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Segment Reporting
 6 Months Ended
Jun. 30, 2019
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 and commercial management of all of its tankers and those tankers employed on full service lightering contracts. The Company’s ship-to-ship transfer segment consists of the Company’s ship-to-ship support services, including those provided to the Company’s conventional tanker segment as part of full service lightering operations and LNG terminal management, consultancy, procurement and other related services. Segment results are evaluated based on income (loss) 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 income (loss) from operations by segment for the three and six months ended June 30, 2019 and June 30, 2018.

Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Conventional Tanker Segment
 
Ship-to-Ship
Transfer Segment
 
Inter-segment Adjustment (1)
 
Total
 
$
 
 
$
 
 
$
 
 
$
 
Revenues (2)
190,351

 
 
14,429

 
 
(2,503
)
 
 
202,277

 
Voyage expenses
(95,171
)
 
 
—

 
 
2,503

 
 
(92,668
)
 
Vessel operating expenses
(43,375
)
 
 
(10,225
)
 
 
—

 
 
(53,600
)
 
Time-charter hire expenses
(9,196
)
 
 
(1,596
)
 
 
—

 
 
(10,792
)
 
Depreciation and amortization
(29,762
)
 
 
(896
)
 
 
—

 
 
(30,658
)
 
General and administrative expenses (3)
(8,729
)
 
 
(779
)
 
 
—

 
 
(9,508
)
 
Income from operations
4,118

 
 
933

 
 
—

 
 
5,051

 
 
 
 
 
 
 
 
 
 
 
 
 
Equity loss
(169
)
 
 
—

 
 
—

 
 
(169
)
 

Three Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Conventional Tanker Segment
 
Ship-to-Ship Transfer Segment
 
Inter-segment Adjustment (1)
 
Total
 
$
 
 
$
 
 
$
 
 
$
 
Revenues (2)
163,849

 
 
11,210

 
 
(3,400
)
 
 
171,659

 
Voyage expenses
(90,333
)
 
 
—

 
 
3,400

 
 
(86,933
)
 
Vessel operating expenses
(44,738
)
 
 
(7,914
)
 
 
—

 
 
(52,652
)
 
Time-charter hire expenses
(4,113
)
 
 
(1,584
)
 
 
—

 
 
(5,697
)
 
Depreciation and amortization
(28,454
)
 
 
(1,119
)
 
 
—

 
 
(29,573
)
 
General and administrative expenses (3)
(8,433
)
 
 
(974
)
 
 
—

 
 
(9,407
)
 
Gain on sale of vessel
—

 
 
170

 
 
—

 
 
170

 
Restructuring charges
(152
)
 
 
(830
)
 
 
—

 
 
(982
)
 
Loss from operations
(12,374
)
 
 
(1,041
)
 
 
—

 
 
(13,415
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity loss
(70
)
 
 
—

 
 
—

 
 
(70
)
 
Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Conventional Tanker Segment
 
Ship-to-Ship Transfer Segment
 
Inter-segment
Adjustment (1)
 
Total
 
 
$
 
 
$
 
 
$
 
 
$
 
Revenues (2)
412,414

 
 
27,736

 
 
(5,372
)
 
 
434,778

 
Voyage expenses
(195,379
)
 
 
—

 
 
5,372

 
 
(190,007
)
 
Vessel operating expenses
(87,722
)
 
 
(20,465
)
 
 
—

 
 
(108,187
)
 
Time-charter hire expenses
(17,166
)
 
 
(3,074
)
 
 
—

 
 
(20,240
)
 
Depreciation and amortization
(58,788
)
 
 
(1,735
)
 
 
—

 
 
(60,523
)
 
General and administrative expenses (3)
(17,075
)
 
 
(1,598
)
 
 
—

 
 
(18,673
)
 
Income from operations
36,284

 
 
864

 
 
—

 
 
37,148

 
 
 
 
 
 
 
 
 
 
 
 
 
Equity income
584

 
 
—

 
 
—

 
 
584

 

Six months ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
Conventional Tanker Segment
 
Ship-to-Ship Transfer Segment
 
Inter-segment
Adjustment (1)
 
Total

 
 
$
 
 
$
 
 
$
 
 
$
 
Revenues (2)
323,660

 
 
23,042

 
 
(6,578
)
 
 
340,124

 
Voyage expenses
(173,504
)
 
 
—

 
 
6,578

 
 
(166,926
)
 
Vessel operating expenses
(88,454
)
 
 
(17,193
)
 
 
—

 
 
(105,647
)
 
Time-charter hire expenses
(7,391
)
 
 
(2,989
)
 
 
—

 
 
(10,380
)
 
Depreciation and amortization
(56,639
)
 
 
(2,364
)
 
 
—

 
 
(59,003
)
 
General and administrative expenses (3)
(17,400
)
 
 
(1,792
)
 
 
—

 
 
(19,192
)
 
Gain on sale of vessel
—

 
 
170

 
 
—

 
 
170

 
Restructuring charges
(152
)
 
 
(830
)
 
 
—

 
 
(982
)
 
Loss from operations
(19,880
)
 
 
(1,956
)
 
 
—

 
 
(21,836
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity income
624

 
 
—

 
 
—

 
 
624

 
(1)
The ship-to-ship transfer segment provides lightering support services to the conventional tanker segment for full service lightering operations and the pricing for such services was based on actual costs incurred.
(2)
Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's consolidated statements of loss.
(3)
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:
 
As at
 
As at
 
June 30, 2019
 
December 31, 2018
 
$
 
$
Conventional Tanker Segment
2,080,124

 
2,069,854

Ship-to-Ship Transfer Segment
38,375

 
36,315

Cash and cash equivalents
35,429

 
54,917

Consolidated total assets
2,153,928

 
2,161,086