject to approval of the lender. A portion of the proceeds will be used to provide working capital in relation to certain vessels trading in the RSAs and to fund pooling operations. The Working Cap Loan has an initial maturity date of six months after the first utilization date but shall be continually extended for further periods of six months thereafter unless and until the lender gives notice in writing that no further extensions shall occur. Interest payments will be based on LIBOR plus a margin of 3.50% . The Working Cap Loan is collateralized by the assets of Teekay Tankers Chartering Pte. Ltd. and the RSAs. The Working Cap Loan also requires the Company to maintain its paid-in capital contribution and the retained distributions of the RSA participants in an amount equal to the greater of (a) an amount equal to the minimum average capital contributed per vessel in respect of the RSA (including cash, bunkers or other working capital contributions and amounts accrued to the RSA participants but unpaid) and (b) $15.0 million . As at December 31, 2018 , no amounts had been drawn under this facility. In November 2018, the Company completed an $84.7 million sale-leaseback financing transaction relating to four of the Company's vessels (note 11). Proceeds from the sale-leaseback transaction were used to refinance one of the Company's corporate revolvers, which matured in November 2018 and to prepay a portion of the Company's 2017 Revolver, described below. In September 2018, the Company completed a $156.6 million sale-leaseback financing transaction relating to six of the Company's vessels (note 11). Proceeds from the sale-leaseback transaction were used to prepay a portion of the Company's 2017 Revolver, described below. In July 2017, the Company completed a $153.0 million sale-leaseback financing transaction relating to four of the Company's vessels (note 11). Proceeds from the sale-leaseback transaction were used to prepay a portion of the Company's 2016 Debt Facility, described below. In December 2017, the Company entered into a $270.0 million long-term debt facility (or the 2017 Revolver ), which is scheduled to mature in December 2022. In December 2017, $215.8 million of the 2017 Revolver was used to refinance two of the Company's debt facilities that were assumed in the merger with TIL (note 23). These debt facilities were scheduled to mature in April 2019 and June 2020. As at December 31, 2018, the 2017 Revolver is collateralized by seven of the Company's vessels, together with other related security. The 2017 Revolver 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 two 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 of December 31, 2018 , this ratio was 163% (December 31, 2017 - 191% ). 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% of the Company's total consolidated debt. In January 2016, the Company entered into a $894.4 million long-term debt facility (or the 2016 Debt Facility ), consisting of both a term loan, which is scheduled to mature in December 2020, and a revolving credit component, which is scheduled to mature in January 2021. The 2016 Debt Facility is collateralized by 29 of the Company's vessels, together with other related security. The 2016 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 two 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 December 31, 2018 , this ratio was 137% (December 31, 2017 - 145% ). 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% of the Company's total consolidated debt. The Company's remaining two term loans are guaranteed by Teekay and are collateralized by six of the Company’s vessels, together with certain other related security. One of the term loans contain covenants that require Teekay to maintain the greater of (a) free cash (cash and cash equivalents) of at least $50.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 5.0% of Teekay’s total consolidated debt (excluding the debt of Teekay LNG Partners L.P., or TGP ). In addition, an event of default of this term loan will occur if any financial indebtedness of Teekay in excess of $50.0 million is not paid when due. The other term loan requires Teekay and the Company collectively, to maintain the greater of (a) free cash (cash and cash equivalents) of at least $100.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 7.5% of Teekay's total consolidated debt (excluding the debt of TGP). In addition, an event of default of this term loan will occur if any indebtedness of Teekay that exceeds $100.0 million is not paid when due. As at December 31, 2018 , the Company was in compliance with all covenants with respect to the Revolvers and term loans. Teekay has also advised the Company that Teekay was in compliance with all covenants relating to the revolving credit facilities and term loans to which the Company is a party. The weighted-average interest rate on the Company’s long-term debt as at December 31, 2018 was 4.6% ( December 31, 2017 – 3.5% ). This rate does not reflect the effect of the Company’s interest rate swap agreements (note 12). The aggregate annual long-term principal repayments required to be made by the Company under the Revolvers and term loans subsequent to December 31, 2018 are $106.7 million (2019), $118.6 million (2020), $430.1 million (2021) and $86.6 million (2022). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | Leases Operating Leases Charters-in As at December 31, 2018 , minimum commitments incurred by the Company relating to eight chartered-in vessels accounted for as operating leases, including three workboats for the Company's lightering support services, were approximately $36.9 million (2019), $23.5 million (2020) and $2.0 million (2021). Charters-out As at December 31, 2018 , two of the Company’s vessels operated under fixed-rate time charter contracts with the Company’s customers, of which both contracts are scheduled to expire in 2019. As at December 31, 2018 , the minimum scheduled future revenues to be received by the Company under time charters then in place were approximately $6.3 million (note 3). Capital Lease Obligations As at As at December 31, 2018 December 31, 2017 $ $ Total obligations related to capital leases 375,289 148,908 Less: current portion (20,896 ) (7,227 ) Long-term obligations related to capital leases 354,393 141,681 In November 2018, the Company completed an $84.7 million sale-leaseback financing transaction with a financial institution relating to four of the Company's tankers, consisting of two Aframax tankers, one Suezmax tanker and one LR2 product tanker, the Explorer Spirit, Navigator Spirit, Pinnacle Spirit and Trysil Spirit . In September 2018, the Company completed a $156.6 million sale-leaseback financing transaction with a financial institution relating to six of the Company's Aframax tankers, the Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Peak Spirit, Tarbet Spirit and Whistler Spirit. In July 2017, the Company completed a $153.0 million sale-leaseback financing transaction with a financial institution relating to four of the Company's Suezmax tankers, the Athens Spirit , Beijing Spirit , Moscow Spirit and Sydney Spirit . Under these arrangements, the Company transferred the vessels to subsidiaries of the financial institutions (or collectively, the Lessors ) and leased the vessels back from the Lessors on bareboat charters ranging from nine - to 12 -year terms. The Company has the option to purchase each of the 14 tankers at various times starting between July 2020 and November 2021 until the end of their respective lease terms. The Company is also obligated to purchase six of the Aframax vessels upon maturity of their respective bareboat charters. The Company understands that these vessels and lease operations are the only assets and operations of the Lessors. The Company operates the vessels during the lease term, and as a result, is considered to be the Lessors' primary beneficiary and therefore, the Company consolidates the Lessors for financial reporting purposes. The liabilities of the Lessors are loans and are non-recourse to the Company. The amounts funded to the Lessors in order to purchase the vessels materially match the funding to be paid by the Company's subsidiaries under these lease-back transactions. As a result, the amounts due by the Company's subsidiaries to the Lessors have been included in obligations related to capital leases as representing the Lessors' loans. The bareboat charters related to each of these vessels require that the Company maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least 6 months to maturity) of $35.0 million and at least 5.0% of the Company's consolidated debt and obligations related to capital leases (excluding applicable security deposits reflected in restricted cash - long-term on the Company's consolidated balance sheets). Four of the bareboat charters require the Company to maintain, for each vessel, a minimum hull coverage ratio of 90% of the total outstanding principal balance during the first three years of the lease period and 100% of the total outstanding principal balance thereafter. As at December 31, 2018 , this ratio was approximately 101% (December 31, 2017 - 105% ). Six of the bareboat charters require the Company to maintain, for each vessel, a minimum hull coverage ratio of 75% of the total outstanding principal balance during the first year of the lease period, 78% for the second year, 80% for the following two years and 90% of the total outstanding principal balance thereafter. As at December 31, 2018 , this ratio was approximately 91% (December 31, 2017 - nil ). The remaining four bareboat charters also require the Company to maintain, for each vessel, a minimum hull overage ratio of 100% of the total outstanding principal balance. As at December 31, 2018 , this ratio was approximately 122% (December 31, 2017 - nil ). Such requirements are assessed annually with reference to vessel valuations compiled by one or more agreed upon third parties. As at December 31, 2018 , the Company was in compliance with all covenants in respect of the obligations related to capital leases. As at December 31, 2018 , the total remaining commitments under the 14 capital leases for Suezmax, Aframax and LR2 product tankers were approximately $557.1 million , including imputed interest of $181.8 million , repayable from 2019 through 2030, as indicated below: Year Commitment 2019 $ 47,962 2020 $ 47,373 2021 $ 47,237 2022 $ 47,230 2023 $ 47,222 Thereafter $ 320,064 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Interest rate swaps The Company uses interest rate swaps in accordance with its overall risk management policies. The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar denominated LIBOR borrowings. In February 2016, in connection with the Company’s long-term debt facility entered into at that time, the Company entered into nine interest rate swaps. Four of the interest rate swaps commenced in October 2016, are scheduled to terminate in December 2020 and have notional amounts of $50.0 million each, at inception, 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. As at December 31, 2018 , the Company was committed to the following interest rate swap agreements: Interest Rate Index Notional Amount Fair Value / Remaining Fixed Interest (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 92,563 1,250 2.0 1.46% U.S. Dollar-denominated interest rate swaps LIBOR 150,000 3,175 2.0 1.55% U.S. Dollar-denominated interest rate swaps LIBOR 50,000 1,453 2.0 1.16% (1) Excludes the margin the Company pays on its variable-rate debt, which, as of December 31, 2018 ranged from 0.30% to 3.50% . (2) Notional amount reduces quarterly. 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 During 2017, the Company had one stock purchase warrant which had entitled it to purchase up to 750,000 shares of common stock of TIL under certain conditions at pre-determined prices. The stock purchase warrant was not exercised and was canceled upon completion of the TIL merger in November 2017 (notes 7 and 23) and as a result, no value was recorded for this warrant on the Company's consolidated balance sheet at December 31, 2018 and 2017. 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 received $27,776 per day, less a 1.25% brokerage commission and paid 55% of the net revenue distribution of two Aframax equivalent vessels employed in the Company’s Aframax RSA, 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 was to reduce the Company’s exposure to spot tanker market rate variability for certain of its vessels that are employed in the Aframax RSA. The Company did not designate, for accounting purposes, the time-charter swap as a cash flow hedge. As of May 1, 2017, the time-charter swap counter-party did not exercise the two-month option, and as such, the agreement was completed as of June 30, 2017. Forward freight agreements The Company uses forward freight agreements (or FFAs ) in non-hedge-related transactions to increase or decrease its exposure to spot market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized gain (loss) on derivative instruments in the Company's consolidated statements of (loss) income. 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 assets (liabilities) Current portion of derivative liabilities As at December 31, 2018 Interest rate swap agreements 2,905 2,973 422 — Forward freight agreements — — (3 ) (57 ) 2,905 2,973 419 (57 ) As at December 31, 2017 Interest rate swap agreements 1,016 4,226 (39 ) — 1,016 4,226 (39 ) — Realized and unrealized gains (losses) relating to interest rate swaps, the time-charter swap and FFAs 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: Year Ended Year Ended Year Ended Realized gains (losses) relating to: Interest rate swaps agreements 2,316 (994 ) (12,797 ) Time-charter swap agreement — 1,106 2,154 Forward freight agreements 137 270 — 2,453 382 (10,643 ) Unrealized gains (losses) relating to: Interest rate swaps agreements 636 2,099 13,681 Stock purchase warrant — (287 ) (4,877 ) Time-charter swap agreement — (875 ) 875 Forward freight agreements (57 ) — — 579 937 9,679 Total realized and unrealized gain (loss) on derivatives 3,032 1,319 (964 ) |
Freight Tax and Other Tax Expen
Freight Tax and Other Tax Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Freight Tax and Other Tax Expenses | Freight Tax and Other Tax Expenses The following is a roll-forward of the Company’s freight tax liabilities which are recorded in its consolidated balance sheets in other long-term liabilities, from January 1, 2017 to December 31, 2018 : Year Ended December 31, 2018 2017 Balance of unrecognized tax benefits as at January 1 26,054 12,882 Increases related to the TIL merger (note 23) — 8,528 Increases for positions related to the current year 5,399 1,910 Changes for positions taken in prior years 1,701 3,641 Decreases related to statute of limitations (1,095 ) (907 ) Balance of unrecognized tax benefits as at December 31 32,059 26,054 The Company does not presently anticipate its uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected. The tax years 2013 through 2018 remain open to examination by some of the major jurisdictions in which the Company is subject to tax. The Company recognizes freight tax expenses in its consolidated statements of (loss) income. Interest and penalties on freight tax expenses are included in the roll-forward schedule above and are approximately $5.4 million and $4.2 million , for the years ended December 31, 2018 and 2017 , respectively. Net foreign exchange gains on freight tax expenses are also included in the roll-forward schedule above and are approximately a reduction of $3.3 million and $0.1 million for the years ended December 31, 2018 and 2017, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash – The fair value of the Company’s cash and cash equivalents and restricted cash approximates its carrying amounts reported in the consolidated balance sheets. Long-term debt – The fair values of the Company’s fixed-rate and variable-rate long-term debt is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Long-term obligation related to capital leases - The fair values of the Company's long-term obligation related to capital leases is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Derivative instruments a. The fair values of the Company’s interest rate swap agreements are the estimated amounts that the Company would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, and if the swap is not collateralized, the current credit worthiness of either the Company or the swap counterparties. The estimated amount is the present value of future cash flows. The inputs used to determine the future cash flows include the fixed interest rate of the swaps and market interest rates. Given the current volatility in the credit markets, it is reasonably possible that the amounts recorded as derivative assets and liabilities could vary by material amounts in the near term. b. In 2016, Company entered into a time-charter swap agreement for 55% of two Aframax equivalent vessels (note 12). The fair value of this derivative agreement was 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 were derived from current Aframax spot market tanker rates and estimated future rates, as well as an estimated discount rate. The time-charter swap agreement was completed as of December 31, 2017. Changes in fair value during the year ended December 31, 2017 for the Company's time-charter swap agreement, which is described below and was measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended Fair value asset - beginning of the year 875 Settlements (1,106 ) Realized and unrealized gain 231 Fair value asset - at the end of the year — c. The estimated fair value of the stock purchase warrant as of December 31, 2016 was based on the historical volatility of comparable companies of 47.83% . On November 27, 2017, the merger of TIL was completed, resulting in TIL becoming a wholly-owned subsidiary of the Company. Under the terms of the agreement, warrants to purchase or acquire shares of common stock of TIL that had not been exercised as of the effective time of the merger, were canceled. As a result, no value was recorded for this warrant in the Company's consolidated balance sheets at December 31, 2017 (notes 7b and 12). Changes in fair value during the year ended December 31, 2017 for the TIL stock purchase warrant are as follows: Year Ended Fair value at the beginning of the year 287 Unrealized loss included in earnings (287 ) Fair value at the end of the year — The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value. December 31, 2018 December 31, 2017 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 (note 17d) Level 1 60,507 60,507 75,710 75,710 Derivative instruments (note 12) Interest rate swap agreements (1) Level 2 5,878 5,878 5,242 5,242 Freight forward agreements (1) Level 2 (57 ) (57 ) — — Other: Advances to equity-accounted for investments Note (2) 9,930 Note (2) 9,930 Note (2) Long-term debt, including current portion Level 2 (735,406 ) (723,031 ) (952,302 ) (946,105 ) Obligations related to capital leases, including current portion Level 2 (375,289 ) (377,652 ) (148,908 ) (147,401 ) (1) The fair values of the Company's interest rate swap agreements and FFAs at December 31, 2018 and 2017 exclude accrued interest income and expenses, which are recorded in accounts receivables and accrued liabilities, respectively, in these consolidated financial statements. (2) The advances to equity-accounted for investments, together with the Company’s investments in the equity-accounted for investments, form the net aggregate carrying value of the Company’s interests in the equity-accounted for investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at December 31, 2018 and 2017 were not determinable. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Capital Stock | Capital Stock The authorized capital stock of Teekay Tankers Ltd. at December 31, 2018 was 100,000,000 shares of Preferred Stock (2017 - 100,000,000 shares of Preferred Stock), with a par value of $0.01 per share (2017 - $0.01 per share), 485,000,000 shares of Class A common stock (2017 - 285,000,000 shares of Class A common stock), with a par value of $0.01 per share (2017 - $0.01 per share), and 100,000,000 shares of Class B common stock (2017 - 100,000,000 shares of Class B common stock), with a par value of $0.01 per share (2017 - $0.01 per share). The shares of Class A common stock entitle the holder to one vote per share while the shares of Class B common stock entitle the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As at December 31, 2018 , the Company had 231.6 million shares of Class A common stock ( 2017 – 231.2 million ), 37.0 million shares of Class B common stock ( 2017 – 37.0 million ) and no shares of Preferred Stock issued and outstanding ( 2017 – nil ). Commencing in December 2015, the Company adopted a dividend policy under which quarterly dividends were set to range from 30% to 50% of its quarterly adjusted net income, subject to the discretion of its Board of Directors, with a minimum quarterly dividend of $0.03 per share under the Company's current policy, which is subject to change. Effective May 2018, the Company eliminated the payment of its minimum quarterly dividend of $0.03 per share in order to preserve liquidity during the cyclical downturn of the tanker spot market. Under the revised dividend policy, quarterly dividends are expected to range from 30% to 50% of the Company's quarterly adjusted net income, subject to reserves its Board of Directors may determine are necessary for the prudent operations of the company. Dividend payments are subject to the discretion of the Company's Board of Directors, and the policy remains subject to change. Adjusted net income (loss) is a non-GAAP measure which excludes specific items affecting net income (loss) that are typically excluded by securities analysts in their published estimates of the Company's financial results. Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of Class A common stock and Class B common stock are entitled to share equally in any dividends that the Board of Directors declares from time to time out of funds legally available for dividends. Upon the Company’s liquidation, dissolution or winding-up, the holders of Class A common stock and Class B common stock shall be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Shares of the Company’s Class A common stock are not convertible into any other shares of the Company’s capital stock. Each share of Class B common stock is convertible at any time at the option of the holder thereof into one share of Class A common stock. Upon any transfer of shares of Class B common stock to a holder other than Teekay (or any of its affiliates or any successor to Teekay’s business or to all or substantially all of its assets), such shares of Class B common stock shall automatically convert into Class A common stock upon such transfer. In addition, all shares of Class B common stock will automatically convert into shares of Class A common stock if the aggregate number of outstanding shares of Class A common stock and Class B common stock beneficially owned by Teekay and its affiliates falls below 15% of the aggregate number of outstanding shares of common stock. All such conversions will be effected on a one -for-one basis. Stock-based compensation As at December 31, 2018 , the Company had reserved under its 2007 Long-Term Incentive Plan a total of 10,000,000 shares of Class A common stock for issuance pursuant to awards granted under the plan ( 2017 – 4,000,000 Class A common stock). For the year ended December 31, 2018 , a total of 168,029 shares ( 2017 – nil shares, 2016 – 9,358 shares) of Class A common stock were granted and issued to the Company’s non-management directors as part of their annual compensation. The compensation relating to the granting of such stock has been included in general and administrative expenses in the amounts of $0.2 million , nil , and $35.0 thousand for the years ended December 31, 2018 , 2017 , and 2016 , respectively. The Company also grants options and restricted stock units as incentive-based compensation under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan to certain non-management directors of the Company and to certain employees of Teekay subsidiaries that provide services to the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Company‘s stock-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of income (loss). During 2018, the Company granted 0.5 million (2017 - 0.4 million ; 2016 - 0.3 million ) stock options with an exercise price of $1.22 per share (2017 - $2.23 ; 2016 - $3.74 ) to the Company’s non-management directors. These stock options have a ten -year term and vest immediately . The Company also granted 0.7 million ( 2017 - 0.5 million ; 2016 - 0.2 million ) stock options with an exercise price of $1.22 per share ( 2017 - $2.23 ; 2016 - $3.74 ) to the officers of the Company and to certain employees of Teekay subsidiaries that provide services to the Company. Each stock option granted 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 during 2018 was $0.35 per option ( 2017 - $0.67 per option; 2016 - $0.87 per option), estimated on the grant date using the Black-Scholes option pricing model. The following assumptions were used in computing the fair value of the stock options granted: expected volatility of 48.7% ( 2017 - 50.2% ; 2016 - 51.3% ); expected life of five years ( 2017 - five years; 2016 - five years); dividend yield of 5.5% ( 2017 - 5.0% ; 2016 - 7.8% ); and risk-free interest rate of 2.6% ( 2017 - 2.1% ; 2016 - 1.2% ). The expected life of the stock options granted was estimated using the historical exercise behavior of employees of Teekay that receive stock options from Teekay. The expected volatility was based on historical volatility as calculated using historical data during the five years prior to the grant date. A summary of the Company’s stock option information for the years ended December 31, 2018 , 2017 , and 2016 is as follows: December 31, 2018 December 31, 2017 December 31, 2016 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 1,670,305 3.10 822,345 3.99 321,609 4.39 Granted 1,240,424 1.22 882,741 2.23 500,736 3.74 Forfeited / expired (34,765 ) 1.56 (34,781 ) 2.23 — — Outstanding - end of year 2,875,964 2.31 1,670,305 3.10 822,345 3.99 Exercisable - end of year 1,797,493 2.69 1,055,250 3.34 530,034 3.97 A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2018 , 2017 and 2016 is as follows: December 31, 2018 December 31, 2017 December 31, 2016 Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Outstanding non-vested stock options - beginning of year 615,055 2.68 292,311 4.02 132,689 4.75 Granted 736,326 1.22 486,329 2.23 216,043 3.74 Vested (238,145 ) 2.95 (128,804 ) 4.14 (56,421 ) 4.64 Forfeited / expired (34,765 ) 1.56 (34,781 ) 2.23 — — Outstanding non-vested stock options - end of year 1,078,471 1.66 615,055 2.68 292,311 4.02 As of December 31, 2018 , there was $0.3 million ( 2017 - $0.3 million , 2016 - $0.2 million ) of total unrecognized compensation cost related to non-vested stock options granted. During the year ended December 31, 2018 , the Company recognized $0.2 million ( 2017 - $0.2 million , 2016 - $0.1 million ) of expenses related to the stock options granted to the officers of the Company and to certain employees of Teekay subsidiaries that provide services to the Company. As at December 31, 2018 , the intrinsic value of the outstanding in-the-money stock options was $nil ( 2017 - $nil ; 2016 - $nil ) and the intrinsic value of the exercisable stock options was $nil ( 2017 - $nil ; 2016 - $nil ). As at December 31, 2018 , the weighted-average remaining life of options vested and expected to vest was 8.1 years ( 2017 - 8.3 years; 2016 - 8.5 years) and the weighted-average remaining life of the exercisable stock options was 7.7 years ( 2017 - 8.0 years; 2016 - 8.3 years). During 2018, the Company granted 0.8 million ( 2017 - 0.4 million ; 2016 - 0.3 million ) restricted stock units to the officers of the Company and to certain employees of Teekay subsidiaries that provide services to the Company, with an aggregate fair value of $0.9 million ( 2017 - $0.8 million ; 2016 - $1.0 million ). Each restricted stock unit is equal in value to one share of the Company’s common shares plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Any portion of a restricted stock unit award that is not vested on the date of a recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in that case, the restricted stock unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted stock unit awards, net of withholding taxes, is paid to each recipient in the form of common shares. For the year ended December 31, 2018 , the Company recorded an expense of $0.7 million ( 2017 - $0.8 million , 2016 - $1.4 million ) related to the restricted stock units in general and administrative expenses. During the year ended December 31, 2018 , 0.3 million restricted stock units ( 2017 - 0.3 million ; 2016 - 0.4 million ) with a market value of $0.3 million ( 2017 - $0.6 million ; 2016 - $1.5 million ) vested and that amount, net of withholding taxes, was paid to the grantees by issuing 0.2 million shares ( 2017 - 0.2 million shares; 2016 - 0.2 million shares) of Class A common stock. |
Shipbuilding Contracts
Shipbuilding Contracts | 12 Months Ended |
Dec. 31, 2018 | |
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 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. In February and March 2014, the Company and its subsidiaries commenced legal proceedings against STX for having repudiated the four firm shipbuilding contracts and the Option Agreement in London, U.K. In the same year, STX issued proceedings in Korea. On February 15, 2016, each of the Company’s four subsidiaries successfully obtained an English Court Order requiring STX to pay a total of $8.9 million per subsidiary in respect of the four firm shipbuilding contracts. STX filed for bankruptcy protection and as of December 31, 2016, all Korean enforcement actions were stayed. STX has had its bankruptcy protection recognized in England and Wales. The Company was not in a position to take any further action on enforcement and recognition of its award in the U.K. or Korea while the bankruptcy protection remained in place. In March 2017, the Korean courts upheld the Company's subsidiaries' claims for the firm contracts in the bankruptcy proceedings. In November 2017, STX underwent a rehabilitation plan, which resulted in the Company's subsidiaries being entitled to receive 7% of the $8.9 million award in cash to be paid annually through 2026, and 93% of the award in equity of STX. In June 2018, the Company's subsidiaries, under their entitlement as part of the STX rehabilitation plan, received a total of 315,856 shares of STX, representing a minor percentage ownership interest. As at December 31, 2018, the STX shares had been de-listed. No amounts have been recorded due to uncertainty of their value. In addition, the Company has not recognized a receivable in respect to the non-interest-bearing cash award due to uncertainty of collection. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions a. On November 27, 2017, the Company completed its merger with TIL. As consideration for the merger, the Company issued 88,977,544 Class A common shares to the TIL shareholders (other than the Company and its subsidiaries), including 8,250,000 shares to Teekay, for $151.3 million , or $1.70 per share (notes 5 and 23). b. On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% of TTOL, which owns conventional tanker commercial management and technical management operations and currently administers four commercially-managed tanker revenue sharing arrangements (notes 4 and 7c). c. In January 2017, the Company issued 2,155,172 shares of Class A common stock in a private placement to Teekay at a price of $2.32 per share for gross proceeds of $5.0 million (note 5). Management Fee – Related and Other d. The Company's operations are conducted in part by its subsidiaries who receive services from Teekay's wholly-owned subsidiary, Teekay Shipping Ltd. (or the Manager, formerly known as Teekay Tankers Management Services Ltd.), and its affiliates. The Manager provides various services under a long-term management agreement (the Management Agreement ). Commencing October 1, 2018, the Company elected to receive commercial and technical management services for its owned and leased vessels (other than certain former TIL vessels, which are managed by a third party) from its wholly-owned subsidiaries and will no longer contract these services from the Manager. Prior to this date, the Manager was required to provide these services to the Company, which it did by subcontracting such services from the Company's subsidiary TTOL and its affiliates. C ertain of the Company’s vessels participate in revenue sharing arrangements that, with the exception of a Medium Range (or MR ) revenue sharing arrangement, are managed by TTOL or Teekay Tankers Chartering Pte Ltd. (collectively, the Pool Managers ). e. Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows: Year Ended December 31, 2018 2017 2016 Time-charter revenues (i) — — 5,404 RSA pool management fees and commissions (ii) — (2,799 ) (9,813 ) Commercial management fees (iii) — (1,187 ) (1,870 ) Vessel operating expenses - technical management fee (iv) (10,400 ) (8,775 ) (9,155 ) Strategic and administrative service fees (v ) (32,918 ) (21,185 ) (10,122 ) Secondment fees (vi) (679 ) (382 ) — Lay-up services revenues (vii) — 33 302 LNG terminal services revenues (viii) 1,689 388 70 Technical management fee recoveries (ix) 13,811 7,666 — Service revenues (x) 1,019 1,939 — Entities under Common Control (note 4) RSA pool management fees and commissions (ii) — 2,799 9,813 Commercial management fees (iii) — 1,187 1,870 Strategic and administrative service fees (v) — (7,026 ) (15,508 ) Secondment fees (vi) — (248 ) (644 ) Technical management fee revenues (ix) — 4,890 11,742 Service revenues (x) — 1,772 5,482 i In December 2015, the Company chartered-out the Navigator Spirit to Teekay under a fixed-rate time-charter contract, which was due 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’s share of TTOL’s fees for revenue sharing arrangements are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of (loss) income. The Company acquired the remaining 50% interest in TTOL on May 31, 2017 (notes 4 and note 7c). Subsequent to the acquisition, the Company's share of TTOL's fees has been eliminated. iii. The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels, which are not included in the RSAs. These fees are reflected in voyage expenses on the Company’s consolidated statements of (loss) income. Subsequent to the Company's acquisition of the remaining 50% interest in TTOL, the Company's share of the Manager's commercial management fees has been eliminated. iv. The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company’s consolidated statements of (loss) income. Commencing October 1, 2018, the Company has elected to receive ship management services for its own vessels from its wholly-owned subsidiaries and will no longer subcontract these services from the Manager. v. The Manager’s strategic and administrative service fees have been presented in general and administrative fees, except for fees related to technical management services, which have been presented in vessel operating expenses, 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 14) is set and paid by Teekay or such other subsidiaries. The Company reimburses Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee. vi. The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company's consolidated statements of (loss) income. vii. The Company recorded revenue of $0.3 million for the year ended December 31, 2016 to provide lay-up services to Teekay for two of its in-chartered vessels. viii. In November 2016, the Company's ship-to-ship transfer business signed an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by TGP, for the Bahrain LNG Import Terminal. The terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly-owned by TGP, has a 30% interest. ix. The Company receives reimbursements from Teekay, which subcontracts technical management services from the Manager. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of (loss) income. Commencing October 1, 2018, the Company has elected to receive technical management services for its own vessels from its wholly-owned subsidiaries and will no longer subcontract these services from the Manager. x. The Company recorded revenue of $1.0 million and $1.9 million for the years ended December 31, 2018 and 2017, respectively, relating to TTOL's administration of certain revenue sharing arrangements and provision of certain commercial services to participants in the arrangements. The Company also recorded revenue of $1.8 million and $5.5 million for the years ended December 31, 2017 and 2016, respectively, associated with the Entities under Common Control. Commencing October 1, 2018, the Company has elected to receive certain commercial services from its wholly-owned subsidiaries and will no longer subcontract these services from the Manager. f. The Manager and other subsidiaries of Teekay collect revenues and remit payments for expenses incurred by the Company’s vessels. Such amounts, which are presented in the consolidated balance sheets in due from affiliates or due to affiliates, are without interest or stated terms of repayment. In addition, $7.6 million and $8.7 million were payable to the Manager as at December 31, 2018 and 2017 , respectively, for reimbursement of the Manager’s crewing and manning costs to operate the Company’s vessels and such amounts are included in accrued liabilities in the consolidated balance sheets. The amounts owing from the RSAs, which are reflected in the consolidated balance sheets as pool receivables from affiliates, are without interest and are repayable upon the terms contained within the applicable revenue sharing agreement. In addition, the Company had advanced $34.9 million and $45.1 million as at December 31, 2018 and 2017 , respectively, to the RSAs for working capital purposes. The Company may be required to advance additional working capital funds from time to time. Working capital advances will be returned to the Company when a vessel no longer participates in the applicable RSA, less any set-offs for outstanding liabilities or contingencies. These activities, which are reflected in the consolidated balance sheets as due from affiliates, are without interest or stated terms of repayment. g. The Management Agreement provides for payment to the Manager of a performance fee in certain circumstances. If Gross Cash Available for Distribution for a given fiscal year exceeds $3.20 per share of the Company’s weighted average outstanding common stock (or the Incentive Threshold ), the Company is generally required to pay a performance fee equal to 20% of all Gross Cash Available for Distribution for such year in excess of the Incentive Threshold. The Company did no t incur any performance fees for the years ended December 31, 2018 , 2017 and 2016 . Cash Available for Distribution represents net income plus depreciation and amortization, unrealized losses from derivatives, non-cash items and any write-offs or other non-recurring items, less unrealized gains from derivatives and net income attributable to the historical results of vessels acquired by the Company from Teekay, prior to their acquisition by us, for the period when these vessels were owned and operated by Teekay. Gross Cash Available for Distribution represents Cash Available for Distribution without giving effect to any deductions for performance fees and reduced by the amount of any reserves the Company’s Board of Directors may establish during the applicable fiscal period that have not already reduced the Cash Available for Distribution . h. Pursuant to certain RSAs, TTOL provides certain commercial services to the RSA participants and administers the RSAs in exchange for a fee currently equal to 1.25% of the gross revenues attributable to each RSA participant’s vessels and a fixed amount per vessel per day which ranges from $275 to $350 . Voyage revenues and voyage expenses of the Company’s vessels operating in these RSAs are pooled with the voyage revenues and voyage expenses of other RSA participants. The resulting net pool revenues, calculated on a time-charter equivalent basis, are allocated to the RSA participants according to an agreed formula. The pool receivable from affiliates as at December 31, 2018 and 2017 was $56.5 million and $15.6 million , respectively. i. Pursuant to a service agreement with the Teekay Aframax RSA, from time to time, the Company may hire vessels to perform full service lightering services. During 2018, 2017 and 2016, the Company recognized $28.4 million , $14.1 million and $13.1 million , respectively, related to vessels which were chartered-in from the RSA to assist with full service lightering operations. These amounts have been presented in voyage expenses on the Company's consolidated statements of (loss) income. |
Other Income
Other Income | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Income | Other Income Year Ended December 31, 2018 2017 2016 Foreign exchange gain 3,133 79 1,413 Other income 49 250 120 Total 3,182 329 1,533 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information a. The changes in non-cash working capital items related to operating activities for the years ended December 31, 2018 , 2017 and 2016 are as follows: Year Ended December 31, 2018 2017 2016 Accounts receivable, including other current assets (16,020 ) 14,603 (108 ) Pool receivables from affiliates (40,999 ) 16,193 38,137 Due from affiliates 9,440 17,562 18,371 Prepaid expenses (15,507 ) 8,767 2,313 Accounts payable and accrued liabilities 9,778 (13,996 ) (26,821 ) Due to affiliates (1,147 ) (32,641 ) (3,606 ) Deferred revenue (557 ) (3,898 ) 1,718 Other 60 — — Change in operating assets and liabilities (54,952 ) 6,590 30,004 b. Cash interest paid (including interest paid by the Entities under Common Control) during the years ended December 31, 2018 , 2017 , and 2016 totaled $47.6 million , $26.4 million , and $38.5 million , respectively. c. In November 2017, the Company acquired the outstanding shares of TIL through issuing 89.0 million Class A common shares, which was treated as a non-cash transaction in the Company's consolidated statement of cash flows. As a result of this transaction, the Company acquired $37.6 million in cash and paid $6.9 million in transaction costs (note 23). d. The Company maintains restricted cash deposits relating to certain contracts which were assumed as part of the acquisition of the ship-to-ship transfer business in 2015, LNG terminal management and for certain freight forward agreements (note 12). Attached to these contracts are certain performance guarantees required by the Company. The Company also maintains restricted cash deposits for the purposes of the margin requirements of the Company's obligations related to certain capital leases (note 11). Total cash, cash equivalents and restricted cash are as follows: As at December 31, 2018 As at December 31, 2017 As at December 31, 2016 As at December 31, 2015 $ $ $ $ Cash and cash equivalents 54,917 71,439 94,157 156,520 Restricted cash - current 2,153 1,599 750 870 Restricted cash - long-term 3,437 2,672 — — 60,507 75,710 94,907 157,390 |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidity | Liquidity Accounting standard ASC-205-40, Presentation of Financial Statements - Going Concern , requires management to assess if the Company will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its consolidated financial statements. Two of the Company’s term loans, with an aggregate outstanding balance of $166.4 million , are guaranteed by Teekay and contain certain covenants (see note 10). As part of the Company’s assessment of its liquidity, it has considered Teekay’s ability to comply with the covenants of these term loans for the one -year period following the issuance of the Company’s consolidated financial statements. Teekay has informed the Company that it expects it will comply with all required covenants and have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of Teekay's consolidated financial statements, taking into account Teekay's plans to refinance its senior notes coming due in January 2020. Consequently, the Company does not expect any negative impact on its liquidity as a result of Teekay’s obligations under the two term loans. Based on the Company’s liquidity at the date these consolidated financial statements were issued, including the liquidity it had recently generated from the completion of the Working Cap Loan (note 10) and the sale-leaseback of 10 vessels in 2018 (note 11), and the liquidity it expects to generate from its February 2019 sale-leaseback financing transaction (note 24) and operations over the following year based on an expected tanker market recovery, the Company estimates that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements. |
