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Fair Value Measurements and Hedging (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Schedule of Derivative Instruments | Schedule of Derivative Instruments
Counterparty | Trading Date | Inception | Maturity | Fixed Interest Rate | Notional amount as of inception | Notional amount as of December 31, 2020
ING | Mar-20 | 29 March 2020 | 29 March 2026 | 0.7000% | $ 29,960 | $ 28,355
DNB | Mar-20 | 30 March 2020 | 28 September 2023 | 0.6370% | $ 128,913 | $ 74,442
SEB | Mar-20 | 30 March 2020 | 28 September 2023 | 0.6320% | $ 51,565 | $ 29,819
ING | Mar-20 | 2 April 2020 | 2 October 2025 | 0.7000% | $ 39,375 | $ 37,500
ING | Mar-20 | 3 April 2020 | 3 April 2023 | 0.6750% | $ 16,157 | $ 15,536
SEB | Mar-20 | 30 April 2020 | 30 January 2025 | 0.7270% | $ 58,885 | $ 56,179
Citi | Jun-20 | 30 July 2020 | 18 October 2023 | 0.3300% | $ 104,450 | $   100,800
Citi | Jun-20 | 10 August 2020 | 10 May 2024 | 0.3510% | $ 56,075 | $ 54,777
Citi | Jun-20 | 22 June 2020 | 20 December 2023 | 0.3380% | $ 94,538 | $ 87,878
Citi | Jun-20 | 29 June 2020 | 28 August 2023 | 0.3280% | $ 56,915 | $ 52,635
Citi | Jun-20 | 21 July 2020 | 21 July 2023 | 0.3250% | $ 99,816 | $ 97,598
Citi | Jun-20 | 28 August 2020 | 28 May 2024 | 0.3520% | $ 31,350 | $ 30,620
Citi | Jun-20 | 1 September 2020 | 1 March 2024 | 0.3430% | $ 33,390 | $ 32,772
ING July 20 | Jul-20 | 6 July 2020 | 6 July 2026 | 0.3700% | $ 70,000 | $ 67,083
Pireaus Bank | Jul-20 | 6 July 2020 | 6 July 2025 | 0.3880% | $ 50,350 | $ 49,250
Alpha Bank | Aug-20 | 6 July 2020 | 7 July 2025 | 0.3200% | $ 35,000 | $ 34,000
F-53
Fair Value Measurements and Hedging - Derivative instruments effect on statement of operations (Table) | Fair Value Measurements and Hedging - Consolidated Statement of Operations (Table) Fair Value Measurements and Hedging - Derivative instruments effect on statement of operations (Table)
| Years ended December 31, |
|  | 2018 |  | 2019 |  | 2020
Consolidated Statement of Operations |  |  |  |  |  |
Gain/(loss) on interest rate swaps, net |  |  |  |  |  |
Unrealized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) | $ | 140 | $ | - | $ | -
Realized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) |  | (141) |  | - |  | -
Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss) |  | 708 |  | - |  | -
Total Gain/(loss) on interest rate swaps, net | $ | 707 | $ | - | $ | -
Interest and finance costs |  |  |  |  |  |
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 9) |  | 3 |  | - |  | (848)
Total Gain/(loss) recognized | $ | 3 | $ | - | $ | (848)
Gain/(loss) on forward freight agreements and bunker swaps, net |  |  |  |  |  |
Realized gain/(loss) on forward freight agreements and freight options |  | (599) |  | 6,043 |  | (5,995)
Realized gain/(loss) on bunker swaps |  | 1,491 |  | (1,386) |  | 20,856
Unrealized gain/(loss) on forward freight agreements and freight options |  | 520 |  | (321) |  | (430)
Unrealized gain/(loss) on bunker swaps |  | (1,859) |  | 75 |  | 1,725
Total Gain/(loss) recognized | $ | (447) | $ | 4,411 | $ | 16,156
Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table) | Fair Value Measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table)
|  | Quoted Prices in Active Markets for Identical Assets (Level 1)
|  | December 31, 2019 | December 31, 2020
| Balance Sheet Location | (not designated as cash flow hedges) | (designated as cash flow hedges) | (not designated as cash flow hedges) | (designated as cash flow hedges)
ASSETS |  |  |  |  |
Freight derivatives - current | Derivatives, current asset portion | $ 216 | - | - | -
Total |  | $ 216 | - | - | -
LIABILITIES |  |  |  |  |
Freight derivatives - current | Derivatives, current liability portion | - | - | $ 212 | -
Bunker swaps - current | Derivatives, current liability portion | 1,724 | - | $ - | -
Total |  | 1,724 | - | $ 212 | -
Certain of the Company’s derivative financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open position under such financial instruments, which as of December 31, 2019 and 2020 amounted to $407 and $895, respectively, and are included within “Restricted cash, current” in the consolidated balance sheets. The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and bareboat leases (Level 2), bearing interest at variable interest rates, approximates their recorded values as of December 31, 2020, due to the variable interest rate nature thereof. The fair value of the DSF $55,000 Facility, measured through level 2 inputs (such as interest rate curves) is $53,973, which is $1,088 higher than the loan’s book value of $52,885. The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2019 and 2020, based on Level 2 observable market based inputs or unobservable inputs that are corroborated by market data. Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table)
|  | Significant Other Observable Inputs (Level 2) |
|  | December 31, 2019 | December 31, 2020
| Balance Sheet Location | (not designated as cash flow hedges) | (designated as cash flow hedges) | (not designated as cash flow hedges) | (designated as cash flow hedges)
LIABILITIES |  |  |  |  |
Interest rate swaps - current | Derivatives, current liability portion | $ - | - | $ - | 1,727
Interest rate swaps - non-current | Derivatives, non-current liability portion | $ - | - | $ - | 2,265
Total |  | $ - | - | $ - | 3,992
Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table) | Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table)
|  | Significant Other Observable Inputs (Level 2) |
|  | December 31, 2019 | December 31, 2020
| Balance Sheet Location | (not designated as cash flow hedges) | (designated as cash flow hedges) | (not designated as cash flow hedges) | (designated as cash flow hedges)
LIABILITIES |  |  |  |  |
Interest rate swaps - current | Derivatives, current liability portion | $ - | - | $ - | 1,727
Interest rate swaps - non-current | Derivatives, non-current liability portion | $ - | - | $ - | 2,265
Total |  | $ - | - | $ - | 3,992
Fair Value Measurements and Hedging - Fair value measurements on a nonrecurring basis (Table) | Fair Value Measurements and Hedging - Fair value measurements on a nonrecurring basis (Table)
Long-lived assets held and used | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Impairment loss
(Level 1) | (Level 2) | (Level 3)
Held for sale | $ - | $ 5,949 | $ - | $ 1,606
Vessels, net | $ - | $ 14,893 | $ - | $ 16,178
TOTAL | $ - | $ 20,842 | $ - | $ 17,784
F-56 The table following table summarizes the valuation of these assets measured at fair value on a non-recurring basis as of December 31, 2019:
Long-lived assets held and used | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Impairment loss
(Level 1) | (Level 2) | (Level 3)
Vessels, net | $ - | $ 24,475 | $ - | $ 3,411
TOTAL | $ - | $ 24,475 | $ - | $ 3,411

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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