v3.10.0.1
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2018
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 (loss) income from operations by segment for the three and nine months ended September 30, 2018 and September 30, 2017.
Three Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conventional Tanker Segment
 
Ship-to-Ship
Transfer Segment (2)
 
Inter-segment Adjustment (1)
 
Total
 
 
$
 
 
$
 
 
$
 
 
$
 
Revenues (3)
 
166,423

 
 
12,019

 
 
(2,527
)
 
 
175,915

 
Voyage expenses (3)
 
(85,575
)
 
 
—

 
 
2,527

 
 
(83,048
)
 
Vessel operating expenses
 
(43,432
)
 
 
(8,729
)
 
 
—

 
 
(52,161
)
 
Time-charter hire expense
 
(2,935
)
 
 
(1,382
)
 
 
—

 
 
(4,317
)
 
Depreciation and amortization
 
(28,532
)
 
 
(1,063
)
 
 
—

 
 
(29,595
)
 
General and administrative expenses (4)
 
(7,985
)
 
 
(762
)
 
 
—

 
 
(8,747
)
 
Restructuring charges
 
—

 
 
(213
)
 
 
—

 
 
(213
)
 
Loss from operations
 
(2,036
)
 
 
(130
)
 
 
—

 
 
(2,166
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity loss
 
(359
)
 
 
—

 
 
—

 
 
(359
)
 

Three Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conventional Tanker Segment
 
Ship-to-Ship Transfer Segment (2)
 
Inter-segment Adjustment (1)
 
Total
 
 
$
 
 
$
 
 
$
 
 
$
 
Revenues (3)
 
81,758

 
 
11,902

 
 
(2,422
)
 
 
91,238

 
Voyage expenses (3)
 
(20,725
)
 
 
—

 
 
2,422

 
 
(18,303
)
 
Vessel operating expenses
 
(32,227
)
 
 
(8,731
)
 
 
—

 
 
(40,958
)
 
Time-charter hire expense
 
(4,629
)
 
 
(1,206
)
 
 
—

 
 
(5,835
)
 
Depreciation and amortization
 
(23,071
)
 
 
(1,257
)
 
 
—

 
 
(24,328
)
 
General and administrative expenses (4)
 
(6,823
)
 
 
(799
)
 
 
—

 
 
(7,622
)
 
(Loss) gain on sale of vessels
 
(7,968
)
 
 
42

 
 
—

 
 
(7,926
)
 
Loss from operations
 
(13,685
)
 
 
(49
)
 
 
—

 
 
(13,734
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity loss
 
(274
)
 
 
—

 
 
—

 
 
(274
)
 
Nine Months Ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conventional Tanker Segment
 
Ship-to-Ship Transfer Segment (2)
 
Inter-segment
Adjustment (1)
 
Total
 
 
 
$
 
 
$
 
 
$
 
 
$
 
Revenues (3)
 
490,083

 
 
35,061

 
 
(9,105
)
 
 
516,039

 
Voyage expenses (3)
 
(259,079
)
 
 
—

 
 
9,105

 
 
(249,974
)
 
Vessel operating expenses
 
(131,886
)
 
 
(25,922
)
 
 
—

 
 
(157,808
)
 
Time-charter hire expense
 
(10,326
)
 
 
(4,371
)
 
 
—

 
 
(14,697
)
 
Depreciation and amortization
 
(85,171
)
 
 
(3,427
)
 
 
—

 
 
(88,598
)
 
General and administrative expenses (4)
 
(25,385
)
 
 
(2,554
)
 
 
—

 
 
(27,939
)
 
Gain on sale of vessels
 
—

 
 
170

 
 
—

 
 
170

 
Restructuring charges
 
(152
)
 
 
(1,043
)
 
 
—

 
 
(1,195
)
 
Loss from operations
 
(21,916
)
 
 
(2,086
)
 
 
—

 
 
(24,002
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity income
 
265

 
 
—

 
 
—

 
 
265

 
Nine months ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conventional Tanker Segment
 
Ship-to-Ship Transfer Segment (2)
 
Inter-segment
Adjustment (1)
 
Total

 
 
 
$
 
 
$
 
 
$
 
 
$
 
Revenues (3)
 
299,154

 
 
39,387

 
 
(8,029
)
 
 
330,512

 
Voyage expenses (3)
 
(69,517
)
 
 
—

 
 
8,029

 
 
(61,488
)
 
Vessel operating expenses
 
(100,586
)
 
 
(31,363
)
 
 
—

 
 
(131,949
)
 
Time-charter hire expense
 
(23,698
)
 
 
(3,761
)
 
 
—

 
 
(27,459
)
 
Depreciation and amortization
 
(69,857
)
 
 
(3,795
)
 
 
—

 
 
(73,652
)
 
General and administrative expenses (4)
 
(22,258
)
 
 
(2,617
)
 
 
—

 
 
(24,875
)
 
(Loss) gain on sale of vessels
 
(12,545
)
 
 
50

 
 
—

 
 
(12,495
)
 
Income (loss) from operations
 
693

 
 
(2,099
)
 
 
—

 
 
(1,406
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity loss
 
(27,174
)
 
 
—

 
 
—

 
 
(27,174
)
 
(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 was based on actual costs incurred.
(2)
Revenues, net of the inter-segment adjustment, earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's consolidated statements of loss.
(3)
The comparative periods do not include the impact of the January 1, 2018 adoption of ASU 2014-09 (see note 2).
(4)
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, 2018
 
December 31, 2017
 
$
 
$
Conventional Tanker Segment
2,036,698

 
2,089,099

Ship-to-Ship Transfer Segment
38,135

 
36,810

Cash and cash equivalents
54,361

 
71,439

Consolidated total assets
2,129,194

 
2,197,348