Teekay Tankers (TNK) 20-F 15 Mar 24 2023 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2023 shares
Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	1-33867
Entity Registrant Name	TEEKAY TANKERS LTD.
Entity Incorporation, State or Country Code	1T
Entity Address, Address Line One	4th Floor
Entity Address, Address Line Two	Belvedere Building
Entity Address, Address Line Three	69 Pitts Bay Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
Title of 12(b) Security	Class A common stock, par value of $0.01 per share
Trading Symbol	TNK
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	KPMG LLP
Auditor Location	Vancouver BC, Canada
Auditor Firm ID	85
Entity Central Index Key	0001419945
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Financial Statement Error Correction [Flag]	false
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	4th Floor
Entity Address, Address Line Two	Belvedere Building
Entity Address, Address Line Three	69 Pitts Bay Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 08
Entity Address, Country	BM
Contact Personnel Name	N. Angelique Burgess
City Area Code	441
Local Phone Number	298-2530
Contact Personnel Fax Number	(441) 292-3931
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	29,467,111
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	4,625,997

Consolidated Statements of (Los

Consolidated Statements of (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Total revenues	$ 1,364,452	$ 1,063,111	$ 542,367
Voyage expenses	(474,371)	(495,604)	(315,121)
Vessel operating expenses (notes 12b and 12c)	(148,960)	(150,448)	(165,375)
Time-charter hire expenses (note 10)	(70,836)	(27,374)	(13,799)
Depreciation and amortization	(97,551)	(99,033)	(106,084)
General and administrative expenses (note 12b)	(45,936)	(41,769)	(43,715)
Gain (loss) on sale and (write-down) of assets (note 13)	10,360	8,888	(92,368)
Restructuring charges (note 14)	(1,248)	(1,822)	0
Income (loss) from operations	535,910	255,949	(194,095)
Interest expense	(27,706)	(35,740)	(35,031)
Interest income	10,178	1,338	122
Realized and unrealized gain on derivative instruments (note 9)	449	5,179	564
Equity income (loss) (note 4)	3,432	244	(14,107)
Other income (expense) (note 15)	900	2,645	(1,756)
Net income (loss) before income tax	523,163	229,615	(244,303)
Income tax (expense) recovery (note 16)	(9,492)	(529)	1,931
Net income (loss)	$ 513,671	$ 229,086	$ (242,372)
Per common share amounts (note 17)
• Basic earnings (loss) per share	$ 15.04	$ 6.74	$ (7.16)
• Diluted earnings (loss) per share	$ 14.86	$ 6.68	$ (7.16)
Weighted-average number of Class A and Class B common stock outstanding (note 17)
• Basic (in shares)	34,159,818	33,997,579	33,859,306
• Diluted (in shares)	34,568,160	34,287,075	33,859,306
• Cash dividends declared (in dollars per share)	$ 1.75	$ 0	$ 0
Voyage charter
REVENUES
Total revenues	$ 1,321,487	$ 1,039,262	$ 485,896
Time-charter revenues
REVENUES
Total revenues	31,149	14,738	46,159
Other
REVENUES
Total revenues	$ 11,816	$ 9,111	$ 10,312

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current
Cash and cash equivalents	$ 365,251	$ 180,512
Restricted Cash - Current (note 16)	691	3,714
Accounts receivable, net of allowance of $5.6 million (2022 - $6.4 million )	99,940	116,707
Assets held for sale (note 20)	11,910	0
Due from affiliates, current	130	2,486
Current portion of derivative assets (note 9)	0	2,087
Bunker and lube oil inventory	53,219	60,832
Prepaid expenses	12,332	10,248
Accrued revenue (note 3)	70,026	82,923
Total current assets	613,499	459,509
Restricted Cash - long-term (note 16)	0	3,135
At cost, less accumulated depreciation of $440.9 million (2022 - $171.8 million) (notes 7 and 13)	929,237	429,987
Vessels related to finance leases, at cost, less accumulated depreciation of $92.4 million (2022 - $290.0 million) (notes 8 and 13)	228,973	823,381
Operating lease right-of-use assets (notes 8 and 13)	76,314	42,894
Total vessels and equipment	1,234,524	1,296,262
Investment in and advances to equity-accounted joint venture (note 4)	15,731	16,198
Derivative assets (note 9)	0	1,622
Other non-current assets	6,656	3,451
Intangible assets at cost, less accumulated depreciation of $5.0 million (2022 - $4.6 million) (note 5)	658	1,051
Goodwill (note 5)	2,426	2,426
Total assets	1,873,494	1,783,654
Supplemental Balance Sheet Elements [Abstract]
Accounts Receivable, after Allowance for Credit Loss	5,600	6,400
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	440,900	171,800
Sale Leaseback Transaction, Accumulated Depreciation	92,400	290,000
Accumulated amortization	5,000	4,600
Current
Accounts payable	29,872	42,350
Accrued liabilities (notes 6 and 14)	43,715	47,469
Current obligations related to finance leases (note 8)	20,517	60,161
Current portion of operating lease liabilities (note 8)	35,882	16,585
Other Current Liabilities [Member]	5,013	1,141
Due to affiliates	(3,872)	9,803
Other current liabilities	4,289	2,468
Total current liabilities	139,288	170,174
Long-term obligations related to finance leases (note 8)	119,082	472,599
Long-term operating lease liabilities (note 8)	40,432	26,858
Other long-term liabilities (note 16)	48,907	44,017
Total liabilities	347,709	713,648
Commitments and contingencies (notes 4, 7, 8 and 9)
Equity
Common stock, shares authorized (in shares)	585,000,000	585,000,000
Common stock and paid-in capital (585.0 million shares authorized, 29.5 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2023 and 585.0 million shares authorized, 29.3 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2022) (note 11)	$ 1,305,764	$ 1,303,610
Accumulated surplus ( deficit)	220,021	(233,604)
Total equity	1,525,785	1,070,006
Total liabilities and equity	$ 1,873,494	$ 1,783,654
Class A
Equity
Common stock, shares authorized (in shares)	485,000,000	485,000,000
Common Stock, Shares, Issued	29,500,000	29,300,000
Common Stock, Shares, Outstanding	29,500,000	29,300,000
Common Class B [Member]
Equity
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common Stock, Shares, Issued	4,600,000	4,600,000
Common Stock, Shares, Outstanding	4,600,000	4,600,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income (loss)	$ 513,671,000	$ 229,086,000	$ (242,372,000)
Non-cash items:
Depreciation and amortization	97,551,000	99,033,000	106,084,000
Write-down / sale of vessels	(10,360,000)	(8,888,000)	92,368,000
Unrealized loss (gain) on derivative instruments (note 9)	3,709,000	(3,163,000)	(1,432,000)
Equity income (loss) (note 4)	(3,432,000)	(244,000)	14,107,000
Freight Tax tax expense (recovery)	(7,814,000)	(129,000)	(3,109,000)
Other	6,128,000	4,217,000	2,001,000
Change in operating assets and liabilities (note 18)	27,221,000	(112,224,000)	(47,985,000)
Expenditures For Dry Docking	(16,230,000)	(14,423,000)	(26,974,000)
Net operating cash flow	626,072,000	193,265,000	(107,312,000)
FINANCING ACTIVITIES
Proceeds from short-term debt	50,000,000	134,000,000	50,000,000
Prepayments of short-term debt	(50,000,000)	(159,000,000)	(35,000,000)
Proceeds from long-term debt (2021 - net of issuance costs) (note 7)	1,000,000	0	221,167,000
Payments of Debt Issuance Costs	4,536,000	0	0
Scheduled repayments of long-term debt (note 7)	0	(56,914,000)	(11,229,000)
Prepayments of long-term debt (note 7)	(1,000,000)	(267,592,000)	(135,000,000)
Proceeds from financings related to sale and leaseback of vessels, net of issuance costs (note 8)	0	288,108,000	140,226,000
Scheduled repayments of obligations related to finance leases (note 8)	(34,113,000)	(50,636,000)	(23,873,000)
Prepayment of obligations related to finance leases (note 8)	(364,201,000)	0	(184,115,000)
Payments of Dividends	59,518,000	0	0
Other	(2,386,000)	(1,014,000)	(225,000)
Net financing cash flow	(464,754,000)	(113,048,000)	21,951,000
INVESTING ACTIVITIES
Proceeds from sale of assets (note 13)	23,561,000	69,646,000	58,090,000
Expenditures for vessels and equipment	(10,198,000)	(15,430,000)	(21,447,000)
Net investing cash flow	17,263,000	51,216,000	38,143,000
Increase (decrease) in cash, cash equivalents and restricted cash	178,581,000	131,433,000	(47,218,000)
Cash, cash equivalents and restricted cash, beginning of the year	187,361,000	55,928,000	103,146,000
Cash, cash equivalents and restricted cash, end of the year (note 18c)	365,942,000	187,361,000	55,928,000
Increase (Decrease) in Notes Receivable, Related Parties	$ 3,900,000	$ (3,000,000)	$ 1,500,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock and Paid-in Capital	Common Stock and Paid-in Capital Class A	Common Stock and Paid-in Capital Class B	Accumulated Deficit	Common Stock
Beginning Balance, shares (in shares) at Dec. 31, 2020		33,738
Beginning Balance at Dec. 31, 2020	$ 1,078,902		$ 1,210,688	$ 88,532	$ (220,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(242,372)				(242,372)
Equity-based compensation (in shares)		51
Equity-based compensation	1,882		1,882
Ending Balance, shares (in shares) at Dec. 31, 2021		33,789
Ending Balance at Dec. 31, 2021	838,412		1,212,570	88,532	(462,690)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	229,086				229,086
Equity-based compensation (in shares)		150
Equity-based compensation	2,508		2,508
Ending Balance, shares (in shares) at Dec. 31, 2022		33,939
Ending Balance at Dec. 31, 2022	1,070,006		1,215,078	88,532	(233,604)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	513,671				513,671
Equity-based compensation (in shares)		154
Equity-based compensation	2,154		2,154
Ending Balance, shares (in shares) at Dec. 31, 2023		34,093
Ending Balance at Dec. 31, 2023	$ 1,525,785		$ 1,217,232	$ 88,532	$ 220,021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends, Common Stock, Cash						$ (60,046)

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information a. The changes in non-cash working capital items related to operating activities for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 Accounts receivable, including other current assets 29,663 (114,042) (22,746) Due from affiliates 2,356 1,734 1,016 Bunker and lube oil inventory 6,152 (11,804) (17,619) Prepaid expenses (2,084) (25) (484) Accounts payable and accrued liabilities (15,855) 21,065 (13,934) Due to affiliates 3,872 (9,803) 7,821 Deferred revenue 1,752 798 (3,355) Other 1,365 (147) 1,316 Change in operating assets and liabilities 27,221 (112,224) (47,985) b. Cash interest paid during the years ended December 31, 2023, 2022 and 2021 totaled $20.2 million, $29.4 million and $34.3 million respectively. c. Total cash, cash equivalents and restricted cash are as follows: As at December 31, 2023 As at December 31, 2022 As at December 31, 2021 As at December 31, 2020 $ $ $ $ Cash and cash equivalents 365,251 180,512 50,572 97,232 Restricted cash - current (1) 691 3,714 2,221 2,779 Restricted cash - long-term (2) — 3,135 3,135 3,135 365,942 187,361 55,928 103,146 (1) The Company maintains restricted cash deposits relating to certain FFAs (see note 9). (2) The Company maintained restricted cash deposits relating to obligations related to finance leases for certain vessels which were repurchased by the Company in May 2023 as described in note 8. Non-cash items related to operating lease right-of-use assets and operating lease liabilities are as follows: Year Ended December 31, 2023 December 31, 2022 $ $ Leased assets obtained in exchange for new operating lease liabilities 68,536 42,911

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Changes in Non-cash Working Capital Items Related to Operating Activities	The changes in non-cash working capital items related to operating activities for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 Accounts receivable, including other current assets 29,663 (114,042) (22,746) Due from affiliates 2,356 1,734 1,016 Bunker and lube oil inventory 6,152 (11,804) (17,619) Prepaid expenses (2,084) (25) (484) Accounts payable and accrued liabilities (15,855) 21,065 (13,934) Due to affiliates 3,872 (9,803) 7,821 Deferred revenue 1,752 798 (3,355) Other 1,365 (147) 1,316 Change in operating assets and liabilities 27,221 (112,224) (47,985)
Schedule of Cash, Cash Equivalents, and Restricted Cash	Total cash, cash equivalents and restricted cash are as follows: As at December 31, 2023 As at December 31, 2022 As at December 31, 2021 As at December 31, 2020 $ $ $ $ Cash and cash equivalents 365,251 180,512 50,572 97,232 Restricted cash - current (1) 691 3,714 2,221 2,779 Restricted cash - long-term (2) — 3,135 3,135 3,135 365,942 187,361 55,928 103,146 (1) The Company maintains restricted cash deposits relating to certain FFAs (see note 9). (2) The Company maintained restricted cash deposits relating to obligations related to finance leases for certain vessels which were repurchased by the Company in May 2023 as described in note 8. Non-cash items related to operating lease right-of-use assets and operating lease liabilities are as follows: Year Ended December 31, 2023 December 31, 2022 $ $ Leased assets obtained in exchange for new operating lease liabilities 68,536 42,911

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Changes in Non-cash Working Capital Items Related to Operating Activities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, including other current assets	$ 29,663	$ (114,042)	$ (22,746)
Due from affiliates	2,356	1,734	1,016
Bunker and lube oil inventory	6,152	(11,804)	(17,619)
Prepaid expenses	(2,084)	(25)	(484)
Accounts payable and accrued liabilities	(15,855)	21,065	(13,934)
Due to affiliates	3,872	(9,803)	7,821
Deferred revenue	1,752	798	(3,355)
Other	1,365	(147)	1,316
Change in operating assets and liabilities	$ 27,221	$ (112,224)	$ (47,985)

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Additional Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash interest paid	$ 20.2	$ 29.4	$ 34.3

Supplemental Cash Flow Inform_5

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents, and Restricted Cash - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 365,251	$ 180,512
Restricted Cash - Current	(691)	(3,714)
Restricted Cash - long-term	0	(3,135)
Cash, cash equivalents, and restricted cash	365,942	187,361
Leased assets obtained in exchange for new operating lease liabilities	$ 68,536	$ 42,911

