Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Notional And Fair Value Of Derivative Instruments



			Asset Derivatives			Liability Derivatives
			2013			2013
		Current Notional	Balance Sheet		Fair Value	Balance Sheet		Fair Value
As of September 30, 2013		Amount	Location			Location
Interest Rate Swaps - L/T*	$	51,140		$	-	Other Liabilities	$	(4,239)
Foreign Exchange Contracts		300	Other Current Assets		34
Foreign Exchange Contracts		1,200	Other Assets		21			-
Foreign Exchange Contracts		2,400				Current Liabilities		(337)
Total Derivatives designated as hedging instruments	$	55,040	-	$	55	-	$	(4,576)

*We have outstanding a variable-to-fixed interest rate swap with respect to a Yen-based facility for the financing of a PCTC delivered in March 2010. The notional amount under this contract is $51,140,065 (based on a Yen to USD exchange rate of 98.24 as of September 30, 2013). With the bank exercising its option to reduce the underlying Yen loan from 80% to 65% funding of the vessel’s delivery cost, the 15% reduction represents the ineffective portion of this swap, which consists of the portion of the derivative instrument that is no longer supported by underlying borrowings. The change in fair value related to the ineffective portion of this swap was a $17,000 loss for the quarter ended September 30, 2013 and this amount was reflected in earnings. The fair value balance as of September 30, 2013, includes a negative $717,151 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS.

Derivative Instruments, Effect On Other Comprehensive Income (Loss)



		Gain(Loss) Recognized in OCI	Location of Gain(Loss) Reclassified from AOCI to Income		Amount of Gain(Loss) Reclassified from AOCI to Income		Loss Recognized in Income from Ineffective portion
		2013			2013		2013
Interest Rate Swaps	$	2,461	Interest Expense	$	1,309	$	486
Foreign Exchange Contracts		(172)	Other Revenues		(14)		-
Total	$	2,289		$	1,295	$	486

Interest Rate Derivatives



Effective	Termination		Current
Date	Date		Notional Amount	Swap Rate		Type

3/15/2009	9/15/2020		51,140,065	2.065	%	Variable-to-Fixed
Total:		$	51,140,065

*Notional amount converted from Yen at September 30, 2013 at a Yen to USD exchange rate of 98.24

Notional Amount Of Foreign Exchange Contracts



Transaction Date	Type of Currency		Amount Available in Dollars	Effective Date	Expiration Date
May-12	Peso	$	300	Jan-13	Dec-13
Dec-12	Yen		1,500	Dec-12	Dec-13
Jan-13	Rupiah		900	Jan-13	Dec-13
Aug-13	Peso		1,200	Jan-14	Dec-14
		$	3,900