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Revenue
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue
Revenue
The Company’s primary source of revenue is from chartering its vessels (Aframax tankers, Suezmax tankers and Long Range 2 (or LR2) tankers) to its customers. The Company utilizes two primary forms of contracts, consisting of voyage charters and time-charters.

The extent to which the Company employs its vessels on voyage charters versus time charters is dependent upon the Company’s chartering strategy and the availability of time charters. Spot market rates for voyage charters are volatile from period to period, whereas time charters provide a stable source of monthly revenue. The Company also provides ship-to-ship support services, which include 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, prior to April 30, 2020, the Company managed liquefied natural gas (or LNG) terminals and procured LNG-related goods for terminal owners and other customers. For descriptions of these types of contracts, see Item 18 - Financial Statements: Note 3 in the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2019. On April 30, 2020, the Company completed the sale of the non-US portion of its ship-to-ship support services business, as well as its LNG terminal management business (see note 15).

The following table contains a breakdown of the Company's revenue by contract type for the three and six months ended June 30, 2020 and June 30, 2019. All revenue is part of the Company's tanker segment, except for revenue for the non-US portion of the ship-to-ship support services and LNG terminal management, consultancy, procurement, and other related services, which are part of the Company's ship-to-ship transfer segment. The Company’s lease income consists of the revenue from its voyage charters and time-charters.
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
$
 
$
 
$
 
$
Voyage charter revenues
 
 
 
 
 
 
 
     Suezmax
93,985

 
87,001

 
251,705

 
189,009

     Aframax
59,369

 
48,889

 
131,833

 
115,136

     LR2
27,873

 
26,325

 
76,659

 
61,952

     Full service lightering
26,699

 
29,280

 
65,207

 
47,475

     Total
207,926

 
191,495

 
525,404

 
413,572

 
 
 
 
 
 
 
 
Time-charter revenues
 
 
 
 
 
 
 
     Suezmax
31,000

 
1,496

 
46,567

 
3,069

     Aframax
2,158

 
—

 
2,158

 
1,837

     LR2
1,828

 
—

 
1,828

 
—

     Total
34,986

 
1,496

 
50,553

 
4,906

 
 
 
 
 
 
 
 
Other revenues
 
 
 
 
 
 
 
     Ship-to-ship support services
1,123

 
8,222

 
7,842

 
13,161

     Commercial management
1,848

 
2,090

 
4,201

 
4,326

     LNG terminal management, consultancy, procurement and other
609

 
3,704

 
392

 
9,203

     Total
3,580

 
14,016

 
12,435

 
26,690

 
 
 
 
 
 
 
 
Total revenues
246,492

 
207,007

 
588,392

 
445,168


Charters-out
As at June 30, 2020, 14 (December 31, 2019 - five) of the Company’s vessels operated under fixed-rate time charter contracts, six of which are scheduled to expire in 2020, six of which are scheduled to expire in 2021 and two of which are scheduled to expire in 2022. As at June 30, 2020, the minimum scheduled future revenues to be received by the Company under these time charters were approximately $70.5 million (remainder of 2020), $41.7 million (2021) and $5.2 million (2022) (December 31, 2019 - $40.0 million (2020)). The hire payments should not be construed to reflect a forecast of total charter hire revenue for any of the periods. Future hire payments do not include hire payments generated from new contracts entered into after June 30, 2020, from unexercised option periods of contracts that existed on June 30, 2020 or from variable consideration, if any. In addition, future hire payments presented above have been reduced by estimated off-hire time for required periodic maintenance and do not reflect the impact of revenue sharing arrangements whereby time-charter revenues
are shared with other revenue sharing arrangement participants. Actual amounts may vary given future events such as unplanned vessel maintenance.
Contract Liabilities
As at June 30, 2020, the Company had $7.7 million (December 31, 2019 - $7.5 million) advanced payments recognized as contract liabilities that are expected to be recognized as time-charter revenues in subsequent periods and which currently are included in other current liabilities on the Company's unaudited consolidated balance sheets.