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of presentation and consolidation principles These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (or GAAP ). They include the accounts of Teekay Tankers Ltd., a Marshall Islands corporation, its wholly-owned subsidiaries , and any variable interest entities (or VIEs ) of which it is the primary beneficiary (collectively, the Company ). The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates. Significant intercompany balances and transactions have been eliminated upon consolidation. Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other income (expense) in the accompanying consolidated statements of income (loss). Revenues The Company's time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters subject to revenue sharing agreements (or RSAs ) follow the same revenue recognition policy as voyage charters not subject to RSAs. The difference between the net revenue earned by a vessel of the Company performing voyage charters subject to RSAs and its allocated share of the aggregate net contribution is reflected within voyage expenses. The consolidated balance sheets reflect in accrued revenue the accrued portion of revenues for those voyages that commence prior to the balance sheet date and complete after the balance sheet date. Voyage expenses incurred that are recoverable from the Company's customers in connection with its voyage charter contracts are reflected in voyage charter revenues and voyage expenses. Time charters The Company recognizes revenues from time charters accounted for as operating leases on a straight-line basis over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off-hire. When the time charter contains a profit-sharing agreement or other variable consideration, the Company recognizes the profit-sharing or contingent revenues in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. The consolidated balance sheets reflect in accrued receivables, any accrued revenue and in deferred revenue, the deferred portion of revenues which will be earned in subsequent periods. If collectability of the time-charter hire receipts from time charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Other revenues Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, which are referred to as support operations. In addition, other revenues are also earned from other activities such as management of vessels, procurement and equipment rental. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period. Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters subject to an RSA and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter, in which case the Company pays voyage expenses. Voyage expenses are recognized when incurred. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters. Vessel operating expenses are recognized when incurred. Equity-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of the Company and to certain employees of Teekay Corporation (or Teekay ) or its subsidiaries who support the operations of the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For equity-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (see note 11). Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Restricted cash - current The Company maintains restricted cash deposits relating to certain freight forward agreements. Restricted cash - long-term The Company maintains restricted cash deposits as required by the Company's obligations related to certain finance leases. Accounts receivable and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The consolidated balance sheets reflect, in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and in other current assets, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. The Company’s advances to its equity-accounted joint venture is recorded at cost. Bunker and lube oil inventory Bunker and lube oil inventory is stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Investments in equity-accounted joint ventures The Company’s investments in equity-accounted joint ventures, in which the Company does not control but has the ability to exercise significant influence over the operating and financial policies of the entity, are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted joint venture investment for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If the investment in the equity-accounted joint venture is impaired and if its estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in equity income (loss) on the Company’s consolidated statements of income (loss). The Company’s maximum exposure to loss is the amount it has invested in its equity-accounted joint venture and its proportionate share of guaranteed debt of the joint venture. Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation for vessels is calculated using an estimated useful life of 25 years from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2023, 2022 and 2021 totaled $71.9 million, $71.9 million and $78.5 million, res pectively. Generally, the Company dry docks each vessel every two and a half years to five years The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2021 to December 31, 2023: Year Ended December 31, 2023 2022 2021 Balance at the beginning of the year 51,474 62,914 67,527 Cost incurred for dry docking 15,483 15,792 23,042 Dry-dock amortization (25,245) (26,666) (27,123) Write-down / sale of vessels (1,139) (566) (532) Balance at the end of the year 40,573 51,474 62,914 Vessels and equipment that are intended to be “held and used” in the Company's business are assessed for impairment when events or circumstances indicate the carrying value of the asset may not be recoverable. The Company’s evaluation of events or circumstances that may indicate impairment, include, amongst others, an assessment of the intended use of the assets and anticipated operating cash flows, which is primarily influenced by the estimate of future charter rates for the vessels. The Company did not identify any indicators of impairment as of December 31, 2023 for its vessels. If the asset’s net carrying value exceeds the estimated net undiscounted cash flows expected to be generated over its remaining useful life and the fair value of the asset is less than its carrying value, the carrying value of the asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. The appraised values are provided by third parties where available or prepared by the Company based on second-hand sale and purchase market data. In cases where an active second-hand sale and purchase market does not exist, or in certain other cases, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. Vessels and equipment that are "held for sale" are measured at the lower of their carrying value or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred. Lease obligations and right-of-use assets For its vessels and office leases as of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The discount rate used to determine the present value of the lease payments is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Company's chartered-in vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. The Company uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Company’s consolidated statements of income (loss). For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time-charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Company’s consolidated statements of income (loss). Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period achievement of the target is considered probable. The Company recognizes the expense from short-term leases and any non-lease components of vessels time-chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time-charter hire expense for vessel charters and general and administrative expenses for office leases. The Company has determined that its time charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (technical operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to technically operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired right-of-use assets from in-chartered vessels is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. Vessels sold and leased back by the Company, where the Company has a fixed price repurchase obligation or other situations where the leaseback would be classified as a finance lease are accounted for as a failed sale of the vessel. The Company does not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as an obligation related to finance lease and bareboat charter hire payments made by the Company to the lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value. Debt issuance costs Debt issuance costs related to recognized debt liabilities, including fees, commissions and legal expenses, are deferred and presented as a direct deduction from the carrying amount of the debt liability. Debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Debt issuance costs are amortized using the effective interest rate method over the term of the relevant debt liability. Amortization of debt issuance costs is included in interest expense in the Company’s consolidated statements of income (loss). Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument, if applicable, and included in determining the debt extinguishment gain or loss to be recognized. Other related costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction to the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount (based on the reduction in borrowing capacity) of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility. Credit losses The Company utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for advances to equity-accounted joint ventures, guarantees of secured loan facilities of equity-accounted joint ventures, non-operating lease accounts receivable, contract assets and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. The Company discontinues accrual of interest on financial assets if collection of required payments is no longer probable, and in those situations, recognizes payments received on non-accrual assets on a cash basis method, until collection of required payments becomes probable. The Company considers a financial asset to be past due when payment is not made within 30 days of it being owed, assuming there is no dispute or other uncertainty regarding the amount owing. Expected credit loss provisions are presented on the consolidated balance sheets as a reduction to the carrying value of the related financial asset and as an other long-term liability for expected credit loss provisions that relate to guarantees of secured loan facilities of equity-accounted joint ventures. Changes in expected credit loss provisions are presented within other income (expense) within the consolidated statements of income (loss). For charter contracts being accounted for as operating leases, if the remaining lease payments are no longer probable of being collected, any unpaid accounts receivable and any accrued revenue will be reversed against revenue and any subsequent payments will be recognized as revenue when collected until such time that the remaining lease payments are probable of being collected. Income taxes The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the consolidated financial statement basis and the tax basis of the Company's assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is determined that it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position taken or expected to be taken in a tax return will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax (expense) recovery in the Company's consolidated statements of income (loss). The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of the Marshall Islands or that distributions by its subsidiaries to the Company will not be subject to any income taxes under the laws of this country, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses is dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) ASC 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated derivatives are recorded in realized and unrealized gain on derivative instruments in the Company’s consolidated statements of income (loss). Earnings (loss) per share Earnings (loss) per share is determined by dividing (a) net income (loss) of the Company by (b) the weighted-average number of shares outstanding during the applicable period. The calculation of weighted-average number of shares includes the total Class A and total Class B shares outstanding during the applicable period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock units using the treasury stock method. The computation of diluted loss per share does not assume such exercises. The weighted-average number of shares is retroactively adjusted for stock splits and reverse stock splits.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company’s primary source of revenue is from chartering its vessels (Suezmax tankers, Aframax 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 support services, which include managing the process of transferring cargo between seagoing ships positioned alongside each other, as well as management services to third-party owners of vessels. Voyage Charters Voyage charters are charters for a specific voyage that are usually priced on a current or "spot" market rate. Voyage charters for full service lightering voyages may also be priced based on pre-agreed terms. The performance obligations within a voyage charter contract, which will typically include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of the voyage, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the vessel owner. The Company’s voyage charters will normally contain a lease; however, judgment is necessary to determine whether this is the case based upon the decision-making rights the charterer has under the contract. Consideration for such contracts is either fixed or variable, depending on certain conditions. Delays caused by the charterer result in additional consideration. Payment for the voyage is not due until the voyage is completed. The duration of a single voyage will typically be less than three months. As such, accrued revenue at the end of a period will be invoiced and paid in the subsequent period. The amount of accrued revenue at any point in time will depend on the percent completed of each voyage in progress as well as the freight rate agreed for those specific voyages. The Company does not engage in any specific tactics to minimize vessel residual value risk due to the short-term nature of the contracts. Time Charters Pursuant to a time charter, the Company charters a vessel to a customer for a fixed period of time, generally one year or more. The performance obligations within a time-charter contract, which will include the lease of the vessel to the charterer as well as the operation of the vessel, are satisfied as services are rendered over the duration of such contract, as measured using the time that has elapsed from commencement of performance. In addition, any expenses that are unique to a particular voyage, including any fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions, are the responsibility of the customer, as long as the vessel is not off-hire. Hire is typically invoiced monthly in advance for time-charter contracts, based on a fixed daily hire amount. However, certain sources of variability exist, including off-hire and sometimes profit share revenue. If the vessel is off-hire due to mechanical breakdown or for any other reason, the charterer does not pay charter hire for this time. For contracts including a profit share component, the profit share consideration occurs when actual spot tanker rates earned by the vessel exceed certain thresholds for a period of time. Variable consideration of the Company’s contracts is typically recognized as incurred. The Company does not engage in any specific tactics to minimize vessel residual value risk. As at December 31, 2023, two of the Company’s vessels operated under time-charter contracts with the Company’s customers, one of which expired in February 2024 and the other of which is scheduled to expire in September 2024. As at December 31, 2023, the future hire payments expected to be received by the Company under time charters then in place were approximately $12.1 million (2024) (December 31, 2022 - $30.9 million (2023) and $10.9 million (2024)). The hire payments should not be construed to reflect a forecast of total charter hire revenues for any of the periods. Future hire payments do not include hire payments generated from new contracts entered into after December 31, 2023, from unexercised option periods of contracts that existed on December 31, 2023, or from variable consideration, if any, under contracts. In addition, future hire payments disclosed above have been reduced by estimated off-hire time for required periodic maintenance and do not reflect the impact of any applicable 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. The carrying amount of the Company's owned, leased and chartered-in vessels employed on time charters as at December 31, 2023, was $38.9 million (December 31, 2022 - $48.1 million). The cost and accumulated depreciation of the vessels employed on these time charters as at December 31, 2023 were $51.1 million (December 31, 2022 - $53.4 million) and $12.2 million (December 31, 2022 - $5.3 million), respectively. As at December 31, 2023, the Company had $3.4 million (December 31, 2022 - $1.7 million) of advanced payments recognized as contract liabilities that are expected to be recognized as time-charter revenues or voyage charter revenues in subsequent periods and which are included in other current liabilities on the Company's consolidated balance sheets. During the year ended December 31, 2023, the Company recognized revenue of $1.7 million that was included as contract liabilities at December 31, 2022. Other Revenues Ship-to-ship support services include managing the process of transferring cargo between seagoing ships positioned alongside each other. Each operation is typically completed in less than 48 hours. The performance obligations within vessel management contracts are satisfied as services are rendered over the duration of such contracts. The management fee, consisting of a fixed component based on the period of management and in certain cases a variable component based on the asset earnings, is invoiced monthly in arrears. Substantially all of the Company’s performance obligations are satisfied over the duration of the associated contract, and the Company uses the proportion of elapsed time as its method to recognize revenue over the contract duration. The variable consideration of the Company’s contracts is typically recognized as incurred as such consideration is allocated to distinct periods within a contract. Revenue Table The following table contains a breakdown of the Company's revenue by contract type for the years ended December 31, 2023, 2022 and 2021. The Company’s lease income consists of the revenue from its voyage charters and time charters. Year Ended December 31, 2023 2022 2021 Voyage charter revenues Suezmax 669,334 557,971 259,075 Aframax / LR2 570,608 357,791 172,891 Full service lightering 81,545 123,500 53,930 Total 1,321,487 1,039,262 485,896 Time-charter revenues Suezmax 14,280 49 20,390 Aframax / LR2 16,869 14,689 25,769 Total 31,149 14,738 46,159 Other revenues Ship-to-ship support services 7,946 4,567 5,467 Vessel management 3,870 4,544 4,845 Total 11,816 9,111 10,312 Total revenues 1,364,452 1,063,111 542,367 Significant Customers The following table presents revenues and percentage of consolidated revenues for customers who accounted for more than 10% of the Company’s consolidated revenues during the periods presented. Year Ended December 31, 2023 2022 2021 Shell (1) (1) $60.8 million (2) Vitol (1) (1) $55.5 million (3) (1) Less than 10% of consolidated revenues. (2) 11% of consolidated revenues. (3) 10% of consolidated revenues.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update 2020-04 - Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting ( or ASU 2020-04) . This update 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 ). This update applies only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. During December 2022, the FASB issued ASU 2022-06 - Deferral of the Sunset Date of Topic 848 , to extend ASU 2020-04 to be effective through December 31, 2024. The Company adopted ASU 2020-04 effective January 1, 2022. The adoption did not have a material impact on the Company's consolidated financial statements and related disclosures. In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (or ASU 2023-07 ). ASU 2023-07 introduced updates for how significant segment expense categories and amounts for each reportable segment are disclosed. A significant segment expense is defined as an expense that is: a. Significant to the segment, b. Regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and c. Included in the reported measure of segment profit or loss.

