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Margin Accounts, Derivatives and Fair Value Measures (Tables)

12 Months Ended

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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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.

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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.

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