Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
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 $0.01 per share |
Trading Symbol | TNK |
Security Exchange Name | NYSE |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Name | KPMG LLP |
Auditor Location | Vancouver BC, Canada |
Auditor Firm ID | 85 |
Entity Central Index Key | 0001419945 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Business Contact | |
Entity Information [Line Items] | |
Entity Address, Address Line One | 4th Floor |
Entity Address, Address Line Two | Belvedere Building |
Entity Address, Address Line Three | 69 Pitts Bay Road |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 08 |
Entity Address, Country | BM |
Contact Personnel Name | N. Angelique Burgess |
City Area Code | 441 |
Local Phone Number | 298-2530 |
Contact Personnel Fax Number | (441) 292-3931 |
Class A | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 29,312,945 |
Class B | |
Entity Information [Line Items] | |
Entity Common Stock, Shares Outstanding (in shares) | 4,625,997 |
Consolidated Statements of (Los
Consolidated Statements of (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Total revenues | $ 1,063,111 | $ 542,367 | $ 886,434 |
Voyage expenses | (495,604) | (315,121) | (297,225) |
Vessel operating expenses (notes 14b and 14c) | (150,448) | (165,375) | (184,233) |
Time-charter hire expenses (note 10) | (27,374) | (13,799) | (36,341) |
Depreciation and amortization | (99,033) | (106,084) | (117,212) |
General and administrative expenses (note 14b) | (41,769) | (43,715) | (39,006) |
Gain (loss) on sale and (write-down) of assets (note 19) | 8,888 | (92,368) | (69,446) |
Restructuring charges (note 20) | (1,822) | 0 | (1,398) |
Income (loss) from operations | 255,949 | (194,095) | 141,573 |
Interest expense | (35,740) | (35,031) | (51,525) |
Interest income | 1,338 | 122 | 1,199 |
Realized and unrealized gain (loss) on derivative instruments (note 11) | 5,179 | 564 | (2,220) |
Equity income (loss) (note 5) | 244 | (14,107) | 5,100 |
Other income (expense) (note 15) | 2,645 | (1,756) | 473 |
Net income (loss) before income taxes | 229,615 | (244,303) | 94,600 |
Income tax (expense) recovery (note 21) | (529) | 1,931 | (7,283) |
Net income (loss) | $ 229,086 | $ (242,372) | $ 87,317 |
Per common share amounts (note 18) | |||
• Basic earnings (loss) per share | $ 6.74 | $ (7.16) | $ 2.59 |
• Diluted earnings (loss) per share | $ 6.68 | $ (7.16) | $ 2.57 |
Weighted-average number of Class A and Class B common stock outstanding (note 18) | |||
• Basic (in shares) | 33,997,579 | 33,859,306 | 33,718,665 |
• Diluted (in shares) | 34,287,075 | 33,859,306 | 33,921,621 |
Voyage charter | |||
REVENUES | |||
Total revenues | $ 1,039,262 | $ 485,896 | $ 741,804 |
Time-charter revenues | |||
REVENUES | |||
Total revenues | 14,738 | 46,159 | 127,598 |
Other | |||
REVENUES | |||
Total revenues | $ 9,111 | $ 10,312 | $ 17,032 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current | ||
Cash and cash equivalents | $ 180,512 | $ 50,572 |
Restricted Cash - Current (note 16) | 3,714 | 2,221 |
Accounts receivable, net of allowance of $6.4 million (2021 - $1.8 million ) | 116,707 | 41,085 |
Assets held for sale (note 19) | 0 | 43,543 |
Due from affiliates (note 14c) | 2,486 | 4,220 |
Current portion of derivative assets (note 11) | 2,087 | 0 |
Bunker and lube oil inventory | 60,832 | 49,028 |
Prepaid expenses | 10,248 | 10,223 |
Accrued revenue (note 3) | 82,923 | 44,503 |
Total current assets | 459,509 | 245,395 |
Restricted Cash - long-term (note 16) | 3,135 | 3,135 |
At cost, less accumulated depreciation of $171.8 million (2021 - $271.9 million) (notes 9 and 19) | 429,987 | 925,249 |
Vessels related to finance leases, at cost, less accumulated depreciation of $290.0 million (2021 - $112.9 million) (notes 10 and 19) | 823,381 | 411,749 |
Operating lease right-of-use assets (notes 10 and 19) | 42,894 | 14,257 |
Total vessels and equipment | 1,296,262 | 1,351,255 |
Investment in and advances to equity-accounted joint venture (note 5) | 16,198 | 12,954 |
Derivative assets (note 11) | 1,622 | 668 |
Other non-current assets | 3,451 | 1,422 |
Intangible assets at cost, less accumulated depreciation of $4.6 million (2021 - $4.2 million) (note 6) | 1,051 | 1,494 |
Goodwill (note 6) | 2,426 | 2,426 |
Total assets | 1,783,654 | 1,618,749 |
Supplemental Balance Sheet Elements [Abstract] | ||
Accounts Receivable, after Allowance for Credit Loss | 6,400 | 1,800 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 171,800 | 271,900 |
Sale Leaseback Transaction, Accumulated Depreciation | 290,000 | 112,900 |
Accumulated amortization | 4,600 | 4,200 |
Current | ||
Accounts payable | 42,350 | 34,832 |
Accrued liabilities (notes 7, 14c, 20 and 21) | 47,469 | 32,583 |
Short-term debt (note 8) | 0 | 25,000 |
Current portion of long-term debt (note 9) | 0 | 15,500 |
Current portion of derivative liabilities (note 11) | 0 | 122 |
Current obligations related to finance leases (note 10) | 60,161 | 27,032 |
Current portion of operating lease liabilities (notes 2 and 10) | 16,585 | 9,389 |
Due to affiliates (note 14c) | 1,141 | 10,944 |
Other current liabilities | 2,468 | 1,686 |
Total current liabilities | 170,174 | 157,088 |
Long-term Debt, Excluding Current Maturities | 0 | 304,791 |
Long-term obligations related to finance leases (note 10) | 472,599 | 267,449 |
Long-term operating lease liabilities (notes 2 and 10) | 26,858 | 4,868 |
Other long-term liabilities (note 21) | 44,017 | 46,141 |
Total liabilities | 713,648 | 780,337 |
Commitments and contingencies (notes 5, 8, 9, 10 and 11) | ||
Equity | ||
Common stock, shares authorized (in shares) | 585,000,000 | 585,000,000 |
Common stock and paid-in capital (585.0 million shares authorized, 29.3 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2022 and 585.0 million shares authorized, 29.2 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2021) (note 13) | $ 1,303,610 | $ 1,301,102 |
Accumulated deficit | (233,604) | (462,690) |
Total equity | 1,070,006 | 838,412 |
Total liabilities and equity | $ 1,783,654 | $ 1,618,749 |
Class A | ||
Equity | ||
Common stock, shares authorized (in shares) | 485,000,000 | 485,000,000 |
Common Stock, Shares, Issued | 29,300,000 | 29,200,000 |
Common Stock, Shares, Outstanding | 29,300,000 | 29,200,000 |
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 ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ 229,086 | $ (242,372) | $ 87,317 |
Non-cash items: | |||
Depreciation and amortization | 99,033 | 106,084 | 117,212 |
Write-down / sale of vessels | (8,888) | 92,368 | 69,446 |
Unrealized (gain) loss on derivative instruments (note 11) | (3,163) | (1,432) | 1,458 |
Equity income (loss) (note 5) | (244) | 14,107 | (5,100) |
Income tax (recovery) expense (note 21) | 529 | (1,931) | 7,283 |
Other | 4,217 | 2,001 | 5,232 |
Change in operating assets and liabilities (note 16) | (112,224) | (47,985) | 89,920 |
Expenditures For Dry Docking | (14,423) | (26,974) | (24,655) |
Net operating cash flow | 193,265 | (107,312) | 347,943 |
FINANCING ACTIVITIES | |||
Proceeds from short-term debt (note 8) | 134,000 | 50,000 | 235,000 |
Prepayments of short-term debt (note 8) | (159,000) | (35,000) | (275,000) |
Proceeds from long-term debt, net of issuance costs (note 9) | 0 | 221,167 | 574,872 |
Scheduled repayments of long-term debt (note 9) | (56,914) | (11,229) | (13,174) |
Prepayments of long-term debt (note 9) | (267,592) | (135,000) | (882,495) |
Proceeds from financing related to sales and leaseback of vessels, net of issuance costs (note 10) | 288,108 | 140,226 | 0 |
Scheduled repayments of obligations related to finance leases (note 10) | (50,636) | (23,873) | (25,149) |
Prepayment of obligations related to finance leases (note 10) | 0 | (184,115) | (29,596) |
Other | (1,014) | (225) | (562) |
Net financing cash flow | (113,048) | 21,951 | (416,104) |
INVESTING ACTIVITIES | |||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 2,100 | ||
Proceeds from the sale of assets (2020 - net of cash sold of $2.1 million) (note 19) | 69,646 | 58,090 | 85,892 |
Expenditures for vessels and equipment | (15,430) | (21,447) | (16,025) |
Net investing cash flow | 51,216 | 38,143 | 74,517 |
Increase (decrease) in cash, cash equivalents and restricted cash | 131,433 | (47,218) | 6,356 |
Cash, cash equivalents and restricted cash, beginning of the year | 55,928 | 103,146 | 96,790 |
Cash, cash equivalents and restricted cash, end of the year (note 16c) | 187,361 | 55,928 | 103,146 |
Increase (Decrease) in Notes Receivable, Related Parties | (3,000) | (1,500) | (4,650) |
Freight Tax [Member] [Member] | |||
Non-cash items: | |||
Income tax (recovery) expense (note 21) | $ (129) | $ (3,109) | $ 7,113 |
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 |
Beginning Balance, shares (in shares) at Dec. 31, 2019 | 33,655 | ||||
Beginning Balance at Dec. 31, 2019 | $ 989,920 | $ 1,209,023 | $ 88,532 | $ (307,635) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 87,317 | 87,317 | |||
Equity-based compensation (in shares) | 83 | ||||
Equity-based compensation | 1,665 | 1,665 | |||
Ending Balance, shares (in shares) at Dec. 31, 2020 | 33,738 | ||||
Ending 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) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 2021 2020 Accounts receivable, including other current assets (114,042) (22,746) 140,290 Due from affiliates 1,734 1,016 (4,539) Bunker and lube oil inventory (11,804) (17,619) 13,634 Prepaid expenses (25) (484) 532 Accounts payable and accrued liabilities 21,065 (13,934) (50,040) Due to affiliates (9,803) 7,821 984 Deferred revenue 798 (3,355) (3,277) Other (147) 1,316 (7,664) Change in operating assets and liabilities (112,224) (47,985) 89,920 b. Cash interest paid during the years ended December 31, 2022, 2021 and 2020 totaled $29.4 million, $34.3 million and $47.9 million, respectively. c. The Company maintains restricted cash deposits relating to certain freight forward agreements (see note 11). In addition, the Company maintained restricted cash deposits for certain contracts related to the ship-to-ship transfer business and the LNG terminal management business, prior to its sale in April 2020 (see note 19). Attached to the LNG terminal management contracts were certain performance guarantees which were required to be issued by the Company and have now been terminated. The Company also maintains restricted cash deposits as required by the Company's obligations related to finance leases (see note 10). Total cash, cash equivalents and restricted cash, including cash, cash equivalents and restricted cash held for sale are as follows: As at December 31, 2022 As at December 31, 2021 As at December 31, 2020 As at December 31, 2019 $ $ $ $ Cash and cash equivalents 180,512 50,572 97,232 88,824 Restricted cash - current 3,714 2,221 2,779 3,071 Restricted cash - long-term 3,135 3,135 3,135 3,437 Cash and cash equivalents held for sale — — — 1,121 Restricted cash held for sale - current — — — 337 187,361 55,928 103,146 96,790 Non-cash items related to operating lease right-of-use assets and operating lease liabilities are as follows: Year Ended December 31, 2022 December 31, 2021 $ $ Leased assets obtained in exchange for new operating lease liabilities 42,911 16,380 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020 are as follows: Year Ended December 31, 2022 2021 2020 Accounts receivable, including other current assets (114,042) (22,746) 140,290 Due from affiliates 1,734 1,016 (4,539) Bunker and lube oil inventory (11,804) (17,619) 13,634 Prepaid expenses (25) (484) 532 Accounts payable and accrued liabilities 21,065 (13,934) (50,040) Due to affiliates (9,803) 7,821 984 Deferred revenue 798 (3,355) (3,277) Other (147) 1,316 (7,664) Change in operating assets and liabilities (112,224) (47,985) 89,920 |
Schedule of Cash, Cash Equivalents, and Restricted Cash | The Company also maintains restricted cash deposits as required by the Company's obligations related to finance leases (see note 10). Total cash, cash equivalents and restricted cash, including cash, cash equivalents and restricted cash held for sale are as follows: As at December 31, 2022 As at December 31, 2021 As at December 31, 2020 As at December 31, 2019 $ $ $ $ Cash and cash equivalents 180,512 50,572 97,232 88,824 Restricted cash - current 3,714 2,221 2,779 3,071 Restricted cash - long-term 3,135 3,135 3,135 3,437 Cash and cash equivalents held for sale — — — 1,121 Restricted cash held for sale - current — — — 337 187,361 55,928 103,146 96,790 Non-cash items related to operating lease right-of-use assets and operating lease liabilities are as follows: Year Ended December 31, 2022 December 31, 2021 $ $ Leased assets obtained in exchange for new operating lease liabilities 42,911 16,380 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable, including other current assets | $ (114,042) | $ (22,746) | $ 140,290 |
Due from affiliates | 1,734 | 1,016 | (4,539) |
Bunker and lube oil inventory | (11,804) | (17,619) | 13,634 |
Prepaid expenses | (25) | (484) | 532 |
Accounts payable and accrued liabilities | 21,065 | (13,934) | (50,040) |
Due to affiliates | (9,803) | 7,821 | 984 |
Deferred revenue | 798 | (3,355) | (3,277) |
Other | (147) | 1,316 | (7,664) |
Change in operating assets and liabilities | $ (112,224) | $ (47,985) | $ 89,920 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Additional Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash interest paid | $ 29.4 | $ 34.3 | $ 47.9 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 180,512 | $ 50,572 | $ 97,232 | $ 88,824 |
Restricted Cash - Current | (3,714) | (2,221) | (2,779) | (3,071) |
Restricted Cash - long-term | (3,135) | (3,135) | (3,135) | (3,437) |
Cash, cash equivalents, and restricted cash | 187,361 | 55,928 | 103,146 | 96,790 |
Leased assets obtained in exchange for new operating lease liabilities | 42,911 | 16,380 | ||
Cash and Cash Equivalents [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 1,121 |
Restricted Cash [Member] | ||||
Cash and Cash Equivalents [Line Items] | ||||
