XML 136 R35.htm IDEA: XBRL DOCUMENT v3.22.1
Segment Reporting (Tables)
12 Months Ended 24 Months Ended
Dec. 31, 2021
Dec. 31, 2020
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 income from operations by segment for the years ended December 31, 2020 and 2019. No results are included for the year ended December 31, 2021 as the Company only had one reportable segment during the period.
 
Year Ended December 31, 2020Tanker
Segment
$
Ship-to-Ship
Transfer
Segment
$
Total
$
Revenues (1)
879,4426,992886,434
Voyage expenses (297,225)(297,225)
Vessel operating expenses(178,293)(5,940)(184,233)
Time-charter hire expenses(36,341)(36,341)
Depreciation and amortization(116,719)(493)(117,212)
General and administrative expenses (2)
(38,379)(627)(39,006)
(Write-down) and (loss) gain on sale of assets(72,527)3,081(69,446)
Restructuring charges(1,398)(1,398)
Income from operations138,5603,013141,573
Equity income5,1005,100

Year Ended December 31, 2019Tanker
Segment
$
Ship-to-Ship
Transfer
Segment
$
Total
$
Revenues (1)
913,81630,101943,917
Voyage expenses(402,294)(402,294)
Vessel operating expenses(184,320)(24,281)(208,601)
Time-charter hire expenses(43,189)(43,189)
Depreciation and amortization(121,126)(2,876)(124,002)
General and administrative expenses (2)
(34,904)(1,500)(36,404)
Write-down and loss on sale of vessels(5,544)(5,544)
Income from operations 122,4391,444123,883
Equity income2,3452,345
(1)Revenues earned from the ship-to-ship transfer segment are reflected in other revenues in the Company's consolidated statements of (loss) income.
(2)Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources) (see note 14b).
Revenues and Percentage of Consolidated Revenues
The following table presents revenues and percentage of consolidated revenues for customers who accounted for more than 10% of the Company’s consolidated revenues during the periods presented.
Year Ended December 31,
202120202019
Shell
$60.8 million (1)
(3)
(3)
Vitol
$55.5 million (2)
(3)
(3)
(1)11% of consolidated revenues.
(2)10% of consolidated revenues.
(3)Less than 10%of consolidated revenues.