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Fair value measurements and Hedging | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair value measurements and Hedging | 13. Fair value measurements and Hedging: Fair value on a recurring basis: Interest rate swaps Details of the Company’s interest rate swaps are discussed in Note 18 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report. The following table summarizes the interest rate swaps in place as of June 30, 2024: 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 | $ 20,865
ING | Mar-20 | Apr-20 | Oct-25 | 0.7000% | $ 39,375 | $ 24,375
SEB | Mar-20 | Apr-20 | Jan-25 | 0.7270% | $ 58,885 | $ 40,591
ING | Jul-20 | Jul-20 | Jul-26 | 0.3700% | $ 70,000 | $ 26,250
SEB | Feb-21 | Apr-21 | Jan-26 | 0.4525% | $ 37,050 | $ 13,650
The above interest rate swaps were designated and qualified as cash flow hedges while they are in effect. For the six-month period ended June 30, 2024, the losses from the de-designated interest rate swaps amounting to $1,349 are separately reflected under “Gain/(Loss) on interest rate swaps, net” in the unaudited interim condensed consolidated income statement for the corresponding period. The effective portion of the unrealized gains/losses from all other swaps (designated as cash flow hedges) is recorded in “Other Comprehensive Income / (Loss)” and no portion of these cash flow hedges was ineffective during the six-month period ended June 30, 2024. A gain of approximately $3,045 in connection with the interest rate swaps is expected to be reclassified into earnings during the following 12-month period ending June 30, 2025 when realized. Freight Derivatives and Bunker Swaps The results of the Company’s freight derivatives and bunker swaps for the six-month periods ended June 30, 2023 and 2024 and the valuation of their open positions as at December 31, 2023 and June 30, 2024 are presented in the tables below. 13. Fair value measurements and Hedging - continued: Fair value on a recurring basis - continued: The amounts of Gain / (Loss) on interest rate swaps, freight derivatives and bunker swaps recognized in the unaudited interim condensed consolidated income statements, are analyzed as follows: Fair value measurements and Hedging - Derivative instruments effect on statements of operations (Table)
|  | Six months ended June 30,
|  | 2023 |  | 2024
Consolidated Income Statement |  |  |  |
Gain/(loss) on derivative financial instruments rate swaps, net |  |  |  |
Realized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps |  | — |  | 7
Unrealized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps |  | (507) |  | (1,356)
Realized gain/(loss) of foreign exchange forward contracts |  | — |  | 103
Total Gain/(loss) recognized | $ | (507) | $ | (1,246)
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) |  | 14,412 |  | 2,792
Total Gain/(loss) recognized | $ | 14,412 | $ | 2,792
Gain/(Loss) on FFAs and bunker swaps, net |  |  |  |
Realized gain/(loss) on FFAs |  | 2,796 |  | (7,967)
Realized gain/(loss) on bunker swaps |  | 4,476 |  | (49)
Unrealized gain/(loss) on FFAs |  | (116) |  | 3,657
Unrealized gain/(loss) on bunker swaps |  | (2,949) |  | 43
Total Gain/(loss) recognized | $ | 4,207 | $ | (4,316)
The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2023 and June 30, 2024, 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, 2023 | June 30, 2024
| 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 | $ | — | $ | — | $ | 16 | $ | —
Bunker swaps - current | Derivatives, current asset portion |  | — |  | — |  | 59 |  | —
Total |  | $ | — | $ | — | $ | 75 | $ | —
LIABILITIES |  |  |  |  |  |  |
Forward freight agreements - current | Derivatives, current liability portion | $ | 5,784 | $ | — | $ | 1,917 | $ | —
Total |  | $ | 5,784 | $ | — | $ | 1,917 | $ | —
13. Fair value measurements and Hedging - continued: Fair value on a recurring basis - continued: 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, 2023 and June 30, 2024 amounted to $13,496 and $7,757, respectively, and are included within “Restricted cash, current” in the consolidated balance sheets. The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2023 and June 30, 2024, 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, 2023 |  | June 30, 2024
| 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 | $ | 1,356 | $ | 4,682 | $ | — | $ | 3,885
Foreign exchange forward contracts - current | Derivatives, current asset portion |  | — |  | 267 |  | — |  | —
Interest rate swaps - non-current | Derivatives, non-current asset portion |  | — |  | 2,533 |  | — |  | 1,451
Total |  | $ | 1,356 | $ | 7,482 | $ | — | $ | 5,336
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 lease financings (Level 2), bearing interest at variable interest rates, approximates their recorded values as of June 30, 2024, due to the variable interest rate nature thereof.

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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/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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