Teekay Tankers (TNK) 6-K 13 Aug 21 2021 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2021
Document And Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total revenues	$ 123,420	$ 246,492	$ 266,169	$ 588,392
Voyage expenses	(71,773)	(61,558)	(140,818)	(180,799)
Vessel operating expenses (note 13b)	(43,129)	(46,218)	(86,177)	(96,867)
Time-charter hire expenses	(2,138)	(9,296)	(5,768)	(19,175)
Depreciation and amortization	(26,895)	(29,546)	(53,579)	(59,178)
General and administrative expenses (note 13b)	(12,233)	(9,784)	(23,703)	(19,070)
Gain (loss) on sale of assets and write-down of assets (note15)	(86,686)	2,896	(87,401)	(191)
(Loss) income from operations	(119,434)	92,986	(131,277)	213,112
Interest expense	(9,299)	(13,492)	(19,367)	(28,627)
Interest income	29	567	59	823
Realized and unrealized (loss) gain on derivative instruments (note 8)	(512)	(589)	191	(1,416)
Equity (loss) income	(829)	3,188	(1,188)	5,128
Other (expense) income (note 9)	(1,218)	940	(475)	2,083
Net (loss) income before income tax	(131,263)	83,600	(152,057)	191,103
Income tax recovery (note 10)	2,119	14,598	1,548	13,934
Net (loss) income	$ (129,144)	$ 98,198	$ (150,509)	$ 205,037
Per common share amounts (note 14)
- Basic (loss) earnings per share	$ (3.83)	$ 2.91	$ (4.46)	$ 6.08
- Diluted (loss) earnings per share	$ (3.83)	$ 2.89	$ (4.46)	$ 6.04
Weighted-average number of Class A and Class B common stock outstanding (note 14)
- Basic	33,763,367	33,727,978	33,753,599	33,698,972
- Diluted	33,763,367	33,978,730	33,753,599	33,962,511
Voyage charter revenues
Total revenues	$ 113,998	$ 207,926	$ 226,199	$ 525,404
Time-charter [Member]
Total revenues	7,065	34,986	35,350	50,553
Other revenues
Total revenues	$ 2,357	$ 3,580	$ 4,620	$ 12,435

Unaudited Consolidated Balance

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current
Cash and cash equivalents	$ 60,498	$ 97,232
Restricted cash – current (note 16)	2,764	2,779
Accounts receivable	35,056	36,202
Assets Held-for-sale, Not Part of Disposal Group	11,925	32,974
Due from affiliates (note 13c)	681	5,236
Bunker and lube oil inventory	49,609	34,606
Prepaid expenses	12,528	9,739
Accrued revenue	20,673	26,640
Total current assets	193,734	245,408
Restricted cash – long-term (note 16)	3,135	3,135
Total vessels and equipment	1,056,657	1,104,742
Vessels related to finance leases, at cost, less accumulated depreciation of $89.5 million (2020 - $124.4 million) (note 7)	368,118	450,558
Operating lease right-of-use assets (notes 7 and 15)	548	2,529
Property plant and equipment including finance lease and operating lease right of use assets	1,425,323	1,557,829
Investment in and advances to equity-accounted joint venture	25,873	28,561
Derivative Assets (note 8)	101	0
Other non-current assets	1,887	897
Intangible Assets, Net (Excluding Goodwill)	1,734	1,989
Goodwill	2,426	2,426
Assets, Total	1,654,213	1,840,245
Supplemental Balance Sheet Elements [Abstract]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	282,700	417,400
Sale Leaseback Transaction, Accumulated Depreciation	89,500	124,400
Accumulated amortization on intangible assets	4,000	3,700
Current
Accounts payable	31,115	31,059
Accrued liabilities (note 13c)	36,923	55,055
Short-term debt (note 5)	10,000	10,000
Due to affiliates (note 13c)	10,162	3,123
Long-term Debt, Current Maturities	10,864	10,858
Current portion of derivative liabilities (note 8)	632	289
Current obligations related to finance leases (note 7)	139,965	78,476
Current portion of operating lease liabilities (note 7)	837	3,685
Other current liabilities (note 3)	822	4,574
Total current liabilities	241,320	197,119
Long-term debt (note 6)	282,735	232,103
Long-term obligations related to finance leases (note 7)	152,792	281,567
Long-term operating lease liabilities (note 7)	105	315
Derivative liabilities (note 8)	0	597
Other long-term liabilities (note 10)	47,828	49,642
Total liabilities	724,780	761,343
Equity
Common stock and additional paid-in capital (585.0 million shares authorized, 29.2 million Class A and 4.6 million Class B shares issued and outstanding as of June 30, 2021, and 585.0 million shares authorized, 29.1 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2020) (note 12)	$ 1,300,260	$ 1,299,220
Common stock, shares authorized (in shares)	585,000,000	585,000,000
Accumulated deficit	$ (370,827)	$ (220,318)
Total equity	929,433	1,078,902
Total liabilities and equity	$ 1,654,213	$ 1,840,245
Common Class A [Member]
Equity
Common stock, shares authorized (in shares)	485,000,000	485,000,000
Common Stock, Shares, Outstanding	29,200,000	29,100,000
Common stock, shares issued (in shares)	29,200,000	29,100,000
Common Class B [Member]
Equity
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common Stock, Shares, Outstanding	4,600,000	4,600,000
Common stock, shares issued (in shares)	4,600,000	4,600,000

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net (Loss) Income	$ 98,198	$ (150,509)	$ 205,037
Non-cash items:
Depreciation and amortization	29,546	53,579	59,178
Loss on Sale of Assets and Write-Down of Assets	(2,896)	87,401	191
Unrealized (gain) loss on derivative instruments (note 8)		(388)	1,776
Equity loss (income)	(3,188)	1,188	(5,128)
Income tax recovery (note 10)	(14,598)	(1,548)	(13,934)
Other		378	(8)
Increase (Decrease) in Other Operating Assets and Liabilities, Net		(22,873)	60,379
Increase (Decrease) in Deferred Charges		(12,602)	(3,681)
Net operating cash flow		(45,705)	304,871
FINANCING ACTIVITIES
Proceeds from short-term debt (note 5)		25,000	205,000
Prepayments of short-term debt (note 5)		(25,000)	(245,000)
Proceeds from long-term debt, net of issuance costs (note 6)		70,000	477,822
Repayments of Long-term Debt		(5,615)	(8,812)
Early Repayment of Long-Term Debt		(15,000)	(717,368)
Scheduled repayments of obligations related to finance leases (note 7)		(10,562)	(12,269)
Prepayment of Finance Lease Obligations		(56,724)	0
Proceeds from (Payments for) Other Financing Activities		(93)	(562)
Net financing cash flow		(17,994)	(301,189)
INVESTING ACTIVITIES
Proceeds from Sale of Property, Plant, and Equipment		32,687	75,214
Expenditures for vessels and equipment		(7,237)	(3,076)
Proceeds from (Repayments of) Related Party Debt		1,500	3,500
Net investing cash flow		26,950	75,638
(Decrease) increase in cash, cash equivalents and restricted cash		(36,749)	79,320
Cash, cash equivalents and restricted cash, beginning of the period		103,146	96,790
Cash, cash equivalents and restricted cash, end of the period	176,110	66,397	176,110
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 2,100		2,100
Freight Tax [Member]
Non-cash items:
Income tax recovery (note 10)		$ (1,879)	$ (12,873)

Unaudited Consolidated Statem_3

Unaudited Consolidated Statement of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock and Additional Paid-in Capital	Common Stock and Additional Paid-in CapitalCommon Class A [Member]	Common Stock and Additional Paid-in CapitalCommon Class B [Member]	Accumulated Deficit
Balance at beginning of period (shares) at Dec. 31, 2019		33,655
Balance at end of period (shares) at Mar. 31, 2020		33,712
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	$ 106,839				$ 106,839
Stock Issued During Period, Shares, Employee Benefit Plan		57
Equity-based compensation (note 12)	468		$ 468
Balance at end of period at Mar. 31, 2020	1,097,227		1,209,491	$ 88,532	(200,796)
Balance at start of period at Dec. 31, 2019	989,920		1,209,023	88,532	(307,635)
Balance at beginning of period (shares) at Dec. 31, 2019		33,655
Balance at end of period (shares) at Jun. 30, 2020		33,738
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	205,037
Balance at end of period at Jun. 30, 2020	1,195,799		1,209,865	88,532	(102,598)
Balance at start of period at Dec. 31, 2019	989,920		1,209,023	88,532	(307,635)
Balance at beginning of period (shares) at Mar. 31, 2020		33,712
Balance at end of period (shares) at Jun. 30, 2020		33,738
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	98,198				98,198
Stock Issued During Period, Shares, Employee Benefit Plan		26
Equity-based compensation (note 12)	374		374
Balance at end of period at Jun. 30, 2020	1,195,799		1,209,865	88,532	(102,598)
Balance at start of period at Mar. 31, 2020	1,097,227		1,209,491	88,532	(200,796)
Balance at beginning of period (shares) at Dec. 31, 2020		33,738
Balance at end of period (shares) at Mar. 31, 2021		33,755
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	(21,365)				(21,365)
Stock Issued During Period, Shares, Employee Benefit Plan		17
Equity-based compensation (note 12)	341		341
Balance at end of period at Mar. 31, 2021	1,057,878		1,211,029	88,532	(241,683)
Balance at start of period at Dec. 31, 2020	1,078,902		1,210,688	88,532	(220,318)
Balance at beginning of period (shares) at Dec. 31, 2020		33,738
Balance at end of period (shares) at Jun. 30, 2021		33,779
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	(150,509)
Balance at end of period at Jun. 30, 2021	929,433		1,211,728	88,532	(370,827)
Balance at start of period at Dec. 31, 2020	1,078,902		1,210,688	88,532	(220,318)
Balance at beginning of period (shares) at Mar. 31, 2021		33,755
Balance at end of period (shares) at Jun. 30, 2021		33,779
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) Income	(129,144)				(129,144)
Stock Issued During Period, Shares, Employee Benefit Plan		24
Equity-based compensation (note 12)	699		699
Balance at end of period at Jun. 30, 2021	929,433		1,211,728	88,532	(370,827)
Balance at start of period at Mar. 31, 2021	$ 1,057,878		$ 1,211,029	$ 88,532	$ (241,683)