Restricted Cash - Current | $ 0 | $ 0 | $ 0 | $ (337) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation and consolidation principles These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP ). They include the accounts of Teekay Tankers Ltd., a Marshall Islands corporation, its wholly-owned subsidiaries , and any variable interest entities (or VIEs ) (note 10) 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. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. Spot tanker rates had come under pressure from mid-May 2020 through to the end of 2021 as a result of significantly reduced oil demand due to COVID-19 and the subsequent decision by the OPEC+ group of oil producers to implement record oil supply cuts. Reduced oil production from other oil producing nations due to the impact of COVID-19, as well as the unwinding of floating storage and the delivery of newbuilding vessels to the world tanker fleet, had also contributed to the weakness in tanker rates and became a contributing factor to the write-down of certain tankers during the years ended December 31, 2021 and 2020, as described in Note 19 - Gain (Loss) on Sale and (Write-down) of Assets, and the reduction in certain tax accruals during the year ended December 31, 2020 as described in Note 21 - Income Tax (Expense) Recovery. At the end of 2020, the roll out of COVID-19 vaccines commenced. While global vaccination is an ongoing effort, it has contributed to the tempering and partial reversal of the negative impact that the pandemic had on oil demand during 2020 and 2021. As most countries around the world have now lifted their COVID-19 restrictions, the pandemic's impact on oil demand has diminished. 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, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other activities such as management of terminals and vessels, consultancy, procurement and equipment rental. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period. On April 30, 2020, the Company completed the sale of the non-U.S. portion of its ship-to-ship support services business, as well as its LNG terminal management business (see note 19). 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 13). 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 (see note 11). Restricted cash - long-term The Company maintains restricted cash deposits as required by the Company's obligations related to certain finance leases (see note 10). 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, 2022, 2021 and 2020 totaled $71.9 million, $78.5 million and $88.3 million, res pectively. Generally, the Company dry docks each vessel every two and a half years to five years. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2020 to December 31, 2022: Year Ended December 31, 2022 2021 2020 Balance at the beginning of the year 62,914 67,527 71,807 Cost incurred for dry docking 15,792 23,042 28,546 Dry-dock amortization (26,666) (27,123) (27,851) Write-down / sale of vessels (566) (532) (4,975) Balance at the end of the year 51,474 62,914 67,527 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. If the asset’s net carrying value exceeds the 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 such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses is dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) ASC 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated derivatives are recorded in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of 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, 2022 | |
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. Prior to April 30, 2020, the Company managed liquefied natural gas (or LNG ) terminals and procured LNG-related goods for terminal owners and other customers. On April 30, 2020, the Company completed the sale of the non-U.S. portion of its ship-to-ship support services business, as well as its LNG terminal management business (see note 19). 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, 2022, two of the Company’s vessels operated under time-charter contracts with the Company’s customers, which are scheduled to expire in 2023 and 2024, respectively. As at December 31, 2022, the future hire payments expected to be received by the Company under time charters then in place were approximately $30.9 million (2023) and $10.9 million (2024), including one Aframax / LR2 tanker that was delivered to the Company in the first quarter of 2023 and commenced a one year time charter-out contract. 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, 2022, from unexercised option periods of contracts that existed on December 31, 2022, or from variable consideration, if any, under contracts. In addition, future hire payments presented above have been reduced by estimated off-hire time for required periodic maintenance and do not reflect the impact of 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, 2022, was $48.1 million (December 31, 2021 - $61.7 million). The cost and accumulated depreciation of the vessels employed on these time charters as at December 31, 2022 were $53.4 million (December 31, 2021 - $74.3 million) and $5.3 million (December 31, 2021 - $12.6 million), respectively. As at December 31, 2022, the Company had no (December 31, 2021 - $0.9 million) advanced payments recognized as contract liabilities that are expected to be recognized as time-charter revenues in subsequent periods and which are included in other current liabilities on the Company's consolidated balance sheets. During the year ended December 31, 2022, the Company recognized revenue of $0.9 million that was included as contract liabilities at December 31, 2021. 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 LNG terminal and 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. On April 30, 2020, the Company completed the sale of the non-U.S. portion of its ship-to-ship support services business, as well as its LNG terminal management business (see note 19). Revenue Table The following table contains a breakdown of the Company's revenue by contract type for the years ended December 31, 2022, 2021 and 2020. All revenue is part of the Company's tanker segment, except for revenue for the non-U.S. portion of the ship-to-ship support services and LNG terminal management, consultancy, procurement, and other related services, which are part of the Company's previously existing ship-to-ship transfer segment (see note 4). The Company’s lease income consists of the revenue from its voyage charters and time charters. Year Ended December 31, 2022 2021 2020 Voyage charter revenues Suezmax 557,971 259,075 340,535 Aframax / LR2 357,791 172,891 307,549 Full service lightering 123,500 53,930 93,720 Total 1,039,262 485,896 741,804 Time-charter revenues Suezmax 49 20,390 107,543 Aframax / LR2 14,689 25,769 20,055 Total 14,738 46,159 127,598 Other revenues Ship-to-ship support services 4,567 5,467 9,621 Vessel management 4,544 4,845 7,019 LNG terminal management, consultancy, procurement and other — — 392 Total 9,111 10,312 17,032 Total revenues 1,063,111 542,367 886,434 |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
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) . ASU 2020-04 provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (or LIBOR ). The amendments in ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The Company adopted this update effective January 1, 2022. The adoption of ASU 2020-04 did not have any material impact on the Company's consolidated financial statements and related disclosures. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment ReportingOn April 30, 2020, the Company completed the sale of the non-U.S. portion of its ship-to-ship support services business, as well as its LNG terminal management business. Following the sale, the Company's remaining ship-to-ship support operations were integrated into the Company's tanker business. As a result, effective April 30, 2020, the Company has one reportable segment. The Company’s segment information for all periods prior to the sale and reorganization has been retroactively adjusted whereby the remaining ship-to-ship support operations have been reallocated from the ship-to-ship transfer segment to the tanker segment. Consequently, the Company’s tanker segment now consists of the operation of all of its tankers, including the operations from those tankers employed on full service lightering contracts, and the US based ship-to-ship support service operations that the Company retained, including its lightering support services provided as part of full service lightering operations. The Company’s ship-to-ship transfer segment consisted of the Company’s non-U.S. lightering support services, LNG terminal management, consultancy, procurement, and other related services which were sold as of April 30, 2020. Segment results are evaluated based on income from operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. The following table presents results for the Company’s revenues and income from operations by segment for the year ended December 31, 2020. No results are included for the years ended December 31, 2022 and 2021 as the Company only had one reportable segment during these periods. Year Ended December 31, 2020 Tanker Ship-to-Ship Total Revenues (1) 879,442 6,992 886,434 Voyage expenses (297,225) — (297,225) Vessel operating expenses (178,293) (5,940) (184,233) Time-charter hire expenses (36,341) — (36,341) Depreciation and amortization (116,719) (493) (117,212) General and administrative expenses (2) (38,379) (627) (39,006) (Write-down) and (loss) gain on sale of assets (72,527) 3,081 (69,446) Restructuring charges (1,398) — (1,398) Income from operations 138,560 3,013 141,573 Equity income 5,100 — 5,100 (1) Revenues earned from the ship-to-ship transfer segment are reflected in other revenues in the Company's consolidated statements of income (loss). (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources) (see note 14b). 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, 2022 2021 2020 Shell (1) $60.8 million (2) (1) Vitol (1) $55.5 million (3) (1) (1) Less than 10% of consolidated revenues. (2) 11% of consolidated revenues. (3) 10% of consolidated revenues. |
Investment in and advances to E
Investment in and advances to Equity-Accounted Joint Venture | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, the High-Q joint venture had a loan outstanding with a financial institution with a balance of $24.4 million (December 31, 2021 - $28.1 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 loss for the year ended December 31, 2021. For the years ended December 31, 2022, 2021 and 2020, the Company recorded equity income (loss) of $0.2 million, $(14.1) million and $5.1 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, 2022 | |
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. On April 30, 2020, the Company completed the sale of the non-U.S. portion of its ship-to-ship support services business, as well as its LNG terminal management business. Following the sale, the Company's remaining ship-to-ship support operations were integrated into the Company's tanker business. As a result, effective April 30, 2020, the Company has one reportable segment, with the Company’s goodwill and intangible assets for the remaining ship-to-ship support operations included in this segment. Goodwill The carrying amount of goodwill was $2.4 million as at December 31, 2022 and 2021. In 2022, 2021 and 2020, 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, 2022 December 31, 2021 $ $ Customer relationships At cost, less accumulated amortization of $4.6 million (2021 - $4.2 million) (1) 1,051 1,494 1,051 1,494 (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, 2022 was $0.4 million (2021 - $0.5 million, 2020 - $1.0 million). Amortization of intangible assets for the remaining three years subsequent to 2022 is expected to be $0.4 million (2023), $0.4 million (2024) and $0.3 million (2025). |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Year Ended December 31, 2022 2021 Voyage and vessel 32,076 26,855 Corporate accruals 476 604 Interest 1,976 1,951 Payroll and benefits ( note 14c ) 12,941 3,173 Accrued liabilities 47,469 32,583 |
Short-Term Debt
Short-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Debt Disclosure [Abstract] | |
Short-Term Debt | Short-Term Debt As at December 31, 2022, Teekay Tankers Chartering Pte. Ltd. (or TTCL ), a wholly-owned subsidiary of the Company, had a working capital loan facility (or the Working Capital Loan ), which provided for aggregate borrowings up to $80.0 million. The amount available for drawdown is limited to a percentage of certain receivables and accrued revenue, which is assessed on a weekly basis. As at December 31, 2022, the next maturity date of the Working Capital Loan is in May 2023. The Working Capital Loan maturity date is continually extended for further periods of six months thereafter unless and until the lender gives notice in writing that no further extensions shall occur. Proceeds of the Working Capital Loan are used to provide working capital in relation to certain vessels subject to the RSAs. Interest payments are based on the Secured Overnight Financing Rate (or SOFR |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Year Ended December 31, 2022 2021 Revolving credit facility due through December 2024 — 271,167 Term loan due in August 2023 — 53,339 Total principal — 324,506 Less: unamortized discount and debt issuance costs — (4,215) Total debt — 320,291 Less: current portion — (15,500) Long-term portion — 304,791 As at December 31, 2022, the Company had one revolving credit facility (or the 2020 Revolver ), which, as at such date, provided for aggregate borrowings of up to $82.5 million (December 31, 2021 - $344.9 million), o f which $82.5 million (December 31, 2021 - $73.7 million) was undrawn. Interest payments are based on LIBOR plus a margin of 2.40% . The total amount available under the 2020 Revolver decreases by $29.9 million (2023) and $52.6 million (2024). The 2020 Revolver is collateralized by 13 of the Company's vessels, together with other related security. As at December 31, 2022, the Company had no balance owing on its term loan (or the 2020 Term Loan ) (December 31, 2021 - $53.3 million) as the outstanding balance was fully repaid during the second half of 2022 by making prepayments which totaled $44.9 million. Interest payments were based on LIBOR plus a margin of 2.25%. The 2020 Term Loan was collateralized by four of the Company's vessels, together with other related security, and these vessels are now unencumbered after the term loan was fully repaid. The 2020 Revolver requires the Company to maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance for the facility period. 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, 2022, the hull coverage ratio for the 2020 Revolver was not applicable due to no balance being drawn. A decline in the tanker market could negatively affect this ratio. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of 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, 2022, the Company was in compliance with all covenants in respect of the 2020 Revolver. The weighted-average interest rate on the Company’s long-term debt as at December 31, 2022 was 0.0% (December 31, 2021 – 2.5%). This rate does not reflect the effect of the Company’s interest rate swap agreement (see note 11). |
Operating Leases and Obligation
