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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Positions
As at September 30, 2017, the Company was committed to the following interest rate swap agreements:
 
 
Interest Rate
 
Notional Amount
 
Fair Value / Carrying Amount of Asset
 
Remaining Term
 
Fixed Interest Rate
 
 Index
 
$
 
$
 
(years)
 
(%) (1)
LIBOR-Based Debt:
 
 
 
 
 
 
 
 
 
 
 
U.S. Dollar-denominated interest rate swaps
LIBOR
 
150,414

 
 
663

 
 
3.3
 
1.46
U.S. Dollar-denominated interest rate swaps
LIBOR
 
150,000

 
 
1,384

 
 
3.3
 
1.55
U.S. Dollar-denominated interest rate swaps
LIBOR
 
50,000

 
 
1,098

 
 
3.3
 
1.16
 
(1)
Excludes the margin the Company pays on its variable-rate debt, which, as of September 30, 2017, ranged from 0.30% to 2.00%.
Schedule of Derivative Instruments
The following table presents the location and fair value amounts of derivative instruments, segregated by type of contract, on the Company’s consolidated balance sheets.
 
Current portion of derivative assets
 
Derivative assets
 
Accrued liabilities
 
Current portion of derivative liabilities
 
$
 
$
 
$
 
$
As at September 30, 2017

 

 

 

     Interest rate swap agreements
204

 
3,022

 
(65
)
 
(81
)
     Forward freight agreements
29

 
—

 
(5
)
 
—

 
233

 
3,022

 
(70
)
 
(81
)
 
 
 
 
 
 
 
 
As at December 31, 2016
 
 
 
 
 
 
 
     Interest rate swap agreements
—

 
4,251

 
(254
)
 
(1,108
)
     Stock purchase warrant
—

 
287

 
—

 
—

     Time-charter swap
875

 
—

 
(667
)
 
—

 
875

 
4,538

 
(921
)
 
(1,108
)
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
Realized and unrealized gains (losses) relating to the interest rate swaps, stock purchase warrant, time-charter swap and freight forward agreements are recognized in earnings and reported in realized and unrealized gain (loss) on derivative instruments in the Company’s consolidated statements of (loss) income as follows:
 
Three Months Ended
 
Three Months Ended
 
September 30, 2017
 
September 30, 2016
 
Realized (losses) gains
Unrealized gains (losses)
Total
 
Realized (losses) gains
Unrealized gains
(losses)
Total
 
$
$
$
 
$
$
$
Interest rate swap agreements
(154
)
401

247

 
(1,277
)
3,800

2,523

Stock purchase warrant
—

—

—

 
—

(199
)
(199
)
Time-charter swap agreement
—

—

—

 
1,096

209

1,305

Forward freight agreements
234

(91
)
143

 
—

—

—

 
80

310

390

 
(181
)
3,810

3,629

 
 
 
 
 
 
 
 
 
Nine Months Ended
 
Nine Months Ended
 
September 30, 2017
 
September 30, 2016
 
Realized (losses) gains
Unrealized gains (losses)
Total
 
Realized (losses) gains
Unrealized gains (losses)
Total
Interest rate swap agreements
(894
)
2

(892
)
 
(12,145)
5,914
(6,231)
Stock purchase warrant
—

(287
)
(287
)
 
—

(4,447
)
(4,447
)
Time-charter swap agreement
1,106

(875
)
231

 
1,222

1,554

2,776

Forward freight agreements
347

(108
)
239

 
—

—

—

 
559

(1,268
)
(709
)
 
(10,923
)
3,021

(7,902
)