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Fair value measurements and Hedging | 6 Months Ended
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Jun. 30, 2025
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, 2024, included in the 2024 Annual Report. The following table summarizes the interest rate swaps in place as of June 30, 2025: Fair Value Measurements and Hedging - Schedule of Derivative Instrument (Table)
Counterparty | Trading Date | Inception | Expiry | Fixed Rate | Initial Notional | Current Notional
ING | Mar-20 | Mar-20 | Mar-26 | 0.7000% | $ 29,960 | $ 18,725
ING | Jul-20 | Jul-20 | Jul-26 | 0.3700% | $ 70,000 | $ 14,583
The above interest rate swaps were designated and qualified as cash flow hedges while they were in effect until March 31, 2025 and the effective portion of the unrealized gains/losses from the above swaps (designated as cash flow hedges) was recorded in “Other Comprehensive Income/(Loss)” until March 31, 2025. On April 1, 2025, these interest rate swaps were de-designated from cash flow hedges since they no longer meet the hedging relationship criteria and the gain from the de-designated interest rate swaps amounting to $446 is separately reflected under “Gain/(Loss) on derivative financial instruments, net” in the unaudited interim condensed consolidated income statement for the corresponding period. In addition, following the prepayment of the then existing ING Facility and SEB $39,000 Facility (Note 8), the Company early terminated the following interest rate swap agreements: i) in January 2025, the one with ING for the vessels Peloreus and Leviathan which was originally set to mature in October 2025 and ii) in February 2025, the one with SEB for the vessels Star Marilena, Star Borneo and Star Bueno, which was originally set to mature in January 2026. In connection with the aforementioned unwinding of these interest rate swap agreements, during the six-month period ended June 30, 2025, the Company recorded a gain of $771, which is included under “Gain/(Loss) on debt extinguishment, net” in the unaudited interim condensed consolidated income statement for the corresponding period. Freight Derivatives and Bunker Swaps The results of the Company’s freight derivatives and bunker swaps for the six-month periods ended June 30, 2024 and 2025 and the valuation of their open positions as of December 31, 2024 and June 30, 2025 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, foreign currency forward contracts 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,
|  | 2024 |  | 2025
Consolidated Income Statement |  |  |  |
Gain/(loss) on derivative financial instruments, net |  |  |  |
Realized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps |  | 7 |  | 400
Unrealized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps |  | (1,356) |  | 46
Realized gain/(loss) of foreign currency forward contracts |  | 103 |  | —
Total Gain/(loss) recognized | $ | (1,246) | $ | 446
Interest and finance costs |  |  |  |
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) |  | 2,792 |  | 551
Total Gain/(loss) recognized | $ | 2,792 | $ | 551
Gain/(Loss) on FFAs and bunker swaps, net |  |  |  |
Realized gain/(loss) on FFAs |  | (7,967) |  | 1,271
Realized gain/(loss) on bunker swaps |  | (49) |  | 1,409
Unrealized gain/(loss) on FFAs |  | 3,657 |  | 903
Unrealized gain/(loss) on bunker swaps |  | 43 |  | 752
Total Gain/(loss) recognized | $ | (4,316) | $ | 4,335
The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2024 and June 30, 2025, 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, 2024 | June 30, 2025
| 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 |  |  |  |  |  |  |
FFAs - current | Derivatives, current asset portion | $ | 65 | $ | — | $ | 1,004 | $ | —
Bunker swaps - current | Derivatives, current asset portion |  | 63 |  | — |  | 816 |  | —
Total |  | $ | 128 | $ | — | $ | 1,820 | $ | —
LIABILITIES |  |  |  |  |  |  |
FFAs - current | Derivatives, current liability portion | $ | — | $ | — | $ | 34 | $ | —
Total |  | $ | — | $ | — | $ | 34 | $ | —
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, 2024 and June 30, 2025 amounted to $732 and $153, respectively, and are included within “Restricted cash, current” in the consolidated balance sheets (Note 8). The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2024 and June 30, 2025, 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, 2024 |  | June 30, 2025
| 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 | $ | — | $ | 2,049 | $ | 747 | $ | —
Interest rate swaps - non-current | Derivatives, non-current asset portion |  | — |  | 330 |  | 23 |  | —
Total |  | $ | — | $ | 2,379 | $ | 770 | $ | —
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, revolving facilities and lease financings (Level 2), bearing interest at variable interest rates, approximates their recorded values as of June 30, 2025 due to the variable interest rate nature thereof. Investment in debt security In June 2025, the Company acquired a Tier 2 subordinated bond issued by Attica Bank with a principal amount of €800,000 and a fixed annual interest rate of 7.375%. The bond was issued on June 13, 2025, matures on June 13, 2035, and is listed on the Luxembourg Stock Exchange. This investment was made as part of the Company’s short-term cash and liquidity management strategy. The bond is classified as an available-for-sale (“AFS”) debt security under U.S. GAAP in accordance with ASC 320. The investment is included under “Other current assets” in the consolidated balance sheet as of June 30, 2025 and the unrealized gain/loss of the AFS Debt security is recorded in “Other Comprehensive Income/(Loss)”. The amortized cost and fair value of AFS debt security, based on its quoted price in active market (Level 1), as of June 30, 2025, are summarized as follows: Fair Value Measurements and Hedging- Amortized cost and fair value of AFS debt security (Table)
|  |  | June 30, 2025
| Balance Location |  | Amortized Cost |  | Unrealized gain/(loss) |  | Fair Value
AFS Debt Security | Other current assets | $ | 914 | $ | 58 | $ | 972
Total |  | $ | 914 | $ | 58 | $ | 972

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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 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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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