Operating Leases and Obligations Related to Finance Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lessee, Finance Leases | Operating Leases and Obligations Related to Finance 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, 2022, the Company incurred $26.5 million (2021 - $11.3 million) of time-charter hire expenses related to seven (2021 - eight) time charter-in contracts, of which $11.4 million (2021 - $3.9 million) was allocable to the lease component and $15.1 million (2021 - $7.4 million) was allocable to the non-lease component. The $11.4 million (2021 - $3.9 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, 2022. Five of these time charter-in contracts include an option to extend the charter for an additional 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, 2022, the Company incurred $0.9 million (2021 - $2.5 million) of time-charter hire expense related to time charter-in contracts classified as short-term leases. 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. During the year ended December 31, 2021, the Company chartered in three Aframax / LR2 vessels and one lightering support vessel for periods of 24 months, which resulted in the Company recognizing right-of-use assets and lease liabilities of $15.5 million and $0.8 million on the lease commencement dates for the Aframax / LR2 vessels and lightering support vessel, respectively. In December 2020, the Company entered into a time charter-in contract for one Aframax / LR2 tanker newbuilding for a period of seven years, with three additional one three one A maturity analysis of the Company's operating lease liabilities from time charter-in contracts (excluding short-term leases) as at December 31, 2022 is as follows: Lease Commitment Non-Lease Commitment Total Commitment As at December 31, 2022 Payments: 2023 18,776 16,676 35,452 2024 10,810 6,917 17,727 2025 7,980 3,792 11,772 2026 7,980 3,792 11,772 2027 2,929 1,392 4,321 Total payments 48,475 32,569 81,044 Less: imputed interest (5,032) Carrying value of operating lease liabilities 43,443 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 seven Obligations Related to Finance Leases As at As at December 31, 2022 December 31, 2021 $ $ Obligations related to finance leases 536,480 295,828 Less: unamortized discount and debt issuance costs (3,720) (1,347) Total obligations related to finance leases 532,760 294,481 Less: current portion (60,161) (27,032) Long-term obligations related to finance leases 472,599 267,449 As at December 31, 2022, the Company had sale-leaseback financing transactions with financial institutions relating to 27 of the Company's vessels, including eight vessels for which sale-leaseback financing transactions were completed in March 2022 for a total of $177.3 million, and five vessels for which sale-leaseback financing transactions were completed in April 2022 for a total of $114.0 million. In January 2023, the Company gave notice to exercise its vessel purchase options to acquire one Suezmax tanker and eight Aframax / LR2 tankers for a total cost of $164.3 million, as part of the repurchase options under the sale-leaseback arrangements. The purchase and delivery of these vessels were completed in March 2023 (note 22). In addition, in March 2023, the Company gave notice to exercise its vessel purchase options to acquire five Suezmax tankers and one Aframax / LR2 tanker for a total cost of $142.8 million, as part of the repurchase options under the sale-leaseback arrangements. The Company expects to complete the purchase and delivery of these vessels in May 2023 (note 22). 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 12-year terms ending between 2028 and 2031. The Company is obligated to purchase nine of the vessels upon maturity of their respective bareboat charters. The Company also has the option to purchase each of the 27 vessels, 15 of which can be purchased between now and the end of their respective lease terms, four of which can be purchased starting in September 2023 until the end of their respective lease terms, and the remaining eight of which can be purchased starting in March 2024 until the end of their respective lease terms. As at December 31, 2022, the Company consolidated six of the 27 Lessors for financial reporting purposes as VIEs. The Company understands that these vessels and lease operations are the only assets and operations of the Lessors. The Company operates the vessels during the lease terms, and as a result, is considered to be the Lessors' primary beneficiary. The liabilities of the six Lessors are loans and are non-recourse to the Company. The amounts funded to the six Lessors in order to purchase the vessels materially match the funding to be paid by the Company's subsidiaries under these lease-back transactions. As a result, the amounts due by the Company's subsidiaries to the six Lessors considered as VIEs have been included in obligations related to finance leases as representing the Lessors' loans. The 21 sale-leaseback transactions completed in 2021 and 2022 have been accounted for 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 all 27 of these vessels require that the Company maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of the greater of $35.0 million and at least 5.0% of the Company's consolidated debt and obligations related to finance leases. Eighteen of 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, 2022, these ratios ranged f rom 173% to 292% (December 31, 2021 - ranged from 106% to 134%). The remaining nine of the bareboat charters require the Company to maintain, for each vessel, a minimum hull coverage ratio of 105% of the total outstanding principal balance. As at December 31, 2022, these ratios ranged from 202% to 280% (December 31, 2021 - ranged from 132% to 140%). For 15 of the bareboat charters, should any of these ratios drop below the required amount, the Lessor may request that the Company prepay additional charter hire. For the remaining 12 bareboat charters, should any of these ratios drop below the required amount, the Lessor may request that the Company either prepay additional charter hire in the amount of the shortfall or, in certain circumstances, 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 one or more agreed upon third parties. As at December 31, 2022, 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, 2022 was 7.2% (December 31, 2021 - 4.8%). As at December 31, 2022, the Company's total remaining commitments related to the financial liabilities of these vessels were approximately $695.2 million (December 31, 2021 - $364.6 million), including imputed interest of $158.7 million (December 31, 2021 - $68.8 million), repayable from 2023 through 2031, as indicated below: Commitments December 31, 2022 Year $ 2023 97,806 2024 94,304 2025 90,541 2026 86,909 2027 83,276 Thereafter 242,328 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Interest rate swap agreement The Company uses derivative instruments in accordance with its overall risk management policies. The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company has not designated, for accounting purposes, its interest rate swap as a cash flow hedge of its U.S. Dollar LIBOR-denominated borrowings. In March 2020, the Company entered into an interest rate swap agreement which is scheduled to mature in December 2024. The following summarizes the Company's interest rate swap agreement as at December 31, 2022: Interest Rate Index Notional Amount Fair Value / Remaining Fixed Swap (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap LIBOR 50,000 3,709 2.0 0.76 (1) Excludes the margin the Company pays on its variable-rate long-term debt, which, as of December 31, 2022, is 2.40%. The Company is potentially exposed to credit loss in the event of non-performance by the counterparty to the interest rate swap agreement in the event that the fair value results in an asset being recorded. In order to minimize counterparty risk, the Company only enters into interest rate swap agreements with counterparties that are rated A- or better by Standard & Poor’s or A3 or better by Moody’s at the time transactions are entered into. Forward freight agreements The Company uses forward freight agreements (or FFAs ) in non-hedge-related transactions to increase or decrease its exposure to spot tanker market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized gain (loss) on derivative instruments in the Company's consolidated statements of income (loss). 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 Current portion of derivative liabilities As at December 31, 2022 Interest rate swap agreement 2,087 1,622 — 2,087 1,622 — As at December 31, 2021 Interest rate swap agreement — 668 (118) Forward freight agreements — — (4) — 668 (122) Realized and unrealized gains (losses) relating to the interest rate swap and FFAs are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of income (loss) as follows: Year Ended Year Ended Year Ended Realized gains (losses) relating to: Interest rate swap agreements 532 (296) 481 Forward freight agreements 1,484 (572) (1,242) 2,016 (868) (761) Unrealized gains (losses) relating to: Interest rate swap agreements 3,159 1,436 (1,545) Forward freight agreements 4 (4) 86 3,163 1,432 (1,459) Total realized and unrealized gain (loss) on derivative 5,179 564 (2,220) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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. Vessels and equipment, operating lease right-of-use assets and assets held for sale – The estimated fair value of the Company’s vessels and equipment, operating lease right-of-use assets and assets held for sale are determined based on appraised values, discounted cash flows and contractual sales prices. In cases where an active second-hand sale and purchase market exists, 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, the Company uses a discounted cash flow approach to estimate the fair value of an impaired vessel or as set. Other assets held for sale include working capital balances and the fair value of such amounts generally approximate their carrying value. Investment in equity-accounted joint venture – The estimated fair value of the Company’s investment in its equity-accounted joint venture includes an estimate of the fair value of the joint venture's VLCC (see note 5), which is determined based on appraised values. In cases where an active second-hand sale and purchase market exists, an appraised value is generally the amount the joint venture 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. The joint venture also has long-term debt, which fair value 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 joint venture. Other assets and liabilities included in the joint venture's balance sheet include working capital balances and the fair value of such amounts generally approximate their carrying value. 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 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, 2022 December 31, 2021 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 16c) Level 1 187,361 187,361 55,928 55,928 Derivative instruments (note 11) Interest rate swap agreement Level 2 3,709 3,709 550 550 Freight forward agreements Level 2 — — (4) (4) Non-recurring: Assets held for sale (note 19) Level 2 40,854 40,854 Equity-accounted joint venture ( note 5 ) Level 2 9,174 9,174 Other: Short-term debt (note 8) Level 2 — — (25,000) (25,000) Advances to equity-accounted joint venture ( note 5 ) Level 2 6,780 Note (1) 3,780 3,780 Long-term debt, including current portion (note 9) Level 2 — — (320,291) (325,509) Obligations related to finance leases, including current portion (note 10) Level 2 (532,760) (533,977) (294,481) (306,386) |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Capital Stock | Capital Stock The authorized capital stock of Teekay Tankers Ltd. at December 31, 2022 was 100.0 million shares of Preferred Stock (December 31, 2021 - 100.0 million shares of Preferred Stock), with a par value of $0.01 per share (2021 - $0.01 per share), 485.0 million shares of Class A common stock (December 31, 2021 - 485.0 million shares of Class A common stock), with a par value of $0.01 per share (December 31, 2021 - $0.01 per share), and 100.0 million shares of Class B common stock (December 31, 2021 - 100.0 million shares of Class B common stock), with a par value of $0.01 per share (December 31, 2021 - $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, 2022, the Company had 29.3 million shares of Class A common stock (December 31, 2021 – 29.2 million), 4.6 million shares of Class B common stock (December 31, 2021 – 4.6 million) and no shares of Preferred Stock (December 31, 2021 – nil) issued and outstanding. Dividend payments are subject to the discretion of the Company's Board of Directors, and the policy remains 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. Upon the Company’s liquidation, dissolution or winding-up, the holders of Class A common stock and Class B common stock shall be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Shares of the Company’s Class A common stock are not convertible into any other shares of the Company’s capital stock. Each share of Class B common stock is convertible at any time at the option of the holder thereof into one share of Class A common stock. Upon any transfer of shares of Class B common stock to a holder other than Teekay (or any of its affiliates or any successor to Teekay’s business or to all or substantially all of its assets), such shares of Class B common stock shall automatically convert into Class A common stock upon such transfer. In addition, all shares of Class B common stock will automatically convert into shares of Class A common stock if the aggregate number of outstanding shares of Class A common stock and Class B common stock beneficially owned by Teekay and its affiliates falls below 15% of the aggregate number of outstanding shares of common stock. All such conversions will be effected on a one-for-one basis. Stock-based Compensation As at December 31, 2022, the Company had reserved under its 2007 Long-Term Incentive Plan a total of 1,250,000 shares of Class A common stock for issuance pursuant to awards granted under the plan (December 31, 2021 – 1,250,000 Class A common stock). For the year ended December 31, 2022, a total of 16.6 thousand shares (2021 – 16.8 thousand shares; 2020 – 13.1 thousand shares) of Class A common stock were granted to the Company’s non-management directors as part of their annual compensation, of which 6.1 thousand shares (2021 – 9.6 thousand shares; 2020 – 13.1 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 $0.2 million for the years ended December 31, 2022, 2021, and 2020, respectively. The Company also grants options and restricted stock units as incentive-based compensation under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan to certain eligible officers, employees and non-management directors of the Company