Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2019 | |
Document And Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | TEEKAY TANKERS LTD. |
Entity Central Index Key | 0001419945 |
Current Fiscal Year End Date | --12-31 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
REVENUES | ||||
Total revenues | $ 182,304 | $ 175,915 | $ 617,082 | $ 516,039 |
Voyage expenses (note 14e) | (87,726) | (83,048) | (277,733) | (249,974) |
Vessel operating expenses (note 14b) | (48,539) | (52,161) | (156,726) | (157,808) |
Time-charter hire expenses (note 8) | (10,637) | (4,317) | (30,877) | (14,697) |
Depreciation and amortization | (31,536) | (29,595) | (92,059) | (88,598) |
General and administrative expenses (note 14b) | (8,739) | (8,747) | (27,412) | (27,939) |
Gain on sale of vessel (note 16) | 0 | 0 | 0 | 170 |
Restructuring charges | 0 | (213) | 0 | (1,195) |
(Loss) income from operations | (4,873) | (2,166) | 32,275 | (24,002) |
Interest expense | (16,134) | (15,006) | (49,683) | (41,666) |
Interest income | 138 | 250 | 724 | 568 |
Realized and unrealized gain (loss) gain on derivative instruments (note 9) | 1,453 | 596 | (1,172) | 4,725 |
Equity income (loss) (note 5) | 68 | (359) | 652 | 265 |
Freight tax and other tax expenses (note 11) | (1,435) | (2,050) | (5,688) | (10,014) |
Other income (note 10) | 933 | 1,251 | 1,182 | 6,074 |
Net loss | $ (19,850) | $ (17,484) | $ (21,710) | $ (64,050) |
Per common share amounts (note 15) | ||||
- Basic loss per share | $ (0.07) | $ (0.07) | $ (0.08) | $ (0.24) |
- Diluted loss per share | $ (0.07) | $ (0.07) | $ (0.08) | $ (0.24) |
Weighted-average number of Class A and Class B common stock outstanding (note 15) | ||||
- Basic and diluted | 268,990,399 | 268,558,556 | 268,887,485 | 268,470,804 |
Voyage charter revenues | ||||
REVENUES | ||||
Total revenues | $ 173,034 | $ 152,047 | $ 576,256 | $ 432,017 |
Time-charter [Member] | ||||
REVENUES | ||||
Total revenues | 1,909 | 12,326 | 6,775 | 51,820 |
Other revenues | ||||
REVENUES | ||||
Total revenues | $ 7,361 | $ 11,542 | $ 34,051 | $ 32,202 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current | ||
Cash and cash equivalents | $ 76,705 | $ 54,917 |
Restricted cash – current (note 17) | 2,341 | 2,153 |
Pool receivable from affiliates, net (note 14d) | 562 | 56,549 |
Accounts receivable, including affiliate balances of $0.8 million (2018 - $2.1 million) (note 9) | 52,245 | 17,365 |
Due from affiliates (note 14c) | 1,634 | 39,663 |
Current portion of derivative assets (note 9) | 1,878 | 2,905 |
Bunker and lube oil inventory (note 1) | 50,473 | 23,179 |
Prepaid expenses | 14,108 | 10,917 |
Other current assets | 61,598 | 17,943 |
Total current assets | 261,544 | 225,591 |
Restricted cash – long-term (note 17) | 3,437 | 3,437 |
At cost, less accumulated depreciation of $551.3 million (2018 - $494.4 million) (note 6) | 1,310,541 | 1,401,551 |
Vessels related to finance leases, at cost, less accumulated depreciation of $136.1 million (2018 - $111.3 million) (note 8) | 525,597 | 482,010 |
Operating lease right-of-use assets (notes 2 and 8) | 23,595 | 0 |
Total vessels and equipment | 1,859,733 | 1,883,561 |
Investment in and advances to equity-accounted joint venture (note 5) | 26,418 | 25,766 |
Derivative assets (note 9) | 82 | 2,973 |
Other non-current assets | 910 | 74 |
Intangible assets at cost, less accumulated amortization of $12.5 million (2018 - $10.9 million) | 9,955 | 11,625 |
Goodwill | 8,059 | 8,059 |
Total assets | 2,170,138 | 2,161,086 |
Current | ||
Accounts payable, including affiliate balances of $nil (2018 - $0.6 million) | 54,824 | 11,146 |
Accrued liabilities (note 14c) | 46,519 | 40,856 |
Short-term debt (note 7) | 50,000 | 0 |
Due to affiliates (note 14c) | 1,241 | 18,570 |
Current portion of derivative liabilities (note 9) | 0 | 57 |
Current portion of long-term debt (note 6) | 101,295 | 106,236 |
Current obligations related to finance leases (note 8) | 24,875 | 20,896 |
Current portion of operating lease liabilities (notes 2 and 8) | 16,405 | 0 |
Other current liabilities | 255 | 0 |
Total current liabilities | 295,414 | 197,761 |
Long-term debt (note 6) | 507,665 | 629,170 |
Long-term obligations related to finance leases (note 8) | 396,059 | 354,393 |
Long-term operating lease liabilities (notes 2 and 8) | 7,190 | 0 |
Other long-term liabilities (note 11) | 37,474 | 32,829 |
Derivative liabilities (note 9) | 49 | 0 |
Total liabilities | 1,243,851 | 1,214,153 |
Equity | ||
Common stock and additional paid-in capital (585.0 million shares authorized, 232.0 million Class A and 37.0 million Class B shares issued and outstanding as of September 30, 2019 and 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) (note 13) | 1,296,993 | 1,295,929 |
Accumulated deficit | (370,706) | (348,996) |
Total equity | 926,287 | 946,933 |
Total liabilities and equity | $ 2,170,138 | $ 2,161,086 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts receivable, related parties, current | $ 0.8 | $ 2.1 |
Accumulated depreciation on vessels and equipment | 551.3 | 494.4 |
Finance Leases, Lessee Balance Sheet Assets by Major Class Accumulated Deprecation | 136.1 | 111.3 |
Accounts Payable, Related Parties, Current | 0 | 0.6 |
Accumulated amortization on intangible assets | $ 12.5 | $ 10.9 |
Common stock, shares authorized (in shares) | 585,000,000 | 585,000,000 |
Class A | ||
Common stock, shares authorized (in shares) | 485,000,000 | 485,000,000 |
Common stock, shares issued (in shares) | 232,000,000 | 231,600,000 |
Common stock, shares outstanding (in shares) | 232,000,000 | 231,600,000 |
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 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
OPERATING ACTIVITIES | ||
Net loss | $ (21,710) | $ (64,050) |
Non-cash items: | ||
Depreciation and amortization | 92,059 | 88,598 |
Gain on sale of vessel (note 16) | 0 | (170) |
Unrealized loss (gain) on derivative instruments (note 9) | 3,960 | (3,287) |
Equity income (note 5) | (652) | (265) |
Freight tax expense (note 11) | 4,181 | 3,859 |
Other | 3,690 | 4,307 |
Change in operating assets and liabilities | 18,685 | (17,402) |
Expenditures for dry docking | (37,430) | (17,035) |
Net operating cash flow | 62,783 | (5,445) |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt, net of issuance costs | 56,788 | 46,128 |
Scheduled repayments of long-term debt | (76,216) | (92,380) |
Prepayments of long-term debt | (109,688) | (102,717) |
Prepayments of Short-Term Debt | (75,000) | 0 |
Proceeds from financing related to sales and leaseback of vessels (note 8) | 63,720 | 156,644 |
Scheduled repayments of obligations related to finance leases (note 8) | (18,075) | (8,841) |
Cash dividends paid | 0 | (8,052) |
Other | (126) | (92) |
Proceeds from short-term debt (note 7) | 125,000 | 0 |
Net financing cash flow | (33,597) | (9,310) |
INVESTING ACTIVITIES | ||
Proceeds from sale of vessel (note 16) | 0 | 589 |
Expenditures for vessels and equipment | (7,210) | (3,463) |
Return of capital from equity-accounted for joint venture | 0 | 746 |
Net investing cash flow | (7,210) | (2,128) |
Increase (decrease) in cash, cash equivalents and restricted cash | 21,976 | (16,883) |
Cash, cash equivalents and restricted cash, beginning of the period | 60,507 | 75,710 |
Cash, cash equivalents and restricted cash, end of the period | $ 82,483 | $ 58,827 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statement of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A | Class B | Common Stock and Additional Paid-in Capital | Common Stock and Additional Paid-in CapitalClass A | Common Stock and Additional Paid-in CapitalClass B | Accumulated Deficit |
Common Stock, Dividends, Per Share, Declared | $ 0.03 | ||||||
Balance at beginning of period at Dec. 31, 2017 | $ 1,006,601 | $ 1,206,466 | $ 88,532 | $ (288,397) | |||
Balance at beginning of period (shares) at Dec. 31, 2017 | 268,202 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (19,153) | (19,153) | |||||
Dividends declared ($0.03 per share) | (8,052) | (8,052) | |||||
Stock Issued During Period, Shares, Employee Benefit Plan | 357 | ||||||
Equity-based compensation (note 13) | 613 | 613 | |||||
Other | (274) | (274) | |||||
Balance at end of period at Mar. 31, 2018 | 979,735 | 1,206,805 | 88,532 | (315,602) | |||
Balance at end of period (shares) at Mar. 31, 2018 | 268,559 | ||||||
Balance at beginning of period at Dec. 31, 2017 | 1,006,601 | 1,206,466 | 88,532 | (288,397) | |||
Balance at beginning of period (shares) at Dec. 31, 2017 | 268,202 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (64,050) | ||||||
Balance at end of period at Sep. 30, 2018 | 935,211 | 1,207,177 | 88,532 | (360,498) | |||
Balance at end of period (shares) at Sep. 30, 2018 | 268,559 | ||||||
Balance at beginning of period at Mar. 31, 2018 | 979,735 | 1,206,805 | 88,532 | (315,602) | |||
Balance at beginning of period (shares) at Mar. 31, 2018 | 268,559 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (27,413) | (27,413) | |||||
Equity-based compensation (note 13) | 148 | 148 | |||||
Balance at end of period at Jun. 30, 2018 | 952,470 | 1,206,953 | 88,532 | (343,015) | |||
Balance at end of period (shares) at Jun. 30, 2018 | 268,559 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (17,484) | (17,484) | |||||
Equity-based compensation (note 13) | 224 | 224 | |||||
Other | (1) | 1 | |||||
Balance at end of period at Sep. 30, 2018 | 935,211 | 1,207,177 | 88,532 | (360,498) | |||
Balance at end of period (shares) at Sep. 30, 2018 | 268,559 | ||||||
Balance at beginning of period at Dec. 31, 2018 | 946,933 | 1,207,397 | 88,532 | (348,996) | |||
Balance at beginning of period (shares) at Dec. 31, 2018 | 231,600 | 37,000 | 268,559 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | 12,447 | 12,447 | |||||
Stock Issued During Period, Shares, Employee Benefit Plan | 431 | ||||||
Equity-based compensation (note 13) | 668 | 668 | |||||
Balance at end of period at Mar. 31, 2019 | 960,048 | 1,208,065 | 88,532 | (336,549) | |||
Balance at end of period (shares) at Mar. 31, 2019 | 268,990 | ||||||
Balance at beginning of period at Dec. 31, 2018 | 946,933 | 1,207,397 | 88,532 | (348,996) | |||
Balance at beginning of period (shares) at Dec. 31, 2018 | 231,600 | 37,000 | 268,559 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (21,710) | ||||||
Balance at end of period at Sep. 30, 2019 | 926,287 | 1,208,461 | 88,532 | (370,706) | |||
Balance at end of period (shares) at Sep. 30, 2019 | 232,000 | 37,000 | 268,990 | ||||
Balance at beginning of period at Mar. 31, 2019 | 960,048 | 1,208,065 | 88,532 | (336,549) | |||
Balance at beginning of period (shares) at Mar. 31, 2019 | 268,990 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (14,307) | (14,307) | |||||
Stock Issued During Period, Shares, Employee Benefit Plan | 0 | ||||||
Equity-based compensation (note 13) | 154 | 154 | |||||
Balance at end of period at Jun. 30, 2019 | 945,895 | 1,208,219 | 88,532 | (350,856) | |||
Balance at end of period (shares) at Jun. 30, 2019 | 268,990 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (19,850) | (19,850) | |||||
Equity-based compensation (note 13) | 242 | 242 | |||||
Balance at end of period at Sep. 30, 2019 | $ 926,287 | $ 1,208,461 | $ 88,532 | $ (370,706) | |||
Balance at end of period (shares) at Sep. 30, 2019 | 232,000 | 37,000 | 268,990 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim consolidated financial statements (or consolidated financial statements ) have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). These consolidated financial statements include the accounts of Teekay Tankers Ltd., its wholly-owned subsidiaries, equity-accounted joint venture and any variable interest entities (or VIEs ) of which it is the primary beneficiary (collectively, the Company ). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2018 , filed on Form 20-F with the U.S. Securities and Exchange Commission (or the SEC ) on April 10, 2019. In the opinion of management, these consolidated financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Intercompany balances and transactions have been eliminated upon consolidation. Effective March 31, 2019 , the Company separately presents bunker and lube oil inventory on the Company’s consolidated balance sheet. Such amounts were previously classified as prepaid expenses. Bunker and lube oil inventory increased significantly as of the first quarter of 2019, as a result of changes to the Company’s revenue sharing arrangements (or RSAs ) whereby the Company now directly procures and has legal title to the bunker fuel for the vessels in the RSAs, with such assets being used as collateral for the new working capital loan arrangement entered into by the Company. Bunker and lube oil inventory is stated at cost, which is determined on a first-in, first-out basis. Comparative figures have been reclassified to conform to the presentation adopted in the current period. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncement In February 2016, the Financial Accounting Standards Board (or FASB ) issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02 ). ASU 2016-02 established 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 are 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. 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 and providing an optional practical expedient to lessors to not separate lease and non-lease components of a contract if certain criteria are met. The Company adopted ASU 2016-02 on January 1, 2019 and has elected to use this new optional transition approach. To determine the cumulative effect adjustment, the Company has not reassessed 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 has resulted 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. The Company’s time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and non-lease component, consisting of operation of the vessel for the customer. The Company has elected not to separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and account for the combined component as an operating lease. The Company identified the following differences: • Under ASU 2016-02, the Company recognizes an operating lease right-of-use asset and an operating lease liability on the balance sheet for these chartered-in vessels and office leases based on the present value of future minimum lease payments, whereas previously no right-of-use asset or lease liability was recognized. As a result, operating lease right-of-use assets and operating lease liabilities of $ 11.0 million were each recognized on January 1, 2019. The pattern of expense recognition of chartered-in vessels has remained unchanged, unless the right-of-use asset becomes impaired. • The adoption of ASU 2016-02 results in sale and leaseback transactions where the seller lessee has a fixed price repurchase option, or other situations where the leaseback would be classified as a finance lease, being accounted for as a failed sale of the vessel and a failed purchase of the vessel by the buyer lessor. Prior to the adoption of ASU 2016-02, such transactions were accounted for as a completed sale and a completed purchase. Consequently, for such transactions, the Company does not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as an obligation related to finance lease, and bareboat charter hire payments made by the Company to the lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. The adoption of ASU 2016-02 has resulted in the sale and leaseback of the Aspen Spirit and Cascade Spirit during the second quarter of 2019 being accounted for as a failed sale and unlike the 14 sale-leaseback transactions entered into in prior years, the Company is not considered as holding a variable interest in the buyer lessor entity and, thus, does not consolidate the buyer lessor entities (see note 8). |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
