Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2014

Notional And Fair Value Of Derivative Instruments



			Asset Derivatives			Liability Derivatives
			2014			2014
		Current Notional	Balance Sheet		Fair Value	Balance Sheet		Fair Value
(All Amounts in Thousands)		Amount	Location			Location
Interest Rate Swaps - L/T*	$	42,000		$	-	Other Liabilities	$	(5,262)
Foreign Exchange Contracts		31,231	Other Current Assets		7	Current Liabilities	$	(115)
Total Derivatives designated as hedging instruments	$	73,231		$	7		$	($5,377)

*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 $42.0 million (based on a Yen to USD exchange rate of 109.65 as of September 30, 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 third quarter of 2014 as an $89,000 gain. The fair value balance as of September 30, 2014, includes a negative $461,000 balance related to an interest rate swap associated with 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 AOCL** to Income		Amount of Gain(Loss) Reclassified from AOCL to Income		Gain/(Loss) Recognized in Income from Ineffective portion
(All Amounts in Thousands)		2014			2014		2014
Interest Rate Swaps	$	446	Interest Expense	$	1,048	$	57
Foreign Exchange Contracts		(24)	Other Revenues		116		-
Total	$	422		$	1,164	$	57

* Other Comprehensive (Loss) Income
**Accumulated Other Comprehensive Loss

Interest Rate Derivatives


(All Amounts in Thousands)
Effective	Termination		Current
Date	Date		Notional Amount*	Swap Rate		Type

3/15/2009	9/15/2020	$	42,000	2.065	%	Variable-to-Fixed

*Notional amount converted from Yen at September 30, 2014 at a Yen to USD exchange rate of 109.65.

Notional Amount Of Foreign Exchange Contracts


(All Amounts in Thousands)
Transaction Date	Type of Currency		Amount Available in Dollars	Effective Date	Expiration Date
Aug-13	Peso	$	300	Jan-14	Dec-14
Nov-13	Peso		150	Jan-14	Dec-14
May-14	Yen		831	May-14	Dec-14
May-14	Yen		831	May-14	Mar-15
May-14	Yen		28,219	Jan-15	Dec-15
Sep-14	Peso		900	Jan-15	Dec-15
		$	31,231