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Total cash, cash equivalents and restricted cash, including cash, cash equivalents and restricted cash held for sale are as follows: As at As at As at As at June 30, 2021 December 31, 2020 June 30, 2020 December 31, 2019 $ $ $ $ Cash and cash equivalents 60,498 97,232 167,907 88,824 Restricted cash – current 2,764 2,779 4,766 3,071 Restricted cash – long-term 3,135 3,135 3,437 3,437 Cash and cash equivalents held for sale — — — 1,121 Restricted cash held for sale - current — — — 337 66,397 103,146 176,110 96,790 The Company maintains restricted cash deposits relating to certain FFAs (see note 8), for certain contracts related to the STS transfer business and for the LNG terminal management business, prior to its sale in April 2020 (see note 15). Attached to the LNG terminal management contracts were certain performance guarantees which were required to be issued by the Company and have now been terminated. The Company also maintains restricted cash deposits as required by the Company's obligations related to certain finance leases (see note 7).

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information Tables	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Total cash, cash equivalents and restricted cash, including cash, cash equivalents and restricted cash held for sale are as follows: As at As at As at As at June 30, 2021 December 31, 2020 June 30, 2020 December 31, 2019 $ $ $ $ Cash and cash equivalents 60,498 97,232 167,907 88,824 Restricted cash – current 2,764 2,779 4,766 3,071 Restricted cash – long-term 3,135 3,135 3,437 3,437 Cash and cash equivalents held for sale — — — 1,121 Restricted cash held for sale - current — — — 337 66,397 103,146 176,110 96,790 The Company maintains restricted cash deposits relating to certain FFAs (see note 8), for certain contracts related to the STS transfer business and for the LNG terminal management business, prior to its sale in April 2020 (see note 15). Attached to the LNG terminal management contracts were certain performance guarantees which were required to be issued by the Company and have now been terminated. The Company also maintains restricted cash deposits as required by the Company's obligations related to certain finance leases (see note 7).

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Details - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Schedule Of Supplemental Cash Flow [Line Items]
Cash and cash equivalents	$ 60,498	$ 97,232	$ 167,907	$ 88,824
Restricted cash – current (note 16)	2,764	2,779	4,766	3,071
Restricted cash – long-term (note 17)	3,135	3,135	3,437	3,437
Cash, cash equivalents and restricted cash (note 16)	66,397	103,146	176,110	96,790
Cash and Cash Equivalents [Member]
Schedule Of Supplemental Cash Flow [Line Items]
Cash and cash equivalents	0	0	0	1,121
Restricted Cash [Member]
Schedule Of Supplemental Cash Flow [Line Items]
Restricted Cash and Cash Equivalents	$ 0	$ 0	$ 0	$ 337

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim consolidated financial statements (or unaudited consolidated financial statements ) have been prepared in accordance with United States generally accepted accounting principles (or GAAP ). These unaudited 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 financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited 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 unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2020, filed on Form 20-F with the U.S. Securities and Exchange Commission (or the SEC ) on April 1, 2021. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s unaudited consolidated financial position, results of operations, cash flows and changes in total equity 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. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19 ) as a pandemic. Given the dynamic nature of these circumstances, the full extent to which the COVID-19 global pandemic may have direct or indirect impacts on the Company's business and the related financial reporting implications cannot be reasonably estimated at this time, although the pandemic could materially affect the Company's business, results of operations and financial condition in the future. COVID-19 has resulted and may continue to result in a significant decline in global demand for oil. As the Company's business includes the transportation of crude oil and refined petroleum products on behalf of customers, any significant decrease in demand for the cargo the Company transports could adversely affect demand for the Company's vessels and services. Spot tanker rates have come under pressure since mid-May 2020 as a result of significantly reduced oil demand due to COVID-19 and the subsequent decision by the OPEC+ group of oil producers to implement record oil supply cuts. Reduced oil production from other oil producing nations due to the impact of COVID-19, as well as the unwinding of floating storage and the delivery of newbuilding vessels to the world tanker fleet, has also contributed to the weakness in tanker rates. COVID-19 was also a contributing factor to the write-down of certain tankers during the three and six months ended June 30, 2021 as described in Note 15 - (Write-down) and Gain (Loss) on Sale of Assets, and the reduction in certain tax accruals during the three and six months ended June 30, 2020 as described in Note 10 - Income Tax Recovery.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (or ASU 2019-12 ), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The Company adopted this update on January 1, 2021. The adoption did not have an impact on the Company's unaudited consolidated financial statements and related disclosures. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (or ASU 2020-04 ). ASU 2020-04 provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (or LIBOR ). The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The amendments in this ASU are effective through December 31, 2022. The Company is currently evaluating the effect of adopting this new guidance.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
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 are volatile from period to period, whereas time charters provide a stable source of monthly revenue. The Company also provides ship-to-ship (or STS ) support services, which include managing the process of transferring cargo between seagoing ships positioned alongside each other, either stationary or underway, as well as management services to third-party owners of vessels. Prior to April 30, 2020, the Company managed liquefied natural gas (or LNG ) terminals and procured 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, 2020. On April 30, 2020, the Company completed the sale of the non-US portion of its STS support services business, as well as its LNG terminal management business (see note 15). The following table contains a breakdown of the Company's revenue by contract type for the three and six months ended June 30, 2021 and June 30, 2020. All revenue is part of the Company's tanker segment, except for revenue for the non-US portion of the STS support services and LNG terminal management, consultancy, procurement, and other related services, which are part of the Company's previously existing STS transfer segment (see note 4). The Company’s lease income consists of the revenue from its voyage charters and time-charters. Three Months Ended June 31, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Voyage charter revenues Suezmax 61,794 93,985 117,737 251,705 Aframax 23,544 59,369 50,613 131,833 LR2 16,518 27,873 33,667 76,659 Full service lightering 12,142 26,699 24,182 65,207 Total 113,998 207,926 226,199 525,404 Time-charter revenues Suezmax 955 31,000 20,390 46,567 Aframax 5,292 2,158 11,532 2,158 LR2 818 1,828 3,428 1,828 Total 7,065 34,986 35,350 50,553 Other revenues Ship-to-ship support services 1,131 1,123 2,101 7,842 Vessel management 1,226 1,848 2,519 4,201 LNG terminal management, consultancy, procurement and other — 609 — 392 Total 2,357 3,580 4,620 12,435 Total revenues 123,420 246,492 266,169 588,392 Charters-out As at June 30, 2021, three (December 31, 2020 - nine) of the Company’s vessels operated under fixed-rate time charter contracts, one of which is scheduled to expire in 2021 and two of which are scheduled to expire in 2022. As at June 30, 2021, the minimum scheduled future revenues to be received by the Company under these time charters were approximately $10.7 million (remainder of 2021) and $5.2 million (2022) (December 31, 2020 - $45.3 million (2021) and $5.2 million (2022)). The hire payments should not be construed to reflect a forecast of total charter hire revenue for any of the periods. Future hire payments do not include hire payments generated from new contracts entered into after June 30, 2021, from unexercised option periods of contracts that existed on June 30, 2021 or from variable consideration, if any, under contracts. In addition, future hire payments presented above have been reduced by estimated off-hire time for required periodic maintenance and do not reflect the impact of revenue sharing arrangements whereby time-charter revenues are shared with other revenue sharing arrangement participants. Actual amounts may vary given future events such as unplanned vessel maintenance. Contract Liabilities As at June 30, 2021, the Company had nil (December 31, 2020 - $4.2 million) of advanced payments recognized as contract liabilities that are expected to be recognized as time-charter revenues in subsequent periods and which are included in other current liabilities on the Company's unaudited consolidated balance sheets.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting On April 30, 2020, the Company completed the sale of the non-US portion of its STS support services business, as well as its LNG terminal management business. Following the sale, the Company's remaining STS support operations were integrated into the Company's tanker business. As a result, effective April 30, 2020, the Company has one reportable segment. The Company’s segment information for all periods prior to the sale and reorganization has been retroactively adjusted whereby the remaining STS support operations have been reallocated from the STS transfer segment to the tanker segment. Consequently, the Company’s tanker segment now consists of the operation of all of its tankers, including the operations from those tankers employed on full service lightering contracts, and the US based STS support service operations that the Company retained, including its lightering support services provided as part of full service lightering operations. The Company’s STS transfer segment consisted of the Company’s non-US lightering support services, LNG terminal management, consultancy, procurement, and other related services which were sold as of April 30, 2020. Segment results are evaluated based on income from operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s unaudited consolidated financial statements. The following tables include results for the Company’s revenues and income from operations by segment for the three and six months ended June 30, 2020. No results are included for the three and six months ended June 30, 2021 as the Company only had one reportable segment during that period. Three Months Ended June 30, 2020 Tanker Segment STS Transfer Segment Total $ $ $ Revenues (1) 245,728 764 246,492 Voyage expenses (61,558) — (61,558) Vessel operating expenses (45,140) (1,078) (46,218) Time-charter hire expenses (9,296) — (9,296) Depreciation and amortization (29,425) (121) (29,546) General and administrative expenses (2) (9,637) (147) (9,784) (Loss) gain on sale of assets and write-down of assets (185) 3,081 2,896 Income from operations 90,487 2,499 92,986 Equity income 3,188 — 3,188 (1) Revenues earned from the STS transfer segment are reflected in Other Revenues in the Company's unaudited consolidated statements of (loss) income. (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

