6-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________________________________________

FORM 6-K/A

__________________________________________________________

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2018

Commission file number 1- 33867

__________________________________________________________

TEEKAY TANKERS LTD.

(Exact name of Registrant as specified in its charter)

__________________________________________________________

4th Floor, Belvedere Building

69 Pitts Bay Road

Hamilton, HM 08 Bermuda

(Address of principal executive office)

__________________________________________________________

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ý            Form 40- F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes  ¨            No   ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes  ¨            No   ý

EXPLANATORY NOTE

This Amendment No. 1 to the Report on Form 6-K for the quarter ended June 30, 2018, originally filed with the Securities and Exchange Commission on August 23, 2018 (the “Form 6-K”), is being filed solely for the purposes of furnishing Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. This Exhibit was not previously filed.

Other than as expressly set forth above, this Form 6-K/A does not, and does not purport to, amend, update or restate the information in any other item of the Form 6-K, or reflect any events that have occurred after the Form 6-K was originally filed. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

Item 6.	Exhibits
Exhibit Number	Description
101	The following financial information from Teekay Tankers Ltd's Report on Form 6-K for the quarter ended June 30, 2018, filed with the SEC on August 23, 2018, formatted in Extensible Business Reporting Language (XBRL): (i) Unaudited Consolidated Statements of Loss for the three and six months ended June 30, 2018 and 2017; (ii) Unaudited Consolidated Balance Sheets as at June 30, 2018 and December 31, 2017; (iii) Unaudited Consolidated Statements of Cash Flows for the six months ended June 30, 2018 and 2017; (iv) Unaudited Consolidated Statement of Changes In Equity for the six months ended June 30, 2018; and (v) Notes to the Unaudited Consolidated Financial Statements.

THIS REPORT ON FORM 6-K/A IS HEREBY INCORPORATED BY REFERENCE INTO THE FOLLOWING REGISTRATION STATEMENTS OF TEEKAY TANKERS LTD.:

• REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-148055) FILED WITH THE SEC ON DECEMBER 13, 2007.

• REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-194404) FILED WITH THE SEC ON MARCH 7, 2014.

• REGISTRATION STATEMENT ON FORM S-8 (FILE NO. 333-223824) FILED WITH THE SEC ON MARCH 21, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		TEEKAY TANKERS LTD.
Date: October 10, 2018	By:	/s/ Stewart Andrade
		Stewart Andrade Chief Financial Officer (Principal Financial and Accounting Officer)

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Document and Entity Information	6 Months Ended
	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	6-K/A
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Trading Symbol	TNK
Entity Registrant Name	TEEKAY TANKERS LTD.
Entity Central Index Key	0001419945
Current Fiscal Year End Date	--12-31

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Unaudited Consolidated Statements of Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues [Abstract]
Total revenues	$ 171,659	$ 108,789	$ 340,124	$ 239,274
Voyage expenses (notes 2, 3 and 13a)	86,933	19,430	166,926	43,185
Vessel operating expenses (note 13a)	(52,652)	(46,853)	(105,647)	(90,991)
Time-charter hire expense	(5,697)	(7,997)	(10,380)	(21,624)
Depreciation and amortization	(29,573)	(24,415)	(59,003)	(49,324)
General and administrative expenses (note 13a)	(9,407)	(8,365)	(19,192)	(17,253)
Gain (loss) on sale of vessels (note 14)	170	(142)	170	(4,569)
Restructuring charges	(982)	0	(982)	0
(Loss) income from operations	(13,415)	1,587	(21,836)	12,328
Interest expense	(13,931)	(7,076)	(26,660)	(14,382)
Interest income	160	360	318	439
Realized and unrealized gain (loss) on derivative instruments (note 9)	1,116	(1,560)	4,129	(1,099)
Equity (loss) income (note 6)	(70)	(28,027)	624	(26,900)
Other expense (note 10)	(1,273)	(2,761)	(3,141)	(4,150)
Net loss	$ (27,413)	$ (37,477)	$ (46,566)	$ (33,764)
Per common share amounts (note 15)
- Basic loss per share (usd per share)	$ (0.10)	$ (0.21)	$ (0.17)	$ (0.19)
- Diluted loss per share (usd per share)	(0.10)	(0.21)	(0.17)	(0.19)
- Cash dividends declared (usd per share)	$ 0	$ 0.03	$ 0.03	$ 0.06
Weighted-average number of Class A and Class B common stock outstanding (note 15)
- Basic and diluted (shares)	268,558,556	179,197,658	268,426,201	178,665,430
Voyage charter revenues
Revenues [Abstract]
Total revenues	$ 144,328	$ 30,140	$ 279,970	$ 69,484
Time-charter revenues
Revenues [Abstract]
Total revenues	17,384	30,091	39,494	60,421
Other revenues
Revenues [Abstract]
Total revenues	9,947	15,458	20,660	29,080
Net pool revenues
Revenues [Abstract]
Total revenues	$ 0	$ 33,100	$ 0	$ 80,289

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Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current
Cash and cash equivalents	$ 48,457	$ 71,439
Restricted cash – current	1,858	1,599
Pool receivable from affiliates, net (note 13b)	24,714	15,550
Accounts receivable, including affiliate balances of $0.2 million (2017 - $0.8 million) (note 2)	15,912	19,288
Due from affiliates (note 13b)	50,034	49,103
Current portion of derivative assets (note 9)	2,728	1,016
Prepaid expenses	21,523	18,690
Other current assets (note 2)	3,103	0
Total current assets	168,329	176,685
Restricted cash – long-term	2,672	2,672
Vessels and equipment At cost, less accumulated depreciation of $563.0 million (2017 - $512.0 million) (note 7)	1,695,722	1,737,792
Vessels related to capital leases At cost, less accumulated depreciation of $31.4 million (2017 - $25.4 million) (note 8)	221,825	227,722
Investment in and advances to equity-accounted investments (note 6)	25,170	25,460
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	5,797	4,226
Intangible assets At cost, less accumulated amortization of $9.5 million (2017 - $8.2 million)	13,030	14,605
Other non-current assets	92	127
Goodwill	8,059	8,059
Total assets	2,140,696	2,197,348
Current
Accounts payable	5,822	7,860
Accrued liabilities	34,063	34,608
Current portion of long-term debt (note 7)	155,089	166,745
Current obligation related to capital leases (note 8)	7,454	7,227
Current portion of derivative liabilities (note 9)	16	0
Deferred revenue	61	557
Due to affiliates (note 13b)	39,422	19,717
Total current liabilities	241,927	236,714
Long-term debt (note 7)	778,728	785,557
Long-term obligation related to capital leases (note 8)	137,951	141,681
Other long-term liabilities (note 10)	29,620	26,795
Total liabilities	1,188,226	1,190,747
Commitments and contingencies (notes 6, 7, 8 and 9)
Equity
Common stock and additional paid-in capital (385.0 million shares authorized, 231.6 million Class A and 37.0 million Class B shares issued and outstanding as of June 30, 2018 and 231.2 million Class A and 37.0 million Class B shares issued and outstanding as of December 31, 2017) (note 12)	1,295,485	1,294,998
Accumulated deficit	(343,015)	(288,397)
Total equity	952,470	1,006,601
Total liabilities and equity	$ 2,140,696	$ 2,197,348

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Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Accounts receivable, related parties, current	$ 0.2	$ 0.8
Accumulated depreciation on vessels and equipment	563.0	512.0
Accumulated depreciation on vessels related to capital leases	31.4	25.4
Accumulated amortization on intangible assets	$ 9.5	$ 8.2
Common stock, shares authorized (in shares)	385,000,000.0	385,000,000.0
Class A
Common stock, shares authorized (in shares)	285,000,000	285,000,000
Common stock, shares issued (in shares)	231,600,000	231,200,000
Common stock, shares outstanding (in shares)	231,600,000	231,200,000
Class B
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	37,000,000	37,000,000
Common stock, shares outstanding (in shares)	37,000,000	37,000,000

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Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
OPERATING ACTIVITIES
Net loss	$ (46,566)	$ (33,764)
Non-cash items:
Depreciation and amortization	59,003	49,324
(Gain) loss on sale of vessels (note 14)	(170)	4,569
Unrealized (gain) loss on derivative instruments (note 9)	(3,283)	1,578
Equity (income) loss	(624)	26,900
Other	5,467	6,554
Change in operating assets and liabilities	3,368	12,787
Expenditures for dry docking	(6,725)	(3,417)
Net operating cash flow	10,470	64,531
FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance costs	45,659	14,300
Repayments of long-term debt	(66,333)	(57,894)
Prepayments of long-term debt	0	(69,216)
Scheduled repayments of obligations related to capital leases (note 8)	(3,503)	0
Cash dividends paid	(8,052)	(9,925)
Proceeds from issuance of Class A common stock (note 12)	0	5,000
Proceeds from equity offerings, net of offering costs (note 12)	0	8,565
Other	(92)	(241)
Net financing cash flow	(32,321)	(109,411)
INVESTING ACTIVITIES
Proceeds from sales of vessels (note 14)	589	40,686
Expenditures for vessels and equipment	(2,207)	(2,628)
Return of capital from equity-accounted investment	746	0
Loan repayments from equity-accounted investment	0	550
Net investing cash flow	(872)	38,608
Decrease in cash, cash equivalents and restricted cash	(22,723)	(6,272)
Cash, cash equivalents and restricted cash, beginning of the period	75,710	94,907
Cash, cash equivalents and restricted cash, end of the period	$ 52,987	$ 88,635

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Unaudited Consolidated Statement of Changes in Equity - 6 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock and Additional Paid-in Capital	Common Stock and Additional Paid-in Capital Class A	Common Stock and Additional Paid-in Capital Class B	Accumulated Deficit
Balance at beginning of period (in shares) at Dec. 31, 2017		268,202
Balance at beginning of period at Dec. 31, 2017	$ 1,006,601		$ 1,206,466	$ 88,532	$ (288,397)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(46,566)				(46,566)
Dividends declared	(8,052)				(8,052)
Equity-based compensation (in shares)		357
Equity-based compensation (note 12)	761		761
Other	(274)		(274)
Balance at end of period (in shares) at Jun. 30, 2018		268,559
Balance at end of period at Jun. 30, 2018	$ 952,470		$ 1,206,953	$ 88,532	$ (343,015)

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Basis of Presentation

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The unaudited interim consolidated financial statements (or consolidated financial statements) have been prepared in conformity with United States generally accepted accounting principles (or GAAP). These consolidated financial statements include the accounts of Teekay Tankers Ltd., its wholly-owned subsidiaries, equity-accounted investments, the Entities under Common Control (as defined in note 4) and any variable interest entities (or VIEs) of which it is the primary beneficiary (collectively, the Company). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2017, filed on Form 20-F with the U.S. Securities and Exchange Commission (or the SEC) on April 24, 2018. In the opinion of management, these consolidated financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation.

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Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2018

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 became effective for the Company as of January 1, 2018 and may be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of such date. The Company has elected to apply ASU 2014-09 only to those contracts that are not completed as of January 1, 2018. The Company has adopted ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences on adoption of ASU 2014-09:

• The Company previously presented the net allocation for its vessels participating in revenue sharing arrangements (or RSAs) as net pool revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. This had the effect of increasing voyage charter revenues and voyage expenses for the three and six months ended June 30, 2018 by $67.5 million and $128.8 million, respectively. There was no cumulative impact to opening equity as at January 1, 2018.

• The Company previously presented all accrued revenue as a component of accounts receivable. The Company has determined that if the right to such consideration is conditioned upon something other than the passage of time, such accrued revenue should be presented apart from accounts receivable. This had the effect of increasing other current assets and decreasing accounts receivable by $3.1 million at June 30, 2018.

In February 2016, FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 is effective January 1, 2019, with early adoption permitted. FASB issued an additional accounting standards update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect. The Company has elected to use this new optional transition approach. The Company is currently assessing whether it will adopt ASU 2016-02 during 2018 or on January 1, 2019. To determine the cumulative effect adjustment, the Company will not reassess lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The adoption of ASU 2016-02 will result in a change in accounting method for the lease portion of the daily charter hire for the Company’s chartered-in vessels accounted for as operating leases with firm periods of greater than one year. Under ASU 2016-02, the Company will recognize a right-of-use asset and a lease liability on the balance sheet for these charters based on the present value of future minimum lease payments, whereas currently no right-of-use asset or lease liability is recognized. This will have the result of increasing the Company’s assets and liabilities. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged, unless the right-of-use asset becomes impaired. The cumulative effect adjustment to the Company's consolidated financial statements from the adoption of ASU 2016-02 will vary depending on the period in which the Company chooses to adopt ASU 2016-02. The Company is expecting to disclose in its consolidated financial statements for the third quarter of 2018 the quantitative impact of adopting ASU 2016-02, once the Company has determined the date on which it will adopt the new standard.

In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments. This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance.

In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the statement of cash flows. This update became effective for the Company as of January 1, 2018, with a retrospective approach. The Company has elected to classify distributions received from equity method investees in the statement of cash flows based on the nature of the distribution. The adoption of this update did not have a material impact on the Company.

In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows: Restricted Cash, (or ASU 2016-18). ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities are also required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU 2016-18 became effective for the Company as of January 1, 2018.  Adoption of ASU 2016-18 resulted in the Company including in its statement of cash flows changes in cash, cash equivalents and restricted cash.

In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (or ASU 2017-12). ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 will be effective January 1, 2019. The Company is currently evaluating the effect of adopting this new guidance.

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Revenue

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The Company’s primary source of revenue is from chartering its vessels (Aframax tankers, Suezmax tankers and Long Range 2 (or LR2) tankers) to its customers. The Company utilizes two primary forms of contracts, consisting of voyage charters and time-charters.

The extent to which the Company employs its vessels on voyage charters versus time charters is dependent upon the Company’s chartering strategy and the availability of time charters. Spot market rates for voyage charters, including conventional voyages and lightering voyages, are volatile from period to period, whereas time charters provide a stable source of monthly revenue. The Company also provides ship-to-ship support services, which includes managing the process of transferring cargo between seagoing ships positioned alongside each other, either stationary or underway, as well as commercial management services to third-party owners of vessels. Finally, the Company manages LNG terminals, including the procurement of third-party goods and services for the terminal owner.

Voyage Charters

Voyage charters are charters for a specific voyage that are usually priced on a current or "spot" market rate and then adjusted for any pool participation based on predetermined criteria. 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 bunker 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, judgement 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 generally fixed, although certain sources of variability exist. 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. 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 bunker 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 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. During the three and six months ended June 30, 2018, the Company’s share of the revenue from the vessel in the Company’s High-Q Investment Ltd. (or High-Q) joint venture was $1.0 million and $2.7 million, respectively (June 30, 2017 - $1.7 million and $3.4 million). Variable consideration of the Company’s contracts is typically recognized as incurred, as either such revenue is allocated and accounted for under lease accounting requirements or, alternatively, such consideration is allocated to distinct periods within a contract that such variable consideration was incurred in. The Company does not engage in any specific tactics to minimize vessel residual value risk.