Investment in and advances to E

Investment in and advances to Equity-Accounted Joint Venture	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in and advances to Equity-Accounted Joint Venture	Investment in and Advances to Equity-Accounted Joint Venture The Company has a joint venture arrangement with Wah Kwong Maritime Transport Holdings Limited (or Wah Kwong ), whereby the Company has a 50% economic interest in the High-Q joint venture, which is jointly controlled by the Company and Wah Kwong. The High-Q joint venture owns one 2013-built VLCC, which trades on spot voyage charters in a pool managed by a third party. As at December 31, 2023, the High-Q joint venture had a loan outstanding with a financial institution with a balance of $20.6 million (December 31, 2022 - $24.4 million). The loan is secured by a first-priority mortgage on the VLCC owned by the High-Q joint venture and 50% of the outstanding loan balance is guaranteed by the Company. During the year ended December 31, 2021, the Company recognized an other-than-temporary decline in the carrying value of its investment in the High-Q joint venture, primarily due to a decline in value of the VLCC as a result of the tanker market which was impacted by the COVID-19 pandemic. The investment was written-down by $11.6 million to its estimated fair value, which was recognized in equity loss in the consolidated statement of income (loss) for the year ended December 31, 2021. For the years ended December 31, 2023, 2022 and 2021, the Company recorded equity income (loss) of $3.4 million, $0.2 million and $(14.1) million, respectively, which comprises its share of net income (loss) from the High-Q joint venture, as well as the impairment recognized in 2021.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets In 2015, the Company acquired a ship-to-ship transfer business (previously referred to as SPT and now known as Teekay Marine Solutions or TMS ) from a company jointly owned by Teekay Corporation and a Norway-based marine transportation company, I.M. Skaugen SE, and recognized goodwill and intangible assets relating to customer relationships at the time of acquisition. Goodwill The carrying amount of goodwill was $2.4 million as at December 31, 2023 and 2022. In 2023, 2022 and 2021, the Company conducted its annual goodwill impairment review and concluded that no impairment had occurred. Intangible Assets The carrying amounts of intangible assets are as follows: As at December 31, 2023 December 31, 2022 $ $ Customer relationships At cost of $5.7 million, less accumulated amortization of $5.0 million (2022 - cost of $5.7 million, less accumulated amortization of $4.6 million) (1) 658 1,051 658 1,051 (1) The customer relationships are being amortized over a weighted average amortization period of 10 years. Amortization of intangible assets for the year ended December 31, 2023 was

Accrued Liabilities

Accrued Liabilities	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Year Ended December 31, 2023 2022 Voyage and vessel 30,191 32,076 Corporate accruals 583 476 Interest 1,177 1,976 Payroll and benefits ( note 12c ) 11,764 12,941 Accrued liabilities 43,715 47,469

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt In May 2023, the Company entered into a new secured revolving credit facility agreement (or the 2023 Revolver ), and in July 2023, the Company cancelled its previous revolving credit facility (or the 2020 Revolver ). As at December 31, 2023, the Company had one revolving credit facility, which, as at such date, provided for aggregate borrowings of up to $321.8 million (December 31, 2022 - $82.5 million), o f which $321.8 million (December 31, 2022 - $82.5 million) was undrawn. The 2023 Revolver matures in May 2029, and interest payments are based on the Secured Overnight Financing Rate (or SOFR ) plus a margin of 2.00% (December 31, 2022 - London Inter-Bank Offered Rate (or LIBOR ) plus a margin of 2.40%) . The total amount available under the 2023 Revolver decreases by $67.8 million (2024), $67.8 million (2025), $66.4 million (2026), $55.0 million (2027), $43.3 million (2028) and $21.5 million (thereafter). The 2023 Revolver is collateralized by 19 of the Company's vessels, together with other related security. The 2023 Revolver requires the Company to maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance for the facility. This requirement is assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should this ratio drop below the required amount, the lender may request that the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company's option. As at December 31, 2023, the hull coverage ratio for the 2023 Revolver was not applicable due to no balance being drawn. 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 December 31, 2023, the Company was in compliance with all covenants in respect of the 2023 Revolver.

Operating Leases and Obligation

Operating Leases and Obligations Related to Finance Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lessee, Finance Leases	Obligations Related to Finance Leases As at December 31, 2023 December 31, 2022 $ $ Obligations related to finance leases 140,811 536,480 Less: unamortized discount and debt issuance costs (1,212) (3,720) Total obligations related to finance leases 139,599 532,760 Less: current portion (20,517) (60,161) Long-term obligations related to finance leases 119,082 472,599 As at December 31, 2023, the Company had sale-leaseback financing transactions with financial institutions relating to eight of the Company's vessels, excluding nine, six and four vessels which the Company repurchased in March 2023, May 2023 and September 2023, respectively, for a total cost of $164.3 million, $142.8 million and $57.2 million, respectively, pursuant to repurchase options under the applicable sale-leaseback arrangements. Under the sale-leaseback 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 six to nine-year terms ending between 2028 and 2031. The Company has the option to repurchase each of the eight vessels starting in March 2024 until the end of their respective lease terms. In January 2024, the Company gave notice to exercise its options to acquire the eight vessels for a total cost of $137.0 million pursuant to repurchase options under related sale-leaseback arrangements. The Company expects to complete the repurchase and delivery of these eight vessels in March 2024 (see note 20). Upon redelivery of these eight vessels, the vessels will be unencumbered. The sale-leaseback transactions for the eight sale-leaseback vessels for which repurchase options were exercised in January 2024 have been accounted for, as of December 31, 2023, as failed sales and the Company has not derecognized the assets and continues to depreciate the assets as if it was the legal owner. Proceeds received from the sales have been set up as an obligation related to finance lease and bareboat charter hire payments made by the Company to the Lessor are allocated between interest expense and principal repayments on the obligation related to finance lease. The bareboat charters related to the eight 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. The bareboat charters require the Company to maintain, for each vessel, a minimum hull coverage ratio of 100% of the total outstanding principal balance. As at December 31, 2023, these ratios ranged f rom 232% to 285% (December 31, 2022 - ranged from 173% to 292%). For the eight bareboat charters, should any of these ratios drop below the required amount, the relevant Lessor may request that the Company make a payment to reduce the outstanding principal balance or provide additional collateral satisfactory to the relevant Lessor in the amount of the shortfall, in each case to restore compliance with the relevant ratio. The requirements of the bareboat charters are assessed annually with reference to vessel valuations compiled by two or more agreed upon third parties. As at December 31, 2023, 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 December 31, 2023 was 8.4% (December 31, 2022 - 7.2%). As at December 31, 2023, the Company's total remaining commitments related to the financial leases were approximately $181.7 million (December 31, 2022 - $695.2 million), including imputed interest of $40.9 million (December 31, 2022 - $158.7 million), repayable from 2024 through 2031, as indicated below: Commitments (1) December 31, 2023 Year $ 2024 31,951 2025 30,170 2026 28,422 2027 26,674 2028 25,064 Thereafter 39,414
Lessee, Operating Leases	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. With respect to time charter-in contracts with an original term of more than one year, for the year ended December 31, 2023, the Company incurred $70.8 million (2022 - $26.5 million) of time-charter hire expenses related to ten (2022 - seven) time charter-in contracts, of which $41.1 million (2022 - $11.4 million) was allocable to the lease component and $29.7 million (2022 - $15.1 million) was allocable to the non-lease component. The $41.1 million (2022 - $11.4 million) allocable to the lease component approximates the cash paid for the amounts included in lease liabilities and is reflected as a reduction in operating cash flows for the year ended December 31, 2023. Five of these time charter-in contracts include an option to extend the charter for an additional one one The Company has elected to recognize the lease payments of short-term leases in the statement of income (loss) on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred, which is consistent with the recognition of payment for the non-lease component. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. For the year ended December 31, 2023, the Company incurred $nil (2022 - $0.9 million) of time-charter hire expense related to time charter-in contracts classified as short-term leases. During the year ended December 31, 2023, the Company chartered in three Aframax / LR2 vessels for periods of 24 months, 36 months, and 84 months, respectively, which resulted in the Company recognizing right-of-use assets and lease liabilities of $56.2 million on the lease commencement dates for these vessels. During the year ended December 31, 2023, the Company also exercised its options to extend three existing Aframax / LR2 vessel in-charter contracts for periods of 12 months and one existing lightering support vessel in-charter contract for a period of 18 months, which resulted in the Company recognizing right-of-use assets and lease liabilities of $12.6 million and $0.9 million on the option declaration dates for the Aframax / LR2 vessels and lightering support vessel, respectively. During the year ended December 31, 2022, the Company chartered in one Aframax / LR2 vessel and one Suezmax vessel for periods of 24 months and 54 months, respectively, which resulted in the Company recognizing right-of-use assets and lease liabilities of $8.9 million and $30.3 million on the lease commencement dates for the Aframax / LR2 vessel and Suezmax vessel, respectively. During the year ended December 31, 2022, the Company also agreed to modify two existing lightering support vessel in-charter contracts, which resulted in the Company recognizing right-of-use assets and lease liabilities of $2.1 million on the lease modification dates. A maturity analysis of the Company's operating lease liabilities from time charter-in contracts (excluding short-term leases) as at December 31, 2023 is as follows: Lease Commitment Non-Lease Commitment Total Commitment As at December 31, 2023 Payments: 2024 39,627 26,713 66,340 2025 20,484 12,370 32,854 2026 11,415 7,400 18,815 2027 6,214 4,933 11,147 2028 3,015 3,250 6,265 Thereafter 3,195 3,443 6,638 Total payments 83,950 58,109 142,059 Less: imputed interest (7,636) Carrying value of operating lease liabilities 76,314 As at December 31, 2023, the total minimum commitments to be incurred by the Company under time charter-in contracts were approximately $66.3 million (2024), $32.9 million (2025), $18.8 million (2026), $11.2 million (2027), $6.3 million (2028), and $6.6 million (thereafter). As at December 31, 2022, the total minimum commitments to be incurred by the Company under time charter-in contracts were approximately $53.9 million (2023), $36.0 million (2024), $30.0 million (2025), $18.8 million (2026), $11.2 million (2027), and $12.9 million (thereafter), including two Aframax / LR2 tankers that were delivered to the Company in the first quarter of 2023 and commenced a seven three

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest rate swap agreement As deemed appropriate, the Company from time to time 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. In March 2020, the Company entered into an interest rate swap agreement which was scheduled to mature in December 2024. The Company did not designate, for accounting purposes, its interest rate swap agreement as a cash flow hedge of its U.S. Dollar LIBOR-denominated borrowings. In June 2023, the Company terminated its interest rate swap agreement and received a $3.2 million cash payment, which was recognized as a realized gain on derivative instruments in the Company's consolidated statement of income for the year ended December 31, 2023. As at December 31, 2023, the Company was not committed to any interest rate swap agreements. Forward freight agreements As deemed appropriate, the Company from time to time uses forward freight agreements (or FFAs ) in non-hedge-related transactions to increase or decrease its exposure to spot tanker market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized gain on derivative instruments in the Company's consolidated statements of income (loss). As at December 31, 2023, the Company maintains restricted cash deposits relating to FFAs (see note 18); however, the Company was not committed to any FFAs. Tabular Disclosure The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets As at December 31, 2023 Interest rate swap agreement — — — — As at December 31, 2022 Interest rate swap agreement 2,087 1,622 2,087 1,622 Realized and unrealized gains (losses) relating to the interest rate swap and FFAs are recognized in earnings and reported in realized and unrealized gain on derivative instruments in the Company’s consolidated statements of income (loss) as follows: Year Ended December 31, 2023 2022 2021 Realized gains (losses) relating to: Interest rate swap agreement 4,168 532 (296) Forward freight agreements (10) 1,484 (572) 4,158 2,016 (868) Unrealized (losses) gains relating to: Interest rate swap agreement (3,709) 3,159 1,436 Forward freight agreements — 4 (4) (3,709) 3,163 1,432 Total realized and unrealized gain on derivative 449 5,179 564