(Loss) Earnings Per Share
(Loss) Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Share | (Loss) Earnings Per Share The net (loss) income available for common shareholders and (loss) earnings per common share presented in the table below excludes the results of operations of the Entities under Common Control which were purchased solely with cash (note 4). Year Ended December 31, 2018 2017 2016 Net (loss) income (52,548 ) (58,023 ) 67,823 Weighted-average number of common shares - basic (1) 268,492,922 187,235,377 170,098,572 Dilutive effect of stock-based awards — — 242,067 Weighted average number of common shares - diluted (1) 268,492,922 187,235,377 170,340,639 (Loss) earnings per common share: - Basic (0.20 ) (0.31 ) 0.40 - Diluted (0.20 ) (0.31 ) 0.40 (1) The weighted-average number of common shares outstanding for periods prior to May 2017 has been retroactively adjusted to include the approximately 13.8 million shares of the Company's Class B common stock issued to Teekay as consideration for the acquisition of 50% of TTOL in May 2017. Stock-based awards, that have an anti-dilutive effect on the calculation of diluted earnings per common share, are excluded from this calculation. In the years where a loss attributable to shareholders has been incurred, all stock-based awards are anti-dilutive. For the year ended December 31, 2016, 14 thousand restricted stock units had an anti-dilutive effect on the calculation of diluted earnings per common share. For the year ended December 31, 2016, options to acquire 0.7 million shares of the Company’s Class A common stock had an anti-dilutive effect on the calculation of diluted earnings per common share. |
Sale of Vessels
Sale of Vessels | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Vessel Sales and Vessel Acquisitions | Sale of Vessels The Company's consolidated statement of loss for the year ended December 31, 2018 includes a net gain on sale of vessel of $0.2 million relating to one lightering support vessel, which was sold and delivered to its buyer in the second quarter of 2018. In November 2018, the Company completed an $84.7 million sale-leaseback financing transaction relating to four of the Company's vessels, including two Aframax tankers, one Suezmax tanker and one LR2 product tanker (see note 11). In September 2018, the Company completed a $156.6 million sale-leaseback financing transaction relating to six of the Company's Aframax tankers (see note 11). During 2017, the Company completed the sales of three Aframax tankers which were delivered to their respective buyers in the second, third and fourth quarters of 2017. The Company recognized an aggregate loss on sale of the vessels of $11.2 million . In July 2017, the Company completed a $153.0 million sale-leaseback financing transaction relating to four of the Company's Suezmax tankers (note 11). The Company's consolidated statement of income for the year ended December 31, 2016 includes an aggregate loss on sale of vessels of $20.6 million of two MR tankers and two Suezmax tankers. One MR tanker was sold in November 2016 for a sales price of $13.2 million , and the Company recognized a loss on sale of the vessel of $8.1 million . The other MR tanker was sold in August 2016 for a sales price of $14.0 million , and the Company recognized a loss on sale of the vessel of $6.6 million . In November 2016, the Company sold two lightering support vessels related to the ship-to-ship transfer business for an aggregate sales price of $0.4 million and recognized a gain on sale of the vessels of $0.3 million . In October 2016, the Company entered into agreements to sell two Suezmax tankers, for an aggregate sales price of $33.8 million . The two vessels had been classified as vessels held for sale on the consolidated balance sheets as of December 31, 2016 and were written down to their agreed sales price. The Company recognized a loss on sale of vessels of $6.2 million in 2016. One Suezmax tanker was delivered to its respective buyer in January 2017. The Company recognized a loss on the sale of the vessel of $0.3 million in the three months ended March 31, 2017. In February 2017, the date of delivery of the other Suezmax tanker to its owner was extended, and as a result, the sales price was reduced by $1.3 million . The vessel sale was completed in March 2017, and the Company recognized a loss on sale of the vessel of $1.5 million in 2017. |
Acquisition of Tanker Investmen
Acquisition of Tanker Investments Ltd. | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Tanker Investments Ltd. | Acquisition of Tanker Investments Ltd. On May 31, 2017, the Company entered into a merger agreement to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 3.3 shares of Class A common stock of the Company for each TIL common stock. On November 17, 2017, the Company's shareholders voted in favor of increasing the authorized number of its Class A common shares to permit the issuance of Class A common shares as consideration for the merger with TIL. Concurrently, the merger was approved by the shareholders of TIL. The Company amended its amended and restated articles of incorporation and completed the merger on November 27, 2017, as a result of which TIL became a wholly-owned subsidiary of the Company. As consideration for the merger, the Company issued 88,977,544 Class A common shares to the TIL shareholders (other than the Company and its subsidiaries) for $151.3 million , or $1.70 per share. Pursuant to this acquisition, the Company acquired a modern fleet of 10 Suezmax tankers, six Aframax tankers and two LR2 product tankers with an average age of 7.3 years, assumed $47.1 million of net working capital and other long-term liabilities and assumed long-term debt with a principal balance outstanding of $338.9 million . The merger with TIL was accounted for as an acquisition of assets. The purchase price of the acquisition consisted of the fair value of the Company's shares issued on the merger date ( $151.3 million ), the transaction costs associated with the merger ( $6.9 million ) and the fair value of the Company's 11.3% pre-existing ownership in TIL at the close of the merger ( $19.2 million ), for a total acquisition cost of $177.4 million . Net working capital and other long-term liabilities of $47.1 million and $337.1 million of long-term debt assumed were recognized at their fair values on November 27, 2017. The remaining amount of the purchase price was allocated to vessels ( $467.2 million ) and existing time-charter contracts ( $0.2 million ), on a relative fair value basis. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events a. In February 2019, the Company signed a term sheet for a $63.7 million sale-leaseback financing transaction for two of its Suezmax tankers. If completed, the Company expects to increase its liquidity position by approximately $25 million after the repayment of outstanding debt related to these vessels. The transaction, which remains subject to customary conditions precedent and execution of definitive documentation, is expected to be completed in the second quarter of 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation principles | Basis of presentation and consolidation principles These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP ). They include the accounts of Teekay Tankers Ltd., a Marshall Islands corporation, its wholly-owned subsidiaries and the Entities under Common Control, as described in note 4, and any variable interest entities (or VIEs ) of which it is the primary beneficiary (collectively, the Company ). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. In addition, estimates have been made when allocating expenses from Teekay Corporation ( Teekay ) to the Entities under Common Control and such estimates may not be reflective of what actual results would have been if the Entities under Common Control had operated independently. Significant intercompany balances and transactions have been eliminated upon consolidation. Prior to the Company's adoption of Accounting Standards Update 2017-01, Clarifying the Definition of a Business , (or ASU 2017-01 ) on October 1, 2017, the Company accounted for the acquisition of vessels from Teekay as a transfer of a business between entities under common control. The method of accounting for such transfers, as well as the acquisition of other businesses from Teekay, was similar to the pooling of interests method of accounting. Under this method, the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity. The amount by which the proceeds paid by the Company differs from Teekay's historical carrying value of the acquired business is accounted for as a return of capital to, or contribution of capital from, Teekay. In addition, transfers of net assets between entities under common control were accounted for as if the transfer occurred from the date that the Company and the acquired business were both under the common control of Teekay and had begun operations (note 2). On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay, the remaining 50% interest in Teekay Tanker Operations Ltd. (or TTOL ). As a result of the acquisition, the Company's consolidated financial statements prior to the date the Company acquired a controlling interest in TTOL have been retroactively adjusted to eliminate the use of the equity method of accounting for the original 50% interest in TTOL and to include 100% of the assets and liabilities and results of TTOL during the periods they were under common control of Teekay and had begun operations. All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition of a controlling interest in TTOL by the Company have been eliminated upon consolidation (note 4). In July 2017 and during 2018, the Company completed sales-leaseback financing arrangements with four and 10 lessor entities established by financial institutions, respectively. The Company is considered to be the primary beneficiary of the lessor entities under the arrangements and has since consolidated these VIEs (note 11). On November 27, 2017, the Company completed its merger with Tanker Investments Ltd. ( TIL ), as a result of which TIL became a wholly-owned subsidiary of the Company. Prior to the merger, the Company accounted for its 11.3% interest in TIL using the equity method (notes 7 and 23). |
Foreign currency | Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other expenses in the accompanying consolidated statements of (loss) income. |
Revenues | Revenues Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters within revenue sharing arrangements follow the same revenue recognition policy as voyage charters not in revenue sharing arrangements (or RSAs ). The voyage revenues and voyage expenses, or net revenue, of vessels operating in revenue sharing arrangements are pooled and the resulting aggregate net contribution from all vessels in the revenue sharing arrangement, calculated on a time charter equivalent basis, is allocated to the revenue sharing arrangement participants according to an agreed formula. The agreed formula used to allocate the aggregate net contribution varies between revenue sharing arrangements; however, the formula generally allocates the aggregate net contribution to the participants of the revenue sharing arrangements on the basis of the number of days a vessel operates in the revenue sharing arrangement with weighting adjustments made to reflect vessels’ differing capacities and performance capabilities. The difference between the net revenue earned by a vessel of the Company performing voyage charters within a revenue sharing arrangement and its allocated share of the aggregate net contribution is reflected within voyage expenses. For those revenue sharing arrangements where the Company does not have an undivided interest in the working capital associated with it, the Company’s allocated share of the aggregate net contribution due from the revenue sharing arrangement is reflected in the Company’s consolidated balance sheet as pool receivables from affiliates (note 2). The consolidated balance sheets reflect in other current assets the accrued portion of revenues for those voyages that commence prior to balance sheet date and complete after the balance sheet date. Time charters The Company recognizes revenues from time charters accounted for as operating leases on a straight-line basis over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off hire. When the time charter contains a profit-sharing agreement, the Company recognizes the profit-sharing or contingent revenues when the contingency is resolved. The consolidated balance sheets reflect in accounts receivable, any accrued revenue and in deferred revenue, the deferred portion of revenues which will be earned in subsequent periods (note 2). Other revenues Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other activities such as the commercial and technical management of vessels, terminal management, consultancy, procurement and equipment rental. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period (note 2). Voyage Charters Voyage charters are charters for a specific voyage that are usually priced on a current or "spot" market rate and then adjusted for any pool participation based on predetermined criteria, if applicable. Voyage charters for full service lightering voyages may also be priced based on pre-agreed terms. The performance obligations within a voyage charter contract, which will typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine whether this is the case based upon the decision-making rights the charterer has under the contract. Such contracts are considered either fixed or variable, depending on certain conditions. Delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than three months. The Company does not engage in any specific tactics to minimize vessel residual value risk due to the short-term nature of the contracts. Time Charters Pursuant to a time charter, the Company charters a vessel to a customer for a fixed period of time, generally one year or more. The performance obligations within a time-charter contract, which will include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is typically invoiced monthly in advance for time-charter contracts, based on a fixed daily hire amount. However, certain sources of variability exist, including off-hire and sometimes profit share revenue. If the vessel is off-hire due to mechanical breakdown or for any other reason, the charterer does not pay charter hire for this time. For contracts including a profit share component, the profit share consideration occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. Variable consideration of the Company’s contracts is typically recognized as incurred, as either such revenue is allocated and accounted for under lease accounting requirements or, alternatively, such consideration is allocated to distinct periods within a contract that such variable consideration was incurred in. The Company does not engage in any specific tactics to minimize vessel residual value risk. As at December 31, 2018 , two of the Company’s vessels operated under time-charter contracts with the Company’s customers, both of which are scheduled to expire in 2019. As at December 31, 2018 , the future hire payments expected to be received by the Company under time charters then in place were approximately $6.3 million . The hire payments should not be construed to reflect a forecast of total charter hire revenues for any of the periods. Future hire payments do not include hire payments generated from new contracts entered into after December 31, 2018 , from unexercised option periods of contracts that existed on December 31, 2018 or from variable consideration, if any. In addition, future hire payments presented above have been reduced by estimated off-hire time for required period maintenance. Actual amounts may vary given future events such as unplanned vessel maintenance. The carrying amount of the Company's owned vessels employed on time charters as at December 31, 2018 , was $58.3 million (2017 - $517.9 million ). The cost and accumulated depreciation of the vessels employed on these time charters as at December 31, 2018 were $88.2 million (2017 - $754.2 million ) and $29.9 million (2017 - $236.3 million ), respectively. As at December 31, 2018 , the Company had no (2017 - $0.5 million ) advanced payments recognized as contract liabilities that are expected to be recognized as time-charter revenues in the following period which are included in deferred revenue on the Company's consolidated balance sheets. Other Revenues Ship-to-ship support services include managing the process of transferring cargo between seagoing ships positioned alongside each other. Each operation is typically completed in less than 48 hours. The performance obligations within a commercial management contract are satisfied as services are rendered over the duration of such contracts. The management fee, consisting of a fixed component based on the number of days a vessel was under management and a variable component based on the vessel’s monthly earnings, is invoiced monthly in arrears for commercial management contracts. The performance obligations within an LNG terminal management contract are satisfied as services are rendered over the duration of such contracts. The management fee, consisting of a fixed amount, subject to contingent annual inflationary adjustments, is typically invoiced monthly in arrears. Substantially all of the Company’s performance obligations are satisfied over the duration of the associated contract, and the Company uses the proportion of elapsed time as its method to recognize revenue over the contract duration. The variable consideration of the Company’s contracts is typically recognized as incurred as such consideration is allocated to distinct periods within a contract. |
Operating revenues and expenses | Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters within a revenue sharing arrangement and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter, in which case the Company pays voyage expenses. Voyage expenses are recognized when incurred. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters and for vessels which earn net pool revenue, as described above. Vessel operating expenses are recognized when incurred. The Company recognizes the expense from vessels time-chartered from other owners, which is included in time-charter hire expense, on a straight-line basis over the firm period of the charters. |
Share-based compensation | Share-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of Teekay who support the operations of the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period, which generally equals the vesting period. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (note 14). |
Cash and cash equivalents | Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. |
Restricted cash | Restricted cash The Company maintains restricted cash deposits relating to certain contracts of the ship-to-ship transfer business, LNG terminal management and for certain freight forward agreements (notes 12 and 17d). Attached to these contracts are certain performance guarantees required by the Company. Restricted cash - long-term The Company maintains restricted cash deposits for the purposes of the margin requirements of the Company's obligations related to certain capital leases (notes 11 and 17d). |
