Derivative Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

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

	Asset Derivative					Liability Derivative
Derivative instruments	Balance Sheet Location	09/30/2020		12/31/2019		Balance Sheet Location	9/30/2020		12/31/2019
Margin accounts (1)	Other current assets	$	2,053,309	$	269,379	Other current liabilities	$	—	$	—
Forward freight agreements (2)	Other current assets	$	—	$	—	Other current liabilities	$	89,355	$	149,760
Fuel swap contracts (2)	Other current assets	$	—	$	—	Other current liabilities	$	1,489,505	$	322,313
Interest rate cap (2)	Other current assets	$	203,912	$	—	Other current liabilities	$	—	$	—

(1) The fair value measurements were all categorized within Level 1 of the fair value hierarchy.

(2) These fair value measurements were all categorized within Level 2 of the fair value hierarchy.

Derivative Instruments, Gain (Loss)

The following table presents the effect of our derivative financial instruments on the consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019:

	Unrealized gain (loss) on derivative instruments
	For the three months ended				For the nine months ended
Derivative instruments	9/30/2020		9/30/2019		9/30/2020		9/30/2019
Forward freight agreements	$	(57,765)	$	115,675	$	60,405	$	233,130
Fuel Swap Contracts	$	19,924	$	(416,733)	$	(1,167,192)	$	1,970,769
Interest rate cap	$	19,743	$	—	$	(424,088)	$	—