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Margin Accounts, Derivatives and Fair Value Measures (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and December 31, 2021:
 
Asset DerivativeLiability Derivative
Derivative instrumentsBalance Sheet Location12/31/202212/31/2021Balance Sheet Location12/31/202212/31/2021
Margin accounts (1)
Other current assets$3,239,947 $5,464,379 Other current liabilities$— $— 
Forward freight agreements (2)
Other current assets$— $2,119,581 Other current liabilities $164,787 
Fuel swap contracts (2)
Other current assets$— $1,047,752 Other current liabilities$158,926 $— 
Interest rate cap (2)
Other current assets$4,892,144 $718,774 Other current liabilities$— $— 
(1) The fair value measurements were all categorized within Level 1 of the fair value hierarchy.
(2) These fair value measurements were all categorized within Level 2 of the fair value hierarchy.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the effect of our derivative financial instruments on the consolidated statements of operations for the twelve months ended December 31, 2022 and 2021:
Unrealized gain (loss) on derivative instruments
For the year ended December 31,
Derivative instruments20222021
Forward freight agreements$(2,284,368)$2,282,916 
Fuel Swap Contracts$(1,206,679)$1,095,421 
Interest rate cap$4,173,370 $507,864