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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Positions The following summarizes the Company's interest rate swap agreement as at June 30, 2020: 
 
Interest Rate
 
Notional Amount
 
Fair Value /Carrying Amount of Liability
 
Remaining Term
 
Fixed Swap Rate
 
 Index
 
$
 
$
 
(years)
 
(%) (1)
LIBOR-Based Debt:
 
 
 
 
 
 
 
 
 
U.S. Dollar-denominated interest rate swap agreement
LIBOR
 
50,000

 
(1,038
)
 
4.5
 
0.76
 
(1)
Excludes the margin the Company pays on its variable-rate debt, which, as of June 30, 2020, ranged from 0.50% to 3.50%.
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 unaudited consolidated balance sheets.
 
Current portion of derivative assets
 
Derivative assets
 
Accounts receivable (Accrued liabilities)
 
Current portion of derivative liabilities
 
Derivative liabilities
 
$
 
$
 
$
 
$
 
$
As at June 30, 2020


 


 

 


 
 
     Interest rate swap agreement
—

 
—

 
—

 
(249
)
 
(789
)
     Forward freight agreements
—

 
—

 
—

 
(165
)
 
—

 
—

 
—

 
—

 
(414
)
 
(789
)
 
 
 
 
 
 
 
 
 
 
As at December 31, 2019
 
 
 
 
 
 
 
 
 
     Interest rate swap agreements
577

 
82

 
230

 
—

 
—

Forward freight agreements
—

 
—

 
—

 
(86
)
 
—

 
577

 
82

 
230

 
(86
)
 
—
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 and FFAs are recognized in earnings and reported in realized and unrealized loss on derivative instruments in the Company’s unaudited consolidated statements of income (loss) as follows:
 
Three Months Ended
 
Three Months Ended
 
June 30, 2020
 
June 30, 2019
 
Realized gains (losses)
Unrealized (losses)
gains
Total
 
Realized gains (losses)
Unrealized (losses)
gains
Total
 
$
$
$
 
$
$
$
Interest rate swap agreements
86

(483
)
(397
)
 
829

(2,699
)
(1,870
)
Forward freight agreements
(200
)
8

(192
)
 
(29
)
121

92

 
(114
)
(475
)
(589
)
 
800

(2,578
)
(1,778
)

 
Six Months Ended
 
Six Months Ended
 
June 30, 2020
 
June 30, 2019
 
Realized gains (losses)
Unrealized (losses)
Total
 
Realized gains (losses)
Unrealized (losses)
gains
Total
 
$
$
$
 
$
$
$
Interest rate swap agreements
609

(1,697
)
(1,088
)
 
1,783

(4,470
)
(2,687
)
Forward freight agreements
(249
)
(79
)
(328
)
 
(42
)
104

62

 
360

(1,776
)
(1,416
)
 
1,741

(4,366
)
(2,625
)