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Margin Accounts, Derivatives and Fair Value Measures (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2023 and December 31, 2022:
|  | Asset Derivative |  | Liability Derivative
Derivative instruments |  | Balance Sheet Location |  | 12/31/2023 |  | 12/31/2022 |  | Balance Sheet Location |  | 12/31/2023 |  | 12/31/2022
Margin accounts (1) |  | Other current assets |  | $ | 3,751,257 |  |  | $ | 3,239,947 |  |  | Other current liabilities |  | $ | — |  |  | $ | — |
Forward freight agreements (2) |  | Other current assets |  | $ | — |  |  | $ | — |  |  | Other current liabilities |  | $ | 1,217,820 |  |  | $ | 164,787 |
Fuel swap contracts (2) |  | Other current assets |  | $ | — |  |  | $ | — |  |  | Other current liabilities |  | $ | 523,233 |  |  | $ | 158,926 |
Interest rate cap (2) |  | Other current assets |  | $ | 3,384,137 |  |  | $ | 4,892,144 |  |  | 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, 2023 and 2022:
|  | Unrealized gain (loss) on derivative instruments
|  | For the year ended December 31,
Derivative instruments |  | 2023 |  | 2022
Forward freight agreements |  | $ | (1,053,033) |  |  | $ | (2,284,368) |
Fuel Swap Contracts |  | $ | (364,307) |  |  | $ | (1,206,679) |
Interest rate cap |  | $ | (1,508,007) |  |  | $ | 4,173,370 |

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
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