or Teekay subsidiaries that provide services to the Company. The compensation cost of the Company‘s stock-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of income (loss). During 2022, 2021 and 2020, no stock options were granted by the Company. A summary of the Company’s stock option information for the years ended December 31, 2022, 2021, and 2020 is as follows: December 31, 2022 December 31, 2021 December 31, 2020 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 571,805 14.36 579,913 14.32 605,594 14.16 Granted — — — — — — Exercised (80,707) 11.54 (5,080) 8.71 (25,681) 10.47 Forfeited / expired — — (3,028) 15.73 — — Outstanding - end of year 491,098 14.82 571,805 14.36 579,913 14.32 Exercisable - end of year 491,098 14.82 500,073 15.27 404,716 16.92 A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2022, 2021 and 2020 is as follows: December 31, 2022 December 31, 2021 December 31, 2020 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 8.30 295,984 8.96 Granted — — — — — — Vested (71,732) 8.00 (100,437) 8.29 (120,787) 9.93 Forfeited / expired — — (3,028) 15.73 — — Outstanding non-vested stock options - — — 71,732 8.00 175,197 8.30 As of December 31, 2022, there was $nil (December 31, 2021 - $38.2 thousand; December 31, 2020 - $0.3 million) of total unrecognized compensation cost related to non-vested stock options granted. During the year ended December 31, 2022, the Company recognized $38.2 thousand (2021 - $0.2 million; 2020 - $0.3 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, 2022, the intrinsic value of the outstanding in-the-money stock options was $8.0 million (December 31, 2021 - $0.9 million; December 31, 2020 - $0.9 million) and the intrinsic value of the exercisable stock options was $8.0 million (December 31, 2021 - $0.6 million; December 31, 2020 - $0.4 million). As at December 31, 2022, the weighted-average remaining life of options vested and expected to vest was 4.9 years (December 31, 2021 - 5.9 years; December 31, 2020 - 7.0 years) and the weighted-average remaining life of the exercisable stock options was 4.9 years (December 31, 2021 - 5.8 years; December 31, 2020 - 6.5 years). During 2022, the Company granted 0.1 million (2021 - 0.1 million; 2020 - 0.2 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 $1.9 million (2021 - $1.7 million; 2020 - $3.1 million). Each restricted stock unit is equal in value to one share of the Company’s common shares plus reinvested dividends from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Any portion of a restricted stock unit award that is not vested on the date of a recipient’s termination of service is 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, 2022, the Company recorded an expense of $2.3 million (2021 - $1.6 million; 2020 - $1.4 million) related to the restricted stock units in general and administrative expenses in the Company's consolidated statements of income (loss). During the year ended December 31, 2022, 83.1 thousand restricted stock units (2021 - 56.0 thousand; 2020 - 78.3 thousand) with a market value of $1.5 million (2021 - $0.8 million; 2020 - $1.3 million) vested and that amount, net of withholding taxes, was paid to the grantees by issuing 48.5 thousand shares (2021 - 35.7 thousand shares; 2020 - 44.8 thousand shares) of Class A common stock. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions a. The Company's operations are conducted in part by its subsidiaries, which receive services from Teekay's wholly-owned subsidiary, Teekay Services Limited (or the Manager , previously Teekay Shipping Ltd.) 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, 2022 2021 2020 Vessel operating expenses - technical management fee (i) (972) (1,008) (992) Strategic and administrative service fees (ii ) (31,280) (33,593) (30,775) Secondment fees (iii) — (303) (402) Technical management fee recoveries (iv) 861 691 699 Restructuring charges (v) (note 20) 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 13) 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 the provision of technical management services. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of income (loss). v. 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 20). 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. In addition, $nil and $1.9 million were payable as crewing and manning costs as at December 31, 2022 and 2021, respectively, and such amount was included in accrued liabilities on the Company's consolidated balance sheets. These crewing and manning costs were payable as reimbursement to the Manager once they were paid by the Manager to the vessels' crew. 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, 2022, 2021 and 2020. 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, 2022 | |
Other Income and Expenses [Abstract] | |
Other (Expense) Income | Other Income (Expense) Year Ended December 31, 2022 2021 2020 Foreign exchange gain (loss) 3,378 302 (734) Other (expense) income (733) (2,058) 1,207 Total 2,645 (1,756) 473 |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2022 | |
Liquidity [Abstract] | |
Liquidity | LiquidityManagement 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, 2022 | |
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, 2022 2021 2020 Net income (loss) 229,086 (242,372) 87,317 Weighted-average number of common shares - basic (1) 33,997,579 33,859,306 33,718,665 Dilutive effect of stock-based awards 289,496 — 202,956 Weighted average number of common shares - diluted 34,287,075 33,859,306 33,921,621 Earnings (loss) per common share: - Basic 6.74 (7.16) 2.59 - Diluted 6.68 (7.16) 2.57 (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, 2022 | |
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, 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. Three of these vessels were classified as held for sale on the Company's consolidated balance sheet as at December 31, 2021. The Company's consolidated statement of loss for the year ended December 31, 2021 includes write-downs of $4.6 million related to two of these vessels, 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 Company completed the sale of four Aframax / LR2 tankers for a total price of $56.7 million. The Company's consolidated statement of loss for the year ended December 31, 2021 includes a loss of $2.1 million related to two of these vessels. The remaining two vessels were written down by $1.6 million to their agreed sales price less selling costs during the year ended December 31, 2020. During the year ended December 31, 2021, the carrying values of three Suezmax tankers and four Aframax / LR2 tankers were written down, and during the year ended December 31, 2020, the carrying values of nine Aframax / LR2 tankers were written down. The vessels 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 statements of (loss) income for the years ended December 31, 2021 and December 31, 2020, include write-downs totaling $85.0 million and $65.4 million, respectively, related to these vessels. During the year ended December 31, 2022, 2021 and 2020, the Company recorded write-downs of $1.1 million, $0.7 million and $2.9 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. During the year ended December 31, 2020, the Company completed the sales of three Suezmax tankers, with an aggregate loss on sales of $2.6 million. The Company's consolidated statement of income for the year ended December 31, 2020 includes a gain of $3.1 million relating to the completion of the sale of the non-U.S. portion of its ship-to-ship support services business, as well as its LNG terminal management business for proceeds of $27.1 million, including an adjustment of $1.1 million for the final amounts of cash and other working capital present on the closing date. |
Restructuring and Related Activ
Restructuring and Related Activities | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring ChargesDuring 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 14a). During the year ended December 31, 2020, the Company recognized restructuring charges of $1.4 million. The restructuring charges related to estimated severance costs resulting from organizational changes partially related to the sale of the non-U.S. portion of the Company's ship-to-ship support services business in April 2020 (see note 19). As at December 31, 2022 and December 31, 2021, 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, 2022 | |
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 and accrued liabilities on the Company's consolidated balance sheets: Year Ended December 31, 2022 2021 2020 Balance as at January 1 45,603 49,124 49,579 Increases for positions related to the current year 5,820 3,749 14,264 Increases for positions related to prior years 2,983 4,766 10,748 Decreases for positions related to prior years (964) — (15,164) Settlements with tax authority — — (8,556) Decreases related to statute of limitations (8,084) (11,604) (2,196) Foreign exchange (gain) loss (3,312) (432) 449 Balance as at December 31 42,046 45,603 49,124 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. Interest and penalties related to freight taxes during the years ended December 31, 2022, 2021 and 2020 are included in the table above, and are approximately $3.8 million, $6.2 million and $13.3 million, respectively. As at December 31, 2022, 2021 and 2020, total interest and penalties recognized were $22.3 million, $25.9 million and $27.7 million respectively. In 2020, the Company obtained further advice regarding freight taxes in a certain jurisdiction due to the uncertainty surrounding a tax law change and the limited transparency into the actions of the tax authority in this jurisdiction. Based on this new information and other considerations related to the application of the new tax law to past periods, the Company increased its uncertain tax liabilities for this jurisdiction for periods prior to 2020 by $7.6 million. In addition, in 2020, the Company secured an agreement with a tax authority, which was based in part on an initiative of the tax authority in response to the COVID-19 pandemic and included the waiver of interest and penalties on unpaid taxes. As a result, the Company reduced its freight tax liabilities for this jurisdiction by $15.2 million to $8.6 million, of which $7.7 million was paid in August 2020 and $0.9 million was paid in June 2021, with respect to open tax years up to and including 2020. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions in which vessel trading activity occurs. The Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at that time. Such information may include legal advice as to applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2023, the Company gave notice to exercise its vessel purchase options to acquire one Suezmax tanker and eight Aframax / LR2 tankers for a total cost of $164.3 million, as part of the repurchase options under the sale-leaseback arrangements described in note 10. The purchase and delivery of these vessels were completed in March 2023 using cash on hand. In February 2023, the Company signed a term sheet for a new secured revolving credit facility for up to $350.0 million to refinance 19 vessels (including the nine vessels mentioned above and six vessels mentioned below) currently under sale-leaseback financing arrangements. The facility is expected to be completed during the second quarter of 2023. In March 2023, the Company gave notice to exercise its vessel purchase options to acquire five Suezmax tankers and one Aframax / LR2 tanker for a total cost of $142.8 million, as part of the repurchase options under the sale-leaseback arrangements described in note 10. The Company expects to complete the purchase and delivery of these vessels in May 2023 using existing liquidity. In March 2023, the Company adopted a 2023 Long-Term Incentive Plan (or the 2023 Plan ) and suspended the Company’s 2007 Long-Term Incentive Plan (or the Prior Plan ). The Company has authorized the issuance of up to 600,000 additional shares of Class A common stock pursuant to the 2023 Plan, in addition to up to an aggregate maximum 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). |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation principles | Basis of presentation and consolidation principles These consolidated financial statements have been prepared in conformity with United States generally accepted accounting principles ( GAAP ). They include the accounts of Teekay Tankers Ltd., a Marshall Islands corporation, its wholly-owned subsidiaries , and any variable interest entities (or VIEs ) (note 10) 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. In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. Spot tanker rates had come under pressure from mid-May 2020 through to the end of 2021 as a result of significantly reduced oil demand due to COVID-19 and the subsequent decision by the OPEC+ group of oil producers to implement record oil supply cuts. Reduced oil production from other oil producing nations due to the impact of COVID-19, as well as the unwinding of floating storage and the delivery of newbuilding vessels to the world tanker fleet, had also contributed to the weakness in tanker rates and became a contributing factor to the write-down of certain tankers during the years ended December 31, 2021 and 2020, as described in Note 19 - Gain (Loss) on Sale and (Write-down) of Assets, and the reduction in certain tax accruals during the year ended December 31, 2020 as described in Note 21 - Income Tax (Expense) Recovery. At the end of 2020, the roll out of COVID-19 vaccines commenced. While global vaccination is an ongoing effort, it has contributed to the tempering and partial reversal of the negative impact that the pandemic had on oil demand during 2020 and 2021. As most countries around the world have now lifted their COVID-19 restrictions, the pandemic's impact on oil demand has diminished. |
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 Other revenues are earned from the offshore ship-to-ship transfer of commodities, primarily crude oil and refined oil products, but also liquid gases and various other products which are referred to as support operations. In addition, other revenues are also earned from other activities such as management of terminals and vessels, consultancy, procurement and equipment rental. Other revenues from short-term contracts are recognized as services are completed based on percentage of completion or in the case of long-term contracts, are recognized over the duration of the contract period. On April 30, 2020, the Company completed the sale of the non-U.S. portion of its ship-to-ship support services business, as well as its LNG terminal management business (see note 19). |
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 13). |
