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Fair Value of Financial Instruments and Derivatives Instruments (Tables)
 9 Months Ended
Sep. 30, 2021
Fair Value Financial Instruments And Derivative Instruments  
Schedule of Interest Rate Derivatives Details of interest rate swap transactions entered into as of September 30, 2021 are presented in the table below:
Notional amount
Counterparty (1)InceptionExpiryFixed RateDecember 31, 2020September 30, 2021
SHIKOKUPENTE (2)August 3, 2020August 1, 20230.275%$12,927$12,288
SHIKOKUENNIA (2)July 20, 2020October 20, 20230.350%14,38512,998
MAXPENTESeptember 21, 2020August 27, 20240.322%10,15010,150
MAXENTEKASeptember 21, 2020August 27, 20240.322%9,5009,500
MAXEIKOSITESSERASeptember 21, 2020August 27, 20240.322%7,3507,350
SAFE BULKERSMarch 4, 2020September 30, 20240.990%10,00010,000
SAFE BULKERSMarch 4, 2020September 30, 20240.900%10,00010,000
SAFE BULKERSMarch 9, 2020September 30, 20240.800%10,00010,000
SAFE BULKERSMarch 10, 2020September 30, 20240.650%20,00020,000
SAFE BULKERSMarch 30, 2020September 30, 20240.600%10,00010,000
SAFE BULKERSMay 5, 2020May 5, 20250.400%10,00010,000
SAFE BULKERSJuly 10, 2020May 5, 20250.400%10,00010,000
SAFE BULKERSJuly 10, 2020May 5, 20250.380%10,00010,000
SAFE BULKERSJuly 14, 2020May 5, 20250.380%10,00010,000
SAFE BULKERSJune 4, 2020June 4, 20250.500%10,00010,000
SAFE BULKERSJune 11, 2020June 11, 20250.450%10,00010,000
SAFE BULKERSJune 15, 2020June 15, 20250.400%10,00010,000
SAFE BULKERSJune 30, 2020June 30, 20250.425%10,00010,000
SAFE BULKERSJuly 1, 2020July 1, 20250.380%10,00010,000
SAFE BULKERSJuly 9, 2020July 9, 20250.360%10,00010,000
SAFE BULKERSJuly 16, 2020July 16, 20250.350%10,00010,000
SAFE BULKERSJuly 30, 2020July 30, 20250.330%10,00010,000
SAFE BULKERSAugust 3, 2020August 3, 20250.370%10,00010,000
SAFE BULKERSFebruary 22, 2021December 31, 20250.745%—30,000
SAFE BULKERSMay 10, 2021May 10, 20260.950%—50,000
SAFE BULKERSJuly 21, 2021July 21, 20260.829%—10,000
SAFE BULKERSJuly 22, 2021July 22, 20260.770%—20,000
Total$244,312 $352,286 

(1) Under all above swap transactions, the bank effects quarterly floating-rate payments to the Company for the relevant amount based on the three-month USD LIBOR, and the Company effects quarterly payments to the bank on the relevant amount at the respective fixed rates.
(2) The notional amounts of the above transactions are reduced during the term of the swap transactions based on the expected principal outstanding under the respective facility.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains/losses in the consolidated statements of operations are shown below:

Derivatives not designated as hedging instruments
 
  
Asset Derivatives
Fair Values
Liability Derivatives
Fair Values
Type of
Contract
Balance sheet locationDecember 31, 2020September 30, 2021December 31, 2020September 30, 2021
Foreign CurrencyDerivative assets / Current assets99 — — — 
Interest RateDerivative assets / Non-current assets54 2,771 — 
Bunker FuelDerivative liabilities / Current liabilities— 408 290 
Forward FreightDerivative liabilities / Current liabilities— 174 72 
Bunker FuelDerivative liabilities / Non-current liabilities— — 116 60 
Interest RateDerivative liabilities / Non-current liabilities— — 1,280 235 
Total Derivatives$153 $2,771 $1,978 $657 
Derivative Instruments, Gain (Loss)
Amount of Gain/(Loss) Recognized on Derivatives Nine Months Period Ended
September 30, 2020September 30, 2021
Interest Rate Contracts$(1,619)$2,935 
Bunker Fuel Contracts$675 $(529)
Foreign Exchange Agreements$— $(99)
Forward Freight Agreements$(65)$(4,284)
Net Loss Recognized$(1,009)$(1,977)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2020 and as of September 30, 2021.
 
Significant Other Observable Inputs
(Level 2)
December 31, 2020September 30, 2021
Derivative instruments – asset position$153 $2,771 
Derivative instruments – liability position1,978 657