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 revenu e. The Company also provides ship-to-ship support services, which include 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 liquefied natural gas (or LNG ) terminals and procures LNG-related goods for terminal owners and other customers. For descriptions of these types of contracts, see Item 18 - Financial Statements: Note 3 in the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2018 . The following table contains a breakdown of the Company's revenue by contract type for the three and nine months ended September 30, 2019 and September 30, 2018 . 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. The Company’s lease income consists of the revenue from its voyage charters and time-charters. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Voyage charter revenues Suezmax 85,523 90,267 268,972 243,771 Aframax 51,075 29,210 164,381 76,952 LR2 23,989 16,712 84,001 40,312 Full service lightering 12,447 15,858 58,902 70,982 Total 173,034 152,047 576,256 432,017 Time-charter revenues Aframax — 7,784 1,837 31,608 Suezmax 1,909 2,909 4,938 13,063 LR2 — 1,633 — 7,149 Total 1,909 12,326 6,775 51,820 Other revenues Ship-to-ship support services 4,649 8,217 17,810 22,452 Commercial management 1,893 2,050 6,219 6,246 LNG terminal management, consultancy, procurement and other 819 1,275 10,022 3,504 Total 7,361 11,542 34,051 32,202 Total revenues 182,304 175,915 617,082 516,039 Charters-out As at September 30, 2019 , one ( December 31, 2018 - two ) of the Company’s vessels operated under a fixed-rate time charter contract, which is scheduled to expire in 2020. As at September 30, 2019 , the minimum scheduled future revenues to be received by the Company under this time charter were approximately $6.3 million ( December 31, 2018 - $6.3 million ). |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2019 | |
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 and commercial management of all of its tankers and those tankers employed on full service lightering contracts. The Company’s ship-to-ship transfer segment consists of the Company’s ship-to-ship 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 (loss) income from operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. The following tables include results for the Company’s revenues and (loss) income from operations by segment for the three and nine months ended September 30, 2019 and September 30, 2018 . Three Months Ended September 30, 2019 Conventional Tanker Segment Ship-to-Ship Transfer Segment Inter-segment Adjustment (1) Total $ $ $ $ Revenues (2) 176,836 8,685 (3,217 ) 182,304 Voyage expenses (90,943 ) — 3,217 (87,726 ) Vessel operating expenses (41,833 ) (6,706 ) — (48,539 ) Time-charter hire expenses (9,331 ) (1,306 ) — (10,637 ) Depreciation and amortization (30,634 ) (902 ) — (31,536 ) General and administrative expenses (3) (7,955 ) (784 ) — (8,739 ) Loss from operations (3,860 ) (1,013 ) — (4,873 ) Equity income 68 — — 68 Three Months Ended September 30, 2018 Conventional Tanker Segment Ship-to-Ship Transfer Segment Inter-segment Adjustment (1) Total $ $ $ $ Revenues (2) 166,423 12,019 (2,527 ) 175,915 Voyage expenses (85,575 ) — 2,527 (83,048 ) Vessel operating expenses (43,432 ) (8,729 ) — (52,161 ) Time-charter hire expenses (2,935 ) (1,382 ) — (4,317 ) Depreciation and amortization (28,532 ) (1,063 ) — (29,595 ) General and administrative expenses (3) (7,985 ) (762 ) — (8,747 ) Restructuring charges — (213 ) — (213 ) Loss from operations (2,036 ) (130 ) — (2,166 ) Equity loss (359 ) — — (359 ) Nine Months Ended September 30, 2019 Conventional Tanker Segment Ship-to-Ship Transfer Segment Inter-segment Adjustment (1) Total $ $ $ $ Revenues (2) 589,250 36,421 (8,589 ) 617,082 Voyage expenses (286,322 ) — 8,589 (277,733 ) Vessel operating expenses (129,555 ) (27,171 ) — (156,726 ) Time-charter hire expenses (26,497 ) (4,380 ) — (30,877 ) Depreciation and amortization (89,422 ) (2,637 ) — (92,059 ) General and administrative expenses (3) (25,030 ) (2,382 ) — (27,412 ) Income (loss) from operations 32,424 (149 ) — 32,275 Equity income 652 — — 652 Nine Months Ended September 30, 2018 Conventional Tanker Segment Ship-to-Ship Transfer Segment Inter-segment Adjustment (1) Total $ $ $ $ Revenues (2) 490,083 35,061 (9,105 ) 516,039 Voyage expenses (259,079 ) — 9,105 (249,974 ) Vessel operating expenses (131,886 ) (25,922 ) — (157,808 ) Time-charter hire expenses (10,326 ) (4,371 ) — (14,697 ) Depreciation and amortization (85,171 ) (3,427 ) — (88,598 ) General and administrative expenses (3) (25,385 ) (2,554 ) — (27,939 ) Gain on sale of vessel — 170 — 170 Restructuring charges (152 ) (1,043 ) — (1,195 ) Loss from operations (21,916 ) (2,086 ) — (24,002 ) Equity income 265 — — 265 (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 was based on actual costs incurred. (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. (3) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: As at As at September 30, 2019 December 31, 2018 $ $ Conventional Tanker Segment 2,059,873 2,069,854 Ship-to-Ship Transfer Segment 33,560 36,315 Cash and cash equivalents 76,705 54,917 Consolidated total assets 2,170,138 2,161,086 |
Short-Term Debt Short-Term Debt
Short-Term Debt Short-Term Debt - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Nov. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||||
Short-term debt, Maximum borrowing limit | $ 40 | |||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Increase (Decrease), Net | $ 55 | |||
Short-term Debt [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Term | 6 months | |||
Short-term Debt [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | 0.00% | ||
Debt instrument, interest rate, stated percentage | 3.50% | |||
Short-term Debt, Maximum Amount Outstanding During Period | $ 50 | $ 0 | ||
Minimum [Member] | ||||
Short-term Debt [Line Items] | ||||
Capital | $ 20 |
Short-Term Debt Short-term De_2
Short-Term Debt Short-term Debt (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | Short-Term Debt In November 2018, Teekay Tankers Chartering Pte. Ltd. (or TTCL ) a wholly-owned subsidiary of the Company and a manager of the Company's RSAs entered into a working capital loan facility agreement (or the Working Capital Loan ), which initially provided available aggregate borrowings of up to $40.0 million for TTCL, and which was subsequently increased to $55.0 million , effective June 2019. Proceeds of the Working Capital Loan are used to provide working capital in relation to certain vessels trading in the RSAs and to fund pooling operations. The Working Capital Loan had an initial maturity date in August 2019, but is continually extended for further periods of six months thereafter until the lender gives notice in writing that no further extensions shall occur. Interest payments are based on LIBOR plus a margin of 3.5% . The Working Capital Loan is collateralized by the assets of TTCL. The Working Capital Loan requires the Company to maintain its paid-in capital contribution to the RSAs 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 by the RSA participants 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) $20.0 million . As at September 30, 2019 , $50.0 million ( December 31, 2018 - nil ) was owing under this facility, and the effective interest rate on the facility was 5.5% ( December 31, 2018 - nil ). As of the date these consolidated financial statements were issued, the Company was in compliance with all covenants in respect of this facility. |
Investments in and Advances to
Investments in and Advances to Equity Accounted Joint Venture | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Equity Accounted Investments | Investment in and Advances to Equity-Accounted Joint Venture As at September 30, 2019 As at December 31, 2018 $ $ High-Q Joint Venture 26,418 25,766 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 2013-built Very Large Crude Carrier (or 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-charters exceeded a certain threshold. The VLCC completed its dry dock in July 2018 and subsequently began trading on spot voyage charters in a pooling arrangement managed by a third party. As at September 30, 2019 , the High-Q joint venture had a loan of $33.5 million ( December 31, 2018 – $37.5 million ) outstanding with a financial institution. 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. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt As at As at September 30, 2019 December 31, 2018 $ $ Revolving Credit Facilities due through 2022 363,930 417,997 Term Loans due through 2021 248,947 323,995 Total principal 612,877 741,992 Less: unamortized discount and debt issuance costs (3,917 ) (6,586 ) Total debt 608,960 735,406 Less: current portion (101,295 ) (106,236 ) Non-current portion of long-term debt 507,665 629,170 As at September 30, 2019 , the Company had two revolving credit facilities (or the Revolvers ), which, as at such date, provided for aggregate borrowings of up to $382.3 million , of which $18.4 million was undrawn ( December 31, 2018 - $429.8 million , of which $11.8 million was undrawn). Interest payments are based on LIBOR plus margins. As at September 30, 2019 , such margins ranged between 2.00% and 2.75% ( December 31, 2018 - 2.00% and 2.75% ). The total amount available under the Revolvers will decrease by $3.0 million (remainder of 2019 ), $12.1 million ( 2020 ), $304.8 million ( 2021 ) and $62.4 million ( 2022 ). As at September 30, 2019 , the Company also had three term loans outstanding, which totaled $249.0 million ( December 31, 2018 - $324.0 million ). Interest payments on the term loans are based on a combination of a fixed rate of 5.4% ( December 31, 2018 - 5.4% ) and variable rates based on LIBOR plus margins. As at September 30, 2019 , the margins ranged from 0.3% to 2.0% ( December 31, 2018 - 0.3% to 2.0% ). 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 2021. The Revolvers and term loans are further described below. In May 2019, the Company completed a $63.7 million sale-leaseback financing transaction related to two of the Company's vessels (note 8). The Company used the proceeds from the sale-leaseback transaction to prepay a portion of the Company's 2017 Revolver (as defined below). I n November 2018, the Company completed an $84.7 million sale-leaseback financing transaction relating to four of the Company's vessels (note 8 ). The Company used the proceeds from the sale-leaseback transaction to refinance one of the Company's corporate revolving credit facilities that matured in November 2018 and to prepay a portion of the Company's 2017 Revolver. In September 2018, the Company completed a $156.6 million sale-leaseback financing transaction relating to six of the Company's vessels (note 8 ). The Company used the proceeds from the sale-leaseback transaction to prepay a portion of the Company's 2017 Revolver. 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 and which had an outstanding balance of $71.2 million as at September 30, 2019 ( December 31, 2018 - $125.3 million ). The 2017 Revolver is collateralized by five of the Company's vessels, together with other related security. The total net book value of the five vessels as at September 30, 2019 was $140.0 million ( December 31, 2018 - $192.6 million ). The 2017 Revolver requires that the Company maintain a minimum hull coverage ratio o f 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 that 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 September 30, 2019 , the hull coverage ratio was 243% ( December 31, 2018 - 163% ). The vessel values used in this ratio are appraised values provided by third parties where available or 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 minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to matu rity) 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 of $98.5 million and a revolving credit component of $292.7 million , which are scheduled to mature in December 2020 and January 2021, respectively, and which had a total outstanding balance of $391.2 million as at September 30, 2019 ( December 31, 2018 - $450.3 million ). The 2016 Debt Facility is collateralized by 29 of the Company’s vessels, together with other related security. The total net book value of the 29 vessels as at September 30, 2019 was $930.9 million ( December 31, 2018 - $972.5 million ). 