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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

PART I: FINANCIAL INFORMATION						PAGE
Item 1.			Financial Statements
			Unaudited Consolidated Statements of (Loss) Income for the three and nine months ended September 30, 2020 and 2019			1
			Unaudited Consolidated Balance Sheets as at September 30, 2020 and December 31, 2019			2
			Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019			3
			Unaudited Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2020 and 2019			4
			Notes to the Unaudited Consolidated Financial Statements			5
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			18
PART II: OTHER INFORMATION						33
SIGNATURES						34

UNAUDITED CONSOLIDATED STATEMENTS OF (LOSS) INCOME (note 1)

						Three Months Ended September 30,												Nine Months Ended September 30,
						2020						2019						2020						2019
						$						$						$						$
Voyage charter revenues (note 3)						125,819						178,174						651,223						591,746
Time-charter revenues (note 3)						42,180						1,909						92,733						6,815
Other revenues (notes 3 and 4)						2,241						7,361						14,676						34,051
Total revenues						170,240						187,444						758,632						632,612
Voyage expenses						(57,777)						(92,866)						(238,576)						(293,263)
Vessel operating expenses (note 13b)						(46,336)						(48,539)						(143,203)						(156,726)
Time-charter hire expenses						(9,070)						(10,637)						(28,245)						(30,877)
Depreciation and amortization						(29,992)						(31,536)						(89,170)						(92,059)
General and administrative expenses (note 13b)						(9,887)						(8,739)						(28,957)						(27,412)
Write-down and loss on sale of assets (note 15)						(44,973)						—						(45,164)						—
Restructuring charge (note 17)						(1,398)						—						(1,398)						—
(Loss) income from operations						(29,193)						(4,873)						183,919						32,275
Interest expense						(12,553)						(16,134)						(41,180)						(49,683)
Interest income						337						138						1,160						724
Realized and unrealized (loss) gain on derivative     instruments (note 8)						(414)						1,453						(1,830)						(1,172)
Equity income						46						68						5,174						652
Other (expense) income (note 9)						(470)						933						1,613						1,182
Net (loss) income before income tax						(42,247)						(18,415)						148,856						(16,022)
Income tax (expense) recovery (note 10)						(2,187)						(1,435)						11,747						(5,688)
Net (loss) income						(44,434)						(19,850)						160,603						(21,710)
Per common share amounts (note 14)
- Basic (loss) earnings per share						$	(1.32)					$	(0.59)					$	4.76					$	(0.65)
- Diluted (loss) earnings per share						$	(1.32)					$	(0.59)					$	4.73					$	(0.65)
Weighted-average number of Class A and Class B common stock outstanding (note 14)
- Basic						33,738,143						33,623,608						33,712,124						33,610,936
- Diluted						33,738,143						33,623,608						33,942,191						33,610,936
Related party transactions (note 13)

UNAUDITED CONSOLIDATED BALANCE SHEETS (notes 1 and 2)

						As at						As at
						September 30, 2020						December 31, 2019
						$						$
ASSETS
Current
Cash and cash equivalents						120,872						88,824
Restricted cash – current (note 16)						4,686						3,071
Accounts receivable						46,247						95,648
Assets held for sale (note 15)						—						65,458
Due from affiliates (note 13c)						3,323						697
Current portion of derivative assets (note 8)						—						577
Bunker and lube oil inventory						33,444						49,790
Prepaid expenses						13,561						10,288
Accrued revenue						29,410						106,872
Total current assets						251,543						421,225
Restricted cash – long-term (note 16)						3,437						3,437
Vessels and equipment
At cost, less accumulated depreciation of $496.4 million (2019 - $537.1 million) (note 6)						1,131,742						1,223,085
Vessels related to finance leases, at cost, less accumulated depreciation of $126.9 million    (2019 - $143.7 million) (note 7)						484,776						527,081
Operating lease right-of-use assets (note 7)						6,148						19,560
Total vessels and equipment						1,622,666						1,769,726
Investment in and advances to equity-accounted joint venture						28,635						28,112
Derivative assets (note 8)						—						82
Other non-current assets						1,175						1,923
Intangible assets at cost, less accumulated amortization of $3.6 million (2019 - $3.2 million)						2,122						2,545
Goodwill						2,426						2,426
Total assets						1,912,004						2,229,476
LIABILITIES AND EQUITY
Current
Accounts payable						41,761						70,978
Accrued liabilities (notes 13c and 17)						41,511						59,735
Short-term debt (note 5)						20,000						50,000
Due to affiliates (note 13c)						2,932						2,139
Liabilities associated with assets held for sale (note 15)						—						2,980
Current portion of derivative liabilities (note 8)						755						86
Current portion of long-term debt (note 6)						10,962						43,573
Current obligations related to finance leases (note 7)						26,794						25,357
Current portion of operating lease liabilities (note 7)						7,602						16,290
Other current liabilities						3,696						8,567
Total current liabilities						156,013						279,705
Long-term debt (note 6)						204,103						516,106
Long-term obligations related to finance leases (note 7)						369,278						389,431
Long-term operating lease liabilities (note 7)						421						3,270
Derivative liabilities (note 8)						717						—
Other long-term liabilities (note 10)						29,683						51,044
Total liabilities						760,215						1,239,556
Commitments and contingencies (notes 5, 6, 7, and 8)
Equity
Common stock and additional paid-in capital (585.0 million shares authorized, 29.1 million Class A and 4.6 million Class B shares issued and outstanding as of September 30, 2020 and 585.0 million shares authorized, 29.0 million Class A and 4.6 million Class B shares issued and outstanding as at December 31, 2019) (note 12)						1,298,821						1,297,555
Accumulated deficit						(147,032)						(307,635)
Total equity						1,151,789						989,920
Total liabilities and equity						1,912,004						2,229,476

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (note 1)