As at June 30, 2018, eight of the Company’s vessels operated under time-charter contracts with the Company’s customers, of which seven contracts are scheduled to expire in in the last half of 2018, and one contract is scheduled to expire in 2019. Four of the Company’s vessels are employed on time-charter contracts whereby the charterer has the option to extend the charter by one or more periods up to a total extension of 12 months. As at June 30, 2018, the future hire payments to be received by the Company under time charters then in place were approximately $20.2 million, comprised of $17.6 million (remaining 2018) and $2.6 million (2019). 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 June 30, 2018, from unexercised option periods of contracts that existed on June 30, 2018 or from variable consideration, if any. In addition, future hire payments presented above have been reduced by estimated off-hire time for required period maintenance. Actual amounts may vary given future events such as unplanned vessel maintenance.

The carrying amount of the Company's owned vessels employed on time charters as at June 30, 2018, was $257.4 million (December 31, 2017 - $517.9 million). The cost and accumulated depreciation of the vessels employed on these time charters as at June 30, 2018 were $414.1 million (December 31, 2017 - $754.2 million) and $156.7 million (December 31, 2017 - $236.3 million), respectively. As at June 30, 2018, the Company did not have any advanced payments recognized as contract liabilities (December 31, 2017 - $0.5 million) that are expected to be recognized as time-charter revenues in the following period and are included in deferred revenue on the Company's consolidated balance sheets.

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 a commercial management contract are satisfied as services are rendered over the duration of such contracts. The management fee, consisting of a fixed component based on the number of days a vessel was under management and a variable component based on the vessel’s monthly earnings, is invoiced monthly in arrears for commercial management contracts. The performance obligations within an LNG terminal contract are satisfied as services are rendered over the duration of such contracts. The management fee, consisting of a fixed amount, subject to contingent annual inflationary adjustments, is typically 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 that such variable consideration was incurred in.

Revenue Table

The following table contains a breakdown of the Company's revenue by contract type for the three and six months ended June 30, 2018 and June 30, 2017. All revenue is part of the Company's conventional tanker segment, except for revenue for ship-to-ship support services and LNG terminal management, consultancy and other related services, which is part of the Company's ship-to-ship transfer segment.

	Three Months Ended June 30, 2018	Three Months Ended June 30, 2017		Six Months Ended June 30, 2018	Six Months Ended June 30, 2017
Voyage charters (1)
Suezmax	80,721	3,450		153,504	12,634
Aframax	24,265	6,056		47,742	9,031
LR2	11,979	—		23,600	—
Full service lightering	27,363	20,634		55,124	47,819
Total	144,328	30,140		279,970	69,484
Time-charters
Aframax	11,021	12,451		23,824	24,657
Suezmax	3,957	14,120		10,154	26,751
LR2	2,406	3,520		5,516	9,013
Total	17,384	30,091		39,494	60,421
Other revenue
Ship-to-ship support services	6,902	11,947		14,235	20,230
Commercial management	2,138	2,684		4,196	6,336
LNG terminal management, consultancy and other	907	827		2,229	2,514
Total	9,947	15,458		20,660	29,080
Net pool revenues (1)
Suezmax	—	19,418		—	47,441
Aframax	—	7,492		—	18,363
LR2	—	6,191		—	14,469
MR2	—	(1	)	—	16
Total	—	33,100		—	80,289
Total revenues	171,659	108,789		340,124	239,274

(1) Prior to the January 1, 2018 adoption of ASU 2014-09, the Company presented the net allocation for its vessels participating in RSAs as net pool revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. The adoption of ASU 2014-09 had the impact of increasing voyage charter revenues and voyage expenses for the three and six months ended June 30, 2018 by $67.5 million and $128.8 million, respectively.

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Acquisition of Entities under Common Control

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Acquisition of Entities under Common Control

Acquisition of Entities under Common Control

On May 31, 2017, the Company acquired from Teekay Holdings Ltd., a wholly-owned subsidiary of Teekay Corporation (or Teekay), the remaining 50% interest in Teekay Tanker Operations Ltd. (or TTOL) (see also note 6c) for $39.0 million, which included $13.1 million for working capital assumed. The Company issued approximately 13.8 million shares of the Company's Class B common stock to Teekay as consideration in addition to the working capital consideration of $13.1 million. As a result of the acquisition of a controlling interest in TTOL, the Company's consolidated financial statements prior to the date the Company acquired a controlling interest in TTOL are retroactively adjusted to eliminate the equity method of accounting previously used for the original 50% interest owned and to include 100% of the assets and liabilities and results of TTOL on a consolidated basis during the periods TTOL and the Company were under common control of Teekay and had begun operations. The effect of adjusting such information to accounts in periods prior to the Company's acquisition of the remaining 50% thereof is referred to as the "Entities under Common Control." All intercorporate transactions between the Company and TTOL that occurred prior to the acquisition by the Company have been eliminated upon consolidation.

Assets and liabilities of TTOL are reflected on the Company’s consolidated balance sheets at TTOL’s historical carrying values. The amount of the net consideration of $39.0 million that was in excess of TTOL’s historical carrying value of the net assets acquired of $13.3 million has been accounted for as a $25.7 million return of capital to Teekay.

The effect of adjusting the Company’s consolidated financial statements for the TTOL common control transaction decreased the Company's net loss for the three and six months ended June 30, 2017 by $0.4 million and $1.3 million, respectively, and increased the Company's revenues for the three and six months ended June 30, 2017 by $3.2 million and $8.6 million, respectively.

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Segment Reporting

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company has two reportable segments, its conventional tanker segment and its ship-to-ship transfer segment. The Company’s conventional tanker segment consists of the operation of all of its tankers, including the operations of TTOL and Tanker Investments Ltd. (or TIL), which were acquired in 2017 (notes 4, 6 and 18), and those tankers employed on full service lightering contracts. The Company’s ship-to-ship transfer segment consists of the Company’s lightering support services, including those provided to the Company’s conventional tanker segment as part of full service lightering operations and other related services. 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 tables include results for the Company’s revenues and (loss) income from operations by segment for the three and six months ended June 30, 2018 and June 30, 2017.

Three Months Ended June 30, 2018
	Conventional Tanker Segment		Ship-to-Ship Transfer Segment		Inter-segment Adjustment (1)		Total
	$		$		$		$
Revenues (2)(3)	163,849		11,210		(3,400	)	171,659
Voyage expenses (3)	(90,333	)	—		3,400		(86,933	)
Vessel operating expenses	(44,738	)	(7,914	)	—		(52,652	)
Time-charter hire expense	(4,113	)	(1,584	)	—		(5,697	)
Depreciation and amortization	(28,454	)	(1,119	)	—		(29,573	)
General and administrative expenses (4)	(8,433	)	(974	)	—		(9,407	)
Gain on sale of vessels	—		170		—		170
Restructuring charges	(152	)	(830	)	—		(982	)
Loss from operations	(12,374	)	(1,041	)	—		(13,415	)
Equity loss	(70	)	—		—		(70	)

Three Months Ended June 30, 2017
	Conventional Tanker Segment		Ship-to-Ship Transfer Segment		Inter-segment Adjustment (1)		Total
	$		$		$		$
Revenues (2)(3)	96,841		14,597		(2,649	)	108,789
Voyage expenses (3)	(22,079	)	—		2,649		(19,430	)
Vessel operating expenses	(34,278	)	(12,575	)	—		(46,853	)
Time-charter hire expense	(6,935	)	(1,062	)	—		(7,997	)
Depreciation and amortization	(23,157	)	(1,258	)	—		(24,415	)
General and administrative expenses (4)	(7,513	)	(852	)	—		(8,365	)
(Loss) gain on sale of vessels	(150	)	8		—		(142	)
Income (loss) from operations	2,729		(1,142	)	—		1,587
Equity loss	(28,027	)	—		—		(28,027	)

Six Months Ended June 30, 2018
	Conventional Tanker Segment		Ship-to-Ship Transfer Segment		Inter-segment Adjustment (1)		Total
	$		$		$		$
Revenues (2)(3)	323,660		23,042		(6,578	)	340,124
Voyage expenses (3)	(173,504	)	—		6,578		(166,926	)
Vessel operating expenses	(88,454	)	(17,193	)	—		(105,647	)
Time-charter hire expense	(7,391	)	(2,989	)	—		(10,380	)
Depreciation and amortization	(56,639	)	(2,364	)	—		(59,003	)
General and administrative expenses (4)	(17,400	)	(1,792	)	—		(19,192	)
Gain on sale of vessels	—		170		—		170
Restructuring charges	(152	)	(830	)	—		(982	)
Loss from operations	(19,880	)	(1,956	)	—		(21,836	)
Equity income	624		—		—		624

Six months ended June 30, 2017
	Conventional Tanker Segment		Ship-to-Ship Transfer Segment		Inter-segment Adjustment (1)		Total
	$		$		$		$
Revenues (2)(3)	217,396		27,485		(5,607	)	239,274
Voyage expenses (3)	(48,792	)	—		5,607		(43,185	)
Vessel operating expenses	(68,359	)	(22,632	)	—		(90,991	)
Time-charter hire expense	(19,069	)	(2,555	)	—		(21,624	)
Depreciation and amortization	(46,786	)	(2,538	)	—		(49,324	)
General and administrative expenses (4)	(15,435	)	(1,818	)	—		(17,253	)
Gain on sale of vessels	(4,577	)	8		—		(4,569	)
Income (loss) from operations	14,378		(2,050	)	—		12,328
Equity loss	(26,900	)	—		—		(26,900	)

(1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services was based on actual costs incurred.

(2) Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's consolidated statements of loss.

(3) The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see note 2).

(4) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:

	As at	As at
	June 30, 2018	December 31, 2017
	$	$
Conventional Tanker Segment	2,056,681	2,089,099
Ship-to-Ship Transfer Segment	35,558	36,810
Cash and cash equivalents	48,457	71,439
Consolidated total assets	2,140,696	2,197,348

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Investments in and Advances to Equity Accounted Investments

6 Months Ended

Jun. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Equity Accounted Investments

Investments in and Advances to Equity-Accounted Investments

	As at June 30, 2018	As at December 31, 2017
	$	$
High-Q Joint Venture	25,170	24,546
Gemini Tankers L.L.C.	—	914
Total	25,170	25,460

a. 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 Very Large Crude Carrier (or VLCC), which traded on a fixed time charter-out contract that expired in May 2018, and subsequently went into dry dock. Under this contract, the vessel earned a fixed daily rate and an additional amount if the daily rate of any sub-charter earned exceeded a certain threshold.

As at June 30, 2018, the High-Q joint venture has a loan outstanding with a financial institution with a balance of $39.9 million (December 31, 2017 – $42.7 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. The High-Q joint venture also had an interest rate swap agreement that expired in June 2018. The interest rate swap exchanged a receipt of floating interest based on 3-months LIBOR for a payment of a fixed rate of 1.47% every three months.

b. In January 2014, the Company and Teekay formed TIL, which owned and operated conventional tankers. The Company purchased 2.5 million shares of TIL common stock for $25.0 million and received a stock purchase warrant entitling it to purchase up to 750,000 additional shares of common stock of TIL (note 9). The Company also received one preferred share which entitled the Company to elect one board member of TIL. The preferred share did not give the Company a right to any dividends or distributions of TIL.

On May 31, 2017, the Company entered into a Merger Agreement to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 3.3 shares of Class A common stock of the Company for each outstanding share of TIL common stock not owned by the Company. Prior to the completion of the merger, the Company accounted for its 11.3% investment in TIL using the equity method. As the Company then accounted for its investment in TIL under the equity method, the Company was required to remeasure its previously held equity investment to fair value at the acquisition date. Based on the then pending transaction, the Company recognized an other than temporary impairment and remeasured its investment in TIL to fair value during the second quarter of 2017 based on the TIL share price at June 30, 2017, resulting in a write-down of $28.1 million presented in equity (loss) income on the consolidated statements of loss. On November 27, 2017, the Company completed the merger with TIL and the Company remeasured its equity investment in TIL to fair value based on the relative share exchange value at the date of the acquisition, which resulted in the recognition of a gain of $1.4 million presented in equity (loss) income on the consolidated statements of loss.

c. On May 31, 2017, the Company purchased from Teekay the remaining 50% interest in TTOL, which owns conventional tanker commercial management and technical management operations, including direct ownership in four commercially managed RSAs, for $39.0 million, which included $13.1 million for assumed working capital (note 4). Prior to the May 31, 2017 purchase, the Company equity-accounted for its initial 50% interest in TTOL.

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Long-Term Debt

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt

	As at		As at
	June 30, 2018		December 31, 2017
	$		$
Revolving Credit Facilities due through 2022	569,142		539,735
Term Loans due through 2021	373,832		423,512
Total principal	942,974		963,247
Less: unamortized discount and debt issuance costs	(9,157	)	(10,945	)
Total debt	933,817		952,302
Less: current portion	(155,089	)	(166,745	)
Non-current portion of long-term debt	778,728		785,557

As at June 30, 2018, the Company had three revolving credit facilities (or the Revolvers), which, as at such date, provided for aggregate borrowings of up to $600.8 million, of which $31.7 million was undrawn (December 31, 2017 - $628.3 million, of which $88.6 million was undrawn). Interest payments are based on LIBOR plus margins. As at June 30, 2018, such margins ranged between 2.00% and 2.75% (December 31, 2017: 0.45% and 2.75%). The total amount available under the Revolvers reduces by $62.0 million (remainder of 2018), $30.2 million (2019), $30.2 million (2020), $322.9 million (2021) and $155.6 million (2022). As at June 30, 2018, the Company also had three term loans outstanding, which totaled $373.8 million (December 31, 2017 - $423.5 million). Interest payments on the term loans are based on a combination of a fixed rate of 5.4% (December 31, 2017 - 5.4%) and variable rates based on LIBOR plus margins. As at June 30, 2018, the margins ranged from 0.30% to 2.00% (December 31, 2017 - 0.30% to 2.00%). The term loan repayments are made in quarterly or semi-annual payments. Two of the term loans also have a balloon or bullet repayment due at maturity in 2021. These revolving credit facilities and term loans are further described below.

In December 2017, the Company entered into a$270.0 millionlong-term debt facility (or the2017 Revolver), which is scheduled to mature in December 2022. In December 2017,$215.8 millionof the 2017 Revolver was used to refinancetwoof the Company's debt facilities that were assumed in the merger with TIL (note 18). These debt facilities were scheduled to mature in April 2019 and June 2020. The 2017 Revolver is collateralized by14of the Company's vessels, together with other related security. The 2017 Revolver also requires that the Company maintain a minimum hull coverage ratio of125%of the total outstanding drawn balance for the facility period. Such requirement is assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request that the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company's option. As ofJune 30, 2018, the hull coverage ratio was160% (December 31, 2017 - 191%). Thevessel values used in this ratio are appraised values provided by third parties where available, or prepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratio. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at leastsixmonths to maturity) of$35.0 millionand at least5%of the Company's total consolidated debt.

The Company entered into a $894.4 million long-term debt facility (or the 2016 Debt Facility), consisting of both a term loan and a revolving credit component, which are scheduled to mature in January 2021. The 2016 Debt Facility is collateralized by 29 of the Company’s vessels, together with other related security. The 2016 Debt Facility also requires that the Company maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance for the facility period. Such requirement is assessed on a semi-annual basis with reference to vessel valuations compiled by one or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request that the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company’s option. As at June 30, 2018, the hull coverage ratio was 133% (December 31, 2017 - 145%). The vessel values used in this ratio are appraised valuesprovided by third parties where available, orprepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratio. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of the Company’s total consolidated debt.

