XML 21 R54.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivative Instruments (Notional And Fair Value Of Derivative Instruments) (Details)
3 Months Ended
Mar. 31, 2014
USD ($)
Dec. 31, 2013
JPY (¥)
Mar. 31, 2014
Interest Rate Swap - LT [Member]
USD ($)
Mar. 31, 2014
Interest Rate Swap - LT [Member]
JPY (¥)
Mar. 31, 2014
Other Liabilities [Member]
Interest Rate Swap - LT [Member]
USD ($)
Mar. 31, 2014
Other Liabilities [Member]
Foreign Exchange Contracts [Member]
USD ($)
Mar. 31, 2014
Other Current Assets [Member]
Foreign Exchange Contracts [Member]
USD ($)
Mar. 31, 2014
Other Assets [Member]
Foreign Exchange Contracts [Member]
USD ($)
Mar. 31, 2014
Current Liabilities [Member]
Foreign Exchange Contracts [Member]
USD ($)
Mar. 31, 2014
Oslo Bulk, AS [Member]
USD ($)
Derivatives, Fair Value [Line Items]                    
Asset derivatives, current notional amount             $ 450,000 $ 900,000    
Liability derivatives, current notional amount     46,640,000 [1]           31,897,000  
Derivatives, current notional amount 79,887,000                  
Asset derivatives, fair value 38,000           6,000 32,000    
Liability derivatives, fair value (3,993,000)       (3,801,000) [1] (183,000)     (9,000)  
Notional amount under contract 46,640,000 [2]                  
Exchange rate   102.53   103.23            
Original funding of vessel's delivery cost (in hundredths) 80.00%                  
Revised funding of vessel's delivery cost (in hundredths) 65.00%                  
Reduction in funding of vessel's delivery cost (in hundredths) 15.00%                  
Change in fair value related to ineffective portion of derivative instrument, loss 14,000                  
Negative balance related to an interest rate swap in Oslo Bulk AS                   $ 588,000
Ownership percentage (in hundredths)                   25.00%
[1] 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 $46.6 million (based on a Yen to USD exchange rate of 103.23 as of March 31, 2014). 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 is reflected in our statement of income (loss) for the first quarter of 2014 as a $14,000 loss. The fair value balance as of March 31, 2014, includes a negative $588,000 balance related to an interest rate swap from our 25% investment in Oslo Bulk AS.
[2] Notional amount converted from Yen at March 31, 2014 at a Yen to USD exchange rate of 103.23