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 that the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company’s option. As at September 30, 2019 , the hull coverage ratio was 192% ( December 31, 2018 - 137% ). The vessel values used in this ratio are appraised values provided by third parties where available or 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 minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of the Company’s total consolidated debt. The Company’s remaining two term loans, with a total outstanding balance of $150.4 million as at September 30, 2019 ( December 31, 2018 - $166.4 million ), which are scheduled to mature between October 2020 and August 2021, are guaranteed by Teekay Corporation (or Teekay ) and are collateralized by six of the Company’s vessels, together with other related security. One of the term loans contains covenants that require Teekay to maintain the greater of (a) free cash (cash and cash equivalents) and undrawn committed revolving credit lines with at least six months to maturity 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 ) and its subsidiaries and the Company and its subsidiaries that are non-recourse to Teekay). 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 and its subsidiaries). As of the date these consolidated financial statements were issued, the Company was in compliance with all covenants in respect of the Revolvers and term loans. Teekay has also advised the Company that Teekay is in compliance with all covenants relating to the revolving credit facilities and term loans to which the Company is a party. The weighted-average interest rate on the Company’s long-term debt as at September 30, 2019 was 4.2% ( December 31, 2018 - 4.6% ). This rate does not reflect the effect of the Company’s interest rate swap agreements (note 9 ). The aggregate annual long-term principal repayments required to be made by the Company under the Revolvers and term loans subsequent to September 30, 2019 are $25.4 million (remainder of 2019 ), $101.8 million ( 2020 ), $426.6 million ( 2021 ) and $59.1 million ( 2022 ). |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Operating Leases The Company charters-in vessels from other vessel owners on time-charter contracts, whereby the vessel owner provides use and technical operation of the vessel for the Company. A time charter-in contract is typically for a fixed period of time, although in certain cases, the Company may have the option to extend the charter. The Company typically pays the owner a daily hire rate that is fixed over the duration of the charter. The Company is generally not required to pay the daily hire rate during periods the vessel is not able to operate. The Company has determined that all of its time charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (technical operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to technically operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The discount rate of the lease is determined using the Company’s incremental borrowing rate, which is based on the fixed interest rate the Company could obtain when entering into a secured loan facility of similar terms. With respect to time charter-in contracts with an original term of more than one year, for the three and nine months ended September 30, 2019 , the Company incurred $6.4 million and $17.4 million of time-charter hire expense related to four time charter-in contracts, of which $3.6 million and $9.7 million were allocable to the lease component and $2.8 million and $7.7 million were allocable to the non-lease component. The $3.6 million and $9.7 million allocable to the lease component approximate the cash paid for the amounts included in lease liabilities and reflected as a reduction in operating cash flows for the three and nine months ended September 30, 2019 . Three of these time charter-in contracts include an option to extend the charter for an additional one -year term. Since it is not reasonably certain that the Company will exercise the options, the lease components of the options are not recognized as part of the right-of-use assets and lease liabilities. As at September 30, 2019 , the weighted-average remaining lease term and weighted-average discount rate for these time charter-in contracts were 1.5 years and 5.58% , respectively. The Company has elected to recognize the lease payments of short-term leases in the statement of loss on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred, which is consistent with the recognition of payment for the non-lease component. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. For the three and nine months ended September 30, 2019 , the Company incurred $4.2 million and $13.4 million of time-charter hire expense related to time charter-in contracts classified as short-term leases, respectively. During the nine months ended September 30, 2019 , the Company chartered in two LR2 vessels and one Aframax vessel for periods of 24 months, which resulted in the Company recognizing right-of-use assets of $14.6 million and $7.8 million on the lease commencement dates for the LR2 vessels and Aframax vessel, respectively. A maturity analysis of the Company’s operating lease liabilities from time charter-in contracts (excluding short-term leases) as at September 30, 2019 is as follows: Lease Commitment Non-Lease Commitment Total Commitment $ $ $ As at September 30, 2019 Payments: October to December 2019 4,352 3,445 7,797 2020 16,956 13,406 30,362 2021 3,315 2,585 5,900 Total payments 24,623 19,436 44,059 Less: imputed interest (1,028 ) Carrying value of operating lease liabilities 23,595 As at September 30, 2019 , minimum commitments to be incurred by the Company under short-term time charter-in contracts, were approximately $4.3 million (remainder of 2019 ) and $2.7 million ( 2020 ). As at December 31, 2018 , minimum commitments to be incurred by the Company relating to eight chartered-in vessels accounted for as operating leases, i ncluding three workboats for the Company's lightering support services, were approximately $36.9 million ( 2019 ), $23.5 million ( 2020 ) and $2.0 million ( 2021 ). |
Obligations Related to Finance Leases [Table Text Block] | As at As at September 30, 2019 December 31, 2018 $ $ Total obligations related to finance leases 420,934 375,289 Less: current portion (24,875 ) (20,896 ) Long-term obligations related to finance leases 396,059 354,393 |
Leases | Obligations Related to Finance Leases As at As at September 30, 2019 December 31, 2018 $ $ Total obligations related to finance leases 420,934 375,289 Less: current portion (24,875 ) (20,896 ) Long-term obligations related to finance leases 396,059 354,393 In May 2019, the Company completed a $63.7 million sale-leaseback financing transaction with a financial institution relating to two of the Company's Suezmax tankers, Aspen Spirit and Cascade Spirit . 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 also 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 9 - to 12 -year terms. The Company is obligated to purchase six of the Aframax vessels and two of the Suezmax vessels upon maturity of their respective bareboat charters. The Company also has the option to purchase each of the 16 tankers at various times starting between July 2020 and November 2021 until the end of their respective lease terms. The Company consolidates 14 of the 16 Lessors for financial reporting purposes as VIEs. 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 terms, and as a result, is considered to be the Lessors' primary beneficiary. The liabilities of the 14 Lessors are loans and are non-recourse to the Company. The amounts funded to the 14 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 14 Lessors considered as VIEs have been included in obligations related to finance leases as representing the Lessors' loans. Subsequent to the adoption of ASU 2016-02 on January 1, 2019, sale and leaseback transactions where the lessee has a purchase obligation are treated as a failed sale. Consequently, the Company has not derecognized the Aspen Spirit and Cascade Spirit and continues to depreciate the assets as if it was the legal owner. Proceeds received from the sale are set up as an obligation related to finance lease and bareboat charter hire payments made by the Company to the Lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. The bareboat charters related to these vessels require that the Company maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of the Company's consolidated debt and obligations related to finance 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 September 30, 2019 , this ratio was approximately 121% ( December 31, 2018 - 101% ). 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 September 30, 2019 , this ratio was approximately 113% ( December 31, 2018 - 91% ). Four of the 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 September 30, 2019 , this ratio was approximately 153% ( December 31, 2018 - 122% ). The remaining two bareboat charters also 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 September 30, 2019 , this ratio was approximately 108% ( December 31, 2018 - nil ). Such requirement is assessed annually with reference to vessel valuations compiled by one or more agreed upon third parties. As of the date these consolidated financial statements were issued, the Company was in compliance with all covenants in respect of its obligations related to finance leases. The weighted-average interest rate on the Company’s obligations related to finance leases as at September 30, 2019 was 7.7% ( December 31, 2018 - 7.5% ). As at September 30, 2019 and December 31, 2018 , the Company's total remaining commitments related to the financial liabilities of these Suezmax, Aframax and LR2 product tankers were approximately $615.9 million (December 31, 2018 - $557.1 million ) , including imputed interest of $195.0 million (December 31, 2018 - $181.8 million ), repayable from 2019 through 2030, as indicated below: Commitments Year September 30, 2019 December 31, 2018 Remainder of 2019 14,242 47,962 2020 56,364 47,373 2021 56,202 47,237 2022 56,193 47,230 2023 56,184 47,222 Thereafter 376,749 320,064 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Interest rate swap agreements The Company uses derivative instruments in accordance with its overall risk management policies. The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar LIBOR-denominated borrowings. As at September 30, 2019 , the Company was committed to the following interest rate swap agreements: Interest Rate Notional Amount Fair Value / Carrying Amount of Asset Fair Value /Carrying Amount of Liability Remaining Term Fixed Interest Rate Index $ $ $ (years) (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 57,852 167 — 1.3 1.46 U.S. Dollar-denominated interest rate swaps LIBOR 150,000 383 49 1.3 1.55 U.S. Dollar-denominated interest rate swaps LIBOR 50,000 365 — 1.3 1.16 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of September 30, 2019 , 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. 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. 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 Accounts receivable (Accrued liabilities) Current portion of derivative liabilities Derivative liabilities $ $ $ $ As at September 30, 2019 Interest rate swap agreements 833 82 365 — (49 ) Forward freight agreements 1,045 — — — — 1,878 82 365 — (49 ) 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 ) — Realized and unrealized gains (losses) relating to the interest rate swaps 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 as follows: Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 Realized gains Unrealized (losses) gains Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Interest rate swap agreements 613 (541 ) 72 711 13 724 Forward freight agreements 435 946 1,381 (119 ) (9 ) (128 ) 1,048 405 1,453 592 4 596 Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2018 Realized gains Unrealized (losses) gains Total Realized gains (losses) Unrealized gains Total $ $ $ $ $ $ Interest rate swap agreements 2,395 (5,010 ) (2,615 ) 1,575 3,262 4,837 Forward freight agreements 393 1,050 1,443 (137 ) 25 (112 ) 2,788 (3,960 ) (1,172 ) 1,438 3,287 4,725 |
Other Income
Other Income | 9 Months Ended |
Sep. 30, 2019 | |
Other Nonoperating Income [Abstract] | |
Components of Other Expense | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Foreign exchange gain 918 1,251 1,100 6,025 Other income 15 — 82 49 Total 933 1,251 1,182 6,074 |
Other Nonoperating Income and Expense [Text Block] | The components of other income are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Foreign exchange gain 918 1,251 1,100 6,025 Other income 15 — 82 49 Total 933 1,251 1,182 6,074 |
Freight Tax and Other Tax Expen
Freight Tax and Other Tax Expense Freight Tax and Other Tax Expense (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure [Text Block] | The following table reflects changes in uncertain tax positions relating to freight tax liabilities, which are recorded in other long-term liabilities on the Company's consolidated balance sheets: Nine Months Ended September 30 2019 2018 Balance of unrecognized tax benefits as at January 1 32,059 26,054 Increases for positions related to the current year 2,067 2,099 Changes for positions taken in prior years 2,114 1,852 Decreases related to statute of limitations — (93 ) Balance of unrecognized tax benefits as at September 30 36,240 29,912 The Company does not presently anticipate its uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions of the trading activity of its vessels. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include legal advice as to applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments a. Fair Value Measurements For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see Item 18 - Financial Statements: Note 13 to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2018 . The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis. September 30, 2019 December 31, 2018 Fair Value Hierarchy Level Carrying Amount Asset / (Liability) $ Fair Value Asset / (Liability) $ Carrying Amount Asset / (Liability) $ Fair Value Asset / (Liability) $ Recurring: Cash, cash equivalents and restricted cash Level 1 82,483 82,483 60,507 60,507 Derivative instruments (note 9) Interest rate swap agreements (1) Level 2 866 866 5,878 5,878 Forward freight agreements (1) Level 2 1,045 1,045 (57 ) (57 ) Other: Short-term debt (note 7) Level 2 (50,000 ) (50,000 ) — — Advances to equity-accounted for joint venture (2) 9,930 (2) 9,930 (2) Long-term debt, including current portion (note 6) Level 2 (608,960 ) (604,434 ) (735,406 ) (723,031 ) Obligations related to finance leases, including current portion (note 8) Level 2 (420,934 ) (451,145 ) (375,289 ) (377,652 ) (1) The fair value of the Company’s interest rate swap agreements and FFAs at September 30, 2019 and December 31, 2018 excludes accrued interest income and expenses which are recorded in accounts receivables and accrued liabilities, respectively, on the unaudited consolidated balance sheets. (2) The advances to its equity-accounted joint venture, together with the Company’s investment in the equity-accounted joint venture, form the net aggregate carrying value of the Company’s interests in the equity-accounted joint venture in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at September 30, 2019 and December 31, 2018 were not determinable. b. Financing Receivables The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. September 30, 2019 December 31, 2018 Class of Financing Receivable Credit Quality Indicator Grade $ $ Advances to equity-accounted joint venture Other internal metrics Performing 9,930 9,930 Total 9,930 9,930 |
