Derivative Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table summarizes these derivative instruments as of June 30, 2020.

				Fair Value		Notional Amount
Interest Rate Derivative	Effective Date	Maturity Date	Interest Rate Strike	June 30, 2020	December 31, 2019	June 30, 2020	December 31, 2019
Interest rate cap contract - 1	November 15, 2020	April 30, 2026	3.25%	$38,870	$—	$5,742,750	$—
Interest rate cap contract - 2	December 15, 2020	May 31, 2026	3.25%	$40,743	$—	$5,742,750	$—
Interest rate cap contract - 3	May 15, 2021	November 30, 2026	3.25%	$52,278	$—	$5,654,336	$—
Interest rate cap contract - 4	May 15, 2021	November 30, 2026	3.25%	$52,278	$—	$5,654,336	$—
Total				$184,169

The following table summarizes assets and liabilities measured at fair value on a recurring basis at June 30, 2020 and December 31, 2019:

	Balance at
	June 30, 2020		Level 1		Level 2		Level 3
	(unaudited)
Margin accounts	$	2,023,596	$	2,023,596	$	—	$	—
Fuel swaps	$	(1,509,429)	$	—	$	(1,509,429)	$	—
Freight forward agreements	$	(31,590)	$	—	$	(31,590)	$	—
Interest Rate Derivative	$	184,169			$	184,169	$	—

	Balance at December 31, 2019		Level 1		Level 2		Level 3
Margin accounts	$	269,379	$	269,379	$	—	$	—
Fuel swaps	$	(322,313)	$	—	$	(322,313)	$	—
Freight forward agreements	$	(149,760)	$	—	$	(149,760)	$	—