Short-Term Debt

Short-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Short-term Debt	Short-Term Debt In November 2018, Teekay Tankers Chartering Pte. Ltd. (or TTCL ), a wholly-owned subsidiary of the Company, entered into a working capital revolving loan facility (or the Working Capital Loan ), which initially provided available aggregate borrowings of up to $40.0 million for TTCL, and had an initial maturity date in May 2019, subject to extension as described below. The maximum available aggregate borrowings were subsequently increased to $80.0 million, effective December 2019. The amount available for drawdown is limited to a percentage of certain receivables and accrued revenue, which is assessed weekly. The next maturity date of the Working Capital Loan is in November 2021. The Working Capital Loan maturity date is continually extended for further periods of six months thereafter unless and until the lender gives notice in writing that no further extensions shall occur. Proceeds of the Working Capital Loan are used to provide working capital in relation to certain vessels subject to the revenue sharing agreements (or RSAs). 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 under the RSAs and the retained distributions of the RSA counterparties in an amount equal to the greater of (a) an amount equal to the minimum average capital contributed by the RSA counterparties per vessel in respect of the RSA (including cash, bunkers or other working capital contributions and amounts accrued to the RSA counterparties but unpaid) and (b) a minimum capital contribution ranging from $20.0 million to $30.0 million based on the amount borrowed. As at June 30, 2021, $10.0 million (December 31, 2020 - $10.0 million) was owing under this facility, the aggregate available borrowings were $29.8 million (December 31, 2020 - $32.0 million) and the interest rate on the facility was 3.6% (December 31, 2020 - 3.6%). As at June 30, 2021, the Company was in compliance with all covenants in respect of this facility.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt Disclosure	Long-Term Debt As at As at June 30, 2021 December 31, 2020 $ $ Revolving credit facility due through 2024 240,000 185,000 Term loan due in 2023 58,953 64,568 Total principal 298,953 249,568 Less: unamortized discount and debt issuance costs (5,354) (6,607) Total debt 293,599 242,961 Less: current portion (10,864) (10,858) Long-term portion 282,735 232,103 As at June 30, 2021, the Company had one revolving credit facility (or the 2020 Revolver ), which, as at such date, provided for aggregate borrowings of up to $391.2 million (December 31, 2020 - $438.4 million), of which $151.2 million (December 31, 2020 - $253.4 million) was undrawn. Interest payments are based on LIBOR plus a margin, which was 2.40% as at June 30, 2021 (December 31, 2020 - 2.40%). The total amount available under the 2020 Revolver decreases by $44.2 million (remainder of 2021), $80.4 million (2022), $65.3 million (2023) and $201.3 million (2024). The 2020 Revolver is collateralized by 31 of the Company's vessels, together with other related security. As at June 30, 2021, the Company also had one term loan (or the 2020 Term Loan ) outstanding, which totaled $59.0 million (December 31, 2020 - $64.6 million). Interest payments are based on LIBOR plus a margin, which was 2.25% as at June 30, 2021 (December 31, 2020 - 2.25%). The term loan reduces in quarterly payments and has a balloon repayment due at maturity in 2023. The 2020 Term Loan is collateralized by four of the Company's vessels, together with other related security. The 2020 Revolver and the 2020 Term Loan require the Company to maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance and 125% of the total outstanding principal balance, respectively, for the facility periods. Such requirements are assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should the ratios drop below the required amounts, 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 June 30, 2021, the hull coverage ratios were 289% and 170% for the 2020 Revolver and 2020 Term Loan, respectively. A decline in the tanker market could negatively affect these ratios. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of the greater of $35.0 million and at least 5% of the Company's total consolidated debt and obligations related to finance leases. As at June 30, 2021, the Company was in compliance with all covenants in respect of the 2020 Revolver and the 2020 Term Loan. The weighted-average interest rate on the Company’s long-term debt as at June 30, 2021 was 2.5% (December 31, 2020 - 2.6%). This rate does not reflect the effect of the Company’s interest rate swap agreement (see note 8). The aggregate annual long-term debt principal repayments required to be made by the Company under the 2020 Revolver and the 2020 Term Loan subsequent to June 30, 2021 are $5.6 million (remainder of 2021), $11.2 million (2022), $80.9 million (2023) and $201.3 million (2024).

Operating Leases and Obligation

Operating Leases and Obligations Related to Finance Leases	6 Months Ended
	Jun. 30, 2021
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. As at June 30, 2021, minimum commitments to be incurred by the Company under time charter-in contracts were approximately $5.1 million (remainder of 2021), $11.7 million (2022), $9.6 million (2023), $6.8 million (2024), $6.8 million (2025) and $25.0 million (thereafter), including one LR2 tanker delivered to the Company in September 2021 to commence an 18-month time charter-in contract, one STS support vessel expected to be delivered to the Company in September 2021 to commence a 24-month time charter-in contract, and one Aframax tanker newbuilding expected to be delivered to the Company in the fourth quarter of 2022 to commence a seven
Lessee, Finance Leases	Obligations Related to Finance Leases As at As at June 30, 2021 December 31, 2020 $ $ Total obligations related to finance leases 292,757 360,043 Less: current portion (139,965) (78,476) Long-term obligations related to finance leases 152,792 281,567 From 2017 to 2019, the Company completed sale-leaseback financing transactions with financial institutions relating to 16 of the Company's vessels. Under these arrangements, the Company transferred the vessels to subsidiaries of the financial institutions (collectively, the Lessors ) and leased the vessels back from the Lessors on bareboat charters ranging from 9 to 12-year terms. In October 2020, the Company completed the purchases of two of these vessels for a total cost of $29.6 million, and in May 2021, the Company completed the purchases of two more of these vessels for a total cost of $56.7 million. In March 2021, the Company also declared purchase options to acquire six of these vessels for a total cost of $128.8 million with an expected completion date in September 2021. The Company has the option to purchase each of the remaining six vessels, four of which can be purchased between now and the end of their respective lease terms, while the remaining two can be purchased starting in November 2021 until the end of their respective lease terms. 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 the greater of $35.0 million and at least 5.0% of the Company's consolidated debt and obligations related to finance leases. Six of the bareboat charters were entered into with subsidiaries of a financial institution in July 2017 and November 2018. Four of these bareboat charters, entered into in July 2017, 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 June 30, 2021, these ratios were 102% (December 31, 2020 - ranged from 121% to 143%). The remaining two of these bareboat charters, entered into in November 2018, require the Company to maintain, for each vessel, a minimum hull coverage ratio of 100% of the total outstanding principal balance. As at June 30, 2021, these ratios ranged from 122% to 127% (December 31, 2020 - ranged from 145% to 156%). Should any of these ratios drop below the required amount, the lessor may request that the Company prepay additional charter hire. Six bareboat charters were entered into with subsidiaries of a financial institution in September 2018, and 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 June 30, 2021, these ratios ranged from 98% to 104% (December 31, 2020 - ranged from 80% to 88%). Should any of these ratios drop below the required amount, and we are unable to cure any such breach within the prescribed cure period, our obligations may become immediately due and payable at the election of the relevant lessor. In certain circumstances, this could lead to cross-defaults under our other financing agreements which in turn could result in obligations becoming due and commitments being terminated under such agreements. In March 2021, the Company declared purchase options to acquire these six vessels for a total cost of $128.8 million with an expected completion date in September 2021. In April 2021, the Company was served with a claim from the counterparty of the bareboat charters relating to these six vessels and the two vessels purchased in May 2021 for reimbursement of breakage costs in respect of interest rate swaps that were entered into by the counterparty in connection with the counterparty's underlying financing. The Company filed a defense to this claim in June 2021, rejecting the claim that the Company is responsible for paying these breakage cost reimbursements. As of June 30, 2021, the breakage costs are estimated to range from $8.0 million to $9.0 million; however, depending on the timing of terminating the swaps and changes in underlying interest rates, the amount of the claim may change. No loss provision in respect of this claim has been made by the Company based on its assessment of the merits of the claim. The requirements of the bareboat charters are assessed annually or quarterly with reference to vessel valuations compiled by one or more agreed upon third parties. As at June 30, 2021, 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 June 30, 2021 was 7.5% (December 31, 2020 - 7.8%). As at June 30, 2021, the Company's total remaining commitments (including the vessel purchase options declared) related to the financial liabilities of these vessels were approximately $352.1 million (December 31, 2020 - $480.9 million), including imputed interest of $59.3 million (December 31, 2020 - $120.9 million), repayable from 2021 through 2030, as indicated below: Commitments June 30, 2021 Year $ Remainder of 2021 142,913 2022 21,848 2023 21,846 2024 21,903 2025 21,841 Thereafter 121,782

