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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swap Agreements As of December 31, 2022, the Company had the following outstanding interest rate swaps that were designated and qualified as cash flow hedges.
Range of Fixed RatesWeighted Average Fixed RateNotional Amount Outstanding
0.83% to 1.06%
0.87%$237,750 
A summary of outstanding FFAs as of December 31, 2022 is as follows:

FFA Period
Average FFA Contract Price(1)
Number of Days Hedged
Quarter ending March 31, 2023 - Buy Positions$14,390 (225)
Quarter ending March 31, 2023 - Sell Positions$14,525 180
Quarter ending June 30, 2023 - Buy Positions$14,390 (225)
Quarter ending June 30, 2023 - Sell Positions$14,525 180
Quarter ending September 30, 2023 - Buy Positions$14,390 (225)
Quarter ending September 30, 2023 - Sell Positions$14,525 180
Quarter ending December 31, 2023 - Buy Positions$14,000 (180)
Quarter ending December 31, 2023 - Sell Positions$14,525 180
(1)Presented in whole dollars.
Schedule of Designated Derivatives Effect on Consolidated Balance Sheets
The effect of these derivative instruments on the Consolidated Balance Sheets as of December 31, 2022 and 2021 is as follows:

Fair Value of Derivative Assets/(Liabilities)
Balance Sheet LocationDecember 31, 2022December 31, 2021
Derivatives designated as hedging instruments
Interest rate contracts - interest rate swaps
Fair value of derivative assets - current$8,479 $— 
Fair value of derivative assets - noncurrent8,184 3,112 
$16,663 $3,112 
Fair value of derivative liabilities - current$— $(885)
Fair value of derivative liabilities - noncurrent— — 
$— $(885)
Schedule of Derivatives Effect on Consolidated Statements of Operations
The effect of these instruments on the Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 is as follows:

Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) for the Years EndedGain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) into Earnings for the Years Ended
Derivatives in Cash Flow Hedging RelationshipsDecember 31, 2022December 31, 2021December 31, 2020Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into EarningsDecember 31, 2022December 31, 2021December 31, 2020
Interest rate contracts
Interest rate swaps$16,609 $2,106 $(1,021)Interest expense$1,947 $(913)$111 
Fair Value of Derivative Assets/(Liabilities)
Balance Sheet LocationDecember 31, 2022December 31, 2021
Derivatives not designated as hedging instruments
Commodity contracts - FFAs
Fair value of derivative assets - current$— $4,326 
Fair value of derivative assets - noncurrent— — 
$— $4,326 
Fair value of derivative liabilities - current$(70)$(3,368)
Fair value of derivative liabilities - noncurrent— — 
$(70)$(3,368)
Commodity contracts - bunker swaps
Fair value of derivative assets - current$— $343 
Fair value of derivative assets - noncurrent— — 
$— $343 
Fair value of derivative liabilities - current$(93)$— 
Fair value of derivative liabilities - noncurrent— — 
$(93)$— 
 
The effect of these instruments on the Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 is as follows:

  (Gain)/Loss Recognized in Earnings for the Years Ended
Derivatives not designated as hedging instrumentsLocation in Consolidated Statements of OperationsDecember 31, 2022December 31, 2021December 31, 2020
Commodity contracts
FFAsRealized and unrealized (gain)/loss on derivative instruments, net$(9,969)$41,197 $4,534 
Bunker SwapsRealized and unrealized (gain)/loss on derivative instruments, net(3,890)(2,953)(9,361)
$(13,859)$38,244 $(4,827)