The Company’s remaining revolver is collateralized by three of the Company’s vessels, together with other related security, and requires that the Company's applicable subsidiary maintain a minimum hull coverage ratio of 105% of the total outstanding drawn balance for the facility period. Such requirement is assessed on an annual basis, with reference to vessel valuations compiled by one or more agreed upon third parties. Should the ratio drop below the required amount, the lender may request the Company to either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company’s option. As at June 30, 2018, such revolver, with a minimum hull coverage ratio requirement, had an outstanding balance of $50.0 million (December 31, 2017 - $65.6 million) and a hull coverage ratio of 143% (December 31, 2017 - 118%). The vessel values used in this ratio are appraised valuesprovided by third parties where available, orprepared by the Company based on second-hand sale and purchase market data. A decline in the tanker market could negatively affect the ratio. The revolver is also guaranteed by Teekay and contains covenants that require Teekay (excluding the Company and Teekay LNG Partners L.P. (or TGP)) to maintain the greater of free liquidity (cash and cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $50.0 million and at least 5.0% of Teekay’s total consolidated debt which has recourse to Teekay.

The Company’s remaining two term loans are guaranteed by Teekay and are collateralized by six of the Company’s vessels, together with other related security. One of the term loans contains covenants that require Teekay and the Company in aggregate to maintain the greater of (a) free cash (cash and cash equivalents) of at least $50.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 5.0% of Teekay’s total consolidated debt (excluding the debt of TGP). The other term loan requires Teekay and the Company in aggregate to maintain the greater of (a) free cash (cash and cash equivalents) of at least $100.0 million and (b) an aggregate of free cash and undrawn committed revolving credit lines with at least six months to maturity of at least 7.5% of Teekay's total consolidated debt (excluding the debt of TGP).

As at June 30, 2018, the Company was in compliance with all covenants in respect of the Revolvers and term loans. Teekay has also advised the Company that Teekay is in compliance with all covenants relating to the revolving credit facilities and term loans to which the Company is a party.

The weighted-average interest rate on the Company’s long-term debt as at June 30, 2018 was 4.4% (December 31, 2017 - 3.5%). This rate does not reflect the effect of the Company’s interest rate swap agreements (note 9).

The aggregate annual long-term principal repayments required to be made by the Company under the Revolvers and term loans subsequent to June 30, 2018, excluding the impact of the Company's sale-leaseback transactions as described in note 8, are $100.8 million (remaining 2018), $120.6 million (2019), $132.0 million (2020), $434.0 million (2021) and $155.6 million (2022).

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Leases

6 Months Ended

Jun. 30, 2018

Leases [Abstract]

Leases

Leases

Obligations Related to Capital Leases

	As at		As at
	June 30, 2018		December 31, 2017
	$		$
Total obligations related to capital leases	145,405		148,908
Less: current portion	(7,454	)	(7,227	)
Long-term obligations related to capital leases	137,951		141,681

In July 2017, the Company completed a $153.0 million sale-leaseback financing transaction with a financial institution relating to four of the Company's Suezmax tankers, the Athens Spirit, Beijing Spirit, Moscow Spirit and Sydney Spirit. Under this arrangement, the Company transferred the vessels to subsidiaries of the financial institution (or collectively, the Lessors) and leased the vessels back from the Lessors on bareboat charters for 12-year terms. The Company has the option to purchase each of the four vessels at any point between July 2020 and July 2029.

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 term, and as a result, is considered to be the Lessors' primary beneficiary and therefore the Company consolidates the Lessors for financial reporting purposes.

The liabilities of the Lessors are loans and are non-recourse to the Company. The amounts funded to the Lessors in order to purchase the vessels materially match the funding to be paid by the Company's subsidiaries under the lease-back transaction. As a result, the amounts due by the Company's subsidiaries to the Lessors have been included in obligations related to capital leases as representing the Lessors' loans.

The bareboat charters also require that the Company maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35 million and at least 5.0% of the Company's consolidated debt and obligations related to capital leases (excluding applicable security deposits reflected in restricted cash - long-term on the Company's consolidated balance sheets). In addition, the Company is required for each vessel to maintain a hull coverage ratio of 90% of the total outstanding principal balance during the first three years of the lease period and 100% of the total outstanding principal balance thereafter. Such requirement is assessed annually with reference to vessel valuations compiled by one or more agreed upon third parties. As at June 30, 2018, this ratio was approximately 98% (December 31, 2017 - 105%). As at June 30, 2018, the Company was in compliance with all covenants in respect of the obligations related to capital leases.

As at June 30, 2018, the Company's remaining commitments under the four capital leases for the Suezmax tankers was approximately $210.0 million, including imputed interest of $64.6 million, repayable from 2018 through 2029, as indicated below:

Year	Commitment
Remaining 2018	$	8,210
2019	$	16,236
2020	$	16,279
2021	$	16,233
2022	$	16,232
Thereafter	$	136,846

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Derivative Instruments

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

Interest rate swap agreements

The Company uses derivatives in accordance with its overall risk management policies. The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company has not designated, for accounting purposes, its interest rate swaps as cash flow hedges of its U.S. Dollar LIBOR-denominated borrowings.

As at June 30, 2018, the Company was committed to the following interest rate swap agreements:

	Interest Rate	Notional Amount	Fair Value / Carrying Amount of Asset	Remaining Term	Fixed Interest Rate
	Index	$	$	(years)	(%) (1)
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swaps (2)	LIBOR	115,703	1,915	2.5	1.46
U.S. Dollar-denominated interest rate swaps	LIBOR	150,000	4,566	2.5	1.55
U.S. Dollar-denominated interest rate swaps	LIBOR	50,000	2,010	2.5	1.16

(1) Excludes the margin the Company pays on its variable-rate debt, which, as of June 30, 2018, ranged from 0.30% to 2.75%.

(2) Notional amount reduces quarterly.

The Company is potentially exposed to credit loss in the event of non-performance by the counterparty to the interest rate swap agreements in the event that the fair value results in an asset being recorded. In order to minimize counterparty risk, the Company only enters into interest rate swap agreements with counterparties that are rated A– or better by Standard & Poor’s or A3 or better by Moody’s at the time transactions are entered into.

Stock purchase warrant

During 2017, the Company had one stock purchase warrant, which had entitled it to purchase up to 750,000 shares of common stock of TIL at certain conditions at pre-determined prices. The stock purchase warrant was not exercised and was canceled upon completion of the TIL merger in November 2017 (notes 6 and 18).

Time-charter swap agreement

Effective June 1, 2016, the Company entered into a time-charter swap agreement for 55% of two Aframax equivalent vessels. Under such agreement, the Company received $27,776 per day, less a 1.25% brokerage commission, and paid 55% of the net revenue distribution of two Aframax equivalent vessels employed in the Company’s Aframax RSA, less $500 per day, for a period of 11 months plus an additional two months at the counterparty’s option. The purpose of the agreement was to reduce the Company’s exposure to spot tanker market rate variability for certain of its vessels that are employed in the Aframax RSA. The Company did not designate, for accounting purposes, the time-charter swap as a cash flow hedge. As of May 1, 2017, the time-charter swap counter-party did not exercise the two-month option and as such, the agreement was completed as of June 30, 2017.

Forward freight agreements

The Company uses forward freight agreements (or FFAs) in non-hedge-related transactions to increase or decrease its exposure to spot market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized gain (loss) on derivative instruments in the Company's consolidated statements of loss.

The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets.

	Current portion of derivative asset	Derivative asset	Accounts receivables (Accrued liabilities)		Current portion of derivative liability
	$	$	$		$
As at June 30, 2018
Interest rate swap agreements	2,694	5,797	389		—
Forward freight agreements	34	—	(8	)	(16	)
	2,728	5,797	381		(16	)
As at December 31, 2017
Interest rate swap agreements	1,016	4,226	(39	)	—
	1,016	4,226	(39	)	—

Realized and unrealized gains (losses) relating to the interest rate swaps, stock purchase warrant, time-charter swap and freight forward agreements are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of loss as follows:

	Three Months Ended				Three Months Ended
	June 30, 2018				June 30, 2017
	Realized gains (losses)		Unrealized gains (losses)	Total	Realized (losses) gains		Unrealized losses		Total
	$		$	$	$		$		$
Interest rate swap agreements	674		426	1,100	(301	)	(1,101	)	(1,402	)
Stock purchase warrant	—		—	—	—		(166	)	(166	)
Time-charter swap agreement	—		—	—	360		(402	)	(42	)
Forward freight agreements	(18	)	34	16	80		(30	)	50
	656		460	1,116	139		(1,699	)	(1,560	)
	Six Months Ended				Six Months Ended
	June 30, 2018				June 30, 2017
	Realized gains (losses)		Unrealized gains (losses)	Total	Realized (losses) gains		Unrealized losses		Total
	$		$	$	$		$		$
Interest rate swap agreements	864		3,249	4,113	(740	)	(399	)	(1,139	)
Stock purchase warrant	—		—	—	—		(287	)	(287	)
Time-charter swap agreement	—		—	—	1,106		(875	)	231
Forward freight agreements	(18	)	34	16	113		(17	)	96
	846		3,283	4,129	479		(1,578	)	(1,099	)

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Other Expense

6 Months Ended

Jun. 30, 2018

Other Liabilities Disclosure [Abstract]

Other Expense

Other Expense

The components of other expense are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Freight tax provision	(6,086	)	(2,944	)	(7,964	)	(4,432	)
Foreign exchange gain (loss)	4,794		(3	)	4,774		70
Other income	19		186		49		212
Total	(1,273	)	(2,761	)	(3,141	)	(4,150	)

The following reflects the changes in the Company’s potential tax on freight income, recorded in other long-term liabilities, from January 1, 2018 to June 30, 2018:

	2018
	$
Balance of potential tax on freight income as at January 1	26,054
Increases for positions related to the current period	1,467
Changes for positions taken in prior periods	1,483
Decreases related to statute of limitations	(93	)
Balance of potential tax on freight income as at June 30	28,911

The Company does not presently anticipate its uncertain tax positions will significantly increase or decrease in the next 12 months; however, actual developments could differ from those currently expected.

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Financial Instruments

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Financial Instruments

Financial Instruments

a. Fair Value Measurements

For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see note 12 to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2017.

The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis.

		June 30, 2018				December 31, 2017
	Fair Value Hierarchy Level	Carrying Amount Asset / (Liability) $		Fair Value Asset / (Liability) $		Carrying Amount Asset / (Liability) $		Fair Value Asset / (Liability) $
Recurring:
Cash and cash equivalents and restricted cash	Level 1	72,007		72,007		75,710		75,710
Derivative instruments (note 9)
Interest rate swap agreements (1)	Level 2	8,491		8,491		5,242		5,242
Forward freight agreements (1)	Level 2	18		18		—		—
Other:
Advances to equity-accounted investments	Note (2)	9,930		Note (2)		9,930		Note (2)
Long-term debt, including current portion	Level 2	(933,817	)	(917,928	)	(952,302	)	(946,105	)
Obligations related to capital leases, including current portion	Level 2	(145,405	)	(140,647	)	(148,908	)	(147,401	)

(1) The fair value of the Company’s interest rate swap agreements and FFAs at June 30, 2018 and December 31, 2017 excludes accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets.

(2) The advances to equity-accounted investments together with the Company’s investments in the equity-accounted investments form the net aggregate carrying value of the Company’s interests in the equity-accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at June 30, 2018 and December 31, 2017 were not determinable.

b. Financing Receivables

The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis.

			June 30, 2018	December 31, 2017
Class of Financing Receivable	Credit Quality Indicator	Grade	$	$
Advances to equity-accounted investments	Other internal metrics	Performing	9,930	9,930
Total			9,930	9,930

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Capital Stock and Stock-Based Compensation

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Capital Stock and Stock-Based Compensation

Capital Stock and Stock-Based Compensation

The authorized capital stock of the Company at June 30, 2018 was 100,000,000 shares of preferred stock (December 31, 2017 - 100,000,000), with a par value of $0.01 per share, 285,000,000 shares of Class A common stock (December 31, 2017 - 285,000,000), with a par value of $0.01 per share, and 100,000,000 shares of Class B common stock (December 31, 2017 - 100,000,000), with a par value of $0.01 per share. A share of Class A common stock entitles the holder to one vote per share while a share of Class B common stock entitles the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As of June 30, 2018, the Company had 231.6 million shares of Class A common stock (December 31, 2017 – 231.2 million), 37.0 million shares of Class B common stock (December 31, 2017 – 37.0 million) and no shares of preferred stock (December 31, 2017 – nil) issued and outstanding.

During March 2018, a total of 168,029 shares of Class A common stock with an aggregate value of $0.2 million and 0.5 million stock options with an exercise price of $1.22 per share were granted to the Company’s non-management directors as part of their annual compensation for 2017. These stock options have a ten-year term and vest immediately. These shares of Class A common stock and stock options were issued under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan and distributed to the directors. During March 2017, 0.4 million stock options with an exercise price of $2.23 per share were granted to non-management directors of the Company. For the three and six months ended June 30, 2018 and June 30, 2017, the compensation relating to the granting of such stock and stock options has been included in general administrative expenses in the amount of $0.4 million and $0.3 million, respectively.

The Company also grants stock options and restricted stock units as incentive-based compensation under the Teekay Tankers Ltd. 2007 Long-Term Incentive Plan to the officers of the Company and certain employees of Teekay subsidiaries that provide services to the Company. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost, net of estimated forfeitures, over the requisite service period. The requisite service period consists of the period from the grant date of the award to the earlier of the date of vesting or the date the recipient becomes eligible for retirement. For stock-based compensation awards subject to graded vesting, the Company calculates the value for the award as if it was one single award with one expected life and amortizes the calculated expense for the entire award on a straight-line basis over the requisite service period. The compensation cost of the Company's stock-based compensation awards is reflected in general and administrative expenses in the Company’s consolidated statements of loss.

During March 2018, the Company granted 0.7 million stock options with an exercise price of $1.22 per share to the officers of the Company and certain employees of Teekay subsidiaries that provide services to the Company. During March 2017, the Company granted 0.5 million stock options with an exercise price of $2.23 per share to an officer of the Company. Each stock option has a ten-year term and vests equally over three years from the grant date.

The weighted-average fair value of the stock options granted in 2018 to non-management directors and to officers was $0.35 (2017 - $0.67) per option, estimated on the grant date using the Black-Scholes option pricing model. The following assumptions were used in computing the fair value of the stock options granted: expected volatility of 48.7% (2017 - 50.2%); expected life of five years (2017 - five years); dividend yield of 5.5% (2017 - 5.0%); and risk-free interest rate of 2.6% (2017 - 2.1%). The expected life of the stock options granted was estimated using the historical exercise behavior of employees of Teekay that receive stock options from Teekay. The expected volatility was based on historical volatility as calculated using historical data during the five years prior to the grant date.

During March 2018, the Company also granted 0.8 million (2017 - 0.4 million) restricted stock units to the officers of the Company and certain employees of Teekay subsidiaries that provide services to the Company with an aggregate fair value of $0.9 million (2017 - $0.8 million). Each restricted stock unit is equal to one share of the Company’s common stock plus reinvested distributions from the grant date to the vesting date. The restricted stock units vest equally over three years from the grant date. Any portion of a restricted stock unit award that is not vested on the date of the recipient’s termination of service is cancelled, unless their termination arises as a result of the recipient’s retirement and, in this case, the restricted stock unit award will continue to vest in accordance with the vesting schedule. Upon vesting, the value of the restricted stock unit awards, net of withholding taxes, is paid to each recipient in the form of common stock.

