v3.26.1
Fair value measurements and Hedging:
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements and Hedging:

14.             Fair value measurements and Hedging:

Fair value on a recurring basis:

Interest rate swaps

As of June 30, 2026, the Company had no interest rate swaps in place.

 

Historically, the Company entered into interest rate swaps to convert a portion of its debt from floating-rate debt to fixed rates. Until March 31, 2025, these interest rate swaps were designated and qualified as cash flow hedges, with the effective portion of the unrealized gains/losses recognized in “Other Comprehensive income/(loss)”. Effective April 1, 2025, these interest rate swaps were de-designated from cash flow hedges as they no longer met the hedge accounting criteria. Accordingly, a gain of $446 for the six-month period ended June 30, 2025 was recognized under “Gain/(Loss) on derivative financial instruments, net” in the unaudited interim condensed consolidated income statement for the corresponding period.

 

In addition, in connection with early terminated interest rate swaps during the six-month period ended June 30, 2025 the Company recorded a gain of $771, which is included under “Loss on debt extinguishment, net” in the unaudited interim condensed consolidated income statement for the corresponding period.

 

In connection with the amortization of the previously recognized amounts under “Other comprehensive income/(loss)”, an amount of $212 is included under “Gain/(Loss) on derivative financial instruments, net” in the unaudited interim condensed consolidated income statement for the six-month period ended June 30, 2026.

 

Freight Derivatives and Bunker Swaps

The results of the Company’s freight derivatives and bunker swaps for the six-month periods ended June 30, 2025 and 2026 and the valuation of their open positions as of December 31, 2025 and June 30, 2026, based on Level 1 quoted market prices in active markets, are presented in the tables below.

         
    Six months ended June 30,
    2025   2026
Consolidated Income Statement        
Gain/(Loss) on derivative financial instruments, net                                           
Realized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps                      400   

                   — 

Unrealized gain/(loss) of de-designated accounting hedging relationship of interest rate swaps                      46                       212
Total Gain/(loss) recognized $                     446  $                     212
         
Interest and finance costs        
Reclassification adjustments of interest rate swap (loss)/gain transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 9)                    551                   212
Total Gain/(loss) recognized  $                  551  $                  212
         
Gain/(Loss) on FFAs and bunker swaps, net        
Realized gain/(loss) on FFAs                 1,271                     (2,796)
Realized gain/(loss) on bunker swaps               1,409                     433
Unrealized gain/(loss) on FFAs               903                      (1,471)
Unrealized gain/(loss) on bunker swaps                    752                   —
Total Gain/(loss) recognized $             4,335  $                    (3,834)

 

14.       Fair value measurements and Hedging - continued:

Fair value on a recurring basis - continued:

               
    Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
    December 31, 2025 June 30, 2026
  Balance Sheet Location (not designated as cash flow hedges)   (designated as cash flow hedges) (not designated as cash flow hedges)   (designated as cash flow hedges)
ASSETS              
FFAs - current Derivatives, current asset portion $ 617   $ —   $ — $ —  
Total    $ 617   $ —   $ — $ —  
LIABILITIES          
FFAs - current Derivatives, current liability portion $ — $ —   $ 854 $ —  
Total    $ — $ —    $ 854 $ —  

 

Certain of the Company’s derivative financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open position under such financial instruments, which as of December 31, 2025 and June 30, 2026 amounted to $540 and $1,022, respectively, and are included within “Restricted cash, current” in the unaudited consolidated balance sheets.

14.       Fair value measurements and Hedging - continued:

Investment in debt security:

Details of the Company’s investment in debt securities are discussed in Note 19 of the Company’s consolidated financial statements for the year ended December 31, 2025, included in the 2025 Annual Report.

The amortized cost and fair value of AFS debt securities, based on their quoted prices in active market (Level 1), as of December 31, 2025 and June 30, 2026, are summarized as follows:

 

      December 31, 2025
   Balance Sheet Location   Amortized Cost   Unrealized gain/(loss)   Fair value
AFS Debt Securities Other current assets $ 1,408 $ 109  $  1,517
  $ 1,408 $ 109  $  1,517
               
      June 30, 2026
   Balance Sheet Location   Amortized Cost   Unrealized gain/(loss)   Fair value
AFS Debt Securities Other current assets $ 1,517 $ (47)  $  1,470
    $ 1,517 $ (47)  $  1,470

 

  

As of June 30, 2026, no allowance for credit losses has been recorded on the AFS debt securities, consistent with the Company’s assessment that the securities are investment-grade and show no indication of credit impairment. Interest income is accrued using the effective interest method and reported under Interest income and other income/(loss).

The Company’s financial instruments that may expose it to credit risk include cash balances, trade receivables, and derivative contracts. Cash is held with creditworthy financial institutions to minimize risk. Exposure related to derivative contracts is managed by primarily transacting through reputable clearing houses, including European Energy Exchange (“EEX”), Singapore Exchange (“SGX”) and Intercontinental Exchange (“ICE”), and by limiting over-the-counter exposure. The Company also monitors the creditworthiness of financial institutions and performs ongoing evaluations of customers’ financial condition to manage receivable risk.

The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and financing under bareboat leases (Level 2), bearing interest at variable interest rates, approximates their recorded values as of June 30, 2026, due to the variable interest rate nature thereof.