Accounts receivable and allowance for doubtful accounts and Other loan receivables | Accounts receivable and allowance for doubtful accounts Accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The Company determines the allowance based on historical write-off experience and customer economic data. The Company reviews the allowance for doubtful accounts regularly and past due balances are reviewed for collectability. Account balances are written off against the allowance when the Company believes that the receivable will not be recovered. There are no significant amounts recorded as allowance for doubtful accounts as at December 31, 2018 and 2017 . The consolidated balance sheets reflect, in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and in other current assets, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. Other loan receivables The Company’s advances to equity-accounted for investments are recorded at cost. The Company analyzes its loans for collectability during each reporting period. A loan loss provision is recognized, based on current information and events, if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors the Company considers in determining that a loan loss provision is required include, among other things, an assessment of the financial condition of the debtor, payment history of the debtor, general economic conditions, the credit rating of the debtor (when available), any information provided by the debtor regarding their ability to repay the loan, and the fair value of the underlying collateral. When a loan loss provision is recognized, the Company measures the amount of the loss provision based on the present value of expected future cash flows discounted at the loan’s effective interest rate and recognizes the resulting loss in the consolidated statements of (loss) income. The carrying value of the loans is adjusted each subsequent period to reflect any changes in the present value of the expected future cash flows, which may result in increases or decreases to the loan loss provision. |
Equity accounted for investments | Equity-accounted for investments The Company’s investments in joint ventures in which the Company has the ability to exercise significant influence over the operating and financial policies of the entity are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted for investments for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If an equity-accounted for investment is impaired and if its estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company’s consolidated statements of (loss) income. The Company’s maximum exposure to loss is the amount it has invested in its equity-accounted for investments. |
Vessels and equipment | Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation for vessels is calculated using an estimated useful life of 25 years from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (including depreciation attributable to the Entities under Common Control and excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2018 , 2017 and 2016 totaled $95.2 million , $80.1 million , and $81.5 million , respectively. Generally, the Company dry docks each vessel every two and a half to five years. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2016 to December 31, 2018 : Year Ended December 31, 2018 2017 2016 Balance at the beginning of the year 48,460 49,298 62,146 Cost incurred for dry docking 27,896 16,239 9,340 Dry-dock amortization (20,326 ) (17,077 ) (18,736 ) Vessel sales (11 ) — (3,452 ) Balance at the end of the year 56,019 48,460 49,298 Vessels and equipment that are intended to be “held and used” in the Company's business are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market does not exist, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. Such appraisal is normally completed by the Company and is based on second-hand sale and purchase data. Vessels and equipment that are “held for sale” are measured at the lower of their carrying amount or fair value less costs to sell and are not depreciated while classified as held for sale. Interest, other expenses and related liabilities attributable to vessels and equipment classified as held for sale, continue to be recognized as incurred. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. The Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment, effective October 1, 2018 (note 2). Consequently, g oodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected life of a customer contract or the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned under the contracts or projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. |
Debt issuance costs | Debt issuance costs Debt issuance costs related to recognized debt liabilities, including fees, commissions and legal expenses, are deferred and presented as a direct deduction from the carrying amount of the debt liability. Debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Debt issuance costs are amortized using the effective interest rate method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense in the Company’s consolidated statements of (loss) income. Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument, if applicable, and included in determining the debt extinguishment gain or loss to be recognized. In addition, any unamortized debt issuance costs are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other related costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount (based on the reduction in borrowing capacity) of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. |
Income taxes | Income taxes The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position taken or expected to be taken in a tax return will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense in the Company's consolidated statements of (loss) income. The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of The Marshall Islands or Bermuda, or that distributions by its subsidiaries to the Company will not be subject to any income taxes under the laws of such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses is dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments, however it could for certain types of interest rate swaps that it may enter into in the future. When a derivative is designated as a cash flow hedge, the Company formally documents the relationship between the derivative and the hedged item. This documentation includes the strategy and risk management objective for undertaking the hedge and the method that will be used to assess the effectiveness of the hedge. Any hedge ineffectiveness is recognized immediately in earnings, as are any gains and losses on the derivative that are excluded from the assessment of hedge effectiveness. The Company does not apply hedge accounting if it is determined that the hedge was not effective or will no longer be effective, the derivative was sold or exercised, or the hedged item was sold, repaid or no longer probable of occurring. For derivative financial instruments designated and qualifying as cash flow hedges, changes in the fair value of the effective portion of the derivative financial instruments are initially recorded as a component of accumulated other comprehensive income in total equity. In the periods when the hedged items affect earnings, the associated fair value changes on the hedging derivatives are transferred from total equity to the corresponding earnings line item in the Company's consolidated statements of (loss) income. The ineffective portion of the change in fair value of the derivative financial instruments is immediately recognized in earnings in the Company's consolidated statements of (loss) income. If a cash flow hedge is terminated and the originally hedged item is still considered probable of occurring, the gains and losses initially recognized in total equity remain there until the hedged item impacts earnings, at which point they are transferred to the corresponding earnings line item in the Company's consolidated statements of (loss) income. If the hedged items are no longer probable of occurring, amounts recognized in total equity are immediately transferred to the earnings item in the Company's consolidated statements of (loss) income. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) ASC 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated derivatives are recorded in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income. |
Earnings (loss) per share | Earnings (loss) per share Earnings (loss) per share is determined by dividing (a) net income (loss) of the Company after deducting the amount of net income (loss) attributable to the Entities under Common Control which were purchased solely with cash by (b) the weighted-average number of shares outstanding during the applicable period and the equivalent shares outstanding that are attributable to the Entities under Common Control. The calculation of weighted-average number of shares includes the total Class A and total Class B shares outstanding during the applicable period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock units using the treasury stock method. The computation of diluted loss per share does not assume such exercises. |
Recent Accounting Pronouncements | Recent 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 requires 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 became effective for the Company as of January 1, 2018 and may be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of such date. The Company has elected to apply ASU 2014-09 only to those contracts that were not completed as of January 1, 2018. The Company has adopted ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences on adoption of ASU 2014-09: • The Company previously presented the net allocation for its vessels participating in RSAs as net pool revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. This had the effect of increasing voyage charter revenues and voyage expenses for the year ended December 31, 2018 by $292.6 million . There was no cumulative impact to opening equity as at January 1, 2018. • The Company previously presented all accrued revenue as a component of accounts receivable. The Company has determined that if the right to such consideration is conditioned upon something other than the passage of time, such accrued revenue should be presented apart from accounts receivable. This had the effect of increasing other current assets and decreasing accounts receivable by $17.9 million at December 31, 2018 . In February 2016, 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. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 is effective January 1, 2019, with early adoption permitted. The Company adopted ASU 2016-02 on January 1, 2019. FASB issued an additional accounting standards update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect. The Company has elected to use this new optional transition approach. To determine the cumulative effect adjustment, the Company will not reassess lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The adoption of ASU 2016-02 will result in a change in accounting method for the lease portion of the daily charter hire for the Company’s chartered-in vessels accounted for as operating leases with firm periods of greater than one year as well as a small number of office leases. Under ASU 2016-02, the Company will recognize a right-of-use asset and a lease liability on the balance sheet for these charters and office leases based on the present value of future minimum lease payments, whereas currently no right-of-use asset or lease liability is recognized. On January 1, 2019, a right of use asset and a lease liability of $11.0 million , were each recognized. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged, unless the right-of-use asset becomes impaired. 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 as of 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 became effective for the Company as of January 1, 2018, with a retrospective approach. The Company has elected to classify distributions received from equity method investees in the consolidated statement of cash flows based on the nature of the distribution. The adoption of this update did not have a material impact on the Company. In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows: Restricted Cash , (or ASU 2016-18 ). ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities are also required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU 2016-18 became effective for the Company as of January 1, 2018. Adoption of ASU 2016-18 resulted in the Company including in its consolidated statement of cash flows changes in cash, cash equivalents and restricted cash. In January 2017, the FASB issued Accounting Standards Update 2017-01, Clarifying the Definition of a Business , (or ASU 2017-01 ). ASU 2017-01 changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. ASU 2017-01 also requires a business to include at least one substantive process and narrows the definition of outputs by more closely aligning it with how outputs are described in ASC 606. Unlike a business combination, no goodwill or bargain purchase gain is recognized as part of an asset acquisition. ASU 2017-01 is effective for annual reporting periods beginning after December 15, 2017, and for interim periods within those years. The Company adopted this standard effective October 1, 2017, and this standard was applied to the acquisition of TIL (note 23). In October 2017, the FASB issued Accounting Standards Update 2017-04, Simplifying the Test for Goodwill Impairment (or ASU 2017-04 ). Pursuant to this update, goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. ASU 2017-04 eliminated existing guidance that required an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. ASU 2017-04 requires prospective adoption approach and is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company elected to adopt ASU 2017-04 on October 1, 2018. The adoption of this update did not have a material impact on the Company. In August 2018, the FASB issued Accounting Standards Update 2018-15, Intangibles-Goodwill and Other-Internal Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract , (or ASU 2018-15 ). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company has elected to adopt ASU 2018-15 on October 1, 2018, and such adoption did not have a material impact on the Company’s consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Financing Receivables | The following table reflects the carrying value of the Company’s financing receivables by type of borrower, the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis and the grade as of December 31, 2018. Class of Financing Receivable Credit Quality Indicator Grade December 31, 2018 December 31, 2017 Advances to equity-accounted for investments Other internal metrics Performing 9,930 9,930 9,930 9,930 |
Summarizes Change in Capitalized Dry-Docking Activity | The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2016 to December 31, 2018 : Year Ended December 31, 2018 2017 2016 Balance at the beginning of the year 48,460 49,298 62,146 Cost incurred for dry docking 27,896 16,239 9,340 Dry-dock amortization (20,326 ) (17,077 ) (18,736 ) Vessel sales (11 ) — (3,452 ) Balance at the end of the year 56,019 48,460 49,298 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table contains a breakdown of the Company's revenue by contract type for the years ended December 31, 2018 , 2017 and 2016 . All revenue is part of the Company's conventional tanker segment, except for revenue for ship-to-ship support services and LNG terminal management, consultancy, procurement and other related services, which are part of the Company's ship-to-ship transfer segment. Year Ended December 31, 2018 2017 2016 Voyage charters (1) Suezmax 359,443 6,696 11,218 Aframax 119,830 26,250 30,591 LR2 67,245 — — Full service lightering 104,870 92,828 48,223 Total 651,388 125,774 90,032 Time-charters Aframax 35,531 50,964 54,593 Suezmax 16,898 45,745 30,597 LR2 7,357 15,391 12,184 Total 59,786 112,100 97,374 Other revenue Ship-to-ship support services 28,629 33,436 29,973 Commercial management 8,829 12,946 13,834 LNG terminal management, consultancy, procurement and other 7,131 6,986 9,222 Total 44,589 53,368 53,029 Net pool revenues (1) Suezmax — 91,854 173,747 Aframax — 22,718 79,457 LR2 — 25,353 48,599 MR — 11 8,305 Total — 139,936 310,108 Total revenues 755,763 431,178 550,543 (1) Prior to the January 1, 2018 adoption of ASU 2014-09, the Company presented the net allocation for its vessels participating in RSAs as net pool revenues. The Company has determined that it is the principal in voyages performed by its vessels included in the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. The adoption of ASU 2014-09 had the impact of increasing voyage charter revenues and voyage expenses for the year ended December 31, 2018 by $292.6 million . The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09. |
Public Offerings and Private _2
Public Offerings and Private Placements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Issuances of Common Shares | The following table summarizes the issuances of common shares over the three years ended December 31, 2018 : Date Number of Common Stock Issued Offering Price Gross Proceeds Net Proceeds Teekay's Ownership After the Offering Use of Proceeds Continuous offering program during 2016 3,020,000 (1) $2.38 - $2.75 7,747 7,558 (1 ) General corporate purposes January 2017 2,155,172 (2) $2.32 5,000 5,000 25.7 % General corporate purposes May 2017 13,775,224 (3) $1.88 25,897 25,897 31.4 % Acquisition of controlling interest in TTOL November 2017 88,977,544 (4) $1.70 151,262 151,262 24.1 % TIL Merger Continuous offering program during 2017 3,800,000 (5) $2.26 - $2.41 8,826 8,521 (5 ) General corporate purposes (1) In December 2016, the Company re-opened its $80.0 million continuous offering program (or COP ). The portion of the Company's voting power and ownership held by Teekay at December 31, 2016 was 52.9% and 25.4% , respectively. (2) Represents Class A common shares issued in a private placement to Teekay. The gross proceeds were used for general corporate purposes, including to strengthen the Company's liquidity position and to delever its balance sheet. (3) Represents Class B common shares issued to Teekay as consideration for the Company's acquisition of the remaining 50% interest in TTOL, which shares had an approximate value of $25.9 million , or $1.88 per share, on the closing date of the transaction (notes 4 and 7). (4) Represents Class A common shares issued to the shareholders of TIL as consideration for the Company's acquisition of the remaining 88.7% interest in TIL. The shares had an approximate value of $151.3 million , or $1.70 per share, on the closing date of the transaction (notes 7 and 23). (5) In January 2017, the Company re-opened its $80.0 million COP. The portion of the Company's voting power and ownership held by Teekay at December 31, 2017 was 54.1% and 28.8% respectively. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Company's Revenue and Income From Operations by Segment | The following tables include results for the Company’s revenue and income (loss) from operations by segment for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2)(3) 720,076 48,175 (12,488 ) 755,763 Voyage expenses (3) (373,064 ) — 12,488 (360,576 ) Vessel operating expenses (174,278 ) (34,853 ) — (209,131 ) Time-charter hire expense (13,537 ) (6,001 ) — (19,538 ) Depreciation and amortization (114,062 ) (4,452 ) — (118,514 ) General and administrative expenses (4) (36,481 ) (3,294 ) — (39,775 ) Gain on sale of vessel — 170 — 170 Restructuring charges (152 ) (1,043 ) — (1,195 ) Income (loss) from operations 8,502 (1,298 ) — 7,204 Equity income 1,220 — — 1,220 Year Ended December 31, 2017 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2)(3) 391,267 50,422 (10,511 ) 431,178 Voyage expenses (3) (87,879 ) — 10,511 (77,368 ) Vessel operating expenses (135,740 ) (39,649 ) — (175,389 ) Time-charter hire expense (25,666 ) (4,995 ) — (30,661 ) Depreciation and amortization (95,433 ) (5,048 ) — (100,481 ) General and administrative expenses (4) (29,539 ) (3,340 ) — (32,879 ) (Loss) gain on sale of vessel (13,034 ) 50 — (12,984 ) Income (loss) from operations 3,976 (2,560 ) — 1,416 Equity loss (25,370 ) — — (25,370 ) Year Ended December 31, 2016 Conventional Ship-to-Ship Inter-segment (1) $ Total Revenues (2)(3) 512,608 41,136 (3,201 ) 550,543 Voyage expenses (3) (56,805 ) — 3,201 (53,604 ) Vessel operating expenses (150,100 ) (32,498 ) — (182,598 ) Time-charter hire expense (57,368 ) (2,279 ) — (59,647 ) Depreciation and amortization (99,024 ) (5,125 ) — (104,149 ) General and administrative expenses (4) (29,432 ) (3,767 ) — (33,199 ) (Loss) gain on sale of vessel (20,926 ) 332 — (20,594 ) Income (loss) from operations 98,953 (2,201 ) — 96,752 Equity income 7,680 — — 7,680 (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 actual costs incurred during 2018 and 2017 (2016 - based on estimated costs of approximately $25,000 per voyage). (2) Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in other revenues in the Company's consolidated statements of (loss) income. (3) The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see note 2). (4) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources) (note 15e). |
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 Conventional Tanker 2,069,854 2,089,099 Ship-to-Ship Transfer 36,315 36,810 Cash and cash equivalents 54,917 71,439 Total assets 2,161,086 2,197,348 |
Investments in and advances t_2