Cash and cash equivalents | Cash and cash equivalents The Company classifies all highly liquid investments with an original maturity date of three months or less as cash and cash equivalents. |
Restricted cash- current and long-term | Restricted cash - current The Company maintains restricted cash deposits relating to certain freight forward agreements (see note 11). Restricted cash - long-term The Company maintains restricted cash deposits as required by the Company's obligations related to certain finance leases (see note 10). |
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 inventoryBunker 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 | 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, 2022, 2021 and 2020 totaled $71.9 million, $78.5 million and $88.3 million, res pectively. Generally, the Company dry docks each vessel every two and a half years to five years. The Company capitalizes certain costs incurred during dry docking and amortizes those costs on a straight-line basis from the completion of a dry docking to the estimated completion of the next dry docking. The Company includes in capitalized dry docking those costs incurred as part of the dry dock to meet classification and regulatory requirements. The Company expenses costs related to routine repairs and maintenance performed during dry docking that do not improve or extend the useful lives of the assets. When significant dry-docking expenditures occur prior to the expiration of the original amortization period, the remaining unamortized balance of the original dry-docking cost is expensed in the month of the subsequent dry docking. The following table summarizes the change in the Company’s capitalized dry-docking costs, from January 1, 2020 to December 31, 2022: Year Ended December 31, 2022 2021 2020 Balance at the beginning of the year 62,914 67,527 71,807 Cost incurred for dry docking 15,792 23,042 28,546 Dry-dock amortization (26,666) (27,123) (27,851) Write-down / sale of vessels (566) (532) (4,975) Balance at the end of the year 51,474 62,914 67,527 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. If the asset’s net carrying value exceeds the 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 such countries, and that it qualifies for the Section 883 exemption under U.S. federal income tax purposes. |
Derivative instruments | Derivative instruments All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value each period end, regardless of the purpose or intent of holding the derivative. The method of recognizing the resulting gains or losses is dependent on whether the derivative contracts are designed to hedge a specific risk and whether the contracts qualify for hedge accounting. The Company does not apply hedge accounting to its derivative instruments. For derivative financial instruments that are not designated or that do not qualify as hedges under Financial Accounting Standards Board (or FASB ) ASC 815, Derivatives and Hedging, the changes in the fair value of the derivative financial instruments are recognized in earnings. Gains and losses from the Company’s non-designated derivatives are recorded in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of 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, 2022 | |
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, 2020 to December 31, 2022: Year Ended December 31, 2022 2021 2020 Balance at the beginning of the year 62,914 67,527 71,807 Cost incurred for dry docking 15,792 23,042 28,546 Dry-dock amortization (26,666) (27,123) (27,851) Write-down / sale of vessels (566) (532) (4,975) Balance at the end of the year 51,474 62,914 67,527 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021 and 2020. All revenue is part of the Company's tanker segment, except for revenue for the non-U.S. portion of the ship-to-ship support services and LNG terminal management, consultancy, procurement, and other related services, which are part of the Company's previously existing ship-to-ship transfer segment (see note 4). The Company’s lease income consists of the revenue from its voyage charters and time charters. Year Ended December 31, 2022 2021 2020 Voyage charter revenues Suezmax 557,971 259,075 340,535 Aframax / LR2 357,791 172,891 307,549 Full service lightering 123,500 53,930 93,720 Total 1,039,262 485,896 741,804 Time-charter revenues Suezmax 49 20,390 107,543 Aframax / LR2 14,689 25,769 20,055 Total 14,738 46,159 127,598 Other revenues Ship-to-ship support services 4,567 5,467 9,621 Vessel management 4,544 4,845 7,019 LNG terminal management, consultancy, procurement and other — — 392 Total 9,111 10,312 17,032 Total revenues 1,063,111 542,367 886,434 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended | 24 Months Ended |
Dec. 31, 2022 | Dec. 31, 2020 | |
Segment Reporting [Abstract] | ||
Schedule of Company's Revenue and Income From Operations by Segment | The following table presents results for the Company’s revenues and income from operations by segment for the year ended December 31, 2020. No results are included for the years ended December 31, 2022 and 2021 as the Company only had one reportable segment during these periods. Year Ended December 31, 2020 Tanker Ship-to-Ship Total Revenues (1) 879,442 6,992 886,434 Voyage expenses (297,225) — (297,225) Vessel operating expenses (178,293) (5,940) (184,233) Time-charter hire expenses (36,341) — (36,341) Depreciation and amortization (116,719) (493) (117,212) General and administrative expenses (2) (38,379) (627) (39,006) (Write-down) and (loss) gain on sale of assets (72,527) 3,081 (69,446) Restructuring charges (1,398) — (1,398) Income from operations 138,560 3,013 141,573 Equity income 5,100 — 5,100 (1) Revenues earned from the ship-to-ship transfer segment are reflected in other revenues in the Company's consolidated statements of income (loss). (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources) (see note 14b). | |
Revenues and Percentage of Consolidated Revenues | 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, 2022 2021 2020 Shell (1) $60.8 million (2) (1) Vitol (1) $55.5 million (3) (1) (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, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The carrying amounts of intangible assets are as follows: As at December 31, 2022 December 31, 2021 $ $ Customer relationships At cost, less accumulated amortization of $4.6 million (2021 - $4.2 million) (1) 1,051 1,494 1,051 1,494 (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, 2022 was $0.4 million (2021 - $0.5 million, 2020 - $1.0 million). Amortization of intangible assets for the remaining three years subsequent to 2022 is expected to be $0.4 million (2023), $0.4 million (2024) and $0.3 million (2025). |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Year Ended December 31, 2022 2021 Voyage and vessel 32,076 26,855 Corporate accruals 476 604 Interest 1,976 1,951 Payroll and benefits ( note 14c ) 12,941 3,173 Accrued liabilities 47,469 32,583 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Year Ended December 31, 2022 2021 Revolving credit facility due through December 2024 — 271,167 Term loan due in August 2023 — 53,339 Total principal — 324,506 Less: unamortized discount and debt issuance costs — (4,215) Total debt — 320,291 Less: current portion — (15,500) Long-term portion — 304,791 |
Operating Leases and Obligati_2
Operating Leases and Obligations Related to Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 is as follows: Lease Commitment Non-Lease Commitment Total Commitment As at December 31, 2022 Payments: 2023 18,776 16,676 35,452 2024 10,810 6,917 17,727 2025 7,980 3,792 11,772 2026 7,980 3,792 11,772 2027 2,929 1,392 4,321 Total payments 48,475 32,569 81,044 Less: imputed interest (5,032) Carrying value of operating lease liabilities 43,443 |
Finance Lease Obligations | Obligations Related to Finance Leases As at As at December 31, 2022 December 31, 2021 $ $ Obligations related to finance leases 536,480 295,828 Less: unamortized discount and debt issuance costs (3,720) (1,347) Total obligations related to finance leases 532,760 294,481 Less: current portion (60,161) (27,032) Long-term obligations related to finance leases 472,599 267,449 |
Schedule of Future Minimum Lease Payments for Finance Leases | As at December 31, 2022, the Company's total remaining commitments related to the financial liabilities of these vessels were approximately $695.2 million (December 31, 2021 - $364.6 million), including imputed interest of $158.7 million (December 31, 2021 - $68.8 million), repayable from 2023 through 2031, as indicated below: Commitments December 31, 2022 Year $ 2023 97,806 2024 94,304 2025 90,541 2026 86,909 2027 83,276 Thereafter 242,328 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Positions | The following summarizes the Company's interest rate swap agreement as at December 31, 2022: Interest Rate Index Notional Amount Fair Value / Remaining Fixed Swap (1) LIBOR-Based Debt: U.S. Dollar-denominated interest rate swap LIBOR 50,000 3,709 2.0 0.76 (1) Excludes the margin the Company pays on its variable-rate long-term debt, which, as of December 31, 2022, is 2.40%. |
Schedule of Derivative Instruments | The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets. Current portion of derivative assets Derivative assets Current portion of derivative liabilities As at December 31, 2022 Interest rate swap agreement 2,087 1,622 — 2,087 1,622 — As at December 31, 2021 Interest rate swap agreement — 668 (118) Forward freight agreements — — (4) — 668 (122) |
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 (loss) on derivative instruments in the Company’s consolidated statements of income (loss) as follows: Year Ended Year Ended Year Ended Realized gains (losses) relating to: Interest rate swap agreements 532 (296) 481 Forward freight agreements 1,484 (572) (1,242) 2,016 (868) (761) Unrealized gains (losses) relating to: Interest rate swap agreements 3,159 1,436 (1,545) Forward freight agreements 4 (4) 86 3,163 1,432 (1,459) Total realized and unrealized gain (loss) on derivative 5,179 564 (2,220) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 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 16c) Level 1 187,361 187,361 55,928 55,928 Derivative instruments (note 11) Interest rate swap agreement Level 2 3,709 3,709 550 550 Freight forward agreements Level 2 — — (4) (4) Non-recurring: Assets held for sale (note 19) Level 2 40,854 40,854 Equity-accounted joint venture ( note 5 ) Level 2 9,174 9,174 Other: Short-term debt (note 8) Level 2 — — (25,000) (25,000) Advances to equity-accounted joint venture ( note 5 ) Level 2 6,780 Note (1) 3,780 3,780 Long-term debt, including current portion (note 9) Level 2 — — (320,291) (325,509) Obligations related to finance leases, including current portion (note 10) Level 2 (532,760) (533,977) (294,481) (306,386) (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, 2022, the fair values of the individual components of such aggregate interests were not determinable. As at December 31, 2021, the Company's investment in its equity-accounted joint venture was written-down to its estimated fair value. At such time, the fair value of the Company's advance to its equity-accounted joint venture was estimated to approximate its carrying value. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of Stock Option Information | A summary of the Company’s stock option information for the years ended December 31, 2022, 2021, and 2020 is as follows: December 31, 2022 December 31, 2021 December 31, 2020 Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Options (#) Weighted-Average Exercise Price ($) Outstanding - beginning of year 571,805 14.36 579,913 14.32 605,594 14.16 Granted — — — — — — Exercised (80,707) 11.54 (5,080) 8.71 (25,681) 10.47 Forfeited / expired — — (3,028) 15.73 — — Outstanding - end of year 491,098 14.82 571,805 14.36 579,913 14.32 Exercisable - end of year 491,098 14.82 500,073 15.27 404,716 16.92 |
Summary of Non-Vested Stock Option Activity and Related Information | A summary of the Company’s non-vested stock option activity and related information for the years ended December 31, 2022, 2021 and 2020 is as follows: December 31, 2022 December 31, 2021 December 31, 2020 Options (#) Weighted-Average Grant Date Fair Value ($) 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 8.30 295,984 8.96 Granted — — — — — — Vested (71,732) 8.00 (100,437) 8.29 (120,787) 9.93 Forfeited / expired — — (3,028) 15.73 — — Outstanding non-vested stock options - — — 71,732 8.00 175,197 8.30 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Vessel operating expenses - technical management fee (i) (972) (1,008) (992) Strategic and administrative service fees (ii ) (31,280) (33,593) (30,775) Secondment fees (iii) — (303) (402) Technical management fee recoveries (iv) 861 691 699 Restructuring charges (v) (note 20) 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 13) 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 the provision of technical management services. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of income (loss). v. 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 20). |
Other (Expense) Income (Tables)
Other (Expense) Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Summary of Other Income | Year Ended December 31, 2022 2021 2020 Foreign exchange gain (loss) 3,378 302 (734) Other (expense) income (733) (2,058) 1,207 Total 2,645 (1,756) 473 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Net income (loss) 229,086 (242,372) 87,317 Weighted-average number of common shares - basic (1) 33,997,579 33,859,306 33,718,665 Dilutive effect of stock-based awards 289,496 — 202,956 Weighted average number of common shares - diluted 34,287,075 33,859,306 33,921,621 Earnings (loss) per common share: - Basic 6.74 (7.16) 2.59 - Diluted 6.68 (7.16) 2.57 |
Income Tax Recovery (Expense) (
Income Tax Recovery (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 and accrued liabilities on the Company's consolidated balance sheets: Year Ended December 31, 2022 2021 2020 Balance as at January 1 45,603 49,124 49,579 Increases for positions related to the current year 5,820 3,749 14,264 Increases for positions related to prior years 2,983 4,766 10,748 Decreases for positions related to prior years (964) — (15,164) Settlements with tax authority — — (8,556) Decreases related to statute of limitations (8,084) (11,604) (2,196) Foreign exchange (gain) loss (3,312) (432) 449 Balance as at December 31 42,046 45,603 49,124 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |||
Depreciation and amortization | $ 99,033 | $ 106,084 | $ 117,212 |
Vessels and equipment, useful life | 25 years | ||
Excluding Amortization Of Drydocking Expenditure | |||
Significant Accounting Policies [Line Items] | |||
Depreciation and amortization | $ 71,900 | $ 78,500 | $ 88,300 |
