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Margin Accounts, Derivatives and Fair Value Measures (Tables) | 12 Months Ended
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Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Schedule of Derivative Instruments | The following table summarizes assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and December 31, 2019:
|  | Asset Derivative |  | Liability Derivative
Derivative instruments |  | Balance Sheet Location |  | 12/31/2020 |  | 12/31/2019 |  | Balance Sheet Location |  | 12/31/2020 |  | 12/31/2019
Margin accounts (1) |  | Other current assets |  | $ | 814,062 |  |  | $ | 269,379 |  |  | Other current liabilities |  | $ | — |  |  | $ | — |
Forward freight agreements (2) |  | Other current assets |  | $ | — |  |  | $ | — |  |  | Other current liabilities |  | $ | 163,335 |  |  | $ | 149,760 |
Fuel swap contracts (2) |  | Other current assets |  | $ | — |  |  | $ | — |  |  | Other current liabilities |  | $ | 47,667 |  |  | $ | 322,313 |
Interest rate cap (2) |  | Other current assets |  | $ | 210,910 |  |  | $ | — |  |  | Other current liabilities |  | $ | — |  |  | $ | — |
(1) The fair value measurements were all categorized within Level 1 of the fair value hierarchy. (2) These fair value measurements were all categorized within Level 2 of the fair value hierarchy.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table presents the effect of our derivative financial instruments on the consolidated statements of operations for the twelve months ended December 31, 2020 and 2019:
|  | Unrealized gain (loss) on derivative instruments
|  | For the year ended December 31,
Derivative instruments |  | 2020 |  | 2019
Forward freight agreements |  | $ | (13,575) |  |  | $ | (89,820) |
Fuel Swap Contracts |  | $ | 274,646 |  |  | $ | 2,843,654 |
Interest rate cap |  | $ | (417,090) |  |  | $ | — |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5579240-113959 + Details
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