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Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Agreements
As of September 30, 2023, the Company had the following outstanding interest rate swaps that were designated and qualified as cash flow hedges.
Range of Fixed RatesWeighted Average Fixed RateNotional Amount Outstanding
0.62% to 4.47%
1.69%$275,400 
The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 is as follows:
Fair Value of Derivative Assets/(Liabilities)
Balance Sheet LocationSeptember 30, 2023December 31, 2022
Derivatives designated as hedging instruments
Interest rate contracts – interest rate swaps
Fair value of derivative assets – current$8,529 $8,479 
Fair value of derivative assets – noncurrent5,435 8,184 
$13,964 $16,663 
Fair value of derivative liabilities – noncurrent$(444)$— 
$(444)$— 
A summary of outstanding FFAs as of September 30, 2023 is as follows:
FFA Period
Average FFA Contract Price(1)
Number of Days Hedged
Quarter ending December 31, 2023 – Buy Positions$14,196 (345)
Quarter ending December 31, 2023 – Sell Positions$12,922 1,380 
(1)Presented in whole dollars.
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations
The effect of these instruments on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2023 and 2022 is as follows:
Derivatives in Cash Flow Hedging RelationshipsGain/(Loss) Recognized in Other Comprehensive Income/(Loss)Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into EarningsGain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
Three Months EndedNine Months EndedThree Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Interest rate contracts
Interest rate swaps$1,276 $5,173 $3,997 $15,709 Interest expense$2,502 $619 $7,047 $304 
The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 is as follows:
Fair Value of Derivative Assets/(Liabilities)
Balance Sheet LocationSeptember 30, 2023December 31, 2022
Derivatives not designated as hedging instruments
Commodity contracts – FFAs
Fair value of derivative liabilities – current$(585)$(70)
$(585)$(70)
Commodity contracts – bunker swaps
Fair value of derivative assets – current$124 $— 
$124 $— 
Fair value of derivative liabilities – current$— $(93)
$— $(93)
The effect of these instruments on the Condensed Consolidated Statements of Operations, which is presented in Realized and unrealized loss/(gain) on derivative instruments, net for the three and nine months ended September 30, 2023 and 2022 is as follows:
 (Gain)/Loss Recognized in Earnings
Three Months EndedNine Months Ended
Derivatives not designated as hedging instrumentsSeptember 30, 2023September 30, 2022September 30, 2023September 30, 2022
Commodity contracts
FFAs – realized gain$(1,577)$(3,800)$(2,335)$(1)
Bunker swaps – realized gain(541)(369)(420)(4,763)
(2,118)(4,169)(2,755)(4,764)
FFAs – unrealized loss/(gain)2,354 (10,478)654 (9,359)
Bunker swaps – unrealized (gain)/loss(132)3,354 (217)842 
2,222 (7,124)437 (8,517)
Realized and unrealized loss/(gain) on derivative instruments, net$104 $(11,293)$(2,318)$(13,281)
Schedule of Accumulated Other Comprehensive Income (Loss)
Further information on the effect of these instruments on the Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2023 and 2022 is as follows:
Three Months EndedNine Months Ended
September 30, 2023September 30, 2022September 30, 2023September 30, 2022
Accumulated other comprehensive income, beginning balance$14,725 $12,737 $16,549 $1,886 
Gain recognized in Other Comprehensive Income/(Loss)1,276 5,173 3,997 15,709 
Gain reclassified from Other Comprehensive Income/(Loss) into earnings(2,502)(619)(7,047)(304)
Accumulated other comprehensive income, ending balance$13,499 $17,291 $13,499 $17,291