Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

September 30, 2022

			Fair Value
(In thousands)	Carrying Value (7)		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	197,605	$	197,605	$	—
Collateral on derivatives	1,200		1,200		—
Fair value of derivative assets - current (2)	18,353		—		18,353
Fair value of derivative assets - noncurrent (3)	9,873		—		9,873
Liabilities
Global Ultraco Debt Facility (4)	250,200		—		250,200
Convertible Bond Debt (5)	104,119		—		146,027
Fair value of derivative liabilities - current (6)	611		—		611

December 31, 2021

			Fair Value
(In thousands)	Carrying Value (7)		Level 1		Level 2
Assets
Cash and cash equivalents (1)	$	86,222	$	86,222	$	—
Collateral on derivatives	15,081		15,081		—
Fair value of derivative assets - current (2)	4,669		—		4,669
Fair value of derivative assets - noncurrent (3)	3,112		—		3,112
Liabilities
Global Ultraco Debt Facility (4)	287,550		—		287,550
Convertible Bond Debt (5)	114,119		—		147,499
Fair value of derivative liabilities - current (6)	4,253		—		4,253

(1) Includes restricted cash (noncurrent) of $2.6 million at September 30, 2022 and $0.1 million at December 31, 2021.

(2) Includes $10.8 million of unrealized mark-to-market gains on FFAs and $7.6 million of unrealized gains on our interest rate swaps as of September 30, 2022 and $4.7 million of unrealized mark-to-market gains on FFAs and bunker swaps as of December 31, 2021.

(3) Includes $9.9 million and $3.1 million of unrealized gains on our interest rate swaps as of September 30, 2022 and December 31, 2021, respectively.

(4) The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on September 30, 2022 and December 31, 2021.

(5) The fair value of the Convertible Bond Debt is based on the last trade on September 29, 2022 and December 16, 2021 on Bloomberg.com.

(6) Includes $0.6 million of unrealized mark-to-market losses on bunker swaps as of September 30, 2022 and $3.4 million of unrealized mark-to-market losses on FFAs and $0.9 million of unrealized losses on our interest rate swaps as of December 31, 2021.

(7) The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs.