Subsequent Event

3 Months Ended

Mar. 31, 2015

Subsequent Event [Abstract]

Subsequent Event

NOTE 20 – SUBSEQUENT EVENT

On April 24, 2015, we entered into a new loan agreement with DVB Bank SE in the amount of $32.0 million by refinancing our 2010 built PCTC. We received the loan proceeds on April 24, 2015 and applied them as follows: (i) $28.1 million to pay off an outstanding Yen facility in the amount of 2.9 billion Yen and the related Yen forward contract and (ii) $2.9 million to settle a Yen denominated interest rate swap.  Under the new DVB loan agreement, interest will be payable at a fixed rate of 4.16% with the principal being paid quarterly over a five-year term based on an amortization of ten years with a final quarterly balloon payment of $16.8 million due on April 22, 2020.  As part of the settlement of the interest rate swap, we recorded a derivative loss of $2.8 million in the first quarter of 2015, which was previously classified as an unrecognized loss in Other Accumulated Comprehensive Income. We anticipate additional losses in the second quarter of 2015 of approximately $0.5 million as a result of the early debt payoff and related derivative settlement.