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other non-financial assets: Cash and cash equivalents and restricted cash – The fair value of the Company’s cash and cash equivalents and restricted cash approximates its carrying amounts reported in the consolidated balance sheets. Long-term debt – The fair value of the Company’s long-term debt is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Long-term obligations related to finance leases – The fair value of the Company's long-term obligations related to finance leases is estimated using discounted cash flow analyses, based on rates currently available for debt with similar terms and remaining maturities and the current credit worthiness of the Company. Derivative instruments – The fair value of the Company’s interest rate swap agreements in effect during 2022 and 2023 is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates, and if the swap is not collateralized, the current credit worthiness of either the Company or the swap counterparties. The estimated amount is the present value of future cash flows. The inputs used to determine the future cash flows include the fixed interest rate of the swaps and market interest rates. Given the current volatility in the credit markets, it is reasonably possible that the amounts recorded as derivative assets and liabilities could vary by material amounts in the near term. The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table includes the estimated fair value, carrying value and categorization using the fair value hierarchy of those assets and liabilities that are measured at their estimated fair value on a recurring and non-recurring basis, as well as certain financial instruments that are not measured at fair value on a recurring basis. December 31, 2023 December 31, 2022 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 18c) Level 1 365,942 365,942 187,361 187,361 Derivative instruments (note 9) Interest rate swap agreement Level 2 — — 3,709 3,709 Other: Advances to equity-accounted joint venture ( note 4 ) Level 2 2,880 Note (1) 6,780 Note (1) Obligations related to finance leases, including current portion (note 8) Level 2 (139,599) (143,968) (532,760) (533,977) (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 consolidated financial statements. As at December 31, 2023 and 2022, the fair values of the individual components of such aggregate interests were not determinable. The Company is exposed to credit loss in the event of non-performance by the financial institutions where its cash and cash equivalents are held. In order to minimize credit risk, the Company only places deposits with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time of the transaction. In addition, to the extent practical, cash deposits are held by and entered into with, as applicable, different counterparties to reduce concentration risk.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Capital Stock	Capital Stock The authorized capital stock of Teekay Tankers Ltd. at December 31, 2023 was 100.0 million shares of Preferred Stock (December 31, 2022 - 100.0 million shares of Preferred Stock), with a par value of $0.01 per share (December 31, 2022 - $0.01 per share), 485.0 million shares of Class A common stock (December 31, 2022 - 485.0 million shares of Class A common stock), with a par value of $0.01 per share (December 31, 2022 - $0.01 per share), and 100.0 million shares of Class B common stock (December 31, 2022 - 100.0 million shares of Class B common stock), with a par value of $0.01 per share (December 31, 2022 - $0.01 per share). The shares of Class A common stock entitle the holder to one vote per share while the shares of Class B common stock entitle the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As at December 31, 2023, the Company had 29.5 million shares of Class A common stock (December 31, 2022 – 29.3 million), 4.6 million shares of Class B common stock (December 31, 2022 – 4.6 million) and no shares of Preferred Stock (December 31, 2022 – nil) issued and outstanding. Commencing in May 2023, the Company's Board of Directors approved the initiation of a regular, fixed quarterly cash dividend in the amount of $0.25 per outstanding share of Class A and B common stock, with the initial dividend declared for the quarter ended March 31, 2023. In addition, the Company's Board of Directors declared a special cash dividend of $1.00 per common share in May 2023. The declaration and payment of any further dividends is subject to the discretion of the Company's Board of Directors and subject to change. Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of Class A common stock and Class B common stock are entitled to share equally in any dividends that the Board of Directors declares from time to time out of funds legally available for dividends. In addition, in May 2023, the Company's Board of Directors authorized a new share repurchase program for the repurchase of up to $100 million of the Company's outstanding Class A common shares, to be utilized at the Company's discretion. Upon the Company’s liquidation, dissolution or winding-up, the holders of Class A common stock and Class B common stock shall be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Shares of the Company’s Class A common stock are not convertible into any other shares of the Company’s capital stock. Each share of Class B common stock is convertible at any time at the option of the holder thereof into one share of Class A common stock. Upon any transfer of shares of Class B common stock to a holder other than Teekay (or any of its affiliates or any successor to Teekay’s business or to all or substantially all of its assets), such shares of Class B common stock shall automatically convert into Class A common stock upon such transfer. In addition, all shares of Class B common stock will automatically convert into shares of Class A common stock if the aggregate number of outstanding shares of Class A common stock and Class B common stock beneficially owned by Teekay and its affiliates falls below 15% of the aggregate number of outstanding shares of common stock. All such conversions will be effected on a one-for-one basis. Stock-based Compensation In March 2023, the Company adopted a 2023 Long-Term Incentive Plan (or the 2023 Plan) and suspended its 2007 Long-Term Incentive Plan (or the Prior Plan ). The Company may issue up to 600,000 shares of Class A common stock pursuant to the 2023 Plan, in addition to up to an aggregate of 1,291,416 shares that were previously reserved for issuance under the Prior Plan and either available or subject to outstanding awards (to the extent such awards terminate without the issuance of vested and non-forfeitable shares). As at December 31, 2023, the Company had reserved a total of 1,891,416 shares of Class A common stock for issuance pursuant to awards granted under the plans (December 31, 2022 – 1,250,000 Class A common stock). For the year ended December 31, 2023, a total of 8.2 thousand shares (2022 – 16.6 thousand shares; 2021 – 16.8 thousand shares) of Class A common stock were granted to the Company’s non-management directors as part of their annual compensation, of which 2.0 thousand shares (2022 – 6.1 thousand shares; 2021 – 9.6 thousand shares) were issued. The compensation cost relating to the granting of such stock has been included in general and administrative expenses in the Company's consolidated statements of income (loss) in the amounts of $0.3 million, $0.3 million, and $0.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company also grants options and restricted stock units as incentive-based compensation under the 2023 Plan to certain eligible officers, employees and non-management directors of the Company or of Teekay subsidiaries that provide services to the Company. The compensation cost of the Company‘s stock-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of income (loss). During 2023, 2022 and 2021, no stock options were granted by the Company. A summary of the Company’s stock option information for the years ended December 31, 2023, 2022, and 2021 is as follows: December 31, 2023 December 31, 2022 December 31, 2021 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 491,098 14.82 571,805 14.36 579,913 14.32 Granted — — — — — — Exercised (66,770) 16.78 (80,707) 11.54 (5,080) 8.71 Forfeited / expired — — — — (3,028) 15.73 Outstanding - end of year 424,328 14.52 491,098 14.82 571,805 14.36 Exercisable - end of year 424,328 14.52 491,098 14.82 500,073 15.27 A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 December 31, 2022 December 31, 2021 Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Outstanding non-vested stock options - — — 71,732 8.00 175,197 8.30 Granted — — — — — — Vested — — (71,732) 8.00 (100,437) 8.29 Forfeited / expired — — — — (3,028) 15.73 Outstanding non-vested stock options - — — — — 71,732 8.00 As of December 31, 2023, there was $nil (December 31, 2022 - $nil; December 31, 2021 - $38.2 thousand) of total unrecognized compensation cost related to non-vested stock options granted. During the year ended December 31, 2023, the Company recognized $nil (2022 - $38.2 thousand; 2021 - $0.2 million) of expenses related to the stock options granted to the officers of the Company and to certain employees of Teekay subsidiaries that provide services to the Company. As at December 31, 2023, the intrinsic value of the outstanding in-the-money stock options was $15.0 million (December 31, 2022 - $8.0 million; December 31, 2021 - $0.9 million) and the intrinsic value of the exercisable stock options was $15.0 million (December 31, 2022 - $8.0 million; December 31, 2021 - $0.6 million). As at December 31, 2023, the weighted-average remaining life of options vested and expected to vest was 4.0 years (December 31, 2022 - 4.9 years; December 31, 2021 - 5.9 years) and the weighted-average remaining life of the exercisable stock options was 4.0 years (December 31, 2022 - 4.9 years; December 31, 2021 - 5.8 years). During 2023, the Company granted 63.7 thousand (2022 - 0.1 million; 2021 - 0.1 million) restricted stock units to the officers and employees of the Company and to certain employees of Teekay subsidiaries that provide services to the Company, with an aggregate fair value of $2.3 million (2022 - $1.9 million; 2021 - $1.7 million). Each restricted stock unit is equal in value to one share of the Company’s Class A common stock plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Any portion of a restricted stock unit award that is not vested on the date of a recipient’s termination of service is canceled, unless their termination arises as a result of the recipient’s retirement and, in that case, the restricted stock unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted stock unit awards, net of withholding taxes, is paid to each recipient in the form of common shares. For the year ended December 31, 2023, the Company recorded an expense of $2.6 million (2022 - $2.3 million; 2021 - $1.6 million) related to restricted stock units in general and administrative expenses in the Company's consolidated statements of income (loss). During the year ended December 31, 2023, 0.1 million restricted stock units (2022 - 83.1 thousand; 2021 - 56.0 thousand) with a market value of $4.0 million (2022 - $1.5 million; 2021 - $0.8 million) vested and that amount, net of withholding taxes, was paid to the grantees by issuing 67.9 thousand shares (2022 - 48.5 thousand shares; 2021 - 35.7 thousand shares) of Class A common s tock. As of December 31, 2023, the Company had 0.2 million unvested restricted stock units (2022 - 0.2 million; 2021 - 0.3 million).

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions a. The Company's operations are conducted in part by its subsidiaries, which receive certain services from Teekay's wholly-owned subsidiary, Teekay Services Limited (or the Manager ) and its affiliates. The Manager provides various services under a long-term management agreement (or the Management Agreement ), as disclosed below. In October 2021, Teekay entered into an agreement to dispose of its general partner interest in its publicly listed subsidiary, Teekay LNG Partners L.P. (or Teekay LNG ) (now known as Seapeak LLC), all of its common units in Teekay LNG, three subsidiaries which collectively contain the shore-based management operations of Teekay LNG, including Teekay Shipping Ltd., as well as certain of Teekay LNG's joint ventures. In November 2021, Teekay Services Limited , a wholly-owned subsidiary of Teekay, assumed the role as Manager, in advance of Teekay's completion of the dispositions related to Teekay LNG, which closed in January 2022. b. Amounts (paid) received by the Company for related party transactions for the periods indicated were as follows: Year Ended December 31, 2023 2022 2021 Vessel operating expenses - technical management fee (i) (693) (972) (1,008) Strategic and administrative service fees (ii ) (35,218) (31,280) (33,593) Secondment fees (iii) — — (303) Technical management fee recoveries (iv) 293 861 691 Restructuring charges (v) (note 14) (100) (1,822) — i. The cost of ship management services provided by a third party has been presented as vessel operating expenses on the Company’s consolidated statements of income (loss). The Company paid such third party technical management fees to the Manager in relation to certain vessels previously owned by Tanker Investments Ltd., which the Company acquired in 2017. ii. The Manager’s strategic and administrative service fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company’s consolidated statements of income (loss). The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan described in note 11) 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 certain employees of Teekay. Secondment fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company's consolidated statements of income (loss). iv. The Company receives reimbursements from Teekay for technical management services provided by subsidiaries of the Company. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of income (loss). v. During the year ended December 31, 2023, the Company incurred restructuring charges of $0.1 million in relation to organizational changes made to its commercial team employed by Teekay, and during the year ended December 31, 2022, the Company incurred restructuring charges under the Management Agreement of $1.8 million in relation to organizational changes made to the Manager following Teekay's dispositions related to Teekay LNG in January 2022 (see note 14). c. The Manager and other subsidiaries of Teekay collect certain cash receipts and remit payments for certain expenses incurred by the Company’s vessels. Such amounts, which are presented on the Company's consolidated balance sheets in "due from affiliates" or "due to affiliates", as applicable, are without interest or stated terms of repayment. d. The Management Agreement provides for payment to the Manager of a performance fee in certain circumstances. If Gross Cash Available for Distribution for a given fiscal year exceeds $25.60 per share of the Company’s weighted average outstanding common stock (or the Incentive Threshold ), the Company is generally required to pay a performance fee equal to 20% of all Gross Cash Available for Distribution for such year in excess of the Incentive Threshold. The Company did not incur any performance fees for the years ended December 31, 2023, 2022 and 2021. Cash Available for Distribution represents net income plus depreciation and amortization, unrealized losses from derivatives, non-cash items and any write-offs or other non-recurring items, less unrealized gains from derivatives and net income attributable to the historical results of vessels acquired by the Company from Teekay, prior to their acquisition by us, for the period when these vessels were owned and operated by Teekay. Gross Cash Available for Distribution represents Cash Available for Distribution without giving effect to any deductions for performance fees and reduced by the amount of any reserves the Company’s Board of Directors may establish during the applicable fiscal period that have not already reduced the Cash Available for Distribution .

Other (Expense) Income

Other (Expense) Income	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Other (Expense) Income	Other Income (Expense) Year Ended December 31, 2023 2022 2021 Foreign exchange gain 1,285 3,378 302 Other expense (1)(2) (385) (733) (2,058) Total 900 2,645 (1,756) (1) Includes an expense of $2.6 million related to the premiums paid in relation to the repurchase of 19 vessels previously under sale-leaseback arrangements and income of $1.7 million related to the settlement of a legal claim during the year ended December 31, 2023. (2) Includes an expense of $2.1 million related to the premiums paid in relation to the repurchase of eight vessels previously under sale-leaseback arrangements during the year ended December 31, 2021.

Liquidity

Liquidity	12 Months Ended
	Dec. 31, 2023
Liquidity [Abstract]
Liquidity	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 consolidated financial statements. Based on the Company’s liquidity as at the date these consolidated financial statements were issued, and from the expected cash flows from the Company's operations over the following year, the Company estimates that it will have sufficient liquidity to meet its minimum liquidity requirements under its financial covenants and to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The net income (loss) available for common shareholders and earnings (loss) per common share are presented in the table below: Year Ended December 31, 2023 2022 2021 Net income (loss) 513,671 229,086 (242,372) Weighted-average number of common shares - basic (1) 34,159,818 33,997,579 33,859,306 Dilutive effect of stock-based awards 408,342 289,496 — Weighted average number of common shares - diluted 34,568,160 34,287,075 33,859,306 Earnings (loss) per common share: - Basic 15.04 6.74 (7.16) - Diluted 14.86 6.68 (7.16) (1) Includes unissued common shares related to non-forfeitable stock-based compensation.

Write-down and Loss on Sale of

Write-down and Loss on Sale of Assets	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Sale of Assets and Asset Impairment Charges	Gain (Loss) on Sale and (Write-down) of Assets During the year ended December 31, 2023, the Company completed the sale of one Aframax / LR2 tanker for $23.0 million, with a gain on sale of $10.4 million. During the year ended December 31, 2022, the Company completed the sales of three Aframax / LR2 tankers and one Suezmax tanker for a total price of $68.4 million, with an aggregate gain on sales of $9.4 million. During the year ended December 31, 2022, the previous write-down of $0.6 million for one of these vessels was reversed to reflect its agreed sales price. During the year ended December 31, 2021, the Company completed the sale of four Aframax / LR2 tankers for a total price of $56.7 million, with an aggregate loss on sales of $2.1 million related to two of these vessels. In addition, the Company's consolidated statement of loss for the year ended December 31, 2021 includes write-downs of $4.6 million related to two vessels, which were classified as held for sale on the Company's consolidated balance sheet as at December 31, 2021, one of which was written down to its agreed sales price less selling costs and the other was written-down to its estimated sales price less estimated selling costs. During the year ended December 31, 2021, the carrying values of three Suezmax tankers and four Aframax / LR2 tankers were written down to their estimated fair values, using appraised values provided by third parties. The write-downs were primarily due to a weaker near-term tanker market outlook and a reduction in charter rates as a result of the economic environment, which was impacted by the COVID-19 pandemic. The Company's consolidated statement of loss for the year ended December 31, 2021 includes write-downs totaling $85.0 million related to these vessels. During the year ended December 31, 2022 and 2021, the Company recorded write-downs of $1.1 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.

Restructuring and Related Activ

Restructuring and Related Activities	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges During the year ended December 31, 2023, the Company incurred restructuring charges of $1.2 million related to organizational changes made to its commercial and technical operations teams. During the year ended December 31, 2022, the Company incurred restructuring charges under the Management Agreement of $1.8 million. The restructuring charges primarily relate to organizational changes made to the Manager following Teekay's dispositions related to Teekay LNG in January 2022 (see note 12a). As at December 31, 2023 and December 31, 2022, no restructuring liability was recognized in accrued liabilities on the Company's consolidated balance sheets.

Income Tax Recovery (Expense)