						Nine Months Ended September 30,
						2020						2019
						$						$
Cash, cash equivalents and restricted cash provided by (used for)
OPERATING ACTIVITIES
Net income (loss)						160,603						(21,710)
Non-cash items:
Depreciation and amortization						89,170						92,059
Write-down and loss on sale of assets (note 15)						45,164						—
Unrealized loss on derivative instruments (note 8)						1,948						3,960
Equity income						(5,174)						(652)
Income tax (recovery) expense (note 10)						(10,951)						4,181
Other						3,827						3,690
Change in operating assets and liabilities						72,629						18,685
Expenditures for dry docking						(9,405)						(37,430)
Net operating cash flow						347,811						62,783
FINANCING ACTIVITIES
Proceeds from short-term debt (note 5)						235,000						125,000
Proceeds from long-term debt, net of issuance costs (note 6)						544,872						56,788
Scheduled repayments of long-term debt (note 6)						(10,366)						(76,216)
Prepayments of long-term debt (note 6)						(882,495)						(109,688)
Prepayments of short-term debt (note 5)						(265,000)						(75,000)
Proceeds from financing related to sales and leaseback of vessels (note 8)						—						63,720
Scheduled repayments of obligations related to finance leases (note 7)						(18,716)						(18,075)
Other						(562)						(126)
Net financing cash flow						(397,267)						(33,597)
INVESTING ACTIVITIES
Proceeds from sale of assets (net of cash sold of $2.1 million) (note 15)						85,892						—
Expenditures for vessels and equipment						(8,881)						(7,210)
Loan repayments from equity-accounted joint venture						4,650						—
Net investing cash flow						81,661						(7,210)
Increase in cash, cash equivalents and restricted cash						32,205						21,976
Cash, cash equivalents and restricted cash, beginning of the period						96,790						60,507
Cash, cash equivalents and restricted cash, end of the period						128,995						82,483

Supplemental cash flow information (note 16)

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (note 1)

						Common Stock and Additional Paid-in Capital
						Thousands of Common Shares #						Class A Common Shares $						Class B Common Shares $						Accumulated Deficit $						Total $
Balance as at December 31, 2019						33,655						1,209,023						88,532						(307,635)						989,920
Net income						—						—						—						106,839						106,839
Equity-based compensation (note 12)						57						468						—						—						468
Balance as at March 31, 2020						33,712						1,209,491						88,532						(200,796)						1,097,227
Net income						—						—						—						98,198						98,198
Equity-based compensation (note 12)						26						374						—						—						374
Balance as at June 30, 2020						33,738						1,209,865						88,532						(102,598)						1,195,799
Net loss						—						—						—						(44,434)						(44,434)
Equity-based compensation (note 12)						—						424						—						—						424
Balance as at September 30, 2020						33,738						1,210,289						88,532						(147,032)						1,151,789

						Common Stock and Additional Paid-in Capital
						Thousands of Common Shares #						Class A Common Shares $						Class B Common Shares $						Accumulated Deficit $						Total $
Balance as at December 31, 2018						33,570						1,207,397						88,532						(348,996)						946,933
Net income						—						—						—						12,447						12,447
Equity-based compensation (note 12)						54						668						—						—						668
Balance as at March 31, 2019						33,624						1,208,065						88,532						(336,549)						960,048
Net loss						—						—						—						(14,307)						(14,307)
Equity-based compensation (note 12)						—						154						—						—						154
Balance as at June 30, 2019						33,624						1,208,219						88,532						(350,856)						945,895
Net loss						—						—						—						(19,850)						(19,850)
Equity-based compensation (note 12)						—						242						—						—						242
Balance as at September 30, 2019						33,624						1,208,461						88,532						(370,706)						926,287

1.Basis of Presentation

The unaudited interim consolidated financial statements (or unaudited consolidated financial statements) have been prepared in accordance with United States generally accepted accounting principles (or GAAP). These unaudited consolidated financial statements include the accounts of Teekay Tankers Ltd., its wholly-owned subsidiaries, equity-accounted joint venture and any variable interest entities (or VIEs) of which it is the primary beneficiary (collectively, the Company). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Certain information and footnote disclosures required by GAAP for complete annual financial statements have been omitted and, therefore, these unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2019, filed on Form 20-F with the U.S. Securities and Exchange Commission (or the SEC) on April 15, 2020. In the opinion of management, these unaudited consolidated financial statements reflect all adjustments, consisting solely of a normal recurring nature, necessary to present fairly, in all material respects, the Company’s unaudited consolidated financial position, results of operations, and cash flows for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of those for a full fiscal year. Intercompany balances and transactions have been eliminated upon consolidation.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (or COVID-19) as a pandemic. Given the dynamic nature of these circumstances, the full extent to which the COVID-19 pandemic may have direct or indirect impact on the Company's business and the related financial reporting implications cannot be reasonably estimated at this time, although the pandemic could materially affect the Company's business, results of operations and financial condition in the future. COVID-19 has resulted and may continue to result in a significant decline in global demand for oil. As the Company's business includes the transportation of crude oil and refined petroleum products on behalf of customers, any significant decrease in demand for the cargo the Company transports could adversely affect demand for the Company's vessels and services. Spot tanker rates have come under pressure since mid-May 2020 as a result of record OPEC+ oil production cuts and lower production from other oil producing countries, which reduced crude exports, and the unwinding of floating storage. COVID-19 has also been a contributing factor to the decline in short-term charter rates and the increase in certain crewing-related costs, which has had an impact on our cash flows, and was a contributing factor to the write-down of certain tankers during the nine months ended September 30, 2020 as described in Note 15 - Write-down and Loss on Sale of Assets and the reduction in certain tax accruals as described in Note 10 - Income Tax (Expense) Recovery.

2.    Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (or FASB) issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments (or ASU 2016-13). ASU 2016-13 introduces a new credit loss methodology, which requires earlier recognition of potential credit losses, while also providing additional transparency about credit risk. This new credit loss methodology utilizes a lifetime "expected credit loss" measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities and other receivables at the time the financial asset is originated or acquired. The expected credit losses are subsequently adjusted each period for changes in expected lifetime credit losses. This methodology replaces multiple existing impairment methods under previous GAAP for these types of assets, which generally required that a loss be incurred before it was recognized. The Company adopted this update on January 1, 2020. The adoption of ASU 2016-13 did not have a material impact on the Company's unaudited consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (or ASU 2019-12), as part of its initiative to reduce complexity in the accounting standards. The amendments in ASU 2019-12 eliminate certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences, among other changes. The guidance becomes effective for annual reporting periods beginning after December 15, 2020 and interim periods within those fiscal years with early adoption permitted. The Company is currently evaluating the effect of adopting this new guidance.

In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (or ASU 2020-04). This ASU provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as the London Interbank Offered Rate (or LIBOR). The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. The amendments in this ASU are effective through December 31, 2022. The Company is currently evaluating the effect of adopting this new guidance.

3.    Revenue

The Company’s primary source of revenue is from chartering its vessels (Aframax tankers, Suezmax tankers and Long Range 2 (or LR2) tankers) to its customers. The Company utilizes two primary forms of contracts, consisting of voyage charters and time-charters.

