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Fair value measurements and Hedging (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements and Hedging - Schedule of Derivative Instrument | 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
Fair value measurements and Hedging - Derivative instruments effect on statements of operations (Table) | 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)
Fair Value Measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (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 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 | $ | —
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, 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

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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 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
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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 Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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