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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022 and December 31, 2021:
Interest Rate Swap detailNotional Amount outstanding (in thousands)
Trade dateFixed rateStart dateEnd dateJune 30, 2022December 31, 2021
October 07, 20210.83 %October 12, 2021December 15, 2025$196,988 $215,663 
October 13, 20210.94 %October 15, 2021December 15, 202521,888 23,963 
October 14, 20210.93 %October 18, 2021December 15, 202521,887 23,963 
October 22, 20211.06 %October 26, 2021December 15, 202521,887 23,963 
$262,650 $287,552 
The effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 is below:
Derivatives designated as hedging instrumentsLocation of (gain)/loss in Statements of OperationsEffective portion of (gain)/loss reclassified from Accumulated other comprehensive income (in thousands)
Three Months EndedSix Months Ended
June 30, 2022June 30, 2021June 30, 2022June 30, 2021
Interest rate swapsInterest expense$(82)$151 $315 $296 
The following table shows our open positions on FFAs as of June 30, 2022:

FFA PeriodNumber of Days HedgedAverage FFA Contract Price
Quarter ending September 30, 20221305$23,653 
Quarter ending December 31, 20221740$22,322 
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations
The following table shows the interest rate swap assets and liabilities as of June 30, 2022 and December 31, 2021:
Derivatives designated as hedging instruments (in thousands)Balance Sheet locationJune 30, 2022December 31, 2021
Interest rate swapFair value of derivative assets - current $5,212 $— 
Interest rate swapFair value of derivative assets - noncurrent$7,746 $3,112 
Interest rate swap Fair value of derivative liabilities - current$— $885 
The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations and Balance Sheets is as follows:

(In thousands)Three Months EndedSix Months Ended
Derivatives not designated as hedging instrumentsLocation of loss/(gain) in Statements of OperationsJune 30, 2022June 30, 2021June 30, 2022June 30, 2021
FFAs - realized lossRealized and unrealized (gain)/loss on derivative instruments, net$5,572 $5,388 $3,799 $7,354 
FFAs - unrealized (gain)/lossRealized and unrealized (gain)/loss on derivative instruments, net(13,133)31,668 1,119 31,169 
Bunker swaps - realized gainRealized and unrealized (gain)/loss on derivative instruments, net(2,620)(545)(4,394)(1,298)
Bunker swaps - unrealized loss/(gain)Realized and unrealized (gain)/loss on derivative instruments, net291 (624)(2,512)(628)
Total$(9,890)$35,887 $(1,988)$36,597 


Derivatives not designated as hedging instruments (in thousands)Balance Sheet locationJune 30, 2022December 31, 2021
FFAs - Unrealized lossFair value of derivative liabilities - current$259 $3,368 
FFAs - Unrealized gainFair value of derivative assets - current383 4,326 
Bunker swaps - Unrealized lossFair value of derivative liabilities - current10 — 
Bunker swaps - Unrealized gainFair value of derivative assets - current2,864 343