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Fair Value Measurements and Hedging | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Hedging | 18. Fair Value Measurements and Hedging: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. In addition, ASC 815, “Derivatives and Hedging” requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. 18. Fair Value Measurements and Hedging - (continued): Fair value on a recurring basis: Interest rate swaps: The Company from time to time enters into interest rate derivative contracts to manage interest costs and risk associated with changing interest rates with respect to its variable interest loans and credit facilities. During the year ended December 31, 2020, the Company entered into various interest rate swaps with ING, DNB, SEB, Citibank Europe PLC (“Citi”), Piraeus Bank and Alpha Bank S.A. to convert a portion of its debt from floating to fixed rate. In addition, during the year ended December 31, 2021, the Company early terminated certain of those interest rate swaps that were in effect as of December 31, 2020 and entered into a new interest rate swap agreement with the National Bank of Greece (“NBG”), SEB and ABN AMRO Bank. During the years ended December 31, 2022 and 2023 some of these interest rate swaps were early terminated or expired. The following table summarizes the interest rate swaps in place as of December 31, 2023. Fair Value Measurements and Hedging - Schedule of Derivative Instrument
Counterparty | Trading Date | Inception | Expiry | Fixed Rate | Initial Notional | Current Notional
ING | Mar-20 | Mar-20 | Mar-26 | 0.7000% | $ 29,960 | $ 21,935
ING | Mar-20 | Apr-20 | Oct-25 | 0.7000% | $ 39,375 | $ 26,250
SEB | Mar-20 | Apr-20 | Jan-25 | 0.7270% | $ 58,885 | $ 42,687
Citi | Jun-20 | Aug-20 | May-24 | 0.1293% | $ 56,075 | $ 39,206
Citi | Jun-20 | Aug-20 | May-24 | 0.3380% | $ 31,350 | $ 21,860
Citi | Jun-20 | Sep-20 | Mar-24 | 0.2890% | $ 33,390 | $ 25,352
ING | Jul-20 | Jul-20 | Jul-26 | 0.3700% | $ 70,000 | $ 32,083
SEB | Feb-21 | Apr-21 | Jan-26 | 0.4525% | $ 37,050 | $ 17,550
The above interest rate swaps were designated and qualified as cash flow hedges while they are in effect, with the exception of those swaps that have been entered with Citi (the swaps with current notional amount of $86,418) which were de-designated from cash flow hedge on December 31, 2023 since they no longer meet the hedging relationship criteria. The effective portion of the unrealized gains/losses from those swaps is recorded in Other Comprehensive Income / (Loss). No portion of the cash flow hedges was ineffective during the years ended December 31, 2021, 2022 and 2023. A gain of approximately $2,133 in connection with the interest rate swaps is expected to be reclassified into earnings during the year ending December 31, 2024 when realized. 18. Fair Value Measurements and Hedging - (continued): Fair value on a recurring basis – (continued): Foreign Currency Forward Contracts: During 2023, the Company entered into six foreign currency forward contracts with maturities from April 2024 to September 2024, pursuant to which the Company will pay USD and receive AUD at an aggregate notional amount of AUD 8,040,000. These contracts were designated and qualified as cash flow hedges. The effective portion of the unrealized gains/(losses) from those contracts is recorded in Other Comprehensive Income / (Loss). As of December 31, 2023, the fair value of the derivative contracts was $267 with such amount being reflected within Other Comprehensive Income / (Loss) and a gain of $267 in connection with the foreign currency exchange contracts is expected to be reclassified into earnings during the year ending December 31, 2024 when realized. Forward Freight Agreements (“FFAs”) and Bunker Swaps: During the years ended December 31, 2021, 2022 and 2023, the Company entered into a certain number of FFAs and options for FFAs on the Capesize, Panamax and Supramax indices. The results of the Company’s FFAs during the years ended December 31, 2021, 2022 and 2023 and the valuation of the Company’s open position as at December 31, 2022 and 2023 are presented in the tables below. During the years ended December 31, 2021, 2022 and 2023, the Company entered into a certain number of bunker swaps. The results of the Company’s bunker swaps during the years ended December 31, 2021, 2022 and 2023 and the valuation of the Company’s open position as at December 31, 2022 and 2023 are presented in the tables below The amount of Gain/(loss) on forward freight agreements and bunker swaps, net and on interest rate swaps recognized in the consolidated income statements are analyzed as follows: Fair Value Measurements and Hedging - Derivative instruments effect on statements of operations (Table)