During the three and six months ended June 30, 2018, the Company recorded $0.2 million and $0.5 million (June 30, 2017 - $0.3 million and $0.6 million), respectively, of expenses related to the restricted stock units and stock options. During the three and six months ended June 30, 2018, a total of 0.3 million restricted stock units (June 30, 2017 - 46 thousand and 0.3 million) with a market value of $0.3 million (June 30, 2017 - $78 thousand and $0.6 million) vested and was paid to the grantees by issuing 0.2 million shares (June 30, 2017 - 30 thousand and 0.2 million shares) of Class A common stock, net of withholding taxes.

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Related Party Transactions

6 Months Ended

Jun. 30, 2018

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Management Fee - Related and Other

a. Teekay, and its wholly-owned subsidiary and the Company's manager, Teekay Tankers Management Services Ltd. (or the Manager), provide commercial, technical, strategic and administrative services to the Company pursuant to a long-term management agreement (the Management Agreement). In addition, the Manager has subcontracted with TTOL and its affiliates to provide certain commercial and technical services to the Company, except for certain vessels acquired in the merger with TIL, which are technically managed by a third-party. Certain of the Company’s vessels participate in RSAs managed by TTOL (or the Pool Manager). Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows:

	Three Months Ended				Six Months Ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
	$		$		$		$
RSA pool management fees and commissions (i)	—		(1,063	)	—		(2,799	)
Commercial management fees (ii)	—		(480	)	—		(1,187	)
Vessel operating expenses - technical management fee (iii)	(2,800	)	(2,196	)	(6,100	)	(4,422	)
Strategic and administrative service fees (iv)	(8,633	)	(4,253	)	(17,329	)	(6,917	)
Secondment fees (v)	(142	)	—		(359	)	—
LNG service revenues (vi)	31		84		272		168
Technical management fee revenue (vii)	3,171		1,220		6,329		1,220
Service revenues (viii)	254		277		415		277
Entities under Common Control (note 4)
RSA pool management fees and commissions (i)	—		1,063		—		2,799
Commercial management fees (ii)	—		480		—		1,187
Strategic and administrative service fees (iv)	—		(2,891	)	—		(7,026	)
Technical management fee revenue (vii)	—		2,137		—		4,890
Service revenues (viii)	—		638		—		1,772

(i) Prior to 2018, the Company’s share of TTOL’s fees for RSAs are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of loss. The Company acquired the remaining 50% interest in TTOL on May 31, 2017 (notes 4 and 6(c)). Subsequent to the acquisition, the Company's share of the TTOL's fees has been eliminated.

(ii) The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels are not included in the RSAs, which are reflected in voyage expenses on the Company’s consolidated statements of loss. Subsequent to the Company's acquisition of the remaining 50% interest in TTOL, the Company's share of the Manager's commercial management fees has been eliminated.

(iii) The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company's consolidated statements of loss.

(iv) The Manager's strategic and administrative service fees have been presented in general and administrative expenses on the Company's consolidated statements of loss. The Company's executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company's long-term incentive plan described in note 12) is set and paid by Teekay or such other subsidiaries. The Company reimburses Teekay for time spent by its executive officers on the Company's management matters through the strategic portion of the management fee.

(v) The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses on the Company's consolidated statements of loss.

(vi) The Company's ship-to-ship transfer business has an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by TGP (which is controlled by Teekay), for the Bahrain LNG Import Terminal (or the Terminal). The Terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly-owned by TGP, has a 30% interest. The Company's ship-to-ship transfer business also has a services agreement with Teekay Shipping Ltd., an entity wholly-owned by Teekay, to provide certain LNG services.

(vii) The Company receives reimbursements from Teekay who subcontracts technical management services from the Manager. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of loss.

(viii) The Company recorded revenue relating to TTOL's administration of certain RSAs and provision of certain commercial services to participants in the arrangements. The Company also recorded revenues of $0.6 million and $1.8 million for the three and six months ended June 30, 2017, respectively, associated with the Entities under Common Control.

b. The Manager and other subsidiaries of Teekay collect revenues and remit payments for expenses incurred by the Company’s vessels. Such amounts, which are presented on the Company’s consolidated balance sheets in "due from affiliates" or "due to affiliates," as applicable, are without interest or stated terms of repayment. The amounts owing from the RSAs for monthly distributions are reflected in the consolidated balance sheets as pool receivable from affiliates, are without interest and are repayable upon the terms contained within the applicable pool agreement. The Company had advanced $48.0 million and $45.1 million as at June 30, 2018 and December 31, 2017, respectively, to the RSAs for working capital purposes. These amounts, which are reflected in the consolidated balance sheets in due from affiliates, are without interest and are repayable when applicable vessels leave the RSAs.

c. Pursuant to a service agreement with the Teekay Aframax RSA, from time to time, the Company may hire vessels to perform full service lightering services. In the three and six months ended June 30, 2018, the Company recognized $7.4 million and $15.8 million (June 30, 2017 - $2.4 million and $7.4 million), respectively, related to vessels which were chartered-in from the RSA to assist with full service lightering operations. These amounts have been presented in voyage expenses on the Company's consolidated statements of loss.

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Sales of Vessels

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Sales of Vessels

Sales of Vessels

The Company's consolidated statements of loss for the three and six months ended June 30, 2018 include a net gain on sale of vessels of $0.2 million relating to one lightering support vessel which was sold and delivered to its buyer in the second quarter of 2018.

The Company’s consolidated statements of loss for the three and six months ended June 30, 2017 include a net loss on sale of vessels of $0.2 million and $4.6 million, respectively, relating to one Aframax tanker and one lightering support vessel, which were sold in the second quarter of 2017, and two Suezmax tankers, which were sold in the first quarter of 2017.

In June 2017, the Aframax tanker was sold and delivered to its buyer. The Company recognized a loss on sale of the vessel of $0.2 million in the three months ended June 30, 2017. The vessel was written down to its agreed sales price in the three months ended March 31, 2017, resulting in a loss on sale of the vessel of $2.8 million.

In January 2017, one Suezmax tanker was sold and delivered to its buyer resulting in the Company recognizing a loss on the sale of the vessel of $0.3 million in the six months ended June 30, 2017. The sale of one Suezmax tanker was completed in March 2017, and the Company recognized a loss on sale of the vessel of $1.5 million in the six months ended June 30, 2017.

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Loss Per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Loss Per Share

Loss Per Share

The net loss available for common shareholders and loss per common share presented in the table below includes the results of operations of the Entities under Common Control which were not purchased solely with cash (note 4):

	Three Months Ended				Six Months Ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
	$		$		$		$
Net loss	(27,413	)	(37,477	)	(46,566	)	(33,764	)
Weighted average number of common shares – basic (1)	268,558,556		179,197,658		268,426,201		178,665,430
Dilutive effect of stock-based awards	—		—		—		—
Weighted average number of common shares – diluted (1)	268,558,556		179,197,658		268,426,201		178,665,430
Loss per common share:
– Basic	(0.10	)	(0.21	)	(0.17	)	(0.19	)
– Diluted	(0.10	)	(0.21	)	(0.17	)	(0.19	)

(1) The weighted-average number of common shares outstanding for periods prior to May 2017 has been retroactively adjusted to include approximately 13.8 million shares of the Company's Class B common stock issued to Teekay as consideration for the acquisition of 50% of TTOL in May 2017.

Stock-based awards that have an anti-dilutive effect on the calculation of diluted earnings per common share, are excluded from this calculation. In the periods where a loss attributable to shareholders has been incurred, all stock-based awards are anti-dilutive. For the three and six months ended June 30, 2018, 0.3 million and 0.3 million restricted stock units (June 30, 2017 - 0.3 million and 0.1 million), respectively, had an anti-dilutive effect on the calculation of diluted earnings per common share. For the three and six months ended June 30, 2018, options to acquire 2.9 million and 2.6 million (June 30, 2017 - 1.7 million and 1.5 million) shares, respectively, of the Company’s Class A common stock had an anti-dilutive effect on the calculation of diluted earnings per common share.

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Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Supplemental Cash Flow Information

Total cash, cash equivalents and restricted cash is as follows:

	As at	As at	As at	As at
	June 30, 2018	December 31, 2017	June 30, 2017	December 31, 2016
	$	$	$	$
Cash and cash equivalents	48,457	71,439	87,255	94,157
Restricted cash – current	1,858	1,599	1,380	750
Restricted cash – long-term	2,672	2,672	—	—
	52,987	75,710	88,635	94,907

The Company maintains restricted cash deposits relating to certain freight forward agreements (note 9) and leasing arrangements (note 8).

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Liquidity

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Liquidity

Liquidity

Management is required to assess if the Company will have sufficient liquidity to continue as a going concern for the one-year period following the issuance of its financial statements. The Company has a loan facility, with an outstanding balance of $50.0 million, that is maturing in the third quarter of 2018 and expects that spot tanker rates in 2018 on average will be lower than those of 2017, resulting in lower operating cash flows in 2018 than in 2017, and negative cash flows in some quarters.

Based on these factors, over the one-year period following the issuance of these financial statements, the Company expects it will need to obtain additional sources of financing, in addition to amounts generated from operations, to meet its minimum liquidity requirements under its financial covenants. These anticipated additional sources of financing include the completion of proposed sale-leasebacks of additional vessels, some of which would refinance the loan facility maturing in the second-half of 2018, and the completion of a proposed loan to finance working capital for the Company's RSA management operations in the fourth quarter of 2018.

The Company is actively pursuing the alternatives described above, which it considers probable of completion based on the Company’s history of being able to complete financings and the advanced stages of the proposed financings.

Based on the Company’s liquidity at the date these consolidated financial statements were issued, the liquidity it expects to generate from operations over the following year, and by incorporating the Company’s plans to raise additional liquidity that it considers probable, together with the elimination of the Company's minimum quarterly dividend of $0.03 per share commencing in May 2018, the Company estimates that it will have sufficient liquidity to continue as a going concern for at least the one-year period following the issuance of these consolidated financial statements.

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Acquisition of Tanker Investments Ltd

6 Months Ended

Jun. 30, 2018

Business Combinations [Abstract]

Acquisition of Tanker Investments Ltd

Acquisition of Tanker Investments Ltd.

On May 31, 2017, the Company entered into a merger agreement to acquire the remaining 27.0 million issued and outstanding common shares of TIL, by way of a share-for-share exchange of 3.3 shares of Class A common stock of the Company for each outstanding share of TIL common stock not owned by the Company. On November 17, 2017, the Company's shareholders voted in favor of increasing the authorized number of its Class A common shares to permit the issuance of Class A common shares as consideration for the merger with TIL. Concurrently, the merger was approved by the shareholders of TIL. The Company amended its amended and restated articles of incorporation and completed the merger on November 27, 2017, as a result of which, TIL became a wholly-owned subsidiary of the Company. As consideration for the merger, the Company issued 88,977,544 Class A common shares to the TIL shareholders (other than the Company and its subsidiaries) for $151.3 million, or $1.70 per share.

Pursuant to this acquisition, the Company acquired a modern fleet of 10 Suezmax tankers, six Aframax tankers and two LR2 product tankers with an average age of 7.3 years, assumed $47.1 million of net working capital and long-term liabilities and assumed long-term debt with a principal balance outstanding of $338.9 million. The merger with TIL was accounted for as an acquisition of assets. The purchase price of the acquisition consisted of the fair value of the Company's shares issued on the merger date ($151.3 million), the transaction costs associated with the merger ($6.9 million) and the fair value of the Company's 11.3% pre-existing ownership in TIL at the close of the merger ($19.2 million), for a total acquisition cost of $177.4 million. Net working capital and long-term liabilities of $47.1 million and $337.1 million of long-term debt assumed were recognized at their fair values on November 27, 2017. The remaining amount of the purchase price was allocated to vessels ($467.2 million) and existing time-charter contracts ($0.2 million), on a relative fair value basis.

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Shipbuilding Contracts

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Shipbuilding Contracts

Shipbuilding Contracts

In April 2013, four special purpose subsidiary companies of the Company entered into agreements with STX Offshore & Shipbuilding Co., Ltd (or STX) of South Korea to construct four, fuel-efficient 113,000 dead-weight tonne Long Range 2 (or LR2) product tanker newbuildings. At the same time, the Company entered an Option Agreement with STX allowing the Company to order up to an additional 12 vessels. In February and March 2014, the Company and its subsidiaries commenced legal proceedings against STX for having repudiated the four firm shipbuilding contracts and the Option Agreement in London, U.K. In the same year, STX have issued proceedings in Korea.

On February 15, 2016, each of the Company’s four subsidiaries had successfully obtained an English Court Order requiring STX to pay a total of $8.9 million, per subsidiary, in respect of the four firm shipbuilding contracts.

STX filed for bankruptcy protection and as of December 31, 2016, all Korean enforcement actions were stayed. STX has had that protection recognized in England and Wales. The Company was not in a position to take any further action on enforcement and recognition of its award in the UK or Korea while the bankruptcy protection remained in place.

In March 2017, the Korean courts upheld the Company's subsidiaries' claims for the firm contracts in the bankruptcy proceedings. In November 2017, STX underwent a rehabilitation plan which resulted in the Company's subsidiaries being entitled to receive 7% of the award in cash to be paid over the next eight years until 2026, and 93% of the award in equity of STX.

In June 2018, the Company's subsidiaries, under their entitlement as part of the STX rehabilitation plan, received a total of 315,856 shares of STX, representing a minor percentage ownership interest. As at June 30, 2018, the STX shares had been de-listed, and as a result, no amounts have been recorded due to uncertainty of their value. In addition, the Company has not recognized a receivable in respect to the non-interest bearing cash award due to uncertainty of collection.

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Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

a. In July 2018, the Company amended its amended and restated articles of incorporation, increasing the authorized Class A common shares from 285,000,000 to 485,000,000 and the total authorized capital stock from 485,000,000 to 685,000,000.

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Basis of accounting, policy

The unaudited interim consolidated financial statements (or consolidated financial statements) have been prepared in conformity with United States generally accepted accounting principles (or GAAP). These consolidated financial statements include the accounts of Teekay Tankers Ltd., its wholly-owned subsidiaries, equity-accounted investments, the Entities under Common Control (as defined in note 4) and any variable interest entities (or VIEs) of which it is the primary beneficiary (collectively, the Company). The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2017, filed on Form 20-F with the U.S. Securities and Exchange Commission (or the SEC) on April 24, 2018. In the opinion of management, these consolidated financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s consolidated financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Significant intercompany balances and transactions have been eliminated upon consolidation.

New accounting pronouncements, policy

Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers, (or ASU 2014-09). ASU 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue as each performance obligation is satisfied. ASU 2014-09 became effective for the Company as of January 1, 2018 and may be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of such date. The Company has elected to apply ASU 2014-09 only to those contracts that are not completed as of January 1, 2018. The Company has adopted ASU 2014-09 as a cumulative-effect adjustment as of the date of adoption. The Company has identified the following differences on adoption of ASU 2014-09:

• The Company previously presented the net allocation for its vessels participating in revenue sharing arrangements (or RSAs) as net pool revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. This had the effect of increasing voyage charter revenues and voyage expenses for the three and six months ended June 30, 2018 by $67.5 million and $128.8 million, respectively. There was no cumulative impact to opening equity as at January 1, 2018.

