Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-13944 |
Entity Registrant Name | NORDIC AMERICAN TANKERS Ltd |
Entity Central Index Key | 0001000177 |
Entity Incorporation, State or Country Code | D0 |
Entity Address, Address Line One | LOM Building |
Entity Address, Address Line Two | 27 Reid Street |
Entity Address, City or Town | Hamilton |
Entity Address, Country | BM |
Entity Address, Postal Zip Code | HM 11 |
Title of 12(b) Security | Common Shares, $0.01 par value |
Trading Symbol | NAT |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 183,694,196 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Firm ID | 1363 |
Auditor Name | KPMG AS |
Auditor Location | Oslo, Norway |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Contact Personnel Name | Herbjorn Hansson |
Local Phone Number | 292-7202 |
Entity Address, Address Line One | LOM Building |
Entity Address, Address Line Two | 27 Reid Street |
Entity Address, City or Town | Hamilton |
Entity Address, Country | BM |
Entity Address, Postal Zip Code | HM 11 |
City Area Code | 441 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Voyage Revenues | $ 191,075 | $ 354,619 | $ 317,220 |
Other Income | 4,684 | 0 | 0 |
Voyage Expenses | (128,263) | (121,089) | (141,770) |
Vessel Operating Expenses | (67,676) | (66,883) | (66,033) |
Depreciation Expense | (68,352) | (67,834) | (63,965) |
Impairment Loss on Vessels | (60,311) | 0 | 0 |
General and Administrative Expenses | (15,620) | (17,586) | (13,481) |
Net Operating Income (Loss) | (144,463) | 81,227 | 31,971 |
Interest Income | 3 | 96 | 298 |
Interest Expense | (26,380) | (31,481) | (38,390) |
Other Financial Income (Expense) | (429) | 255 | (4,160) |
Total Other Expenses | (26,806) | (31,130) | (42,252) |
Net Income (Loss) Before Income Taxes | (171,269) | 50,097 | (10,281) |
Income Tax Expense | (59) | (64) | (71) |
Net Income (Loss) | $ (171,328) | $ 50,033 | $ (10,352) |
Basic Income (Loss) per Share (in dollars per share) | $ (1.05) | $ 0.34 | $ (0.07) |
Diluted Income (Loss) per Share (in dollars per share) | $ (1.05) | $ 0.34 | $ (0.07) |
Basic Average Number of Common Shares Outstanding (in shares) | 162,549,611 | 149,292,586 | 142,571,361 |
Diluted Average Number of Common Shares Outstanding (in shares) | 162,549,611 | 149,292,586 | 142,571,361 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
Net Income (Loss) | $ (171,328) | $ 50,033 | $ (10,352) |
Other Comprehensive Income (Loss) | |||
Translation Differences | (102) | 157 | (498) |
Unrealized Gain (Loss) on Defined benefit plan | (163) | (76) | 420 |
Other Comprehensive Income (Loss) | (265) | 81 | (78) |
Total Comprehensive Income (Loss) | $ (171,593) | $ 50,114 | $ (10,430) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and Cash Equivalents | $ 34,739 | $ 57,847 |
Restricted Cash | 9,909 | 4,223 |
Accounts Receivable, Net | 9,374 | 6,349 |
Prepaid Expenses | 4,847 | 5,477 |
Inventory | 20,873 | 19,408 |
Voyages in Progress | 10,488 | 4,644 |
Other Current Assets | 1,918 | 1,574 |
Vessels Held for Sale | 14,960 | 0 |
Total Current Assets | 107,108 | 99,522 |
Non-Current Assets | ||
Vessels | 715,263 | 861,342 |
Vessels under Construction | 24,270 | 11,000 |
Right of Use Assets | 1,857 | 1,219 |
Other Non-Current Assets | 2,654 | 1,264 |
Total Non-Current Assets | 744,044 | 874,825 |
Total Assets | 851,152 | 974,347 |
Current Liabilities | ||
Accounts Payable | 6,552 | 4,099 |
Accrued Voyage Expenses | 14,985 | 5,254 |
Other Current Liabilities | 8,561 | 8,232 |
Current Portion of Long-Term Debt | 37,547 | 22,094 |
Total Current Liabilities | 67,645 | 39,679 |
Non-Current Liabilities | ||
Long-Term Debt | 283,411 | 334,615 |
Operating Lease Liabilities | 1,149 | 730 |
Other Non-Current Liabilities | 724 | 197 |
Total Non-Current Liabilities | 285,284 | 335,542 |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Common Stock, par value $0.01 per share 360,000,000 authorized, 183,694,196 and 151,446,112 issued and outstanding at December 31, 2021 and December 31, 2020, respectively. | 1,836 | 1,514 |
Additional Paid-in Capital | 139,480 | 59,412 |
Contributed Surplus | 529,816 | 539,516 |
Accumulated Other Comprehensive Loss | (1,581) | (1,316) |
Retained Earnings (Accumulated Deficit) | (171,328) | 0 |
Total Shareholders' Equity | 498,223 | 599,126 |
Total Liabilities and Shareholders' Equity | $ 851,152 | $ 974,347 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Shareholders' Equity | ||
Common Share, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (in shares) | 360,000,000 | 360,000,000 |
Common Stock, shares issued (in shares) | 183,694,196 | 151,446,112 |
Common Stock, shares outstanding (in shares) | 183,694,196 | 151,446,112 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Treasury Shares [Member] | Additional Paid-in Capital [Member] | Contributed Surplus [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 141,969,666 | 22,000 | |||||
Balance at Dec. 31, 2018 | $ 1,420 | $ 123,852 | $ 786,881 | $ (1,319) | $ (308,803) | $ 602,031 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | 0 | 0 | 0 | 0 | (10,352) | (10,352) | |
Coverage of Accumulated Deficit | 0 | 0 | (308,803) | 0 | 308,803 | 0 | |
Reduction of share premium | $ 0 | (103,379) | 103,379 | 0 | 0 | 0 | |
Common Shares Issued, net (in shares) | 5,260,968 | 0 | |||||
Common Shares Issued, net of issuance cost | $ 52 | 17,870 | 0 | 0 | 0 | 17,922 | |
Other Comprehensive Loss | $ 0 | 0 | 0 | (78) | 0 | (78) | |
Share based compensation (in shares) | 0 | 0 | |||||
Share based compensation | $ 0 | 156 | 0 | 0 | 0 | (156) | |
Forfeited shares - 2011 Equity Incentive Plan (in shares) | 20,000 | ||||||
Dividends Distributed | $ 0 | 0 | (14,255) | 0 | 0 | (14,255) | |
Balance (in shares) at Dec. 31, 2019 | 147,230,634 | 42,000 | |||||
Balance at Dec. 31, 2019 | $ 1,472 | 38,499 | 567,202 | (1,396) | (10,352) | 595,424 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | $ 0 | 0 | 0 | 0 | 50,033 | 50,033 | |
Common Shares Issued, net (in shares) | 4,215,478 | 0 | |||||
Common Shares Issued, net of issuance cost | $ 42 | 20,628 | 0 | 0 | 0 | 20,670 | |
Other Comprehensive Loss | $ 0 | 0 | 0 | 81 | 0 | 81 | |
Share based compensation (in shares) | 0 | 0 | |||||
Share based compensation | $ 0 | 285 | 0 | 0 | 0 | 285 | |
Dividends Distributed | $ 0 | 0 | (27,686) | 0 | (39,566) | (67,242) | |
Balance (in shares) at Dec. 31, 2020 | 151,446,112 | 42,000 | |||||
Balance at Dec. 31, 2020 | $ 1,514 | 59,412 | 539,516 | (1,316) | 0 | 599,126 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | $ 0 | 0 | 0 | 0 | (171,328) | (171,328) | |
Common Shares Issued, net (in shares) | 32,248,084 | 0 | |||||
Common Shares Issued, net of issuance cost | $ 322 | 79,729 | 0 | 0 | 0 | 80,051 | |
Other Comprehensive Loss | $ 0 | 0 | 0 | (265) | 0 | (265) | |
