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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

 

June 30, 2024

 

 

December 31, 2023

 

 

Book
Value

 

 

Fair
Value

 

 

Book
Value

 

 

Fair
Value

 

Cash and cash equivalents

 

$

271,989

 

 

$

271,989

 

 

$

240,378

 

 

$

240,378

 

Restricted cash

 

$

7,855

 

 

$

7,855

 

 

$

8,797

 

 

$

8,797

 

Other investments

 

$

38,543

 

 

$

38,543

 

 

$

47,000

 

 

$

47,000

 

Amounts due from related parties, short-term

 

$

29,784

 

 

$

29,784

 

 

$

—

 

 

$

—

 

Amounts due from related parties, long-term

 

$

—

 

 

$

—

 

 

$

39,570

 

 

$

39,570

 

Amounts due to related parties, short-term

 

$

—

 

 

$

—

 

 

$

(32,026

)

 

$

(32,026

)

Credit facilities and financial liabilities, including current portion, net

 

$

(1,522,313

)

 

$

(1,542,634

)

 

$

(1,393,049

)

 

$

(1,410,563

)
Fair Value Measurements - Fair Value Measurements on a Nonrecurring Basis

 

Fair Value Measurements as at June 30, 2024

 

 

Total

 

 

Level I

 

 

Level II

 

 

Level III

 

Cash and cash equivalents

 

$

271,989

 

 

$

271,989

 

 

$

—

 

 

$

—

 

Restricted cash

 

$

7,855

 

 

$

7,855

 

 

$

—

 

 

$

—

 

Other investments

 

$

38,543

 

 

$

38,543

 

 

$

—

 

 

$

—

 

Amounts due from related parties, short-term

 

$

29,784

 

 

$

—

 

 

$

29,784

 

 

$

—

 

Credit facilities and financial liabilities, including current portion, net (1)

 

$

(1,542,634

)

 

$

—

 

 

$

(1,542,634

)

 

$

—

 

 

 

Fair Value Measurements as at December 31, 2023

 

 

Total

 

 

Level I

 

 

Level II

 

 

Level III

 

Cash and cash equivalents

 

$

240,378

 

 

$

240,378

 

 

$

—

 

 

$

—

 

Restricted cash

 

$

8,797

 

 

$

8,797

 

 

$

—

 

 

$

—

 

Other investments

 

$

47,000

 

 

$

47,000

 

 

$

—

 

 

$

—

 

Amounts due from related parties, long-term

 

$

39,570

 

 

$

—

 

 

$

39,570

 

 

$

—

 

Amounts due to related parties, short-term

 

$

(32,026

)

 

$

—

 

 

$

(32,026

)

 

$

—

 

Credit facilities and financial liabilities, including current portion, net (1)

 

$

(1,410,563

)

 

$

—

 

 

$

(1,410,563

)

 

$

—

 

 

(1)
The fair value of the Company’s credit facilities and financial liabilities is estimated based on currently available credit facilities, financial liabilities, interest rate and remaining maturities as well as taking into account the Company’s creditworthiness.
Fair Value Measurements - Fair Value of Assets Measured at Fair Value on a Non-recurring Basis

As of June 30, 2024, the estimated fair value of the Company’s vessels measured at fair value on a non-recurring basis, is based on the third party valuation reports and is categorized based upon the fair value hierarchy as follows:

 

Fair Value Measurements as at June 30, 2024

 

 

Total

 

 

Level I

 

 

Level II

 

 

Level III

 

Vessels

 

$

25,510

 

 

$

—

 

 

$

25,510

 

 

$

—

 

 

Fair Value Measurements as at December 31, 2023

 

 

Total

 

 

Level I

 

 

Level II

 

 

Level III

 

Operating leases

 

$

3,595

 

 

$

—

 

 

$

—

 

 

$

3,595