• The Company previously presented all accrued revenue as a component of accounts receivable. The Company has determined that if the right to such consideration is conditioned upon something other than the passage of time, such accrued revenue should be presented apart from accounts receivable. This had the effect of increasing other current assets and decreasing accounts receivable by $3.1 million at June 30, 2018.

In February 2016, FASB issued Accounting Standards Update 2016-02, Leases (or ASU 2016-02). ASU 2016-02 establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. For lessees, leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 requires lessors to classify leases as a sales-type, direct financing, or operating lease. A lease is a sales-type lease if any one of five criteria are met, each of which indicate that the lease, in effect, transfers control of the underlying asset to the lessee. If none of those five criteria are met, but two additional criteria are both met, indicating that the lessor has transferred substantially all of the risks and benefits of the underlying asset to the lessee and a third party, the lease is a direct financing lease. All leases that are not sales-type leases or direct financing leases are operating leases. ASU 2016-02 is effective January 1, 2019, with early adoption permitted. FASB issued an additional accounting standards update in July 2018 that made further amendments to accounting for leases, including allowing the use of a transition approach whereby a cumulative effect adjustment is made as of the effective date, with no retrospective effect. The Company has elected to use this new optional transition approach. The Company is currently assessing whether it will adopt ASU 2016-02 during 2018 or on January 1, 2019. To determine the cumulative effect adjustment, the Company will not reassess lease classification, initial direct costs for any existing leases and whether any expired or existing contracts are or contain leases. The adoption of ASU 2016-02 will result in a change in accounting method for the lease portion of the daily charter hire for the Company’s chartered-in vessels accounted for as operating leases with firm periods of greater than one year. Under ASU 2016-02, the Company will recognize a right-of-use asset and a lease liability on the balance sheet for these charters based on the present value of future minimum lease payments, whereas currently no right-of-use asset or lease liability is recognized. This will have the result of increasing the Company’s assets and liabilities. The pattern of expense recognition of chartered-in vessels is expected to remain substantially unchanged, unless the right-of-use asset becomes impaired. The cumulative effect adjustment to the Company's consolidated financial statements from the adoption of ASU 2016-02 will vary depending on the period in which the Company chooses to adopt ASU 2016-02. The Company is expecting to disclose in its consolidated financial statements for the third quarter of 2018 the quantitative impact of adopting ASU 2016-02, once the Company has determined the date on which it will adopt the new standard.

In June 2016, the FASB issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments. This update replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This update is effective for the Company January 1, 2020, with a modified-retrospective approach. The Company is currently evaluating the effect of adopting this new guidance.

In August 2016, the FASB issued Accounting Standards Update 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which, among other things, provides guidance on two acceptable approaches of classifying distributions received from equity method investees in the statement of cash flows. This update became effective for the Company as of January 1, 2018, with a retrospective approach. The Company has elected to classify distributions received from equity method investees in the statement of cash flows based on the nature of the distribution. The adoption of this update did not have a material impact on the Company.

In November 2016, the FASB issued Accounting Standards Update 2016-18, Statement of Cash Flows: Restricted Cash, (or ASU 2016-18). ASU 2016-18 requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Entities are also required to reconcile such total to amounts on the balance sheet and disclose the nature of the restrictions. ASU 2016-18 became effective for the Company as of January 1, 2018.  Adoption of ASU 2016-18 resulted in the Company including in its statement of cash flows changes in cash, cash equivalents and restricted cash.

In August 2017, the FASB issued Accounting Standards Update 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities (or ASU 2017-12). ASU 2017-12 eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires, for qualifying hedges, the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also modifies the accounting for components excluded from the assessment of hedge effectiveness, eases documentation and assessment requirements and modifies certain disclosure requirements. ASU 2017-12 will be effective January 1, 2019. The Company is currently evaluating the effect of adopting this new guidance.

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Revenue (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Schedule of disaggregation of revenue

	Three Months Ended June 30, 2018	Three Months Ended June 30, 2017		Six Months Ended June 30, 2018	Six Months Ended June 30, 2017
Voyage charters (1)
Suezmax	80,721	3,450		153,504	12,634
Aframax	24,265	6,056		47,742	9,031
LR2	11,979	—		23,600	—
Full service lightering	27,363	20,634		55,124	47,819
Total	144,328	30,140		279,970	69,484
Time-charters
Aframax	11,021	12,451		23,824	24,657
Suezmax	3,957	14,120		10,154	26,751
LR2	2,406	3,520		5,516	9,013
Total	17,384	30,091		39,494	60,421
Other revenue
Ship-to-ship support services	6,902	11,947		14,235	20,230
Commercial management	2,138	2,684		4,196	6,336
LNG terminal management, consultancy and other	907	827		2,229	2,514
Total	9,947	15,458		20,660	29,080
Net pool revenues (1)
Suezmax	—	19,418		—	47,441
Aframax	—	7,492		—	18,363
LR2	—	6,191		—	14,469
MR2	—	(1	)	—	16
Total	—	33,100		—	80,289
Total revenues	171,659	108,789		340,124	239,274

(1) Prior to the January 1, 2018 adoption of ASU 2014-09, the Company presented the net allocation for its vessels participating in RSAs as net pool revenues. The Company has determined that it is the principal in voyages its vessels perform that are included in the RSAs. As such, the revenue from those voyages is presented in voyage charter revenues and the difference between this amount and the Company's net allocation from the RSA is presented as voyage expenses. The adoption of ASU 2014-09 had the impact of increasing voyage charter revenues and voyage expenses for the three and six months ended June 30, 2018 by $67.5 million and $128.8 million, respectively.

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Schedule of Company's Revenue and Income from Operations by Segment

The following tables include results for the Company’s revenues and (loss) income from operations by segment for the three and six months ended June 30, 2018 and June 30, 2017.

Three Months Ended June 30, 2018
	Conventional Tanker Segment		Ship-to-Ship Transfer Segment		Inter-segment Adjustment (1)		Total
	$		$		$		$
Revenues (2)(3)	163,849		11,210		(3,400	)	171,659
Voyage expenses (3)	(90,333	)	—		3,400		(86,933	)
Vessel operating expenses	(44,738	)	(7,914	)	—		(52,652	)
Time-charter hire expense	(4,113	)	(1,584	)	—		(5,697	)
Depreciation and amortization	(28,454	)	(1,119	)	—		(29,573	)
General and administrative expenses (4)	(8,433	)	(974	)	—		(9,407	)
Gain on sale of vessels	—		170		—		170
Restructuring charges	(152	)	(830	)	—		(982	)
Loss from operations	(12,374	)	(1,041	)	—		(13,415	)
Equity loss	(70	)	—		—		(70	)

Three Months Ended June 30, 2017
	Conventional Tanker Segment		Ship-to-Ship Transfer Segment		Inter-segment Adjustment (1)		Total
	$		$		$		$
Revenues (2)(3)	96,841		14,597		(2,649	)	108,789
Voyage expenses (3)	(22,079	)	—		2,649		(19,430	)
Vessel operating expenses	(34,278	)	(12,575	)	—		(46,853	)
Time-charter hire expense	(6,935	)	(1,062	)	—		(7,997	)
Depreciation and amortization	(23,157	)	(1,258	)	—		(24,415	)
General and administrative expenses (4)	(7,513	)	(852	)	—		(8,365	)
(Loss) gain on sale of vessels	(150	)	8		—		(142	)
Income (loss) from operations	2,729		(1,142	)	—		1,587
Equity loss	(28,027	)	—		—		(28,027	)

Six Months Ended June 30, 2018
	Conventional Tanker Segment		Ship-to-Ship Transfer Segment		Inter-segment Adjustment (1)		Total
	$		$		$		$
Revenues (2)(3)	323,660		23,042		(6,578	)	340,124
Voyage expenses (3)	(173,504	)	—		6,578		(166,926	)
Vessel operating expenses	(88,454	)	(17,193	)	—		(105,647	)
Time-charter hire expense	(7,391	)	(2,989	)	—		(10,380	)
Depreciation and amortization	(56,639	)	(2,364	)	—		(59,003	)
General and administrative expenses (4)	(17,400	)	(1,792	)	—		(19,192	)
Gain on sale of vessels	—		170		—		170
Restructuring charges	(152	)	(830	)	—		(982	)
Loss from operations	(19,880	)	(1,956	)	—		(21,836	)
Equity income	624		—		—		624

Six months ended June 30, 2017
	Conventional Tanker Segment		Ship-to-Ship Transfer Segment		Inter-segment Adjustment (1)		Total
	$		$		$		$
Revenues (2)(3)	217,396		27,485		(5,607	)	239,274
Voyage expenses (3)	(48,792	)	—		5,607		(43,185	)
Vessel operating expenses	(68,359	)	(22,632	)	—		(90,991	)
Time-charter hire expense	(19,069	)	(2,555	)	—		(21,624	)
Depreciation and amortization	(46,786	)	(2,538	)	—		(49,324	)
General and administrative expenses (4)	(15,435	)	(1,818	)	—		(17,253	)
Gain on sale of vessels	(4,577	)	8		—		(4,569	)
Income (loss) from operations	14,378		(2,050	)	—		12,328
Equity loss	(26,900	)	—		—		(26,900	)

(1) The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services was based on actual costs incurred.

(2) Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's consolidated statements of loss.

(3) The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see note 2).

(4) Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:

	As at	As at
	June 30, 2018	December 31, 2017
	$	$
Conventional Tanker Segment	2,056,681	2,089,099
Ship-to-Ship Transfer Segment	35,558	36,810
Cash and cash equivalents	48,457	71,439
Consolidated total assets	2,140,696	2,197,348

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Investments in and Advances to Equity Accounted Investments (Tables)

6 Months Ended

Jun. 30, 2018

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments in and Advances to Equity Accounted Investments

	As at June 30, 2018	As at December 31, 2017
	$	$
High-Q Joint Venture	25,170	24,546
Gemini Tankers L.L.C.	—	914
Total	25,170	25,460

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Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Summary of Long-Term Debt

	As at		As at
	June 30, 2018		December 31, 2017
	$		$
Revolving Credit Facilities due through 2022	569,142		539,735
Term Loans due through 2021	373,832		423,512
Total principal	942,974		963,247
Less: unamortized discount and debt issuance costs	(9,157	)	(10,945	)
Total debt	933,817		952,302
Less: current portion	(155,089	)	(166,745	)
Non-current portion of long-term debt	778,728		785,557

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Leases (Tables)

6 Months Ended

Jun. 30, 2018

Leases [Abstract]

Schedule of Capital Lease Obligations

	As at		As at
	June 30, 2018		December 31, 2017
	$		$
Total obligations related to capital leases	145,405		148,908
Less: current portion	(7,454	)	(7,227	)
Long-term obligations related to capital leases	137,951		141,681

Schedule of Future Minimum Lease Payments for Capital Leases

As at June 30, 2018, the Company's remaining commitments under the four capital leases for the Suezmax tankers was approximately $210.0 million, including imputed interest of $64.6 million, repayable from 2018 through 2029, as indicated below:

Year	Commitment
Remaining 2018	$	8,210
2019	$	16,236
2020	$	16,279
2021	$	16,233
2022	$	16,232
Thereafter	$	136,846

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Positions

As at June 30, 2018, the Company was committed to the following interest rate swap agreements:

	Interest Rate	Notional Amount	Fair Value / Carrying Amount of Asset	Remaining Term	Fixed Interest Rate
	Index	$	$	(years)	(%) (1)
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swaps (2)	LIBOR	115,703	1,915	2.5	1.46
U.S. Dollar-denominated interest rate swaps	LIBOR	150,000	4,566	2.5	1.55
U.S. Dollar-denominated interest rate swaps	LIBOR	50,000	2,010	2.5	1.16

(1) Excludes the margin the Company pays on its variable-rate debt, which, as of June 30, 2018, ranged from 0.30% to 2.75%.

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 asset	Derivative asset	Accounts receivables (Accrued liabilities)		Current portion of derivative liability
	$	$	$		$
As at June 30, 2018
Interest rate swap agreements	2,694	5,797	389		—
Forward freight agreements	34	—	(8	)	(16	)
	2,728	5,797	381		(16	)
As at December 31, 2017
Interest rate swap agreements	1,016	4,226	(39	)	—
	1,016	4,226	(39	)	—

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

Realized and unrealized gains (losses) relating to the interest rate swaps, stock purchase warrant, time-charter swap and freight forward agreements are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of loss as follows:

	Three Months Ended				Three Months Ended
	June 30, 2018				June 30, 2017
	Realized gains (losses)		Unrealized gains (losses)	Total	Realized (losses) gains		Unrealized losses		Total
	$		$	$	$		$		$
Interest rate swap agreements	674		426	1,100	(301	)	(1,101	)	(1,402	)
Stock purchase warrant	—		—	—	—		(166	)	(166	)
Time-charter swap agreement	—		—	—	360		(402	)	(42	)
Forward freight agreements	(18	)	34	16	80		(30	)	50
	656		460	1,116	139		(1,699	)	(1,560	)
	Six Months Ended				Six Months Ended
	June 30, 2018				June 30, 2017
	Realized gains (losses)		Unrealized gains (losses)	Total	Realized (losses) gains		Unrealized losses		Total
	$		$	$	$		$		$
Interest rate swap agreements	864		3,249	4,113	(740	)	(399	)	(1,139	)
Stock purchase warrant	—		—	—	—		(287	)	(287	)
Time-charter swap agreement	—		—	—	1,106		(875	)	231
Forward freight agreements	(18	)	34	16	113		(17	)	96
	846		3,283	4,129	479		(1,578	)	(1,099	)

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Other Expense (Tables)

6 Months Ended

Jun. 30, 2018

Other Liabilities Disclosure [Abstract]

Components of Other Expense

The components of other expense are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	$		$		$		$
Freight tax provision	(6,086	)	(2,944	)	(7,964	)	(4,432	)
Foreign exchange gain (loss)	4,794		(3	)	4,774		70
Other income	19		186		49		212
Total	(1,273	)	(2,761	)	(3,141	)	(4,150	)

Unrecognized Tax Benefits Roll Forward

The following reflects the changes in the Company’s potential tax on freight income, recorded in other long-term liabilities, from January 1, 2018 to June 30, 2018:

	2018
	$
Balance of potential tax on freight income as at January 1	26,054
Increases for positions related to the current period	1,467
Changes for positions taken in prior periods	1,483
Decreases related to statute of limitations	(93	)
Balance of potential tax on freight income as at June 30	28,911

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis

The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis.

		June 30, 2018				December 31, 2017
	Fair Value Hierarchy Level	Carrying Amount Asset / (Liability) $		Fair Value Asset / (Liability) $		Carrying Amount Asset / (Liability) $		Fair Value Asset / (Liability) $
Recurring:
Cash and cash equivalents and restricted cash	Level 1	72,007		72,007		75,710		75,710
Derivative instruments (note 9)
Interest rate swap agreements (1)	Level 2	8,491		8,491		5,242		5,242
Forward freight agreements (1)	Level 2	18		18		—		—
Other:
Advances to equity-accounted investments	Note (2)	9,930		Note (2)		9,930		Note (2)
Long-term debt, including current portion	Level 2	(933,817	)	(917,928	)	(952,302	)	(946,105	)
Obligations related to capital leases, including current portion	Level 2	(145,405	)	(140,647	)	(148,908	)	(147,401	)

(1) The fair value of the Company’s interest rate swap agreements and FFAs at June 30, 2018 and December 31, 2017 excludes accrued interest expense which is recorded in accrued liabilities on the unaudited consolidated balance sheets.

