v3.26.1
Derivative Instruments and Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2026 and December 31, 2025:
Asset DerivativeLiability Derivative
Derivative instrumentsBalance Sheet Location03/31/202612/31/2025Balance Sheet Location03/31/202612/31/2025
Margin accounts (1)
Other current assets$4,201 $572 Other current liabilities$— $— 
Forward freight agreements (2)
Other current assets$170 $177 Other current liabilities $— $— 
Fuel swap contracts (2)
Other current assets$5,556 $— Other current liabilities$1,189 
Interest rate cap (2)
Other current assets$216 $347 Other current liabilities$— $— 
(1) The fair value measurements were all categorized within Level 1 of the fair value hierarchy.
(2) These fair value measurements were all categorized within Level 2 of the fair value hierarchy.
Derivative Instruments, Gain (Loss)
The following table presents the effect of our derivative financial instruments on the consolidated statements of operations for the three and three months ended March 31, 2026 and 2025:
Unrealized gain (loss) on derivative instruments
Three Months Ended
Derivative instruments03/31/20263/31/2025
Forward freight agreements$(7)$422 
Fuel Swap Contracts6,744 297 
Interest rate cap(131)(536)
Total gain$6,606 $184