The extent to which the Company employs its vessels on voyage charters versus time charters is dependent upon the Company’s chartering strategy and the availability of time charters. Spot market rates for voyage charters are volatile from period to period, whereas time charters provide a stable source of monthly revenue. The Company also provides ship-to-ship support services, which include managing the process of transferring cargo between seagoing ships positioned alongside each other, either stationary or underway, as well as commercial management services to third-party owners of vessels. Prior to April 30, 2020, the Company managed liquefied natural gas (or LNG) terminals and procured LNG-related goods for terminal owners and other customers. For descriptions of these types of contracts, see Item 18 - Financial Statements: Note 3 in the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2019. On April 30, 2020, the Company completed the sale of the non-US portion of its ship-to-ship support services business, as well as its LNG terminal management business (see note 15).

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
			$						$						$						$
Voyage charter revenues
Suezmax			51,134						87,963						302,839						276,972
Aframax			38,847						52,845						170,680						167,981
LR2			17,007						24,759						93,666						86,711
Full service lightering			18,831						12,607						84,038						60,082
Total			125,819						178,174						651,223						591,746
Time-charter revenues
Suezmax			35,133						1,909						81,700						4,978
Aframax			4,725						—						6,883						1,837
LR2			2,322						—						4,150						—
Total			42,180						1,909						92,733						6,815
Other revenues
Ship-to-ship support services			777						4,649						8,619						17,810
Commercial management			1,464						1,893						5,665						6,219
LNG terminal management, consultancy, procurement and other			—						819						392						10,022
Total			2,241						7,361						14,676						34,051
Total revenues			170,240						187,444						758,632						632,612

As at September 30, 2020, 11 (December 31, 2019 - five) of the Company’s vessels operated under fixed-rate time charter contracts, three of which are scheduled to expire in 2020, six of which are scheduled to expire in 2021 and two of which are scheduled to expire in 2022. As at September 30, 2020, the minimum scheduled future revenues to be received by the Company under these time charters were approximately $31.6 million (remainder of 2020), $41.7 million (2021) and $5.2 million (2022) (December 31, 2019 - $40.0 million (2020)). The hire payments should not be construed to reflect a forecast of total charter hire revenue for any of the periods. Future hire payments do not include hire payments generated from new contracts entered into after September 30, 2020, from unexercised option periods of contracts that existed on September 30, 2020 or from variable consideration, if any, under contracts. In addition, future hire payments presented above have been reduced by estimated off-hire time for required periodic maintenance and do not reflect the impact of revenue sharing arrangements whereby time-charter revenues are shared with other revenue sharing arrangement participants. Actual amounts may vary given future events such as unplanned vessel maintenance.

4.    Segment Reporting

Three Months Ended September 30, 2019
			Tanker Segment									Ship-to-Ship Transfer Segment															Total
			$									$																		$
Revenues (1)			182,429									5,015																		187,444
Voyage expenses			(92,866)									—																		(92,866)
Vessel operating expenses			(44,322)									(4,217)																		(48,539)
Time-charter hire expenses			(10,637)									—																		(10,637)
Depreciation and amortization			(30,806)									(730)																		(31,536)
General and administrative expenses (2)			(8,380)									(359)																		(8,739)
Loss from operations			(4,582)									(291)																		(4,873)
Equity income			68									—																		68

Nine Months Ended September 30, 2020
			Tanker Segment									Ship-to-Ship Transfer Segment															Total
			$									$																		$
Revenues (1)			751,640									6,992																		758,632
Voyage expenses			(238,576)									—																		(238,576)
Vessel operating expenses			(137,263)									(5,940)																		(143,203)
Time-charter hire expenses			(28,245)									—																		(28,245)
Depreciation and amortization			(88,677)									(493)																		(89,170)
General and administrative expenses (2)			(28,330)									(627)																		(28,957)
(Loss) gain on sale of assets and write-down of assets			(48,245)									3,081																		(45,164)
Restructuring charge			(1,398)									—																		(1,398)
Income from operations			180,906									3,013																		183,919
Equity income			5,174									—																		5,174

Nine Months Ended September 30, 2019
			Tanker Segment									Ship-to-Ship Transfer Segment															Total
			$									$																		$
Revenues (1)			608,815									23,797																		632,612
Voyage expenses			(293,263)									—																		(293,263)
Vessel operating expenses			(137,461)									(19,265)																		(156,726)
Time-charter hire expenses			(30,877)									—																		(30,877)
Depreciation and amortization			(89,921)									(2,138)																		(92,059)
General and administrative expenses (2)			(26,295)									(1,117)																		(27,412)
Income from operations			30,998									1,277																		32,275
Equity income			652									—																		652

(1)Revenues earned from the ship-to-ship transfer segment are reflected in Other Revenues in the Company's unaudited 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).

A reconciliation of total segment assets to total assets presented in the accompanying unaudited consolidated balance sheet as at December 31, 2019, when the Company had more than one reportable segment, is as follows:

									As at
									December 31, 2019
									$
Tanker									2,114,451
Ship-to-Ship Transfer									26,201
Cash and cash equivalents									88,824
Consolidated total assets									2,229,476

5.    Short-Term Debt

In November 2018, Teekay Tankers Chartering Pte. Ltd. (or TTCL) a wholly-owned subsidiary of the Company, entered into a working capital revolving loan facility (or the Working Capital Loan), which initially provided available aggregate borrowings of up to $40.0 million for TTCL, and had an initial maturity date in May 2019, subject to extension as described below. The maximum available aggregate borrowings were subsequently increased to $80.0 million, effective December 2019. The amount available for drawdown is limited to a percentage of certain receivables and accrued revenue, which is assessed weekly. The next maturity date of the Working Capital Loan is in November 2020. The Working Capital Loan maturity date is continually extended for further periods of six months thereafter unless and until the lender gives notice in writing that no further extensions shall occur. Proceeds of the Working Capital Loan are used to provide working capital in relation to certain vessels subject to the revenue sharing agreements (or RSAs). Interest payments are based on LIBOR plus a margin of 3.5%. The Working Capital Loan is collateralized by the assets of TTCL. The Working Capital Loan requires the Company to maintain its paid-in capital contribution under the RSAs and the retained distributions of the RSA counterparties in an amount equal to the greater of (a) an amount equal to the minimum average capital contributed by the RSA counterparties per vessel in respect of the RSA (including cash, bunkers or other working capital contributions and amounts accrued to the RSA counterparties but unpaid) and (b) a minimum capital contribution ranging from $20.0 million to $30.0 million based on the amount borrowed. As at September 30, 2020, $20.0 million (December 31, 2019 - $50.0 million) was owing under this facility, and the interest rate on the facility was 3.6% (December 31, 2019 - 5.0%). As of the date these unaudited consolidated financial statements were issued, the Company was in compliance with all covenants in respect of this facility.

