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(Expressed in thousands of United States dollars) 

## 16. Financial Instruments 

The Company’s financial instruments and their designations are (i) held for trading: cash and cash equivalents; (ii) loans and receivables: accounts receivable and other assets; and (iii) other financial liabilities: accounts payable and accrued expenses, bank overdraft, short-term debt and long-term debt including current portion. 

<img src='content_image/157211.jpg'>

1 $^{Carrying value of long-term debt includes deferred debt issue costs}$ 

## Fair Values 

The fair value of long-term debt, including current portion, is calculated by discounting the future cash flows of each debt instrument at the estimated yield to maturity for the same or similar debt instruments at the balance sheet date. The fair value of long-term debt as at December 31, 2011 totalled $233.2 million, (December 31, 2010: $167.8 million). The fair value of the Company’s remaining financial instruments approximates their carrying value, reflecting either their nature or short-term maturity. 

## Fuel Option Contracts 

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1 $^{Carrying value of fuel option contracts included in Accounts Payable and Accrued Expenses.}$ 

