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Long-Term Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
 
Year Ended December 31,
2021
$		2020
$
Revolving credit facility due through 2024271,167185,000
Term loan due in 202353,33964,568
Total principal
324,506249,568
Less: unamortized discount and debt issuance costs
(4,215)(6,607)
Total debt
320,291242,961
Less: current portion
(15,500)(10,858)
Long-term portion304,791232,103

As at December 31, 2021, the Company had one revolving credit facility (or the 2020 Revolver), which, as at such date, provided for aggregate borrowings of up to $344.9 million (December 31, 2020 - $438.4 million), of which $73.7 million (December 31, 2020 - $253.4 million) was undrawn. Interest payments are based on LIBOR plus a margin, which was 2.40% as at December 31, 2021 (December 31, 2020 - 2.40%). The total amount available under the 2020 Revolver decreases by $78.3 million (2022), $65.3 million (2023) and $201.3 million (2024). The 2020 Revolver is collateralized by 29 of the Company's vessels, together with other related security.

As at December 31, 2021, the Company also had one term loan (or the 2020 Term Loan) outstanding, which totaled $53.3 million (December 31, 2020 - $64.6 million). Interest payments are based on LIBOR plus a margin, which was 2.25% as at December 31, 2021 (December 31, 2020 - 2.25%). The term loan reduces in quarterly payments and has a balloon repayment due at maturity in 2023. The 2020 Term Loan is collateralized by four of the Company's vessels, together with other related security.

The 2020 Revolver and the 2020 Term Loan require the Company to maintain a minimum hull coverage ratio of 125% of the total outstanding drawn balance and 125% of the total outstanding principal balance, respectively, for the facility periods. Such requirements are assessed on a semi-annual basis with reference to vessel valuations compiled by two or more agreed upon third parties. Should the ratios drop below the required amounts, the lender may request that the Company either prepay a portion of the loan in the amount of the shortfall or provide additional collateral in the amount of the shortfall, at the Company's option. As at December 31, 2021, the hull coverage ratios were 249% and 186% for the 2020 Revolver and 2020 Term Loan, respectively. A decline in the tanker market could negatively affect these ratios. In addition, the Company is required to maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of the greater of $35.0 million and at least 5% of the Company's total consolidated debt and obligations related to finance leases. As at December 31, 2021, the Company was in compliance with all covenants in respect of the 2020 Revolver and the 2020 Term Loan.

The weighted-average interest rate on the Company’s long-term debt as at December 31, 2021 was 2.5% (December 31, 2020 – 2.6%). This rate does not reflect the effect of the Company’s interest rate swap agreement (see note 11).
The aggregate annual long-term debt principal repayments required to be made by the Company under the 2020 Revolver and the 2020 Term Loan subsequent to December 31, 2021, are $15.8 million (2022), $107.4 million (2023) and $201.3 million (2024).