Investments in and advances to Equity Accounted Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in and Advances to Equity Accounted Investments | Year Ended December 31, 2018 2017 High-Q Joint Venture 25,766 24,546 Gemini Tankers L.L.C. — 914 Total 25,766 25,460 A condensed summary of the Company’s financial information for equity-accounted for investments ( 11.3% to 50.0% owned) shown on a 100% basis are as follows: As at December 31, 2018 2017 Cash, cash equivalents and restricted cash 1,697 2,231 Other current assets 2,488 4,774 Vessels and equipment 81,789 83,417 Current portion of long-term debt 5,378 5,616 Other current liabilities 452 572 Long-term debt 31,742 36,645 Other non-current liabilities 20,436 19,207 Year Ended December 31, 2018 2017 2016 Revenues 9,601 107,691 169,631 Income from operations 4,159 11,640 62,998 Realized and unrealized (loss) gain on derivative instruments (104 ) 26 (244 ) Net income (loss) 2,441 (8,967 ) 39,536 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The carrying amounts of intangible assets are as follows: As at December 31, 2018 December 31, 2017 $ $ Customer relationships (1) 9,724 11,853 Customer contracts (1) 1,901 2,642 Favorable time-charter out contracts — 110 11,625 14,605 (1) The customer relationships and customer contracts are being amortized over weighted average amortization periods of 10 years and 7.6 years , respectively. Amortization of intangible assets for the year ended December 31, 2018 was $2.9 million (2017 - $3.3 million , 2016 - $3.9 million ). Amortization of intangible assets for the five years subsequent to 2018 is expected to be $2.2 million (2019), $2.0 million (2020), $1.8 million (2021), $1.6 million (2022), $1.5 million (2023) and $2.5 million (thereafter). |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Year Ended December 31, 2018 2017 Voyage and vessel 23,922 19,404 Corporate accruals 1,587 1,244 Interest and dividends 6,678 3,984 Payroll and benefits (note 15h) 8,669 9,976 Total 40,856 34,608 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Year Ended December 31, 2018 2017 Revolving credit facilities due through 2022 417,997 539,735 Term loans due through 2021 323,995 423,512 Total principal 741,992 963,247 Less: unamortized discount and debt issuance costs (6,586 ) (10,945 ) Total debt 735,406 952,302 Less: current portion (106,236 ) (166,745 ) Non-current portion of long-term debt 629,170 785,557 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Capital Lease Obligations | Capital Lease Obligations As at As at December 31, 2018 December 31, 2017 $ $ Total obligations related to capital leases 375,289 148,908 Less: current portion (20,896 ) (7,227 ) Long-term obligations related to capital leases 354,393 141,681 |
Schedule of Future Minimum Lease Payments for Capital Leases | As at December 31, 2018 , the total remaining commitments under the 14 capital leases for Suezmax, Aframax and LR2 product tankers were approximately $557.1 million , including imputed interest of $181.8 million , repayable from 2019 through 2030, as indicated below: Year Commitment 2019 $ 47,962 2020 $ 47,373 2021 $ 47,237 2022 $ 47,230 2023 $ 47,222 Thereafter $ 320,064 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Positions | As at December 31, 2018 , the Company was committed to the following interest rate swap agreements: Interest Rate Index Notional Amount Fair Value / Remaining Fixed Interest (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 92,563 1,250 2.0 1.46% U.S. Dollar-denominated interest rate swaps LIBOR 150,000 3,175 2.0 1.55% U.S. Dollar-denominated interest rate swaps LIBOR 50,000 1,453 2.0 1.16% (1) Excludes the margin the Company pays on its variable-rate debt, which, as of December 31, 2018 ranged from 0.30% to 3.50% . (2) Notional amount reduces quarterly. |
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 assets (liabilities) Current portion of derivative liabilities As at December 31, 2018 Interest rate swap agreements 2,905 2,973 422 — Forward freight agreements — — (3 ) (57 ) 2,905 2,973 419 (57 ) As at December 31, 2017 Interest rate swap agreements 1,016 4,226 (39 ) — 1,016 4,226 (39 ) — |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Realized and unrealized gains (losses) relating to interest rate swaps, the time-charter swap and FFAs 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: Year Ended Year Ended Year Ended Realized gains (losses) relating to: Interest rate swaps agreements 2,316 (994 ) (12,797 ) Time-charter swap agreement — 1,106 2,154 Forward freight agreements 137 270 — 2,453 382 (10,643 ) Unrealized gains (losses) relating to: Interest rate swaps agreements 636 2,099 13,681 Stock purchase warrant — (287 ) (4,877 ) Time-charter swap agreement — (875 ) 875 Forward freight agreements (57 ) — — 579 937 9,679 Total realized and unrealized gain (loss) on derivatives 3,032 1,319 (964 ) |
Freight Tax and Other Tax Exp_2
Freight Tax and Other Tax Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Freight Tax Expenses (Recovery) Recorded in Other Long-Term Liabilities | The following is a roll-forward of the Company’s freight tax liabilities which are recorded in its consolidated balance sheets in other long-term liabilities, from January 1, 2017 to December 31, 2018 : Year Ended December 31, 2018 2017 Balance of unrecognized tax benefits as at January 1 26,054 12,882 Increases related to the TIL merger (note 23) — 8,528 Increases for positions related to the current year 5,399 1,910 Changes for positions taken in prior years 1,701 3,641 Decreases related to statute of limitations (1,095 ) (907 ) Balance of unrecognized tax benefits as at December 31 32,059 26,054 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Changes in Fair Value of Stock Purchase Warrant | Changes in fair value during the year ended December 31, 2017 for the TIL stock purchase warrant are as follows: Year Ended Fair value at the beginning of the year 287 Unrealized loss included in earnings (287 ) Fair value at the end of the year — Changes in fair value during the year ended December 31, 2017 for the Company's time-charter swap agreement, which is described below and was measured at fair value on the recurring basis using significant unobservable inputs (Level 3), are as follows: Year Ended Fair value asset - beginning of the year 875 Settlements (1,106 ) Realized and unrealized gain 231 Fair value asset - at the end of the year — |
Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis | The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value. December 31, 2018 December 31, 2017 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 (note 17d) Level 1 60,507 60,507 75,710 75,710 Derivative instruments (note 12) Interest rate swap agreements (1) Level 2 5,878 5,878 5,242 5,242 Freight forward agreements (1) Level 2 (57 ) (57 ) — — Other: Advances to equity-accounted for investments Note (2) 9,930 Note (2) 9,930 Note (2) Long-term debt, including current portion Level 2 (735,406 ) (723,031 ) (952,302 ) (946,105 ) Obligations related to capital leases, including current portion Level 2 (375,289 ) (377,652 ) (148,908 ) (147,401 ) (1) The fair values of the Company's interest rate swap agreements and FFAs at December 31, 2018 and 2017 exclude accrued interest income and expenses, which are recorded in accounts receivables and accrued liabilities, respectively, in these consolidated financial statements. (2) The advances to equity-accounted for investments, together with the Company’s investments in the equity-accounted for investments, form the net aggregate carrying value of the Company’s interests in the equity-accounted for investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at December 31, 2018 and 2017 were not determinable. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Stock Option Information | A summary of the Company’s stock option information for the years ended December 31, 2018 , 2017 , and 2016 is as follows: December 31, 2018 December 31, 2017 December 31, 2016 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 1,670,305 3.10 822,345 3.99 321,609 4.39 Granted 1,240,424 1.22 882,741 2.23 500,736 3.74 Forfeited / expired (34,765 ) 1.56 (34,781 ) 2.23 — — Outstanding - end of year 2,875,964 2.31 1,670,305 3.10 822,345 3.99 Exercisable - end of year 1,797,493 2.69 1,055,250 3.34 530,034 3.97 |
Summary of Non-Vested Stock Option Activity and Related Information | A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2018 , 2017 and 2016 is as follows: December 31, 2018 December 31, 2017 December 31, 2016 Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Outstanding non-vested stock options - beginning of year 615,055 2.68 292,311 4.02 132,689 4.75 Granted 736,326 1.22 486,329 2.23 216,043 3.74 Vested (238,145 ) 2.95 (128,804 ) 4.14 (56,421 ) 4.64 Forfeited / expired (34,765 ) 1.56 (34,781 ) 2.23 — — Outstanding non-vested stock options - end of year 1,078,471 1.66 615,055 2.68 292,311 4.02 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: Year Ended December 31, 2018 2017 2016 Time-charter revenues (i) — — 5,404 RSA pool management fees and commissions (ii) — (2,799 ) (9,813 ) Commercial management fees (iii) — (1,187 ) (1,870 ) Vessel operating expenses - technical management fee (iv) (10,400 ) (8,775 ) (9,155 ) Strategic and administrative service fees (v ) (32,918 ) (21,185 ) (10,122 ) Secondment fees (vi) (679 ) (382 ) — Lay-up services revenues (vii) — 33 302 LNG terminal services revenues (viii) 1,689 388 70 Technical management fee recoveries (ix) 13,811 7,666 — Service revenues (x) 1,019 1,939 — Entities under Common Control (note 4) RSA pool management fees and commissions (ii) — 2,799 9,813 Commercial management fees (iii) — 1,187 1,870 Strategic and administrative service fees (v) — (7,026 ) (15,508 ) Secondment fees (vi) — (248 ) (644 ) Technical management fee revenues (ix) — 4,890 11,742 Service revenues (x) — 1,772 5,482 i In December 2015, the Company chartered-out the Navigator Spirit to Teekay under a fixed-rate time-charter contract, which was due 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’s share of TTOL’s fees for revenue sharing arrangements are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of (loss) income. The Company acquired the remaining 50% interest in TTOL on May 31, 2017 (notes 4 and note 7c). Subsequent to the acquisition, the Company's share of TTOL's fees has been eliminated. iii. The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels, which are not included in the RSAs. These fees are reflected in voyage expenses on the Company’s consolidated statements of (loss) income. Subsequent to the Company's acquisition of the remaining 50% interest in TTOL, the Company's share of the Manager's commercial management fees has been eliminated. iv. The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company’s consolidated statements of (loss) income. Commencing October 1, 2018, the Company has elected to receive ship management services for its own vessels from its wholly-owned subsidiaries and will no longer subcontract these services from the Manager. v. The Manager’s strategic and administrative service fees have been presented in general and administrative fees, except for fees related to technical management services, which have been presented in vessel operating expenses, 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 14) is set and paid by Teekay or such other subsidiaries. The Company reimburses Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee. vi. The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company's consolidated statements of (loss) income. vii. The Company recorded revenue of $0.3 million for the year ended December 31, 2016 to provide lay-up services to Teekay for two of its in-chartered vessels. viii. In November 2016, the Company's ship-to-ship transfer business signed an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by TGP, for the Bahrain LNG Import Terminal. The terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly-owned by TGP, has a 30% interest. ix. The Company receives reimbursements from Teekay, which subcontracts technical management services from the Manager. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of (loss) income. Commencing October 1, 2018, the Company has elected to receive technical management services for its own vessels from its wholly-owned subsidiaries and will no longer subcontract these services from the Manager. x. The Company recorded revenue of $1.0 million and $1.9 million for the years ended December 31, 2018 and 2017, respectively, relating to TTOL's administration of certain revenue sharing arrangements and provision of certain commercial services to participants in the arrangements. The Company also recorded revenue of $1.8 million and $5.5 million for the years ended December 31, 2017 and 2016, respectively, associated with the Entities under Common Control. Commencing October 1, 2018, the Company has elected to receive certain commercial services from its wholly-owned subsidiaries and will no longer subcontract these services from the Manager. |
Other Income (Tables)
Other Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Summary of Other Income | Year Ended December 31, 2018 2017 2016 Foreign exchange gain 3,133 79 1,413 Other income 49 250 120 Total 3,182 329 1,533 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Changes in Non-cash Working Capital Items Related to Operating Activities | The changes in non-cash working capital items related to operating activities for the years ended December 31, 2018 , 2017 and 2016 are as follows: Year Ended December 31, 2018 2017 2016 Accounts receivable, including other current assets (16,020 ) 14,603 (108 ) Pool receivables from affiliates (40,999 ) 16,193 38,137 Due from affiliates 9,440 17,562 18,371 Prepaid expenses (15,507 ) 8,767 2,313 Accounts payable and accrued liabilities 9,778 (13,996 ) (26,821 ) Due to affiliates (1,147 ) (32,641 ) (3,606 ) Deferred revenue (557 ) (3,898 ) 1,718 Other 60 — — Change in operating assets and liabilities (54,952 ) 6,590 30,004 |
Schedule of Cash, Cash Equivalents, and Restricted Cash | The Company also maintains restricted cash deposits for the purposes of the margin requirements of the Company's obligations related to certain capital leases (note 11). Total cash, cash equivalents and restricted cash are as follows: As at December 31, 2018 As at December 31, 2017 As at December 31, 2016 As at December 31, 2015 $ $ $ $ Cash and cash equivalents 54,917 71,439 94,157 156,520 Restricted cash - current 2,153 1,599 750 870 Restricted cash - long-term 3,437 2,672 — — 60,507 75,710 94,907 157,390 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Net Income (Loss) Per Share | The net (loss) income available for common shareholders and (loss) earnings per common share presented in the table below excludes the results of operations of the Entities under Common Control which were purchased solely with cash (note 4). Year Ended December 31, 2018 2017 2016 Net (loss) income (52,548 ) (58,023 ) 67,823 Weighted-average number of common shares - basic (1) 268,492,922 187,235,377 170,098,572 Dilutive effect of stock-based awards — — 242,067 Weighted average number of common shares - diluted (1) 268,492,922 187,235,377 170,340,639 (Loss) earnings per common share: - Basic (0.20 ) (0.31 ) 0.40 - Diluted (0.20 ) (0.31 ) 0.40 (1) The weighted-average number of common shares outstanding for periods prior to May 2017 has been retroactively adjusted to include the approximately 13.8 million shares of the Company's Class B common stock issued to Teekay as consideration for the acquisition of 50% of TTOL in May 2017. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | Dec. 31, 2018vessel | Jul. 31, 2017contract | Dec. 31, 2018USD ($)contractvessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 27, 2017 | May 31, 2017 | Aug. 31, 2014 |
Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage | 100.00% | 100.00% | ||||||
Vessels and equipment, useful life | 25 years | |||||||
Depreciation of vessels and equipment excluding amortization of dry-docking expenditure | $ | $ 95.2 | $ 80.1 | $ 81.5 | |||||
Minimum | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage | 11.30% | 11.30% | ||||||
Maximum | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage | 50.00% | 50.00% | ||||||
Vessels and equipment, useful life | 25 years | |||||||
High-Q Joint Venture | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Number of vessels | 1 | |||||||
Ownership percentage | 50.00% | 50.00% | ||||||
TIL | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Ownership percentage | 11.30% | |||||||
Charters In | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Number of vessels | 3 | |||||||
Company's Fleet | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Number of vessels | 60 | |||||||
Dry-Docking Activity | Minimum | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Vessels and equipment, useful life | 2 years 6 months | |||||||
Dry-Docking Activity | Maximum | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Vessels and equipment, useful life | 5 years | |||||||
IPO | Aframax Tankers | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Number of vessels | 9 | |||||||
Teekay Tanker Operations Ltd | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | |||||||
Teekay Corporation | Entities Under Common Control | Teekay Tanker Operations Ltd | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | ||||||
Percentage of assets, liabilities and results of business acquired | 100.00% | |||||||
Capital Lease | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Number of vessels | 14 | 14 | ||||||
July 2017 Sale Leaseback | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Number of VIEs | contract | 4 | |||||||
July 2017 Sale Leaseback | Capital Lease | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Number of vessels | 4 | |||||||
September 2018 Sale Leaseback | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Number of VIEs | contract | 10 | |||||||
September 2018 Sale Leaseback | Capital Lease | ||||||||
Significant Accounting Policies [Line Items] | ||||||||
Number of vessels | 10 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Financing Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Advances to equity-accounted for investments | $ 9,930 | $ 9,930 |
Other internal metrics | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Advances to equity-accounted for investments | $ 9,930 | $ 9,930 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summarizes Change in Capitalized Dry-Docking Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | $ 1,737,792 | ||
Cost incurred for dry docking | 27,972 | $ 14,069 | $ 8,608 |
Balance at the end of the year | 1,401,551 | 1,737,792 | |
Dry-Docking Activity | |||
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | 48,460 | 49,298 | 62,146 |
Cost incurred for dry docking | 27,896 | 16,239 | 9,340 |
Dry-dock amortization | (20,326) | (17,077) | (18,736) |
Vessel sales | (11) | 0 | (3,452) |
Balance at the end of the year | $ 56,019 | $ 48,460 | $ 49,298 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue earned | $ 755,763,000 | $ 431,178,000 | $ 550,543,000 | ||
Increase in cost of goods and services sold | 360,576,000 | 77,368,000 | 53,604,000 | ||
Other current assets (note 2) | 17,943,000 | 0 | |||
Decrease in accounts receivable | (17,365,000) | (19,288,000) | |||
ASU 2014-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in cost of goods and services sold | 292,600,000 | ||||
Cumulative impact to opening equity | $ 0 | ||||
Other current assets (note 2) | 17,900,000 | ||||
Decrease in accounts receivable | 17,900,000 | ||||
ASU 2016-02 | Subsequent Event | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Right-of-use asset | $ 11,000,000 | ||||
Lease liability | $ 11,000,000 | ||||
Voyage charter | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue earned | 651,388,000 | $ 125,774,000 | $ 90,032,000 | ||
Voyage charter | ASU 2014-09 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Revenue earned | $ 292,600,000 |
Acquisition of Entities under_2
Acquisition of Entities under Common Control (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 31, 2017 | May 31, 2017 | Jan. 31, 2017 | Aug. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||||
Total revenues | $ 755,763 | $ 431,178 | $ 550,543 | ||||
Net (loss) income | (52,548) | (58,023) | 67,823 | ||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 2,155,172 | ||||||
Shares issued, price per share (in dollars per share) | $ 2.32 | ||||||
Cash from investing activities | 4,492 | (78,780) | (21,824) | ||||
Cash from financing activities | $ 3,448 | 178,466 | 290,853 | ||||
Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Net (loss) income | 1,304 | 4,968 | |||||
Teekay Tanker Operations Ltd | |||||||
Business Acquisition [Line Items] | |||||||
Shares issued, price per share (in dollars per share) | $ 1.88 | $ 1.88 | |||||
Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Total revenues | 8,600 | 23,600 | |||||
Net (loss) income | $ 1,300 | 5,000 | |||||
Percentage of assets, liabilities and results of business acquired | 100.00% | 100.00% | |||||
Teekay Tanker Operations Ltd | Entities Under Common Control | Working Capital | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price of acquisition | $ 6,700 | ||||||
Teekay Tanker Operations Ltd | Class B | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 13,775,224 | ||||||
Purchase price consideration | $ 25,900 | $ 25,900 | |||||
Teekay Corporation | Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Purchase price of acquisition | 39,000 | $ 23,700 | |||||
Net assets acquired | 13,300 | $ 13,300 | |||||
Return of capital from equity-accounted for investments | 25,700 | ||||||
Cash from investing activities | 15,000 | ||||||
Cash from financing activities | $ 15,000 | ||||||
Teekay Corporation | Teekay Tanker Operations Ltd | Entities Under Common Control | Working Capital | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price of acquisition | $ 13,100 | ||||||