Share based compensation (in shares) | 0 | (42,000) | |||||
Share based compensation | $ 0 | 339 | 0 | 0 | 0 | 339 | |
Dividends Distributed | $ 0 | 0 | (9,700) | 0 | 0 | (9,700) | |
Balance (in shares) at Dec. 31, 2021 | 183,694,196 | 0 | |||||
Balance at Dec. 31, 2021 | $ 1,836 | $ 139,480 | $ 529,816 | $ (1,581) | $ (171,328) | $ 498,223 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract] | |||
Common Shares Issued, issuance costs | $ 2.3 | $ 0.7 | $ 0.7 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | |||
Net Income (Loss) | $ (171,328) | $ 50,033 | $ (10,352) |
Reconciliation of Net Loss to Net Cash Provided by Operating Activities | |||
Depreciation Expense | 68,352 | 67,834 | 63,965 |
Impairment Loss on Vessels | 60,311 | 0 | 0 |
Change in Fair Value of Investment Securities | 0 | 224 | 3,160 |
Drydock Expenditure | (7,318) | (21,045) | (4,158) |
Amortization of Deferred Finance Costs | 2,989 | 4,354 | 4,291 |
Deferred Compensation Liabilities | 0 | 0 | (10,970) |
Share-based Compensation | 339 | 285 | 156 |
Other, net | 502 | (810) | (66) |
Changes in Operating Assets and Liabilities | |||
Accounts Receivables | (3,025) | 18,109 | (1,989) |
Inventory | (1,465) | 3,068 | (2,184) |
Prepaid Expenses and Other Current Assets | 286 | (330) | (1,068) |
Accounts Payable and Accrued Liabilities | 11,743 | (19,258) | 10,122 |
Voyages in Progress | (5,844) | 8,480 | 1,951 |
Net Cash Provided by / (Used In) Operating Activities | (44,458) | 110,944 | 52,858 |
Cash Flows from Investing Activities | |||
Investment in Vessels | (3,868) | (6,845) | (2,531) |
Investment in Other Fixed Assets | (589) | (233) | 0 |
Investment in Vessels under Construction | (13,270) | (11,000) | 0 |
Sale of Vessels | 14,262 | 0 | 0 |
Proceeds from Sale of Investment Securities | 0 | 602 | 212 |
Net Cash (Used In) / Provided by Investing Activities | (3,465) | (17,476) | (2,319) |
Cash Flows from Financing Activities | |||
Proceeds from Issuance of Common Stock | 80,051 | 20,713 | 17,922 |
Proceeds from Borrowing Activities | 0 | 29,300 | 300,000 |
Repayments on prior $500 million Credit Facility | 0 | 0 | (313,400) |
Repayments on Vessel financing 2018-built Vessels | (7,958) | (7,630) | (7,273) |
Repayments on Borrowing Facility | (30,780) | (67,896) | (14,324) |
Transaction Costs Borrowing Facilities | (1,100) | (320) | (6,921) |
Dividends Distributed | (9,700) | (67,242) | (14,255) |
Net Cash Provided by / (Used In) Financing Activities | 30,513 | (93,075) | (38,251) |
Net Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (17,410) | 393 | 12,288 |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 62,070 | 61,638 | 49,327 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (12) | 39 | 23 |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 44,648 | 62,070 | 61,638 |
Supplemental Disclosure of Cash Flow information | |||
Cash and Cash Equivalents | 34,739 | 57,847 | 48,847 |
Restricted cash | 9,909 | 4,223 | 12,791 |
Cash Paid for Taxes | 64 | 71 | 79 |
Cash Paid for Interest, Net of Amounts Capitalized | $ 23,392 | $ 27,128 | $ 35,616 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions | Dec. 31, 2019USD ($) |
Revolving Credit Facility [Member] | |
Cash Flows from Financing Activities | |
Maximum borrowing capacity | $ 500 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2021 | |
NATURE OF BUSINESS [Abstract] | |
NATURE OF BUSINESS | 1. NATURE OF BUSINESS Nordic The Company is an international tanker company that has a fleet of 24 Suezmax tankers (including 2 newbuildings) as of December 31, 2021. The Company ordered two newbuildings in 2020 for delivery in May and June 2022 from Samsung shipyard in South Korea and has disposed of one vessel in 2021. The active fleet of 22 vessels that the Company operated per December 31, 2021, are considered homogeneous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo. The vessels are predominantly employed in the spot market, together with one vessel currently on a longer term time charter agreement expiring in late 2022 or later. The two newbuildings that will be delivered in May and June 2022 will both be chartered out on six-year timecharter agreements commencing upon delivery from the shipyard. The Company’s Fleet The Company’s fleet as of December 31, 2021, consists of 24 Suezmax crude oil tankers (including 2 newbuildings) of which the vast majority have been built in Korea. Vessel Built in Deadweight Tons Delivered to NAT in Nordic Freedom 2005 159,331 2005 Nordic Moon 2002 160,305 2006 Nordic Apollo 2003 159,998 2006 Nordic Cosmos 2003 159,999 2006 Nordic Grace (1) 2002 149,921 2009 Nordic Mistral (1) 2002 164,236 2009 Nordic Passat (1) 2002 164,274 2010 Nordic Vega 2010 163,940 2010 Nordic Breeze 2011 158,597 2011 Nordic Zenith 2011 158,645 2011 Nordic Sprinter 2005 159,089 2014 Nordic Skier 2005 159,089 2014 Nordic Light 2010 158,475 2015 Nordic Cross 2010 158,475 2015 Nordic Luna 2004 150,037 2016 Nordic Castor 2004 150,249 2016 Nordic Pollux 2003 150,103 2016 Nordic Star 2016 157,738 2016 Nordic Space 2017 157,582 2017 Nordic Tellus 2018 157,407 2018 Nordic Aquarius 2018 157,338 2018 Nordic Cygnus 2018 157,526 2018 Newbuilding (2) 2022 156,800 - Newbuilding (2) 2022 156,800 - (1) Vessel sold in 2022 (2) Vessel under construction per December 31, 2021, with expected delivery in 2022 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis Reclassifications: . Principles of Consolidation: Use of Estimates: Foreign Currency Translation: . Revenue and Expense Recognition: Spot Charters: As the Company’s performance obligations are services which are received and consumed by our customers as we perform such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. Freight is generally billed to the customers after the cargo has been discharged and the performance obligation fulfilled by the Company. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the load and discharge ports. Demurrage earned during a spot charter represents a variable consideration. The Company recognizes such revenues in the voyage estimates only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Voyage estimates are reviewed and updated over the duration of the spot charter contract. When the Company’s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations. Time Charters: Vessel Operating Expenses: Cash, Cash Equivalents and Restricted Cash: Accounts Receivable, Net: Inventories: Vessels: Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are capitalized and included in vessels’ cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is expensed over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. repairs and maintenance are expensed as incurred. Vessels are classified separately as held for sale as part of current assets in the balance sheet when their carrying amount is expected to be recovered through a sale rather than continued use. For this to be the case, certain criteria should be met including, but not limited to, that the vessel must be available for immediate sale in its present condition, an active program to locate a buyer must be initiated, its sale must be highly probable and the sale should be expected to be completed within one year. Vessels classified as held for sale are stated at their fair value less cost to sell. Fair value is based on broker estimates that could be adjusted if there are actual entity-specific comparable transactions available. Impairment of Vessels: Drydocking: The Company’s vessels are required to be drydocked approximately every 30 to months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. Amortization expense of the drydocking costs is included in depreciation expense. Leases: The Company bareboat charters certain vessels under leasing agreements. Sale-leaseback arrangements where the transaction is not considered a sale under ASC 606 are accounted for as a financing transaction. Consideration received in such sale-leaseback arrangements is recorded as a financial liability. Each lease payment is allocated between liability and interest expense to achieve a constant rate on the financial liability outstanding. The interest element is charged as Interest Expense over the lease period. The Company has certain office lease contracts resulting in a right-of-use asset and a lease liability and the Company has applied an incremental borrowing rate as the discount rate to calculate the respective asset and liability. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Investment Securities: Segment Information: Fair Value of Financial Instruments: Deferred Financing Costs: Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. . Share Based Compensation: Restricted shares The fair value of restricted shares to employees is estimated based on the market price of the Company’s shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period. Stock options The Company grants stock options as incentive-based compensation to certain employees. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost over the requisite service period. Income Taxes: Two of the Company’s wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 22% for the years ended December 31, 2021, 2020 and 2019, respectively, of their taxable profit. The income tax expensed for year ended December 31, 2021, 2020 and 2019 was $59,000, $64,000 and $71,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes. Concentration of Credit Risk: For the year ended December 31, 2021, one customer accounted for 12.5% of the voyage revenues. For the year ended December 31, 2020, one customer accounted for 11.4% of the voyage revenues. For the year ended December 31, 2019, one customer accounted for 13.7% of the voyage revenues. Accounts receivable, Net, as of December 31, 2021, and December 31, 2020, were $ and $ million, respectively. As of December 31, 2021, charterers accounted for of the outstanding accounts receivable, each representing , and 12.4% of the balance, respectively. As of December 31, 2020, charterers accounted for of the outstanding accounts receivable, with each, respectively. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848) which provides relief for companies preparing for discontinuation of interest rates such as LIBOR. A contract modification is eligible to apply the optional relief to account for the modifications as a continuation of the existing contracts without additional analysis and consider embedded features to be clearly and closely related to the host contract without reassessment, if all of the following criteria are met: (i) contract references a rate that will be discontinued; (ii) modified terms directly replace (or have potential to replace) this reference rate; and (iii) changes to any other terms that change (or have potential to change) amount and timing of cash flows must be related to replacement of the reference rate. Relief provided by this ASU is optional and expires December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (ASC 848) to refine the scope of ASC 848 and to clarify some of its guidance. The Company has determined that its primary exposure to LIBOR is in relation to its floating rate borrowing facilities to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2021 | |
REVENUES [Abstract] | |
REVENUES | 3. REVENUES Our voyage revenues consist of time charter revenues and spot charter revenues with the following split: All figures in USD ‘000 2021 2020 2019 Spot Charter Revenues 170,242 274,217 283,007 Time Charter Revenues 20,833 80,402 34,213 Total Voyage Revenues 191,075 354,619 317,220 The future minimum revenues as at December 31, 2021 related to time charter revenues are as follows: All figures in USD ‘000 Amount 2022 12,495 2023 - 2024 - Total Future Minimum Revenues 12,495 The table does not include future revenues related to concluded time charter contracts for the two newbuildings to be delivered in 2022. Our voyage contracts have a duration of one year or less and we applied the exemption related to excluding the disclosure of remaining performance obligations. As of December 31, 2021 and December 31, 2020, the Company has capitalized fulfilment cost of $1.1 million and $0.4 million, respectively. The Company has recorded a net distribution received of $4.7 million from an insurance association as Other Income in 2021. |
VESSELS
VESSELS | 12 Months Ended |
Dec. 31, 2021 | |
VESSELS [Abstract] | |
VESSELS | 4. VESSELS Vessels consists of the carrying value of 21 and 23 vessels for the year ended December 31, 2021 and December 31, 2020, respectively. Vessels includes capitalized drydocking costs. One vessel is presented as Held for Sale as of December 31, 2021, and is presented as a disposal in the table below. All figures in USD ‘000 2021 2020 Vessels Cost as of January 1 1,316,463 1,309,618 Additions Vessels 3,868 6,845 Disposals Vessels (76,183 ) - Drydocking Cost as of January 1 82,227 59,949 Additions Drydocking 7,881 22,278 Disposals Drydocking (10,061 ) - Total Cost Vessels and Drydocking 1,324,195 1,398,690 Less Accumulated Depreciation (557,527 ) (537,348 ) Less Accumulated Impairment Loss on Vessels (51,405 ) - Net Book Value Vessels as of December 31 715,263 861,342 Vessel Held for Sale 14,960 - T he Company has in 2021 and 2020 paid $13.3 million and $11.0 million, respectively, The Company has sold one vessel in 2021 for a net consideration of $14.3 million equalling its then carrying value. Impairment Loss on Vessels The Company has recorded an impairment loss on vessels of $60.3 million for the year ended December 31, 2021. The Company did not record any impairment losses for the years ended December 31, 2020 and December 31, 2019. The impairment loss