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Derivative Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022 and December 31, 2021:
Interest Rate Swap detailNotional Amount outstanding (in thousands)
Trade dateFixed rateStart dateEnd dateMarch 31, 2022December 31, 2021
October 07, 20210.83 %October 12, 2021December 15, 2025$206,325 $215,663 
October 13, 20210.94 %October 15, 2021December 15, 202522,925 23,963 
October 14, 20210.93 %October 18, 2021December 15, 202522,925 23,963 
October 22, 20211.06 %October 26, 2021December 15, 202522,925 23,963 
$275,100 $287,552 
The effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 is below:
Derivatives designated as hedging instrumentsLocation of loss in Statements of OperationsEffective portion of loss reclassified from Accumulated other comprehensive income (in thousands)
Three Months Ended
March 31, 2022March 31, 2021
Interest rate swapsInterest expense$397 $145 
The following table shows our open positions on FFAs as of March 31, 2022:

FFA PeriodNumber of Days HedgedAverage FFA Contract Price
Quarter ending June 30, 2022405$16,672 
Quarter ending September 30, 20221125$22,503 
Quarter ending December 31, 2022990$20,914 
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations
The following table shows the interest rate swap assets and liabilities as of March 31, 2022 and December 31, 2021:
Derivatives designated as hedging instruments (in thousands)Balance Sheet locationMarch 31, 2022December 31, 2021
Interest rate swapFair value of derivative assets - current $2,371 $— 
Interest rate swapFair value of derivative assets - noncurrent$8,476 $3,112 
Interest rate swap Fair value of derivative liabilities - current$— $885 
The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations and Balance Sheets is as follows:

(In thousands)For the Three Months Ended
Derivatives not designated as hedging instrumentsLocation of loss/(gain) in Statements of OperationsMarch 31, 2022March 31, 2021
FFAs - realized (gain)/lossRealized and unrealized loss on derivative instruments, net$(1,772)$1,966 
FFAs - unrealized loss/(gain)Realized and unrealized loss on derivative instruments, net14,252 (277)
Bunker swaps - realized gainRealized and unrealized loss on derivative instruments, net(1,774)(753)
Bunker swaps - unrealized gainRealized and unrealized loss on derivative instruments, net(2,803)(226)
Total$7,903 $710 


Derivatives not designated as hedging instruments (in thousands)Balance Sheet locationMarch 31, 2022December 31, 2021
FFAs - Unrealized lossFair value of derivative liabilities - current$13,111 $3,368 
FFAs - Unrealized gainFair value of derivative assets - current— 4,326 
Bunker swaps - Unrealized gainFair value of derivative assets - current3,145 343