Capital Stock and Stock-Based C
Capital Stock and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Capital Stock and Stock-Based Compensation | Capital Stock and Equity-Based Compensation The authorized capital stock of the Company at September 30, 2019 was 100,000,000 shares of preferred stock ( December 31, 2018 - 100,000,000 ), with a par value of $0.01 per share, 485,000,000 shares of Class A common stock ( December 31, 2018 - 485,000,000 ), with a par value of $0.01 per share, and 100,000,000 shares of Class B common stock ( December 31, 2018 - 100,000,000 ), with a par value of $0.01 per share. A share of Class A common stock entitles the holder to one vote per share while a share of Class B common stock entitles the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As of September 30, 2019 , the Company had 232.0 million shares of Class A common stock ( December 31, 2018 – 231.6 million ), 37.0 million shares of Class B common stock ( December 31, 2018 – 37.0 million ) and no shares of preferred stock ( December 31, 2018 – nil ) issued and outstanding. During March 2019, the Company granted, under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan, a total of 159,375 shares of Class A common stock with an aggregate value of $0.2 million and 0.5 million stock options with an exercise price of $1.00 per share to the Company’s non-management directors as part of their annual compensation for 2018 . During March 2018, 0.5 million stock options with an exercise price of $1.22 per share were granted to non-management directors of the Company. These stock options have a ten -year term and vest immediately. For the nine months ended September 30, 2019 and 2018, the compensation relating to the granting of such stock and stock options has been included in general and administrative expenses in the amount of $0.3 million and $0.4 million , respectively. The Company also grants stock options and restricted stock units as incentive-based compensation under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan to the officers of the Company and certain employees of Teekay subsidiaries that provide services to the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Company's stock-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of loss. During March 2019, the Company granted 1.4 million ( 2018 - 0.7 million ) stock options with an exercise price of $1.00 ( 2018 - $1.22 ) per share to the officers of the Company and certain employees of Teekay subsidiaries that provide services to the Company. Each stock option has a ten -year term and vests equally over three years from the grant date. The weighted-average fair value of the stock options granted in 2019 to non-management directors, officers and certain employees of Teekay subsidiaries that provide services to the Company was $0.35 ( 2018 - $0.35 ) 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% ( 2018 - 48.7% ); expected life of five years ( 2018 - five years); dividend yield of 3.0% ( 2018 - 5.5% ); and risk-free interest rate of 2.4% ( 2018 - 2.6% ). The expected life of the stock options granted was estimated using the historical exercise behavior of employees of Teekay that receive stock options from Teekay. The expected volatility was based on historical volatility of the Company's share price as calculated using historical data during the five years prior to the grant date. During March 2019, the Company also granted 0.6 million ( 2018 - 0.8 million ) restricted stock units to the officers of the Company and certain employees of Teekay subsidiaries that provide services to the Company with an aggregate fair value of $0.6 million ( 2018 - $0.9 million ). Each restricted stock unit is equal to one share of the Company’s common stock plus reinvested distributions from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Any portion of a restricted stock unit award that is not vested on the date of the recipient’s termination of service is cancelled, unless the recipient's termination arises as a result of the recipient’s retirement and, in this case, the restricted stock unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted stock unit awards, net of withholding taxes, is paid to each recipient in the form of common stock. During the three and nine months ended September 30, 2019 and 2018 , the Company recorded $0.2 million and $0.9 million ( 2018 - $0.2 million and $0.8 million ), respectively, of expenses related to the restricted stock units and stock options. During the nine months ended September 30, 2019 , a total of 0.4 million restricted stock units ( 2018 - 0.3 million ) with a market value of $0.5 million ( 2018 - $0.3 million ) vested and were paid to the grantees by issuing 0.3 million shares ( 2018 - 0.2 million shares) of Class A common stock, net of withholding taxes. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Management Fee - Related and Other a. The Company's operations are conducted in part by its subsidiaries, which receive services from Teekay's wholly-owned subsidiary, Teekay Shipping Ltd. (or the Manager, as successor by merger to 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 Teekay Investment Ltd. (or TIL ) vessels, which are managed by a third party) from its wholly-owned subsidiaries and no longer contracts these services from the Manager. Prior to this date, the Manager provided these services to the Company, which it did by subcontracting such services from the Company's subsidiary, Teekay Tanker Operations Ltd. (or TTOL ) and its affiliates. Certain of the Company’s vessels participate in RSAs that are managed by the Company's subsidiaries, TTOL or Teekay Tankers Chartering Pte Ltd. b. Amounts received and (paid by) the Company for related party transactions for the periods indicated were as follows: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 $ $ $ $ Vessel operating expenses - technical management fee (i) — (2,800 ) — (8,900 ) Strategic and administrative service fees (ii) (7,437 ) (7,875 ) (23,179 ) (25,204 ) Secondment fees (iii) (21 ) (189 ) (120 ) (548 ) LNG service revenues (iv) (150 ) 72 1,979 344 Technical management fee revenue (v) 169 3,490 596 9,819 Service revenues (vi) 100 343 317 758 (i) 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. There were no technical management fees paid to a related party for the three and nine months ended September 30, 2019 as the Company elected to receive 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 no longer contracts these services from the Manager. (ii) The Manager’s strategic and administrative service 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. 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 13) 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. (iii) 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. (iv) 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. The sub-contract ended in April 2019. (v) 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. (vi) The Company recorded revenue relating to TTOL's administration of certain RSAs and provision of certain commercial services to participants in the arrangements. c. The Manager and other subsidiaries of Teekay collect revenues and remit payments for expenses incurred by the Company’s vessels. Such amounts, which are presented on the Company’s consolidated balance sheets in "due from affiliates" or "due to affiliates," as applicable, are without interest or stated terms of repayment. In addition, $7.8 million and $7.6 million were payable as crewing and manning costs as at September 30, 2019 and December 31, 2018 , respectively, and such amounts are included in accrued liabilities in the consolidated balance sheets. These crewing and manning costs will be payable as reimbursement to the Manager once they are paid by the Manager to the vessels' crew. The amounts owing from certain RSAs, which are winding up, are reflected in the consolidated balance sheets as pool receivables from affiliates, and these amounts are without interest and are repayable upon the terms contained within the applicable RSA. In addition, the Company had advanced $ nil and $34.9 million as at September 30, 2019 and December 31, 2018 , respectively, to certain RSAs for working capital purposes. These activities, which are reflected in the Company's consolidated balance sheets as due from affiliates, are without interest or stated terms of repayment. d. 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 receivables from affiliates as at September 30, 2019 and December 31, 2018 were $0.6 million and $56.5 million , respectively. The decrease in the pool receivables from affiliates was due to the transition of vessels into the new RSA structure under a newly formed subsidiary of the Company, TTCL, during 2019. e. 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 the three and nine months ended September 30, 2019 , the Company recognized $0.1 million and $7.5 million ( September 30, 2018 - $3.3 million and $19.1 million ), respectively, related to vessels that were chartered-in from the RSA to assist with full service lightering operations. These amounts have been presented in voyage expenses on the Company's consolidated statements of loss. |
Sales of Vessels
Sales of Vessels - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Sale of Vessel [Text Block] | Sale of Vessel The Company's consolidated statements of loss for the nine months ended September 30, 2018 include 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. | |
Sales of Vessels | $ 0 | $ 589 |
Loss Per Share
Loss Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 15. Loss Per Share The net loss available for common shareholders and loss per common share are presented in the table below: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 $ $ $ $ Net loss (19,850 ) (17,484 ) (21,710 ) (64,050 ) Weighted average number of common shares - basic 268,990,399 268,558,556 268,887,485 268,470,804 Dilutive effect of stock-based awards — — — — Weighted average number of common shares - diluted 268,990,399 268,558,556 268,887,485 268,470,804 Loss per common share: – Basic (0.07 ) (0.07 ) (0.08 ) (0.24 ) – Diluted (0.07 ) (0.07 ) (0.08 ) (0.24 ) 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 periods where a loss attributable to shareholders has been incurred, all stock-based awards are anti-dilutive. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Total cash, cash equivalents and restricted cash is as follows: As at As at As at As at September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 $ $ $ $ Cash and cash equivalents 76,705 54,917 54,361 71,439 Restricted cash – current 2,341 2,153 1,794 1,599 Restricted cash – long-term 3,437 3,437 2,672 2,672 82,483 60,507 58,827 75,710 The Company maintains restricted cash deposits relating to certain FFAs (note 9 ), LNG terminal management and leasing arrangements (note 8 ). Non-cash items related to operating lease right-of-use assets and operating lease liabilities are as follows: For the nine months ended September 30, 2019 September 30, 2018 $ $ Leased assets obtained in exchange for new operating lease liabilities 22,432 — |
Subsequent Events (Notes)
