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DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
Our derivative instruments are not designated as hedging instruments and the positions at June 30, 2016 and December 31, 2015 is summarized as follows:
(in thousands of $)
 
2016

 
2015

Interest rate swaps
 
—

 
1,641

Currency swaps
 
826

 
—

 Asset - Derivatives fair value
 
826

 
1,641


(in thousands of $)
 
2016

 
2015

Interest rate swaps
 
18,959

 
1,879

Currency swaps
 
—

 
183

Bunker derivatives
 
1,643

 
3,338

 Liability - Derivatives fair value
 
20,602

 
5,400
Derivative Instruments Loss (Gain)
During the six months ended June 30, 2016 and June 30, 2015 the following amounts were recognized in the consolidated statement of operations:
 (in thousands of $)
 
 
2016

 
2015

Interest rate swaps
Interest expense
 
991

 
686

 
Unrealized fair value loss
 
18,721

 
88

Foreign currency swaps
Unrealized fair value gain
 
(974
)
 
—

 
Realized gain
 
(35
)
 
—

Forward freight agreements
Realized loss
 
38

 
—

Bunker derivatives
Realized loss (gain)
 
624

 
(112
)
 
Unrealized fair value gain
 
(1,544
)
 
(167
)
 
 
 
17,821

 
495