(2) The advances to equity-accounted investments together with the Company’s investments in the equity-accounted investments form the net aggregate carrying value of the Company’s interests in the equity-accounted investments in these consolidated financial statements. The fair values of the individual components of such aggregate interests as at June 30, 2018 and December 31, 2017 were not determinable.

Summary of Financing Receivables

The following table contains a summary of the Company’s financing receivables by type and the method by which the Company monitors the credit quality of its financing receivables on a quarterly basis.

			June 30, 2018	December 31, 2017
Class of Financing Receivable	Credit Quality Indicator	Grade	$	$
Advances to equity-accounted investments	Other internal metrics	Performing	9,930	9,930
Total			9,930	9,930

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Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2018

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

Amounts received and paid by the Company for such related party transactions for the periods indicated were as follows:

	Three Months Ended				Six Months Ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
	$		$		$		$
RSA pool management fees and commissions (i)	—		(1,063	)	—		(2,799	)
Commercial management fees (ii)	—		(480	)	—		(1,187	)
Vessel operating expenses - technical management fee (iii)	(2,800	)	(2,196	)	(6,100	)	(4,422	)
Strategic and administrative service fees (iv)	(8,633	)	(4,253	)	(17,329	)	(6,917	)
Secondment fees (v)	(142	)	—		(359	)	—
LNG service revenues (vi)	31		84		272		168
Technical management fee revenue (vii)	3,171		1,220		6,329		1,220
Service revenues (viii)	254		277		415		277
Entities under Common Control (note 4)
RSA pool management fees and commissions (i)	—		1,063		—		2,799
Commercial management fees (ii)	—		480		—		1,187
Strategic and administrative service fees (iv)	—		(2,891	)	—		(7,026	)
Technical management fee revenue (vii)	—		2,137		—		4,890
Service revenues (viii)	—		638		—		1,772

(i) Prior to 2018, the Company’s share of TTOL’s fees for RSAs are reflected as a reduction to net pool revenues from affiliates on the Company’s consolidated statements of loss. The Company acquired the remaining 50% interest in TTOL on May 31, 2017 (notes 4 and 6(c)). Subsequent to the acquisition, the Company's share of the TTOL's fees has been eliminated.

(ii) The Manager’s commercial management fees for vessels on time-charter out contracts and spot-traded vessels are not included in the RSAs, which are reflected in voyage expenses on the Company’s consolidated statements of loss. Subsequent to the Company's acquisition of the remaining 50% interest in TTOL, the Company's share of the Manager's commercial management fees has been eliminated.

(iii) The cost of ship management services provided by the Manager has been presented as vessel operating expenses on the Company's consolidated statements of loss.

(iv) The Manager's strategic and administrative service fees have been presented in general and administrative expenses on the Company's consolidated statements of loss. The Company's executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company's long-term incentive plan described in note 12) is set and paid by Teekay or such other subsidiaries. The Company reimburses Teekay for time spent by its executive officers on the Company's management matters through the strategic portion of the management fee.

(v) The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses on the Company's consolidated statements of loss.

(vi) The Company's ship-to-ship transfer business has an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by TGP (which is controlled by Teekay), for the Bahrain LNG Import Terminal (or the Terminal). The Terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly-owned by TGP, has a 30% interest. The Company's ship-to-ship transfer business also has a services agreement with Teekay Shipping Ltd., an entity wholly-owned by Teekay, to provide certain LNG services.

(vii) The Company receives reimbursements from Teekay who subcontracts technical management services from the Manager. These reimbursements have been presented in general and administrative expenses on the Company's consolidated statements of loss.

(viii) The Company recorded revenue relating to TTOL's administration of certain RSAs and provision of certain commercial services to participants in the arrangements. The Company also recorded revenues of $0.6 million and $1.8 million for the three and six months ended June 30, 2017, respectively, associated with the Entities under Common Control.

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(Loss) Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Basic and Diluted (Loss) Earnings Per Share

The net loss available for common shareholders and loss per common share presented in the table below includes the results of operations of the Entities under Common Control which were not purchased solely with cash (note 4):

	Three Months Ended				Six Months Ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
	$		$		$		$
Net loss	(27,413	)	(37,477	)	(46,566	)	(33,764	)
Weighted average number of common shares – basic (1)	268,558,556		179,197,658		268,426,201		178,665,430
Dilutive effect of stock-based awards	—		—		—		—
Weighted average number of common shares – diluted (1)	268,558,556		179,197,658		268,426,201		178,665,430
Loss per common share:
– Basic	(0.10	)	(0.21	)	(0.17	)	(0.19	)
– Diluted	(0.10	)	(0.21	)	(0.17	)	(0.19	)

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Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Total cash, cash equivalents and restricted cash is as follows:

	As at	As at	As at	As at
	June 30, 2018	December 31, 2017	June 30, 2017	December 31, 2016
	$	$	$	$
Cash and cash equivalents	48,457	71,439	87,255	94,157
Restricted cash – current	1,858	1,599	1,380	750
Restricted cash – long-term	2,672	2,672	—	—
	52,987	75,710	88,635	94,907

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Recent Accounting Pronouncements, Narrative (Details) - Accounting Standards Update 2014-09 - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in cost of services	$ 67,500,000	$ 128,800,000
Cumulative effect of new accounting principle in period of adoption			$ 0
Increase in other current assets	3,100,000	3,100,000
Decrease In accounts receivable	3,100,000	3,100,000
Voyage charter revenues
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in voyage charter revenue	$ 67,500,000	$ 128,800,000

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Revenue, Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) contract vessel	Jun. 30, 2017 USD ($)	Dec. 31, 2017 USD ($)
Disaggregation of Revenue [Line Items]
Number of forms of contracts | contract			2
Total revenues	$ 171,659,000	$ 108,789,000	$ 340,124,000	$ 239,274,000
Operating leases, future minimum payments receivable	20,200,000		20,200,000
Operating leases, future minimum payments receivable due in 2018	17,600,000		17,600,000
Operating leases, future minimum payments receivable, in 2019	2,600,000		2,600,000
Property subject to or available for operating lease, net	257,400,000		257,400,000		$ 517,900,000
Property subject to or available for operating lease, gross	414,100,000		414,100,000		754,200,000
Property subject to or available for operating lease, accumulated depreciation	156,700,000		156,700,000		236,300,000
Contract with customer, liability, current	61,000		$ 61,000		557,000
Charters Out [Member]
Disaggregation of Revenue [Line Items]
Number of vessels | vessel			8
Number of vessels with options to extend | vessel			4
Lessor, Operating Lease, Renewal Term1			12 months
2018 Time Charter Contract Expiration | Charters Out [Member]
Disaggregation of Revenue [Line Items]
Number of vessels | vessel			7
2019 Time Charter Contract Expiration | Charters Out [Member]
Disaggregation of Revenue [Line Items]
Number of vessels | vessel			1
High-Q Joint Venture
Disaggregation of Revenue [Line Items]
Number of vessels | vessel			1
Time-charter revenues
Disaggregation of Revenue [Line Items]
Total revenues	17,384,000	30,091,000	$ 39,494,000	60,421,000
Contract with customer, liability, current	0		0		$ 500,000
Time-charter revenues | High-Q Joint Venture
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,000,000	$ 1,700,000	$ 2,700,000	$ 3,400,000

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Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 171,659	$ 108,789	$ 340,124	$ 239,274
Voyage charters - Suezmax
Disaggregation of Revenue [Line Items]
Total revenues	80,721	3,450	153,504	12,634
Voyage charters - Aframax
Disaggregation of Revenue [Line Items]
Total revenues	24,265	6,056	47,742	9,031
Voyage charters - LR2
Disaggregation of Revenue [Line Items]
Total revenues	11,979	0	23,600	0
Voyage charters - Full service lightering
Disaggregation of Revenue [Line Items]
Total revenues	27,363	20,634	55,124	47,819
Voyage charter revenues
Disaggregation of Revenue [Line Items]
Total revenues	144,328	30,140	279,970	69,484
Time charters - Aframax
Disaggregation of Revenue [Line Items]
Total revenues	11,021	12,451	23,824	24,657
Time charters - Suezmax
Disaggregation of Revenue [Line Items]
Total revenues	3,957	14,120	10,154	26,751
Time charters - LR2
Disaggregation of Revenue [Line Items]
Total revenues	2,406	3,520	5,516	9,013
Time-charter revenues
Disaggregation of Revenue [Line Items]
Total revenues	17,384	30,091	39,494	60,421
Other revenue - Ship-to-ship support services
Disaggregation of Revenue [Line Items]
Total revenues	6,902	11,947	14,235	20,230
Other revenue - Commercial management
Disaggregation of Revenue [Line Items]
Total revenues	2,138	2,684	4,196	6,336
Other revenue - LNG terminal management, consultancy and other
Disaggregation of Revenue [Line Items]
Total revenues	907	827	2,229	2,514
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	9,947	15,458	20,660	29,080
Net pool - Suezmax
Disaggregation of Revenue [Line Items]
Total revenues	0	19,418	0	47,441
Net pool - Aframax
Disaggregation of Revenue [Line Items]
Total revenues	0	7,492	0	18,363
Net pool - LR2
Disaggregation of Revenue [Line Items]
Total revenues	0	6,191	0	14,469
Net pool - MR2
Disaggregation of Revenue [Line Items]
Total revenues	0	(1)	0	16
Net pool revenues
Disaggregation of Revenue [Line Items]
Total revenues	0	$ 33,100	0	$ 80,289
Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Increase in cost of services	67,500		128,800
Accounting Standards Update 2014-09 | Voyage charter revenues
Disaggregation of Revenue [Line Items]
Increase in voyage charter revenue	$ 67,500		$ 128,800
Charters Out [Member]
Disaggregation of Revenue [Line Items]
Lessor, Operating Lease, Renewal Term1			12 months

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Acquisition of Entities under Common Control - Narrative (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended		6 Months Ended
	May 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Aug. 31, 2014
Business Acquisition [Line Items]
Return of capital				$ 746	$ 0
Net loss		$ 27,413	$ 37,477	$ 46,566	33,764
Teekay Tanker Operations Limited
Business Acquisition [Line Items]
Percentage of voting interests acquired	50.00%
Entities Under Common Control | Teekay Tanker Operations Limited
Business Acquisition [Line Items]
Percentage of voting interests acquired	50.00%					50.00%
Purchase price of acquisition	$ 39,000
Ownership percentage after acquisition	100.00%
Net loss			(400)		(1,300)
Revenues			$ 3,200		$ 8,600
Entities Under Common Control | Teekay Tanker Operations Limited | Working Capital
Business Acquisition [Line Items]
Purchase price of acquisition	$ 13,100
Teekay Corporation | Entities Under Common Control | Teekay Tanker Operations Limited
Business Acquisition [Line Items]
Purchase price of acquisition	39,000
Net assets acquired	13,300
Return of capital	25,700
Teekay Corporation | Entities Under Common Control | Teekay Tanker Operations Limited | Working Capital
Business Acquisition [Line Items]
Purchase price of acquisition	$ 13,100
Class B | Teekay Corporation | Entities Under Common Control | Teekay Tanker Operations Limited
Business Acquisition [Line Items]
Stock issued during period, shares, new issues (in shares)	13.8

XML

Segment Reporting, Narrative (Details)	6 Months Ended
	Jun. 30, 2018 segment
Segment Reporting [Abstract]
Number of reportable segments	2

XML

Segment Reporting - Schedule of Company's Revenue and Income From Operations by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information [Line Items]
Revenue	$ 171,659	$ 108,789	$ 340,124	$ 239,274
Voyage expenses (notes 2, 3 and 13a)	86,933	19,430	166,926	43,185
Vessel operating expenses	(52,652)	(46,853)	(105,647)	(90,991)
Time-charter hire expense	(5,697)	(7,997)	(10,380)	(21,624)
Depreciation and amortization	(29,573)	(24,415)	(59,003)	(49,324)
General and administrative expenses	(9,407)	(8,365)	(19,192)	(17,253)
Gain (loss) on sale of vessels	170	(142)	170	(4,569)
Restructuring charges	(982)	0	(982)	0
(Loss) income from operations	(13,415)	1,587	(21,836)	12,328
Equity income (loss)	(70)	(28,027)	624	(26,900)
Operating Segments | Conventional Tanker Segment
Segment Reporting Information [Line Items]
Revenue	163,849	96,841	323,660	217,396
Voyage expenses (notes 2, 3 and 13a)	90,333	22,079	173,504	48,792
Vessel operating expenses	(44,738)	(34,278)	(88,454)	(68,359)
Time-charter hire expense	(4,113)	(6,935)	(7,391)	(19,069)
Depreciation and amortization	(28,454)	(23,157)	(56,639)	(46,786)
General and administrative expenses	(8,433)	(7,513)	(17,400)	(15,435)
Gain (loss) on sale of vessels	0	(150)	0	(4,577)
Restructuring charges	(152)		(152)
(Loss) income from operations	(12,374)	2,729	(19,880)	14,378
Equity income (loss)	(70)	(28,027)	624	(26,900)
Operating Segments | Ship-to-Ship Transfer Segment
Segment Reporting Information [Line Items]
Revenue	11,210	14,597	23,042	27,485
Voyage expenses (notes 2, 3 and 13a)	0	0	0	0
Vessel operating expenses	(7,914)	(12,575)	(17,193)	(22,632)
Time-charter hire expense	(1,584)	(1,062)	(2,989)	(2,555)
Depreciation and amortization	(1,119)	(1,258)	(2,364)	(2,538)
General and administrative expenses	(974)	(852)	(1,792)	(1,818)
Gain (loss) on sale of vessels	170	8	170	8
Restructuring charges	(830)	0	(830)	0
(Loss) income from operations	(1,041)	(1,142)	(1,956)	(2,050)
Equity income (loss)	0	0	0	0
Inter-segment Adjustment
Segment Reporting Information [Line Items]
Revenue	(3,400)	(2,649)	(6,578)	(5,607)
Voyage expenses (notes 2, 3 and 13a)	(3,400)	(2,649)	(6,578)	(5,607)
Vessel operating expenses	0	0	0	0
Time-charter hire expense	0	0	0	0
Depreciation and amortization	0	0	0	0
General and administrative expenses	0	0	0	0
Gain (loss) on sale of vessels	0	0	0	0
Restructuring charges	0		0
(Loss) income from operations	0	0	0	0
Equity income (loss)	$ 0	$ 0	$ 0	$ 0

XML

Segment Reporting - Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	$ 48,457	$ 71,439	$ 87,255	$ 94,157
Consolidated total assets	2,140,696	2,197,348
Conventional Tanker Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets	2,056,681	2,089,099
Ship-to-Ship Transfer Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Consolidated total assets	$ 35,558	$ 36,810

XML

Investments in and Advances to Equity Accounted Investments - Schedule of Investments in and Advances to Equity Accounted Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	$ 25,170	$ 25,460
High-Q Joint Venture
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	25,170	24,546
Gemini Tankers L.L.C.
Schedule of Equity Method Investments [Line Items]
Investment in and advances to equity accounted investments	$ 0	$ 914

