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Note 15 - Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] |
15. | Derivative Financial Instruments
Interest rate swaps On October 12, 2021, the Company entered into one interest rate swap contract with Eurobank for a notional amount of $10.0 million, with inception date on November 1, 2021 and maturity date on November 1, 2025. Under the terms of the swap, Eurobank made a quarterly payment to the Company equal to the 3-month LIBOR while the Company paid a fixed rate of 1.09% based on the relevant notional amount. The Company terminated this contract on June 26, 2023, before its maturity date, due to the significant increase in the interest rates, realizing a gain at the date of the termination of $846,000. On June 16, 2022, the Company entered into one interest rate swap contract with Piraeus for a notional amount of $20.0 million, with inception date on January 3, 2023 and maturity date on January 3, 2028. Under the terms of the swap, Piraeus makes a quarterly payment to the Company equal to the daily SOFR index while the Company pays a fixed rate of 3.41% based on the relevant notional amount.
The interest rate swap contracts did not qualify for hedge accounting as of December 31, 2022 and 2023.
Derivatives not designated as hedging instruments | Balance Sheet Location |  | December 31, 2022 |  |  | December 31, 2023 |
Interest rate swap contracts | Current assets – Derivatives |  |  | 1,142,682 |  |  |  | - |
Interest rate swap contracts | Long - term assets – Derivatives |  |  | 2,669,244 |  |  |  | - |
Total derivative assets |  |  |  | 3,811,926 |  |  |  | - |
Interest rate swap contracts | Current liabilities – Derivatives |  |  | - |  |  |  | 56,042 |
Interest rate swap contracts | Long-term liabilities – Derivatives |  |  | - |  |  |  | 168,138 |
Total derivative liabilities |  |  |  | - |  |  |  | 224,180 |
Derivatives not designated as hedging instruments | Location of gain / (loss) recognized |  | Year Ended December 31, 2021 |  |  | Year Ended December 31, 2022 |  |  | Year Ended December 31, 2023 |
Interest rate swap contracts– Unrealized gain / (loss) | (Loss) / gain on derivatives, net |  |  | 153,835 |  |  |  | 4,223,839 |  |  |  | (4,036,107 | )
Interest rate swap contracts- Realized (loss) / gain | (Loss) / gain on derivatives, net |  |  | (180,976 | ) |  |  | 131,818 |  |  |  | 4,214,235 |
Total net (loss) / gain on interest rate swap contracts |  |  |  | (27,141 | ) |  |  | 4,355,657 |  |  |  | 178,128 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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