of $60.3 million consists of $8.9 million from classification of a vessel as Held for Sale and $51.4 million is related to impairment charges from the Company’s periodic impairment assessment. The Company announced the intention to sell at least two vessels in July 2021. One vessel was disposed of in November 2021 and the other The Company reviewed its vessels for impairment on an asset by asset basis as a result of depressed freight rates and included a probability-weighted approach as a result of identifying factors that indicated an increased probability of disposal of certain older vessels built in 2002 and 2003 before the end of their estimated useful life. Different scenarios were assessed and weighted for these vessels and, in addition to the Company’s historical base case approach, management included the probability of selling the vessels and a low case scenario estimating lower than expected freight rates during the remaining lifetime of these vessels in case being not disposed of. Judgment has been applied when weighting the different scenarios. In determining whether the assets are recoverable, the Company compared the estimate of the undiscounted cash flows expected to be generated by the assets to its carrying value. As of December 31, 2021, it was determined that the sum of the undiscounted cash flows for five vessels built in 2002 and 2003 did not exceed its carrying value and an impairment loss of $51.4 million was recorded. In developing estimates of future undiscounted cash flows in our base case, we made assumptions and estimates based on historical trends as well as future expectations. The most important assumption in determining undiscounted cash flows are the estimated charter rates. Charter rates are volatile and the analysis is based on market rates obtained from third parties, in combination with historical achieved rates by the Company. Subsequent to December 31, 2021, the Company has disposed of three vessels built in 2002, including the one vessel classified as Held for Sale as of December 31, 2021. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | 5. RELATED PARTY TRANSACTIONS The Company has an agreement with a company owned by a Board member for the use of an asset for corporate and marketing activities. The Company has in 2021 paid a fixed annual fee of $0.2 million, operating cost of $0.5 million and fees associated with actual use. In 2021, 2020 and 2019, the Company recognized an expense of $0.3 million, $0.1 million and $0.3 million, respectively, for utilization of the asset. No amounts were due to the related party as of December 31, 2021 or December 31, 2020. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
OTHER NON-CURRENT ASSETS [Abstract] | |
OTHER NON-CURRENT ASSETS | 6. OTHER NON-CURRENT ASSETS All figures in USD ‘000 2021 2020 Fixture, Furniture and Equipment 756 242 Prepaid Financing Cost 1,100 - Other 798 1,022 Total as of December 31, 2,654 1,264 |
SHARE-BASED COMPENSATION PLAN
SHARE-BASED COMPENSATION PLAN | 12 Months Ended |
Dec. 31, 2021 | |
SHARE-BASED COMPENSATION PLAN [Abstract] | |
SHARE-BASED COMPENSATION PLAN | 7. SHARE-BASED COMPENSATION PLAN In 2011, the Board of Directors decided to establish an incentive plan and the Company has amended its 2011 Equity Incentive Plan (the “Plan”) in 2015 and 2019. As of December 31, 2021, the Plan includes awards of 537,665 common shares and 1,000,000 stock options. Common Shares Award The 537,665 common shares are pursuant to a vesting schedule and the shares are forfeited if the grantee leaves the Company before the shares are vested. The holders of the shares are entitled to voting rights as well as to receive dividends paid during the trade restriction period. All shares under this program have been granted and allocated to Board of Directors, management and employees of the Company in prior periods. As of December 31, 2020, there were a remaining 4,500 unvested common shares that vested in January 2021. As of December 31, 2021, there was no unvested shares remaining. The Company held 42,000 common shares from forfeitures as treasury shares as of December 31, 2020. These shares have been granted to employees in 2021 and the Company held no treasury shares as of December 31, 2021. The compensation expense is recognized on a straight-line basis over the vesting period and is recorded as part of General and Administrative expenses. The total compensation expense related to common shares under the plan was $0.1 million, $0.1 million, and $0.1 million for the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively. Stock Option Award The Board of Directors approved an additional 1,000,000 stock options for issuance in 2019. In 2019, the Company granted and options with vesting over a period of two and , respectively, with an exercise price of $ per share. The Company used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model; Options with two year vesting Options with three year vesting Volatility 57.5% 52.5% Dividend yield 10.0% 10.0% Risk-free interest rate 1.64% 1.65% Weighted-average grant date fair value $0.59 $0.58 The expected volatility was based on historical volatility observed from historical company-specific data during the two years prior to the grant date. The compensation expense related to the stock option awards was $0.2 million, $ million and $ million for the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively, and the remaining unrecognized cost as of December 31, 2021, related to non-vested stock options was $ million with a remaining average remaining vesting period of years. |
LONG-TERM DEBT AND CURRENT PORT
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2021 | |
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT [Abstract] | |
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT | 8. LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT The Company has two lenders financing its active fleet of Suezmax tankers; (1) the 2019 Senior Secured Credit Facility, including the $30 million Accordion Loan, secured by the nineteen vessels built from year 2002 to year 2016, and (2) the Financing of 2018-built vessels that is related to the three vessels built in 2018. 2019 Senior Secured Credit Facility and $30 million Accordion Loan: On February 12, 2019 the Company entered into a new five-year senior secured credit facility for $306.1 million (the “2019 Senior Secured Credit Facility”). Borrowings under the 2019 Senior Secured Credit Facility are secured by first priority mortgages over the vessels (excluding the three vessels delivered in 2018, see description below) and assignments of earnings and insurance. The loan is amortizing with a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024 As of December 31, 2020, the Company had $253.9 million drawn under its 2019 Senior Secured Credit Facility, where $14.4 million, net of deferred financing cost of $2.4 million, was presented as Current Portion of Long-Term Debt. On December 16, 2020, the Company entered into a new loan agreement for the borrowing of $30.0 million (the “$30 million Accordion Loan”). The loan is considered an accordion loan to the 2019 Senior Secured Credit Facility loan agreement and has the same amortization profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024 The Company has repaid $30.8 million of the facility in the twelve months ended December 31, 2021. As of December 31, 2021, the total outstanding balance was $223.1 million. The Company has presented $29.5 million, net of deferred financing cost of $2.3 million, under Current Portion of Long-Term Debt that includes $14.9 million in debt associated with Vessel Held for Sale. Earnings generated in the fourth quarter of 2021 did not result in any additional payment related to the excess cash flow mechanism. Subsequent to December 31, 2021, the Company has repaid in total $48.7 million and the total outstanding balances as of April 30, 2022, is $174.5 million. The estimated fair value for the long-term debt is considered to be approximately equal to the carrying value since it carries a variable interest rate. Financing of 2018-built Vessels The three vessels were delivered in July, August and October 2018, respectively. Under the terms of the financing agreement, the lender has provided financing of 77.5% of the purchase price for each of the three 2018-built vessels. Upon delivery of each of the vessels, the Company entered into ten-year bareboat charter agreements. The Company has obligations to purchase each vessel for $13.6 million upon the completion of the ten-year bareboat charter agreements, and also has the option to purchase the vessels after sixty The outstanding amounts under this financing arrangement were $104.3 million and $112.2 million as of December 31, 2021 and 2020, respectively, where $8.1 million and $7.7 million, net of deferred financing costs, have been presented as Current Portion of Long-Term Debt, respectively. Financing of 2022 Newbuildings In 2020, the Company announced that it had entered into financing agreements for the two Suezmax newbuildings to be delivered during 2022. Under the terms of the financing agreement, the lender will provide financing of up to 80.0% of the purchase price for each of the two newbuildings. The agreement includes financing of the remaining pre-delivery instalments to be paid in 2022 and the final amounts to be paid upon delivery of the vessels. Upon delivery of each of the vessels, the Company will commence ten-year bareboat charter agreements. The Company has obligations to purchase the vessels upon the completion of the ten-year bareboat charter agreements, and also have the option to purchase the vessels after sixty As of December 31, 2021, the Company has not utilized any portion of the financing agreement. The Company has incurred $1.0 million in financing cost, which is presented as Other Non-Current Assets as of December 31, 2021. Subsequent to December 31, 2021, we have utilized $22.0 million of the financing arrangement to pay for agreed pre-delivery instalments to the yard. As of December 31, 2021, the aggregate annual principal payments required to be made under the Company’s outstanding debt facilities are as follows: Debt repayments in $'000s* Total 2022 2023 2024 2025 2026 More than 5 years 2019 Senior Secured Credit Facility including the $ 30 223,122 16,805 16,805 189,512 - - - Financing of 2018-built Vessels 104,278 8,327 8,711 9,138 9,534 9,974 58,593 Total 327,400 25,132 25,516 198,650 9,534 9,974 58,593 The table above does not include figures related to the financing of the 2022 Newbuildings as no debt was incurred as of December 31, 2021. Payments resulting from vessel sales in 2022 are reflected in the table above based upon their contractual maturities and are not shown as an adjustment to the amounts due in 2022. The excess cash mechanism in the 2019 Senior Secured Credit Facility could result in higher loan repayments than indicated above if the Company generates excess cash from operations. The Company monitors compliance with financial covenants on a regular basis and as at December 31, 2021, the Company was in compliance with the financial covenants in its debt facilities. The financial minimum liquidity covenant of $30.0 million is the most sensitive covenant. On a regular basis, the Company performs cash flow projections to evaluate whether it will be in a position to cover the liquidity needs for the next 12-month period and the compliance with financial and security ratios under its existing and future financing agreements. In developing estimates of future cash flows, the Company makes assumptions about the vessels’ future performance, market rates, operating expenses, capital expenditure, fleet utilization, general and administrative expenses, loan repayments and interest charges. The assumptions applied are based on historical experience and future expectations. The Company prepares cash flow projections for different scenarios and a key input factor to the cash flow projections is the estimated freight rates. The Company applies an average of several broker estimates in combination with own estimates for the coming 12-months period. Freight rates in the first quarter of 2022 have improved compared to the average freight rates achieved in 2021 and spot voyage contracts secured recently are significantly above the rates achieved in 2021. However, in the event that the positive development in the freight rates in 2022 do not continue and the Company experiences a scenario with Suezmax tanker freight rates in line with 2021, a cash shortfall is identified within the coming twelve-months period, exceeding the remaining available balance of the $60 million ATM launched on February 14, 2022. If such a scenario should unfold, the Board has approved measures to be implemented to secure additional liquidity. The Company has financial flexibility and the available measures encompass sale of vessels that include avoidance of capital expenditure, ATM renewals or further borrowings. As of May 11, 2022, the Company has issued and sold 7,213,676 common shares under the $60 million 2022 ATM for a gross consideration of $16.8 million with a remaining available balance of $43.2 million. Further, three vessels are sold in 2022 and $43.8 million of the proceeds were used to repay outstanding debt. The current loan-to-value ratio of the 2019 Senior Secured Credit Facility is well below 45% and further borrowings could be pursued, if needed. |
INTEREST EXPENSES
INTEREST EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
INTEREST EXPENSES [Abstract] | |
