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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Agreements
The following table summarizes the interest rate swaps in place as of September 30, 2021 and December 31, 2020.
Interest Rate Swap detailNotional Amount outstanding
Trade dateFixed rateStart dateEnd date
September 30, 2021 (1)
December 31, 2020
March 31, 20200.64 %July 27, 2020January 26, 2024$— $72,452,297 
April 15, 20200.58 %July 27, 2020January 26, 2024— 36,226,149 
June 25, 20200.50 %July 27, 2020January 26, 2024— 57,751,148 
$— $166,429,594 
(1) In August 2021, the Company cancelled the interest rate swaps with a notional amount of $150.8 million and incurred $0.2 million loss which will be amortized as interest expense over the original life of the cancelled swaps. Concurrent with the cancellation, the Company entered into an interest rate swap with a notional amount of $143.0 million which was subsequently cancelled on September 30, 2021. The Company incurred an additional $0.2 million loss which will be amortized as interest expense over the original life of the cancelled swaps.
The effect of derivative instruments on the Statement of Operations for the three and nine months ended September 30, 2021 and 2020 is below:
Derivatives designated as hedging instrumentsLocation of loss in Statements of OperationsEffective portion of loss reclassified from Accumulated other comprehensive income/(loss)
Three Months EndedNine Months Ended
September 30, 2021September 30, 2020September 30, 2021September 30, 2020
Interest rate swapsInterest expense$(150,585)$105,114 $(446,549)$105,114 
The following table shows the interest rate swap asset and liabilities as of September 30, 2021 and December 31, 2020:
Derivatives designated as hedging instrumentsBalance Sheet locationSeptember 30, 2021December 31, 2020
Interest rate swap Fair value of derivatives - current/Current liabilities$— $481,791 
Interest rate swap Fair value of derivatives - noncurrent/Noncurrent liabilities$— $650,607 
The following table shows our open positions on FFAs as of September 30, 2021:

FFA PeriodAverage FFA Contract PriceNumber of Days Hedged
Quarter ending December 31, 2021$18,689 1260
Quarter ending March 31, 202222,407 315
Quarter ending June 30, 202222,086 315
Quarter ending September 30, 202221,735 315
Quarter ending December 31, 202221,486 315
Schedule of Non-Designated Derivative Instruments Effect 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 EndedFor the Nine Months Ended
Derivatives not designated as hedging instrumentsLocation of loss/(gain) in Statements of OperationsSeptember 30, 2021September 30, 2020September 30, 2021September 30, 2020
FFAs - realized lossRealized and unrealized loss/(gain) on derivative instruments, net$16,138,822 $2,088,537 $23,493,503 $1,404,060 
FFAs - unrealized (gain)/lossRealized and unrealized loss/(gain) on derivative instruments, net(6,787,069)1,230,727 24,381,810 3,327,509 
Bunker swaps - realized gainRealized and unrealized loss/(gain) on derivative instruments, net(800,807)(1,059,570)(2,099,177)(8,295,136)
Bunker swaps - unrealized loss/(gain)Realized and unrealized loss/(gain) on derivative instruments, net439,622 711,659 (188,337)(467,107)
Total$8,990,568 $2,971,353 $45,587,799 $(4,030,674)


Derivatives not designated as hedging instrumentsBalance Sheet locationSeptember 30, 2021December 31, 2020
FFAs - Unrealized lossFair value of derivatives - current/Current liabilities24,381,091 — 
Bunker swaps - Unrealized gainOther current assets1,097,484 352,399