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Financial Instruments
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
Fair Value Measurements
For a description of how the Company estimates fair value and for a description of the fair value hierarchy levels, see Item 18 - Financial Statements: Note 14 to the Company’s audited consolidated financial statements filed with its Annual Report on Form 20-F for the year ended December 31, 2019.
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 and non-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. 
  September 30, 2020December 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 cashLevel 1128,995128,99595,33295,332
Derivative instruments (note 8)
     Interest rate swap agreements (1)
Level 2(989)(989)659659
     Forward freight agreements (1)
Level 2(483)(483)(86)(86)
Non-recurring:
Operating lease right-of-use assets (note 15)
Level 26,1486,148——
Vessels and equipment (3) (note 15)
Level 246,75046,750——
Vessels related to finance leases (3) (note 15)
Level 234,00034,000——
Other:
Short-term debt (note 5)
Level 2(20,000)(19,994)(50,000)(50,000)
Advances to equity-accounted joint venture(2)5,280(2)9,930(2)
Long-term debt, including current portion (note 6)
Level 2(222,375)(219,271)(559,679)(558,657)
Obligations related to finance leases, including current
    portion (note 7)
Level 2(396,072)(465,342)(414,788)(442,648)
Assets held for sale (note 15)
Level 2——37,24037,240
 
(1)The fair value of the Company’s interest rate swap agreements and FFAs at September 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 September 30, 2020 and December 31, 2019 were not determinable.
(3)I