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Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Interest Rate Swap Agreements
As of June 30, 2023, 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
0.62% to 0.85%
0.66%$212,850 
The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 is as follows:

Fair Value of Derivative Assets/(Liabilities)
Balance Sheet LocationJune 30, 2023December 31, 2022
Derivatives designated as hedging instruments
Interest rate contracts - interest rate swaps
Fair value of derivative assets - current$8,434 $8,479 
Fair value of derivative assets - noncurrent6,331 8,184 
$14,765 $16,663 
A summary of outstanding FFAs as of June 30, 2023 is as follows:
FFA Period
Average FFA Contract Price(1)
Number of Days Hedged
Quarter ending September 30, 2023 - Buy Positions$14,289 (720)
Quarter ending September 30, 2023 - Sell Positions$14,976 765
Quarter ending December 31, 2023 - Buy Positions$13,896 (705)
Quarter ending December 31, 2023 - Sell Positions$14,855 795
(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 and six months ended June 30, 2023 and 2022 is as follows:
Derivatives in Cash Flow Hedging RelationshipsGain/(Loss) Recognized in Other Comprehensive Income/(Loss)Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into EarningsGain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Interest rate contracts
Interest rate swaps$3,319 $2,252 $2,721 $10,536 Interest expense$2,284 $82 $4,545 $(315)
The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022 is as follows:

Fair Value of Derivative Assets/(Liabilities)
Balance Sheet LocationJune 30, 2023December 31, 2022
Derivatives not designated as hedging instruments
Commodity contracts - FFAs
Fair value of derivative assets - current$1,380 $— 
$1,380 $— 
Fair value of derivative liabilities - current$(8)$(70)
$(8)$(70)
Commodity contracts - bunker swaps
Fair value of derivative liabilities - current$— $(93)
$— $(93)
The effect of these instruments on the Condensed Consolidated Statements of Operations, which is presented in Realized and unrealized gain on derivative instruments, net for the three and six months ended June 30, 2023 and 2022 is as follows:

 (Gain)/Loss Recognized in Earnings
Three Months EndedSix Months Ended
Derivatives not designated as hedging instrumentsJune 30, 2023June 30, 2022June 30, 2023June 30, 2022
Commodity contracts
FFAs - realized (gain)/loss$(900)$5,572 $(757)$3,799 
Bunker swaps - realized loss/(gain)130 (2,620)120 (4,394)
(770)2,952 (637)(595)
FFAs - unrealized (gain)/loss(1,933)(13,133)(1,700)1,119 
Bunker swaps - unrealized (gain)/loss(88)291 (85)(2,512)
(2,021)(12,842)(1,785)(1,393)
Realized and unrealized gain on derivative instruments, net$(2,791)$(9,890)$(2,422)$(1,988)
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 and six months ended June 30, 2023 and 2022 is as follows:
Three Months EndedSix Months Ended
June 30, 2023June 30, 2022June 30, 2023June 30, 2022
Accumulated other comprehensive income, beginning balance$13,690 $10,567 $16,549 $1,886 
Gain recognized in Other Comprehensive Income/(Loss)3,319 2,252 2,721 10,536 
(Gain)/loss reclassified from Other Comprehensive Income/(Loss) into earnings(2,284)(82)(4,545)315 
Accumulated other comprehensive income, ending balance$14,725 $12,737 $14,725 $12,737