INTEREST EXPENSES | 9. INTEREST EXPENSES Interest expenses consist of interest expense on the long-term debt and amortization of deferred financing costs related to the facilities described in Note 9. All figures in USD ‘000 2021 2020 2019 Interest Expenses, net of capitalized interest 23,392 27,127 34,018 Amortization of Deferred Financing Costs 2,988 4,354 4,372 Total Interest Expenses 26,380 31,481 38,390 For the years ended December 31, 2021, 2020 and 2019, $1.5 million, $0.1 million and $0.0 million of interest expenses were capitalized, respectively. |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
OTHER CURRENT LIABILITIES [Abstract] | |
OTHER CURRENT LIABILITIES | 10. OTHER CURRENT LIABILITIES All figures in USD ‘000 2021 2020 Accrued Expenses 4,000 5,689 Other Liabilities 1,804 2,403 Deferred Revenues 2,757 140 Total as of December 31, 8,561 8,232 |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS (LOSS) PER SHARE [Abstract] | |
EARNINGS (LOSS) PER SHARE | 11. EARNINGS (LOSS) PER SHARE Basic earnings per share (“EPS”) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period. All figures in USD except number of shares and earnings (loss) per common share 2021 2020 2019 Numerator Net Income (Loss) (171,328 ) 50,033 (10,352 ) Denominator: Basic - Weighted Average Common Shares Outstanding 162,549,611 149,292,586 142,571,361 Dilutive – Weighted Average Common Shares Outstanding 162,549,611 149,292,586 142,571,361 Earnings (Loss) per Common Share: Basic (1.05 ) 0.34 (0.07 ) Diluted (1.05 ) 0.34 (0.07 ) Potentially dilutive equity instruments include unexercised stock options described in note 7 and additional dilution could result from the use of the ATM offering as further described in note 12 |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
SHAREHOLDERS' EQUITY [Abstract] | |
SHAREHOLDERS' EQUITY | 12. SHAREHOLDERS’ EQUITY Authorized, issued and outstanding common shares roll-forward is as follows: Authorized Shares Issued and Outstanding Shares Common Stock Balance as of January 1, 2019 360,000,000 141,969,666 1,420 $ 40 - 5,260,968 52 Balance as of December 31, 2019 360,000,000 147,230,634 1,472 $ 40 - 4,215,478 42 Balance as of December 31, 2020 360,000,000 151,446,112 1,514 $ 60 - 22,025,979 220 $60 million 2021 ATM - 10,222,105 102 Balance as of December 31, 2021 360,000,000 183,694,196 1,836 On March 29, 2019, the Company entered into an equity distribution agreement with B. Riley FBR, Inc., acting as a sales agent, under which we may, from time to time, offer and sell shares of our common stock through an At-the-Market Offering (the “$40 million ATM”) program having an aggregate offering price of up to $40,000,000. As of December 31, 2020, the Company has raised gross and net proceeds (after deducting sales commissions and other fees and expenses) of $40.0 million and $38.6 million, respectively, by issuing and selling 9,476,446 common shares. Through the $40 million ATM, the Company has issued 5,260,968 shares and raised net proceeds of $17.9 million in 2019, and has issued 4,215,478 shares and raised net proceeds of $20.7 million in 2020. On October 16, 2020, the Company entered into a new equity distribution agreement with B. Riley FBR, Inc., acting as a sales agent, under which we may, from time to time, offer and sell shares of our common stock through an At-the-Market Offering (the “$60 million 2020 ATM”) program having an aggregate offering price of up to $60,000,000. As of December 31, 2020, the Company had not raised any proceeds under the $60 million 2020 ATM. In 2021, the Company has raised $60.0 million and $58.5 million in gross and net proceeds, respectively by issuing 22,025,979 common shares and this ATM was fully utilized. The 2020 $60 million ATM program was terminated on October 14, 2021. On September 29, 2021, the Company entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which the Company may, from time to time, offer and sell common stock through an At-the-Market Offering (the “$60 million 2021 ATM”) program having an aggregate offering price of up to $60,000,000. As of December 31, 2021, the Company has raised gross and net proceeds (after deducting sales commissions and other fees and expenses) of $22.3 million and $21.7 million, respectively, by issuing and selling 10,222,105 common shares. Subsequent to December 31, 2021, and through to February 14, 2022, the Company has raised gross and net proceeds of $16.9 million and $16.5 million, respectively, by issuing and selling 10,764,990 common shares. The $60 million 2021 ATM was terminated on February 14, 2022, after having utilized $39.2 million of the program. On February 14, 2022, the Company entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which the Company may, from time to time, offer and sell common stock through an At-the-Market Offering (the “$60 million 2022 ATM”) program having an aggregate offering price of up to $60,000,000. The Company has as of May 11, 2022, raised gross and net proceeds of $16.8 million and $16.3 million, respectively, by selling and issuing 7,213,676 commons shares with a remaining available balance of $43.2 million under this ATM. Based on the share price of the Company of $2.70 as of May 5, 2022, it would have resulted in 16,012,750 new shares being issued, if fully utilizing the remaining balance available of the $60 million 2022 ATM. Additional Paid-in Capital Included in Additional Paid-in Capital is the Company’s Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company’s intention, following shareholder approval, to transfer such funds to the Company’s Contributed Surplus Account and thereby make such funds available for distribution. On November 20, 2019, at the Company’s Annual General Meeting, the shareholders voted to reduce the Share Premium Fund by the amount of about $103.4 million. The reduction in share premium did not result in a distribution to shareholders but rather, the surplus resulting from such reduction was credited to the Company's contributed surplus account. The legal procedures related to this reduction were finalized in December 2019 upon which the amount became eligible for distribution. The Share Premium Fund was $118.2 million and $38.5 million as of December 31, 2021 and 2020, respectively. Credits and charges to Additional Paid in Capital were a result of the accounting for the Company’s share based compensation programs and issuance of shares. Contributed Surplus Account The Company’s Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are adopted by the Company’s shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover accumulated losses from its operations. The Company’s Board of Directors determined in 2019 to transfer $308.8 million from the Contributed Surplus Account to cover Accumulated Deficits incurred as of December 31, 2018. We refer to the information above related to the reduction of $103.4 million of the Share Premium Fund that was credited to the Company’s Contributed Surplus Account. For the year ended December 31, 2021, the Company paid a dividend of $9.7 million that was charged to the Contributed Surplus Account. For the year ended December 31, 2020, the Company paid a dividend of $67.2 million that was charged with $27.7 million to the Contributed Surplus Account and the remaining portion was considered as Retained Earnings. The Company’s Contributed Surplus account was $529.8 million and $539.5 million as of December 31, 2021 and 2020, respectively. Shareholders’ Rights Plan On June 16, 2017, the Board of Directors adopted a new shareholders’ rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth one-thousandth This shareholders’ rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders’ rights plan is not intended to deter offers that the Board determines are in the best interests of our shareholders. