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 |