Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of notional and fair value of derivative instruments

The notional and fair value amounts of our derivative instruments as of September 30, 2012 were as follows:

(Amounts in thousands)			Asset Derivatives				Liability Derivatives

	Current Notional		Balance Sheet		Fair Value		Balance Sheet		Fair Value
	Amount		Location				Location
Interest Rate Swaps - S/T	$	35,583		N/A		-	Current Liabilities		$	(634	)
Interest Rate Swaps - L/T*	$	83,174		N/A		N/A	Other Liabilities		$	(7,799	)
Foreign Exchange Contracts	$	3,644	Other Current Assets		$	172		N/A		N/A
Foreign Exchange Contracts	$	1,125		N/A			Current Liabilities		$	(34	)
Total Derivatives Designated as Hedging Instruments	$	123,526		-	$	172		-	$	(8,467	)

Schedule of derivative instruments designated as cash flow hedges on condensed consolidated statement of operations

The effect of derivative instruments designated as cash flow hedges on our condensed consolidated statements of income for the nine months ended September 30, 2012 was as follows:

(Amounts in thousands)	Net Gain / (Loss) Recognized in Other Comprehensive Income			Location of Gain (Loss) Reclassified from AOCI to Income		(Loss) Reclassified from AOCI to Income			(Loss) Recognized in Income from Ineffective portion
	2012					2012			2012
Interest Rate Swaps	$	(84	)	Interest Expense		$	(853	)	$	(97	)
Foreign Exchange contracts	$	5		Voyage Expenses		$	(43	)	$	-
Total	$	(79	)		-	$	(896	)	$	(97	)

Schedule of swap contracts outstanding

As of September 30, 2012, we had the following swap contracts outstanding:

Effective Date	Termination Date	Current Notional Amount		Swap Rate			Type
11/30/05	11/30/12	$	11,795,000		5.17	%	Fixed
3/31/08	9/30/13	$	7,929,333		3.46	%	Fixed
9/30/10	9/30/13	$	7,929,333		2.69	%	Fixed
9/30/10	9/30/13	$	7,929,333		2.45	%	Fixed
9/26/05	9/28/15	$	6,666,667		4.41	%	Fixed
9/26/05	9/28/15	$	6,666,667		4.41	%	Fixed
3/15/09	9/15/20	$	*69,840,455		2.065	%	Fixed
Total:		$	118,756,788

*Notional amount converted from Yen at September 30, 2012 at a Yen to USD exchange rate of 77.93

Schedule of notional amount of foreign exchange contracts

The following table summarizes the notional value of these contracts:

Transaction Date	Type of Currency	Transaction Amount in Dollars		Fair Value of Contracts - Asset (Liability)			Effective Date	Expiration Date
August 2011	Peso	$	225,000	$	(3,504	)	September 2011	December 2012
September 2011	Peso	$	225,000		2,918		July 2012	December 2012
September 2011	Peso	$	150,000		15,396		October 2011	December 2012
May 2012	Peso	$	750,000		40,434		January 2013	May 2013
May 2012	Peso	$	250,000		23,330		January 2013	May 2013
May 2012	Peso	$	700,000		66,330		June 2013	December 2013
May 2012	Rupiah	$	900,000		(30,177	)	July 2012	December 2012
August 2012	Yen	$	1,569,024		23,414		August 2012	December 2012
		$	4,769,024	$	138,141