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 20. Subsequent Events a. In November 2019, the Board of Directors determined to effect a one -for- eight reverse stock split of the Company's Class A common shares, par value $0.01 per share, and Class B common shares, par value $0.01 per share, which will be approved by its controlling shareholder, Teekay Corporation. The reverse stock split is expected to take effect, and the Company's Class A common shares are expected to begin trading on a split-adjusted basis on the New York Stock Exchange ( NYSE ), as of the opening of trading on November 25, 2019. When the reverse stock split becomes effective, every eight of the Company's issued and outstanding common shares will be combined into one issued common share, without any change to the par value per share. This will reduce the number of issued and outstanding Class A and B common shares from approximately 232.0 million and 37.0 million to approximately 29.0 million and 4.6 million , respectively. These consolidated financial statements have not been retrospectively adjusted to reflect the expected changes in the number of issued and outstanding common shares from this reverse stock split. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The unaudited interim consolidated financial statements (or consolidated financial statements ) have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). These consolidated financial statements include the accounts of Teekay Tankers Ltd., its wholly-owned subsidiaries, equity-accounted joint venture and any variable interest entities (or VIEs ) of which it is the primary beneficiary (collectively, the Company ). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2018 , filed on Form 20-F with the U.S. Securities and Exchange Commission (or the SEC ) on April 10, 2019. In the opinion of management, these consolidated financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Intercompany balances and transactions have been eliminated upon consolidation. Effective March 31, 2019 , the Company separately presents bunker and lube oil inventory on the Company’s consolidated balance sheet. Such amounts were previously classified as prepaid expenses. Bunker and lube oil inventory increased significantly as of the first quarter of 2019, as a result of changes to the Company’s revenue sharing arrangements (or RSAs ) whereby the Company now directly procures and has legal title to the bunker fuel for the vessels in the RSAs, with such assets being used as collateral for the new working capital loan arrangement entered into by the Company. Bunker and lube oil inventory is stated at cost, which is determined on a first-in, first-out basis. Comparative figures have been reclassified to conform to the presentation adopted in the current period. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 three and nine months ended September 30, 2019 and September 30, 2018 . 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. The Company’s lease income consists of the revenue from its voyage charters and time-charters. Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 $ $ $ $ Voyage charter revenues Suezmax 85,523 90,267 268,972 243,771 Aframax 51,075 29,210 164,381 76,952 LR2 23,989 16,712 84,001 40,312 Full service lightering 12,447 15,858 58,902 70,982 Total 173,034 152,047 576,256 432,017 Time-charter revenues Aframax — 7,784 1,837 31,608 Suezmax 1,909 2,909 4,938 13,063 LR2 — 1,633 — 7,149 Total 1,909 12,326 6,775 51,820 Other revenues Ship-to-ship support services 4,649 8,217 17,810 22,452 Commercial management 1,893 2,050 6,219 6,246 LNG terminal management, consultancy, procurement and other 819 1,275 10,022 3,504 Total 7,361 11,542 34,051 32,202 Total revenues 182,304 175,915 617,082 516,039 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Company's Revenue and Income from Operations by Segment | The following tables include results for the Company’s revenues and (loss) income from operations by segment for the three and nine months ended September 30, 2019 and September 30, 2018 . Three Months Ended September 30, 2019 Conventional Tanker Segment Ship-to-Ship Transfer Segment Inter-segment Adjustment (1) Total $ $ $ $ Revenues (2) 176,836 8,685 (3,217 ) 182,304 Voyage expenses (90,943 ) — 3,217 (87,726 ) Vessel operating expenses (41,833 ) (6,706 ) — (48,539 ) Time-charter hire expenses (9,331 ) (1,306 ) — (10,637 ) Depreciation and amortization (30,634 ) (902 ) — (31,536 ) General and administrative expenses (3) (7,955 ) (784 ) — (8,739 ) Loss from operations (3,860 ) (1,013 ) — (4,873 ) Equity income 68 — — 68 Three Months Ended September 30, 2018 Conventional Tanker Segment Ship-to-Ship Transfer Segment Inter-segment Adjustment (1) Total $ $ $ $ Revenues (2) 166,423 12,019 (2,527 ) 175,915 Voyage expenses (85,575 ) — 2,527 (83,048 ) Vessel operating expenses (43,432 ) (8,729 ) — (52,161 ) Time-charter hire expenses (2,935 ) (1,382 ) — (4,317 ) Depreciation and amortization (28,532 ) (1,063 ) — (29,595 ) General and administrative expenses (3) (7,985 ) (762 ) — (8,747 ) Restructuring charges — (213 ) — (213 ) Loss from operations (2,036 ) (130 ) — (2,166 ) Equity loss (359 ) — — (359 ) Nine Months Ended September 30, 2019 Conventional Tanker Segment Ship-to-Ship Transfer Segment Inter-segment Adjustment (1) Total $ $ $ $ Revenues (2) 589,250 36,421 (8,589 ) 617,082 Voyage expenses (286,322 ) — 8,589 (277,733 ) Vessel operating expenses (129,555 ) (27,171 ) — (156,726 ) Time-charter hire expenses (26,497 ) (4,380 ) — (30,877 ) Depreciation and amortization (89,422 ) (2,637 ) — (92,059 ) General and administrative expenses (3) (25,030 ) (2,382 ) — (27,412 ) Income (loss) from operations 32,424 (149 ) — 32,275 Equity income 652 — — 652 Nine Months Ended September 30, 2018 Conventional Tanker Segment Ship-to-Ship Transfer Segment Inter-segment Adjustment (1) Total $ $ $ $ Revenues (2) 490,083 35,061 (9,105 ) 516,039 Voyage expenses (259,079 ) — 9,105 (249,974 ) Vessel operating expenses (131,886 ) (25,922 ) — (157,808 ) Time-charter hire expenses (10,326 ) (4,371 ) — (14,697 ) Depreciation and amortization (85,171 ) (3,427 ) — (88,598 ) General and administrative expenses (3) (25,385 ) (2,554 ) — (27,939 ) Gain on sale of vessel — 170 — 170 Restructuring charges (152 ) (1,043 ) — (1,195 ) Loss from operations (21,916 ) (2,086 ) — (24,002 ) Equity income 265 — — 265 (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 was based on actual costs incurred. (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. (3) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). |
Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets | A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows: As at As at September 30, 2019 December 31, 2018 $ $ Conventional Tanker Segment 2,059,873 2,069,854 Ship-to-Ship Transfer Segment 33,560 36,315 Cash and cash equivalents 76,705 54,917 Consolidated total assets 2,170,138 2,161,086 |
Investments in and Advances t_2
Investments in and Advances to Equity Accounted Joint Venture (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in and Advances to Equity Accounted Investments | As at September 30, 2019 As at December 31, 2018 $ $ High-Q Joint Venture 26,418 25,766 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | As at As at September 30, 2019 December 31, 2018 $ $ Revolving Credit Facilities due through 2022 363,930 417,997 Term Loans due through 2021 248,947 323,995 Total principal 612,877 741,992 Less: unamortized discount and debt issuance costs (3,917 ) (6,586 ) Total debt 608,960 735,406 Less: current portion (101,295 ) (106,236 ) Non-current portion of long-term debt 507,665 629,170 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Finance Leases [Table Text Block] | Commitments Year September 30, 2019 December 31, 2018 Remainder of 2019 14,242 47,962 2020 56,364 47,373 2021 56,202 47,237 2022 56,193 47,230 2023 56,184 47,222 Thereafter 376,749 320,064 |
Lessee, Operating Lease, Disclosure [Table Text Block] | Lease Commitment Non-Lease Commitment Total Commitment $ $ $ As at September 30, 2019 Payments: October to December 2019 4,352 3,445 7,797 2020 16,956 13,406 30,362 2021 3,315 2,585 5,900 Total payments 24,623 19,436 44,059 Less: imputed interest (1,028 ) Carrying value of operating lease liabilities 23,595 As at September 30, 2019 , minimum commitments to be incurred by the Company under short-term time charter-in contracts, were approximately $4.3 million (remainder of 2019 ) and $2.7 million ( 2020 ). As at December 31, 2018 , minimum commitments to be incurred by the Company relating to eight chartered-in vessels accounted for as operating leases, i ncluding three workboats for the Company's lightering support services, were approximately $36.9 million ( 2019 ), $23.5 million ( 2020 ) and $2.0 million ( 2021 ). |
Obligations Related to Finance Leases [Table Text Block] | As at As at September 30, 2019 December 31, 2018 $ $ Total obligations related to finance leases 420,934 375,289 Less: current portion (24,875 ) (20,896 ) Long-term obligations related to finance leases 396,059 354,393 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Positions | As at September 30, 2019 , the Company was committed to the following interest rate swap agreements: Interest Rate Notional Amount Fair Value / Carrying Amount of Asset Fair Value /Carrying Amount of Liability Remaining Term Fixed Interest Rate Index $ $ $ (years) (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swaps (2) LIBOR 57,852 167 — 1.3 1.46 U.S. Dollar-denominated interest rate swaps LIBOR 150,000 383 49 1.3 1.55 U.S. Dollar-denominated interest rate swaps LIBOR 50,000 365 — 1.3 1.16 (1) Excludes the margin the Company pays on its variable-rate debt, which, as of September 30, 2019 , 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 Accounts receivable (Accrued liabilities) Current portion of derivative liabilities Derivative liabilities $ $ $ $ As at September 30, 2019 Interest rate swap agreements 833 82 365 — (49 ) Forward freight agreements 1,045 — — — — 1,878 82 365 — (49 ) 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 ) — |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Realized and unrealized gains (losses) relating to the interest rate swaps 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 as follows: Three Months Ended Three Months Ended September 30, 2019 September 30, 2018 Realized gains Unrealized (losses) gains Total Realized gains (losses) Unrealized gains (losses) Total $ $ $ $ $ $ Interest rate swap agreements 613 (541 ) 72 711 13 724 Forward freight agreements 435 946 1,381 (119 ) (9 ) (128 ) 1,048 405 1,453 592 4 596 Nine Months Ended Nine Months Ended September 30, 2019 September 30, 2018 Realized gains Unrealized (losses) gains Total Realized gains (losses) Unrealized gains Total $ $ $ $ $ $ Interest rate swap agreements 2,395 (5,010 ) (2,615 ) 1,575 3,262 4,837 Forward freight agreements 393 1,050 1,443 (137 ) 25 (112 ) 2,788 (3,960 ) (1,172 ) 1,438 3,287 4,725 |
Freight Tax and Other Tax Exp_2
Freight Tax and Other Tax Expense (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Other Liabilities [Table Text Block] | The following table reflects changes in uncertain tax positions relating to freight tax liabilities, which are recorded in other long-term liabilities on the Company's consolidated balance sheets: Nine Months Ended September 30 2019 2018 Balance of unrecognized tax benefits as at January 1 32,059 26,054 Increases for positions related to the current year 2,067 2,099 Changes for positions taken in prior years 2,114 1,852 Decreases related to statute of limitations — (93 ) Balance of unrecognized tax benefits as at September 30 36,240 29,912 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis | The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis. September 30, 2019 December 31, 2018 Fair Value Hierarchy Level Carrying Amount Asset / (Liability) $ Fair Value Asset / (Liability) $ Carrying Amount Asset / (Liability) $ Fair Value Asset / (Liability) $ Recurring: Cash, cash equivalents and restricted cash Level 1 82,483 82,483 60,507 60,507 Derivative instruments (note 9) Interest rate swap agreements (1) Level 2 866 866 5,878 5,878 Forward freight agreements (1) Level 2 1,045 1,045 (57 ) (57 ) Other: Short-term debt (note 7) Level 2 (50,000 ) (50,000 ) — — Advances to equity-accounted for joint venture (2) 9,930 (2) 9,930 (2) Long-term debt, including current portion (note 6) Level 2 (608,960 ) (604,434 ) (735,406 ) (723,031 ) Obligations related to finance leases, including current portion (note 8) Level 2 (420,934 ) (451,145 ) (375,289 ) (377,652 ) (1) The fair value of the Company’s interest rate swap agreements and FFAs at September 30, 2019 and December 31, 2018 excludes accrued interest income and expenses which are recorded in accounts receivables and accrued liabilities, respectively, on the unaudited consolidated balance sheets. (2) The advances to its equity-accounted joint venture, together with the Company’s investment in the equity-accounted joint venture, form the net aggregate carrying value of the Company’s interests in the equity-accounted joint venture in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at September 30, 2019 and December 31, 2018 were not determinable. |
Summary of Financing Receivables | The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis. September 30, 2019 December 31, 2018 Class of Financing Receivable Credit Quality Indicator Grade $ $ Advances to equity-accounted joint venture Other internal metrics Performing 9,930 9,930 Total 9,930 9,930 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 $ $ $ $ Vessel operating expenses - technical management fee (i) — (2,800 ) — (8,900 ) Strategic and administrative service fees (ii) (7,437 ) (7,875 ) (23,179 ) (25,204 ) Secondment fees (iii) (21 ) (189 ) (120 ) (548 ) LNG service revenues (iv) (150 ) 72 1,979 344 Technical management fee revenue (v) 169 3,490 596 9,819 Service revenues (vi) 100 343 317 758 (i) 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. There were no technical management fees paid to a related party for the three and nine months ended September 30, 2019 as the Company elected to receive 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 no longer contracts these services from the Manager. (ii) The Manager’s strategic and administrative service 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. 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 13) 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. (iii) 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. (iv) 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. The sub-contract ended in April 2019. (v) 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. (vi) The Company recorded revenue relating to TTOL's administration of certain RSAs and provision of certain commercial services to participants in the arrangements. |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted (Loss) Earnings Per Share | The net loss available for common shareholders and loss per common share are presented in the table below: Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 $ $ $ $ Net loss (19,850 ) (17,484 ) (21,710 ) (64,050 ) Weighted average number of common shares - basic 268,990,399 268,558,556 268,887,485 268,470,804 Dilutive effect of stock-based awards — — — — Weighted average number of common shares - diluted 268,990,399 268,558,556 268,887,485 268,470,804 Loss per common share: – Basic (0.07 ) (0.07 ) (0.08 ) (0.24 ) – Diluted (0.07 ) (0.07 ) (0.08 ) (0.24 ) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Total cash, cash equivalents and restricted cash is as follows: As at As at As at As at September 30, 2019 December 31, 2018 September 30, 2018 December 31, 2017 $ $ $ $ Cash and cash equivalents 76,705 54,917 54,361 71,439 Restricted cash – current 2,341 2,153 1,794 1,599 Restricted cash – long-term 3,437 3,437 2,672 2,672 82,483 60,507 58,827 75,710 The Company maintains restricted cash deposits relating to certain FFAs (note 9 ), LNG terminal management and leasing arrangements (note 8 ). Non-cash items related to operating lease right-of-use assets and operating lease liabilities are as follows: For the nine months ended September 30, 2019 September 30, 2018 $ $ Leased assets obtained in exchange for new operating lease liabilities 22,432 — |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements Accounting Pronouncements - Narrative (Details) $ in Thousands | Sep. 30, 2019USD ($)vessel | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets (notes 2 and 8) | $ 23,595 | $ 0 | |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets (notes 2 and 8) | $ 11,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Finance Leased Assets, Number of Units | vessel | 14 |