Dry-Docking Activity | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | two and a half years to five years |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | $ 925,249 | ||
Gain (loss) on sale and (write-down) of assets (note 19) | 8,888 | $ (92,368) | $ (69,446) |
Balance at the end of the year | 429,987 | 925,249 | |
Dry-Docking Activity | |||
Property, Plant and Equipment [Roll Forward] | |||
Balance at the beginning of the year | 62,914 | 67,527 | 71,807 |
Costs incurred for dry docking | 15,792 | 23,042 | 28,546 |
Dry-dock amortization | (26,666) | (27,123) | (27,851) |
Gain (loss) on sale and (write-down) of assets (note 19) | (566) | (532) | (4,975) |
Balance at the end of the year | $ 51,474 | $ 62,914 | $ 67,527 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) contract vessel | Dec. 31, 2021 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
At cost, less accumulated depreciation of $171.8 million (2021 - $271.9 million) (notes 9 and 19) | $ 429,987,000 | $ 925,249,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 171,800,000 | 271,900,000 |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 30,900,000 | |
Number of Forms of Contracts | contract | 2 | |
Lessor, Operating Lease, Payments to be Received, Two Years | $ 10,900,000 | |
Assets leased to other | ||
Disaggregation of Revenue [Line Items] | ||
At cost, less accumulated depreciation of $171.8 million (2021 - $271.9 million) (notes 9 and 19) | 48,100,000 | 61,700,000 |
Property, Plant and Equipment, Gross | 53,400,000 | 74,300,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 5,300,000 | $ 12,600,000 |
LR2 and Aframax Tankers | ||
Disaggregation of Revenue [Line Items] | ||
Number Of Vessels | 1 | 2 |
Number Of Vessels To Be Chartered In | vessel | 1 | |
Time-charter revenues | ||
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 0 | $ 900,000 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,063,111 | $ 542,367 | $ 886,434 |
Voyage Charters - Suezmax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 557,971 | 259,075 | 340,535 |
Voyage Charters - Full Service Lightering | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 123,500 | 53,930 | 93,720 |
Voyage charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,039,262 | 485,896 | 741,804 |
Time Charters - Suezmax | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 49 | 20,390 | 107,543 |
Time-charter revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 14,738 | 46,159 | 127,598 |
Ship-to-ship support services, Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 4,567 | 5,467 | 9,621 |
Commercial management, Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 4,544 | 4,845 | 7,019 |
LNG terminal management, consultancy, procurement and other, Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 0 | 0 | 392 |
Other revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 9,111 | 10,312 | 17,032 |
Voyage Charters - Aframax and LR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 357,791 | 172,891 | 307,549 |
Time Charters - Aframax and LR2 | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 14,689 | $ 25,769 | $ 20,055 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 20 Months Ended |
Dec. 31, 2021 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Company's Revenue and Income From Operations by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,063,111 | $ 542,367 | $ 886,434 |
Voyage expenses | (495,604) | (315,121) | (297,225) |
Vessel operating expenses | (150,448) | (165,375) | (184,233) |
Time-charter hire expenses (note 10) | (27,374) | (13,799) | (36,341) |
Depreciation and amortization | (99,033) | (106,084) | (117,212) |
General and administrative expenses | (41,769) | (43,715) | (39,006) |
Gain (loss) on sale and (write-down) of assets (note 19) | 8,888 | (92,368) | (69,446) |
Restructuring charges | (1,822) | 0 | (1,398) |
Income (loss) from operations | 255,949 | (194,095) | 141,573 |
Equity income (loss) | $ 244 | $ (14,107) | 5,100 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Restructuring charges | (1,398) | ||
Operating Segments | Tankers [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 879,442 | ||
Voyage expenses | (297,225) | ||
Vessel operating expenses | (178,293) | ||
Time-charter hire expenses (note 10) | (36,341) | ||
Depreciation and amortization | (116,719) | ||
General and administrative expenses | (38,379) | ||
Gain (loss) on sale and (write-down) of assets (note 19) | (72,527) | ||
Restructuring charges | (1,398) | ||
Income (loss) from operations | 138,560 | ||
Equity income (loss) | 5,100 | ||
Operating Segments | Ship To Ship Transfer [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 6,992 | ||
Voyage expenses | 0 | ||
Vessel operating expenses | (5,940) | ||
Time-charter hire expenses (note 10) | 0 | ||
Depreciation and amortization | (493) | ||
General and administrative expenses | (627) | ||
Gain (loss) on sale and (write-down) of assets (note 19) | 3,081 | ||
Restructuring charges | 0 | ||
Income (loss) from operations | 3,013 | ||
Equity income (loss) | $ 0 |
Schedule of Revenue by Major Cu
Schedule of Revenue by Major Customers by Reporting Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 1,063,111 | $ 542,367 | $ 886,434 |
Segment Reporting | Segment ReportingOn April 30, 2020, the Company completed the sale of the non-U.S. portion of its ship-to-ship support services business, as well as its LNG terminal management business. Following the sale, the Company's remaining ship-to-ship support operations were integrated into the Company's tanker business. As a result, effective April 30, 2020, the Company has one reportable segment. The Company’s segment information for all periods prior to the sale and reorganization has been retroactively adjusted whereby the remaining ship-to-ship support operations have been reallocated from the ship-to-ship transfer segment to the tanker segment. Consequently, the Company’s tanker segment now consists of the operation of all of its tankers, including the operations from those tankers employed on full service lightering contracts, and the US based ship-to-ship support service operations that the Company retained, including its lightering support services provided as part of full service lightering operations. The Company’s ship-to-ship transfer segment consisted of the Company’s non-U.S. lightering support services, LNG terminal management, consultancy, procurement, and other related services which were sold as of April 30, 2020. Segment results are evaluated based on income from operations. The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. The following table presents results for the Company’s revenues and income from operations by segment for the year ended December 31, 2020. No results are included for the years ended December 31, 2022 and 2021 as the Company only had one reportable segment during these periods. Year Ended December 31, 2020 Tanker Ship-to-Ship Total Revenues (1) 879,442 6,992 886,434 Voyage expenses (297,225) — (297,225) Vessel operating expenses (178,293) (5,940) (184,233) Time-charter hire expenses (36,341) — (36,341) Depreciation and amortization (116,719) (493) (117,212) General and administrative expenses (2) (38,379) (627) (39,006) (Write-down) and (loss) gain on sale of assets (72,527) 3,081 (69,446) Restructuring charges (1,398) — (1,398) Income from operations 138,560 3,013 141,573 Equity income 5,100 — 5,100 (1) Revenues earned from the ship-to-ship transfer segment are reflected in other revenues in the Company's consolidated statements of income (loss). (2) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources) (see note 14b). 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, 2022 2021 2020 Shell (1) $60.8 million (2) (1) Vitol (1) $55.5 million (3) (1) (1) Less than 10% of consolidated revenues. (2) 11% of consolidated revenues. (3) 10% of consolidated revenues. | ||
Customer Concentration Risk [Member] | Revenue Benchmark | Minimum | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 10% | ||
Customer Concentration Risk [Member] | Revenue Benchmark | Maximum | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 10% | 10% | |
Customer Concentration Risk [Member] | Revenue Benchmark | Shell | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 60,800 | ||
Concentration Risk, Percentage | 11% | ||
Customer Concentration Risk [Member] | Revenue Benchmark | Vitol | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 55,500 | ||
Concentration Risk, Percentage | 10% |
Segment Reporting (Details)
Segment Reporting (Details) | 20 Months Ended |
Dec. 31, 2021 segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments | 1 |
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, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Investment in and advances to equity accounted investments | $ 16,198 | $ 12,954 | |
Long-term debt, gross | 0 | 324,506 | |
Equity income (loss) | $ 244 | (14,107) | $ 5,100 |
High-Q Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Number Of Vessels | vessel | 1 | ||
Investment in and advances to equity accounted investments | $ 16,200 | 13,000 | |
Long-term debt, gross | 24,400 | 28,100 | |
Equity income (loss) | $ 200 | (14,100) | $ 5,100 |
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) $ in Thousands | 20 Months Ended | |
Dec. 31, 2021 USD ($) segment | Dec. 31, 2022 USD ($) | |
Goodwill [Line Items] | ||
Number of reportable segments | segment | 1 | |
Goodwill (note 6) | $ | $ 2,426 | $ 2,426 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 1,051 | $ 1,494 | |
Accumulated amortization | 4,600 | 4,200 | |
Customer Relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 1,051 | 1,494 | |
Useful life | 10 years | ||
Amortization of intangible assets | $ 400 | 500 | $ 1,000 |
2021 | 400 | ||
2022 | 400 | ||
2023 | 300 | ||
Accumulated amortization | $ 4,600 | $ 4,200 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Voyage and vessel | $ 32,076 | $ 26,855 |
Corporate accruals | 476 | 604 |
Interest | 1,976 | 1,951 |
Payroll and benefits (note 14c) | 12,941 | 3,173 |
Accrued liabilities | $ 47,469 | $ 32,583 |
Short-Term Debt (Details)
Short-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 80,000 | $ 45,400 |
Short-term Debt | $ 0 | $ 25,000 |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 7.20% | 3.60% |
Short-term Debt [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 80,000 | |
Debt Instrument, Term | 6 months | |
Minimum | ||
Short-term Debt [Line Items] | ||
Debt covenant, required capital invested | $ 20,000 | |
Maximum | ||
Short-term Debt [Line Items] | ||
Debt covenant, required capital invested | $ 30,000 | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt, Percentage Bearing Variable Interest Rate | 3.50% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Short-term Debt [Line Items] | ||
Short-term Debt, Percentage Bearing Variable Interest Rate | 2.85% |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | $ 324,506 |
Long-term Debt | 0 | 320,291 |
Long-term Debt, Current Maturities | 0 | (15,500) |
Long-term Debt, Excluding Current Maturities | 0 | 304,791 |
Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | 53,339 |
Revolving Credit Facility and Secured Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 0 | $ (4,215) |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) | 10 Months Ended | 12 Months Ended | ||
Oct. 31, 2022 vessel | Dec. 31, 2022 USD ($) credit_facility vessel valuator | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 80,000,000 | $ 45,400,000 | ||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | |||
Total principal | $ 0 | $ 324,506,000 | ||
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 | 0% | 2.50% | ||
Repayments of Long-term Debt | $ 56,914,000 | $ 11,229,000 | $ 13,174,000 | |
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Total principal | 0 | 53,339,000 | ||
Repayments of Long-term Debt | $ 44,900,000 | |||
Revolving Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | credit_facility | 1 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 82,500,000 | 344,900,000 | ||
Undrawn amount of revolving credit facility | 82,500,000 | 73,700,000 | ||
Long-term Debt, Revolving Credit Facility, Decrease in Amount Available Year Two | 52,600,000 | |||
Total principal | 0 | $ 271,167,000 | ||
Long-term Debt, Revolving Credit Facility, Decrease in Amount Available Next Twelve Months | $ 29,900,000 | |||
2020 Debt Facility Maturing in December 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Collateral, Number of Vessels | vessel | 13 | |||
Debt covenant minimum hull coverage ratio | 125% | |||
Term Loan Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Collateral, Number of Vessels | vessel | 4 | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Number of Third Party Valuators | valuator | 2 | |||
Long-term Debt, Term | 6 months | |||
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.40% |
Operating Leases and Obligati_3
Operating Leases and Obligations Related to Finance Leases - Operating Leases (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) vessel | Jan. 31, 2023 USD ($) | Dec. 31, 2020 ExtensionOption vessel | Mar. 31, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) contract vessel | Dec. 31, 2021 USD ($) vessel | Dec. 31, 2020 USD ($) | |
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 24 months | ||||||
Time-charter hire expenses (note 10) | $ 27,374,000 | $ 13,799,000 | $ 36,341,000 | ||||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 4 months 24 days | 1 year 6 months | |||||
Number of vessels chartered in | vessel | 7 | 8 | |||||
Operating Lease, Weighted Average Discount Rate, Percent | 6.02% | 4.30% | |||||
Charter Contract Extension, Period | 1 year | 1 year | |||||
Operating lease right-of-use assets (notes 10 and 19) | $ 42,894,000 | $ 14,257,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 53,900,000 | 24,800,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 36,000,000 | 18,200,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 30,000,000 | 6,800,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 18,800,000 | 6,800,000 | |||||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 11,200,000 | 6,800,000 | |||||
Carrying value of operating lease liabilities | $ 2,100,000 | $ 15,500,000 | |||||
Number of extension options | ExtensionOption | 3 | ||||||
July 2017, November 2018,September 2021 and March 2022 Sale Leaseback | |||||||
Operating Leased Assets [Line Items] | |||||||
Number Of Vessels | vessel | 18 | ||||||
November 2021 and April 2022 Sale Leaseback | |||||||
Operating Leased Assets [Line Items] | |||||||
Number Of Vessels | vessel | 9 | ||||||
November 2021 and April 2022 Sale Leaseback | Subsequent Event [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Sale Leaseback Transaction, Cost of Repurchase | $ 164,300,000 | ||||||