Income Tax Recovery (Expense)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Tax (Expense) 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 consolidated balance sheets: Year Ended December 31, 2023 2022 2021 Balance as at January 1 42,046 45,603 49,124 Increases for positions related to the current year 9,708 5,820 3,749 Increases for positions related to prior years 7,394 2,983 4,766 Decreases for positions taken in prior years (4,798) (964) — Decreases related to expiry of limitation period (5,000) (8,084) (11,604) Foreign exchange gain (1,537) (3,312) (432) Balance as at December 31 47,813 42,046 45,603 Included in the Company's current income tax (expense) recovery 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. As at December 31, 2023, 2022 and 2021, included in the table above are total interest and penalties of $24.1 million, $22.3 million and $25.9 million, respectively. Included in these balances are interest and penalties of approximately $6.2 million, $3.8 million and $6.2 million related to the years ended December 31, 2023, 2022 and 2021, respectively. 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In January 2024, the Company gave notice to exercise its options to acquire eight Suezmax vessels for a total cost of $137.0 million, pursuant to repurchase options under related sale-leaseback arrangements. The Company expects to complete the repurchase and delivery of these eight vessels in March 2024. Upon delivery of these eight vessels, the vessels will be unencumbered (see note 8). In February 2024, the Company completed the sale of one Aframax / LR2 vessel for $23.5 million. The vessel and its related bunkers and lube oil inventory were classified as held for sale on the Company's consolidated balance sheet as at December 31, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of presentation and consolidation principles	Basis of presentation and consolidation principles These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles (or GAAP ). They include the accounts of Teekay Tankers Ltd., a Marshall Islands corporation, its wholly-owned subsidiaries , and any variable interest entities (or VIEs ) of which it is the primary beneficiary (collectively, the Company ).
Foreign currency	Foreign currency The consolidated financial statements are stated in U.S. Dollars and the functional currency of the Company is the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the U.S. Dollar are translated to reflect the year-end exchange rates. Resulting gains or losses are reflected in other income (expense) in the accompanying consolidated statements of income (loss).
Revenues	Revenues The Company's time charters and voyage charters include both a lease component, consisting of the lease of the vessel, and a non-lease component, consisting of the operation of the vessel for the customer. The Company has elected to not separate the non-lease component from the lease component for all such charters, where the lease component is classified as an operating lease, and to account for the combined component as an operating lease. Voyage charters Revenues from voyage charters are recognized on a proportionate performance method. The Company uses a discharge-to-discharge basis in determining proportionate performance for all spot voyages that contain a lease and a load-to-discharge basis in determining proportionate performance for all spot voyages that do not contain a lease. The Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. Revenues from the Company’s vessels performing voyage charters subject to revenue sharing agreements (or RSAs ) follow the same revenue recognition policy as voyage charters not subject to RSAs. The difference between the net revenue earned by a vessel of the Company performing voyage charters subject to RSAs and its allocated share of the aggregate net contribution is reflected within voyage expenses. The consolidated balance sheets reflect in accrued revenue the accrued portion of revenues for those voyages that commence prior to the balance sheet date and complete after the balance sheet date. Voyage expenses incurred that are recoverable from the Company's customers in connection with its voyage charter contracts are reflected in voyage charter revenues and voyage expenses. Time charters The Company recognizes revenues from time charters accounted for as operating leases on a straight-line basis over the term of the charter as the applicable vessel operates under the charter. The Company does not recognize revenues during days that the vessel is off-hire. When the time charter contains a profit-sharing agreement or other variable consideration, the Company recognizes the profit-sharing or contingent revenues in the period in which the changes in facts and circumstances on which the variable charter hire payments are based occur. The consolidated balance sheets reflect in accrued receivables, any accrued revenue and in deferred revenue, the deferred portion of revenues which will be earned in subsequent periods. If collectability of the time-charter hire receipts from time charters accounted for as operating leases is not probable, revenue that would have otherwise been recognized is limited to the amount collected from the charterer. Other revenues
Operating expenses	Operating expenses Voyage expenses are all expenses unique to a particular voyage, including fuel expenses, port fees, cargo loading and unloading expenses, canal tolls, agency fees and commissions. In addition, the difference between the net revenue earned by a vessel of the Company performing voyage charters subject to an RSA and its allocated share of the aggregate net contribution is reflected within voyage expenses. The Company, as shipowner, pays voyage expenses under voyage charters. The Company’s customers pay voyage expenses under time charters, except when the vessel is off-hire during the term of a time charter, in which case the Company pays voyage expenses. Voyage expenses are recognized when incurred. Vessel operating expenses include crewing, repairs and maintenance, insurance, stores, lube oils and communication expenses. The Company pays vessel operating expenses under both voyage and time charters. Vessel operating expenses are recognized when incurred.
Equity-based compensation	Equity-based compensation The Company grants stock options and restricted stock units as incentive-based compensation to certain employees of the Company and to certain employees of Teekay Corporation (or Teekay ) or its subsidiaries who support the operations of the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For equity-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it is a single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the vesting period of the award. The Company also grants common stock and fully vested stock options as incentive-based compensation to non-management directors, which are expensed immediately (see note 11).
Restricted cash- current and long-term	Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. Restricted cash - current The Company maintains restricted cash deposits relating to certain freight forward agreements. Restricted cash - long-term The Company maintains restricted cash deposits as required by the Company's obligations related to certain finance leases.
Accounts receivable and other loan receivables	Accounts receivable and other loan receivables Accounts receivable are recorded at the invoiced amount and do not bear interest. The consolidated balance sheets reflect, in accounts receivable, any amounts where the right to consideration is conditioned upon the passage of time, and in other current assets, any accrued revenue where the right to consideration is conditioned upon something other than the passage of time. The Company’s advances to its equity-accounted joint venture is recorded at cost.
Bunker and lube oil inventory	Bunker and lube oil inventory
Investments in equity-accounted joint ventures	Investments in equity-accounted joint ventures The Company’s investments in equity-accounted joint ventures, in which the Company does not control but has the ability to exercise significant influence over the operating and financial policies of the entity, are accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company’s proportionate share of earnings or losses and distributions. The Company evaluates its equity-accounted joint venture investment for impairment when events or circumstances indicate that the carrying value of such investment may have experienced an other-than-temporary decline in value below its carrying value. If the investment in the equity-accounted joint venture is impaired and if its estimated fair value is less than its carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in equity income (loss) on the Company’s consolidated statements of income (loss). The Company’s maximum exposure to loss is the amount it has invested in its equity-accounted joint venture and its proportionate share of guaranteed debt of the joint venture.
Vessels and equipment	Vessels and equipment All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. The acquisition cost and all costs incurred to restore used vessels purchased by the Company to the standard required to properly service the Company’s customers are capitalized. Vessel capital modifications include the addition of new equipment or certain modifications to the vessel that are aimed at improving or increasing the operational efficiency and functionality of the asset. This type of expenditure is capitalized and depreciated over the estimated useful life of the modification. Expenditures covering recurring routine repairs or maintenance are expensed as incurred. Depreciation is calculated on a straight-line basis over a vessel’s estimated useful life, less an estimated residual value. Depreciation for vessels is calculated using an estimated useful life of 25 years from the date the vessel is delivered from the shipyard, or a shorter period if regulations prevent the Company from operating the vessels for 25 years. Depreciation of vessels and equipment (excluding amortization of dry-docking costs and intangible assets) for the years ended December 31, 2023, 2022 and 2021 totaled $71.9 million, $71.9 million and $78.5 million, res pectively. Generally, the Company dry docks each vessel every two and a half years to five years The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2021 to December 31, 2023: Year Ended December 31, 2023 2022 2021 Balance at the beginning of the year 51,474 62,914 67,527 Cost incurred for dry docking 15,483 15,792 23,042 Dry-dock amortization (25,245) (26,666) (27,123) Write-down / sale of vessels (1,139) (566) (532) Balance at the end of the year 40,573 51,474 62,914 Vessels and equipment that are intended to be “held and used” in the Company's business are assessed for impairment when events or circumstances indicate the carrying value of the asset may not be recoverable. The Company’s evaluation of events or circumstances that may indicate impairment, include, amongst others, an assessment of the intended use of the assets and anticipated operating cash flows, which is primarily influenced by the estimate of future charter rates for the vessels. The Company did not identify any indicators of impairment as of December 31, 2023 for its vessels. If the asset’s net carrying value exceeds the estimated net undiscounted cash flows expected to be generated over its remaining useful life and the fair value of the asset is less than its carrying value, the carrying value of the asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired vessels is determined using discounted cash flows or appraised values. In cases where an active second-hand sale and purchase market exists, an appraised value is used to estimate the fair value of an impaired vessel. An appraised value is generally the amount the Company would expect to receive if it were to sell the vessel. The appraised values are provided by third parties where available or prepared by the Company based on second-hand sale and purchase market data. In cases where an active second-hand sale and purchase market does not exist, or in certain other cases, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel. Vessels and equipment that are "held for sale" are measured at the lower of their carrying value or fair value less costs to sell and are not depreciated while classified as held for sale. Interest and other expenses and related liabilities attributable to vessels and equipment classified as held for sale continue to be recognized as incurred.
Lease obligations and right-of-use assets	Lease obligations and right-of-use assets For its vessels and office leases as of the lease commencement date, the Company recognizes a liability for its lease obligation, initially measured at the present value of lease payments not yet paid, and an asset for its right to use the underlying asset, initially measured equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. The discount rate used to determine the present value of the lease payments is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The initial recognition of the lease obligation and right-of-use asset excludes short-term leases for the Company's chartered-in vessels and office leases. Short-term leases are leases with an original term of one year or less, excluding those leases with an option to extend the lease for greater than one year or an option to purchase the underlying asset that the lessee is deemed reasonably certain to exercise. The initial recognition of this lease obligation and right-of-use asset excludes variable lease payments that are based on the usage or performance of the underlying asset and the portion of payments related to non-lease elements of vessel charters. The Company uses the effective interest rate method to subsequently account for the lease liability, whereby interest is recognized in interest expense in the Company’s consolidated statements of income (loss). For those leases classified as operating leases, lease interest and right-of-use asset amortization in aggregate result in a straight-line expense profile that is presented in time-charter hire expense for vessels and general and administrative expense for office leases, unless the right-of-use asset becomes impaired. For those leases classified as finance leases, the right-of-use asset is amortized on a straight-line basis over the remaining life of the vessel, with such amortization included in depreciation and amortization in the Company’s consolidated statements of income (loss). Variable lease payments that are based on the usage or performance of the underlying asset are recognized as an expense when incurred, unless achievement of a specified target triggers the lease payment, in which case an expense is recognized in the period achievement of the target is considered probable. The Company recognizes the expense from short-term leases and any non-lease components of vessels time-chartered from other owners, on a straight-line basis over the firm period of the charters. The expense is included in time-charter hire expense for vessel charters and general and administrative expenses for office leases. The Company has determined that its time charter-in contracts contain both a lease component (lease of the vessel) and a non-lease component (technical operation of the vessel). The Company has allocated the contract consideration between the lease component and non-lease component on a relative standalone selling price basis. The standalone selling price of the non-lease component has been determined using a cost-plus approach, whereby the Company estimates the cost to technically operate the vessel using cost benchmarking studies prepared by a third party, when available, or internal estimates when not available, plus a profit margin. The standalone selling price of the lease component has been determined using an adjusted market approach, whereby the Company calculates a rate excluding the operating component based on a market time-charter rate information from published broker estimates, when available, or internal estimates when not available. Given that there are no observable standalone selling prices for either of these two components, judgment is required in determining the standalone selling price of each component. The right-of-use asset is assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. If the right-of-use asset’s net carrying value exceeds the net undiscounted cash flows expected to be generated over its remaining useful life, the carrying amount of the right-of-use asset is reduced to its estimated fair value. The estimated fair value for the Company's impaired right-of-use assets from in-chartered vessels is determined using a discounted cash flow approach to estimate the fair value. Subsequent to an impairment, a right-of-use asset related to an operating lease is amortized on a straight-line basis over its remaining life. Vessels sold and leased back by the Company, where the Company has a fixed price repurchase obligation or other situations where the leaseback would be classified as a finance lease are accounted for as a failed sale of the vessel. The Company does not derecognize the vessel sold and continues to depreciate the vessel as if it was the legal owner. Proceeds received from the sale of the vessel are recognized as an obligation related to finance lease and bareboat charter hire payments made by the Company to the lessor are allocated between interest expense and principal repayments on the obligation related to finance lease.
Goodwill and intangible assets	Goodwill and intangible assets Goodwill is not amortized but is reviewed for impairment at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. A reporting unit is a component of the Company that constitutes a business for which discrete financial information is available and regularly reviewed by management. When goodwill is reviewed for impairment, the Company may elect to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. Alternatively, the Company may bypass this step and use a fair value approach to identify potential goodwill impairment and, when necessary, measure the amount of impairment. The Company uses a discounted cash flow model to determine the fair value of reporting units, unless there is a readily determinable fair market value. Goodwill impairment is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. Customer-related intangible assets are amortized over the expected duration that the customer relationships are estimated to contribute to the cash flows of the Company. The amount amortized each year is weighted based on the projected revenue to be earned as a result of the customer relationships. Intangible assets are assessed for impairment when and if impairment indicators exist. An impairment loss is recognized if the carrying amount of an intangible asset is not recoverable and its carrying amount exceeds its fair value.
Debt issuance costs	Debt issuance costs Debt issuance costs related to recognized debt liabilities, including fees, commissions and legal expenses, are deferred and presented as a direct deduction from the carrying amount of the debt liability. Debt issuance costs which are not attributable to a specific debt liability or where the debt issuance costs exceed the carrying value of the related debt liability (primarily undrawn revolving credit facilities) are deferred and presented as other non-current assets in the Company's consolidated balance sheets. Debt issuance costs are amortized using the effective interest rate method over the term of the relevant debt liability. Amortization of debt issuance costs is included in interest expense in the Company’s consolidated statements of income (loss). Fees paid to substantially amend a non-revolving credit facility are associated with the extinguishment of the old debt instrument, if applicable, and included in determining the debt extinguishment gain or loss to be recognized. Other related costs incurred with third parties directly related to the extinguishment are deferred and presented as a direct reduction to the carrying amount of the replacement debt instrument and amortized using the effective interest rate method. In addition, any unamortized debt issuance costs are written off. If the amendment is considered not to be a substantial amendment, then the fees would be associated with the replacement or modified debt instrument and, along with any existing unamortized premium, discount and unamortized debt issuance costs, would be amortized as an adjustment of interest expense over the remaining term of the replacement or modified debt instrument using the effective interest method. Other costs incurred with third parties directly related to the modification, other than the loan amendment fee, are expensed as incurred. Fees paid to amend a revolving credit facility are deferred and amortized over the term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility increases as a result of the amendment, unamortized debt issuance costs of the original revolving credit facility are amortized over the remaining term of the modified revolving credit facility. If the borrowing capacity of the revolving credit facility decreases as a result of the amendment, a proportionate amount (based on the reduction in borrowing capacity) of the unamortized debt issuance costs of the original revolving credit facility are written off and the remaining amount is amortized over the remaining term of the modified revolving credit facility.
Credit Losses	Credit losses The Company utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for advances to equity-accounted joint ventures, guarantees of secured loan facilities of equity-accounted joint ventures, non-operating lease accounts receivable, contract assets and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. The Company discontinues accrual of interest on financial assets if collection of required payments is no longer probable, and in those situations, recognizes payments received on non-accrual assets on a cash basis method, until collection of required payments becomes probable. The Company considers a financial asset to be past due when payment is not made within 30 days of it being owed, assuming there is no dispute or other uncertainty regarding the amount owing. Expected credit loss provisions are presented on the consolidated balance sheets as a reduction to the carrying value of the related financial asset and as an other long-term liability for expected credit loss provisions that relate to guarantees of secured loan facilities of equity-accounted joint ventures. Changes in expected credit loss provisions are presented within other income (expense) within the consolidated statements of income (loss).
Income taxes	Income taxes The Company accounts for income taxes using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the consolidated financial statement basis and the tax basis of the Company's assets and liabilities using the applicable jurisdictional tax rates. A valuation allowance for deferred tax assets is recorded when it is determined that it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company recognizes the tax benefits from uncertain tax positions only if it is more likely than not that the tax position taken or expected to be taken in a tax return will be sustained on examination by the taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefits recognized in the Company’s consolidated financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to uncertain tax positions in income tax (expense) recovery in the Company's consolidated statements of income (loss). The Company believes that it and its subsidiaries are not subject to income taxation under the laws of the Republic of the Marshall Islands or that distributions by its subsidiaries to the Company will not be subject to any income taxes under the laws of this country, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes.
Derivative instruments	Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses is dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) ASC 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated derivatives are recorded in realized and unrealized gain on derivative instruments in the Company’s consolidated statements of income (loss).
(Loss) earnings per share	Earnings (loss) per share Earnings (loss) per share is determined by dividing (a) net income (loss) of the Company by (b) the weighted-average number of shares outstanding during the applicable period. The calculation of weighted-average number of shares includes the total Class A and total Class B shares outstanding during the applicable period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted stock units using the treasury stock method. The computation of diluted loss per share does not assume such exercises. The weighted-average number of shares is retroactively adjusted for stock splits and reverse stock splits.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summarizes Change in Capitalized Dry-Docking Activity	The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2021 to December 31, 2023: Year Ended December 31, 2023 2022 2021 Balance at the beginning of the year 51,474 62,914 67,527 Cost incurred for dry docking 15,483 15,792 23,042 Dry-dock amortization (25,245) (26,666) (27,123) Write-down / sale of vessels (1,139) (566) (532) Balance at the end of the year 40,573 51,474 62,914

