v3.5.0.2
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2016
Segment Reporting [Abstract]  
Schedule of Company's Revenue and Income From Operations by Segment
The following table includes results for the Company’s revenues and income from vessel operations by segment for the period ended September 30, 2016.
Three Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conventional
 
Ship-to-Ship
 
 
 
 
 
 
 
Tanker
 
Transfer
 
Inter-segment
 
 
 
 
 
Segment
 
Segment
 
Adjustment (1)
 
Total
Revenues
 
95,626

 
 
9,837

 
 
(842
)
 
 
104,621

 
Voyage expenses
 
(15,775
)
 
 
—

 
 
842

 
 
(14,933
)
 
Vessel operating expenses
 
(37,462
)
 
 
(7,321
)
 
 
—

 
 
(44,783
)
 
Time-charter hire expense
 
(10,784
)
 
 
(551
)
 
 
—

 
 
(11,335
)
 
Depreciation and amortization
 
(24,651
)
 
 
(1,237
)
 
 
—

 
 
(25,888
)
 
General and administrative expenses
 
(2,955
)
 
 
(617
)
 
 
—

 
 
(3,572
)
 
Asset impairment
 
(7,766
)
 
 
—

 
 
—

 
 
(7,766
)
 
Loss on sale of vessel
 
(137
)
 
 
—

 
 
—

 
 
(137
)
 
(Loss) income from operations (2)
 
(3,904
)
 
 
111

 
 
—

 
 
(3,793
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Income
 
1,045

 
 
—

 
 
—

 
 
1,045

 

(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 is based on estimated costs incurred of approximately $25,000 per voyage.
(2)
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

Three months ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conventional
 
Ship-to-Ship
 
 
 
 
 
 
 
Tanker
 
Transfer
 
Inter-segment
 
 
 
 
 
Segment
 
Segment
 
Adjustment (1)
 
Total
Revenues
 
117,863

 
 
8,850

 
 
(312
)
 
 
126,401

 
Voyage expenses
 
(2,461
)
 
 
(192
)
 
 
—

 
 
(2,653
)
 
Vessel operating expenses
 
(29,164
)
 
 
(6,415
)
 
 
312

 
 
(35,267
)
 
Time-charter hire expense
 
(21,344
)
 
 
(38
)
 
 
—

 
 
(21,382
)
 
Depreciation and amortization
 
(17,234
)
 
 
(644
)
 
 
—

 
 
(17,878
)
 
General and administrative expenses
 
(3,398
)
 
 
(912
)
 
 
—

 
 
(4,310
)
 
Restructuring charges
 
—

 
 
(327
)
 
 
—

 
 
(327
)
 
Income from operations (2)
 
44,262

 
 
322

 
 
—

 
 
44,584

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Income
 
2,762

 
 
—

 
 
—

 
 
2,762

 
(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 is based on estimated costs incurred of approximately $25,000 per voyage.
(2)
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

Nine Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conventional
 
Ship-to-Ship
 
 
 
 
 
 
 
 
Tanker
 
Transfer
 
Inter-segment
 
 
 
 
 
Segment
 
Segment
 
Adjustment (1)
 
Total
Revenues
 
380,283

 
 
30,922

 
 
(2,013
)
 
 
409,192

 
Voyage expenses
 
(39,527
)
 
 
—

 
 
2,013

 
 
(37,514
)
 
Vessel operating expenses
 
(112,248
)
 
 
(23,997
)
 
 
—

 
 
(136,245
)
 
Time-charter hire expense
 
(46,670
)
 
 
(1,294
)
 
 
—

 
 
(47,964
)
 
Depreciation and amortization
 
(74,925
)
 
 
(3,651
)
 
 
—

 
 
(78,576
)
 
General and administrative expenses
 
(11,359
)
 
 
(2,415
)
 
 
—

 
 
(13,774
)
 
Asset impairments
 
(14,186
)
 
 
—

 
 
—

 
 
(14,186
)
 
Loss on sale of vessel
 
(137
)
 
 
—

 
 
—

 
 
(137
)
 
Income (loss) from operations (2)
 
81,231

 
 
(435
)
 
 
—

 
 
80,796

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Income
 
9,599

 
 
—

 
 
—

 
 
9,599

 

(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 is based on estimated costs incurred of approximately $25,000 per voyage.
(2)
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).

Nine months ended September 30, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conventional
 
Ship-to-Ship
 
 
 
 
 
 
 
 
Tanker
 
Transfer
 
Inter-segment
 
 
 
 
 
Segment
 
Segment
 
Adjustment (1)
 
Total
Revenues
 
336,669

 
 
8,850

 
 
(312
)
 
 
345,207

 
Voyage expenses
 
(9,972
)
 
 
(192
)
 
 
—

 
 
(10,164
)
 
Vessel operating expenses
 
(80,982
)
 
 
(6,415
)
 
 
312

 
 
(87,085
)
 
Time-charter hire expense
 
(53,140
)
 
 
(38
)
 
 
—

 
 
(53,178
)
 
Depreciation and amortization
 
(47,702
)
 
 
(644
)
 
 
—

 
 
(48,346
)
 
General and administrative expenses
 
(10,080
)
 
 
(912
)
 
 
—

 
 
(10,992
)
 
Restructuring charges
 
(4,445
)
 
 
(327
)
 
 
—

 
 
(4,772
)
 
Income from operations (2)
 
130,348

 
 
322

 
 
—

 
 
130,670

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Income
 
8,931

 
 
—

 
 
—

 
 
8,931

 

(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 is based on estimated costs incurred of approximately $25,000 per voyage.
(2)
Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources).
Reconciliation of Total Segment Assets to Total Assets Presented in Consolidated Balance Sheets
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets is as follows:

 
As at
 
As at
 
September 30, 2016
 
December 31, 2015
 
$
 
$
Conventional Tanker
1,842,803

 
2,020,317

Ship-to-Ship Transfer
30,499

 
24,429

Cash and cash equivalents
59,237

 
96,417

Accounts receivable
25,245

 
28,313

Consolidated total assets
1,957,784

 
2,169,476