Teekay Corporation | Teekay Tanker Operations Ltd | Class B | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 13,800,000 | 4,220,945 | |||||
Shares issued, price per share (in dollars per share) | $ 4.03 | ||||||
Aggregate amount of shares issued at market price | $ 17,000 | ||||||
Teekay Corporation | Estimate of Fair Value Measurement | Teekay Tanker Operations Ltd | Class B | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Purchase price consideration | $ 15,600 | ||||||
Shares issued, price per share (in dollars per share) | $ 3.70 | ||||||
Teekay Tanker Operations Ltd | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)contractvessel | Dec. 31, 2017USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Number of primary forms of contracts | contract | 2 | |
Operating leases, future minimum payments receivable | $ 6,300,000 | |
Property subject to or available for operating lease, net | 58,300,000 | $ 517,900,000 |
Property subject to or available for operating lease, gross | 88,200,000 | 754,200,000 |
Property subject to or available for operating lease, accumulated depreciation | 29,900,000 | 236,300,000 |
Deferred revenue | 0 | 557,000 |
Time-charter revenues | ||
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 0 | $ 500,000 |
Charters Out | ||
Disaggregation of Revenue [Line Items] | ||
Number of vessels | vessel | 2 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 755,763 | $ 431,178 | $ 550,543 |
Increase in cost of goods and services sold | 360,576 | 77,368 | 53,604 |
Voyage Charters - Suezmax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 359,443 | 6,696 | 11,218 |
Voyage Charters - Aframax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 119,830 | 26,250 | 30,591 |
Voyage Charters - LR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 67,245 | 0 | 0 |
Voyage Charters - Full Service Lightering | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 104,870 | 92,828 | 48,223 |
Voyage charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 651,388 | 125,774 | 90,032 |
Time Charters - Aframax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 35,531 | 50,964 | 54,593 |
Time Charters - Suezmax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 16,898 | 45,745 | 30,597 |
Time Charters - LR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 7,357 | 15,391 | 12,184 |
Time-charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 59,786 | 112,100 | 97,374 |
Ship-to-ship support services, Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 28,629 | 33,436 | 29,973 |
Commercial management, Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 8,829 | 12,946 | 13,834 |
LNG terminal management, consultancy, procurement and other, Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 7,131 | 6,986 | 9,222 |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 44,589 | 53,368 | 53,029 |
Net Pool - Suezmax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 91,854 | 173,747 |
Net Pool - Aframax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 22,718 | 79,457 |
Net Pool - LR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 25,353 | 48,599 |
Net Pool - MR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 11 | 8,305 |
Net pool revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | $ 139,936 | $ 310,108 |
ASU 2014-09 | |||
Disaggregation of Revenue [Line Items] | |||
Increase in cost of goods and services sold | 292,600 | ||
ASU 2014-09 | Voyage charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 292,600 |
Public Offerings and Private _3
Public Offerings and Private Placements - Summary of Issuances of Common Shares (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 27, 2017 | May 31, 2017 | Nov. 30, 2017 | May 31, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Aug. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of Common Stock Issued | 2,155,172 | |||||||||
Offering Price (In dollars per share) | $ 2.32 | |||||||||
Gross Proceeds | $ 5,000 | $ 0 | $ 5,000 | $ 0 | ||||||
Net Proceeds | 5,000 | |||||||||
Class A | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Aggregate amount of shares issued at market price | $ 13,521 | $ 7,558 | ||||||||
Continuous Offering | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of Common Stock Issued | 3,800,000 | 3,020,000 | ||||||||
Gross Proceeds | $ 8,826 | $ 7,747 | ||||||||
Net Proceeds | $ 8,521 | $ 7,558 | ||||||||
Continuous Offering | Minimum | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Offering Price (In dollars per share) | $ 2.38 | $ 2.26 | $ 2.38 | |||||||
Continuous Offering | Maximum | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Offering Price (In dollars per share) | $ 2.75 | $ 2.41 | $ 2.75 | |||||||
Continuous Offering | Maximum | Class A | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Aggregate amount of shares issued at market price | $ 80,000 | $ 80,000 | ||||||||
TIL | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Offering Price (In dollars per share) | $ 1.7 | |||||||||
Gross Proceeds | $ 151,300 | $ 151,262 | ||||||||
Net Proceeds | $ 151,262 | |||||||||
Percentage of voting interests acquired | 88.70% | |||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | $ 1.7 | |||||||||
TIL | Class A | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of Common Stock Issued | 88,977,544 | 88,977,544 | ||||||||
Purchase price consideration | $ 151,300 | $ 151,300 | ||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | $ 1.70 | $ 1.70 | ||||||||
TTOL | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Offering Price (In dollars per share) | $ 1.88 | $ 1.88 | ||||||||
Gross Proceeds | $ 25,897 | |||||||||
Net Proceeds | $ 25,897 | |||||||||
TTOL | Class B | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of Common Stock Issued | 13,775,224 | |||||||||
Purchase price consideration | $ 25,900 | $ 25,900 | ||||||||
Business acquisition, common share price per share agreed upon (in Norwegian krone per share) | $ 1.88 | $ 1.88 | ||||||||
Teekay Corporation | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Teekay's Ownership After the Offering | 25.70% | 28.80% | 25.40% | |||||||
Percentage of voting power held by parent | 52.90% | 54.10% | 52.90% | |||||||
Teekay Corporation | TIL | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Teekay's Ownership After the Offering | 24.10% | |||||||||
Teekay Corporation | TIL | Class A | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of Common Stock Issued | 8,250,000 | |||||||||
Teekay Corporation | TTOL | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Teekay's Ownership After the Offering | 31.40% | |||||||||
Entities Under Common Control | TTOL | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | ||||||||
Entities Under Common Control | Teekay Corporation | TTOL | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Percentage of voting interests acquired | 50.00% | 50.00% | ||||||||
Entities Under Common Control | Teekay Corporation | TTOL | Class B | ||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||
Number of Common Stock Issued | 13,800,000 | 4,220,945 | ||||||||
Offering Price (In dollars per share) | $ 4.03 | |||||||||
Aggregate amount of shares issued at market price | $ 17,000 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Company's Revenue and Income From Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 755,763 | $ 431,178 | $ 550,543 |
Voyage expenses | (360,576) | (77,368) | (53,604) |
Vessel operating expenses | (209,131) | (175,389) | (182,598) |
Time-charter hire expense | (19,538) | (30,661) | (59,647) |
Depreciation and amortization | (118,514) | (100,481) | (104,149) |
General and administrative expenses | (39,775) | (32,879) | (33,199) |
Gain on sale of vessel | 170 | (12,984) | (20,594) |
Restructuring charge | (1,195) | 0 | 0 |
Income from operations | 7,204 | 1,416 | 96,752 |
Equity income (loss) | 1,220 | (25,370) | 7,680 |
Operating Segments | Conventional Tankers | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 720,076 | 391,267 | 512,608 |
Voyage expenses | (373,064) | (87,879) | (56,805) |
Vessel operating expenses | (174,278) | (135,740) | (150,100) |
Time-charter hire expense | (13,537) | (25,666) | (57,368) |
Depreciation and amortization | (114,062) | (95,433) | (99,024) |
General and administrative expenses | (36,481) | (29,539) | (29,432) |
Gain on sale of vessel | 0 | (13,034) | (20,926) |
Restructuring charge | (152) | ||
Income from operations | 8,502 | 3,976 | 98,953 |
Equity income (loss) | 1,220 | (25,370) | 7,680 |
Operating Segments | Ship-to-Ship Transfer | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 48,175 | 50,422 | 41,136 |
Voyage expenses | 0 | 0 | 0 |
Vessel operating expenses | (34,853) | (39,649) | (32,498) |
Time-charter hire expense | (6,001) | (4,995) | (2,279) |
Depreciation and amortization | (4,452) | (5,048) | (5,125) |
General and administrative expenses | (3,294) | (3,340) | (3,767) |
Gain on sale of vessel | 170 | 50 | 332 |
Restructuring charge | (1,043) | ||
Income from operations | (1,298) | (2,560) | (2,201) |
Equity income (loss) | 0 | 0 | 0 |
Inter-segment Adjustment | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (12,488) | (10,511) | (3,201) |
Voyage expenses | 12,488 | 10,511 | 3,201 |
Vessel operating expenses | 0 | 0 | 0 |
Time-charter hire expense | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 |
Gain on sale of vessel | 0 | 0 | 0 |
Restructuring charge | 0 | ||
Income from operations | 0 | 0 | 0 |
Equity income (loss) | $ 0 | $ 0 | 0 |
Estimated costs incurred | $ 25 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 54,917 | $ 71,439 | $ 94,157 | $ 156,520 |
Total assets | 2,161,086 | 2,197,348 | ||
Conventional Tankers | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets, excluding cash and cash equivalents | 2,069,854 | 2,089,099 | ||
Ship-to-Ship Transfer | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Assets, excluding cash and cash equivalents | $ 36,315 | $ 36,810 |
Investments in and advances t_3
Investments in and advances to Equity Accounted Investments - Schedule of Investments in and Advances to Equity Accounted Investments (Detail) $ in Thousands | May 31, 2017shares | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($) | Nov. 30, 2017 | Nov. 27, 2017 |
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to equity accounted investments | $ 25,766 | $ 25,460 | |||
Ownership percentage | 100.00% | ||||
Long term debt | $ 741,992 | 963,247 | |||
TIL | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 11.30% | ||||
Business acquisition, number of shares (in shares) | shares | 27,000,000 | ||||
Original ownership interest percentage | 88.70% | ||||
TIL | Class A | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Share exchange (in shares) | shares | 3.3 | ||||
Maximum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50.00% | ||||
High-Q Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50.00% | ||||
Number of vessels | vessel | 1 | ||||
Long term debt | $ 37,500 | 42,700 | |||
Percentage of exposure to loan guarantee | 50.00% | ||||
Teekay Tanker Operations Ltd | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Original ownership interest percentage | 50.00% | ||||
Joint Venture Interest Rate Derivative | High-Q Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Interest rate swaps fixed rate | 1.47% | ||||
High-Q Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to equity accounted investments | $ 25,766 | 24,546 | |||
Ownership percentage | 50.00% | ||||
Number of vessels | vessel | 1 | ||||
Gemini Tankers L.L.C. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to equity accounted investments | $ 0 | $ 914 |
Investments in and advances t_4
Investments in and advances to Equity Accounted Investments - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 27, 2017 | May 31, 2017 | Jan. 31, 2017 | Aug. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 100.00% | ||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 2,155,172 | ||||||
Equity income (loss) | $ 1,220 | $ (25,370) | $ 7,680 | ||||
TIL | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 11.30% | ||||||
Teekay Tanker Operations Ltd | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Minimum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 11.30% | ||||||
Maximum | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage | 50.00% | ||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Teekay Tanker Operations Ltd | Entities Under Common Control | Teekay Corporation | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase price of acquisition | $ 39,000 | $ 23,700 | |||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Working Capital | Teekay Tanker Operations Ltd | Entities Under Common Control | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase price of acquisition | $ 6,700 | ||||||
Working Capital | Teekay Tanker Operations Ltd | Entities Under Common Control | Teekay Corporation | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase price of acquisition | $ 13,100 | ||||||
Class B | Teekay Tanker Operations Ltd | Entities Under Common Control | Teekay Corporation | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 13,800,000 | ||||||
TIL | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Net write-down | $ 26,700 |
Investments in and advances t_5
Investments in and advances to Equity Accounted Investments - Summary of the Company’s Financial Information for Equity Accounted Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity accounted investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenues | $ 9,601 | $ 107,691 | $ 169,631 |
Income from operations | 4,159 | 11,640 | 62,998 |
Realized and unrealized (loss) gain on derivative instruments | (104) | 26 | (244) |
Net income (loss) | 2,441 | (8,967) | $ 39,536 |
Equity accounted investments | Other current assets | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 2,488 | 4,774 | |
Equity accounted investments | Other current liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 452 | 572 | |
Equity accounted investments | Other non-current liabilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | 20,436 | 19,207 | |
Equity accounted investments | Vessels and equipment | |||
Schedule of Equity Method Investments [Line Items] | |||
Non current assets | 81,789 | 83,417 | |
Equity accounted investments | Cash, cash equivalents and restricted cash | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 1,697 | 2,231 | |
Current portion of long-term debt | |||
Schedule of Equity Method Investments [Line Items] | |||
Current liabilities | 5,378 | 5,616 | |
Long-term debt | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-current liabilities | $ 31,742 | $ 36,645 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill (note 8) | $ 8,059,000 | $ 8,059,000 |
Operating Segments | Conventional Tankers | ||
Goodwill [Line Items] | ||
Goodwill (note 8) | 1,900,000 | 1,900,000 |
Goodwill impairment | 0 | 0 |
Operating Segments | Ship-to-Ship Transfer | ||
Goodwill [Line Items] | ||
Goodwill (note 8) | 6,200,000 | 6,200,000 |
Goodwill impairment | $ 0 | $ 0 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 11,625 | $ 14,605 | |
Accumulated amortization | 10,900 | 8,200 | |
Amortization of intangible assets | 2,900 | 3,300 | $ 3,900 |
Amortization expense, 2019 | 2,200 | ||
Amortization expense, 2020 | 2,000 | ||
Amortization expense, 2021 | 1,800 | ||
Amortization expense, 2022 | 1,600 | ||
Amortization expense, 2023 | 1,500 | ||
Amortization expense, thereafter | $ 2,500 | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Intangible assets | $ 9,724 | 11,853 | |
Accumulated amortization | $ 8,200 | 6,000 | |
Customer contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years 7 months 6 days | ||
Intangible assets | $ 1,901 | 2,642 | |
Accumulated amortization | 2,700 | 2,000 | |
Favorable time-charter out contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | 0 | 110 | |
Accumulated amortization | $ 0 | $ 200 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Voyage and vessel | $ 23,922 | $ 19,404 |
Corporate accruals | 1,587 | 1,244 |
Interest and dividends | 6,678 | 3,984 |
Payroll and benefits (note 15h) | 8,669 | 9,976 |
Total | $ 40,856 | $ 34,608 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total principal | $ 741,992 | $ 963,247 |
Less: unamortized discount and debt issuance costs | (6,586) | (10,945) |
Total debt | 735,406 | 952,302 |
Less: current portion | (106,236) | (166,745) |
Non-current portion of long-term debt | 629,170 | 785,557 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Total principal | 323,995 | 423,512 |
Revolving Credit Facilities | ||
Debt Instrument [Line Items] | ||
Total principal | $ 417,997 | $ 539,735 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | Dec. 31, 2018USD ($)vessel | Dec. 31, 2018USD ($)vessel | Nov. 30, 2018USD ($)vessel | Sep. 30, 2018USD ($)vessel | Dec. 31, 2017USD ($)credit_facility | Jul. 31, 2017USD ($)vessel | Dec. 31, 2018USD ($)credit_facilityvesselSecurityLoan | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||||
Total principal | $ 741,992,000 | $ 741,992,000 | $ 963,247,000 | $ 741,992,000 | $ 963,247,000 | |||||
Proceeds from financing related to sales and leaseback of vessels | $ 241,339,000 | $ 153,000,000 | $ 0 | |||||||
Interest at a weighted-average fixed rate | 4.60% | 4.60% | 3.50% | 4.60% | 3.50% | |||||
Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of debt instruments | SecurityLoan | 2 | |||||||||
Total principal | $ 323,995,000 | $ 323,995,000 | $ 423,512,000 | $ 323,995,000 | $ 423,512,000 | |||||
Secured Debt | Guaranteed By Teekay Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maintain the greater of free cash liquidity | $ 50,000,000 | |||||||||
Minimum liquidity as a percentage of debt | 5.00% | 5.00% | 5.00% | |||||||
Debt default, amount in excess not paid when due | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||||
Secured Debt Two | Guaranteed By Teekay Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maintain the greater of free cash liquidity | $ 100,000,000 | |||||||||
Minimum liquidity as a percentage of debt | 7.50% | 7.50% | 7.50% | |||||||
Debt default, amount in excess not paid when due | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | |||||||
Term Loan Due 2021 | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of debt instruments | SecurityLoan | 3 | |||||||||
Total principal | $ 324,000,000 | $ 324,000,000 | $ 423,500,000 | $ 324,000,000 | $ 423,500,000 | |||||
Fixed rate percentage | 5.40% | 5.40% | 5.40% | 5.40% | 5.40% | |||||
Working Cap Loan | Loans Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facilities borrowing capacity | $ 40,000,000 | |||||||||
Option to increase maximum borrowing capacity (up to) | $ 15,000,000 | |||||||||
Debt term after first utilization date (in months) | 6 months | |||||||||
Debt term extension period (in months) | 6 months | |||||||||
Minimum amount to maintain | $ 15,000,000 | |||||||||
Amounts drawn from facility | $ 0 | $ 0 | $ 0 | |||||||
2017 Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of debt instruments | credit_facility | 2 | |||||||||
Secured long-term debt facility | $ 270,000,000 | $ 270,000,000 | ||||||||
Repayments of debt | $ 215,800,000 | |||||||||
Collateral, number of vessels | vessel | 7 | 7 | 7 | |||||||
Minimum hull coverage ratio | 125.00% | |||||||||
Actual hull coverage ratio | 163.00% | 163.00% | 191.00% | 163.00% | 191.00% | |||||
2017 Revolver | Not Guaranteed By Teekay Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt term (at least) (in months) | 6 months | |||||||||
Minimum liquidity covenant requirement | $ 35,000,000 | $ 35,000,000 | $ 35,000,000 | |||||||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | 5.00% | 5.00% | |||||||
2016 Debt Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Secured long-term debt facility | $ 894,400,000 | |||||||||
Collateral, number of vessels | vessel | 29 | 29 | 29 | |||||||
Minimum hull coverage ratio | 125.00% | |||||||||
Actual hull coverage ratio | 137.00% | 137.00% | 145.00% | 137.00% | 145.00% | |||||
2016 Debt Facility | Not Guaranteed By Teekay Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt term (at least) (in months) | 6 months | |||||||||
Minimum liquidity covenant requirement | $ 35,000,000 | $ 35,000,000 | $ 35,000,000 | |||||||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | 5.00% | 5.00% | |||||||
Remaining Secured Debt | Remaining Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of debt instruments | credit_facility | 2 | |||||||||
Remaining Secured Debt | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Collateral, number of vessels | vessel | 6 | 6 | 6 | |||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of margin | 0.30% | |||||||||
Minimum | Secured Debt | Guaranteed By Teekay Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt term (at least) (in months) | 6 months | |||||||||
Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of margin | 3.50% | |||||||||
LIBOR | Working Cap Loan | Loans Payable | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of margin | 3.50% | |||||||||
LIBOR | Minimum | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of margin | 0.30% | 0.30% | ||||||||
LIBOR | Maximum | Secured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of margin | 2.00% | 2.00% | ||||||||
Secured Debt Two | Minimum | Guaranteed By Teekay Corporation | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt term (at least) (in months) | 6 months | |||||||||
Revolving Credit Facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total principal | $ 417,997,000 | $ 417,997,000 | $ 539,735,000 | $ 417,997,000 | $ 539,735,000 | |||||
