One other thing--they overpaid for the 4 tanker ships, so historical cost is high and ROE on the assets is low.
The derivatives are actually simpler to understand--they have interest rate swaps to fix some floating rate debts. Accounting rules require you to mark them to market, and since swap rates have fallen sharply, those swaps are under water [in other words, interest expense is much higher than it would have been without the swaps.] The swaps mature from 2013-2016, so if interest rates don't change at all, interest expense will drop. There are many many companies that have this accounting issue-- it's worth understanding.
The foreign currency hedges were to fix their yen costs versus the new build ships. That was a very successful hedge for them. But as the last of the builds is delivered, that statement line should disappear.