6.    Long-Term Debt

			As at						As at
			September 30, 2020						December 31, 2019
			$						$
Revolving Credit Facilities due through 2024			155,000						341,132
Term Loans due through 2023			67,375						221,729
Total principal			222,375						562,861
Less: unamortized discount and debt issuance costs			(7,310)						(3,182)
Total debt			215,065						559,679
Less: current portion			(10,962)						(43,573)
Long-term portion			204,103						516,106

As at September 30, 2020, the Company had one revolving credit facility (or the 2020 Revolver) (December 31, 2019 - two revolving facilities), which, as at such date, provided for aggregate borrowings of up to $485.6 million, of which $330.6 million was undrawn (December 31, 2019 - $371.5 million, of which $30.4 million was undrawn). Interest payments are based on LIBOR plus a margin, which was 2.40% as at September 30, 2020 (December 31, 2019 - ranged from 2.00% to 2.75%). The total amount available under the 2020 Revolver decreases by $47.2 million (remainder of 2020), $91.4 million (2021), $80.4 million (2022), $65.3 million (2023) and $201.3 million (2024). As at September 30, 2020, the Company also had one term loan (or the 2020 Term Loan) outstanding (December 31, 2019 - three), which totaled $67.4 million (December 31, 2019 - $221.7 million). Interest payments are based on LIBOR plus a margin, which was 2.25% as at September 30, 2020 (December 31, 2019 - based on a combination of a fixed rate of 5.40% and variable rates based on LIBOR plus margins, which ranged from 0.30% to 2.00%). The term loan reduces in quarterly payments and has a balloon repayment due at maturity in 2023. The 2020 Revolver and 2020 Term Loan are further described below.

The weighted-average interest rate on the Company’s long-term debt as at September 30, 2020 was 2.6% (December 31, 2019 - 3.7%). This rate does not reflect the effect of the Company’s interest rate swap agreement (note 8).

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 September 30, 2020, are $2.8 million (remainder of 2020), $11.2 million (2021), $11.2 million (2022), $42.2 million (2023) and $155.0 million (2024).

7.    Operating Leases and Obligations Related to Finance Leases

Operating Leases

The Company charters-in vessels from other vessel owners on time-charter contracts, whereby the vessel owner provides use and technical operation of the vessel for the Company. A time charter-in contract is typically for a fixed period of time, although in certain cases, the Company may have the option to extend the charter. The Company typically pays the owner a daily hire rate that is fixed over the duration of the charter. The Company is generally not required to pay the daily hire rate during periods the vessel is not able to operate.

As at September 30, 2020, minimum commitments to be incurred by the Company under time charter-in contracts were approximately $8.9 million (remainder of 2020), $10.5 million (2021) and $1.5 million (2022).

Obligations Related to Finance Leases

			As at						As at
			September 30, 2020						December 31, 2019
			$						$
Total obligations related to finance leases			396,072						414,788
Less: current portion			(26,794)						(25,357)
Long-term obligations related to finance leases			369,278						389,431

From 2017 to 2019, the Company completed sale-leaseback financing transactions with financial institutions relating to 16 of the Company's vessels. Under these arrangements, the Company transferred the vessels to subsidiaries of the financial institutions (collectively, the Lessors) and leased the vessels back from the Lessors on bareboat charters ranging from 9- to 12-year terms. The Company is obligated to purchase eight of the vessels upon maturity of their respective bareboat charters. The Company also has the option to purchase each of the 16 vessels at various times starting between July 2020 and November 2021 until the end of their respective lease terms. In October 2020, the Company completed the purchases of two of these vessels for a total cost of $29.6 million and in November 2020, the Company declared purchase options to acquire two more of these vessels for a total cost of $56.7 million with an expected completion date of May 2021 (see note 19).

The bareboat charters related to these vessels require that the Company maintain a minimum liquidity (cash, cash equivalents and undrawn committed revolving credit lines with at least six months to maturity) of $35.0 million and at least 5.0% of the Company's consolidated debt and obligations related to finance leases.

Four bareboat charters, entered into in July 2017, require the Company to maintain, for each vessel, a minimum hull coverage ratio of 90% of the total outstanding principal balance during the first three years of the lease period and 100% of the total outstanding principal balance thereafter. As at September 30, 2020, these ratios ranged from 119% to 141% (December 31, 2019 - ranged from 110% to 132%).

Six bareboat charters, entered into in September 2018, require the Company to maintain, for each vessel, a minimum hull coverage ratio of 75% of the total outstanding principal balance during the first year of the lease period, 78% for the second year, 80% for the following

two years and 90% of the total outstanding principal balance thereafter. As at September 30, 2020, these ratios ranged from 87% to 104% (December 31, 2019 - ranged from 106% to 123%).

Four bareboat charters, entered into in November 2018, require the Company to maintain, for each vessel, a minimum hull coverage ratio of 100% of the total outstanding principal balance. As at September 30, 2020, these ratios ranged from 113% to 156% (December 31, 2019 - ranged from 140% to 173%).

Two bareboat charters, entered into in May 2019, require the Company to maintain, for each vessel, a minimum hull coverage ratio of 75% of the total outstanding principal balance during the first year of the lease period, 78% for the second year, 80% for the following two years and 90% of the total outstanding principal balance thereafter. As at September 30, 2020, these ratios were 91% (December 31, 2019 - 109%).

Such requirements are assessed annually or quarterly with reference to vessel valuations compiled by one or more agreed upon third parties. As of the date these unaudited consolidated financial statements were issued, the Company was in compliance with all covenants in respect of its obligations related to finance leases.

The weighted-average interest rate on the Company’s obligations related to finance leases as at September 30, 2020 was 7.6% (December 31, 2019 - 7.6%).

As at September 30, 2020, the Company's total remaining commitments related to the financial liabilities of these vessels were approximately $559.7 million (December 31, 2019 - $601.7 million), including imputed interest of $163.6 million (December 31, 2019 - $186.9 million), repayable from 2020 through 2030, as indicated below:

						Commitments
Year						September 30, 2020
Remainder of 2020						14,235
2021						56,222
2022						56,213
2023						56,204
2024						56,348
Thereafter						320,481

8.    Derivative Instruments

Interest rate swap agreement

The Company uses derivative instruments in accordance with its overall risk management policies. The Company enters into interest rate swap agreements which exchange a receipt of floating interest for a payment of fixed interest to reduce the Company’s exposure to interest rate variability on its outstanding floating-rate debt. The Company has not designated, for accounting purposes, its interest rate swap as a cash flow hedge of its U.S. Dollar LIBOR-denominated borrowings.

