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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Summary of Fair Value and Carrying Value of Assets and Liabilities Measured on Recurring and Non-recurring Basis
The following table includes the estimated fair value and carrying value of those assets and liabilities that are measured at fair value on a recurring basis, as well as the estimated fair value of the Company’s financial instruments that are not accounted for at the fair value on a recurring basis. 
 
 
 
 
June 30, 2020
 
December 31, 2019
 
 
Fair
Value
Hierarchy
Level
 
Carrying
Amount
Asset /
(Liability)
$
 
Fair
Value
Asset /
(Liability)
$
 
Carrying
Amount
Asset /
(Liability)
$
 
Fair
Value
Asset /
(Liability)
$
Recurring:
 
 
 
 
 
 
 
 
 
 
Cash, cash equivalents and restricted cash
 
Level 1
 
176,110

 
176,110

 
95,332

 
95,332

Derivative instruments (note 8)
 
 
 
 
 
 
 
 
 
 
     Interest rate swap agreements (1)
 
Level 2
 
(1,038
)
 
(1,038
)
 
659

 
659

     Forward freight agreements (1)
 
Level 2
 
(165
)
 
(165
)
 
(86
)
 
(86
)
 
 
 
 
 
 
 
 
 
 
 
Non-recurring:
 
 
 
 
 
 
 
 
 
 
Operating lease right-of-use assets (note 7)
 
Level 2
 
10,758

 
10,758

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other:
 
 
 
 
 
 
 
 
 
 
Short-term debt (note 5)
 
Level 2
 
(10,000
)
 
(9,991
)
 
(50,000
)
 
(50,000
)
Advances to equity-accounted for joint venture
 
(2)
 
6,430

 
(2)

 
9,930

 
(2)

Long-term debt, including current portion (note 6)
 
Level 2
 
(312,938
)
 
(314,792
)
 
(559,679
)
 
(558,657
)
Obligations related to finance leases, including current portion (note 7)
 
Level 2
 
(402,519
)
 
(465,028
)
 
(414,788
)
 
(442,648
)
Assets held for sale (note 15)
 
Level 2
 
—

 
—

 
37,240

 
37,240

 
(1)
The fair value of the Company’s interest rate swap agreements and FFAs at June 30, 2020 and December 31, 2019 exclude accrued interest income and expenses which are recorded in accounts receivable and accrued liabilities, respectively, on the unaudited consolidated balance sheets.
(2)
The advances to its equity-accounted joint venture, together with the Company’s investment in the equity-accounted joint venture, form the net aggregate carrying value of the Company’s interests in the equity-accounted joint venture in these unaudited consolidated financial statements. The fair values of the individual components of such aggregate interests as at June 30, 2020 and December 31, 2019 were not determinable.