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table contains a breakdown of the Company's revenue by contract type for the years ended December 31, 2023, 2022 and 2021. The Company’s lease income consists of the revenue from its voyage charters and time charters. Year Ended December 31, 2023 2022 2021 Voyage charter revenues Suezmax 669,334 557,971 259,075 Aframax / LR2 570,608 357,791 172,891 Full service lightering 81,545 123,500 53,930 Total 1,321,487 1,039,262 485,896 Time-charter revenues Suezmax 14,280 49 20,390 Aframax / LR2 16,869 14,689 25,769 Total 31,149 14,738 46,159 Other revenues Ship-to-ship support services 7,946 4,567 5,467 Vessel management 3,870 4,544 4,845 Total 11,816 9,111 10,312 Total revenues 1,364,452 1,063,111 542,367
Revenues and Percentage of Consolidated Revenues	Significant Customers The following table presents revenues and percentage of consolidated revenues for customers who accounted for more than 10% of the Company’s consolidated revenues during the periods presented. Year Ended December 31, 2023 2022 2021 Shell (1) (1) $60.8 million (2) Vitol (1) (1) $55.5 million (3) (1) Less than 10% of consolidated revenues. (2) 11% of consolidated revenues. (3) 10% of consolidated revenues.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	The carrying amounts of intangible assets are as follows: As at December 31, 2023 December 31, 2022 $ $ Customer relationships At cost of $5.7 million, less accumulated amortization of $5.0 million (2022 - cost of $5.7 million, less accumulated amortization of $4.6 million) (1) 658 1,051 658 1,051 (1) The customer relationships are being amortized over a weighted average amortization period of 10 years. Amortization of intangible assets for the year ended December 31, 2023 was

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Year Ended December 31, 2023 2022 Voyage and vessel 30,191 32,076 Corporate accruals 583 476 Interest 1,177 1,976 Payroll and benefits ( note 12c ) 11,764 12,941 Accrued liabilities 43,715 47,469

Operating Leases and Obligati_2

Operating Leases and Obligations Related to Finance Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity	A maturity analysis of the Company's operating lease liabilities from time charter-in contracts (excluding short-term leases) as at December 31, 2023 is as follows: Lease Commitment Non-Lease Commitment Total Commitment As at December 31, 2023 Payments: 2024 39,627 26,713 66,340 2025 20,484 12,370 32,854 2026 11,415 7,400 18,815 2027 6,214 4,933 11,147 2028 3,015 3,250 6,265 Thereafter 3,195 3,443 6,638 Total payments 83,950 58,109 142,059 Less: imputed interest (7,636) Carrying value of operating lease liabilities 76,314
Finance Lease Obligations	Obligations Related to Finance Leases As at December 31, 2023 December 31, 2022 $ $ Obligations related to finance leases 140,811 536,480 Less: unamortized discount and debt issuance costs (1,212) (3,720) Total obligations related to finance leases 139,599 532,760 Less: current portion (20,517) (60,161) Long-term obligations related to finance leases 119,082 472,599
Schedule of Future Minimum Lease Payments for Finance Leases	As at December 31, 2023, the Company's total remaining commitments related to the financial leases were approximately $181.7 million (December 31, 2022 - $695.2 million), including imputed interest of $40.9 million (December 31, 2022 - $158.7 million), repayable from 2024 through 2031, as indicated below: Commitments (1) December 31, 2023 Year $ 2024 31,951 2025 30,170 2026 28,422 2027 26,674 2028 25,064 Thereafter 39,414

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets As at December 31, 2023 Interest rate swap agreement — — — — As at December 31, 2022 Interest rate swap agreement 2,087 1,622 2,087 1,622
Realized and unrealized gains (losses) on derivative instruments not designated as hedging instruments	Realized and unrealized gains (losses) relating to the interest rate swap and FFAs are recognized in earnings and reported in realized and unrealized gain on derivative instruments in the Company’s consolidated statements of income (loss) as follows: Year Ended December 31, 2023 2022 2021 Realized gains (losses) relating to: Interest rate swap agreement 4,168 532 (296) Forward freight agreements (10) 1,484 (572) 4,158 2,016 (868) Unrealized (losses) gains relating to: Interest rate swap agreement (3,709) 3,159 1,436 Forward freight agreements — 4 (4) (3,709) 3,163 1,432 Total realized and unrealized gain on derivative 449 5,179 564

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	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. December 31, 2023 December 31, 2022 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 18c) Level 1 365,942 365,942 187,361 187,361 Derivative instruments (note 9) Interest rate swap agreement Level 2 — — 3,709 3,709 Other: Advances to equity-accounted joint venture ( note 4 ) Level 2 2,880 Note (1) 6,780 Note (1) Obligations related to finance leases, including current portion (note 8) Level 2 (139,599) (143,968) (532,760) (533,977) (1)

Capital Stock (Tables)

Capital Stock (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Summary of Stock Option Information	A summary of the Company’s stock option information for the years ended December 31, 2023, 2022, and 2021 is as follows: December 31, 2023 December 31, 2022 December 31, 2021 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 491,098 14.82 571,805 14.36 579,913 14.32 Granted — — — — — — Exercised (66,770) 16.78 (80,707) 11.54 (5,080) 8.71 Forfeited / expired — — — — (3,028) 15.73 Outstanding - end of year 424,328 14.52 491,098 14.82 571,805 14.36 Exercisable - end of year 424,328 14.52 491,098 14.82 500,073 15.27
Summary of Non-Vested Stock Option Activity and Related Information	A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 December 31, 2022 December 31, 2021 Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Options (#) Weighted-Average Grant Date Fair Value ($) Outstanding non-vested stock options - — — 71,732 8.00 175,197 8.30 Granted — — — — — — Vested — — (71,732) 8.00 (100,437) 8.29 Forfeited / expired — — — — (3,028) 15.73 Outstanding non-vested stock options - — — — — 71,732 8.00

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Summary of Related Party Transactions	Amounts (paid) received by the Company for related party transactions for the periods indicated were as follows: Year Ended December 31, 2023 2022 2021 Vessel operating expenses - technical management fee (i) (693) (972) (1,008) Strategic and administrative service fees (ii ) (35,218) (31,280) (33,593) Secondment fees (iii) — — (303) Technical management fee recoveries (iv) 293 861 691 Restructuring charges (v) (note 14) (100) (1,822) — i. The cost of ship management services provided by a third party has been presented as vessel operating expenses on the Company’s consolidated statements of income (loss). The Company paid such third party technical management fees to the Manager in relation to certain vessels previously owned by Tanker Investments Ltd., which the Company acquired in 2017. ii. The Manager’s strategic and administrative service fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company’s consolidated statements of income (loss). The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan described in note 11) 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 certain employees of Teekay. Secondment fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company's consolidated statements of income (loss). iv. The Company receives reimbursements from Teekay for technical management services provided by subsidiaries of the Company. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of income (loss). v. During the year ended December 31, 2023, the Company incurred restructuring charges of $0.1 million in relation to organizational changes made to its commercial team employed by Teekay, and during the year ended December 31, 2022, the Company incurred restructuring charges under the Management Agreement of $1.8 million in relation to organizational changes made to the Manager following Teekay's dispositions related to Teekay LNG in January 2022 (see note 14).

Other (Expense) Income (Tables)

Other (Expense) Income (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Summary of Other Income	Other Income (Expense) Year Ended December 31, 2023 2022 2021 Foreign exchange gain 1,285 3,378 302 Other expense (1)(2) (385) (733) (2,058) Total 900 2,645 (1,756) (1) Includes an expense of $2.6 million related to the premiums paid in relation to the repurchase of 19 vessels previously under sale-leaseback arrangements and income of $1.7 million related to the settlement of a legal claim during the year ended December 31, 2023. (2) Includes an expense of $2.1 million related to the premiums paid in relation to the repurchase of eight vessels previously under sale-leaseback arrangements during the year ended December 31, 2021.

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Net (Loss) Income Per Share	The net income (loss) available for common shareholders and earnings (loss) per common share are presented in the table below: Year Ended December 31, 2023 2022 2021 Net income (loss) 513,671 229,086 (242,372) Weighted-average number of common shares - basic (1) 34,159,818 33,997,579 33,859,306 Dilutive effect of stock-based awards 408,342 289,496 — Weighted average number of common shares - diluted 34,568,160 34,287,075 33,859,306 Earnings (loss) per common share: - Basic 15.04 6.74 (7.16) - Diluted 14.86 6.68 (7.16)

Income Tax Recovery (Expense) (

Income Tax Recovery (Expense) (Tables)	12 Months Ended
	Dec. 31, 2023
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 consolidated balance sheets: Year Ended December 31, 2023 2022 2021 Balance as at January 1 42,046 45,603 49,124 Increases for positions related to the current year 9,708 5,820 3,749 Increases for positions related to prior years 7,394 2,983 4,766 Decreases for positions taken in prior years (4,798) (964) — Decreases related to expiry of limitation period (5,000) (8,084) (11,604) Foreign exchange gain (1,537) (3,312) (432) Balance as at December 31 47,813 42,046 45,603

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Depreciation and amortization	$ 97,551	$ 99,033	$ 106,084
Vessels and equipment, useful life	25 years
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 365,942	187,361	55,928	$ 103,146
Excluding Amortization Of Drydocking Expenditure
Significant Accounting Policies [Line Items]
Depreciation and amortization	$ 71,900	$ 71,900	$ 78,500
Dry-Docking Activity
Significant Accounting Policies [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Useful Life, Lease Term [Member]

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summarizes Change in Capitalized Dry-Docking Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Roll Forward]
Balance at the beginning of the year	$ 429,987
Gain (loss) on sale and (write-down) of assets (note 13)	10,360	$ 8,888	$ (92,368)
Balance at the end of the year	929,237	429,987
Dry-Docking Activity
Property, Plant and Equipment [Roll Forward]
Balance at the beginning of the year	51,474	62,914	67,527
Costs incurred for dry docking	15,483	15,792	23,042
Dry-dock amortization	(25,245)	(26,666)	(27,123)
Gain (loss) on sale and (write-down) of assets (note 13)	(1,139)	(566)	(532)
Balance at the end of the year	$ 40,573	$ 51,474	$ 62,914

Revenue - Narrative (Details)

Revenue - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) contract vessel	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
At cost, less accumulated depreciation of $440.9 million (2022 - $171.8 million) (notes 7 and 13)	$ 929,237	$ 429,987
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	440,900	171,800
Lessor, Operating Lease, Payments to be Received, Next Twelve Months	$ 12,100	30,900
Number of Forms of Contracts | contract	2
Lessor, Operating Lease, Payments to be Received, Two Years		10,900
Assets leased to other
Disaggregation of Revenue [Line Items]
At cost, less accumulated depreciation of $440.9 million (2022 - $171.8 million) (notes 7 and 13)	$ 38,900	48,100
Property, Plant and Equipment, Gross	51,100	53,400
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	12,200	5,300
Time-charter revenues
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 3,400	$ 1,700
Time-charter revenues | Aframax LR2 and Suezmax Charters Out | Charters out expiring in 2023/2024
Disaggregation of Revenue [Line Items]
Number Of Vessels | vessel	2

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,364,452	$ 1,063,111	$ 542,367
Voyage Charters - Suezmax
Disaggregation of Revenue [Line Items]
Total revenues	669,334	557,971	259,075
Voyage Charters - Full Service Lightering
Disaggregation of Revenue [Line Items]
Total revenues	81,545	123,500	53,930
Voyage charter revenues
Disaggregation of Revenue [Line Items]
Total revenues	1,321,487	1,039,262	485,896
Time Charters - Suezmax
Disaggregation of Revenue [Line Items]
Total revenues	14,280	49	20,390
Time-charter revenues
Disaggregation of Revenue [Line Items]
Total revenues	31,149	14,738	46,159
Ship-to-ship support services, Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	7,946	4,567	5,467
Commercial management, Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	3,870	4,544	4,845
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	11,816	9,111	10,312
Voyage Charters - Aframax and LR2
Disaggregation of Revenue [Line Items]
Total revenues	570,608	357,791	172,891
Time Charters - Aframax and LR2
Disaggregation of Revenue [Line Items]
Total revenues	$ 16,869	$ 14,689	$ 25,769

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,364,452	$ 1,063,111	$ 542,367
Revenue Benchmark | Customer Concentration Risk [Member] | Vitol
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			10%
Total revenues			$ 55,500
Revenue Benchmark | Customer Concentration Risk [Member] | Shell
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage			11%
Total revenues			$ 60,800
Minimum | Revenue Benchmark | Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	10%
Maximum | Revenue Benchmark | Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Concentration Risk, Percentage	10%	10%

Investment in and advances to_2

Investment in and advances to Equity-Accounted for Investment - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) vessel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	$ 15,731	$ 16,198
Equity income (loss)	$ 3,432	244	$ (14,107)
High-Q Joint Venture
Schedule of Equity Method Investments [Line Items]
Number Of Vessels | vessel	1
Investment in and advances to equity accounted investments	$ 15,700	16,200
Long-term debt, gross	20,600	24,400
Equity income (loss)	$ 3,400	$ 200	(14,100)
Percentage Of Exposure To Loan Guarantee	50%
Ownership percentage	50%
Equity method investment, other than temporary impairment			$ 11,600

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill (note 5)	$ 2,426	$ 2,426

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 658,000	$ 1,051,000
Accumulated amortization	5,000,000	4,600,000
Finite-Lived Intangible Assets, Gross	5,700,000	5,700,000
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 658,000	1,051,000
Useful life	10 years
Amortization of intangible assets	$ 400,000	400,000	$ 500,000
2021	400,000
2022	300,000
Accumulated amortization	$ 5,000,000	$ 4,600,000

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Voyage and vessel	$ 30,191	$ 32,076
Corporate accruals	583	476
Interest	1,177	1,976
Payroll and benefits (note 14c)	11,764	12,941
Accrued liabilities	$ 43,715	$ 47,469