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest rate swap agreement 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 swap as a cash flow hedge of its U.S. Dollar LIBOR-denominated borrowings. In March 2020, the Company entered into an interest rate swap agreement which is scheduled to mature in December 2024. The following summarizes the Company's interest rate swap agreement as at June 30, 2021: Interest Rate Notional Amount Fair Value /Carrying Amount of Liability Remaining Term Fixed Swap Rate Index $ $ (years) (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap agreement LIBOR 50,000 (195) 3.5 0.76 (1) Excludes the margin the Company pays on its variable-rate long-term debt, which, as of June 30, 2021, ranged from 2.25% to 2.40%. 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 (loss) gain on derivative instruments in the Company's unaudited consolidated statements of (loss) income. Tabular Disclosure The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s unaudited consolidated balance sheets. Derivative Assets Current Portion of Derivative Liabilities Derivative Liabilities $ $ $ As at June 30, 2021 Interest rate swap agreement 101 (296) — Forward freight agreements — (336) — 101 (632) — As at December 31, 2020 Interest rate swap agreement — (289) (597) — (289) (597) Realized and unrealized (losses) gains relating to the interest rate swaps and FFAs are recognized in earnings and reported in realized and unrealized (loss) gain on derivative instruments in the Company’s unaudited consolidated statements of (loss) income as follows: Three Months Ended Three Months Ended June 30, 2021 June 30, 2020 Realized Losses Unrealized Losses Total Realized Gains (Losses) Unrealized (Losses) Gains Total $ $ $ $ $ $ Interest rate swap agreement (72) (82) (154) 86 (483) (397) Forward freight agreements (88) (270) (358) (200) 8 (192) (160) (352) (512) (114) (475) (589) Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Realized Losses Unrealized Gains (Losses) Total Realized Gains (Losses) Unrealized Losses Total $ $ $ $ $ $ Interest rate swap agreement (137) 691 554 609 (1,697) (1,088) Forward freight agreements (60) (303) (363) (249) (79) (328) (197) 388 191 360 (1,776) (1,416)

Other (Expense) Income

Other (Expense) Income	6 Months Ended
	Jun. 30, 2021
Other Nonoperating Income [Abstract]
Other Nonoperating Income and Expense [Text Block]	Other (Expense) Income The components of other (expense) income are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Foreign exchange (loss) gain (625) (87) (13) 1,048 Other (expense) income (593) 1,027 (462) 1,035 Total (1,218) 940 (475) 2,083

Income Tax Recovery

Income Tax Recovery	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Tax Recovery 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 unaudited consolidated balance sheets: Six Months Ended June 30, 2021 2020 Balance of unrecognized tax benefits as at January 1 49,124 49,579 Increases for positions related to the current year 2,075 1,489 Increases for positions related to prior years 3,086 1,863 Decreases for positions taken in prior years — (15,164) Decreases related to statute of limitations (7,336) (812) Foreign exchange gain (110) (1,206) Balance of unrecognized tax benefits as at June 30 46,839 35,749 Included in the Company's current income tax expense are provisions for uncertain tax positions relating to freight taxes. Positions relating to freight taxes can vary each year depending on the trading patterns of the Company's vessels. During the six months ended June 30, 2020, the Company secured an agreement with a tax authority, which was based in part on an initiative of the tax authority in response to the COVID-19 global pandemic and included the waiver of interest and penalties on unpaid taxes. As a result, the Company reduced its freight tax liabilities for this jurisdiction by $15.2 million to $8.6 million, of which $7.7 million was paid in August 2020 and $0.9 million was paid in June 2021, with respect to open tax years up to and including 2020. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions in which vessel trading activity occurs. 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	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments 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 12 to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2020. The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value on a recurring basis. June 30, 2021 December 31, 2020 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 (note 16) Level 1 66,397 66,397 103,146 103,146 Derivative instruments (note 8) Interest rate swap agreement Level 2 (195) (195) (886) (886) Freight forward agreements Level 2 (336) (336) — — Non-recurring: Operating lease right-of-use assets Level 2 — — 1,799 1,799 Vessels and equipment ( note 15 ) Level 2 125,125 125,125 59,250 59,250 Vessels related to finance leases (note 15) Level 2 26,250 26,250 — — Assets held for sale ( note 15 ) Level 2 11,270 11,270 31,680 31,680 Other: Short-term debt (note 5) Level 2 (10,000) (10,000) (10,000) (10,000) Advances to equity-accounted joint venture Note (1) 3,780 Note (1) 5,280 Note (1) Long-term debt, including current portion (note 6) Level 2 (293,599) (298,704) (242,961) (248,738) Obligations related to finance leases, including current portion (note 7) Level 2 (292,757) (309,164) (360,043) (411,740) (1) 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 unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests as at June 30, 2021 and December 31, 2020 were not determinable.

Capital Stock and Equity-Based

Capital Stock and Equity-Based Compensation	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Capital Stock and Stock-Based Compensation	Capital Stock and Equity-Based Compensation The authorized capital stock of the Company at June 30, 2021 was 100.0 million shares of Preferred Stock (December 31, 2020 - 100.0 million shares), with a par value of $0.01 per share (December 31, 2020 - $0.01 per share), 485.0 million shares of Class A common stock (December 31, 2020 - 485.0 million shares), with a par value of $0.01 per share (December 31, 2020 - $0.01 per share), and 100.0 million shares of Class B common stock (December 31, 2020 - 100.0 million shares), with a par value of $0.01 per share (December 31, 2020 - $0.01 per share). A share of Class A common stock entitles the holder to one vote per share while a share of Class B common stock entitles the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As of June 30, 2021, the Company had 29.2 million shares of Class A common stock (December 31, 2020 – 29.1 million), 4.6 million shares of Class B common stock (December 31, 2020 – 4.6 million) and no shares of preferred stock (December 31, 2020 – nil) issued and outstanding. During the three and six months ended June 30, 2021 and 2020, the Company recognized $0.5 million and $0.9 million (2020 - $0.6 million and $0.9 million), respectively, of expenses related to restricted stock units and stock options in general and administrative expenses. During the six months ended June 30, 2021, a total of 56.0 thousand restricted stock units (2020 - 78.3 thousand) with a market value of $0.8 million (2020 - $1.3 million) vested and 35.8 thousand shares (2020 - 44.8 thousand shares) of Class A common stock, net of withholding taxes, were concurrently issued to the grantees.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
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 Corporation''s (or Teekay's) wholly-owned subsidiary, Teekay Shipping Ltd. (or the Manager ) and its affiliates. The Manager provides various services under a long-term management agreement (the Management Agreement ), as disclosed below. b. Amounts received (paid) by the Company for related party transactions for the periods indicated were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Vessel operating expenses - technical management fee (i) (252) (248) (504) (496) Strategic and administrative service fees (ii) (9,198) (7,143) (18,240) (15,115) Secondment fees (iii) (68) (144) (155) (242) Technical management fee and service revenues (iv)(v) 174 169 344 347 (i) The cost of ship management services provided by a third party has been presented as vessel operating expenses on the Company's unaudited consolidated statements of (loss) income. The Company paid such third party technical management fees to the Manager in relation to certain former Tanker Investments Ltd. vessels. (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 unaudited consolidated statements of (loss) income. The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan) is set and paid by Teekay or such other subsidiaries. The Company compensates 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 unaudited consolidated statements of (loss) income. (iv) The Company receives reimbursements from Teekay for the provision of technical management services. These reimbursements have been presented in general and administrative expenses on the Company's unaudited consolidated statements of (loss) income. (v) The Company recorded service revenues relating to Teekay Tanker Operations Limited's (or TTOL ) provision of certain commercial services to the counterparties in the agreements. 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 unaudited consolidated balance sheets in "due from affiliates" or "due to affiliates," as applicable, are without interest or stated terms of repayment. In addition, $1.4 million and $9.0 million were payable as crewing and manning costs as at June 30, 2021 and December 31, 2020, respectively, and such amounts are included in accrued liabilities in the unaudited 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.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Loss Per Share	4. (Loss) Earnings Per Share The net (loss) earnings available for common shareholders and (loss) earnings per common share are presented in the table below: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Net (loss) income (129,144) 98,198 (150,509) 205,037 Weighted average number of common shares - basic 33,763,367 33,727,978 33,753,599 33,698,972 Dilutive effect of stock-based awards — 250,752 — 263,539 Weighted average number of common shares - diluted 33,763,367 33,978,730 33,753,599 33,962,511 (Loss) earnings per common share: – Basic (3.83) 2.91 (4.46) 6.08 – Diluted (3.83) 2.89 (4.46) 6.04 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. For the three and six months ended June 30, 2021, 0.3 million and 0.3 million (June 30, 2020 - nil and nil) restricted stock units, respectively, had anti-dilutive effects on the calculation of diluted earnings per common share. For the three and six months ended June 30, 2021,

(Write-down) and Gain (Loss) on

(Write-down) and Gain (Loss) on Sale of Assets	6 Months Ended
	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Sale of Assets and Asset Impairment Charges [Text Block]	(Write-down) and Gain (Loss) on Sale of Assets During the three and six months ended June 30, 2021, the carrying values of three Suezmax tankers, three LR2 tankers and one Aframax tanker were written down to their estimated fair values, using appraised values provided by third parties, primarily due to a weaker near-term tanker market outlook and a reduction in charter rates as a result of the current economic environment, which has been impacted by the COVID-19 global pandemic. The Company's consolidated statements of (loss) income for the three and six months ended June 30, 2021 includes write-downs totaling $85.0 million related to these vessels. As at June 30, 2021, the Company classified one Aframax tanker, including its bunkers and lube oil inventory, as held for sale. The vessel was written down to its estimated sales price, less estimated selling costs. The Company's consolidated statement of (loss) income for the three and six months ended June 30, 2021 includes a write-down of $1.7 million related to this vessel. During the six months ended June 30, 2021, the Company completed the sale of two Aframax tankers for an aggregate sales price of $32.0 million. These vessels were written-down to their agreed sales price less selling costs and classified as held for sale on the Company's consolidated balance sheet as at December 31, 2020. During the six months ended June 30, 2021, and three and six months ended June 30, 2020, the Company recorded write-downs of $0.7 million and $0.7 million, respectively, on its operating lease right-of-use assets, which were written-down to their estimated fair values, based on prevailing charter rates for comparable periods, due to a reduction in these charter rates. The Company's unaudited consolidated statements of (loss) income for the three and six months ended June 30, 2020 includes a gain of $3.1 million relating to the completion of the sale of the non-US portion of its STS support services business, as well as its LNG terminal management business for proceeds of $27.1 million, including an adjustment of $1.1 million for the final amounts of cash and other working capital present on the closing date. During the six months ended June 30, 2020, the Company completed the sale of three Suezmax tankers, with an aggregate net loss on sales of $2.6 million. As at March 31, 2020, the Company classified one Suezmax tanker and its related bunkers and lube oil inventory as held for sale, and the vessel cost was written down by $0.5 million to its estimated sales price less selling costs. During the three months ended June 30, 2020, the vessel no longer met the requirements to be classified as held for sale and the asset was reinstated as held for use. The previous write-down of $0.5 million was reversed when the asset was reinstated as held for use.