			Interest Rate						Notional Amount						Fair Value /Carrying Amount of Liability						Remaining Term						Fixed Swap Rate
			Index						$						$						(years)						(%) (1)
LIBOR-Based Debt:
U.S. Dollar-denominated interest rate swap agreement			LIBOR						50,000						(989)						4.3						0.76

(1)Excludes the margin the Company pays on its variable-rate long-term debt, which, as of September 30, 2020, ranged from 2.25% to 2.40%.

The Company is potentially exposed to credit loss in the event of non-performance by the counterparty to the interest rate swap agreements in the event that the fair value results in an asset being recorded. In order to minimize counterparty risk, the Company only enters into interest rate swap agreements with counterparties that are rated A– or better by Standard & Poor’s or A3 or better by Moody’s at the time transactions are entered into.

Forward freight agreements

The Company uses forward freight agreements (or FFAs) in non-hedge-related transactions to increase or decrease its exposure to spot market rates, within defined limits. Net gains and losses from FFAs are recorded within realized and unrealized (loss) gain on derivative instruments in the Company's unaudited consolidated statements of (loss) income.

The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s unaudited consolidated balance sheets.

			Current portion of derivative assets						Derivative assets						Accounts receivable						Current portion of derivative liabilities						Derivative liabilities
			$						$						$						$						$
As at September 30, 2020
Interest rate swap agreement			—						—						—						(272)						(717)
Forward freight agreements			—						—						—						(483)						—
			—						—						—						(755)						(717)
As at December 31, 2019
Interest rate swap agreements			577						82						230						—						—
Forward freight agreements			—						—						—						(86)						—
			577						82						230						(86)						—

			Three Months Ended												Three Months Ended
			September 30, 2020												September 30, 2019
			Realized losses			Unrealized gains (losses)			Total						Realized gains			Unrealized (losses) gains			Total
			$			$			$						$			$			$
Interest rate swap agreements			(58)			49			(9)						613			(541)			72
Forward freight agreements			(184)			(221)			(405)						435			946			1,381
			(242)			(172)			(414)						1,048			405			1,453

			Nine Months Ended												Nine Months Ended
			September 30, 2020												September 30, 2019
			Realized gains (losses)			Unrealized losses			Total						Realized gains			Unrealized (losses) gains			Total
			$			$			$						$			$			$
Interest rate swap agreements			551			(1,648)			(1,097)						2,395			(5,010)			(2,615)
Forward freight agreements			(433)			(300)			(733)						393			1,050			1,443
			118			(1,948)			(1,830)						2,788			(3,960)			(1,172)

9.    Other (Expense) Income

			Three Months Ended September 30,												Nine Months Ended September 30,
			2020						2019						2020						2019
			$						$						$						$
Foreign exchange (loss) gain			(514)						918						534						1,100
Other income			44						15						1,079						82
Total			(470)						933						1,613						1,182

10.    Income Tax (Expense) Recovery

The following table reflects changes in uncertain tax positions relating to freight tax liabilities, which are recorded in other long-term liabilities and accrued liabilities on the Company's unaudited consolidated balance sheets:

			Nine Months Ended 30 September
			2020 $						2019 $
Balance of unrecognized tax benefits as at January 1			49,579						32,059
Increases for positions related to the current year			2,290						2,067
Changes for positions taken in prior years			(12,968)						2,114
Settlements with tax authority			(8,556)						—
Decreases related to statute of limitations			(961)						—
Balance of unrecognized tax benefits as at September 30			29,384						36,240

11.    Financial Instruments

Fair Value Measurements

For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see Item 18 - Financial Statements: Note 14 to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2019.

The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring and non-recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis. 

												September 30, 2020												December 31, 2019
						Fair Value Hierarchy Level						Carrying Amount Asset / (Liability) $						Fair Value Asset / (Liability) $						Carrying Amount Asset / (Liability) $						Fair Value Asset / (Liability) $
Recurring:
Cash, cash equivalents and restricted cash						Level 1						128,995						128,995						95,332						95,332
Derivative instruments (note 8)
Interest rate swap agreements (1)						Level 2						(989)						(989)						659						659
Forward freight agreements (1)						Level 2						(483)						(483)						(86)						(86)
Non-recurring:
Operating lease right-of-use assets (note 15)						Level 2						6,148						6,148						—						—
Vessels and equipment (3) (note 15)						Level 2						46,750						46,750						—						—
Vessels related to finance leases (3) (note 15)						Level 2						34,000						34,000						—						—
Other:
Short-term debt (note 5)						Level 2						(20,000)						(19,994)						(50,000)						(50,000)
Advances to equity-accounted joint venture						(2)						5,280						(2)						9,930						(2)
Long-term debt, including current portion (note 6)						Level 2						(222,375)						(219,271)						(559,679)						(558,657)
Obligations related to finance leases, including current     portion (note 7)						Level 2						(396,072)						(465,342)						(414,788)						(442,648)
Assets held for sale (note 15)						Level 2						—						—						37,240						37,240

(1)The fair value of the Company’s interest rate swap agreements and FFAs at September 30, 2020 and December 31, 2019 exclude accrued interest income and expenses which are recorded in accounts receivable and accrued liabilities, respectively, on the unaudited consolidated balance sheets.

(2)The advances to its equity-accounted joint venture, together with the Company’s investment in the equity-accounted joint venture, form the net aggregate carrying value of the Company’s interests in the equity-accounted joint venture in these unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests as at September 30, 2020 and December 31, 2019 were not determinable.

(3)In September 2020, the carrying values of five Aframax tankers were written down to their estimated fair values, using appraised values, primarily due to the lower near-term tanker market outlook, a reduction of charter rates, and a decline in vessel values, as a result of the current economic environment, which has been impacted by the COVID-19 global pandemic. Three of these vessels were classified as vessels and equipment and two were classified as vessels related to finance leases on the Company's unaudited consolidated balance sheet as at September 30, 2020.