Revenue Revenue - Narrative (De
Revenue Revenue - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)vesselcontract | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)vessel | |
Disaggregation of Revenue [Line Items] | |||||
Number of forms of contracts | contract | 2 | ||||
Total revenues | $ 182,304 | $ 175,915 | $ 617,082 | $ 516,039 | |
Number Of Vessels | vessel | 3 | 8 | |||
Operating leases, future minimum payments receivable | 6,300 | $ 6,300 | $ 6,300 | ||
Time-charter [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenues | $ 1,909 | $ 12,326 | $ 6,775 | $ 51,820 | |
Charters Out | |||||
Disaggregation of Revenue [Line Items] | |||||
Number Of Vessels | vessel | 1 | 2 |
Revenue Revenue - Disaggregatio
Revenue Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 182,304 | $ 175,915 | $ 617,082 | $ 516,039 |
Voyage Charters - Suezmax | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 85,523 | 90,267 | 268,972 | 243,771 |
Voyage Charters - Aframax | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 51,075 | 29,210 | 164,381 | 76,952 |
Voyage Charters - LR2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 23,989 | 16,712 | 84,001 | 40,312 |
Voyage Charters - Full Service Lightering | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 12,447 | 15,858 | 58,902 | 70,982 |
Voyage charter revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 173,034 | 152,047 | 576,256 | 432,017 |
Time Charters - Aframax | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 7,784 | 1,837 | 31,608 |
Time Charters - Suezmax | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,909 | 2,909 | 4,938 | 13,063 |
Time Charters - LR2 | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 1,633 | 0 | 7,149 |
Time-charter [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,909 | 12,326 | 6,775 | 51,820 |
Ship-to-ship support services, Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 4,649 | 8,217 | 17,810 | 22,452 |
Commercial management, Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,893 | 2,050 | 6,219 | 6,246 |
LNG terminal management, consultancy and other, Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 819 | 1,275 | 10,022 | 3,504 |
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 7,361 | $ 11,542 | $ 34,051 | $ 32,202 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019segment | |
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 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 182,304 | $ 175,915 | $ 617,082 | $ 516,039 |
Voyage expenses | (87,726) | (83,048) | (277,733) | (249,974) |
Vessel operating expenses | (48,539) | (52,161) | (156,726) | (157,808) |
Time-charter hire expenses (note 8) | (10,637) | (4,317) | (30,877) | (14,697) |
Depreciation and amortization | (31,536) | (29,595) | (92,059) | (88,598) |
General and administrative expenses | (8,739) | (8,747) | (27,412) | (27,939) |
Gain on sale of vessel | 0 | 0 | 0 | 170 |
Restructuring charges | 0 | (213) | 0 | (1,195) |
(Loss) income from operations | (4,873) | (2,166) | 32,275 | (24,002) |
Equity loss | 68 | (359) | 652 | 265 |
Operating Segments | Conventional Tanker Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 176,836 | 166,423 | 589,250 | 490,083 |
Voyage expenses | (90,943) | (85,575) | (286,322) | (259,079) |
Vessel operating expenses | (41,833) | (43,432) | (129,555) | (131,886) |
Time-charter hire expenses (note 8) | (9,331) | (2,935) | (26,497) | (10,326) |
Depreciation and amortization | (30,634) | (28,532) | (89,422) | (85,171) |
General and administrative expenses | (7,955) | (7,985) | (25,030) | (25,385) |
Gain on sale of vessel | 0 | |||
Restructuring charges | 0 | (152) | ||
(Loss) income from operations | (3,860) | (2,036) | 32,424 | (21,916) |
Equity loss | 68 | (359) | 652 | 265 |
Operating Segments | Ship-to-Ship Transfer Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 8,685 | 12,019 | 36,421 | 35,061 |
Voyage expenses | 0 | 0 | 0 | 0 |
Vessel operating expenses | (6,706) | (8,729) | (27,171) | (25,922) |
Time-charter hire expenses (note 8) | (1,306) | (1,382) | (4,380) | (4,371) |
Depreciation and amortization | (902) | (1,063) | (2,637) | (3,427) |
General and administrative expenses | (784) | (762) | (2,382) | (2,554) |
Gain on sale of vessel | 170 | |||
Restructuring charges | (213) | (1,043) | ||
(Loss) income from operations | (1,013) | (130) | (149) | (2,086) |
Equity loss | 0 | 0 | 0 | 0 |
Inter-segment Adjustment | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (3,217) | (2,527) | (8,589) | (9,105) |
Voyage expenses | 3,217 | 2,527 | 8,589 | 9,105 |
Vessel operating expenses | 0 | 0 | 0 | 0 |
Time-charter hire expenses (note 8) | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 | 0 |
Gain on sale of vessel | 0 | |||
Restructuring charges | 0 | 0 | ||
(Loss) income from operations | 0 | 0 | 0 | 0 |
Equity loss | $ 0 | $ 0 | $ 0 | $ 0 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Consolidated total assets | $ 2,170,138 | $ 2,161,086 | ||
Cash and cash equivalents | 76,705 | 54,917 | $ 54,361 | $ 71,439 |
Conventional Tanker Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Consolidated total assets | 2,059,873 | 2,069,854 | ||
Ship-to-Ship Transfer Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Consolidated total assets | $ 33,560 | $ 36,315 |
Investments in and Advances t_3
Investments in and Advances to Equity Accounted Joint Venture - Schedule of Investments in and Advances to Equity Accounted Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in and advances to equity accounted investments | $ 26,418 | $ 25,766 |
High-Q Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment in and advances to equity accounted investments | $ 26,418 | $ 25,766 |
Investments in and Advances t_4
Investments in and Advances to Equity Accounted Joint Venture - Additional Information (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)vessel | Dec. 31, 2018USD ($)vessel | |
Investments in and Advances to Affiliates [Line Items] | ||
Number Of Vessels | vessel | 3 | 8 |
Long-term Debt, Gross | $ | $ 612,877 | $ 741,992 |
High-Q Joint Venture | ||
Investments in and Advances to Affiliates [Line Items] | ||
Ownership percentage | 50.00% | |
High-Q Joint Venture | ||
Investments in and Advances to Affiliates [Line Items] | ||
Number Of Vessels | vessel | 1 | |
Long-term Debt, Gross | $ | $ 33,500 | $ 37,500 |
Percentage of exposure to loan guarantee | 50.00% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)credit_facility | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Proceeds from financing related to sales and leaseback of vessels (note 8) | $ 63,720,000 | $ 156,644,000 | |
Total principal | 612,877,000 | $ 741,992,000 | |
Less: unamortized discount and debt issuance costs | (3,917,000) | (6,586,000) | |
Total debt | 608,960,000 | 735,406,000 | |
Less: current portion | (101,295,000) | (106,236,000) | |
Non-current portion of long-term debt | 507,665,000 | 629,170,000 | |
Term Loans | |||
Debt Instrument [Line Items] | |||
Total principal | 248,947,000 | 323,995,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total principal | $ 363,930,000 | 417,997,000 | |
Revolving Credit Facilities Due through 2022 [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Number Of Debt Instruments | credit_facility | 2 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 18,400,000 | 11,800,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 382,300,000 | $ 429,800,000 | |
Long-term Debt, Maturities, Revolving Credit Facility, Decrease in Amount Available Remaining Fiscal Year | 3,000,000 | ||
Long-term Debt, Maturities, Revolving Credit Facility, Decrease in Amount Available Year Two | 12,100,000 | ||
Long-term Debt, Maturities, Revolving Credit Facility, Decrease in Amount Available Year Three | 304,800,000 | ||
Long-term Debt, Maturities, Revolving Credit Facility, Decrease in Amount Available Year Four | $ 62,400,000 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Term Loans | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | 2.75% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Term Loans | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | 0.30% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.00% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information - Revolvers and Term Loans (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019USD ($)loancredit_facilityvessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 31, 2016USD ($) | |
Debt Instrument [Line Items] | ||||
Total principal | $ 612,877,000 | $ 741,992,000 | ||
Long-term Debt | $ 608,960,000 | 735,406,000 | ||
Secured Debt Two | Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 6 months | |||
Maintain the greater of free cash liquidity | $ 100,000,000 | |||
Minimum liquidity as a percentage of debt | 7.50% | |||
Term Loans | ||||
Debt Instrument [Line Items] | ||||
Total principal | $ 248,947,000 | 323,995,000 | ||
Remaining Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 150,400,000 | 166,400,000 | ||
Remaining 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% | |||
Term Loan Due 2021 | Term Loans | ||||
Debt Instrument [Line Items] | ||||
Number Of Debt Instruments | credit_facility | 3 | |||
Total principal | $ 249,000,000 | $ 324,000,000 | ||
Debt instrument, interest rate, stated percentage | 5.40% | 5.40% | ||
Maturing in May 2021 | Term Loans | ||||
Debt Instrument [Line Items] | ||||
Number Of Debt Instruments | loan | 2 | |||
Revolver 2017 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 270,000,000 | |||
Long-term Debt | $ 71,200,000 | $ 125,300,000 | ||
Collateral, number of vessels | vessel | 5 | |||
Debt Instrument, Collateral Amount | $ 140,000,000 | $ 192,600,000 | ||
Debt Covenant Minimum Hull Coverage Ratio | 125.00% | |||
Actual Hull Coverage Ratio | 243.00% | 163.00% | ||
Revolver 2017 | Not Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Minimum liquidity covenant requirement | $ 35,000,000 | |||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | |||
2016 Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 391,200,000 | $ 450,300,000 | $ 894,400,000 | |
Collateral, number of vessels | vessel | 29 | |||
Debt Instrument, Collateral Amount | $ 930,900,000 | $ 972,500,000 | ||
Debt Covenant Minimum Hull Coverage Ratio | 125.00% | |||
Actual Hull Coverage Ratio | 192.00% | 137.00% | ||
2016 Debt Facility | Not Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Minimum liquidity covenant requirement | $ 35,000,000 | |||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | |||
Remaining Secured Debt | Term Loans | ||||
Debt Instrument [Line Items] | ||||
Number Of Debt Instruments | credit_facility | 2 | |||
Collateral, number of vessels | vessel | 6 | |||
Term Loan Due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 98,500,000 | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 0.30% | |||
Minimum [Member] | Revolver 2017 | Not Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 6 months | |||
Minimum [Member] | 2016 Debt Facility | Not Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 6 months | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 3.50% | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Term Loans | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 0.30% | 0.30% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Term Loans | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 2.00% | 2.00% | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Total principal | $ 363,930,000 | $ 417,997,000 | ||
Revolving Credit Facility [Member] | Revolving Credit Facilities Due through 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Number Of Debt Instruments | credit_facility | 2 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 382,300,000 | 429,800,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 18,400,000 | $ 11,800,000 | ||
Long-term Debt, Maturities, Revolving Credit Facility, Decrease in Amount Available Remaining Fiscal Year | 3,000,000 | |||
Long-term Debt, Maturities, Revolving Credit Facility, Decrease in Amount Available Year Two | 12,100,000 | |||
Long-term Debt, Maturities, Revolving Credit Facility, Decrease in Amount Available Year Three | 304,800,000 | |||
Long-term Debt, Maturities, Revolving Credit Facility, Decrease in Amount Available Year Four | 62,400,000 | |||
Revolving Credit Facility [Member] | 2016 Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 292,700,000 | |||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 2.00% | 2.00% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum | ||||
Debt Instrument [Line Items] | ||||
Percentage of margin | 2.75% | 2.75% | ||
Remaining Secured Debt | Minimum [Member] | Guaranteed By Teekay Corporation | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 6 months |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information - Other (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Instruments [Abstract] | ||
Weighted-average effective interest rate | 4.20% | 4.60% |
Aggregate annual long-term principal repayments, 2019 | $ 25.4 | |
Aggregate annual long-term principal repayments, 2020 | 101.8 | |
Aggregate annual long-term principal repayments, 2021 | 426.6 | |
Aggregate annual long-term principal repayments, 2022 | $ 59.1 |
Long-Term Debt Long-Term Debt s
Long-Term Debt Long-Term Debt sale-leaseback (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2019vessel | Nov. 30, 2018vessel | Sep. 30, 2018vessel | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($) | Dec. 31, 2018vessel | |
Debt Instrument [Line Items] | ||||||
Proceeds from financing related to sales and leaseback of vessels (note 8) | $ | $ 63,720 | $ 156,644 | ||||