Liquidity

Liquidity	6 Months Ended
	Jun. 30, 2021
Liquidity [Abstract]
Substantial Doubt about Going Concern [Text Block]	17. Liquidity Management is required to assess if the Company will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of these unaudited consolidated financial statements. The Company declared purchase options to acquire six tankers with an expected completion date in September 2021, for a total cost of $128.8 million, as part of the repurchase options under the sale-leaseback arrangements described in note 7. As a result of this, over the one-year period following the issuance of these unaudited consolidated financial statements, the Company expects it will need to obtain additional sources of financing, in addition to amounts generated from operations, to meet its minimum liquidity requirements under its financial covenants. In June 2021, the Company signed term sheets for $141.7 million in new sale-leaseback transactions relating to eight vessels, including two vessels that were repurchased in May 2021 and six vessels to be repurchased in September 2021. The Company considers it probable that these sale-leaseback transactions will be completed during the third quarter of 2021. Based on the Company's liquidity as at the date these unaudited consolidated financial statements were issued, including the liquidity it expects to generate from the completion of the sale-leaseback of eight vessels and from the expected cash flows from Company's operations over the following year, the Company estimates that it will have sufficient liquidity to continue as a going concern for at least a one-year period following the issuance of these unaudited consolidated financial statements.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
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 six months ended June 30, 2021 and June 30, 2020. All revenue is part of the Company's tanker segment, except for revenue for the non-US portion of the STS support services and LNG terminal management, consultancy, procurement, and other related services, which are part of the Company's previously existing STS transfer segment (see note 4). The Company’s lease income consists of the revenue from its voyage charters and time-charters. Three Months Ended June 31, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Voyage charter revenues Suezmax 61,794 93,985 117,737 251,705 Aframax 23,544 59,369 50,613 131,833 LR2 16,518 27,873 33,667 76,659 Full service lightering 12,142 26,699 24,182 65,207 Total 113,998 207,926 226,199 525,404 Time-charter revenues Suezmax 955 31,000 20,390 46,567 Aframax 5,292 2,158 11,532 2,158 LR2 818 1,828 3,428 1,828 Total 7,065 34,986 35,350 50,553 Other revenues Ship-to-ship support services 1,131 1,123 2,101 7,842 Vessel management 1,226 1,848 2,519 4,201 LNG terminal management, consultancy, procurement and other — 609 — 392 Total 2,357 3,580 4,620 12,435 Total revenues 123,420 246,492 266,169 588,392

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2020
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 income from operations by segment for the three and six months ended June 30, 2020. No results are included for the three and six months ended June 30, 2021 as the Company only had one reportable segment during that period. Three Months Ended June 30, 2020 Tanker Segment STS Transfer Segment Total $ $ $ Revenues (1) 245,728 764 246,492 Voyage expenses (61,558) — (61,558) Vessel operating expenses (45,140) (1,078) (46,218) Time-charter hire expenses (9,296) — (9,296) Depreciation and amortization (29,425) (121) (29,546) General and administrative expenses (2) (9,637) (147) (9,784) (Loss) gain on sale of assets and write-down of assets (185) 3,081 2,896 Income from operations 90,487 2,499 92,986 Equity income 3,188 — 3,188 (1) Revenues earned from the STS transfer segment are reflected in Other Revenues in the Company's unaudited consolidated statements of (loss) income. (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Long-Term Debt	As at As at June 30, 2021 December 31, 2020 $ $ Revolving credit facility due through 2024 240,000 185,000 Term loan due in 2023 58,953 64,568 Total principal 298,953 249,568 Less: unamortized discount and debt issuance costs (5,354) (6,607) Total debt 293,599 242,961 Less: current portion (10,864) (10,858) Long-term portion 282,735 232,103

Operating Leases and Obligati_2

Operating Leases and Obligations Related to Finance Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Obligations Related to Finance Leases [Table Text Block]	As at As at June 30, 2021 December 31, 2020 $ $ Total obligations related to finance leases 292,757 360,043 Less: current portion (139,965) (78,476) Long-term obligations related to finance leases 152,792 281,567
Schedule of Future Minimum Lease Payments for Finance Leases [Table Text Block]	As at June 30, 2021, the Company's total remaining commitments (including the vessel purchase options declared) related to the financial liabilities of these vessels were approximately $352.1 million (December 31, 2020 - $480.9 million), including imputed interest of $59.3 million (December 31, 2020 - $120.9 million), repayable from 2021 through 2030, as indicated below: Commitments June 30, 2021 Year $ Remainder of 2021 142,913 2022 21,848 2023 21,846 2024 21,903 2025 21,841 Thereafter 121,782

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Swap Positions	The following summarizes the Company's interest rate swap agreement as at June 30, 2021: Interest Rate Notional Amount Fair Value /Carrying Amount of Liability Remaining Term Fixed Swap Rate Index $ $ (years) (%) (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap agreement LIBOR 50,000 (195) 3.5 0.76 (1) Excludes the margin the Company pays on its variable-rate long-term debt, which, as of June 30, 2021, ranged from 2.25% to 2.40%.
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 unaudited consolidated balance sheets. Derivative Assets Current Portion of Derivative Liabilities Derivative Liabilities $ $ $ As at June 30, 2021 Interest rate swap agreement 101 (296) — Forward freight agreements — (336) — 101 (632) — As at December 31, 2020 Interest rate swap agreement — (289) (597) — (289) (597)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	Realized and unrealized (losses) gains relating to the interest rate swaps and FFAs are recognized in earnings and reported in realized and unrealized (loss) gain on derivative instruments in the Company’s unaudited consolidated statements of (loss) income as follows: Three Months Ended Three Months Ended June 30, 2021 June 30, 2020 Realized Losses Unrealized Losses Total Realized Gains (Losses) Unrealized (Losses) Gains Total $ $ $ $ $ $ Interest rate swap agreement (72) (82) (154) 86 (483) (397) Forward freight agreements (88) (270) (358) (200) 8 (192) (160) (352) (512) (114) (475) (589) Six Months Ended Six Months Ended June 30, 2021 June 30, 2020 Realized Losses Unrealized Gains (Losses) Total Realized Gains (Losses) Unrealized Losses Total $ $ $ $ $ $ Interest rate swap agreement (137) 691 554 609 (1,697) (1,088) Forward freight agreements (60) (303) (363) (249) (79) (328) (197) 388 191 360 (1,776) (1,416)

Other (Expense) Income (Tables)

Other (Expense) Income (Tables)	6 Months Ended
	Jun. 30, 2021
Other Nonoperating Income [Abstract]
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	The components of other (expense) income are as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Foreign exchange (loss) gain (625) (87) (13) 1,048 Other (expense) income (593) 1,027 (462) 1,035 Total (1,218) 940 (475) 2,083

Income Tax Recovery (Tables)

Income Tax Recovery (Tables)	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Contingencies	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 unaudited consolidated balance sheets: Six Months Ended June 30, 2021 2020 Balance of unrecognized tax benefits as at January 1 49,124 49,579 Increases for positions related to the current year 2,075 1,489 Increases for positions related to prior years 3,086 1,863 Decreases for positions taken in prior years — (15,164) Decreases related to statute of limitations (7,336) (812) Foreign exchange gain (110) (1,206) Balance of unrecognized tax benefits as at June 30 46,839 35,749

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value on a recurring basis. June 30, 2021 December 31, 2020 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 (note 16) Level 1 66,397 66,397 103,146 103,146 Derivative instruments (note 8) Interest rate swap agreement Level 2 (195) (195) (886) (886) Freight forward agreements Level 2 (336) (336) — — Non-recurring: Operating lease right-of-use assets Level 2 — — 1,799 1,799 Vessels and equipment ( note 15 ) Level 2 125,125 125,125 59,250 59,250 Vessels related to finance leases (note 15) Level 2 26,250 26,250 — — Assets held for sale ( note 15 ) Level 2 11,270 11,270 31,680 31,680 Other: Short-term debt (note 5) Level 2 (10,000) (10,000) (10,000) (10,000) Advances to equity-accounted joint venture Note (1) 3,780 Note (1) 5,280 Note (1) Long-term debt, including current portion (note 6) Level 2 (293,599) (298,704) (242,961) (248,738) Obligations related to finance leases, including current portion (note 7) Level 2 (292,757) (309,164) (360,043) (411,740) (1) 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 unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests as at June 30, 2021 and December 31, 2020 were not determinable.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Summary of Related Party Transactions	Amounts received (paid) by the Company for related party transactions for the periods indicated were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Vessel operating expenses - technical management fee (i) (252) (248) (504) (496) Strategic and administrative service fees (ii) (9,198) (7,143) (18,240) (15,115) Secondment fees (iii) (68) (144) (155) (242) Technical management fee and service revenues (iv)(v) 174 169 344 347 (i) The cost of ship management services provided by a third party has been presented as vessel operating expenses on the Company's unaudited consolidated statements of (loss) income. The Company paid such third party technical management fees to the Manager in relation to certain former Tanker Investments Ltd. vessels. (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 unaudited consolidated statements of (loss) income. The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan) is set and paid by Teekay or such other subsidiaries. The Company compensates 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 unaudited consolidated statements of (loss) income. (iv) The Company receives reimbursements from Teekay for the provision of technical management services. These reimbursements have been presented in general and administrative expenses on the Company's unaudited consolidated statements of (loss) income. (v) The Company recorded service revenues relating to Teekay Tanker Operations Limited's (or TTOL