12.    Capital Stock and Equity-Based Compensation

The authorized capital stock of the Company at September 30, 2020 was 100.0 million shares of Preferred Stock (December 31, 2019 - 100.0 million shares), with a par value of $0.01 per share (December 31, 2019 - $0.01 per share), 485.0 million shares of Class A common stock (December 31, 2019 - 485.0 million shares), with a par value of $0.01 per share (December 31, 2019 - $0.01 per share), and 100.0 million shares of Class B common stock (December 31, 2019 - 100.0 million shares), with a par value of $0.01 per share (December 31, 2019 - $0.01 per share). A share of Class A common stock entitles the holder to one vote per share while a share of Class B common stock entitles the holder to five votes per share, subject to a 49% aggregate Class B common stock voting power maximum. As of September 30, 2020, the Company had 29.1 million shares of Class A common stock (December 31, 2019 – 29.0 million), 4.6 million shares of Class B common stock (December 31, 2019 – 4.6 million) and no shares of preferred stock (December 31, 2019 – nil) issued and outstanding.

During the three and nine months ended September 30, 2020, the Company recorded $0.4 million and $1.3 million (2019 - $0.2 million and $0.9 million), respectively, of expenses related to restricted stock units and stock options in general and administrative expenses. During the nine months ended September 30, 2020, a total of 78.3 thousand restricted stock units (2019 - 53.8 thousand) with a market value of $1.3 million (2019 - $0.5 million) vested and were paid to the grantees by issuing 44.8 thousand shares (2019 - 34.1 thousand shares) of Class A common stock, net of withholding taxes.

13.    Related Party Transactions

a.The Company's operations are conducted in part by its subsidiaries, which receive services from Teekay's wholly-owned subsidiary, Teekay Shipping Ltd. (or the Manager) and its affiliates. The Manager provides various services under a long-term management agreement (the Management Agreement). Commencing October 1, 2018, the Company elected to receive vessel management services for its owned and leased vessels (other than certain former Tanker Investments Ltd. (or TIL) vessels, which are technically managed by a third party) from its wholly-owned subsidiaries and no longer contracts these services from the Manager.

b.Amounts received and (paid) by the Company for related party transactions for the periods indicated were as follows:

			Three Months Ended									Nine Months Ended
			September 30, 2020			September 30, 2019						September 30, 2020			September 30, 2019
			$			$						$			$
Vessel operating expenses - technical management fee (i)			(248)			—						(744)			—
Strategic and administrative service fees (ii)			(7,453)			(7,437)						(22,568)			(23,179)
Secondment fees (iii)			(95)			(21)						(337)			(120)
LNG service revenues (iv)			—			(150)						—			1,979
Technical management fee revenue (v)			169			169						507			596
Service revenues (vi)			3			100						12			317

(i)The cost of ship management services provided by a third party has been presented as vessel operating expenses on the Company's unaudited consolidated statements of (loss) income. The Company paid such third party technical management fees to the Manager in relation to certain former TIL vessels.

(ii)The Manager’s strategic and administrative service fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company’s unaudited consolidated statements of (loss) income. The Company’s executive officers are employees of Teekay or subsidiaries thereof, and their compensation (other than any awards under the Company’s long-term incentive plan) is set and paid by Teekay or such other subsidiaries. The Company compensates Teekay for time spent by its executive officers on the Company’s management matters through the strategic portion of the management fee.

(iii)The Company pays secondment fees for services provided by some employees of Teekay. Secondment fees have been presented in general and administrative expenses, except for fees related to technical management services, which have been presented in vessel operating expenses on the Company's unaudited consolidated statements of (loss) income.

(iv)In November 2016, the Company's ship-to-ship transfer business signed an operational and maintenance subcontract with Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG Partners L.P., for the Bahrain LNG Import Terminal. The terminal is owned by Bahrain LNG W.I.L., a joint venture for which Teekay LNG Operating L.L.C., an entity wholly-owned by Teekay LNG Partners L.P., has a 30% interest. The sub-contract ended in April 2019.

(v)The Company receives reimbursements from Teekay for the provision of technical management services. These reimbursements have been presented in general and administrative expenses on the Company's unaudited consolidated statements of (loss) income.

(vi)The Company recorded service revenues relating to Teekay Tanker Operations Limited's (or TTOL) administration of certain revenue sharing agreements and provision of certain commercial services to the counterparties in the agreements.

c.The Manager and other subsidiaries of Teekay collect revenues and remit payments for expenses incurred by the Company’s vessels. Such amounts, which are presented on the Company’s unaudited consolidated balance sheets in "due from affiliates" or "due to affiliates," as applicable, are without interest or stated terms of repayment. In addition, $12.2 million and $7.9 million were payable as crewing and manning costs as at September 30, 2020 and December 31, 2019, respectively, and such amounts are included in accrued liabilities in the unaudited consolidated balance sheets. These crewing and manning costs will be payable as reimbursement to the Manager once they are paid by the Manager to the vessels' crew.

d.In October 2018, the Company established a new RSA structure under TTCL and subsequently began transitioning the Company's RSA activities from TTOL to TTCL. Pursuant to a service agreement with the Teekay Aframax RSA prior to the change in structure, from time to time, the Company hired vessels to perform full service lightering services. During the three and nine months ended September 30, 2019, the Company recognized nil and $2.0 million, respectively, related to vessels that were chartered-in from the RSA to assist with full service lightering operations. These amounts have been presented in voyage expenses on the Company's unaudited consolidated statements of (loss) income.

14.    (Loss) Earnings Per Share

The net (loss) earnings available for common shareholders and (loss) earnings per common share are presented in the table below:

			Three Months Ended												Nine Months Ended
			September 30, 2020						September 30, 2019						September 30, 2020						September 30, 2019
			$						$
Net (loss) income			(44,434)						(19,850)						160,603						(21,710)
Weighted average number of common shares - basic			33,738,143						33,623,608						33,712,124						33,610,936
Dilutive effect of stock-based awards			—						—						230,067						—
Weighted average number of common shares - diluted			33,738,143						33,623,608						33,942,191						33,610,936
(Loss) earnings per common share:
– Basic			(1.32)						(0.59)						4.76						(0.65)
– Diluted			(1.32)						(0.59)						4.73						(0.65)

Stock-based awards that have an anti-dilutive effect on the calculation of diluted earnings per common share are excluded from this calculation. In the periods where a loss attributable to shareholders has been incurred, all stock-based awards are anti-dilutive. For the three and nine months ended September 30, 2020, 0.2 million and 0.1 million restricted stock units, respectively, had anti-dilutive effects on the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2020, options to acquire 0.2 million shares of the Company’s Class A common stock had anti-dilutive effects on the calculation of diluted earnings per common share.