Revolving Credit Facilities | Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate annual long-term principal repayments, 2019 | 106,700,000 | 106,700,000 | 106,700,000 | |||||||
Aggregate annual long-term principal repayments, 2020 | 118,600,000 | 118,600,000 | 118,600,000 | |||||||
Aggregate annual long-term principal repayments, 2021 | 430,100,000 | 430,100,000 | 430,100,000 | |||||||
Aggregate annual long-term principal repayments, 2022 | 86,600,000 | 86,600,000 | $ 86,600,000 | |||||||
Revolving Credit Facilities | Revolving Credit Facilities Due through 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of debt instruments | credit_facility | 2 | |||||||||
Credit facilities borrowing capacity | 628,300,000 | 628,300,000 | ||||||||
Undrawn amount of revolving credit facility | 11,800,000 | 11,800,000 | $ 88,600,000 | $ 11,800,000 | $ 88,600,000 | |||||
Revolving Credit Facilities | 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Reduction in the total amount available under Revolvers | 16,800,000 | |||||||||
Revolving Credit Facilities | 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Reduction in the total amount available under Revolvers | 16,800,000 | |||||||||
Revolving Credit Facilities | 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Reduction in the total amount available under Revolvers | 309,500,000 | |||||||||
Revolving Credit Facilities | 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Reduction in the total amount available under Revolvers | 86,700,000 | |||||||||
Revolving Credit Facilities | Revolving Credit Facilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facilities borrowing capacity | $ 429,800,000 | 429,800,000 | $ 429,800,000 | |||||||
Revolving Credit Facilities | LIBOR | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of margin | 2.00% | 0.45% | ||||||||
Revolving Credit Facilities | LIBOR | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Percentage of margin | 2.75% | 2.75% | ||||||||
Capital Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | vessel | 14 | 14 | ||||||||
Minimum liquidity covenant requirement | $ 35,000,000 | $ 35,000,000 | $ 35,000,000 | |||||||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | 5.00% | 5.00% | |||||||
Capital Lease | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt term (at least) (in months) | 6 months | |||||||||
November 2018 Sale Leaseback | Capital Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 84,700,000 | |||||||||
Number of vessels | vessel | 4 | 4 | ||||||||
Minimum hull coverage ratio | 100.00% | |||||||||
Actual hull coverage ratio | 122.00% | 122.00% | 0.00% | 122.00% | 0.00% | |||||
September 2018 Sale Leaseback | Capital Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 156,600,000 | |||||||||
Number of vessels | vessel | 6 | |||||||||
Actual hull coverage ratio | 91.00% | 91.00% | 0.00% | 91.00% | 0.00% | |||||
July 2017 Sale Leaseback | Capital Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 153,000,000 | |||||||||
Number of vessels | vessel | 4 | |||||||||
Actual hull coverage ratio | 101.00% | 101.00% | 105.00% | 101.00% | 105.00% | |||||
Aframax Tankers | November 2018 Sale Leaseback | Capital Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | vessel | 2 | |||||||||
Aframax Tankers | September 2018 Sale Leaseback | Capital Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | vessel | 6 | |||||||||
Suezmax Tankers | November 2018 Sale Leaseback | Capital Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | vessel | 1 | |||||||||
Suezmax Tankers | July 2017 Sale Leaseback | Capital Lease | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of vessels | vessel | 4 |
Leases - Operating Leases (Deta
Leases - Operating Leases (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)vessel | |
Operating Leased Assets [Line Items] | |
Minimum commitment to be incurred by Company, 2019 | $ | $ 36.9 |
Minimum commitment to be incurred by Company, 2020 | $ | 23.5 |
Minimum commitment to be incurred by Company, 2021 | $ | 2 |
Minimum scheduled future revenues to be received by Company | $ | $ 6.3 |
Charters In | |
Operating Leased Assets [Line Items] | |
Number of vessels | vessel | 3 |
Charters In | Commitments | |
Operating Leased Assets [Line Items] | |
Number of vessels | vessel | 8 |
Charters In | Commitments | Ship-to-ship Support Vessel | |
Operating Leased Assets [Line Items] | |
Number of vessels | vessel | 3 |
Charters Out | |
Operating Leased Assets [Line Items] | |
Number of vessels | vessel | 2 |
Leases - Additional Information
Leases - Additional Information (Details) | Dec. 31, 2018USD ($)vessel | Dec. 31, 2018USD ($)vessel | Nov. 30, 2018USD ($)vessel | Sep. 30, 2018USD ($)vessel | Jul. 31, 2017USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Capital Leased Assets [Line Items] | ||||||||
Proceeds from financing related to sales and leaseback of vessels | $ | $ 241,339,000 | $ 153,000,000 | $ 0 | |||||
Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of vessels | 14 | 14 | ||||||
Number of vessels with purchase options | 14 | 14 | 14 | |||||
Minimum liquidity covenant requirement | $ | $ 35,000,000 | $ 35,000,000 | $ 35,000,000 | |||||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | 5.00% | 5.00% | |||||
Capital Lease | Aframax Tankers | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of vessels obligated to purchase | 6 | 6 | 6 | |||||
Capital Lease | Suezmax, Aframax and LR2 Vessels | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Commitments under the capital leases | $ | $ 557,100,000 | $ 557,100,000 | $ 557,100,000 | |||||
Imputed interest | $ | $ 181,800,000 | $ 181,800,000 | $ 181,800,000 | |||||
Capital Lease | Minimum | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Sale-leaseback, term of contract (in years) | 9 years | |||||||
Debt term (in months) | 6 months | |||||||
Capital Lease | Maximum | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Sale-leaseback, term of contract (in years) | 12 years | |||||||
November 2018 Sale Leaseback | Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Proceeds from financing related to sales and leaseback of vessels | $ | $ 84,700,000 | |||||||
Number of vessels | 4 | 4 | ||||||
Minimum hull coverage ratio | 100.00% | |||||||
Actual hull coverage ratio | 122.00% | 122.00% | 122.00% | 0.00% | ||||
November 2018 Sale Leaseback | Capital Lease | Aframax Tankers | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of vessels | 2 | |||||||
November 2018 Sale Leaseback | Capital Lease | Suezmax Tankers | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of vessels | 1 | |||||||
November 2018 Sale Leaseback | Capital Lease | LR2 Tankers | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of vessels | 1 | |||||||
September 2018 Sale Leaseback | Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Proceeds from financing related to sales and leaseback of vessels | $ | $ 156,600,000 | |||||||
Number of vessels | 6 | |||||||
Actual hull coverage ratio | 91.00% | 91.00% | 91.00% | 0.00% | ||||
September 2018 Sale Leaseback | Capital Lease | Aframax Tankers | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of vessels | 6 | |||||||
July 2017 Sale Leaseback | Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Proceeds from financing related to sales and leaseback of vessels | $ | $ 153,000,000 | |||||||
Number of vessels | 4 | |||||||
Period required to maintain 90% hull coverage ratio | 3 years | |||||||
Actual hull coverage ratio | 101.00% | 101.00% | 101.00% | 105.00% | ||||
July 2017 Sale Leaseback | Capital Lease | Suezmax Tankers | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Number of vessels | 4 | |||||||
Thereafter | September 2018 Sale Leaseback | Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Minimum hull coverage ratio | 90.00% | |||||||
Thereafter | July 2017 Sale Leaseback | Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Minimum hull coverage ratio | 100.00% | |||||||
Year 1 | September 2018 Sale Leaseback | Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Minimum hull coverage ratio | 75.00% | |||||||
Year 2 | September 2018 Sale Leaseback | Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Minimum hull coverage ratio | 78.00% | |||||||
Years 1 - 3 | July 2017 Sale Leaseback | Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Minimum hull coverage ratio | 90.00% | |||||||
Years 3 and 4 | September 2018 Sale Leaseback | Capital Lease | ||||||||
Capital Leased Assets [Line Items] | ||||||||
Minimum hull coverage ratio | 80.00% |
Leases - Capital Lease Obligati
Leases - Capital Lease Obligation (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Capital Leased Assets [Line Items] | ||
Total obligations related to capital leases | $ 375,289 | $ 148,908 |
Less: current portion | (20,896) | (7,227) |
Long-term obligations related to capital leases | $ 354,393 | $ 141,681 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Year | |
2019 | $ 47,962 |
2020 | 47,373 |
2021 | 47,237 |
2022 | 47,230 |
2023 | 47,222 |
Thereafter | $ 320,064 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) | Jun. 01, 2016USD ($)vessel | Dec. 31, 2017shares | Mar. 31, 2016USD ($)agreement | Feb. 29, 2016USD ($)agreement |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives held | agreement | 9 | |||
Interest Rate Swap, October 2016 Through December 2020 | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives held | agreement | 4 | |||
Notional amount | $ | $ 50,000,000 | |||
Interest rate swaps fixed rate | 1.462% | |||
Interest Rate Swap, Q1 2016 Through January 2021 | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives held | agreement | 5 | |||
Interest Rate Swap, Q1 2016 Through January 2021, $75 Million Notional Amount | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives held | agreement | 1 | |||
Notional amount | $ | $ 75,000,000 | |||
Interest rate swaps fixed rate | 1.549% | |||
Interest Rate Swap, Q1 2016 Through January 2021, $50 Million Notional Amount | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives held | agreement | 1 | |||
Notional amount | $ | $ 50,000,000 | |||
Interest rate swaps fixed rate | 1.155% | |||
Interest Rate Swap, Q1 2016 Through January 2021, $25 Million Notional Amount | ||||
Derivative [Line Items] | ||||
Number of interest rate derivatives held | agreement | 3 | |||
Notional amount | $ | $ 25,000,000 | |||
Interest rate swaps fixed rate | 1.549% | |||
Time-charter Swap | ||||
Derivative [Line Items] | ||||
Aframax equivalent vessel percent | 55.00% | |||
Aframax equivalent vessel | vessel | 2 | |||
Daily payments received | $ | $ 27,776 | |||
Brokerage commission | 1.25% | |||
Deduction from daily payments made | $ | $ 500 | |||
Derivative, term of contract (in months) | 11 months | |||
Term of contract extension, counterparty option (in months) | 2 months | |||
TIL | Warrant | ||||
Derivative [Line Items] | ||||
Number of stock purchase warrants (in shares) | shares | 1 | |||
TIL | Warrant | Maximum | ||||
Derivative [Line Items] | ||||
Number of shares available through exercise of stock purchase warrant (in shares) | shares | 750,000 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Interest Rate Swap Positions (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Minimum | |
Derivative [Line Items] | |
Margin on variable-rate debt | 0.30% |
Maximum | |
Derivative [Line Items] | |
Margin on variable-rate debt | 3.50% |
U.S. Dollar-denominated interest rate swaps one | |
Derivative [Line Items] | |
Notional Amount | $ 92,563,000 |
Fair Value / Carrying Amount of Asset (Liability) | $ 1,250,000 |
Remaining Term (years) | 2 years |
Fixed Interest Rate | 1.46% |
U.S. Dollar-denominated interest rate swaps two | |
Derivative [Line Items] | |
Notional Amount | $ 150,000,000 |
Fair Value / Carrying Amount of Asset (Liability) | $ 3,175,000 |
Remaining Term (years) | 2 years |
Fixed Interest Rate | 1.55% |
U.S. Dollar-denominated interest rate swaps three | |
Derivative [Line Items] | |
Notional Amount | $ 50,000,000 |
Fair Value / Carrying Amount of Asset (Liability) | $ 1,453,000 |
Remaining Term (years) | 2 years |
Fixed Interest Rate | 1.16% |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Current portion of derivative assets (note 12) | $ 2,905 | $ 1,016 |
Current portion of derivative liabilities | (57) | 0 |
Reported Value Measurement | ||
Derivative [Line Items] | ||
Current portion of derivative assets (note 12) | 2,905 | 1,016 |
Derivative assets | 2,973 | 4,226 |
Accrued assets (liabilities) $ | 419 | (39) |
Current portion of derivative liabilities | (57) | 0 |
Reported Value Measurement | Interest Rate Swap Agreements | ||
Derivative [Line Items] | ||
Current portion of derivative assets (note 12) | 2,905 | 1,016 |
Derivative assets | 2,973 | 4,226 |
Accrued assets (liabilities) $ | 422 | (39) |
Current portion of derivative liabilities | 0 | $ 0 |
Reported Value Measurement | Forward freight agreements | ||
Derivative [Line Items] | ||
Current portion of derivative assets (note 12) | 0 | |
Derivative assets | 0 | |
Accrued assets (liabilities) $ | (3) | |
Current portion of derivative liabilities | $ (57) |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Realized (losses) gains | $ 2,453 | $ 382 | $ (10,643) |
Unrealized gains (losses) | 579 | 937 | 9,679 |
Total realized and unrealized gain (loss) on derivatives | 3,032 | 1,319 | (964) |
Interest Rate Swap Agreements | |||
Derivative [Line Items] | |||
Realized (losses) gains | 2,316 | (994) | (12,797) |
Unrealized gains (losses) | 636 | 2,099 | 13,681 |
Stock Purchase Warrant | |||
Derivative [Line Items] | |||
Unrealized gains (losses) | 0 | (287) | (4,877) |
Time-charter Swap Agreement | |||
Derivative [Line Items] | |||
Realized (losses) gains | 0 | 1,106 | 2,154 |
Unrealized gains (losses) | 0 | (875) | 875 |
Forward freight agreements | |||
Derivative [Line Items] | |||
Realized (losses) gains | 137 | 270 | 0 |
Unrealized gains (losses) | $ (57) | $ 0 | $ 0 |
Freight Tax and Other Tax Exp_3
Freight Tax and Other Tax Expenses - Summary of Freight Tax Expenses (Recovery) Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance of unrecognized tax benefits as at January 1 | $ 26,054 | $ 12,882 |
Increases related to the TIL merger (note 23) | 0 | 8,528 |
Increases for positions related to the current year | 5,399 | 1,910 |
Changes for positions taken in prior years | 1,701 | 3,641 |
Decreases related to statute of limitations | (1,095) | (907) |
Balance of unrecognized tax benefits as at December 31 | $ 32,059 | $ 26,054 |
Freight Tax and Other Tax Exp_4
Freight Tax and Other Tax Expenses - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | ||
Interest and penalties on freight tax expenses (recoveries) | $ 5.4 | $ 4.2 |
Foreign exchange gains on freight tax expenses | $ 3.3 | $ 0.1 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2016 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 01, 2016vessel |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative assets | $ 2,973,000 | $ 4,226,000 | ||
TIL | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Derivative assets | $ 0 | |||
Time-charter Swap | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Aframax equivalent vessel percent | 55.00% | |||
Aframax equivalent vessel | vessel | 2 | |||
Warrant | TIL | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Volatility rate | 47.83% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Stock Purchase Warrant (Detail) - Level 3 $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Time-charter Swap | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair value asset - beginning of the year | $ 875 |
Settlements | (1,106) |
Realized and unrealized gain | 231 |
Fair value asset - at the end of the year | 0 |
Warrant | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |
Fair value asset - beginning of the year | 287 |
Realized and unrealized gain | (287) |
Fair value asset - at the end of the year | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 17d) | $ 60,507 | $ 75,710 | $ 94,907 | $ 157,390 |
Derivative assets (note 12) | 2,973 | 4,226 | ||
Advances to equity-accounted for investments | 9,930 | 9,930 | ||
Long-term debt, including current portion | (741,992) | (963,247) | ||
Obligations related to capital leases, including current portion | (375,289) | (148,908) | ||
Reported Value Measurement | Equity accounted investments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Advances to equity-accounted for investments | 9,930 | 9,930 | ||
Reported Value Measurement | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including current portion | (735,406) | (952,302) | ||
Obligations related to capital leases, including current portion | (375,289) | (148,908) | ||
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 17d) | 60,507 | 75,710 | ||
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 2 | Interest Rate Swap | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements | 5,878 | 5,242 | ||
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 2 | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements | (57) | 0 | ||
Fair Value Asset/(Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt, including current portion | (723,031) | (946,105) | ||
Obligations related to capital leases, including current portion | (377,652) | (147,401) | ||
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents and restricted cash (note 17d) | 60,507 | 75,710 | ||
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 2 | Interest Rate Swap | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements | 5,878 | 5,242 | ||
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 2 | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swap agreements | $ (57) | $ 0 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2017shares | Dec. 31, 2015$ / shares | Dec. 31, 2018USD ($)vote$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | May 31, 2018$ / shares | |
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Common stock, shares authorized (in shares) | 585,000,000 | 385,000,000 | ||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||
Minimum percentage of common stock | 15.00% | |||||
Conversion basis (in shares) | 1 | |||||
Stock based compensation expense | $ | $ 1,220,000 | $ 1,014,000 | $ 872,000 | |||
Proceeds from issuance of common stock, net of offering costs (in shares) | 2,155,172 | |||||
Employee Stock Option | ||||||
Class of Stock [Line Items] | ||||||
Unrecognized compensation cost related to non-vested stock options granted | $ | 300,000 | 300,000 | 200,000 | |||
Stock based compensation expense | $ | 200,000 | 200,000 | 100,000 | |||
Intrinsic value of outstanding in-the-money stock options | $ | 0 | 0 | 0 | |||
Intrinsic value of exercisable stock options | $ | $ 0 | $ 0 | $ 0 | |||
Weighted-average remaining life of options vested and expected to vest | 8 years 1 month | 8 years 4 months | 8 years 6 months | |||
Exercisable stock options with weighted-average remaining life | 7 years 8 months | 8 years | 8 years 4 months | |||
Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Restricted stock units vested (in shares) | 300,000 | 300,000 | 400,000 | |||
Market value of restricted stock units | $ | $ 300,000 | $ 600,000 | $ 1,500,000 | |||
2007 Long-Term Incentive Plan | Employee Stock Option | ||||||
Class of Stock [Line Items] | ||||||
Weighted-average grant date fair value of stock options granted (in dollars per share) | $ / shares | $ 0.35 | $ 0.67 | $ 0.87 | |||
Expected volatility rate | 48.70% | 50.20% | 51.30% | |||
Expected life (in years) | 5 years | 5 years | 5 years | |||
Dividend yield | 5.50% | 5.00% | 7.80% | |||
Risk-free interest rate | 2.60% | 2.10% | 1.20% | |||
General and Administrative Expense | Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Share-based compensation expense recorded in general and administrative expenses | $ | $ 700,000 | $ 800,000 | $ 1,400,000 | |||
Non Management Directors | 2007 Long-Term Incentive Plan | Employee Stock Option | ||||||
Class of Stock [Line Items] | ||||||
Grants in period (shares) | 500,000 | 400,000 | 300,000 | |||
Exercise price of stock options granted (in dollars per share) | $ / shares | $ 1.22 | $ 2.23 | $ 3.74 | |||
Term of stock options (in years) | 10 years | |||||
Officers and Certain Subsidiaries Employees | 2007 Long-Term Incentive Plan | Employee Stock Option | ||||||
Class of Stock [Line Items] | ||||||
Grants in period (shares) | 700,000 | 500,000 | 200,000 | |||
Term of stock options (in years) | 10 years | |||||
Vesting period (in years) | 3 years | |||||
Officer | 2007 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Subsidiaries Employees | ||||||
Class of Stock [Line Items] | ||||||
Vesting period (in years) | 3 years | |||||
Restricted stock units aggregate value, granted (in shares) | $ | $ 900,000 | $ 800,000 | $ 1,000,000 | |||
2007 Long-Term Incentive Plan | Officer | Restricted Stock Units (RSUs) | Subsidiaries Employees | ||||||
Class of Stock [Line Items] | ||||||
Common stock, granted (in shares) | 800,000 | 400,000 | 300,000 | |||
Maximum | ||||||
Class of Stock [Line Items] | ||||||
Dividend range under dividend policy | 50.00% | 50.00% | ||||
Minimum | ||||||
Class of Stock [Line Items] | ||||||
Dividend range under dividend policy | 30.00% | 30.00% | ||||
Dividends per quarter (USD per share) | $ / shares | $ 0.03 | $ 0.03 | ||||
Class A | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized (in shares) | 485,000,000 | 285,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Votes per share owned | vote | 1 | |||||
Common stock, shares issued (in shares) | 231,600,000 | 231,200,000 | ||||
Common stock, shares outstanding (in shares) | 231,600,000 | 231,200,000 | ||||
Class A | Restricted Stock Units (RSUs) | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 200,000 | 200,000 | 200,000 | |||
