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Note 15 - Derivative Financial Instruments

12 Months Ended

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

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- References

No definition available.

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