15.    Write-down and Sale of Assets

During the three and nine months ended September 30, 2020, the carrying values of five Aframax tankers were written down to their estimated fair values, using appraised values, primarily due to the lower near-term tanker market outlook, a reduction of charter rates, and a decline in vessel values, as a result of the current economic environment, which has been impacted by the COVID-19 global pandemic. The Company's consolidated statements of (loss) income for the three and nine months ended September 30, 2020 include a $43.5 million write-down related to these vessels.

During the three and nine months ended September 30, 2020, the Company recorded write-downs of $1.4 million and $2.1 million, respectively, on its operating lease right-of-use assets, which were written-down to their estimated fair value, based on prevailing charter rates for comparable periods, due to a reduction in these charter rates.

The Company's unaudited consolidated statements of (loss) income for the nine months ended September 30, 2020 includes a gain of $3.1 million relating to the completion of the sale of the non-US portion of its ship-to-ship support services business, as well as its LNG terminal management business for proceeds of $27.1 million, including an adjustment of $1.1 million for the final amounts of cash and other working capital present on the closing date. Of the total proceeds, $14.3 million was received in May 2020 and the remaining $12.7 million was received in July 2020.

During the nine months ended September 30, 2020, the Company completed the sale of three Suezmax tankers, two of which were classified as held for sale on the Company's unaudited consolidated balance sheet as at December 31, 2019, with an aggregate loss on sales of $2.6 million.

16.    Supplemental Cash Flow Information

			As at						As at						As at						As at
			September 30, 2020						December 31, 2019						September 30, 2019						December 31, 2018
			$						$						$						$
Cash and cash equivalents			120,872						88,824						76,705						54,917
Restricted cash – current			4,686						3,071						2,341						2,153
Restricted cash – long-term			3,437						3,437						3,437						3,437
Cash and cash equivalents held for sale			—						1,121						—						—
Restricted cash held for sale - current			—						337						—						—
			128,995						96,790						82,483						60,507

															For the nine months ended
															September 30, 2020						September 30, 2019
															$						$
Leased assets obtained in exchange for new operating lease liabilities															835						22,432

17.     Restructuring Charge

During the three and nine months ended September 30, 2020, the Company recognized restructuring charges of $1.4 million. The restructuring charges relate to estimated severance costs resulting from organizational changes to the Company's tanker services and operations, partially related to the sale of the non-US portion of the Company's ship-to-ship support services business in April 2020 (note 15).

As at September 30, 2020 and December 31, 2019, restructuring liabilities of $1.4 million and nil, respectively, were recognized in accrued liabilities on the unaudited consolidated balance sheets.

18.     Liquidity

Based on the Company's liquidity as at the date these unaudited consolidated financial statements were issued, and from the expected cash flows from Company's operations over the following year, the Company estimates that it will have sufficient liquidity to continue as a going concern for at least a one-year period following the issuance of these unaudited consolidated financial statements.

19.     Subsequent Events

On October 19 and 22, 2020, the Company completed the purchases of two Aframax tankers previously under the sale-leaseback arrangement described in note 7 for a total cost of $29.6 million, using available cash.

On November 13, 2020, the Company declared purchase options to acquire two Suezmax tankers for a total cost of $56.7 million, as part of the repurchase options under the sale-leaseback arrangements described in note 7. The Company expects to complete the purchase and delivery of these vessels in May 2021.

Our business is to own and operate crude oil and product tankers, and we employ a chartering strategy that seeks to capture upside opportunities in the tanker spot market while using fixed-rate time charters to reduce potential downside risks. As an adjacency to these core competencies, we also provide full service lightering (or FSL) services. In early 2020, we entered into an agreement to sell the non-US portion of our ship-to-ship (or STS) business, and our LNG terminal management business, as described below, which sale closed on April 30, 2020. As at September 30, 2020, our fleet consisted of 60 vessels, including seven in-chartered vessels, and one 50%-owned Very Large Crude Carrier (or VLCC). The following table summarizes our fleet as at September 30, 2020:

			Owned and Leased Vessels			Chartered-in Vessels			Total
Fixed-rate:
Suezmax Tankers			8			—			8
Aframax Tankers			2			—			2
LR2 Product Tanker (1)			1			—			1
Total Fixed-Rate Fleet (2)			11			—			11
Spot-rate:
Suezmax Tankers			18			—			18
Aframax Tankers (3)			15			2			17
LR2 Product Tankers (1)(3)			8			2			10
VLCC Tanker (4)			1			—			1
Total Spot Fleet (5)			42			4			46
STS Support Vessels			—			3			3
Total Teekay Tankers Fleet			53			7			60

1.Long Range 2 (or LR2) product tankers.

2.    Three charter-out contracts are scheduled to expire in 2020, six charter-out contracts are scheduled to expire in 2021 and two charter-out contracts are scheduled to expire in 2022.

3.    One Aframax tanker is currently time-chartered in for a period of 60 months expiring in 2021, one Aframax tanker is currently time-chartered in for a period of 24 months expiring in 2021 with an option to extend for one year, and two LR2 tankers are currently time-chartered in for periods of 24 months expiring in 2021, each with an option to extend for one year.

4.    VLCC owned through a 50/50 joint venture. As at September 30, 2020, the VLCC was trading on spot voyage charters in a pooling arrangement managed by a third party.

5.    As at September 30, 2020, a total of 37 of our owned, leased and chartered-in vessels, as well as 18 vessels not in our fleet owned by third parties, were subject to revenue sharing agreements (or RSAs).

ITEMS YOU SHOULD CONSIDER WHEN EVALUATING OUR RESULTS

Effective January 1, 2020, the International Maritime Organization (or IMO) imposed a 0.50% m/m (mass by mass), global limit for sulfur in fuel oil used on board ships. To comply with this new regulatory standard, ships may utilize different fuels containing low or zero sulfur or utilize exhaust gas cleaning systems, known as “scrubbers”. We have taken, and continue to take, steps to comply with the 2020 sulfur limit. Detailed plans to address this changeover were prepared and have been successfully implemented. At present, we have not installed any scrubbers on our fleet. We have transitioned to burning compliant low sulfur fuel from January 1, 2020. The initial transition to low sulfur fuel did not have a significant impact on our operating results. The future fuel price spread between high sulfur fuel and low sulfur fuel is uncertain; however, the use of compliant low sulfur fuel is anticipated to result in an increase in voyage expenses. We expect that we will be able to recover fuel price increases from the charterers of our vessels through higher revenues from voyage charters.

