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Financial Instruments and Fair Value Disclosures | 6 Months Ended
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Jun. 30, 2024
Financial Instruments and Fair Value Disclosures [Abstract] |
Financial Instruments and Fair Value Disclosures | 14. Financial Instruments and Fair Value Disclosures Interest rate risk and concentration of credit risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. The ability and willingness of each of the Company’s counterparties to perform their obligations under a contract depend upon a number of factors that are beyond the Company’s control and may include, among other things, general economic conditions, the state of the capital markets, the condition of the shipping industry and charter hire rates. The Company’s credit risk with financial institutions is limited as it has temporary cash investments, consisting mostly of deposits, placed with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and by receiving payments of hire in advance. The Company, generally, does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. For the six months ended June 30, 2024 and 2023 charterers that individually accounted for 10 % or more of the Company’s time charter revenues were as follows: For the six months ended June 30, Charterer 2024 2023 Cargill International SA * 16% *Less than 10% The Company is exposed to interest rate fluctuations associated with its variable rate borrowings. On July 6, 2023, the company entered into an interest rate swap with DNB (Note 8) to manage part of such exposure. Fair value of assets and liabilities The carrying values of financial assets reflected in the accompanying consolidated balance sheet approximate their respective fair values due to the short-term nature of these financial instruments. The fair value of long-term bank loans with variable interest rates approximates the recorded values, generally due to their variable interest rates. Fair value measurements disclosed As of June 30, 2024, the Bond having a fixed interest rate and a carrying value of $ 119,100 (Note 8) had a fair value of $ 123,090 determined through the Level 1 input of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements. Other Fair value measurements December 31, 2023 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Observable Inputs (Level 3) Assets Recurring fair value measurements Investments in equity securities $ 20,729 $ 20,729 $ $ Investments in related party 8,315 8,138 177 Interest rate swap, asset 129 129 Total recurring fair value measurements $ 29,173 $ 28,867 $ 129 $ 177 Non-recurring fair value measurements Equity method investments $ 4,519 $ $ 4,519 Long-lived assets held for use 7,809 7,809 Total non-recurring fair value measurements $ 12,328 $ 7,809 $ 4,519 Liabilities Recurring fair value measurements Warrant liability $ 6,332 $ 6,332 $ Interest rate swap, liability 568 568 Total recurring fair value measurements $ 6,900 $ 6,332 $ 568 June 30, 2024 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Observable Inputs (Level 3) Assets Recurring fair value measurements Investments in equity securities Investments in related party $ 6,968 $ 6,788 $ - $ 180 Interest rate swap, asset 148 148 Total recurring fair value measurements $ 7,116 $ 6,788 $ 148 $ 180 Liabilities Recurring fair value measurements Warrant liability $ 9,286 $ 9,286 $ - Interest rate swap, liability 226 226 Total recurring fair value measurements $ 9,512 $ 9,286 $ 226

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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