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic and Diluted (Loss) Earnings Per Share	The net (loss) earnings available for common shareholders and (loss) earnings per common share are presented in the table below: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 $ $ $ $ Net (loss) income (129,144) 98,198 (150,509) 205,037 Weighted average number of common shares - basic 33,763,367 33,727,978 33,753,599 33,698,972 Dilutive effect of stock-based awards — 250,752 — 263,539 Weighted average number of common shares - diluted 33,763,367 33,978,730 33,753,599 33,962,511 (Loss) earnings per common share: – Basic (3.83) 2.91 (4.46) 6.08 – Diluted (3.83) 2.89 (4.46) 6.04

Revenue Revenue - Narrative (De

Revenue Revenue - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)contractvessel	May 17, 2021vessel	Mar. 10, 2021vessel	Feb. 05, 2021vessel	Dec. 31, 2020USD ($)vessel	Oct. 22, 2020vessel
Disaggregation of Revenue [Line Items]
Number of forms of contracts | contract	2
Lessor, Operating Lease, Payments to be Received, Remainder of Fiscal Year | $	$ 10.7
Operating Leases, Future Minimum Payments Receivable, in Two Years | $	$ 5.2				$ 45.3
Operating Leases, Future Minimum Payments Receivable, in Three Years | $					$ 5.2
Charters Out Expires 2022 [Domain]
Disaggregation of Revenue [Line Items]
Number Of Vessels	2
Charters Out Expires 2021 [Domain]
Disaggregation of Revenue [Line Items]
Number Of Vessels	1
Charters Out
Disaggregation of Revenue [Line Items]
Number Of Vessels	3
Suezmax, Aframax and LR2 Vessels [Member]
Disaggregation of Revenue [Line Items]
Number Of Vessels	16				9
Aframax Tanker
Disaggregation of Revenue [Line Items]
Number Of Vessels	1	2	6	2		2
Time-charter [Member]
Disaggregation of Revenue [Line Items]
Contract with Customer, Liability, Current | $	$ 0				$ 4.2

Revenue Revenue - Disaggregatio

Revenue Revenue - Disaggregation of revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 123,420	$ 246,492	$ 266,169	$ 588,392
Voyage Charters - Suezmax
Disaggregation of Revenue [Line Items]
Total revenues	61,794	93,985	117,737	251,705
Voyage Charters - Aframax
Disaggregation of Revenue [Line Items]
Total revenues	23,544	59,369	50,613	131,833
Voyage Charters - LR2
Disaggregation of Revenue [Line Items]
Total revenues	16,518	27,873	33,667	76,659
Voyage Charters - Full Service Lightering
Disaggregation of Revenue [Line Items]
Total revenues	12,142	26,699	24,182	65,207
Voyage charter revenues
Disaggregation of Revenue [Line Items]
Total revenues	113,998	207,926	226,199	525,404
Time Charters - Aframax
Disaggregation of Revenue [Line Items]
Total revenues	5,292	2,158	11,532	2,158
Time Charters - Suezmax
Disaggregation of Revenue [Line Items]
Total revenues	955	31,000	20,390	46,567
Time Charters - LR2
Disaggregation of Revenue [Line Items]
Total revenues	818	1,828	3,428	1,828
Time-charter [Member]
Disaggregation of Revenue [Line Items]
Total revenues	7,065	34,986	35,350	50,553
Ship-to-ship support services, Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,131	1,123	2,101	7,842
Commercial management, Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,226	1,848	2,519	4,201
LNG terminal management, consultancy and other, Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	609	0	392
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,357	$ 3,580	$ 4,620	$ 12,435

Segment Reporting - Additional

Segment Reporting - Additional Information (Details) - segment	3 Months Ended	6 Months Ended	14 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021
Segment Reporting [Abstract]
Number of reportable segments	1	1	1

Segment Reporting - Schedule of

Segment Reporting - Schedule of Company's Revenue and Income From Operations by Segment (Details) $ in Thousands	3 Months Ended		6 Months Ended		14 Months Ended
	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Jun. 30, 2021segment
Segment Reporting Information [Line Items]
Revenues	$ 123,420	$ 246,492	$ 266,169	$ 588,392
Voyage expenses	(71,773)	(61,558)	(140,818)	(180,799)
Vessel operating expenses	(43,129)	(46,218)	(86,177)	(96,867)
Time-charter hire expenses	(2,138)	(9,296)	(5,768)	(19,175)
Depreciation and amortization	(26,895)	(29,546)	(53,579)	(59,178)
General and administrative expenses	(12,233)	(9,784)	(23,703)	(19,070)
(Loss) gain on sale of assets and write-down of assets	(86,686)	2,896	(87,401)	(191)
(Loss) income from operations	(119,434)	92,986	(131,277)	213,112
Equity income	$ (829)	3,188	$ (1,188)	5,128
Number of reportable segments | segment	1		1		1
Operating Segments | Tankers [Member]
Segment Reporting Information [Line Items]
Revenues		245,728		581,400
Voyage expenses		(61,558)		(180,799)
Vessel operating expenses		(45,140)		(90,927)
Time-charter hire expenses		(9,296)		(19,175)
Depreciation and amortization		(29,425)		(58,685)
General and administrative expenses		(9,637)		(18,443)
(Loss) gain on sale of assets and write-down of assets		(185)		(3,272)
(Loss) income from operations		90,487		210,099
Equity income		3,188		5,128
Operating Segments | Ship To Ship Transfer [Member]
Segment Reporting Information [Line Items]
Revenues		764		6,992
Voyage expenses		0		0
Vessel operating expenses		(1,078)		(5,940)
Time-charter hire expenses		0		0
Depreciation and amortization		(121)		(493)
General and administrative expenses		(147)		(627)
(Loss) gain on sale of assets and write-down of assets		3,081		3,081
(Loss) income from operations		2,499		3,013
Equity income		$ 0		$ 0

Short-Term Debt (Details)

Short-Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 30, 2018
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 29,800	$ 32,000
Short-term debt (note 5)	$ 10,000	$ 10,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	3.60%	3.60%
Short-term Debt [Member]
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 80,000	$ 40,000
Debt Instrument, Term	6 months
Minimum [Member]
Short-term Debt [Line Items]
Debt Covenant, Required Capital Invested	$ 20,000
Maximum [Member]
Short-term Debt [Line Items]
Debt Covenant, Required Capital Invested	$ 30,000
London Interbank Offered Rate (LIBOR) [Member]
Short-term Debt [Line Items]
Short-term Debt, Percentage Bearing Variable Interest Rate	3.50%

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal	$ 298,953	$ 249,568
Less: unamortized discount and debt issuance costs	(5,354)	(6,607)
Total debt	293,599	242,961
Less: current portion	(10,864)	(10,858)
Long-term portion	282,735	232,103
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total principal	240,000	185,000
Term Loans
Debt Instrument [Line Items]
Total principal	$ 58,953	$ 64,568

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information - Revolvers and Term Loans (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)vesselcredit_facility	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 29,800,000	$ 32,000,000
Total principal	298,953,000	$ 249,568,000
Minimum liquidity covenant requirement	$ 35,000,000
Minimum liquidity as a percentage of consolidated debt covenant requirement	5.00%
Weighted-average effective interest rate	2.50%	2.60%
Aggregate annual long-term principal repayments, remainder of 2020	$ 5,600,000
Aggregate annual long-term principal repayments, 2021	80,900,000
Aggregate annual long-term principal repayments, 2022	201,300,000
Long-Term Debt, Maturity, Year One	$ 11,200,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Number Of Debt Instruments | credit_facility	1
Line of Credit Facility, Maximum Borrowing Capacity	$ 391,200,000	$ 438,400,000
Line of Credit Facility, Remaining Borrowing Capacity	151,200,000	253,400,000
Long-term Debt, Revolving Credit Facility, Decrease in Amount Available Remaining Fiscal Year	44,200,000
Long-term Debt, Revolving Credit Facility, Decrease in Amount Available Year Two	65,300,000
Long-term Debt, Revolving Credit Facility, Decrease in Amount Available Year Three	201,300,000
Total principal	240,000,000	185,000,000
Long-term Debt, Revolving Credit Facility, Decrease in Amount Available Year One	$ 80,400,000
Term Loans
Debt Instrument [Line Items]
Number Of Debt Instruments | credit_facility	1
Total principal	$ 58,953,000	$ 64,568,000
Term Loan Due 2023 [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral, Number of Vessels | vessel	4
Debt Covenant Minimum Hull Coverage Ratio	125.00%
Actual Hull Coverage Ratio	170.00%
2020DebtFacilityMaturinginDecember2024 [Member]
Debt Instrument [Line Items]
Debt Instrument, Collateral, Number of Vessels | vessel	31
Debt Covenant Minimum Hull Coverage Ratio	125.00%
Actual Hull Coverage Ratio	289.00%
Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Long-term Debt, Term	6 months
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.40%	2.40%
London Interbank Offered Rate (LIBOR) [Member] | Term Loans
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.25%	2.25%

