Derivative Instruments (Tables)

9 Months Ended

Sep. 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 September 30, 2020 and December 31, 2019.

Interest Rate Swap detail					Notional Amount outstanding
Trade date	Fixed rate		Start date	End date	September 30, 2020		December 31, 2019
March 31, 2020	0.64	%	July 27, 2020	January 26, 2024	$	76,101,584	$	—
April 15, 2020	0.58	%	July 27, 2020	January 26, 2024	38,050,792		—
June 25, 2020	0.50	%	July 27, 2020	January 26, 2024	60,088,292		—
					$	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 September 30, 2020 and December 31, 2019:

Derivatives designated as hedging instruments	Balance Sheet location	September 30, 2020		December 31, 2019
Interest rate swap	Fair value of derivative instruments - current	$	443,745	$	—
Interest rate swap	Fair value of derivative instruments - noncurrent	$	681,000	$	—

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

		For the Three Months Ended				For the Nine Months Ended
Derivatives not designated as hedging instruments	Location of (gain)/loss in Statements of Operations	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
FFAs - realized loss	Realized and unrealized loss/(gain) on derivative instruments, net	$	2,088,537	$	657,288	$	1,404,060	$	341,019
FFAs - unrealized loss	Realized and unrealized loss/(gain) on derivative instruments, net	1,230,727		1,412,731		3,327,509		598,007
Bunker swaps - realized (gain)/loss	Realized and unrealized loss/(gain) on derivative instruments, net	(1,059,570)		148,606		(8,295,136)		79,269
Bunker swaps - unrealized loss/(gain)	Realized and unrealized loss/(gain) on derivative instruments, net	711,659		696,438		(467,107)		(378,382)
Total		$	2,971,353	$	2,915,063	$	(4,030,674)	$	639,913

Derivatives not designated as hedging instruments	Balance Sheet location	September 30, 2020		December 31, 2019
FFAs - Unrealized gain	Derivative asset and other current assets	$	62,310	$	475,650
FFAs - Unrealized loss	Fair value of derivatives - current	2,730,770		—
Bunker swaps - Unrealized gain	Derivative asset and other current assets	370,360		96,043
Bunker swaps - Unrealized loss	Fair value of derivatives - current	548,754		756,229

Schedule of Derivative Instruments, Effective Portion of Loss Reclassified from Accumulated Other Comprehensive Loss

The effect of derivative instruments on the Statement of Operations for the three and nine months ended September 30, 2020 is below:

Derivatives designated as hedging instruments	Location of loss in Statements of Operations	Effective portion of loss reclassified from Accumulated other Comprehensive loss
		Three Months Ended				Nine Months Ended
		September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Interest rate swaps	Interest expense	$	105,114	$	—	$	105,114	$	—