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES The Company may become a party to various legal proceedings generally incidental to its business and is subject to a variety of environmental and pollution control laws and regulations. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings. Although the ultimate disposition of legal proceedings cannot be predicted with certainty, it is the opinion of the Company’s management that the outcome of any claim which might be pending or threatened, either individually or on a combined basis, will not have a materially adverse effect on the financial position of the Company, but could materially affect the Company’s results of operations in a given year. No material claims have been filed against the Company for the fiscal years ended December 31, 2021 and 2020. The Company’s newbuilding program consists of two Suezmax newbuildings for delivery in 2022 ordered from Samsung shipyard in South Korea. We refer to footnote 4 and footnote 8 for information related the remaining commitments and financing. |
FINANCIAL INSTRUMENTS AND OTHER
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract] | |
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES | 14. FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES The majority of NAT and its subsidiaries’ transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a material negative effect on the value of the Company’s cash flows. The Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows: Level 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets. - The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value. - The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates. The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2021 and 2020, are as follows: All figures in USD ‘000 Recurring: Fair Value Hierarchy Level 2021 Fair Value 2021 Carrying Value 2020 Fair Value 2020 Carrying Value Cash and Cash Equivalents 1 34,739 34,739 57,847 57,847 Restricted Cash 1 9,909 9,909 4,223 4,223 2019 Senior Secured Credit Facility including $ 30 2 (223,122 ) (223,122 ) (253,902 ) (253,902 ) Financing of 2018-built Vessels 2 (104,277 ) (104,277 ) (112,238 ) (112,238 ) Non-recurring Vessels* (footnote 4) 2 93,710 93,710 - - * Vessels measured at fair value are included as part of the Vessels and Vessel Held for Sale balances of $715.3 million and $15.0 million, respectively, in our consolidated balance sheet as of December 31, 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS On February 2, 2022, the Company announced the sale of Nordic Mistral. The vessel was delivered to its new owners on February 18, 2022. On February 9, 2022, the Company announced that the two newbuildings that are expected to be delivered to the Company in May and June 2022 will be chartered out on two six-year timecharter agreements. The timecharter contracts will commence upon delivery of the two vessels. On February 25, 2022, the Company declared a cash dividend of $0.01 per share in respect of the results for the fourth quarter of 2021. The dividend of $2.0 million was paid on March 30, 2022. On March 4, 2022, the Company announced the sale of Nordic Grace. The vessel was delivered to its new owners on March 23, 2022. On April 12, 2022, the Company sold and delivered the Nordic Passat to its new owners. The three vessels sold in 2022 have generated $46.4 million in gross proceeds and $43.8 million of the proceeds were used to repay outstanding debt. F-24 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Accounting | Basis |
Reclassifications | Reclassifications: . |
Principles of Consolidation | Principles of Consolidation: |
Use of Estimates | Use of Estimates: |
Foreign Currency Translation | Foreign Currency Translation: . |
Revenue and Expense Recognition | Revenue and Expense Recognition: Spot Charters: As the Company’s performance obligations are services which are received and consumed by our customers as we perform such services, revenues are recognized over time proportionate to the days elapsed since the service commencement compared to the total days anticipated to complete the service. Freight is generally billed to the customers after the cargo has been discharged and the performance obligation fulfilled by the Company. The Company is responsible for paying voyage expenses and the charterer is responsible for any delay at the load and discharge ports. Demurrage earned during a spot charter represents a variable consideration. The Company recognizes such revenues in the voyage estimates only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Voyage estimates are reviewed and updated over the duration of the spot charter contract. When the Company’s tankers are operating on spot charters the vessels are traded fully at the risk and reward of the Company. The Company considers it appropriate to present the gross amount of earned revenue from the spot charter, showing voyage expenses related to the voyage separately in the Statements of Operations. Time Charters: |
Vessel Operating Expenses | Vessel Operating Expenses: |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash: |
Accounts Receivable, Net | Accounts Receivable, Net: |
Inventories | Inventories: |
