Gain / (Loss) on Sale of Vessels
During the nine-month period ended September 30, 2012, we recorded a net loss of $4.3 million mainly from the sale of four vessels (including the effect of the partial reversal of a provision recorded in 2011 for costs associated with the grounding of the vessel Rena). During the nine-month period ended September 30, 2011, we recorded a gain of $10.8 million from the sale of three vessels.
Foreign Exchange Gains
Foreign exchange gains amounted to $0.2 million and $0 during the nine-month periods ended September 30, 2012 and 2011, respectively.
Interest Income
During the nine-month periods ended September 30, 2012 and September 30, 2011, interest income was $1.1 million and $0.4 million, respectively. The change in interest income was mainly due to the increased cash deposits in interest bearing accounts during the nine-month period ended September 30, 2012, compared to the nine-month-period ended September 30, 2011, which resulted from the increased average cash balance during the nine-month period ended September 30, 2012 compared to the nine-month period ended September 30, 2011.
Interest and Finance Costs
Interest and finance costs increased by 3.2%, or $1.8 million, to $57.8 million during the nine-month period ended September 30, 2012, from $56.0 million during the nine-month period ended September 30, 2011. The increase is partly attributable to increased interest expense and commitment fees charged to us mainly in relation to new credit facilities we entered into with regards to our new-building program partly offset by the capitalized interest in relation with our newbuilding program.
Gain (Loss) on Derivative Instruments
The fair value of our 28 interest rate derivative instruments which were outstanding as of September 30, 2012, equates to the amount that would be paid by us or to us should those instruments be terminated. As of September 30, 2012, the fair value of these 28 interest rate derivative instruments in aggregate amounted to a liability of $192.8 million. Twenty-seven of the 28 interest rate derivative instruments that were outstanding as at September 30, 2012, qualified for hedge accounting and the effective portion of the change in their fair value is recorded in "Comprehensive loss". For the nine-month period ended September 30, 2012, a loss of $20.5 million has been included in "Comprehensive loss" and a loss of $1.6 million has been included in "Gain (loss) on derivative instruments" in the consolidated statement of income, resulting from the fair market value change of the interest rate derivative instruments during the nine-month period ended September 30, 2012.
Cash Flows
Nine-month periods ended September 30, 2012 and 2011
Nine-month period endedCondensed cash flows September 30, ------------------------(Expressed in millions of U.S. dollars) 2011 2012 ----------- -----------Net Cash Provided by Operating Activities $ 134.4 $ 123.4Net Cash Used in Investing Activities $ (256.6) $ (162.0)Net Cash Provided by Financing Activities $ 33.1 $ 157.7
Net Cash Provided by Operating Activities