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Investments in and Advances to Equity Accounted Investments - Narrative (Details) $ in Thousands			1 Months Ended	3 Months Ended	6 Months Ended
	Nov. 27, 2017 USD ($) shares	May 31, 2017 USD ($) pool shares	Jan. 31, 2014 USD ($) member shares	Jun. 30, 2017 USD ($)	Jun. 30, 2018 USD ($) vessel	Dec. 31, 2017 USD ($)	Aug. 31, 2014
Investments in and Advances to Affiliates [Line Items]
Total principal					$ 942,974	$ 963,247
Number of shares acquiring (in shares) | shares		27,000,000
Tanker Investments Ltd.
Investments in and Advances to Affiliates [Line Items]
Ownership percentage	11.30%
Number of shares acquiring (in shares) | shares	27,000,000
Teekay Tanker Operations Limited
Investments in and Advances to Affiliates [Line Items]
Percentage of voting interests acquired		50.00%
Class A | Tanker Investments Ltd.
Investments in and Advances to Affiliates [Line Items]
Share for share exchange | shares		3.3
Entities Under Common Control | Teekay Tanker Operations Limited
Investments in and Advances to Affiliates [Line Items]
Purchase price of acquisition		$ 39,000
Percentage of voting interests acquired		50.00%					50.00%
Entities Under Common Control | Teekay Tanker Operations Limited | Working Capital
Investments in and Advances to Affiliates [Line Items]
Purchase price of acquisition		$ 13,100
High-Q Joint Venture
Investments in and Advances to Affiliates [Line Items]
Ownership percentage					50.00%
High-Q Joint Venture
Investments in and Advances to Affiliates [Line Items]
Number of vessels | vessel					1
Total principal					$ 39,900	$ 42,700
Percentage of exposure to loan guarantee					50.00%
High-Q Joint Venture | Joint Venture Interest Rate Derivative
Investments in and Advances to Affiliates [Line Items]
Fixed interest rate					1.47%
Tanker Investments Ltd.
Investments in and Advances to Affiliates [Line Items]
Ownership percentage		11.30%
Investment in equity accounted investment			$ 25,000
Number of board members to elect | member			1
Tanker Investments Ltd. | Maximum
Investments in and Advances to Affiliates [Line Items]
Number of shares available through exercise of stock purchase warrant (shares) | shares			750,000
Tanker Investments Ltd. | Common Stock
Investments in and Advances to Affiliates [Line Items]
Common stock, shares purchased (shares) | shares			2,500,000.0
Tanker Investments Ltd. | Preferred Stock
Investments in and Advances to Affiliates [Line Items]
Common stock, shares purchased (shares) | shares			1
Teekay Tanker Operations Limited
Investments in and Advances to Affiliates [Line Items]
Number of commercially managed tanker pools | pool		4
Percentage of voting interests acquired							50.00%
Teekay Tanker Operations Limited | Teekay Corporation
Investments in and Advances to Affiliates [Line Items]
Equity method investment, remaining ownership percentage		50.00%
Tanker Investments Ltd.
Investments in and Advances to Affiliates [Line Items]
Equity method investment, other than temporary impairment				$ 28,100
Equity method investment, realized gain (loss) on disposal	$ 1,400

XML

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total principal	$ 942,974	$ 963,247
Less: unamortized discount and debt issuance costs	(9,157)	(10,945)
Total debt	933,817	952,302
Less: current portion	(155,089)	(166,745)
Non-current portion of long-term debt	778,728	785,557
Term Loans
Debt Instrument [Line Items]
Total principal	373,832	423,512
Revolving Credit Facility
Debt Instrument [Line Items]
Total principal	$ 569,142	$ 539,735

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Long-Term Debt - Narrative (Details)	1 Months Ended	6 Months Ended				12 Months Ended
	Dec. 31, 2017 USD ($) credit_facility vessel	Jun. 30, 2018 USD ($) vessel	Jun. 30, 2018 USD ($) loan vessel	Jun. 30, 2018 USD ($) credit_facility vessel	Jun. 30, 2018 USD ($) vessel	Dec. 31, 2017 USD ($) vessel	Jan. 31, 2016 USD ($)
Debt Instrument [Line Items]
Total principal	$ 963,247,000	$ 942,974,000	$ 942,974,000	$ 942,974,000	$ 942,974,000	$ 963,247,000
Weighted average interest rate	3.50%	4.40%	4.40%	4.40%	4.40%	3.50%
Repayments of principal, remainder of fiscal year		$ 100,800,000	$ 100,800,000	$ 100,800,000	$ 100,800,000
Repayments of principal in year 2		120,600,000	120,600,000	120,600,000	120,600,000
Repayments of principal in year 3		132,000,000	132,000,000	132,000,000	132,000,000
Repayments of principal in year 4		434,000,000	434,000,000	434,000,000	434,000,000
Repayments of principal in year 5		155,600,000	$ 155,600,000	$ 155,600,000	$ 155,600,000
Secured Debt Two | Guaranteed By Teekay Corporation
Debt Instrument [Line Items]
Maintain the greater of free cash liquidity		$ 100,000,000
Minimum liquidity as a percentage of debt		7.50%	7.50%	7.50%	7.50%
Term Loans
Debt Instrument [Line Items]
Total principal	$ 423,512,000	$ 373,832,000	$ 373,832,000	$ 373,832,000	$ 373,832,000	$ 423,512,000
Debt instrument, interest rate, stated percentage	5.40%	5.40%	5.40%	5.40%	5.40%	5.40%
Term Loans | Guaranteed By Teekay Corporation
Debt Instrument [Line Items]
Maintain the greater of free cash liquidity		$ 50,000,000
Minimum liquidity as a percentage of debt		5.00%	5.00%	5.00%	5.00%
Term Loan Due 2021 | Term Loans
Debt Instrument [Line Items]
Number of debt instruments			2	3
Revolver 2017
Debt Instrument [Line Items]
Number of debt instruments | credit_facility	2
Debt instrument, face amount	$ 270,000,000.00					$ 270,000,000.00
Repayments of Debt	$ 215,800,000
Collateral, number of vessels | vessel	14					14
Minimum hull coverage ratios	125.00%
Actual hull coverage ratio	191.00%	160.00%	160.00%	160.00%	160.00%	191.00%
Revolver 2017 | Not Guaranteed By Teekay Corporation
Debt Instrument [Line Items]
Minimum liquidity covenant requirement		$ 35,000,000	$ 35,000,000	$ 35,000,000	$ 35,000,000
Minimum liquidity as a percentage of consolidated debt covenant requirement		5.00%	5.00%	5.00%	5.00%
2016 Debt Facility Maturing in January 2021
Debt Instrument [Line Items]
Debt instrument, face amount							$ 894,400,000
Collateral, number of vessels | vessel		29	29	29	29
Minimum hull coverage ratios					125.00%
Actual hull coverage ratio	145.00%	133.00%	133.00%	133.00%	133.00%	145.00%
2016 Debt Facility Maturing in January 2021 | Not Guaranteed By Teekay Corporation
Debt Instrument [Line Items]
Minimum liquidity covenant requirement		$ 35,000,000	$ 35,000,000	$ 35,000,000	$ 35,000,000
Minimum liquidity as a percentage of consolidated debt covenant requirement		5.00%	5.00%	5.00%	5.00%
Remaining Revolving Credit Facilities | Revolving Credit Facility
Debt Instrument [Line Items]
Total principal	$ 65,600,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 50,000,000	$ 65,600,000
Remaining Secured Debt | Term Loans
Debt Instrument [Line Items]
Number of debt instruments | credit_facility				2
Collateral, number of vessels | vessel		6	6	6	6
Minimum
Debt Instrument [Line Items]
Percentage of margin					0.30%
Maximum
Debt Instrument [Line Items]
Percentage of margin					2.75%
LIBOR | Minimum | Term Loans
Debt Instrument [Line Items]
Percentage of margin					0.30%	0.30%
LIBOR | Maximum | Term Loans
Debt Instrument [Line Items]
Percentage of margin					2.00%	2.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Total principal	539,735,000	$ 569,142,000	$ 569,142,000	$ 569,142,000	$ 569,142,000	$ 539,735,000
Revolving Credit Facility | Revolving Credit Facilities Due through 2022
Debt Instrument [Line Items]
Number of debt instruments | credit_facility				3
Revolving credit facilities borrowing capacity	628,300,000	600,800,000	600,800,000	$ 600,800,000	600,800,000	628,300,000
Undrawn amount of revolving credit facility	$ 88,600,000	31,700,000	31,700,000	31,700,000	31,700,000	$ 88,600,000
Decrease in availability remainder of year		62,000,000	62,000,000	62,000,000	62,000,000
Decrease in availability year two		30,200,000	30,200,000	30,200,000	30,200,000
Decrease in availability year three		30,200,000	30,200,000	30,200,000	30,200,000
Decrease in availability year four		322,900,000	322,900,000	322,900,000	322,900,000
Decrease in availability year five		$ 155,600,000	$ 155,600,000	$ 155,600,000	$ 155,600,000
Revolving Credit Facility | Remaining Revolving Credit Facilities
Debt Instrument [Line Items]
Collateral, number of vessels | vessel		3	3	3	3
Minimum hull coverage ratios					105.00%
Actual hull coverage ratio	118.00%	143.00%	143.00%	143.00%	143.00%	118.00%
Revolving Credit Facility | LIBOR | Minimum | Revolving Credit Facilities Due through 2022
Debt Instrument [Line Items]
Percentage of margin					2.00%	0.45%
Revolving Credit Facility | LIBOR | Maximum | Revolving Credit Facilities Due through 2022
Debt Instrument [Line Items]
Percentage of margin					2.75%	2.75%
Remaining Revolving Credit Facilities | Guaranteed By Teekay Corporation
Debt Instrument [Line Items]
Maintain the greater of free cash liquidity		$ 50,000,000
Minimum liquidity as a percentage of debt		5.00%	5.00%	5.00%	5.00%

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Leases Capital Lease Obligation (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Capital Leased Assets [Line Items]
Less: current portion	$ (7,454)	$ (7,227)
Long-term obligations related to capital leases	137,951	141,681
Suezmax Tankers
Capital Leased Assets [Line Items]
Total obligations related to capital leases	145,405	148,908
Less: current portion	(7,454)	(7,227)
Long-term obligations related to capital leases	$ 137,951	$ 141,681

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Leases Leases - Narrative (Details)	1 Months Ended	6 Months Ended
	Jul. 31, 2017 USD ($) vessel	Jun. 30, 2018 USD ($) vessel	Mar. 31, 2018	Dec. 31, 2017
Suezmax Tankers
Capital Leased Assets [Line Items]
Actual hull coverage ratio			98.00%	105.00%
Capital Lease
Capital Leased Assets [Line Items]
Proceeds from financing related to sales and leaseback of vessels	$ 153,000,000
Capital Lease | Suezmax Tankers
Capital Leased Assets [Line Items]
Minimum liquidity covenant requirement		$ 35,000,000
Minimum liquidity as a percentage of consolidated debt covenant requirement		5.00%
Minimum hull coverage ratios		90.00%
Period required to maintain 90% hull coverage ratio		3 years
Minimum hull coverage ratios, thereafter		100.00%
Number of capital leases | vessel		4
Commitments under the capital leases		$ 210,000,000
Imputed interest		$ 64,600,000
Capital Lease | Minimum | Suezmax Tankers
Capital Leased Assets [Line Items]
Debt term		6 months
Option to Purchase July 2020-2029 | Suezmax Tankers
Capital Leased Assets [Line Items]
Number of vessels | vessel		4
Variable Interest Entity, Primary Beneficiary | Capital Lease
Capital Leased Assets [Line Items]
Sale-leaseback, term of contract	12 years
Variable Interest Entity, Primary Beneficiary | Capital Lease | Suezmax Tankers
Capital Leased Assets [Line Items]
Number of vessels | vessel	4

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Leases Future Minimum Lease Payments (Details) - Suezmax Tankers $ in Thousands	Jun. 30, 2018 USD ($)
Year
Remaining 2018	$ 8,210
2019	16,236
2020	16,279
2021	16,233
2022	16,232
Thereafter	$ 136,846

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Derivative Instruments Summary of Interest Rate Swap Positions (Details)	6 Months Ended
	Jun. 30, 2018 USD ($)
Minimum
LIBOR-Based Debt:
Margin on variable-rate debt	0.30%
Maximum
LIBOR-Based Debt:
Margin on variable-rate debt	2.75%
U.S. Dollar-denominated interest rate swap 1
LIBOR-Based Debt:
Notional Amount	$ 115,703,000
Fair Value / Carrying Amount of Asset	$ 1,915,000
Remaining Term	2 years 6 months
Fixed Interest Rate	1.46%
U.S. Dollar-denominated interest rate swap 2
LIBOR-Based Debt:
Notional Amount	$ 150,000,000
Fair Value / Carrying Amount of Asset	$ 4,566,000
Remaining Term	2 years 6 months
Fixed Interest Rate	1.55%
U.S. Dollar-denominated interest rate swap 3
LIBOR-Based Debt:
Notional Amount	$ 50,000,000
Fair Value / Carrying Amount of Asset	$ 2,010,000
Remaining Term	2 years 6 months
Fixed Interest Rate	1.16%

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Derivative Instruments - Narrative (Details)	May 01, 2017	Jun. 01, 2016 USD ($) vessel	Dec. 31, 2017 shares	Jan. 31, 2014 shares
Time-charter swap agreement
Derivative [Line Items]
Aframax equivalent vessel percent		55.00%
Derivative, number of vessel-equivalents in swap agreement | vessel		2
Agreement daily receivable | $		$ 27,776
Derivative, brokerage fee, percent		1.25%
Derivative, deduction from daily payments made | $		$ 500
Derivative, term of contract (in months)		11 months
Derivative, term of contract extension, counterparty option (in months)	2 months	2 months
Tanker Investments Ltd. | Maximum
Derivative [Line Items]
Number of shares available through exercise of stock purchase warrant (shares)				750,000
Tanker Investments Ltd. | Stock purchase warrant
Derivative [Line Items]
Class of Warrant or Right, Outstanding			1
Tanker Investments Ltd. | Stock purchase warrant | Maximum
Derivative [Line Items]
Number of shares available through exercise of stock purchase warrant (shares)			750,000

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Derivative Instruments Location and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Current portion of derivative asset	$ 2,728	$ 1,016
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	5,797	4,226
Current portion of derivative liability	(16)	0
Reported Value Measurement
Derivatives, Fair Value [Line Items]
Current portion of derivative asset	2,728	1,016
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	5,797	4,226
Accounts receivables (Accrued liabilities)	381	(39)
Current portion of derivative liability	(16)
Reported Value Measurement | Interest rate swap agreements
Derivatives, Fair Value [Line Items]
Current portion of derivative asset	2,694	1,016
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value	5,797	4,226
Accounts receivables (Accrued liabilities)	389	$ (39)
Reported Value Measurement | Forward freight agreements
Derivatives, Fair Value [Line Items]
Current portion of derivative asset	34
Accounts receivables (Accrued liabilities)	(8)
Current portion of derivative liability	$ (16)

