| Summary of Related Party Transactions |
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b. |
The Company charters two vessels to
Teekay. In addition, Teekay and its wholly owned subsidiary and the
Company’s manager, Teekay Tankers Management Services Ltd.
(the Manager), provide commercial, technical, strategic and
administrative services to the Company. In addition, certain of the
Company’s vessels participate in pooling arrangements that,
with the exception of an MR pool, are managed by entities owned in
whole or in part by subsidiaries of Teekay (collectively the
Pool Managers). Such related party transactions were as
follows: |
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Year
Ended |
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December 31, |
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2013 |
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2012 |
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2011 |
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$ |
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$ |
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$ |
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Time-charter revenues(i)
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13,506 |
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14,604 |
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3,873 |
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Pool management fees and commissions(ii)
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4,043 |
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3,565 |
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2,674 |
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Commercial management fees(iii)
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1,079 |
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1,118 |
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982 |
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Vessel operating expenses - crew training
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1,163 |
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2,870 |
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2,263 |
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Vessel operating expenses - technical management fee(iv)
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5,637 |
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4,379 |
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3,064 |
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General and administrative(v)
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10,783 |
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5,492 |
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3,420 |
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Vessel operating expenses - technical management fee - Dropdown
Predecessor(iv)&(note
1)
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— |
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2,566 |
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5,390 |
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General and administrative - Dropdown Predecessor(note 1)
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— |
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— |
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2,126 |
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Interest expense - Dropdown Predecessor (note 1)
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— |
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11,660 |
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36,354 |
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| (i) |
The Company has chartered-out the
Pinnacle Spirit and Summit Spirit to Teekay under
fixed-rate time-charter contracts, which expire in 2014. |
| (ii) |
The Company’s share of the Pool
Managers’ fees which are reflected as a reduction to net pool
revenues from affiliates on the Company’s consolidated
statements of loss. |
| (iii) |
The Manager’s commercial
management fees for vessels on time-charter out contracts, which
are reflected in voyage expenses on the Company’s
consolidated statements of loss. |
| (iv) |
The cost of ship management services
provided by the Manager of $5.6 million, $7.0 million and $8.5
million for the years ended December 31, 2013, 2012 and 2011,
respectively, have been presented as vessel operating expenses (see
Note 1). The amount reclassified from general and administrative to
vessel operating expenses to conform to the presentation adopted in
the current year was $4.4 million for the Company’s own fleet
and $2.6 million attributable to the Dropdown Predecessor,
respectively, for the year ended December 31, 2012. The amount
reclassified from general and administrative to vessel operating
expenses was $3.1 million for the Company’s own fleet and
$5.4 million attributable to the Dropdown Predecessor,
respectively, for the year ended December 31, 2011. |
| (v) |
The Manager’s strategic and
administrative service fees. |
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