Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Effect of Non-Designated Derivative Instruments on Statement of Operations

The effect of non-designated derivative instruments on the condensed consolidated statements of operations and balance sheets is as follows:

		For the Three Months Ended					For the Six Months Ended
Derivatives not designated as hedging instruments	Location of loss/(gain) recognized	June 30, 2019		June 30, 2018			June 30, 2019			June 30, 2018
FFAs	Other expense/(income)	$	39,296	$	36,625		$	(1,130,993	)	$	82,432
Bunker Swaps	Other expense/(income)	123,809		(776,981		)	(1,144,157		)	(722,409		)
Total		$	163,105	$	(740,356	)	$	(2,275,150	)	$	(639,977	)

Derivatives not designated as hedging instruments	Balance Sheet location	June 30, 2019		December 31, 2018
FFAs - Unrealized gain	Other current assets	$	1,545,840	$	669,240
Bunker Swaps - Unrealized gain	Other current assets	211,357		—
Bunker Swaps - Unrealized loss	Fair value of derivatives	65,850		929,313