Class A | General and Administrative Expense | ||||||
Class of Stock [Line Items] | ||||||
Share-based compensation expense recorded in general and administrative expenses | $ | $ 200,000 | $ 0 | $ 35,000 | |||
Class A | Non Management Directors | 2007 Long-Term Incentive Plan | ||||||
Class of Stock [Line Items] | ||||||
Shares issued (in shares) | 168,029 | 0 | 9,358 | |||
Class A | 2007 Long-Term Incentive Plan | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares reserved for issuance upon awards to be granted (in shares) | 10,000,000 | 4,000,000 | ||||
Class B | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Votes per share owned | vote | 5 | |||||
Maximum percentage of voting power | 49.00% | |||||
Common stock, shares issued (in shares) | 37,000,000 | 37,000,000 | ||||
Common stock, shares outstanding (in shares) | 37,000,000 | 37,000,000 |
Capital Stock - Summary of Stoc
Capital Stock - Summary of Stock Option Information (Detail) - Stock Option - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options | |||
Outstanding - beginning of year (in shares) | 1,670,305 | 822,345 | 321,609 |
Grants in period (shares) | 1,240,424 | 882,741 | 500,736 |
Forfeited / expired (in shares) | (34,765) | (34,781) | 0 |
Outstanding - end of year (in shares) | 2,875,964 | 1,670,305 | 822,345 |
Exercisable - end of year (in shares) | 1,797,493 | 1,055,250 | 530,034 |
Weighted-Average Exercise Price ($) | |||
Outstanding - beginning of year (in dollars per share) | $ 3.10 | $ 3.99 | $ 4.39 |
Granted (in dollars per share) | 1.22 | 2.23 | 3.74 |
Forfeited / expired (in dollars per share) | 1.56 | 2.23 | 0 |
Outstanding - end of year (in dollars per share) | 2.31 | 3.10 | 3.99 |
Exercisable - end of year (in dollars per share) | $ 2.69 | $ 3.34 | $ 3.97 |
Capital Stock - Summary of Non-
Capital Stock - Summary of Non-Vested Stock Option Activity and Related Information (Detail) - Nonvested [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options | |||
Outstanding non-vested stock options - beginning of year (in shares) | 615,055 | 292,311 | 132,689 |
Grants in period (shares) | 736,326 | 486,329 | 216,043 |
Vested (in shares) | (238,145) | (128,804) | (56,421) |
Forfeited / expired (in shares) | (34,765) | (34,781) | 0 |
Outstanding non-vested stock options - end of year (in shares) | 1,078,471 | 615,055 | 292,311 |
Weighted-Average Grant Date Fair Value | |||
Outstanding non-vested stock options - beginning of year (in dollars per share) | $ 2.68 | $ 4.02 | $ 4.75 |
Granted (in dollars per share) | 1.22 | 2.23 | 3.74 |
Vested (in dollars per share) | 2.95 | 4.14 | 4.64 |
Forfeited / expired (in dollars per share) | 1.56 | 2.23 | 0 |
Outstanding non-vested stock options - end of year (in dollars per share) | $ 1.66 | $ 2.68 | $ 4.02 |
Shipbuilding Contracts (Detail)
Shipbuilding Contracts (Detail) - STX | Feb. 15, 2016USD ($)subsidiary | Jun. 30, 2018shares | Nov. 30, 2017 | Apr. 30, 2013contractvessel | Dec. 31, 2018USD ($) |
Property, Plant and Equipment [Line Items] | |||||
Number of special purpose subsidiaries | subsidiary | 4 | ||||
Number of shipbuilding contracts | contract | 4 | ||||
Litigation settlement amount | $ | $ 8,900,000 | ||||
Litigation settlement, amount receivable in cash, in percent | 7.00% | ||||
Litigation settlement, amount receivable in equity, in percent | 93.00% | ||||
Number of shares awarded in rehabilitation plan (in shares) | shares | 315,856 | ||||
Value of shares acquired in bankruptcy | $ | $ 0 | ||||
Orders to Construct Newbuildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 4 | ||||
Additional Order Option Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 12 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Nov. 27, 2017USD ($)vessel$ / sharesshares | Nov. 30, 2017USD ($)$ / sharesshares | Jan. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares$ / d | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)vessel | May 31, 2017 | Nov. 30, 2016 | Aug. 31, 2014pool |
Related Party Transaction [Line Items] | |||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 2,155,172 | ||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 2.32 | ||||||||
Proceeds from equity offerings, net of offering costs | $ 0 | $ 8,521,000 | $ 7,558,000 | ||||||
Total revenues | 755,763,000 | 431,178,000 | 550,543,000 | ||||||
Reimbursement of Manager's crewing and manning costs | 18,570,000 | 19,717,000 | |||||||
Working capital advanced to Pool Managers | $ 39,663,000 | 49,103,000 | |||||||
Minimum threshold for payment of performance fee to Manager (in dollars per share) | $ / shares | $ 3.2 | ||||||||
Percentage of performance fee payable on Gross Cash Available for Distribution | 20.00% | ||||||||
Performance fees | $ 0 | 0 | 0 | ||||||
Percentage of commercial services fee | 1.25% | ||||||||
Pool receivable from affiliates | $ 56,549,000 | 15,550,000 | |||||||
Minimum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fixed amount of management fee chargeable per vessel payable per day | $ / d | 275 | ||||||||
Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Fixed amount of management fee chargeable per vessel payable per day | $ / d | 350 | ||||||||
Teekay Tanker Operations Ltd | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of voting interests acquired | 50.00% | ||||||||
Number of commercially managed tanker pools | pool | 4 | ||||||||
Revenue Sharing Arrangements | |||||||||
Related Party Transaction [Line Items] | |||||||||
Working capital advanced to Pool Managers | $ 34,900,000 | 45,100,000 | |||||||
RSA Participants | |||||||||
Related Party Transaction [Line Items] | |||||||||
Pool receivable from affiliates | 56,500,000 | 15,600,000 | |||||||
Lay-up Services | |||||||||
Related Party Transaction [Line Items] | |||||||||
Total revenues | 0 | 33,000 | $ 302,000 | ||||||
Number of vessels | vessel | 2 | ||||||||
Other Income | |||||||||
Related Party Transaction [Line Items] | |||||||||
Total revenues | 1,019,000 | 1,939,000 | $ 0 | ||||||
Other Income | Entities Under Common Control | |||||||||
Related Party Transaction [Line Items] | |||||||||
Total revenues | 0 | 1,772,000 | 5,482,000 | ||||||
Technical management fee revenue | |||||||||
Related Party Transaction [Line Items] | |||||||||
Total revenues | 13,811,000 | 7,666,000 | 0 | ||||||
Payable to Manager | |||||||||
Related Party Transaction [Line Items] | |||||||||
Reimbursement of Manager's crewing and manning costs | 7,600,000 | 8,700,000 | |||||||
Vessels Hire | RSA Participants | Aframax Tankers | |||||||||
Related Party Transaction [Line Items] | |||||||||
Expenses due to hiring vessels | $ 28,400,000 | $ 14,100,000 | $ 13,100,000 | ||||||
Teekay LNG Operating LLC | Bahrain LNG W.I.L. | |||||||||
Related Party Transaction [Line Items] | |||||||||
Ownership percentage | 30.00% | ||||||||
TIL | |||||||||
Related Party Transaction [Line Items] | |||||||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 1.7 | ||||||||
Percentage of voting interests acquired | 88.70% | ||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 1.7 | ||||||||
TIL | Aframax Tankers | |||||||||
Related Party Transaction [Line Items] | |||||||||
Number of vessels | vessel | 6 | ||||||||
TIL | Class A | |||||||||
Related Party Transaction [Line Items] | |||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 88,977,544 | 88,977,544 | |||||||
Purchase price consideration | $ 151,300,000 | $ 151,300,000 | |||||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 1.70 | $ 1.70 | |||||||
TIL | Class A | Teekay Corporation | |||||||||
Related Party Transaction [Line Items] | |||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 8,250,000 | ||||||||
Private Placement | Class A | Teekay Corporation | |||||||||
Related Party Transaction [Line Items] | |||||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | shares | 2,155,172 | ||||||||
Shares issued, price per share (in dollars per share) | $ / shares | $ 2.32 | ||||||||
Proceeds from equity offerings, net of offering costs | $ 5,000,000 | ||||||||
Entities Under Common Control | Teekay Tanker Operations Ltd | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of voting interests acquired | 50.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Revenue earned | $ 755,763 | $ 431,178 | $ 550,543 | |
RSA pool management fees and commissions | 0 | (2,799) | (9,813) | |
Commercial management fees | 0 | (1,187) | (1,870) | |
Vessel operating expenses | (209,131) | (175,389) | (182,598) | |
Strategic and administrative service fees | (32,918) | (21,185) | (10,122) | |
Entities Under Common Control | ||||
Related Party Transaction [Line Items] | ||||
RSA pool management fees and commissions | 0 | (2,799) | (9,813) | |
Commercial management fees | 0 | (1,187) | (1,870) | |
Strategic and administrative service fees | 0 | (7,026) | (15,508) | |
Time-charter | ||||
Related Party Transaction [Line Items] | ||||
Revenue earned | 0 | 0 | 5,404 | |
Technical management fee | ||||
Related Party Transaction [Line Items] | ||||
Vessel operating expenses | (10,400) | (8,775) | (9,155) | |
Technical management fee | Entities Under Common Control | ||||
Related Party Transaction [Line Items] | ||||
Revenue earned | 0 | 4,890 | 11,742 | |
Secondment fees | ||||
Related Party Transaction [Line Items] | ||||
Strategic and administrative service fees | (679) | (382) | 0 | |
Secondment fees | Entities Under Common Control | ||||
Related Party Transaction [Line Items] | ||||
Strategic and administrative service fees | 0 | (248) | (644) | |
Lay-up Services | ||||
Related Party Transaction [Line Items] | ||||
Revenue earned | 0 | 33 | 302 | |
LNG terminal services | ||||
Related Party Transaction [Line Items] | ||||
Revenue earned | 1,689 | 388 | 70 | |
Technical management fee revenue | ||||
Related Party Transaction [Line Items] | ||||
Revenue earned | 13,811 | 7,666 | 0 | |
Service revenue | ||||
Related Party Transaction [Line Items] | ||||
Revenue earned | 1,019 | 1,939 | 0 | |
Service revenue | Entities Under Common Control | ||||
Related Party Transaction [Line Items] | ||||
Revenue earned | $ 0 | 1,772 | 5,482 | |
Entities Under Common Control | Teekay Tanker Operations Ltd | ||||
Related Party Transaction [Line Items] | ||||
Revenue earned | $ 8,600 | $ 23,600 | ||
Percentage of voting interests acquired | 50.00% |
Other Income - Summary of Othe
Other Income - Summary of Other Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange gain | $ 3,133 | $ 79 | $ 1,413 |
Other income | 49 | 250 | 120 |
Total | $ 3,182 | $ 329 | $ 1,533 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Changes in Non-cash Working Capital Items Related to Operating Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable, including other current assets | $ (16,020) | $ 14,603 | $ (108) |
Pool receivables from affiliates | (40,999) | 16,193 | 38,137 |
Due from affiliates | 9,440 | 17,562 | 18,371 |
Prepaid expenses | (15,507) | 8,767 | 2,313 |
Accounts payable and accrued liabilities | 9,778 | (13,996) | (26,821) |
Due to affiliates | (1,147) | (32,641) | (3,606) |
Deferred revenue | (557) | (3,898) | 1,718 |
Other | 60 | 0 | 0 |
Change in operating assets and liabilities | $ (54,952) | $ 6,590 | $ 30,004 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 27, 2017 | Nov. 30, 2017 | Jan. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Cash Flow Information [Line Items] | ||||||
Cash interest paid including realized losses on the interest rate swap agreements | $ 47,600 | $ 26,400 | $ 38,500 | |||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | 2,155,172 | |||||
TIL | ||||||
Supplemental Cash Flow Information [Line Items] | ||||||
Cash acquired in TIL acquisition | $ 37,600 | $ 0 | $ 30,831 | $ 0 | ||
Transaction costs | $ 6,900 | |||||
TIL | Class A | ||||||
Supplemental Cash Flow Information [Line Items] | ||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | 88,977,544 | 88,977,544 |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 54,917 | $ 71,439 | $ 94,157 | $ 156,520 |
Restricted cash - current | 2,153 | 1,599 | 750 | 870 |
Restricted cash - long-term | 3,437 | 2,672 | 0 | 0 |
Cash, cash equivalents, and restricted cash | $ 60,507 | $ 75,710 | $ 94,907 | $ 157,390 |
Liquidity (Details)
Liquidity (Details) $ in Thousands | Dec. 31, 2018USD ($)vessel | Dec. 31, 2018USD ($)vesselSecurityLoandebt_instrument | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Line Items] | |||
Long term debt | $ 741,992 | $ 741,992 | $ 963,247 |
Capital Lease | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels | vessel | 14 | 14 | |
Capital Lease | 2018 Sale Leasebacks | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels | vessel | 10 | ||
Secured Debt | |||
Property, Plant and Equipment [Line Items] | |||
Number of debt instruments | SecurityLoan | 2 | ||
Long term debt | $ 323,995 | $ 323,995 | $ 423,512 |
Secured Debt | Two term loans | |||
Property, Plant and Equipment [Line Items] | |||
Number of debt instruments | debt_instrument | 2 | ||
Long term debt | $ 166,400 | $ 166,400 | |
Period for assessment (in years) | 1 year |
(Loss) Earnings Per Share - Sch
(Loss) Earnings Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 31, 2017 | May 31, 2017 | Jan. 31, 2017 | Aug. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net (loss) income | $ (52,548) | $ (58,023) | $ 67,823 | ||||
Weighted average number of common shares - basic (in shares) | 268,492,922 | 187,235,377 | 170,098,572 | ||||
Dilutive effect of stock-based awards (in shares) | 0 | 0 | 242,067 | ||||
Weighted average number of common shares - diluted (in shares) | 268,492,922 | 187,235,377 | 170,340,639 | ||||
(Loss) earnings per common share: | |||||||
Basic (in dollars per share) | $ (0.20) | $ (0.31) | $ 0.40 | ||||
Diluted (in dollars per share) | $ (0.20) | $ (0.31) | $ 0.40 | ||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 2,155,172 | ||||||
TTOL | |||||||
(Loss) earnings per common share: | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Class B | TTOL | |||||||
(Loss) earnings per common share: | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 13,775,224 | ||||||
Entities Under Common Control | |||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net (loss) income | $ 1,304 | $ 4,968 | |||||
Entities Under Common Control | TTOL | |||||||
(Loss) earnings per common share: | |||||||
Percentage of voting interests acquired | 50.00% | ||||||
Entities Under Common Control | TTOL | |||||||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | |||||||
Net (loss) income | $ 1,300 | $ 5,000 | |||||
(Loss) earnings per common share: | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Teekay Corporation | Entities Under Common Control | TTOL | |||||||
(Loss) earnings per common share: | |||||||
Percentage of voting interests acquired | 50.00% | 50.00% | |||||
Teekay Corporation | Entities Under Common Control | Class B | TTOL | |||||||
(Loss) earnings per common share: | |||||||
Proceeds from issuance of common stock, net of offering costs (in shares) | 13,800,000 | 4,220,945 |
(Loss) Earnings Per Share - Add
(Loss) Earnings Per Share - Additional Information (Detail) - Class A shares in Thousands | 12 Months Ended |
Dec. 31, 2016shares | |
Restricted Stock Units (RSUs) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards (in shares) | 14 |
Employee Stock Option | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards (in shares) | 700 |
Sale of Vessels (Detail)
Sale of Vessels (Detail) $ in Thousands | Dec. 31, 2018vessel | Nov. 30, 2018USD ($)vessel | Sep. 30, 2018USD ($)vessel | Jul. 31, 2017USD ($)vessel | Feb. 28, 2017USD ($) | Jan. 31, 2017vessel | Nov. 30, 2016USD ($)vessel | Oct. 31, 2016USD ($)vessel | Aug. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($)vessel |
Property, Plant and Equipment [Line Items] | |||||||||||||
Gain (loss) on sale of vessels | $ 170 | $ (12,984) | $ (20,594) | ||||||||||
Proceeds from financing related to sales and leaseback of vessels | 241,339 | 153,000 | 0 | ||||||||||
Aggregate proceeds received | 589 | $ 52,131 | 27,550 | ||||||||||
Suezmax Tanker 1 | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of tankers sold | vessel | 1 | ||||||||||||
Gain (loss) on sale of vessels | $ (300) | ||||||||||||
Suezmaxes Tanker 2 | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Gain (loss) on sale of vessels | $ (1,500) | ||||||||||||
Reduction in sales price | $ 1,300 | ||||||||||||
Aframax Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of tankers sold | vessel | 3 | ||||||||||||
Gain (loss) on sale of vessels | $ (11,200) | ||||||||||||
MR Tanker 2 | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Gain (loss) on sale of vessels | $ (6,600) | ||||||||||||
Aggregate proceeds received | $ 14,000 | ||||||||||||
MR Tanker 1 | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Gain (loss) on sale of vessels | $ (8,100) | ||||||||||||
Aggregate proceeds received | 13,200 | ||||||||||||
Ship-to-ship Support Vessel | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Gain (loss) on sale of vessels | $ 300 | $ 200 | |||||||||||
Number of vessels sold | vessel | 2 | 1 | |||||||||||
Proceeds from sale of property, plant, and equipment | $ 400 | ||||||||||||
Suezmax Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Gain (loss) on sale of vessels | $ (6,200) | ||||||||||||
Aggregate proceeds received | $ 33,800 | ||||||||||||
Held-for-sale | Conventional Tankers | Suezmax Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 2 | ||||||||||||
Suezmax Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of tankers sold | vessel | 2 | ||||||||||||
Suezmax Tankers | Conventional Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 2 | ||||||||||||
MR Tanker | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of tankers sold | vessel | 2 | ||||||||||||
MR Tanker 1 | Conventional Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of tankers sold | vessel | 1 | ||||||||||||
Capital Lease | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 14 | 14 | |||||||||||
November 2018 Sale Leaseback | Capital Lease | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 84,700 | ||||||||||||
Number of vessels | vessel | 4 | 4 | |||||||||||
November 2018 Sale Leaseback | Capital Lease | LR2 Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 1 | ||||||||||||
November 2018 Sale Leaseback | Capital Lease | Suezmax Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 1 | ||||||||||||
November 2018 Sale Leaseback | Capital Lease | Aframax Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 2 | ||||||||||||
September 2018 Sale Leaseback | Capital Lease | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 156,600 | ||||||||||||
Number of vessels | vessel | 6 | ||||||||||||
September 2018 Sale Leaseback | Capital Lease | Aframax Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 6 | ||||||||||||
July 2017 Sale Leaseback | Capital Lease | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Proceeds from financing related to sales and leaseback of vessels | $ 153,000 | ||||||||||||
Number of vessels | vessel | 4 | ||||||||||||
July 2017 Sale Leaseback | Capital Lease | Suezmax Tankers | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 4 |
Acquisition of Tanker Investm_2
Acquisition of Tanker Investments Ltd. (Details) $ / shares in Units, $ in Thousands | Nov. 27, 2017USD ($)vessel$ / sharesshares | May 31, 2017shares | Nov. 30, 2017USD ($)$ / sharesshares | Jan. 31, 2017USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 2,155,172 | ||||||
Purchase price consideration | $ 5,000 | $ 0 | $ 5,000 | $ 0 | |||
Percentage of voting interests acquired | 100.00% | ||||||
TIL | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, number of shares (in shares) | shares | 27,000,000 | ||||||
Purchase price consideration | $ 151,300 | $ 151,262 | |||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 1.7 | ||||||
Secured debt | $ 338,900 | ||||||
Assumed long-term debt | 337,100 | ||||||
Transaction costs | $ 6,900 | ||||||
Percentage of voting interests acquired | 11.30% | ||||||
Fair value | $ 19,200 | ||||||
Total acquisition cost | 177,400 | ||||||
Working capital | 47,100 | ||||||
Liabilities, excluding banking debt | 47,100 | ||||||
Vessels | 467,200 | ||||||
Existing time-charter contracts | $ 200 | ||||||
TIL | Suezmax Tankers | |||||||
Business Acquisition [Line Items] | |||||||
Number of vessels | vessel | 10 | ||||||
TIL | Aframax Tankers | |||||||
Business Acquisition [Line Items] | |||||||
Number of vessels | vessel | 6 | ||||||
TIL | Long Range 2 | |||||||
Business Acquisition [Line Items] | |||||||
Number of vessels | vessel | 2 | ||||||
TIL | Vessels | |||||||
Business Acquisition [Line Items] | |||||||
Average age of acquired vessels | 7 years 4 months | ||||||
TIL | Class A | |||||||
Business Acquisition [Line Items] | |||||||
Share exchange (in shares) | shares | 3.3 | ||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 88,977,544 | 88,977,544 | |||||
Business acquisition, share price per share agreed (in dollars per share) | $ / shares | $ 1.70 | $ 1.70 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Dec. 31, 2018vessel | Feb. 28, 2019USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Subsequent Event [Line Items] | |||||
Proceeds from financing related to sales and leaseback of vessels | $ 241,339 | $ 153,000 | $ 0 | ||
Capital Lease | |||||
Subsequent Event [Line Items] | |||||
Number of vessels | vessel | 14 | 14 | |||
Suezmax Tankers | Capital Lease | February 2019 Sale Leaseback | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Proceeds from financing related to sales and leaseback of vessels | $ 63,700 | ||||
Number of vessels | vessel | 2 | ||||
Increase in liquidity position | $ 25,000 |