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) vessel credit_facility valuator	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Minimum liquidity covenant requirement	$ 35,000,000
Minimum liquidity as a percentage of consolidated debt covenant requirement	5%
Interest at a weighted-average fixed rate	7.40%	6.80%
Repayments of Long-term Debt	$ 0	$ 56,914,000	$ 11,229,000
Revolving Credit Facilities
Debt Instrument [Line Items]
Number of debt instruments | credit_facility	1
Line of Credit Facility, Maximum Borrowing Capacity	$ 321,800,000	82,500,000
Undrawn amount of revolving credit facility	$ 321,800,000	$ 82,500,000
Revolving Credit Facilities
Debt Instrument [Line Items]
Debt Instrument, Collateral, Number of Vessels | vessel	19
Minimum
Debt Instrument [Line Items]
Number of Third Party Valuators | valuator	2
Long-term Debt, Term	6 months
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facilities
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2%
London Inter-Bank Offered Rate (or LIBOR) Overnight Index Swap Rate | Revolving Credit Facilities
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.40%
Revolving Credit Facilities
Debt Instrument [Line Items]
Debt covenant minimum hull coverage ratio	125%
Line Of Credit Reduction Of Available Borrowing Capacity in Year One	$ 67,800,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Two	67,800,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Three	66,400,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Four	55,000,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Five	43,300,000
Line Of Credit Reduction Of Available Borrowing Capacity In Year Six	$ 21,500,000

Operating Leases and Obligati_3

Operating Leases and Obligations Related to Finance Leases - Operating Leases (Detail) $ in Thousands	1 Months Ended			3 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($)	May 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 vessel	Dec. 31, 2023 USD ($) vessel contract	Dec. 31, 2022 USD ($) vessel	Dec. 31, 2021 USD ($)
Operating Leased Assets [Line Items]
Time-charter hire expenses (note 10)					$ 70,836	$ 27,374	$ 13,799
Operating Lease, Weighted Average Remaining Lease Term					3 years	3 years 4 months 24 days
Number of vessels chartered in | vessel					10	7
Operating Lease, Weighted Average Discount Rate, Percent					6.40%	6.02%
Charter Contract Extension, Period					1 year
Operating lease right-of-use assets (notes 8 and 13)					$ 76,314	$ 42,894
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months					66,300	53,900
Lessee, Operating Lease, Liability, Payments, Due Year Two					32,900	36,000
Lessee, Operating Lease, Liability, Payments, Due Year Three					18,800	30,000
Lessee, Operating Lease, Liability, Payments, Due Year Four					11,200	18,800
Lessee, Operating Lease, Liability, Payments, Due Year Five					6,300	11,200
Lessee, Operating Lease, Liability, Payments, Due after Year Five					6,600	12,900
Proceeds from financings related to sale and leaseback of vessels, net of issuance costs (note 8)					$ 0	$ 288,108	$ 140,226
November 2021 and April 2022 Sale Leaseback
Operating Leased Assets [Line Items]
Sale Leaseback Transaction, Cost of Repurchase			$ 164,300
July 2017 and November 2018 Sale Leaseback
Operating Leased Assets [Line Items]
Sale Leaseback Transaction, Cost of Repurchase		$ 142,800
September 2021 Sale Leaseback
Operating Leased Assets [Line Items]
Sale Leaseback Transaction, Cost of Repurchase	$ 57,200
Minimum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract					1 year
Maximum
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract					1 year
Ship-to-ship Support Vessel [Member]
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract					18 months
Number of vessels chartered in | vessel					1	2
Operating lease right-of-use assets (notes 8 and 13)						$ 2,100
Carrying value of operating lease liabilities						$ 2,100
Ship-to-ship Support Vessel [Member] | September 2023
Operating Leased Assets [Line Items]
Operating lease right-of-use assets (notes 8 and 13)					$ 900
Carrying value of operating lease liabilities					$ 900
LR2 and Aframax Tankers
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract					12 months	24 months
Number of vessels chartered in | vessel				2	3	1
Number of Time Charters with Option to Extend | contract					1
Operating lease right-of-use assets (notes 8 and 13)					$ 56,200
Carrying value of operating lease liabilities					$ 56,200
Number of Options to Extend | vessel					3
LR2 and Aframax Tankers | January 2023
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract					24 months
LR2 and Aframax Tankers | February 2023
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract					36 months
LR2 and Aframax Tankers | January 2023
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract					84 months
LR2 and Aframax Tankers | December 2022 contract
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract			3 years	3 years
LR2 and Aframax Tankers | December 2020 contract
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract			7 years	7 years
LR2 and Aframax Tankers | May 2023 and September 2023
Operating Leased Assets [Line Items]
Operating lease right-of-use assets (notes 8 and 13)					$ 12,600
Carrying value of operating lease liabilities					$ 12,600
Suezmax Tanker
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Term of Contract						54 months
Number of vessels chartered in | vessel						1
Suezmax, Aframax and LR2 Vessels | December 2022 contract
Operating Leased Assets [Line Items]
Operating lease right-of-use assets (notes 8 and 13)						$ 30,300
Carrying value of operating lease liabilities						30,300
Suezmax, Aframax and LR2 Vessels | November 2021 and April 2022 Sale Leaseback
Operating Leased Assets [Line Items]
Number Of Vessels | vessel					9
Suezmax, Aframax and LR2 Vessels | July 2017 and November 2018 Sale Leaseback
Operating Leased Assets [Line Items]
Number Of Vessels | vessel					6
Suezmax, Aframax and LR2 Vessels | September 2021 Sale Leaseback
Operating Leased Assets [Line Items]
Number Of Vessels | vessel					4
Suezmax, Aframax, LR2 and STS Vessels
Operating Leased Assets [Line Items]
Number of Time Charters with Option to Extend | contract					5
Suezmax, LR2 and Aframax Tankers | June 2022 contract
Operating Leased Assets [Line Items]
Operating lease right-of-use assets (notes 8 and 13)						8,900
Carrying value of operating lease liabilities						8,900
Lease [Member]
Operating Leased Assets [Line Items]
Time-charter hire expenses (note 10)					$ 41,100	11,400
Non-lease Component [Member]
Operating Leased Assets [Line Items]
Time-charter hire expenses (note 10)					29,700	15,100
Short Term Lease less than 1 year [Member]
Operating Leased Assets [Line Items]
Time-charter hire expenses (note 10)					0	900
Lease term greater than one year
Operating Leased Assets [Line Items]
Time-charter hire expenses (note 10)					70,800	$ 26,500
Long-Term Lease
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months					39,627
Lessee, Operating Lease, Liability, Payments, Due Year Two					20,484
Lessee, Operating Lease, Liability, Payments, Due Year Three					11,415
Lessee, Operating Lease, Liability, Payments, Due Year Four					6,214
Lessee, Operating Lease, Liability, Payments, Due Year Five					3,015
Lessee, Operating Lease, Liability, Payments, Due after Year Five					3,195
Carrying value of operating lease liabilities					76,314
Total payments					83,950
Long-Term Non-lease
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months					26,713
Lessee, Operating Lease, Liability, Payments, Due Year Two					12,370
Lessee, Operating Lease, Liability, Payments, Due Year Three					7,400
Lessee, Operating Lease, Liability, Payments, Due Year Four					4,933
Lessee, Operating Lease, Liability, Payments, Due Year Five					3,250
Lessee, Operating Lease, Liability, Payments, Due after Year Five					3,443
Total payments					58,109
Long-Term Lease and Non-lease
Operating Leased Assets [Line Items]
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months					66,340
Lessee, Operating Lease, Liability, Payments, Due Year Two					32,854
Lessee, Operating Lease, Liability, Payments, Due Year Three					18,815
Lessee, Operating Lease, Liability, Payments, Due Year Four					11,147
Lessee, Operating Lease, Liability, Payments, Due Year Five					6,265
Lessee, Operating Lease, Liability, Payments, Due after Year Five					6,638
Total payments					$ 142,059

Operating Leases and Obligati_4

Operating Leases and Obligations Related to Finance Leases - Operating Leases Maturity Analysis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
2022	$ 66,300	$ 53,900
2023	32,900	36,000
Lessee, Operating Lease, Liability, Payments, Due after Year Five	6,600	$ 12,900
LR2 and Aframax Tankers
Lessee, Lease, Description [Line Items]
Carrying value of operating lease liabilities	56,200
LR2 and Aframax Tankers | May 2023 and September 2023
Lessee, Lease, Description [Line Items]
Carrying value of operating lease liabilities	12,600
Long-Term Lease
Lessee, Lease, Description [Line Items]
2022	39,627
2023	20,484
Total payments	83,950
Less: imputed interest	(7,636)
Carrying value of operating lease liabilities	76,314
Lessee, Operating Lease, Liability, Payments, Due after Year Five	3,195
Long-Term Non-lease
Lessee, Lease, Description [Line Items]
2022	26,713
2023	12,370
Total payments	58,109
Lessee, Operating Lease, Liability, Payments, Due after Year Five	$ 3,443

Operating Leases and Obligati_5

Operating Leases and Obligations Related to Finance Leases - Finance Lease Obligation (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2024	May 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Finance Lease, Liability, Gross			$ 140,811	$ 536,480
Obligations related to finance leases			139,599	532,760
Less: current portion			(20,517)	(60,161)
Long-term obligations related to finance leases			119,082	472,599
Proceeds from financings related to sale and leaseback of vessels, net of issuance costs (note 8)			0	288,108	$ 140,226
July 2017 and November 2018 Sale Leaseback
Lessee, Lease, Description [Line Items]
Sale Leaseback Transaction, Cost of Repurchase		$ 142,800
February 2022 Sale Leaseback | Subsequent Event [Member]
Lessee, Lease, Description [Line Items]
Sale Leaseback Transaction, Cost of Repurchase	$ 137,000
Finance Lease Obligations
Lessee, Lease, Description [Line Items]
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net			$ (1,212)	$ (3,720)

Operating Leases and Obligati_6

Operating Leases and Obligations Related to Finance Leases - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) vessel valuator	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Proceeds from financings related to sale and leaseback of vessels, net of issuance costs (note 8)	$ 0	$ 288,108,000	$ 140,226,000
Minimum Liquidity Covenant Requirement	$ 35,000,000
Minimum Liquidity as a Percentage of Consolidated Debt Covenant Requirement	5%
Finance Lease, Weighted Average Remaining Lease Term	8.40%	7.20%
Suezmax, Aframax and LR2 Vessels
Lessee, Lease, Description [Line Items]
Finance Lease, Liability, Undiscounted Excess Amount	$ 40,900,000	$ 158,700,000
Minimum
Lessee, Lease, Description [Line Items]
Sale Leaseback Transaction, Lease Terms	six
Long-term Debt, Term	6 months
Number of Third Party Valuators | valuator	2
Maximum
Lessee, Lease, Description [Line Items]
Sale Leaseback Transaction, Lease Terms	nine
Finance Lease Obligations
Lessee, Lease, Description [Line Items]
Minimum Liquidity Covenant Requirement	$ 35,000,000
Minimum Liquidity as a Percentage of Consolidated Debt Covenant Requirement	5%
Number of Third Party Valuators | valuator	2
Finance Lease Obligations | Minimum
Lessee, Lease, Description [Line Items]
Long-term Debt, Term	6 months
February 2022 Sale Leaseback
Lessee, Lease, Description [Line Items]
Debt Covenant Minimum Hull Coverage Ratio	100%
February 2022 Sale Leaseback | Suezmax Tankers
Lessee, Lease, Description [Line Items]
Number Of Vessels | vessel	8
February 2022 Sale Leaseback | Minimum
Lessee, Lease, Description [Line Items]
Actual Hull Coverage Ratio	232%
February 2022 Sale Leaseback | Maximum
Lessee, Lease, Description [Line Items]
Actual Hull Coverage Ratio	285%
July 2017, November 2018,September 2021 and March 2022 Sale Leaseback | Minimum
Lessee, Lease, Description [Line Items]
Actual Hull Coverage Ratio		173%
July 2017, November 2018,September 2021 and March 2022 Sale Leaseback | Maximum
Lessee, Lease, Description [Line Items]
Actual Hull Coverage Ratio		292%
November 2021 and April 2022 Sale Leaseback | Suezmax, Aframax and LR2 Vessels
Lessee, Lease, Description [Line Items]
Number Of Vessels | vessel	9

Operating Leases and Obligati_7

Operating Leases and Obligations Related to Finance Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Year
2023	$ 31,951
2024	30,170
2025	28,422
2026	26,674
2027	25,064
Thereafter	39,414
Suezmax, Aframax and LR2 Vessels
Leases [Abstract]
Capital Leases, Future Minimum Payments Due	181,700	$ 695,200
Finance Lease, Liability, Undiscounted Excess Amount	40,900	158,700
Lessee, Lease, Description [Line Items]
Capital Leases, Future Minimum Payments Due	$ 181,700	$ 695,200

Derivative Instruments - Summar

Derivative Instruments - Summary of Interest Rate Swap Positions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Realized and unrealized gain on derivative instruments (note 9)	$ 449	$ 5,179	$ 564
Interest Rate Swaps Terminated
Derivative [Line Items]
Realized and unrealized gain on derivative instruments (note 9)	$ 3,200

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative assets (note 9)	$ 0	$ 1,622
Realized and unrealized gain on derivative instruments (note 9)	449	5,179	$ 564
Current portion of derivative assets (note 9)	0	2,087
Realized gain (loss) on Derivative Instruments
Derivative [Line Items]
Realized and unrealized gain on derivative instruments (note 9)	4,158	2,016	(868)
Unrealized gain (loss) on Derivative Instruments
Derivative [Line Items]
Realized and unrealized gain on derivative instruments (note 9)	(3,709)	3,163	1,432
Interest rate swap agreements | Realized gain (loss) on Derivative Instruments
Derivative [Line Items]
Realized and unrealized gain on derivative instruments (note 9)	4,168	532	(296)
Interest rate swap agreements | Unrealized gain (loss) on Derivative Instruments
Derivative [Line Items]
Realized and unrealized gain on derivative instruments (note 9)	(3,709)	3,159	1,436
Forward freight agreements | Realized gain (loss) on Derivative Instruments
Derivative [Line Items]
Realized and unrealized gain on derivative instruments (note 9)	(10)	1,484	(572)
Forward freight agreements | Unrealized gain (loss) on Derivative Instruments
Derivative [Line Items]
Realized and unrealized gain on derivative instruments (note 9)	0	4	$ (4)
Reported Value Measurement
Derivative [Line Items]
Derivative assets (note 9)	0	1,622
Current portion of derivative assets (note 9)	0	2,087
Reported Value Measurement | Interest rate swap agreements
Derivative [Line Items]
Derivative assets (note 9)	0	1,622
Current portion of derivative assets (note 9)	$ 0	$ 2,087

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Realized and unrealized gain on derivative instruments (note 9)	$ 449	$ 5,179	$ 564

