Derivative Instruments (Tables)

9 Months Ended

Sep. 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 Nine Months Ended
Derivatives not designated as hedging instruments	Location of loss/(gain) recognized	September 30, 2019		September 30, 2018			September 30, 2019			September 30, 2018
FFAs	Other expense/(income)	$	2,070,019	$	163,848		$	939,026		$	246,280
Bunker Swaps	Other expense/(income)	845,044		(363,192		)	(299,113		)	(1,085,601		)
Total		$	2,915,063	$	(199,344	)	$	639,913		$	(839,321	)

Derivatives not designated as hedging instruments	Balance Sheet location	September 30, 2019		December 31, 2018
FFAs - Unrealized gain	Other current assets	$	367,905	$	669,240
FFAs - Unrealized loss	Fair value of derivatives	215,400		—
Bunker Swaps - Unrealized loss	Fair value of derivatives	550,932		929,313