Operating Leases and Obligati_3

Operating Leases and Obligations Related to Finance Leases - Operating Leases (Details) $ in Millions	Jul. 31, 2021contractvessel	Jun. 30, 2021USD ($)vessel	May 17, 2021vessel	Mar. 10, 2021vessel	Feb. 05, 2021vessel	Oct. 22, 2020vessel
Operating Leased Assets [Line Items]
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year		$ 5.1
Lessee, Operating Lease, Liability, Payments, Due Year Two		9.6
Lessee, Operating Lease, Liability, Payments, Due Year Three		6.8
Lessee, Operating Lease, Liability, to be Paid, Year One		11.7
Lessee, Operating Lease, Liability, to be Paid, Year Four		6.8
Lessee, Operating Lease, Liability, to be Paid, After Year Four		$ 25
Subsequent Event [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Number of leases | contract	2
LR2 tanker
Operating Leased Assets [Line Items]
Number Of Vessels | vessel		1
Lessee, Operating Lease, Term of Contract		18 months
Aframax Tanker
Operating Leased Assets [Line Items]
Number Of Vessels | vessel		1	2	6	2	2
Lessee, Operating Lease, Term of Contract		7 years
Aframax Tanker | Subsequent Event [Member]
Operating Leased Assets [Line Items]
Number Of Vessels | vessel	2
STS Support Vessel
Operating Leased Assets [Line Items]
Number Of Vessels | vessel		1
Lessee, Operating Lease, Term of Contract		24 months

Operating Leases and Obligati_4

Operating Leases and Obligations Related to Finance Leases - Finance Leases (Details) $ in Thousands	Jun. 30, 2021USD ($)valuator	May 17, 2021vessel	Dec. 31, 2020USD ($)	Jun. 30, 2020vessel
Finance Leased Assets [Line Items]
Finance Lease, Liability	$ 292,757		$ 360,043
Current obligations related to finance leases (note 7)	139,965		78,476
Long-term obligations related to finance leases (note 7)	$ 152,792		$ 281,567
Number of Third Party Valuators | valuator	1
Suezmax Tankers [Member]
Finance Leased Assets [Line Items]
Number Of Vessels | vessel		2		3

Operating Leases and Obligati_5

Operating Leases and Obligations Related to Finance Leases - Finance Leases Additional Information (Details) $ in Thousands	1 Months Ended			6 Months Ended
	May 31, 2021USD ($)	Mar. 31, 2021USD ($)	Oct. 31, 2020USD ($)	Jun. 30, 2021USD ($)vessel	Jun. 30, 2020USD ($)vessel	May 17, 2021vessel	Mar. 10, 2021vessel	Feb. 05, 2021vessel	Dec. 31, 2020vessel	Oct. 22, 2020vessel
Finance Leased Assets [Line Items]
Minimum liquidity covenant requirement | $				$ 35,000
Minimum liquidity as a percentage of consolidated debt covenant requirement				5.00%
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line | $				$ 35,000
Finance Lease, Weighted Average Discount Rate, Percent				7.50%					7.80%
Payments to Acquire Property, Plant, and Equipment | $			$ 29,600	$ 7,237	$ 3,076
Suezmax, Aframax and LR2 Vessels [Member]
Finance Leased Assets [Line Items]
Number Of Vessels				16					9
Aframax Tanker
Finance Leased Assets [Line Items]
Number Of Vessels				1		2	6	2		2
Payments to Acquire Property, Plant, and Equipment | $		$ 128,800		$ 128,800
Suezmax Tankers
Finance Leased Assets [Line Items]
Number Of Vessels					3	2
Payments to Acquire Property, Plant, and Equipment | $	$ 56,700
Suezmax and LR2 Tankers
Finance Leased Assets [Line Items]
Number of Vessels with Purchase Option				6
Minimum [Member]
Finance Leased Assets [Line Items]
Sale Leaseback Transaction, Lease Terms				9
Long-term Debt, Term				6 months
Loss Contingency, Estimate of Possible Loss | $				$ 8,000
Maximum
Finance Leased Assets [Line Items]
Sale Leaseback Transaction, Lease Terms				12
Loss Contingency, Estimate of Possible Loss | $				$ 9,000
July 2017 Sale Leaseback [Member]
Finance Leased Assets [Line Items]
Debt Covenant Minimum Hull Coverage Ratio, Thereafter				100.00%
Debt Covenant Minimum Hull Coverage Ratio, Years 1, 2 and 3				90.00%
Actual Hull Coverage Ratio				102.00%
July 2017 Sale Leaseback [Member] | Suezmax Tankers
Finance Leased Assets [Line Items]
Number of Vessels with Purchase Option				4
July 2017 Sale Leaseback [Member] | Minimum [Member]
Finance Leased Assets [Line Items]
Actual Hull Coverage Ratio									121.00%
July 2017 Sale Leaseback [Member] | Maximum
Finance Leased Assets [Line Items]
Actual Hull Coverage Ratio									143.00%
September 2018 Sale Leaseback [Member]
Finance Leased Assets [Line Items]
Debt Covenant Minimum Hull Coverage Ratio, Thereafter				90.00%
Debt Covenant Minimum Hull Coverage Ratio, Year 1				75.00%
Debt Covenant Minimum Hull Coverage Ratio, Year 2				78.00%
Maintain 80% Hull Coverage Ratio Year 3 & 4				80.00%
September 2018 Sale Leaseback [Member] | Minimum [Member]
Finance Leased Assets [Line Items]
Actual Hull Coverage Ratio				98.00%					80.00%
September 2018 Sale Leaseback [Member] | Maximum
Finance Leased Assets [Line Items]
Actual Hull Coverage Ratio				104.00%					88.00%
November 2018 Sale leaseback Transaction [Member]
Finance Leased Assets [Line Items]
Debt Covenant Minimum Hull Coverage Ratio				100.00%
November 2018 Sale leaseback Transaction [Member] | Suezmax and LR2 Tankers
Finance Leased Assets [Line Items]
Number of Vessels with Purchase Option				2
November 2018 Sale leaseback Transaction [Member] | Minimum [Member] | Suezmax, Aframax and LR2 Sale Leaseback [Member]
Finance Leased Assets [Line Items]
Actual Hull Coverage Ratio				122.00%					145.00%
November 2018 Sale leaseback Transaction [Member] | Maximum
Finance Leased Assets [Line Items]
Actual Hull Coverage Ratio				127.00%
November 2018 Sale leaseback Transaction [Member] | Maximum | Suezmax, Aframax and LR2 Sale Leaseback [Member]
Finance Leased Assets [Line Items]
Actual Hull Coverage Ratio									156.00%
Finance Lease Obligations [Member]
Finance Leased Assets [Line Items]
Minimum liquidity covenant requirement | $				$ 35,000
Minimum liquidity as a percentage of consolidated debt covenant requirement				5.00%
Debt Covenant Minimum Free Liquidity And Undrawn Revolving Credit Line | $				$ 35,000
Finance Lease Obligations [Member] | Minimum [Member]
Finance Leased Assets [Line Items]
Long-term Debt, Term				6 months
Finance Lease Obligations [Member] | July 2017 Sale Leaseback [Member]
Finance Leased Assets [Line Items]
Number Of Vessels				4
Finance Lease Obligations [Member] | September 2018 Sale Leaseback [Member]
Finance Leased Assets [Line Items]
Number Of Vessels				6
Finance Lease Obligations [Member] | November 2018 Sale leaseback Transaction [Member]
Finance Leased Assets [Line Items]
Number Of Vessels				2
Finance Lease Obligations [Member] | July 2017 and November 2018 Sale leaseback transaction
Finance Leased Assets [Line Items]
Number Of Vessels				6

Operating Leases and Obligati_6

Operating Leases and Obligations Related to Finance Leases - Finance Leases Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Finance Leased Assets [Line Items]
Finance Lease, Liability, Payment, Due	$ 352,100	$ 480,900
Finance Lease, Liability, Undiscounted Excess Amount	59,300	$ 120,900
Finance Lease, Liability, Payments, Due Next Twelve Months	142,913
Finance Lease, Liability, to be Paid, Year One	21,848
Finance Lease, Liability, Payments, Due Year Two	21,846
Finance Lease, Liability, Payments, Due Year Three	21,903
Finance Lease, Liability, Payments, Due Year Four	21,841
Finance Lease, Liability, Payments, Due after Year Five	$ 121,782

Derivative Instruments - Summar

Derivative Instruments - Summary of Interest Rate Swap Positions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Minimum [Member]
LIBOR-Based Debt:
Debt Instrument, Basis Spread on Variable Rate	2.25%
Maximum
LIBOR-Based Debt:
Debt Instrument, Basis Spread on Variable Rate	2.40%
London Interbank Offered Rate (LIBOR) [Member] | United States Dollar Denominated Interest Rate Swaps One [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 50,000
LIBOR-Based Debt:
Remaining Term	3 years 6 months
Fixed Swap Rate	0.76%
Other Derivatives Not Designated as Hedging Instruments Liabilities at Fair Value	$ (195)

Derivative Instruments - Locati

Derivative Instruments - Location and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Assets (note 8)	$ 101	$ 0
Current portion of derivative liabilities (note 8)	(632)	(289)
Derivative liabilities (note 8)	0	(597)
Reported Value Measurement [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets (note 8)	101	0
Current portion of derivative liabilities (note 8)	(632)	(289)
Derivative liabilities (note 8)	0	(597)
Reported Value Measurement [Member] | Interest rate swap agreement
Derivatives, Fair Value [Line Items]
Derivative Assets (note 8)	101	0
Current portion of derivative liabilities (note 8)	(296)	289
Derivative liabilities (note 8)	0	$ (597)
Reported Value Measurement [Member] | Forward freight agreements
Derivatives, Fair Value [Line Items]
Derivative Assets (note 8)	0
Current portion of derivative liabilities (note 8)	(336)
Derivative liabilities (note 8)	$ 0