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash (note 18c)	$ 365,942	$ 187,361	$ 55,928	$ 103,146
Obligations related to finance leases, including current portion (note 12)	(139,599)	(532,760)
Reported Value Measurement | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Obligations related to finance leases, including current portion (note 12)	(139,599)	(532,760)
Reported Value Measurement | Level 2 | Related Party
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Receivable, after Allowance for Credit Loss, Noncurrent	2,880	6,780
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash (note 18c)	365,942	187,361
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 2 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements	0
Interest rate swap agreements		3,709
Fair Value Asset/(Liability) | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Obligations related to finance leases, including current portion (note 12)	(143,968)	(533,977)
Fair Value Asset/(Liability) | Level 2 | Related Party
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other Receivable, after Allowance for Credit Loss, Noncurrent		1
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash (note 18c)	365,942	187,361
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 2 | Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate swap agreements	$ 0
Interest rate swap agreements		$ 3,709

Capital Stock - Additional Info

Capital Stock - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 11, 2023	Mar. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		100,000,000	100,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		585,000,000	585,000,000
Preferred Stock, Shares Outstanding		0	0
Preferred stock, shares issued (in shares)		0	0
Conversion basis (in shares)		1
Minimum percentage of common stock		15%
Common Stock, Dividends, Per Share, Cash Paid	$ 0.25
Stock Repurchase Program, Number of Shares Authorized to be Repurchased					100,000,000
Special Cash Dividend [Member]
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Cash Paid	$ 1
Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		485,000,000	485,000,000
Common Stock, Shares, Outstanding		29,500,000	29,300,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Votes per share owned		one
Common Stock, Shares, Issued		29,500,000	29,300,000
Common Class B [Member]
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		100,000,000	100,000,000
Common Stock, Shares, Outstanding		4,600,000	4,600,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Votes per share owned		five
Maximum percentage of voting power		49%
Common Stock, Shares, Issued		4,600,000	4,600,000
Share-based Payment Arrangement, Option [Member]
Class of Stock [Line Items]
Share-based Payment Arrangement, Expense		$ 0	$ 38,200	$ 200,000
Unrecognized compensation cost related to non-vested stock options granted		0	0	38,200
Intrinsic value of outstanding in-the-money stock options		15,000,000	8,000,000	900,000
Intrinsic value of exercisable stock options		$ 15,000,000	$ 8,000,000	$ 600,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term		4 years	4 years 10 months 24 days	5 years 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term		4 years	4 years 10 months 24 days	5 years 9 months 18 days
Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Restricted stock units vested (in shares)		100,000	83,100	56,000
Market value of restricted stock units		$ 4,000,000	$ 1,500,000	$ 800,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period		200,000	200,000	300,000
Restricted Stock Units (RSUs) | Class A
Class of Stock [Line Items]
Proceeds from issuance of common stock, net of offering costs (in shares)		67,900	48,500	35,700
2007 Long-Term Incentive Plan | Share-based Payment Arrangement, Option [Member]
Class of Stock [Line Items]
Grants in period (shares)			0	0
2023 Plan | Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						600,000
2023 Plan | Share-based Payment Arrangement, Option [Member]
Class of Stock [Line Items]
Grants in period (shares)		0
General and Administrative Expense [Member] | Class A
Class of Stock [Line Items]
Share-based Payment Arrangement, Expense		$ 300,000	$ 300,000	$ 300,000
General and Administrative Expense [Member] | Restricted Stock Units (RSUs)
Class of Stock [Line Items]
Employee Benefits and Share-based Compensation		$ 2,600,000	$ 2,300,000	$ 1,600,000
Non Management Directors | 2007 Long-Term Incentive Plan | Class A
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period			6,100	9,600
Grants in period (shares)			16,600	16,800
Non Management Directors | 2023 Plan | Class A
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		2,000
Grants in period (shares)		8,200
Officers and Employees | 2007 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Subsidiaries Employees
Class of Stock [Line Items]
Restricted stock units aggregate value, granted (in shares)			$ 1,900,000	$ 1,700,000
Officers and Employees | 2023 Plan | Restricted Stock Units (RSUs) | Subsidiaries Employees
Class of Stock [Line Items]
Vesting period (in years)		3 years
Restricted stock units aggregate value, granted (in shares)		$ 2,300,000
2007 Long-Term Incentive Plan | Class A
Class of Stock [Line Items]
Common stock, shares reserved for issuance upon awards to be granted (in shares)			1,250,000
2007 Long-Term Incentive Plan | Officers and Employees | Restricted Stock Units (RSUs) | Subsidiaries Employees
Class of Stock [Line Items]
Common stock, granted (in shares)			100,000	100,000
2023 Plan | Class A
Class of Stock [Line Items]
Common stock, shares reserved for issuance upon awards to be granted (in shares)		1,891,416
2023 Plan | Officers and Employees | Restricted Stock Units (RSUs) | Subsidiaries Employees
Class of Stock [Line Items]
Common stock, granted (in shares)		63,700

Capital Stock - Summary of Stoc

Capital Stock - Summary of Stock Option Information (Detail) - Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Outstanding - beginning of year (in shares)	491,098	571,805	579,913
Grants in period (shares)	0	0	0
Exercised (in shares)	(66,770)	(80,707)	(5,080)
Forfeited / expired (in shares)	0	0	(3,028)
Outstanding - end of year (in shares)	424,328	491,098	571,805
Exercisable - end of year (in shares)	424,328	491,098	500,073
Weighted-Average Exercise Price ($)
Outstanding - beginning of year (in dollars per share)	$ 14.82	$ 14.36	$ 14.32
Granted (in dollars per share)	0	0	0
Exercised (in dollars per share)	16.78	11.54	8.71
Forfeited / expired (in dollars per share)	0	0	15.73
Outstanding - end of year (in dollars per share)	14.52	14.82	14.36
Exercisable - end of year (in dollars per share)	$ 14.52	$ 14.82	$ 15.27

Capital Stock - Summary of Non-

Capital Stock - Summary of Non-Vested Stock Option Activity and Related Information (Detail) - Nonvested - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Outstanding non-vested stock options - beginning of year (in shares)	0	71,732	175,197
Grants in period (shares)	0	0	0
Vested (in shares)	0	(71,732)	(100,437)
Forfeited / expired (in shares)	0	0	(3,028)
Outstanding non-vested stock options - end of year (in shares)	0	0	71,732
Weighted-Average Grant Date Fair Value
Outstanding non-vested stock options - beginning of year (in dollars per share)	$ 0	$ 8	$ 8.30
Granted (in dollars per share)	0	0	0
Vested (in dollars per share)	0	8	8.29
Forfeited / expired (in dollars per share)	0	0	15.73
Outstanding non-vested stock options - end of year (in dollars per share)	$ 0	$ 0	$ 8

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Minimum threshold for payment of performance fee to manager (in dollars per share)	$ 25.60
Percentage of performance fee payable on gross cash available for distribution	20%
Other current liabilities	$ 4,289	$ 2,468

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Transactions (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Vessel operating expenses (notes 12b and 12c)	$ (148,960,000)	$ (150,448,000)	$ (165,375,000)
Restructuring charges (note 14)	(1,248,000)	(1,822,000)	0
Technical management fee
Related Party Transaction [Line Items]
Vessel operating expenses (notes 12b and 12c)	(693,000)	(972,000)	(1,008,000)
Secondment fees
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	0	0	(303,000)
Technical management fee revenue
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	293,000	861,000	691,000
Restructuring Charge
Related Party Transaction [Line Items]
Restructuring charges (note 14)	(100,000)	(1,822,000)	0
Strategic and administrative service fees
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	(35,218,000)	$ (31,280,000)	$ (33,593,000)
Related Party
Related Party Transaction [Line Items]
Restructuring charges (note 14)	$ (100,000)

Other (Expense) Income - Summar

Other (Expense) Income - Summary of Other Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) vessel	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) vessel
Other Income and Expenses [Abstract]
Other Nonoperating Expense	$ (385)	$ (733)	$ (2,058)
Foreign exchange gain	1,285	3,378	302
Total	900	2,645	(1,756)
Other Income (Expense) [Line Items]
Other Nonoperating Expense	385	$ 733	2,058
Premium Paid in relation to Sale and Leaseback repurchase
Other Income and Expenses [Abstract]
Other Nonoperating Expense	(2,600)		(2,100)
Other Income (Expense) [Line Items]
Other Nonoperating Expense	2,600		$ 2,100
Settlement of Legal claim
Other Income and Expenses [Abstract]
Other expense (1)(2)	1,700
Other Income (Expense) [Line Items]
Other expense (1)(2)	$ 1,700
September 2018 Sale and Leaseback
Other Income and Expenses [Abstract]
Number Of Vessels Acquired | vessel			8
Other Income (Expense) [Line Items]
Number Of Vessels Acquired | vessel			8
July 2017, November 2018,September 2021, November 2021 and March 2022 Sale Leaseback
Other Income and Expenses [Abstract]
Number Of Vessels Acquired | vessel	19
Other Income (Expense) [Line Items]
Number Of Vessels Acquired | vessel	19

Liquidity Liquidity (Details)

Liquidity Liquidity (Details)	Dec. 31, 2023 vessel
Suezmax Tankers | February 2022 Sale Leaseback
Other Commitments [Line Items]
Number Of Vessels	8

(Loss) Earnings Per Share - Sch

(Loss) Earnings Per Share - Schedule of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 513,671	$ 229,086	$ (242,372)
Weighted average number of common shares - basic (in shares)	34,159,818	33,997,579	33,859,306
Dilutive effect of stock-based awards (in shares)	408,342	289,496	0
Weighted average number of common shares - diluted (in shares)	34,568,160	34,287,075	33,859,306
Basic (in dollars per share)	$ 15.04	$ 6.74	$ (7.16)
Diluted (in dollars per share)	$ 14.86	$ 6.68	$ (7.16)

(Loss) Earnings Per Share - Add

(Loss) Earnings Per Share - Additional Information (Detail) - Class A - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards (in shares)	0	49,000
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards (in shares)	5,000	200,000

Write-down and Loss on Sale o_2

Write-down and Loss on Sale of Assets (Details)	1 Months Ended	12 Months Ended
	Feb. 29, 2024 USD ($) vessel	Dec. 31, 2023 USD ($) vessel	Dec. 31, 2022 USD ($) vessel	Dec. 31, 2021 USD ($) vessel
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Assets		$ 10,400,000	$ 9,400,000
Proceeds from Sale of Property, Plant, and Equipment		23,000,000	68,400,000	$ 56,700,000
Operating Lease, Impairment Loss			1,100,000	700,000
Gain (loss) on sale and (write-down) of assets (note 13)		$ 10,360,000	$ 8,888,000	$ (92,368,000)
Subsequent Event [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 23,500,000
Suezmax Tankers
Property, Plant and Equipment [Line Items]
Number of Vessels agreed to be sold | vessel				1
Suezmax, Aframax and LR2 Vessels
Property, Plant and Equipment [Line Items]
Asset Impairment Charges				$ 4,600,000
Number of Vessels agreed to be sold | vessel				2
Suezmax, Aframax and LR2 Vessels
Property, Plant and Equipment [Line Items]
Asset Impairment Charges				$ 85,000,000
Suezmax Tankers
Property, Plant and Equipment [Line Items]
Number Of Vessels Impaired | vessel				3
LR2 and Aframax Tankers
Property, Plant and Equipment [Line Items]
Number Of Vessels Impaired | vessel				4
LR2 and Aframax Tankers
Property, Plant and Equipment [Line Items]
Gain (Loss) on Disposition of Assets				$ 2,100,000
Number Of Vessels Sold		1	3	4
Reversal of Asset Impairment Charges			$ 600,000
LR2 and Aframax Tankers | Subsequent Event [Member]
Property, Plant and Equipment [Line Items]
Number Of Vessels Sold | vessel	1
Suezmax Tanker
Property, Plant and Equipment [Line Items]
Number Of Vessels Sold | vessel			1

Restructuring and Related Act_2

Restructuring and Related Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 1,248	$ 1,822	$ 0

Income Tax Recovery (Expense) -

Income Tax Recovery (Expense) - Summary of Income Tax Recovery (Expense) Recorded in Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions	$ 9,708	$ 5,820	$ 3,749
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	7,394	2,983	4,766
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	(4,798)	(964)	0
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	(5,000)	(8,084)	(11,604)
Foreign exchange gains on freight tax expenses	(1,537)	(3,312)	(432)
Unrecognized Tax Benefits	47,813	42,046	45,603	$ 49,124
Interest and penalties on freight tax expenses (recoveries)	$ 6,200	$ 3,800	$ 6,200

Income Tax Expenses - Additiona

Income Tax Expenses - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Interest and penalties on freight tax expenses (recoveries)	$ 6,200	$ 3,800	$ 6,200
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	24,100	22,300	25,900
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	7,394	2,983	4,766
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	$ 4,798	$ 964	$ 0

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details)	1 Months Ended			12 Months Ended
	Feb. 29, 2024 USD ($) vessel	Jan. 31, 2024 USD ($) vessel	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) vessel shares	Dec. 31, 2022 USD ($) vessel shares	Dec. 31, 2021 USD ($) vessel	Mar. 26, 2024 vessel
Subsequent Event [Line Items]
Proceeds from financings related to sale and leaseback of vessels, net of issuance costs (note 8) | $				$ 0	$ 288,108,000	$ 140,226,000
Common stock, shares authorized (in shares) | shares				585,000,000	585,000,000
Proceeds from Sale of Property, Plant, and Equipment | $				$ 23,000,000	$ 68,400,000	$ 56,700,000
Class A
Subsequent Event [Line Items]
Common Stock, Shares, Issued | shares				29,500,000	29,300,000
Common stock, shares authorized (in shares) | shares				485,000,000	485,000,000
2023 Plan | Class A
Subsequent Event [Line Items]
Common stock, shares authorized (in shares) | shares			600,000
2007 Long-Term Incentive Plan | Class A
Subsequent Event [Line Items]
Common stock, shares authorized (in shares) | shares			1,291,416
LR2 and Aframax Tankers
Subsequent Event [Line Items]
Number Of Vessels Sold				1	3	4
Suezmax Tanker
Subsequent Event [Line Items]
Number Of Vessels Sold | vessel					1
November 2021 and April 2022 Sale Leaseback
Subsequent Event [Line Items]
Sale Leaseback Transaction, Cost of Repurchase | $			$ 164,300,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from Sale of Property, Plant, and Equipment | $	$ 23,500,000
Subsequent Event [Member] | LR2 and Aframax Tankers
Subsequent Event [Line Items]
Number Of Vessels Sold | vessel	1
Subsequent Event [Member] | February 2022 Sale Leaseback
Subsequent Event [Line Items]
Sale Leaseback Transaction, Cost of Repurchase | $		$ 137,000,000
Subsequent Event [Member] | February 2022 Sale Leaseback | Suezmax Tankers
Subsequent Event [Line Items]
Number Of Vessels Acquired | vessel							8
Number Of Vessels To Be Purchased | vessel		8