In January 2020, we reached an agreement to sell the non-US portion of our STS business, as well as our LNG terminal management business for approximately $27.1 million, including an adjustment for the final amounts of cash and other working capital present on the closing date. The sale closed on April 30, 2020, resulting in a gain on sale of approximately $3.1 million. Of the total proceeds, $14.3 million was received in May 2020 and the remaining $12.7 million was received in July 2020.

In accordance with GAAP, we report gross revenues in our unaudited consolidated statements of (loss) income and include voyage expenses among our operating expenses. However, ship-owners base economic decisions regarding the employment of their vessels upon anticipated “time-charter equivalent” (or TCE) rates, which represent net revenues (or revenue less voyage expenses) divided by revenue days, and industry analysts typically measure bulk shipping freight rates in terms of TCE rates. This is because under time charter-out contracts the customer usually pays the voyage expenses, while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire rate at an approximate cost. Accordingly, the discussion of revenue below focuses on net revenues and TCE rates (both of which are non-GAAP financial measures) where applicable.

•an increase of $154.9 million due to higher overall average realized spot TCE rates earned by our Suezmax tankers, Aframax tankers and LR2 product tankers, higher earnings from our FSL dedicated vessels, as well as a higher extension rate from one time-charter out contract;

•a net increase of $43.5 million due to a higher number of vessels on time-charter out contracts earning higher rates compared to spot rates for the first three quarters of 2019, partially offset by early exit fees related to our vessels leaving the RSAs to commence time-charter out contracts in the second quarter of 2020; and

•an increase of $24.3 million due to fewer off-hire days related to dry dockings and off-hire bunker expenses compared to the same period in the prior year;

•a decrease of $45.6 million due to the impairment of five Aframax tankers and four right-of-use assets due to the lower near-term tanker market outlook, a reduction of charter rates as a result of the current economic environment, and lower vessel values;

•a decrease of $8.5 million due to the sale of one Suezmax tanker in the fourth quarter of 2019 and three Suezmax tankers in the first quarter of 2020; and

•a decrease of $8.0 million primarily due to increased crewing related costs resulting from the COVID-19 global pandemic, a higher amount of repair and maintenance activities, and higher insurance premiums.

			Three Months Ended September 30,																		Nine Months Ended September 30,
(in thousands of U.S. Dollars, except percentage changes)			2020						2019						% Change						2020						2019						% Change
Revenues			170,240						182,429						(6.7)%						751,640						608,815						23.5%
Less: Voyage expenses			(57,777)						(92,866)						(37.8)%						(238,576)						(293,263)						(18.6)%
Net revenues			112,463						89,563						25.6%						513,064						315,552						62.6%
Vessel operating expenses			(46,336)						(44,322)						4.5%						(137,263)						(137,461)						(0.1)%
Time-charter hire expenses			(9,070)						(10,637)						(14.7)%						(28,245)						(30,877)						(8.5)%
Depreciation and amortization			(29,992)						(30,806)						(2.6)%						(88,677)						(89,921)						(1.4)%
General and administrative expenses (1)			(9,887)						(8,380)						18.0%						(28,330)						(26,295)						7.7%
Write-down and loss on sale of assets			(44,973)						—						100.0%						(48,245)						—						100.0%
Restructuring charge			(1,398)						—						100.0%						(1,398)						—						100.0%
(Loss) income from operations			(29,193)						(4,582)						(537.1)%						180,906						30,998						483.6%
Equity income			46						68						(32.4)%						5,174						652						693.6%

(1)Includes direct general and administrative expenses and indirect general and administrative expenses (allocated to each segment based on estimated use of corporate resources). See the discussion under “Other Operating Results” below.

			Tanker Segment
			Three Months Ended September 30, 2020
			Revenues (1)(5)			Voyage Expenses (2)(5)			Adjustments (3)			TCE Revenues			Revenue Days			Average TCE per Revenue Day (3)
			(in thousands)			(in thousands)			(in thousands)			(in thousands)
Voyage-charter contracts - Suezmax			$	51,134		$	(21,363)		$	1,134		$	30,905		1,388			$	22,269
Voyage-charter contracts - Aframax (4)			$	48,104		$	(25,435)		$	35		$	22,704		1,534			$	14,802
Voyage-charter contracts - LR2 (4)(5)			$	25,070		$	(12,650)		$	40		$	12,460		865			$	14,400
Time-charter out contracts - Suezmax			$	35,133		$	(1,038)		$	167		$	34,262		831			$	41,216
Time-charter out contracts - Aframax			$	4,725		$	(123)		$	(5)		$	4,597		184			$	24,983
Time-charter out contracts - LR2			$	2,322		$	(126)		$	68		$	2,264		79			$	28,638
Total			$	166,488		$	(60,735)		$	1,439		$	107,192		4,881			$	21,959

(1)Excludes $1.1 million of revenue earned from our responsibilities in employing the vessels subject to the RSAs, $0.4 million of bunker commissions earned and $0.8 million of revenues related to the US portion of our STS support services operations.

(2)Includes $3.5 million of operating expenses related to providing lightering support services to our FSL operations.

(3)Adjustments primarily include off-hire bunker expenses, which are excluded from Average TCE per revenue day.

(4)Includes $18.5 million of revenues and $10.4 million of voyage expenses related to our FSL operations, which includes $3.5 million of operating expenses referenced in note (2) above related to FSL operations.

(5)Excludes $1.5 million of revenues and $0.5 million of voyage expenses related to one risk-sharing agreement that was entered into during the first quarter of 2019 for one time charter-in contract.

			Tanker Segment
			Three Months Ended September 30, 2019
			Revenues (1)(5)			Voyage Expenses (2)(5)			Adjustments (3)			TCE Revenues			Revenue Days			Average TCE per Revenue Day (3)
			(in thousands)			(in thousands)			(in thousands)			(in thousands)
Voyage-charter contracts - Suezmax			$	87,962		$	(46,368)		$	444		$	42,038		2,576			$	16,321
Voyage-charter contracts - Aframax (4)(5)			$	63,560		$	(37,209)		$	687		$	27,038		1,821			$	14,850
Voyage-charter contracts - LR2 (5)			$	23,610		$	(12,060)		$	(85)		$	11,465		780			$	14,686
Time-charter out contracts - Suezmax			$	1,909		$	(11)		$	(13)		$	1,885		92			$	20,488
Time-charter out contracts - Aframax			$	—		$	41		$	(41)		$	—		—			$	—
Total			$	177,041		$	(95,607)		$	992		$	82,426		5,269			$	15,643