Derivative Instruments - Gain (

Derivative Instruments - Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Realized gains (losses)	$ (160)	$ (114)	$ (197)	$ 360
Unrealized gains (losses)	(352)	(475)	388	(1,776)
Total	(512)	(589)	191	(1,416)
Interest rate swap agreement
Derivative [Line Items]
Realized gains (losses)	(72)	86	(137)	609
Unrealized gains (losses)	(82)	(483)	691	(1,697)
Total	(154)	(397)	554	(1,088)
Forward freight agreements
Derivative [Line Items]
Realized gains (losses)	(88)	(200)	(60)	(249)
Unrealized gains (losses)	(270)	8	(303)	(79)
Total	$ (358)	$ (192)	$ (363)	$ (328)

Other (Expense) Income - Compon

Other (Expense) Income - Components of Other (Expense) Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Foreign exchange (loss) gain	$ (625)	$ (87)	$ (13)	$ 1,048
Other (expense) income		1,027		1,035
Other Nonoperating Expense	(593)		(462)
Total	$ (1,218)	$ 940	$ (475)	$ 2,083

Income Tax Recovery (Details)

Income Tax Recovery (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits	$ 46,839	$ 35,749	$ 49,124	$ 49,579
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	2,075	1,489
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	3,086	1,863
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	0	(15,164)
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	(7,336)	(812)
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation	$ (110)	$ (1,206)

Income Tax Recovery (Details)_2

Income Tax Recovery (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 30, 2021	Aug. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions			$ 0	$ 15,164
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority				8,600
Settlement with Taxing Authority [Member]
Income Tax Contingency [Line Items]
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions				$ 15,200
Payments for Other Taxes	$ 900	$ 7,700

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	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash (note 16)	$ 66,397	$ 103,146	$ 176,110	$ 96,790
Current portion of derivative liabilities (note 8)	632	289
Operating lease right-of-use assets (notes 7 and 15)	548	2,529
Total vessels and equipment	1,056,657	1,104,742
Vessels related to finance leases, at cost, less accumulated depreciation of $89.5 million (2020 - $124.4 million) (note 7)	368,118	450,558
Short-term Debt	(10,000)	(10,000)
Long-term debt, including current portion (note 6)	(293,599)	(242,961)
Total obligations related to finance leases	(292,757)	(360,043)
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of derivative liabilities (note 8)	632	289
Due from Joint Ventures, Noncurrent	3,780	5,280
Reported Value Measurement [Member] | Interest rate swap agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of derivative liabilities (note 8)	296	(289)
Reported Value Measurement [Member] | Forward freight agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of derivative liabilities (note 8)	336
Level 2 | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term Debt	(10,000)	(10,000)
Long-term debt, including current portion (note 6)	(293,599)	(242,961)
Total obligations related to finance leases	(292,757)	(360,043)
Level 2 | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term Debt	(10,000)	(10,000)
Long-term debt, including current portion (note 6)	(298,704)	(248,738)
Total obligations related to finance leases	(309,164)	(411,740)
Fair Value, Recurring [Member] | Level 1 | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash (note 16)	66,397	103,146
Fair Value, Recurring [Member] | Level 1 | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash (note 16)	66,397	103,146
Fair Value, Recurring [Member] | Level 2 | Reported Value Measurement [Member] | Interest rate swap agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	(195)	(886)
Fair Value, Recurring [Member] | Level 2 | Reported Value Measurement [Member] | Forward freight agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of derivative liabilities (note 8)	336	0
Fair Value, Recurring [Member] | Level 2 | Estimate of Fair Value Measurement [Member] | Interest rate swap agreement
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest Rate Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value	(195)	(886)
Fair Value, Recurring [Member] | Level 2 | Estimate of Fair Value Measurement [Member] | Forward freight agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current portion of derivative liabilities (note 8)	336	0
Fair Value, Nonrecurring [Member] | Level 2 | Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Operating lease right-of-use assets (notes 7 and 15)	0	1,799
Total vessels and equipment	125,125	59,250
Vessels related to finance leases, at cost, less accumulated depreciation of $89.5 million (2020 - $124.4 million) (note 7)	26,250	0
Assets Held-for-sale, Long Lived, Fair Value Disclosure	11,270	31,680
Fair Value, Nonrecurring [Member] | Level 2 | Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Operating lease right-of-use assets (notes 7 and 15)	0	1,799
Total vessels and equipment	125,125	59,250
Vessels related to finance leases, at cost, less accumulated depreciation of $89.5 million (2020 - $124.4 million) (note 7)	26,250	0
Assets Held-for-sale, Long Lived, Fair Value Disclosure	$ 11,270	$ 31,680

Capital Stock and Equity-Base_2

Capital Stock and Equity-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
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		$ 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
Preferred Stock, Shares Outstanding	0		0		0
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			56,000	78,300
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 0.8	$ 1.3
Common Class A [Member]
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		$ 0.01
Common Stock, Voting Rights, Votes Per Share Owned			$ 1
Common stock, shares issued (in shares)	29,200,000		29,200,000		29,100,000
Common Stock, Shares, Outstanding	29,200,000		29,200,000		29,100,000
Common Class A [Member] | Restricted Stock Units
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			35,800	44,800
Common Class B [Member]
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		$ 0.01
Common Stock, Voting Rights, Votes Per Share Owned			$ 5
Maximum percentage of voting power			49.00%
Common stock, shares issued (in shares)	4,600,000		4,600,000		4,600,000
Common Stock, Shares, Outstanding	4,600,000		4,600,000		4,600,000
General and Administrative Expense [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Employee Benefits and Share-based Compensation	$ 0.5	$ 0.6	$ 0.9	$ 0.9

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Vessel operating expenses	$ (43,129)	$ (46,218)	$ (86,177)	$ (96,867)
Strategic and administrative service fees	(9,198)	(7,143)	(18,240)	(15,115)
Vessel operating expenses - technical management fee
Related Party Transaction [Line Items]
Vessel operating expenses	(252)	(248)	(504)	(496)
Secondment fees
Related Party Transaction [Line Items]
Strategic and administrative service fees	(68)	(144)	(155)	(242)
Technical management fee revenues
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 174	$ 169	$ 344	$ 347

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Due to Affiliate, Current	$ 10,162	$ 3,123
Payable to Manager [Member]
Related Party Transaction [Line Items]
Due to Affiliate, Current	$ 1,400	$ 9,000

(Loss) Earnings Per Share - Bas

(Loss) Earnings Per Share - Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (Loss) Income	$ (129,144)	$ (21,365)	$ 98,198	$ 106,839	$ (150,509)	$ 205,037
Weighted average number of common shares – basic (in shares)	33,763,367		33,727,978		33,753,599	33,698,972
Dilutive effect of stock-based awards (in shares)	0		250,752		0	263,539
Weighted average number of common shares – diluted (in shares)	33,763,367		33,978,730		33,753,599	33,962,511
(Loss) earnings per common share:
– Basic (usd per share)	$ (3.83)		$ 2.91		$ (4.46)	$ 6.08
– Diluted (usd per share)	$ (3.83)		$ 2.89		$ (4.46)	$ 6.04

(Loss) Earnings Per Share - Add

(Loss) Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.3	0		0.3	0
Share-based Payment Arrangement [Member] | Common Class A [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0.6		0.2	0.6	0.2

(Write-down) and Gain (loss) _2

(Write-down) and Gain (loss) on Sale of Assets (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021USD ($)vessel	Jun. 30, 2020USD ($)vessel	Mar. 31, 2020USD ($)vessel	Jun. 30, 2021USD ($)vessel	Jun. 30, 2020USD ($)vessel	May 17, 2021vessel	Mar. 10, 2021vessel	Feb. 05, 2021vessel	Oct. 22, 2020vessel
Property, Plant and Equipment [Line Items]
Asset Impairment Charges	$ 85,000			$ 85,000
Operating Lease, Impairment Loss		$ 700		700	$ 700
Proceeds from Sale of Property, Plant, and Equipment				32,687	75,214
Aframax Tanker
Property, Plant and Equipment [Line Items]
Asset Impairment Charges	$ 1,700			$ 1,700
Number of Vessels Held for Sale | vessel	1			1
Ship To Ship Transfer Business [Member]
Property, Plant and Equipment [Line Items]
Gain (Loss) on sale of ship-to-ship transfer business					3,100
Ship To Ship Transfer Business [Member] | Ship To Ship Transfer Business [Member]
Property, Plant and Equipment [Line Items]
Adjustment for final amounts of cash and other working capital on closing date					1,100
Sale of ship-to-ship transfer business					$ 27,100
Suezmax Tankers [Member]
Property, Plant and Equipment [Line Items]
Number Of Vessels impaired | vessel			1
Number Of Vessels | vessel		3			3	2
Asset Impairment Charges			$ 500
Asset Impairment Charges Reversal		$ 500
Gain (Loss) on Disposition of Assets					$ 2,600
Aframax Tanker
Property, Plant and Equipment [Line Items]
Number Of Vessels | vessel	1			1		2	6	2	2
Proceeds from Sale of Property, Plant, and Equipment				$ 32,000
Aframax Tanker
Property, Plant and Equipment [Line Items]
Number Of Vessels impaired | vessel	1			1
LR2 tanker
Property, Plant and Equipment [Line Items]
Number Of Vessels impaired | vessel	3			3
Suezmax Tankers [Member]
Property, Plant and Equipment [Line Items]
Number Of Vessels impaired | vessel	3			3

Liquidity (Details)

Liquidity (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Oct. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 10, 2021vessel
Other Commitments [Line Items]
Payments to Acquire Property, Plant, and Equipment		$ 29,600	$ 7,237	$ 3,076
Sale Leaseback Transaction, Gross Proceeds	$ 141,700
Suezmax and Aframax Tankers
Other Commitments [Line Items]
Number Of Vessels | vessel					8