|  | Years ended December 31,
|  | 2021 |  | 2022 |  | 2023
Consolidated Statement of Operations |  |  |  |  |  |
Gain/(loss) on interest rate swaps, net |  |  |  |  |  |
Gains/(loss) of de-designated accounting hedging relationship |  | - |  | - |  | (3,539)
Total Gain/(loss) on interest rate swaps, net | $ | - | $ | - | $ | (3,539)
Interest and finance costs |  |  |  |  |  |
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) |  | (2,351) |  | 10,044 |  | 21,786
Total Gain/(loss) recognized | $ | (2,351) | $ | 10,044 | $ | 21,786
Gain/(loss) on forward freight agreements and bunker swaps, net |  |  |  |  |  |
Realized gain/(loss) on forward freight agreements and freight options |  | 1,308 |  | 1,165 |  | 1,923
Realized gain/(loss) on bunker swaps |  | 748 |  | (5,198) |  | 6,403
Unrealized gain/(loss) on forward freight agreements and freight options |  | 1,802 |  | (1,398) |  | (5,975)
Unrealized gain/(loss) on bunker swaps |  | (294) |  | 3,980 |  | (3,687)
Total Gain/(loss) recognized | $ | 3,564 | $ | (1,451) | $ | (1,336)
18. Fair Value Measurements and Hedging - (continued): Fair value on a recurring basis – (continued): The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2022 and 2023, based on Level 1 quoted market prices in active markets. 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 or Liabilities (Level 1)
|  | December 31, 2022 | December 31, 2023
| 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 |  |  |  |  |  |  |
Forward freight agreements - current | Derivatives, current asset portion | $ | 191 | $ | - | $ | - | $ | -
Bunker swaps - current | Derivatives, current asset portion |  | 3,688 |  | - |  | - |  | -
Total |  | $ | 3,879 | $ | - | $ | - | $ | -
LIABILITIES |  |  |  |  |  |  |
Forward freight agreements - current | Derivatives, current asset portion | $ | - | $ | - | $ | 5,784 | $ | -
Total |  | $ | - | $ | - | $ | 5,784 | $ | -
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, 2022 and 2023 amounted to $2,199 and $13,496, respectively, and are included within “Restricted cash, current” in the consolidated balance sheets. 18. Fair Value Measurements and Hedging - (continued): Fair value on a recurring basis – (continued): The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2022 and 2023, 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, 2022 |  | December 31, 2023
| 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 |  |  |  |  |  |  |  |  |
Interest rate swaps - current | Derivatives, current asset portion | $ | 1,665 | $ | 20,041 | $ | 1,356 | $ | 4,682
Foreign exchange forward contracts - current | Derivatives, current asset portion |  | - |  | - |  | - |  | 267
Interest rate swaps - non-current | Derivatives, non-current asset portion |  | 798 |  | 7,868 |  | - |  | 2,533
Total |  | $ | 2,463 | $ | 27,909 | $ | 1,356 | $ | 7,482
Fair value on a non-recurring basis: As of December 31, 2023, the carrying value of two of the vessels, which were still part of the Company’s fleet, was written down to their fair value, as determined by reference to their agreed or marketed sale prices (Level 2) as depicted in the below table. Fair Value Measurements and Hedging - Fair value on a non-recurring basis - Long-lived assets held and used (Table)
Long-lived assets held and used |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Impairment loss
Held for sale |  | $ | - | $ | 23,000 | $ | - | $ | 4,312
Vessels, net |  |  | - |  | 19,400 |  | - |  | 5,826
Total |  | $ | - | $ | 42,200 |  | - | $ | 10,138

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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