Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreements

The following table summarizes the interest rate swaps in place as of March 31, 2020 and December 31, 2019.

Interest Rate Swap detail					Notional Amount outstanding
Trade date	Fixed rate		Start date	End date	March 31, 2020		December 31, 2019
March 31, 2020	0.64	%	July 27, 2020	January 26, 2024	$	76,101,584	$	—

Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations

The following table shows the interest rate swap liabilities as of March 31, 2020 and December 31, 2019:

Derivatives designated as hedging instruments	Balance Sheet location	March 31, 2020		December 31, 2019
Interest rate swap	Fair value of derivative instruments - current	$	94,860	$	—
Interest rate swap	Fair value of derivative instruments - noncurrent	177,008		—

The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations and Balance Sheets is as follows:

		For theThree Months Ended
Derivatives not designated as hedging instruments	Location of loss/(gain) in Statements of Operations	March 31, 2020		March 31, 2019
FFAs - realized (gain)/loss	Realized and unrealized (gain)/loss on derivative instruments, net	$	(179,505)	$	516,531
FFAs - unrealized gain	Realized and unrealized (gain)/loss on derivative instruments, net	(1,440,676)		(1,686,819)
Bunker swaps - realized gain	Realized and unrealized (gain)/loss on derivative instruments, net	(576,464)		(41,008)
Bunker swaps - unrealized gain	Realized and unrealized (gain)/loss on derivative instruments, net	(5,665,196)		(1,226,959)
Total		$	(7,861,841)	$	(2,438,255)

Derivatives not designated as hedging instruments	Balance Sheet location	March 31, 2020		December 31, 2019
FFAs - Unrealized gain	Derivative asset and other current assets	$	1,968,255	$	475,650
Bunker swaps - Unrealized gain	Derivative asset and other current assets	8,224,706		96,043
Bunker swaps - Unrealized loss	Fair value of derivatives - current	3,219,696		756,229