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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2020 and December 31, 2019.
Interest Rate Swap detailNotional Amount outstanding
Trade dateFixed rateStart dateEnd dateJune 30, 2020December 31, 2019
March 31, 20200.64 %July 27, 2020January 26, 2024$76,101,584  $—  
April 15, 20200.58 %July 27, 2020January 26, 202438,050,792  —  
June 25, 20200.50 %July 27, 2020January 26, 202460,088,292  —  
$174,240,668  $—  
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations
The following table shows the interest rate swap liabilities as of June 30, 2020 and December 31, 2019:
Derivatives designated as hedging instrumentsBalance Sheet locationJune 30, 2020December 31, 2019
Interest rate swap Fair value of derivative instruments - current$347,794  $—  
Interest rate swap Fair value of derivative instruments - noncurrent$573,361  $—  
The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations and Balance Sheets is as follows:
For the Three Months EndedFor the Six Months Ended
Derivatives not designated as hedging instrumentsLocation of (gain)/loss in Statements of OperationsJune 30, 2020June 30, 2019June 30, 2020June 30, 2019
FFAs - realized gainRealized and unrealized (gain)/loss on derivative instruments, net$(504,972) $(815,299) $(684,477) $(254,393) 
FFAs - unrealized loss/(gain)Realized and unrealized (gain)/loss on derivative instruments, net3,537,458  854,595  2,096,783  (876,600) 
Bunker swaps - realized gainRealized and unrealized (gain)/loss on derivative instruments, net(6,659,102) (28,330) (7,235,567) (69,338) 
Bunker swaps - unrealized loss/(gain)Realized and unrealized (gain)/loss on derivative instruments, net4,486,430  152,139  (1,178,766) (1,074,819) 
Total$859,814  $163,105  $(7,002,027) $(2,275,150) 

Derivatives not designated as hedging instrumentsBalance Sheet locationJune 30, 2020December 31, 2019
FFAs - Unrealized gainDerivative asset and other current assets$236,700  $475,650  
FFAs - Unrealized lossFair value of derivatives - current1,753,830  —  
Bunker swaps - Unrealized gainDerivative asset and other current assets1,595,532  96,043  
Bunker swaps - Unrealized lossFair value of derivatives - current1,077,387  756,229