July 2017 and November 2018 Sale Leaseback | Subsequent Event [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Sale Leaseback Transaction, Cost of Repurchase | $ 142,800,000 | ||||||
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] | |||||||
Number of vessels chartered in | vessel | 2 | 1 | |||||
Number of Time Charters with Option to Extend | contract | 1 | ||||||
Charter Contract Extension, Period | 18 months | ||||||
Operating lease right-of-use assets (notes 10 and 19) | $ 2,100,000 | $ 800,000 | |||||
Carrying value of operating lease liabilities | $ 800,000 | ||||||
LR2 and Aframax Tankers | |||||||
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 24 months | ||||||
Number of vessels chartered in | vessel | 1 | 3 | |||||
Operating lease right-of-use assets (notes 10 and 19) | $ 15,500,000 | ||||||
Number Of Vessels To Be Chartered In | vessel | 1 | ||||||
Number Of Vessels | 1 | 2 | |||||
LR2 and Aframax Tankers | June 2022 contract | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating lease right-of-use assets (notes 10 and 19) | $ 8,900,000 | ||||||
Carrying value of operating lease liabilities | $ 8,900,000 | ||||||
LR2 and Aframax Tankers | Subsequent Event [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Number of vessels chartered in | vessel | 2 | ||||||
LR2 and Aframax Tankers | Subsequent Event [Member] | December 2022 contract | |||||||
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 3 years | 3 years | |||||
Number of vessels chartered in | vessel | 1 | ||||||
Charter Contract Extension, Period | 1 year | ||||||
Operating lease right-of-use assets (notes 10 and 19) | $ 20,700,000 | $ 20,700,000 | |||||
Carrying value of operating lease liabilities | $ 20,700,000 | $ 20,700,000 | |||||
LR2 and Aframax Tankers | Subsequent Event [Member] | December 2020 contract | |||||||
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 7 years | 7 years | |||||
Operating lease right-of-use assets (notes 10 and 19) | $ 18,400,000 | $ 18,400,000 | |||||
Carrying value of operating lease liabilities | $ 18,400,000 | $ 18,400,000 | |||||
LR2 and Aframax Tankers | July 2017 and November 2018 Sale Leaseback | Subsequent Event [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Number of Vessels to be repurchased | vessel | 1 | ||||||
Suezmax Tanker | |||||||
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 54 months | ||||||
Number of vessels chartered in | vessel | 1 | ||||||
Suezmax Tanker | November 2022 contract | |||||||
Operating Leased Assets [Line Items] | |||||||
Operating lease right-of-use assets (notes 10 and 19) | $ 30,300,000 | ||||||
Carrying value of operating lease liabilities | $ 30,300,000 | ||||||
Suezmax Tanker | July 2017 and November 2018 Sale Leaseback | Subsequent Event [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Number of Vessels to be repurchased | vessel | 5 | ||||||
Suezmax, Aframax, LR2 and STS Vessels | |||||||
Operating Leased Assets [Line Items] | |||||||
Number of Time Charters with Option to Extend | contract | 5 | ||||||
Aframax/LR2 Tanker Newbuilding | |||||||
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Term of Contract | 7 years | ||||||
Number of vessels chartered in | vessel | 1 | 1 | |||||
Lease [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Time-charter hire expenses (note 10) | $ 11,400,000 | $ 3,900,000 | |||||
Non-lease Component [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Time-charter hire expenses (note 10) | 15,100,000 | 7,400,000 | |||||
Short Term Lease less than 1 year [Member] | |||||||
Operating Leased Assets [Line Items] | |||||||
Time-charter hire expenses (note 10) | 900,000 | 2,500,000 | |||||
Lease term greater than one year | |||||||
Operating Leased Assets [Line Items] | |||||||
Time-charter hire expenses (note 10) | 26,500,000 | $ 11,300,000 | |||||
Long-Term Lease | |||||||
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 18,776,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 10,810,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 7,980,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 7,980,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,929,000 | ||||||
Carrying value of operating lease liabilities | 43,443,000 | ||||||
Total payments | 48,475,000 | ||||||
Long-Term Non-lease | |||||||
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 16,676,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 6,917,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 3,792,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 3,792,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1,392,000 | ||||||
Total payments | 32,569,000 | ||||||
Long-Term Lease and Non-lease | |||||||
Operating Leased Assets [Line Items] | |||||||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 35,452,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 17,727,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 11,772,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 11,772,000 | ||||||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 4,321,000 | ||||||
Total payments | $ 81,044,000 |
Operating Leases and Obligati_4
Operating Leases and Obligations Related to Finance Leases - Operating Leases Maturity Analysis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
2022 | $ 53,900 | $ 24,800 |
2023 | 36,000 | 18,200 |
Carrying value of operating lease liabilities | 2,100 | 15,500 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 12,900 | $ 17,800 |
Long-Term Lease | ||
Lessee, Lease, Description [Line Items] | ||
2022 | 18,776 | |
2023 | 10,810 | |
Total payments | 48,475 | |
Less: imputed interest | (5,032) | |
Carrying value of operating lease liabilities | 43,443 | |
Long-Term Non-lease | ||
Lessee, Lease, Description [Line Items] | ||
2022 | 16,676 | |
2023 | 6,917 | |
Total payments | $ 32,569 |
Operating Leases and Obligati_5
Operating Leases and Obligations Related to Finance Leases - Finance Lease Obligation (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel | Dec. 31, 2020 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Finance Lease, Liability, Gross | $ 536,480 | $ 295,828 | |
Obligations related to finance leases | 532,760 | 294,481 | |
Less: current portion | (60,161) | (27,032) | |
Long-term obligations related to finance leases | 472,599 | 267,449 | |
Proceeds from financing related to sales and leaseback of vessels, net of issuance costs (note 10) | $ 288,108 | $ 140,226 | $ 0 |
September 2021, November 2021, March 2022 and April 2022 Sale leaseback | |||
Lessee, Lease, Description [Line Items] | |||
Number of Sale Leaseback transactions | vessel | 21 | 21 | |
Finance Lease Obligations | |||
Lessee, Lease, Description [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (3,720) | $ (1,347) |
Operating Leases and Obligati_6
Operating Leases and Obligations Related to Finance Leases - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) valuator vessel lessor | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 15, 2023 vessel | |
Lessee, Lease, Description [Line Items] | ||||||
Proceeds from financing related to sales and leaseback of vessels, net of issuance costs (note 10) | $ | $ 288,108,000 | $ 140,226,000 | $ 0 | |||
Number of Lessors | lessor | 27 | |||||
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 | 7.20% | 4.80% | ||||
Payments to Acquire Property, Plant, and Equipment | $ | $ 15,430,000 | $ 21,447,000 | $ 16,025,000 | |||
Option to purchase between now and end of lease term | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of Vessels with Purchase Option | 15 | |||||
Option to purchase starting in September 2023 until end of lease term | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of Vessels with Purchase Option | 4 | |||||
Option to purchase starting in March 2024 until end of lease term | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of Vessels with Purchase Option | 8 | |||||
Suezmax, Aframax and LR2 Vessels | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Finance Lease, Liability, Undiscounted Excess Amount | $ | $ 158,700,000 | $ 68,800,000 | ||||
LR2 and Aframax Tankers | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels | $ | 1 | 2 | ||||
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 | 12 | |||||
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 | 1 | |||||
Finance Lease Obligations | Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Long-term Debt, Term | 6 months | |||||
November 2021 Sale Leaseback | Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Actual Hull Coverage Ratio | 132% | |||||
November 2021 Sale Leaseback | Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Actual Hull Coverage Ratio | 140% | |||||
February 2022 Sale Leaseback | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels | 8 | |||||
Proceeds from financing related to sales and leaseback of vessels, net of issuance costs (note 10) | $ | $ 177,300,000 | |||||
July 2017, November 2018 and September 2021 Sale Leaseback | Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Actual Hull Coverage Ratio | 106% | |||||
July 2017, November 2018,September 2021 and March 2022 Sale Leaseback | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels | 18 | |||||
Debt Covenant Minimum Hull Coverage Ratio | 100% | |||||
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% | 134% | ||||
November 2021 and April 2022 Sale Leaseback | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels | 9 | |||||
Debt Covenant Minimum Hull Coverage Ratio | 105% | |||||
November 2021 and April 2022 Sale Leaseback | Suezmax Tanker | Subsequent Event [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels Acquired | 1 | |||||
November 2021 and April 2022 Sale Leaseback | LR2 and Aframax Tankers | Subsequent Event [Member] | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels Acquired | 8 | |||||
November 2021 and April 2022 Sale Leaseback | Minimum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Actual Hull Coverage Ratio | 202% | |||||
November 2021 and April 2022 Sale Leaseback | Maximum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Actual Hull Coverage Ratio | 280% | |||||
July 2017, November 2018, November 2021 and April 2022 Sale Leaseback | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels | 15 | |||||
September 2021 and March 2022 Sale Leaseback | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels | 12 | |||||
July 2017, November 2018, September 2021, November 2021, March 2022 and April 2022 Sale Leaseback | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels | 27 | |||||
July 2017, November 2018, September 2021, November 2021, March 2022 and April 2022 Sale Leaseback | Suezmax, Aframax and LR2 Vessels | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of Vessels with Purchase Option | 27 | |||||
April 2022 Sale Leaseback | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number Of Vessels | 5 | |||||
Proceeds from financing related to sales and leaseback of vessels, net of issuance costs (note 10) | $ | $ 114,000,000 | |||||
Variable Interest Entity, Primary Beneficiary | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of Lessors | lessor | 6 |
Operating Leases and Obligati_7
Operating Leases and Obligations Related to Finance Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Year | ||
2023 | $ 97,806 | |
2024 | 94,304 | |
2025 | 90,541 | |
2026 | 86,909 | |
2027 | 83,276 | |
Thereafter | 242,328 | |
Suezmax, Aframax and LR2 Vessels | ||
Leases [Abstract] | ||
Capital Leases, Future Minimum Payments Due | 695,200 | $ 364,600 |
Finance Lease, Liability, Undiscounted Excess Amount | 158,700 | 68,800 |
Lessee, Lease, Description [Line Items] | ||
Capital Leases, Future Minimum Payments Due | $ 695,200 | $ 364,600 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Interest Rate Swap Positions (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 2.40% |
United States Dollar Denominated Interest Rate Swaps One | London Interbank Offered Rate (LIBOR) [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 50,000 |
Fair Value / Carrying Amount of Asset (Liability) | $ 3,709 |
Fixed Interest Rate | 76% |
Remaining Term (years) | 2 years |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Derivative assets (note 11) | $ 1,622 | $ 668 | |
Current portion of derivative liabilities | 0 | (122) | |
Realized and unrealized gain (loss) on derivative instruments (note 11) | 5,179 | 564 | $ (2,220) |
Current portion of derivative assets (note 11) | 2,087 | 0 | |
Realized gain (loss) on Derivative Instruments | |||
Derivative [Line Items] | |||
Realized and unrealized gain (loss) on derivative instruments (note 11) | 2,016 | (868) | (761) |
Unrealized gain (loss) on Derivative Instruments | |||
Derivative [Line Items] | |||
Realized and unrealized gain (loss) on derivative instruments (note 11) | 3,163 | 1,432 | (1,459) |
Interest rate swap agreements | Realized gain (loss) on Derivative Instruments | |||
Derivative [Line Items] | |||
Realized and unrealized gain (loss) on derivative instruments (note 11) | 532 | (296) | 481 |
Interest rate swap agreements | Unrealized gain (loss) on Derivative Instruments | |||
Derivative [Line Items] | |||
Realized and unrealized gain (loss) on derivative instruments (note 11) | 3,159 | 1,436 | (1,545) |
Forward freight agreements | Realized gain (loss) on Derivative Instruments | |||
Derivative [Line Items] | |||
Realized and unrealized gain (loss) on derivative instruments (note 11) | 1,484 | (572) | (1,242) |
Forward freight agreements | Unrealized gain (loss) on Derivative Instruments | |||
Derivative [Line Items] | |||
Realized and unrealized gain (loss) on derivative instruments (note 11) | 4 | (4) | $ 86 |
Reported Value Measurement | |||
Derivative [Line Items] | |||
Derivative assets (note 11) | 1,622 | 668 | |
Current portion of derivative liabilities | 0 | (122) | |
Current portion of derivative assets (note 11) | 2,087 | ||
Reported Value Measurement | Interest rate swap agreements | |||
Derivative [Line Items] | |||
Derivative assets (note 11) | 1,622 | 668 | |
Current portion of derivative liabilities | 0 | (118) | |
Current portion of derivative assets (note 11) | $ 2,087 | ||
Reported Value Measurement | Forward freight agreements | |||
Derivative [Line Items] | |||
Current portion of derivative liabilities | $ (4) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Realized and unrealized gain (loss) on derivative instruments (note 11) | $ 5,179 | $ 564 | $ (2,220) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash, cash equivalents and restricted cash (note 16c) | $ 187,361 | $ 55,928 | $ 103,146 | $ 96,790 |
Current portion of derivative liabilities (note 11) | 0 | 122 | ||
Assets held for sale (note 19) | 0 | 43,543 | ||
Short-term debt | 0 | (25,000) | ||
Long-term Debt | 0 | 320,291 | ||
