Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreements

As of March 31, 2023, the Company had the following outstanding interest rate swaps that were designated and qualified as cash flow hedges.

Range of Fixed Rates	Weighted Average Fixed Rate	Notional Amount Outstanding
0.83% to 1.06%	0.87%	$	225,300

The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 is as follows:

	Fair Value of Derivative Assets/(Liabilities)
	Balance Sheet Location	March 31, 2023		December 31, 2022
Derivatives designated as hedging instruments
Interest rate contracts - interest rate swaps
	Fair value of derivative assets - current	$	7,734	$	8,479
	Fair value of derivative assets - noncurrent	6,022		8,184
		$	13,756	$	16,663

A summary of outstanding FFAs as of March 31, 2023 is as follows:

FFA Period	Average FFA Contract Price(1)		Number of Days Hedged
Quarter ending June 30, 2023 - Buy Positions	$	14,297	(240)
Quarter ending June 30, 2023 - Sell Positions	$	15,007	630
Quarter ending September 30, 2023 - Buy Positions	$	14,297	(240)
Quarter ending September 30, 2023 - Sell Positions	$	15,007	630
Quarter ending December 31, 2023 - Buy Positions	$	13,915	(195)
Quarter ending December 31, 2023 - Sell Positions	$	15,007	630

(1) Presented in whole dollars.

Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations

The effect of these instruments on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022 is as follows:

Derivatives in Cash Flow Hedging Relationships	Gain/(Loss) Recognized in Other Comprehensive Income/(Loss)				Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) into Earnings
	Three Months Ended					Three Months Ended
	March 31, 2023		March 31, 2022			March 31, 2023		March 31, 2022
Interest rate contracts
Interest rate swaps	$	(598)	$	8,284	Interest expense	$	2,261	$	(397)

The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 is as follows:

	Fair Value of Derivative Assets/(Liabilities)
	Balance Sheet Location	March 31, 2023		December 31, 2022
Derivatives not designated as hedging instruments
Commodity contracts - FFAs
	Fair value of derivative liabilities - current	$	(249)	$	(70)
		$	(249)	$	(70)
Commodity contracts - bunker swaps
	Fair value of derivative liabilities - current	$	(96)	$	(93)
		$	(96)	$	(93)

The effect of these instruments on the Condensed Consolidated Statements of Operations, which is presented in Realized and unrealized loss on derivative instruments, net for the three months ended March 31, 2023 and 2022 is as follows:

	Loss/(Gain) Recognized in Earnings
	Three Months Ended
Derivatives not designated as hedging instruments	March 31, 2023		March 31, 2022
Commodity contracts
FFAs - realized loss/(gain)	$	142	$	(1,772)
Bunker swaps - realized gain	(9)		(1,774)
	133		(3,546)
FFAs - unrealized loss	233		14,252
Bunker swaps - unrealized loss/(gain)	3		(2,803)
	236		11,449
Realized and unrealized loss on derivative instruments, net	$	369	$	7,903

Schedule of Accumulated Other Comprehensive Income (Loss)

Further information on the effect of these instruments on the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022 is as follows:

	March 31, 2023		March 31, 2022
Accumulated other comprehensive income, beginning balance	$	16,549	$	1,886
Gain/(loss) recognized in Other Comprehensive Income/(Loss)	(598)		8,284
Gain/(loss) reclassified from Other Comprehensive Income/(Loss) into earnings	(2,261)		397
Accumulated other comprehensive income, ending balance	$	13,690	$	10,567