Number Of Vessels | 3 | 8 | ||||
Finance Lease Obligations [Member] | May 2019 Sale Leaseback [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number Of Vessels | 2 | |||||
Finance Lease Obligations [Member] | September 2018 Sale Leaseback [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number Of Vessels | 6 | |||||
Finance Lease Obligations [Member] | November 2018 Sale leaseback Transaction [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number Of Vessels | 4 |
Leases Finance Lease Obligation
Leases Finance Lease Obligation (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
May 31, 2019USD ($)vessel | Nov. 30, 2018USD ($)vessel | Sep. 30, 2018USD ($)vessel | Jul. 31, 2017USD ($)vessel | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)vessel | |
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels (note 8) | $ | $ 63,720 | $ 156,644 | |||||
Number Of Vessels | 3 | 8 | |||||
Finance Lease, Weighted Average Discount Rate, Percent | 7.70% | 7.50% | |||||
Total obligations related to finance leases | $ | $ 420,934 | $ 375,289 | |||||
Current obligations related to finance leases (note 8) | $ | 24,875 | 20,896 | |||||
Finance Lease, Liability, Noncurrent | $ | $ 396,059 | $ 354,393 | |||||
May 2019 Sale Leaseback [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 90.00% | ||||||
Actual Hull Coverage Ratio | 108.00% | 0.00% | |||||
Debt Covenant Minimum Hull Coverage Ratio | 75.00% | ||||||
Debt Covenant Minimum Hull Coverage Ratio, Year 2 | 78.00% | ||||||
Maintain 80% Hull Coverage Ratio for the Third & Fourth Year | 80.00% | ||||||
November 2018 Sale leaseback Transaction [Member] | Suezmax, Aframax and LR2 Vessels [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Maintain 100% Hull Overage Ratio | 100.00% | ||||||
November 2018 Sale leaseback Transaction [Member] | Suezmax, Aframax and LR2 Sale Leaseback [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Actual Hull Coverage Ratio | 153.00% | 122.00% | |||||
July 2017 Sale Leaseback [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 100.00% | ||||||
Actual Hull Coverage Ratio | 121.00% | 101.00% | |||||
Debt Covenant Minimum Hull Coverage Ratio, Years 1, 2 and 3 | 90.00% | ||||||
September 2018 Sale Leaseback [Member] | Aframax Tanker | |||||||
Finance Leased Assets [Line Items] | |||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 90.00% | ||||||
Actual Hull Coverage Ratio | 113.00% | 91.00% | |||||
Debt Covenant Minimum Hull Coverage Ratio | 75.00% | ||||||
Debt Covenant Minimum Hull Coverage Ratio, Year 2 | 78.00% | ||||||
Maintain 80% Hull Coverage Ratio for the Third & Fourth Year | 80.00% | ||||||
Finance Lease Obligations [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number of Lessors | 16 | ||||||
Finance Lease Obligations [Member] | May 2019 Sale Leaseback [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 2 | ||||||
Finance Lease Obligations [Member] | May 2019 Sale Leaseback [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels (note 8) | $ | $ 63,700 | ||||||
Number Of Vessels | 2 | 2 | |||||
Finance Lease Obligations [Member] | November 2018 Sale leaseback Transaction [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 4 | ||||||
Finance Lease Obligations [Member] | November 2018 Sale leaseback Transaction [Member] | Aframax Tanker | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 2 | ||||||
Finance Lease Obligations [Member] | November 2018 Sale leaseback Transaction [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 1 | ||||||
Finance Lease Obligations [Member] | November 2018 Sale leaseback Transaction [Member] | Suezmax, Aframax and LR2 Vessels [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels (note 8) | $ | $ 84,700 | ||||||
Number Of Vessels | 4 | 4 | |||||
Finance Lease Obligations [Member] | July 2017 Sale Leaseback [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels (note 8) | $ | $ 153,000 | ||||||
Number Of Vessels | 4 | 4 | |||||
Finance Lease Obligations [Member] | September 2018 Sale Leaseback [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 6 | ||||||
Finance Lease Obligations [Member] | September 2018 Sale Leaseback [Member] | Aframax Tanker | |||||||
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels (note 8) | $ | $ 156,600 | ||||||
Number Of Vessels | 6 | 6 | |||||
Option to Purchase July 2020- Nov 2021[Member] | Suezmax, Aframax and LR2 Vessels [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 16 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number of Lessors | 14 |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
May 31, 2019USD ($)vessel | Nov. 30, 2018USD ($)vessel | Sep. 30, 2018USD ($)vessel | Jul. 31, 2017USD ($)vessel | Sep. 30, 2019USD ($)vessel | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)vessel | |
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels | $ | $ 63,720,000 | $ 156,644,000 | |||||
Number Of Vessels | 3 | 8 | |||||
Finance Lease, Weighted Average Discount Rate, Percent | 7.70% | 7.50% | |||||
LR2 Tankers [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 2 | ||||||
Suezmax, Aframax and LR2 Vessels [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Finance Lease, Liability, Payment, Due | $ | $ 615,900,000 | $ 557,100,000 | |||||
Finance Lease, Liability, Undiscounted Excess Amount | $ | $ 195,000,000 | $ 181,800,000 | |||||
Aframax Tanker | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels Obligated to Purchase | $ | 6 | ||||||
Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels Obligated to Purchase | $ | 2 | ||||||
Minimum [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Sale Leaseback Transaction, Lease Terms | P9Y | ||||||
Maximum | |||||||
Finance Leased Assets [Line Items] | |||||||
Sale Leaseback Transaction, Lease Terms | P12Y | ||||||
Option to Purchase July 2020- Nov 2021[Member] | Suezmax, Aframax and LR2 Vessels [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 16 | ||||||
Finance Lease Obligations [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number of Lessors | 16 | ||||||
Finance Lease Obligations [Member] | Suezmax, Aframax and LR2 Vessels [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Minimum liquidity covenant requirement | $ | $ 35,000,000 | ||||||
Minimum liquidity as a percentage of consolidated debt covenant requirement | 5.00% | ||||||
Finance Lease Obligations [Member] | Minimum [Member] | Suezmax, Aframax and LR2 Vessels [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Debt Instrument, Term | 6 months | ||||||
July 2017 Sale Leaseback [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 100.00% | ||||||
Actual Hull Coverage Ratio | 121.00% | 101.00% | |||||
July 2017 Sale Leaseback [Member] | Finance Lease Obligations [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Period Required to Maintain 90% Hull Coverage Ratio | three | ||||||
July 2017 Sale Leaseback [Member] | Finance Lease Obligations [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels | $ | $ 153,000,000 | ||||||
Number Of Vessels | 4 | 4 | |||||
September 2018 Sale Leaseback [Member] | Aframax Tanker | |||||||
Finance Leased Assets [Line Items] | |||||||
Maintain 78% Hull Coverage Ratio for the Second Year | 75.00% | ||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 90.00% | ||||||
Actual Hull Coverage Ratio | 113.00% | 91.00% | |||||
Debt Covenant Minimum Hull Coverage Ratio, Year 2 | 78.00% | ||||||
September 2018 Sale Leaseback [Member] | Finance Lease Obligations [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 6 | ||||||
September 2018 Sale Leaseback [Member] | Finance Lease Obligations [Member] | Aframax Tanker | |||||||
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels | $ | $ 156,600,000 | ||||||
Number Of Vessels | 6 | 6 | |||||
November 2018 Sale leaseback Transaction [Member] | Finance Lease Obligations [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 4 | ||||||
November 2018 Sale leaseback Transaction [Member] | Finance Lease Obligations [Member] | LR2 Tankers [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 1 | ||||||
November 2018 Sale leaseback Transaction [Member] | Finance Lease Obligations [Member] | Suezmax, Aframax and LR2 Vessels [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels | $ | $ 84,700,000 | ||||||
Number Of Vessels | 4 | 4 | |||||
November 2018 Sale leaseback Transaction [Member] | Finance Lease Obligations [Member] | Aframax Tanker | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 2 | ||||||
November 2018 Sale leaseback Transaction [Member] | Finance Lease Obligations [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 1 | ||||||
May 2019 Sale Leaseback [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Maintain 78% Hull Coverage Ratio for the Second Year | 75.00% | ||||||
Debt Covenant Minimum Hull Coverage Ratio, Thereafter | 90.00% | ||||||
Actual Hull Coverage Ratio | 108.00% | 0.00% | |||||
Debt Covenant Minimum Hull Coverage Ratio, Year 2 | 78.00% | ||||||
May 2019 Sale Leaseback [Member] | Finance Lease Obligations [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number Of Vessels | 2 | ||||||
May 2019 Sale Leaseback [Member] | Finance Lease Obligations [Member] | Suezmax Tankers | |||||||
Finance Leased Assets [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels | $ | $ 63,700,000 | ||||||
Number Of Vessels | 2 | 2 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Finance Leased Assets [Line Items] | |||||||
Number of Lessors | 14 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - Suezmax, Aframax and LR2 Vessels [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Finance Leased Assets [Line Items] | ||
Finance Lease, Liability, Payment, Due | $ 615,900 | $ 557,100 |
Finance Lease, Liability, Undiscounted Excess Amount | 195,000 | 181,800 |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 14,242 | 47,962 |
Finance Lease, Liability, Payments, Due Year Two | 56,364 | 47,373 |
Finance Lease, Liability, Payments, Due Year Three | 56,202 | 47,237 |
Finance Lease, Liability, Payments, Due Year Four | 56,193 | 47,230 |
Finance Lease, Liability, Payments, Due Year Five | 56,184 | 47,222 |
Finance Lease, Liability, Payments, Due after Year Five | $ 376,749 | $ 320,064 |
Leases Operating Leases (Detail
Leases Operating Leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($)vessel | Dec. 31, 2018USD ($)vessel | |
Operating Leased Assets [Line Items] | |||
Operating lease right-of-use assets (notes 2 and 8) | $ 23,595 | $ 23,595 | $ 0 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 30,362 | $ 30,362 | |
Number Of Vessels | vessel | 3 | 8 | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | 7,797 | $ 7,797 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 5,900 | 5,900 | |
Lessee, Operating Lease, Liability, Payments, Due | 44,059 | 44,059 | |
Operating Lease, Liability | 23,595 | 23,595 | |
Time Charter-in Hire Expense | 6,400 | 17,400 | |
Time Charter Hire Expense Lease Component | $ 3,600 | $ 9,700 | |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 6 months | 1 year 6 months | |
Operating Lease, Weighted Average Discount Rate, Percent | 5.58% | 5.58% | |
Charter Contract Extension, Period | 1 year | ||
Time Charter Hire Expense Non Lease Component | $ 2,800 | $ 7,700 | |
Lease [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 16,956 | 16,956 | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | 4,352 | 4,352 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 3,315 | 3,315 | |
Lessee, Operating Lease, Liability, Payments, Due | 24,623 | 24,623 | |
Non-lease Component [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 13,406 | 13,406 | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | 3,445 | 3,445 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,585 | 2,585 | |
Lessee, Operating Lease, Liability, Payments, Due | 19,436 | 19,436 | |
Time-charter [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,700 | 2,700 | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | 4,300 | 4,300 | |
Lease [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (1,028) | (1,028) | |
LR2 Tankers [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease right-of-use assets (notes 2 and 8) | $ 14,600 | $ 14,600 | |
Number Of Vessels | vessel | 2 | ||
Charter-In Period | 24 months | 24 months | |
Aframax Tanker | |||
Operating Leased Assets [Line Items] | |||
Operating lease right-of-use assets (notes 2 and 8) | $ 7,800 | $ 7,800 | |
Voyage Charters - Full Service Lightering [Member] | |||
Operating Leased Assets [Line Items] | |||
Number Of Vessels | vessel | 3 | ||
Time-Charter Hire Expense [Member] | |||
Operating Leased Assets [Line Items] | |||
Short-term Lease, Cost | $ 4,200 | $ 13,400 | |
Time-charter [Member] | |||
Operating Leased Assets [Line Items] | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | $ 23,500 | ||
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | 36,900 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | $ 2,000 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Interest Rate Swap Positions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||||
Realized gains | $ 1,048 | $ 592 | $ 2,788 | $ 1,438 | |
Current portion of derivative assets (note 9) | 1,878 | 1,878 | $ 2,905 | ||
LIBOR-Based Debt: | |||||
Derivative Asset, Noncurrent | 82 | 82 | 2,973 | ||
Accrued Liabilities (Receivables), Current | 365 | 365 | 419 | ||
Derivative liabilities (note 9) | (49) | (49) | 0 | ||
Derivative Liability, Current | 0 | $ 0 | (57) | ||
Minimum [Member] | |||||
LIBOR-Based Debt: | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.30% | ||||
Maximum | |||||
LIBOR-Based Debt: | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||
Interest rate swap agreements | |||||
Derivative [Line Items] | |||||
Realized gains | 613 | 711 | $ 2,395 | 1,575 | |
Current portion of derivative assets (note 9) | 833 | 833 | 2,905 | ||
LIBOR-Based Debt: | |||||
Derivative Asset, Noncurrent | 82 | 82 | 2,973 | ||
Accrued Liabilities (Receivables), Current | 365 | 365 | 422 | ||
Derivative liabilities (note 9) | (49) | (49) | 0 | ||
Derivative Liability, Current | 0 | 0 | 0 | ||
U.S. Dollar-denominated interest rate swap 1 | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 57,852 | $ 57,852 | |||
LIBOR-Based Debt: | |||||
Remaining Term | 1 year 3 months 18 days | ||||
Fixed Interest Rate | 1.46% | 1.46% | |||
United States Dollar Denominated Interest Rate Swaps Two [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 150,000 | $ 150,000 | |||
LIBOR-Based Debt: | |||||
Remaining Term | 1 year 3 months 18 days | ||||
Fixed Interest Rate | 1.55% | 1.55% | |||
United States Dollar Denominated Interest Rate Swaps Three [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 50,000 | $ 50,000 | |||
LIBOR-Based Debt: | |||||
Remaining Term | 1 year 3 months 18 days | ||||
Fixed Interest Rate | 1.16% | 1.16% | |||
Freight Forward Agreements [Member] | |||||
Derivative [Line Items] | |||||
Realized gains | $ 435 | $ (119) | $ 393 | $ (137) | |
Current portion of derivative assets (note 9) | 1,045 | 1,045 | 0 | ||
LIBOR-Based Debt: | |||||
Derivative Asset, Noncurrent | 0 | 0 | 0 | ||
Accrued Liabilities (Receivables), Current | 0 | 0 | 3 | ||
Derivative liabilities (note 9) | 0 | 0 | 0 | ||
Derivative Liability, Current | $ 0 | $ 0 | $ 57 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Maximum | |
Derivative [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Minimum [Member] | |
Derivative [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.30% |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | $ 1,878 | $ 2,905 |
Accounts receivable (Accrued liabilities) | (365) | (419) |
United States Dollar Denominated Interest Rate Swaps One [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 57,852 | |
Fixed Interest Rate | 1.46% | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 167 | |
Derivative Liability | $ 0 | |
Remaining Term | 1 year 3 months 18 days | |
Interest rate swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | $ 833 | 2,905 |
Accounts receivable (Accrued liabilities) | (365) | (422) |
Forward freight agreements | ||
Derivatives, Fair Value [Line Items] | ||
Current portion of derivative assets | 1,045 | 0 |
Accounts receivable (Accrued liabilities) | 0 | $ (3) |
United States Dollar Denominated Interest Rate Swaps Two [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 150,000 | |
Fixed Interest Rate | 1.55% | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 383 | |
Derivative Liability | $ 49 | |
Remaining Term | 1 year 3 months 18 days | |
United States Dollar Denominated Interest Rate Swaps Three [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 50,000 | |
Fixed Interest Rate | 1.16% | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | $ 365 | |
Derivative Liability | $ 0 | |
Remaining Term | 1 year 3 months 18 days | |
Maximum [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Derivative Instruments - Gain (
Derivative Instruments - Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Realized gains | $ 1,048 | $ 592 | $ 2,788 | $ 1,438 |
Unrealized (losses) gains | 405 | 4 | (3,960) | 3,287 |
Total | 1,453 | 596 | (1,172) | 4,725 |
Interest rate swap agreements | ||||
Derivative [Line Items] | ||||
Realized gains | 613 | 711 | 2,395 | 1,575 |
Unrealized (losses) gains | (541) | 13 | (5,010) | 3,262 |
Total | 72 | 724 | (2,615) | 4,837 |
Forward freight agreements | ||||
Derivative [Line Items] | ||||
Realized gains | 435 | (119) | 393 | (137) |
Unrealized (losses) gains | 946 | (9) | 1,050 | 25 |
Total | $ 1,381 | $ (128) | $ 1,443 | $ (112) |
Other Income - Components of Ot
Other Income - Components of Other Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | ||||
Foreign exchange gain | $ 918 | $ 1,251 | $ 1,100 | $ 6,025 |
Other income | 15 | 0 | 82 | 49 |
Total | $ 933 | $ 1,251 | $ 1,182 | $ 6,074 |
Freight Tax and Other Tax Exp_3
Freight Tax and Other Tax Expense (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 36,240 | $ 29,912 | $ 32,059 | $ 26,054 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 2,067 | 2,099 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 2,114 | 1,852 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 0 | $ (93) |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term Debt | $ (50,000) | $ 0 | ||
Cash, cash equivalents and restricted cash | 82,483 | 60,507 | $ 58,827 | $ 75,710 |
Derivative assets | 82 | 2,973 | ||
Advances to equity-accounted for joint venture | 9,930 | 9,930 | ||
Long-term debt, including current portion (note 6) | (608,960) | (735,406) | ||
Total obligations related to finance leases | (420,934) | (375,289) | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term Debt | (50,000) | |||
Long-term debt, including current portion (note 6) | (604,434) | (723,031) | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Interest rate swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 866 | 5,878 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 1,045 | 57 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash, cash equivalents and restricted cash | 82,483 | 60,507 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Recurring [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term Debt | 0 | |||
Total obligations related to finance leases | (451,145) | (377,652) | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash, cash equivalents and restricted cash | 82,483 | 60,507 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term Debt | (50,000) | 0 | ||
Advances to equity-accounted for joint venture | 9,930 | 9,930 | ||
Long-term debt, including current portion (note 6) | (608,960) | (735,406) | ||
Total obligations related to finance leases | (420,934) | (375,289) | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Level 2 | Interest rate swap agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Asset at Fair Value | 866 | 5,878 | ||
Reported Value Measurement [Member] | Fair Value, Recurring [Member] | Level 2 | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | $ 1,045 | $ 57 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Financing Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Advances to equity-accounted for joint venture | $ 9,930 | $ 9,930 |
Other internal metrics | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Advances to equity-accounted for joint venture | $ 9,930 | $ 9,930 |
Capital Stock and Stock-Based_2
Capital Stock and Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 | |||||
Common stock, shares authorized (in shares) | 585,000,000 | 585,000,000 | 585,000,000 | ||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | ||||
Stock based compensation expense | $ 0.2 | $ 0.2 | $ 0.9 | $ 0.8 | |||
Restricted Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 400,000 | 300,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0.5 | $ 0.3 | |||||
2007 Long-Term Incentive Plan | Stock Options | |||||||
Class of Stock [Line Items] | |||||||
Expected volatility rate | 48.70% | 48.70% | |||||
2007 Long-Term Incentive Plan | Non Management Directors | Stock Options | |||||||
Class of Stock [Line Items] | |||||||
Stock options granted during period (in shares) | 500,000 | 500,000 | |||||
Exercise price of stock options granted (usd per share) | $ 1 | $ 1.22 | |||||
Term of stock options (in years) | 10 years | ||||||
2007 Long-Term Incentive Plan | Officer | Stock Options | |||||||
Class of Stock [Line Items] | |||||||
Stock options granted during period (in shares) | 1,400,000 | 700,000 | |||||
Exercise price of stock options granted (usd per share) | $ 1 | $ 1.22 | |||||
Term of stock options (in years) | 10 years | ||||||
Vesting period (in years) | 3 years | ||||||
Weighted-average grant date fair value of stock options granted (usd per share) | $ 0.35 | $ 0.35 | |||||
Expected life (in years) | 5 years | 5 years | |||||
Dividend yield | 3.00% | 5.50% | |||||
Risk-free interest rate | 2.40% | 2.60% | |||||
Period of historical sata used to calculate expected volatility in year | 5 years | ||||||
2007 Long-Term Incentive Plan | Officers and Certain Subsidiaries Employees | Restricted Stock Units | |||||||
Class of Stock [Line Items] | |||||||
Vesting period (in years) | 3 years | ||||||
Common stock, granted (in shares) | 600,000 | 800,000 | |||||
Common stock aggregate values, granted | $ 0.6 | $ 0.9 | |||||
Conversion basis (in shares) | 1 | ||||||
Class A | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized (in shares) | 485,000,000 | 485,000,000 | 485,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Common Stock, Voting Rights | 1 | ||||||
Common stock, shares issued (in shares) | 232,000,000 | 232,000,000 | 231,600,000 | ||||
Class A | Restricted Stock Units | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 300,000 | 200,000 | |||||
Class A | 2007 Long-Term Incentive Plan | Non Management Directors | |||||||
Class of Stock [Line Items] | |||||||
Shares issued in period (in shares) | 159,375 | ||||||
Stock issued in period, gross | $ 0.2 | ||||||
Class B | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Common Stock, Voting Rights | 5 | ||||||
Maximum percentage of voting power | 49.00% | ||||||
Common stock, shares issued (in shares) | 37,000,000 | 37,000,000 | 37,000,000 | ||||
General and Administrative Expense | Class A | Non Management Director [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock based compensation expense | $ 0.3 | $ 0.4 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Nov. 30, 2016 | |
Related Party Transaction [Line Items] | ||||||
Vessel operating expenses | $ (48,539,000) | $ (52,161,000) | $ (156,726,000) | $ (157,808,000) | ||
Strategic and administrative service fees | (7,437,000) | (7,875,000) | (23,179,000) | (25,204,000) | ||
Revenues | 182,304,000 | 175,915,000 | 617,082,000 | 516,039,000 | ||
Due to Affiliate, Current | 1,241,000 | 1,241,000 | $ 18,570,000 | |||
Due from affiliates (note 14c) | 1,634,000 | $ 1,634,000 | 39,663,000 | |||
Pool Management Fees As Percentage Of Gross Revenue | 1.25% | |||||
Pool receivable from affiliates, net (note 14d) | 562,000 | $ 562,000 | 56,549,000 | |||
Teekay LNG Operating L.L.C. | Bahrain LNG W.I.L. | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 30.00% | |||||
Revenue Sharing Arrangements [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from affiliates (note 14c) | 0 | 0 | 34,900,000 | |||
RSA Participants [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Pool receivable from affiliates, net (note 14d) | 600,000 | 600,000 | 56,500,000 | |||
Payable to Manager [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to Affiliate, Current | 7,800,000 | 7,800,000 | $ 7,600,000 | |||
Vessel operating expenses - technical management fee | ||||||
Related Party Transaction [Line Items] | ||||||
Vessel operating expenses | 0 | (2,800,000) | 0 | (8,900,000) | ||
Secondment fees | ||||||
Related Party Transaction [Line Items] | ||||||
Strategic and administrative service fees | (21,000) | (189,000) | (120,000) | (548,000) | ||
LNG terminal services revenue | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues | (150,000) | 72,000 | 1,979,000 | 344,000 | ||
Technical management fee revenues | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues | 169,000 | 3,490,000 | 596,000 | 9,819,000 | ||
Service revenues | ||||||
Related Party Transaction [Line Items] | ||||||
Revenues | 100,000 | $ 343,000 | 317,000 | $ 758,000 | ||
Minimum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Pool Management Fees Fixed Amount Per Day | 275 | 275 | ||||
Maximum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Pool Management Fees Fixed Amount Per Day | $ 350 | $ 350 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Working capital advanced to Pool Managers | $ 1,634,000 | $ 1,634,000 | $ 39,663,000 | ||
Revenue Sharing Arrangements | |||||
Related Party Transaction [Line Items] | |||||
Working capital advanced to Pool Managers | 0 | 0 | $ 34,900,000 | ||
Aframax Tanker | RSA Participants [Member] | Vessels Hire | |||||
Related Party Transaction [Line Items] | |||||
Amounts of transaction | $ 100,000 | $ 3,300,000 | $ 7,500,000 | $ 19,100,000 |
Sales of Vessels (Details)
Sales of Vessels (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($)vessel | |
Property, Plant and Equipment [Line Items] | ||||
Gain on sale of vessel (note 16) | $ | $ 0 | $ 0 | $ 0 | $ 170 |
Voyage Charters - Full Service Lightering [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number Of Vessels Sold | vessel | 1 |
(Loss) Earnings Per Share - Bas
(Loss) Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Net loss | $ (19,850) | $ (14,307) | $ 12,447 | $ (17,484) | $ (27,413) | $ (19,153) | $ (21,710) | $ (64,050) |
Weighted average number of common shares – basic (in shares) | 268,990,399 | 268,558,556 | 268,887,485 | 268,470,804 | ||||
Dilutive effect of stock-based awards (in shares) | 0 | 0 | 0 | 0 | ||||
Weighted average number of common shares – diluted (in shares) | 268,990,399 | 268,558,556 | 268,887,485 | 268,470,804 | ||||
Loss per common share: | ||||||||
– Basic (usd per share) | $ (0.07) | $ (0.07) | $ (0.08) | $ (0.24) | ||||
– Diluted (usd per share) | $ (0.07) | $ (0.07) | $ (0.08) | $ (0.24) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | $ 22,432 | $ 0 | ||
Cash and cash equivalents | 76,705 | 54,361 | $ 54,917 | $ 71,439 |
Restricted cash – current (note 17) | 2,341 | 1,794 | 2,153 | 1,599 |
Restricted cash – long-term (note 17) | 3,437 | 2,672 | 3,437 | 2,672 |
Cash and cash equivalents and restricted cash | $ 82,483 | $ 58,827 | $ 60,507 | $ 75,710 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Nov. 01, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares issued (in shares) | 1 | ||
Class A | |||
Subsequent Event [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Common stock, shares issued (in shares) | 232,000,000 | 231,600,000 | |
Class A | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Common stock, shares issued (in shares) | 232,000,000 | ||
Class B | |||
Subsequent Event [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Common stock, shares issued (in shares) | 37,000,000 | 37,000,000 | |
Class B | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Common stock, shares issued (in shares) | 37,000,000 | ||
Reverse Stock Split [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares issued (in shares) | 8 | ||
Class B | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares issued (in shares) | 4,600,000 | ||
Class A | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, shares issued (in shares) | 29,000,000 |