Obligations related to finance leases, including current portion (note 12) | (532,760) | (294,481) | ||
Reported Value Measurement | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Current portion of derivative liabilities (note 11) | 0 | 122 | ||
Reported Value Measurement | Interest rate swap | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Current portion of derivative liabilities (note 11) | 0 | 118 | ||
Reported Value Measurement | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Current portion of derivative liabilities (note 11) | 4 | |||
Reported Value Measurement | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term debt | 0 | (25,000) | ||
Due from Joint Ventures, Noncurrent | 6,780 | 3,780 | ||
Long-term Debt | 0 | 320,291 | ||
Obligations related to finance leases, including current portion (note 12) | (532,760) | (294,481) | ||
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 16c) | 187,361 | 55,928 | ||
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 | 3,709 | |||
Interest rate swap agreements | 550 | |||
Reported Value Measurement | Fair Value, Measurements, Recurring | Level 2 | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Current portion of derivative liabilities (note 11) | 0 | 4 | ||
Reported Value Measurement | Fair Value, Nonrecurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets held for sale (note 19) | 40,854 | |||
Equity Method Investments | 9,174 | |||
Fair Value Asset/(Liability) | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Short-term debt | 0 | (25,000) | ||
Due from Joint Ventures, Noncurrent | 3,780 | |||
Long-term Debt | 0 | 325,509 | ||
Obligations related to finance leases, including current portion (note 12) | (533,977) | (306,386) | ||
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 16c) | 187,361 | 55,928 | ||
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 | 3,709 | |||
Interest rate swap agreements | 550 | |||
Fair Value Asset/(Liability) | Fair Value, Measurements, Recurring | Level 2 | Forward freight agreements | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Current portion of derivative liabilities (note 11) | $ 0 | 4 | ||
Fair Value Asset/(Liability) | Fair Value, Nonrecurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets held for sale (note 19) | 40,854 | |||
Equity Method Investments | $ 9,174 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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% | ||
Class A | |||
Class of Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 485,000,000 | 485,000,000 | |
Common Stock, Shares, Outstanding | 29,300,000 | 29,200,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Votes per share owned | one | ||
Common Stock, Shares, Issued | 29,300,000 | 29,200,000 | |
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 | $ 38,200 | $ 200,000 | $ 300,000 |
Unrecognized compensation cost related to non-vested stock options granted | 0 | 38,200 | 300,000 |
Intrinsic value of outstanding in-the-money stock options | 8,000,000 | 900,000 | 900,000 |
Intrinsic value of exercisable stock options | $ 8,000,000 | $ 600,000 | $ 400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 4 years 10 months 24 days | 5 years 10 months 24 days | 7 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 10 months 24 days | 5 years 9 months 18 days | 6 years 6 months |
Restricted Stock Units (RSUs) | |||
Class of Stock [Line Items] | |||
Restricted stock units vested (in shares) | 83,100 | 56,000 | 78,300 |
Market value of restricted stock units | $ 1,500,000 | $ 800,000 | $ 1,300,000 |
Restricted Stock Units (RSUs) | Class A | |||
Class of Stock [Line Items] | |||
Proceeds from issuance of common stock, net of offering costs (in shares) | 48,500 | 35,700 | 44,800 |
2007 Long-Term Incentive Plan | Share-based Payment Arrangement, Option [Member] | |||
Class of Stock [Line Items] | |||
Grants in period (shares) | 0 | 0 | 0 |
General and Administrative Expense [Member] | Class A | |||
Class of Stock [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 300,000 | $ 300,000 | $ 200,000 |
General and Administrative Expense [Member] | Restricted Stock Units (RSUs) | |||
Class of Stock [Line Items] | |||
Employee Benefits and Share-based Compensation | $ 2,300,000 | $ 1,600,000 | $ 1,400,000 |
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 | 13,100 |
Grants in period (shares) | 16,600 | 16,800 | 13,100 |
Officers and Employees | 2007 Long-Term Incentive Plan | Restricted Stock Units (RSUs) | Subsidiaries Employees | |||
Class of Stock [Line Items] | |||
Vesting period (in years) | 3 years | ||
Restricted stock units aggregate value, granted (in shares) | $ 1,900,000 | $ 1,700,000 | $ 3,100,000 |
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 | 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 | 200,000 |
Capital Stock - Summary of Stoc
Capital Stock - Summary of Stock Option Information (Detail) - Stock Option - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options | |||
Outstanding - beginning of year (in shares) | 571,805 | 579,913 | 605,594 |
Grants in period (shares) | 0 | 0 | 0 |
Exercised (in shares) | (80,707) | (5,080) | (25,681) |
Forfeited / expired (in shares) | 0 | (3,028) | 0 |
Outstanding - end of year (in shares) | 491,098 | 571,805 | 579,913 |
Exercisable - end of year (in shares) | 491,098 | 500,073 | 404,716 |
Weighted-Average Exercise Price ($) | |||
Outstanding - beginning of year (in dollars per share) | $ 14.36 | $ 14.32 | $ 14.16 |
Granted (in dollars per share) | 0 | 0 | 0 |
Exercised (in dollars per share) | 11.54 | 8.71 | 10.47 |
Forfeited / expired (in dollars per share) | 0 | 15.73 | 0 |
Outstanding - end of year (in dollars per share) | 14.82 | 14.36 | 14.32 |
Exercisable - end of year (in dollars per share) | $ 14.82 | $ 15.27 | $ 16.92 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options | |||
Outstanding non-vested stock options - beginning of year (in shares) | 71,732 | 175,197 | 295,984 |
Grants in period (shares) | 0 | 0 | 0 |
Vested (in shares) | (71,732) | (100,437) | (120,787) |
Forfeited / expired (in shares) | 0 | (3,028) | 0 |
Outstanding non-vested stock options - end of year (in shares) | 0 | 71,732 | 175,197 |
Weighted-Average Grant Date Fair Value | |||
Outstanding non-vested stock options - beginning of year (in dollars per share) | $ 8 | $ 8.30 | $ 8.96 |
Granted (in dollars per share) | 0 | 0 | 0 |
Vested (in dollars per share) | 8 | 8.29 | 9.93 |
Forfeited / expired (in dollars per share) | 0 | 15.73 | 0 |
Outstanding non-vested stock options - end of year (in dollars per share) | $ 0 | $ 8 | $ 8.30 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Reimbursement of manager's crewing and manning costs | $ 1,141 | $ 10,944 |
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% | |
Payable to Manager | ||
Related Party Transaction [Line Items] | ||
Reimbursement of manager's crewing and manning costs | $ 0 | $ 1,900 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Vessel operating expenses (notes 14b and 14c) | $ (150,448) | $ (165,375) | $ (184,233) |
Strategic and administrative service fees | (31,280) | (33,593) | (30,775) |
Restructuring charges | 1,822 | 0 | 1,398 |
Technical management fee | |||
Related Party Transaction [Line Items] | |||
Vessel operating expenses (notes 14b and 14c) | (972) | (1,008) | (992) |
Secondment fees | |||
Related Party Transaction [Line Items] | |||
Strategic and administrative service fees | 0 | (303) | (402) |
Technical management fee revenue | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 861 | 691 | 699 |
Restructuring Charge | |||
Related Party Transaction [Line Items] | |||
Restructuring charges | $ 1,822 | $ 0 | $ 0 |
Other (Expense) Income - Summar
Other (Expense) Income - Summary of Other Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange gain (loss) | $ 3,378 | $ 302 | $ (734) |
Other Nonoperating Expense | (733) | (2,058) | |
Other (expense) income | (1,207) | ||
Total | $ 2,645 | $ (1,756) | $ 473 |
Liquidity Liquidity (Details)
Liquidity Liquidity (Details) - vessel | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2022 | |
February 2022 Sale Leaseback | ||
Other Commitments [Line Items] | ||
Number Of Vessels | 8 | |
Suezmax Tankers | ||
Other Commitments [Line Items] | ||
Number Of Vessels Sold | 3 |
(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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 229,086 | $ (242,372) | $ 87,317 |
Weighted average number of common shares - basic (in shares) | 33,997,579 | 33,859,306 | 33,718,665 |
Dilutive effect of stock-based awards (in shares) | 289,496 | 0 | 202,956 |
Weighted average number of common shares - diluted (in shares) | 34,287,075 | 33,859,306 | 33,921,621 |
Earnings (loss) per common share: | |||
Basic (in dollars per share) | $ 6.74 | $ (7.16) | $ 2.59 |
Diluted (in dollars per share) | $ 6.68 | $ (7.16) | $ 2.57 |
(Loss) Earnings Per Share - Add
(Loss) Earnings Per Share - Additional Information (Detail) - Class A - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
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) | 49 | 100 |
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) | 200 | 200 |
Write-down and Loss on Sale o_2
Write-down and Loss on Sale of Assets (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel | Dec. 31, 2020 USD ($) vessel | |
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Assets | $ 9,400,000 | ||
Proceeds from Sale of Property, Plant, and Equipment | 68,400,000 | $ 56,700,000 | |
Operating Lease, Impairment Loss | 1,100,000 | 700,000 | $ 2,900,000 |
Gain (loss) on sale and (write-down) of assets (note 19) | $ 8,888,000 | (92,368,000) | (69,446,000) |
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 | ||
LR2 and Aframax Tankers | |||
Property, Plant and Equipment [Line Items] | |||
Asset Impairment Charges | 1,600,000 | ||
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] | |||
Asset Impairment Charges | $ 65,400,000 | ||
Number Of Vessels Impaired | vessel | 4 | 9 | |
Suezmax Tankers | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Assets | $ 2,600,000 | ||
Number Of Vessels Sold | vessel | 3 | ||
Aframax Tanker | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Assets | $ 2,100,000 | ||
LR2 and Aframax Tankers | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Vessels Sold | vessel | 3 | 4 | 2 |
Number Of Vessels | 1 | 2 | |
Reversal of Asset Impairment Charges | $ 600,000 | ||
Suezmax Tanker | |||
Property, Plant and Equipment [Line Items] | |||
Number Of Vessels Sold | vessel | 1 | ||
Suezmax, LR2 and Aframax Tankers | |||
Property, Plant and Equipment [Line Items] | |||
Number of Vessels held for sale | vessel | 3 | ||
Ship to Ship Transfer Business | Ship To Ship Transfer [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) on Disposition of Business | $ 3,100,000 | ||
Proceeds from business divestiture | 27,100,000 | ||
Proceeds From Divestiture of Business Adjustment | $ 1,100,000 |
Restructuring and Related Act_2
Restructuring and Related Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring charges | $ 1,822 | $ 0 | $ 1,398 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $ 5,820 | $ 3,749 | $ 14,264 | |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 2,983 | 4,766 | 10,748 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (964) | 0 | (15,164) | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 0 | (8,556) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | (8,084) | (11,604) | (2,196) | |
Foreign exchange loss on freight tax expenses | 449 | |||
Foreign exchange gains on freight tax expenses | (3,312) | (432) | ||
Unrecognized Tax Benefits | 42,046 | 45,603 | 49,124 | $ 49,579 |
Interest and penalties on freight tax expenses (recoveries) | $ 3,800 | $ 6,200 | $ 13,300 |
Income Tax Expenses - Additiona
Income Tax Expenses - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Aug. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Income Tax Contingency [Line Items] | ||||||
Interest and penalties on freight tax expenses (recoveries) | $ 3,800 | $ 6,200 | $ 13,300 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 22,300 | 25,900 | 27,700 | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 2,983 | 4,766 | 10,748 | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 964 | $ 0 | 15,164 | |||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 8,600 | |||||
Foreign Tax Authority | ||||||
Income Tax Contingency [Line Items] | ||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 7,600 | |||||
Settlement with Taxing Authority | ||||||
Income Tax Contingency [Line Items] | ||||||
Payments for Other Taxes | $ 900 | $ 7,700 | ||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 15,200 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2023 vessel shares | Feb. 28, 2023 USD ($) vessel | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Mar. 15, 2023 vessel | |
Subsequent Event [Line Items] | |||||||
Proceeds from financing related to sales and leaseback of vessels, net of issuance costs (note 10) | $ | $ 288,108 | $ 140,226 | $ 0 | ||||
Common stock, shares authorized (in shares) | shares | 585,000,000 | 585,000,000 | |||||
Class A | |||||||
Subsequent Event [Line Items] | |||||||
Common Stock, Shares, Issued | shares | 29,300,000 | 29,200,000 | |||||
Common stock, shares authorized (in shares) | shares | 485,000,000 | 485,000,000 | |||||
Subsequent Event [Member] | Revolving Credit Facility 2023 | |||||||
Subsequent Event [Line Items] | |||||||
Line Of Credit Facility, New Loan to be Completed | $ | $ 350,000 | ||||||
Subsequent Event [Member] | 2023 Plan | Class A | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, shares authorized (in shares) | shares | 600,000 | ||||||
Subsequent Event [Member] | 2007 Long-Term Incentive Plan | Class A | |||||||
Subsequent Event [Line Items] | |||||||
Common stock, shares authorized (in shares) | shares | 1,291,416 | ||||||
Subsequent Event [Member] | Suezmax, LR2 and Aframax Tankers | |||||||
Subsequent Event [Line Items] | |||||||
Number Of Vessels Acquired | vessel | 9 | ||||||
Number of Vessels to be repurchased | vessel | 6 | ||||||
Subsequent Event [Member] | Suezmax, Aframax and LR2 Vessels | |||||||
Subsequent Event [Line Items] | |||||||
Number Of Vessels To Be Purchased | vessel | 19 | ||||||
Subsequent Event [Member] | November 2021 and April 2022 Sale Leaseback | |||||||
Subsequent Event [Line Items] | |||||||
Sale Leaseback Transaction, Cost of Repurchase | $ | $ 164,300 | ||||||
Subsequent Event [Member] | November 2021 and April 2022 Sale Leaseback | LR2 and Aframax Tankers | |||||||
Subsequent Event [Line Items] | |||||||
Number Of Vessels Acquired | vessel | 8 | ||||||
Subsequent Event [Member] | November 2021 and April 2022 Sale Leaseback | Suezmax Tanker | |||||||
Subsequent Event [Line Items] | |||||||
Number Of Vessels Acquired | vessel | 1 |