Table:
|  | Year Ended | Year Ended |
| --- | --- | --- |
|  | December 31, 2019 | December 31, 2018 |
|  | $ | $ |
| Realized (losses) gains relating to: |  |  |
| Interest rate swap agreements | (8,296) | (13,898) |
| Interest rate swap agreement terminations | — | (13,681) |
| Foreign currency forward contracts | (147) | — |
| Stock purchase warrants | (25,559) | — |
| Forward freight agreements | 1,490 | 137 |
|  | (32,512) | (27,442) |
| Unrealized (losses) gains relating to: |  |  |
| Interest rate swap agreements | (7,878) | 33,700 |
| Foreign currency forward contracts | (200) | — |
| Stock purchase warrants | 26,900 | (21,053) |
| Forward freight agreements | (29) | (57) |
|  | 18,793 | 12,590 |
| Total realized and unrealized losses on derivative instruments | (13,719) | (14,852) |
Paragraphs:
Realized and unrealized (losses) gains on non-designated derivative instruments. Realized and unrealized (losses) gains related to derivative instruments that are not designated as hedges for accounting purposes are included as a separate line item in the consolidated statements of loss. Net realized and unrealized losses on non-designated derivatives were $13.7 million for 2019, compared to $14.9 million for 2018, as detailed in the table below:
The realized losses relate to amounts we actually realized for settlements related to these derivative instruments in normal course and amounts paid to terminate interest rate swap agreement terminations.
During 2019 and 2018, we had interest rate swap agreements with aggregate average net outstanding notional amounts of approximately $1.1 billion and $1.3 billion, respectively, with average fixed rates of approximately 3.0% and 2.9%, respectively. Short-term variable benchmark interest rates during these periods were generally less than 3.0% and, as such, we incurred realized losses of $8.3 million and $13.9 million during 2019 and 2018, respectively, under the interest rate swap agreements.
We did not incur any realized losses related to the termination of interest rate swaps in 2019, compared to realized losses of $13.7 million during 2018. Primarily as a result of significant changes in long-term benchmark interest rates during 2019 and 2018, we recognized unrealized losses of $7.9 million in 2019 compared to unrealized gains of $33.7 million in 2018 under the interest rate swap agreements.
During the year ended December 31, 2019, we recognized a reversal of previously unrealized losses of $26.9 million on all the warrants held by Teekay to purchase common units of Altera (or the Warrants) as a result of the sale of the Warrants to Brookfield, and we concurrently recognized a realized loss of $25.6 million during the same period. During the year ended December 31, 2018, we recognized unrealized losses of $21.1 million on the Warrants. Please read “Item 18 – Financial Statements: Note 12 – Fair Value Measurements and Financial Instruments.”
Question:
How much was the interest rate swap agreements with aggregate average net outstanding notional amounts during 2019 and 2018?
Answer: During 2019 and 2018, we had interest rate swap agreements with aggregate average net outstanding notional amounts of approximately $1.1 billion and $1.3 billion, respectively