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Derivative Instruments Gain (Loss) for Derivative Instruments Not Designated or Qualifying as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Derivative [Line Items]
Realized gains (losses)	$ 656	$ 139	$ 846	$ 479
Unrealized gains (losses)	460	(1,699)	3,283	(1,578)
Total	1,116	(1,560)	4,129	(1,099)
Interest rate swap agreements
Derivative [Line Items]
Realized gains (losses)	674	(301)	864	(740)
Unrealized gains (losses)	426	(1,101)	3,249	(399)
Total	1,100	(1,402)	4,113	(1,139)
Stock purchase warrant
Derivative [Line Items]
Realized gains (losses)	0	0	0	0
Unrealized gains (losses)	0	(166)	0	(287)
Total	0	(166)	0	(287)
Time-charter swap agreement
Derivative [Line Items]
Realized gains (losses)	0	360	0	1,106
Unrealized gains (losses)	0	(402)	0	(875)
Total	0	(42)	0	231
Forward freight agreements
Derivative [Line Items]
Realized gains (losses)	(18)	80	(18)	113
Unrealized gains (losses)	34	(30)	34	(17)
Total	$ 16	$ 50	$ 16	$ 96

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Other Expense - Components of Other Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Other Liabilities Disclosure [Abstract]
Freight tax provision	$ (6,086)	$ (2,944)	$ (7,964)	$ (4,432)
Foreign exchange gain (loss)	4,794	(3)	4,774	70
Other income	19	186	49	212
Total	$ (1,273)	$ (2,761)	$ (3,141)	$ (4,150)

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Other Expense - Schedule of Unrecognized Tax Benefits (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance of potential tax on freight income as at January 1	$ 26,054
Increases for positions related to the current period	1,467
Changes for positions taken in prior periods	1,483
Decreases related to statute of limitations	(93)
Balance of potential tax on freight income as at June 30	$ 28,911

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Financial Instruments - Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents and restricted cash	$ 52,987	$ 75,710	$ 88,635	$ 94,907
Advances to equity-accounted investments	9,930	9,930
Long-term debt, including current portion	(942,974)	(963,247)
Carrying Amount Asset / (Liability) | Advances to equity-accounted investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Advances to equity-accounted investments	9,930	9,930
Carrying Amount Asset / (Liability) | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	(933,817)	(952,302)
Obligations related to capital leases, including current portion	(145,405)	(148,908)
Carrying Amount Asset / (Liability) | Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents and restricted cash	72,007	75,710
Carrying Amount Asset / (Liability) | Recurring | Level 2 | Interest rate swap agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	8,491	5,242
Carrying Amount Asset / (Liability) | Recurring | Level 2 | Forward freight agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	18	0
Fair Value Asset / (Liability) | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	(917,928)	(946,105)
Obligations related to capital leases, including current portion	(140,647)	(147,401)
Fair Value Asset / (Liability) | Recurring | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents and restricted cash	72,007	75,710
Fair Value Asset / (Liability) | Recurring | Level 2 | Interest rate swap agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	8,491	5,242
Fair Value Asset / (Liability) | Recurring | Level 2 | Forward freight agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instruments	$ 18	$ 0

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Financial Instruments - Summary of Financing Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Advances to equity-accounted investments	$ 9,930	$ 9,930
Other internal metrics | Performing
Financing Receivable, Recorded Investment [Line Items]
Advances to equity-accounted investments	$ 9,930	$ 9,930

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Capital Stock and Stock-Based Compensation (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2018 USD ($) $ / shares shares	Mar. 31, 2017 USD ($) $ / shares shares	Jun. 30, 2018 USD ($) $ / shares shares	Jun. 30, 2017 USD ($) shares	Jun. 30, 2018 USD ($) vote $ / shares shares	Jun. 30, 2017 USD ($) $ / shares shares	Dec. 31, 2017 shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			100,000,000		100,000,000		100,000,000
Preferred stock, par value (usd per share) | $ / shares			$ 0.01		$ 0.01
Common stock, shares authorized (in shares)			385,000,000.0		385,000,000.0		385,000,000.0
Preferred stock, shares issued (in shares)			0		0		0
Restricted Stock Units
Class of Stock [Line Items]
Restricted stock units vested (shares)			300,000	46,000	300,000	300,000
Market value of restricted stock units | $			$ 300	$ 78	$ 300	$ 600
Employee Stock Options and Restricted Stock Units
Class of Stock [Line Items]
Stock based compensation expense | $			$ 200	$ 300	$ 500	$ 600
Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			285,000,000		285,000,000		285,000,000
Common stock, par value (usd per share) | $ / shares			$ 0.01		$ 0.01
Common stock, votes per share owned (vote per share) | vote					1
Common stock, shares issued (in shares)			231,600,000		231,600,000		231,200,000
Class A | Restricted Stock Units
Class of Stock [Line Items]
Stock issued during period, shares, new issues (in shares)			200,000	30,000	200,000	200,000
Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			100,000,000		100,000,000		100,000,000
Common stock, par value (usd per share) | $ / shares			$ 0.01		$ 0.01
Common stock, votes per share owned (vote per share) | vote					5
Maximum percentage of voting power					49.00%
Common stock, shares issued (in shares)			37,000,000		37,000,000		37,000,000
General and Administrative Expense | Class A
Class of Stock [Line Items]
Stock based compensation expense | $			$ 400	$ 300	$ 400	$ 300
2007 Long-Term Incentive Plan | Stock Options
Class of Stock [Line Items]
Weighted-average grant date fair value of stock options granted (usd per share) | $ / shares					$ 0.35	$ 0.67
Expected volatility rate					48.70%	50.20%
Expected life (in years)					5 years	5 years
Dividend yield					5.50%	5.00%
Risk-free interest rate					2.60%	2.10%
Period Of Historical Data Used To Calculate Expected Volatility In Year					5 years
2007 Long-Term Incentive Plan | Non Management Directors | Stock Options
Class of Stock [Line Items]
Stock options granted during period (shares)	500,000	400,000
Exercise price of stock options granted (usd per share) | $ / shares	$ 1.22	$ 2.23
Term of stock options (in years)	10 years
2007 Long-Term Incentive Plan | Officers and Certain Subsidiaries Employees [Member] | Stock Options
Class of Stock [Line Items]
Stock options granted during period (shares)	700,000
Exercise price of stock options granted (usd per share) | $ / shares	$ 1.22
Term of stock options (in years)	10 years
Vesting period (in years)	3 years
2007 Long-Term Incentive Plan | Officers and Certain Subsidiaries Employees [Member] | Restricted Stock Units
Class of Stock [Line Items]
Vesting period (in years)					3 years
Common stock, granted (shares)	800,000	400,000
Common stock aggregate values, granted | $	$ 900	$ 800
Conversion basis (shares)					1
2007 Long-Term Incentive Plan | Officer | Stock Options
Class of Stock [Line Items]
Stock options granted during period (shares)		500,000
Exercise price of stock options granted (usd per share) | $ / shares		$ 2.23
Term of stock options (in years)		10 years
Vesting period (in years)		3 years
2007 Long-Term Incentive Plan | Class A | Non Management Directors
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	168,029
Proceeds from issuance of Class A common stock | $	$ 200

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Related Party Transactions - Summary of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	May 31, 2017	Nov. 30, 2016
Related Party Transaction [Line Items]
RSA pool management fees and commissions	$ 0	$ (1,063)	$ 0	$ (2,799)
Commercial management fees	0	(480)	0	(1,187)
Vessel operating expenses	(52,652)	(46,853)	(105,647)	(90,991)
Strategic and administrative service fees	(8,633)	(4,253)	(17,329)	(6,917)
Teekay LNG Operating L.L.C. | Bahrain LNG W.I.L.
Related Party Transaction [Line Items]
Ownership percentage						30.00%
Entities Under Common Control
Related Party Transaction [Line Items]
RSA pool management fees and commissions	0	1,063	0	2,799
Commercial management fees	0	480	0	1,187
Strategic and administrative service fees	0	(2,891)	0	(7,026)
Vessel operating expenses - technical management fee
Related Party Transaction [Line Items]
Vessel operating expenses	(2,800)	(2,196)	(6,100)	(4,422)
Secondment fees
Related Party Transaction [Line Items]
Strategic and administrative service fees	(142)	0	(359)	0
LNG terminal services revenue
Related Party Transaction [Line Items]
Revenues	31	84	272	168
Technical management fee revenues
Related Party Transaction [Line Items]
Revenues	3,171	1,220	6,329	1,220
Technical management fee revenues | Entities Under Common Control
Related Party Transaction [Line Items]
Revenues	0	2,137	0	4,890
Service revenues
Related Party Transaction [Line Items]
Revenues	254	277	415	277
Service revenues | Entities Under Common Control
Related Party Transaction [Line Items]
Revenues	$ 0	$ 638	$ 0	$ 1,772
Teekay Tanker Operations Limited
Related Party Transaction [Line Items]
Percentage of voting interests acquired					50.00%

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Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Working capital advanced to Pool Managers	$ 50,034		$ 50,034		$ 49,103
Revenue Sharing Arrangements
Related Party Transaction [Line Items]
Working capital advanced to Pool Managers	48,000		48,000		$ 45,100
Aframax Tankers | Teekay Aframax | Full-service Lightering Services
Related Party Transaction [Line Items]
Amounts of transaction	$ 7,400	$ 2,400	$ 15,800	$ 7,400

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Sales of Vessels Sales of Vessels - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended
	Mar. 31, 2017 vessel	Jan. 31, 2017 vessel	Jun. 30, 2018 USD ($) vessel	Jun. 30, 2017 USD ($) vessel	Mar. 31, 2017 USD ($) vessel	Jun. 30, 2018 USD ($) vessel	Jun. 30, 2017 USD ($)
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessels			$ 170	$ (142)		$ 170	$ (4,569)
Ship-to-ship Support Vessel
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessels			$ 200			$ 200
Number of vessels sold | vessel			1	1		1
Aframax and Ship-to-ship Support Vessels
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessels							(4,600)
Suezmax Tankers
Property, Plant and Equipment [Line Items]
Number of vessels sold | vessel					2
Suezmax Tankers | Suezmax Tankers One
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessels							$ (300)
Number of vessels sold | vessel		1
Suezmax Tankers | Suezmaxes Tankers Two
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessels						$ (1,500)
Number of vessels sold | vessel	1
Aframax Tankers
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessels				$ (200)	$ (2,800)
Number of vessels sold | vessel				1

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(Loss) Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	May 31, 2017
Earnings Per Share [Line Items]
Net loss	$ (27,413)	$ (37,477)	$ (46,566)	$ (33,764)
Weighted average number of common shares – basic (shares)	268,558,556	179,197,658	268,426,201	178,665,430
Dilutive effect of stock-based awards (shares)	0	0	0	0
Weighted average number of common shares – diluted (shares)	268,558,556	179,197,658	268,426,201	178,665,430
Loss per common share:
– Basic (usd per share)	$ (0.10)	$ (0.21)	$ (0.17)	$ (0.19)
– Diluted (usd per share)	$ (0.10)	$ (0.21)	$ (0.17)	$ (0.19)
Teekay Tanker Operations Limited
Loss per common share:
Percentage of voting interests acquired					50.00%

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Loss Per Share - Narrative (Details) - Class A - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Restricted Stock Units
Earnings Per Share [Line Items]
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards	0.3	0.3	0.3	0.1
Options
Earnings Per Share [Line Items]
Anti-dilutive effect on calculation of diluted earnings per common share attributable to outstanding stock-based awards	2.9	1.7	2.6	1.5

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Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 48,457	$ 71,439	$ 87,255	$ 94,157
Restricted cash – current	1,858	1,599	1,380	750
Restricted cash – long-term	2,672	2,672	0	0
Cash and cash equivalents and restricted cash	$ 52,987	$ 75,710	$ 88,635	$ 94,907

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Liquidity Liquidity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	May 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt, gross		$ 942,974	$ 963,247
Minimum quarterly dividend (usd per share)	$ 0.03
Revolving Credit Facility | Remaining Revolving Credit Facilities Maturing in The Third Quarter 2018
Debt Instrument [Line Items]
Long-term debt, gross		$ 50,000

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Acquisition of Tanker Investments Ltd Acquisition of Tanker Investments Ltd - Narrative (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Nov. 27, 2017 USD ($) vessel $ / shares shares	May 31, 2017 shares	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)
Business Acquisition [Line Items]
Number of shares acquiring (in shares) | shares		27,000,000
Proceeds from issuance of Class A common stock (note 12)			$ 0	$ 5,000
Tanker Investments Ltd.
Business Acquisition [Line Items]
Number of shares acquiring (in shares) | shares	27,000,000
Proceeds from issuance of Class A common stock (note 12)	$ 151,300
Business acquisition, share price (in USD per share) | $ / shares	$ 1.70
Recognized identifiable assets acquired and liabilities assumed, liabilities, excluding banking debt	$ 47,100
Secured debt	338,900
Business acquisition, transaction costs	$ 6,900
Ownership percentage	11.30%
Equity interest in acquiree, fair value	$ 19,200
Consideration transferred, including equity interest in acquiree held prior to combination	177,400
Recognized identifiable assets acquired and liabilities assumed, noncurrent liabilities, long-term debt	337,100
Recognized identifiable assets acquired and liabilities assumed, PPE	467,200
Recognized identifiable assets acquired and liabilities assumed, operating lease	$ 200
Tanker Investments Ltd. | Class A
Business Acquisition [Line Items]
Share for share exchange | shares		3.3
Stock issued during period, shares, new issues (in shares) | shares	88,977,544
Suezmax Tankers | Tanker Investments Ltd.
Business Acquisition [Line Items]
Number of vessels | vessel	10
Aframax Tankers | Tanker Investments Ltd.
Business Acquisition [Line Items]
Number of vessels | vessel	6
Long Range 2 | Tanker Investments Ltd.
Business Acquisition [Line Items]
Number of vessels | vessel	2
Vessels | Tanker Investments Ltd.
Business Acquisition [Line Items]
Average age of acquired property (in years)	7 years 3 months 19 days

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Shipbuilding Contracts - Narrative (Detail) t in Thousands		1 Months Ended
	Feb. 15, 2016 USD ($) subsidiary	Jun. 30, 2018 USD ($) shares	Nov. 30, 2017	Apr. 30, 2013 contract vessel subsidiary t
Property, Plant and Equipment [Line Items]
Number of special purpose subsidiaries | subsidiary	4			4
STX Offshore And Shipbuilding Co
Property, Plant and Equipment [Line Items]
Number of shipbuilding contracts | contract				4
Weight capacity in dead-weight tonnes | t				113
Litigation settlement | $	$ 8,900,000
Amount receivable in cash, in percent			7.00%
Amount receivable in equity, in percent			93.00%
Stock issued during period, shares, issued for services (in shares) | shares		315,856
Stock issued during period, value, issued for services | $		$ 0
STX Offshore And Shipbuilding Co | Orders to Construct Newbuildings [Member]
Property, Plant and Equipment [Line Items]
Number of vessels | contract				4
STX Offshore And Shipbuilding Co | Additional Order Option Maximum
Property, Plant and Equipment [Line Items]
Number of vessels | vessel				12

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Subsequent Events - Narrative (Details) - shares	Jul. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)		385,000,000.0	385,000,000.0
Capital stock, shares authorized (in shares)		485,000,000
Class A
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)		285,000,000	285,000,000
Subsequent Event | Class A
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)	485,000,000
Subsequent Event | Common Class A, Common Class B and Preferred Stock
Subsequent Event [Line Items]
Capital stock, shares authorized (in shares)	685,000,000