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Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swap Agreements
As of December 31, 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 4.47%
1.74%$262,950 
A summary of outstanding FFAs as of December 31, 2023 is as follows:

FFA Period
Average FFA Contract Price(1)
Number of Days Hedged
Quarter ending March 31, 2024 – Buy Positions$— — 
Quarter ending March 31, 2024 – Sell Positions$13,479 540
(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, 2023 and 2022 is as follows:

Fair Value of Derivative Assets/(Liabilities)
Balance Sheet LocationDecember 31, 2023December 31, 2022
Derivatives designated as hedging instruments
Interest rate contracts – interest rate swaps
Fair value of derivative assets – current$6,824 $8,479 
Fair value of derivative assets – noncurrent3,136 8,184 
$9,960 $16,663 
Fair value of derivative liabilities – noncurrent$(1,505)$— 
$(1,505)$— 
Schedule of Derivatives Effect on Consolidated Statements of Operations
The effect of these instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021 is as follows:

Gain/(Loss) Recognized in Other Comprehensive (Loss)/Income for the Year Ended
Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings for the Year Ended
Derivatives in Cash Flow Hedging RelationshipsDecember 31, 2023December 31, 2022December 31, 2021Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into EarningsDecember 31, 2023December 31, 2022December 31, 2021
Interest rate contracts
Interest rate swaps$1,523 $16,609 $2,106 Interest expense$9,621 $1,947 $(913)
The effect of these derivative instruments on the Consolidated Balance Sheets as of December 31, 2023 and 2022 is as follows:

Fair Value of Derivative Assets/(Liabilities)
Balance Sheet LocationDecember 31, 2023December 31, 2022
Derivatives not designated as hedging instruments
Commodity contracts – FFAs
Fair value of derivative liabilities – current$(464)$(70)
Commodity contracts – Bunker swaps
Fair value of derivative liabilities – current$(14)$(93)
Commodity contracts – EUA futures
Fair value of derivative liabilities – current$(1)$— 
 
The effect of these instruments on the Consolidated Statements of Operations, which is presented in Realized and unrealized (gain)/loss on derivative instruments, net for the years ended December 31, 2023, 2022 and 2021 is as follows:

 (Gain)/Loss Recognized in Earnings for the Year Ended
Derivatives not designated as hedging instrumentsDecember 31, 2023December 31, 2022December 31, 2021
Commodity contracts
FFAs – realized (gain)/loss$(1,880)$(11,433)$41,139 
Bunker swaps – realized gain(568)(4,358)(2,963)
(2,448)(15,791)38,176 
FFAs – unrealized loss574 1,464 59 
Bunker swaps – unrealized (gain)/loss(79)468 9 
EU Allowance futures – unrealized loss1 — — 
496 1,932 68 
Realized and unrealized (gain)/loss on derivative instruments, net$(1,952)$(13,859)$38,244 
Schedule of Accumulated Other Comprehensive Income (Loss)
Further information on the effect of these instruments on the Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021 is as follows:

 Year Ended
 December 31, 2023December 31, 2022December 31, 2021
Accumulated other comprehensive income/(loss), beginning balance$16,549 $1,886 $(1,132)
Gain recognized in other comprehensive (loss)/income1,523 16,609 2,106 
(Gain)/loss reclassified from other comprehensive (loss)/income into earnings(9,621)(1,947)913 
Accumulated other comprehensive income, ending balance$8,451 $16,549 $1,886