Vessels | Vessels: Vessels are stated at their historical cost, which consists of the contracted purchase price and any direct expenses incurred upon acquisition (including improvements, on site supervision expenses incurred during the construction period, commissions paid, delivery expenses and other expenditures to prepare the vessel for its initial voyage) less accumulated depreciation. Financing costs incurred during the construction period of the vessels are capitalized and included in vessels’ cost based on the weighted-average method. Certain subsequent expenditures for conversions and major improvements are capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessel. Depreciation is calculated based on cost less estimated residual value, and is expensed over the estimated useful life of the related assets using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard. repairs and maintenance are expensed as incurred. Vessels are classified separately as held for sale as part of current assets in the balance sheet when their carrying amount is expected to be recovered through a sale rather than continued use. For this to be the case, certain criteria should be met including, but not limited to, that the vessel must be available for immediate sale in its present condition, an active program to locate a buyer must be initiated, its sale must be highly probable and the sale should be expected to be completed within one year. Vessels classified as held for sale are stated at their fair value less cost to sell. Fair value is based on broker estimates that could be adjusted if there are actual entity-specific comparable transactions available. |
Impairment of Vessels | Impairment of Vessels: |
Drydocking | Drydocking: The Company’s vessels are required to be drydocked approximately every 30 to months. The Company capitalizes eligible costs incurred during drydocking and amortizes those costs on a straight-line basis from the completion of a drydocking or intermediate survey to the estimated completion of the next drydocking. Drydocking costs include a variety of costs incurred while vessels are placed within drydock, including expenses related to the dock preparation and port expenses at the drydock shipyard, general shipyard expenses, expenses related to hull, external surfaces and decks, expenses related to machinery and engines of the vessel, as well as expenses related to the testing and correction of findings related to safety equipment on board. The Company includes in capitalized drydocking those costs incurred as part of the drydock to meet classification and regulatory requirements. Amortization expense of the drydocking costs is included in depreciation expense. |
Leases | Leases: The Company bareboat charters certain vessels under leasing agreements. Sale-leaseback arrangements where the transaction is not considered a sale under ASC 606 are accounted for as a financing transaction. Consideration received in such sale-leaseback arrangements is recorded as a financial liability. Each lease payment is allocated between liability and interest expense to achieve a constant rate on the financial liability outstanding. The interest element is charged as Interest Expense over the lease period. The Company has certain office lease contracts resulting in a right-of-use asset and a lease liability and the Company has applied an incremental borrowing rate as the discount rate to calculate the respective asset and liability. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the right-of-use asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
Investment Securities | Investment Securities: |
Segment Information | Segment Information: |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: |
Deferred Financing Costs | Deferred Financing Costs: Financing costs, including fees, commissions and legal expenses are deferred and amortized over the term of the arrangement, which approximates the effective interest method. Incurred fees related to loans not yet drawn are presented as Other non-current Assets. . |
Share Based Compensation | Share Based Compensation: Restricted shares The fair value of restricted shares to employees is estimated based on the market price of the Company’s shares. The fair value of restricted shares granted to employees is measured at grant date and the Company records the compensation expense for such awards over the requisite service period. Stock options The Company grants stock options as incentive-based compensation to certain employees. The Company measures the cost of such awards using the grant date fair value of the award and recognizes that cost over the requisite service period. |
Income Taxes | Income Taxes: Two of the Company’s wholly-owned subsidiaries are located in Norway and are subject to income tax in that jurisdiction at 22% for the years ended December 31, 2021, 2020 and 2019, respectively, of their taxable profit. The income tax expensed for year ended December 31, 2021, 2020 and 2019 was $59,000, $64,000 and $71,000, respectively. Deferred tax assets related to these entities are inconsequential. The Company does not have any unrecognized tax benefits, material accrued interests or penalties related to income taxes. |
Concentration of Credit Risk | Concentration of Credit Risk: For the year ended December 31, 2021, one customer accounted for 12.5% of the voyage revenues. For the year ended December 31, 2020, one customer accounted for 11.4% of the voyage revenues. For the year ended December 31, 2019, one customer accounted for 13.7% of the voyage revenues. Accounts receivable, Net, as of December 31, 2021, and December 31, 2020, were $ and $ million, respectively. As of December 31, 2021, charterers accounted for of the outstanding accounts receivable, each representing , and 12.4% of the balance, respectively. As of December 31, 2020, charterers accounted for of the outstanding accounts receivable, with each, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848) which provides relief for companies preparing for discontinuation of interest rates such as LIBOR. A contract modification is eligible to apply the optional relief to account for the modifications as a continuation of the existing contracts without additional analysis and consider embedded features to be clearly and closely related to the host contract without reassessment, if all of the following criteria are met: (i) contract references a rate that will be discontinued; (ii) modified terms directly replace (or have potential to replace) this reference rate; and (iii) changes to any other terms that change (or have potential to change) amount and timing of cash flows must be related to replacement of the reference rate. Relief provided by this ASU is optional and expires December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (ASC 848) to refine the scope of ASC 848 and to clarify some of its guidance. The Company has determined that its primary exposure to LIBOR is in relation to its floating rate borrowing facilities to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. |
NATURE OF BUSINESS (Tables)
NATURE OF BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
NATURE OF BUSINESS [Abstract] | |
Current Fleet | The Company’s fleet as of December 31, 2021, consists of 24 Suezmax crude oil tankers (including 2 newbuildings) of which the vast majority have been built in Korea. Vessel Built in Deadweight Tons Delivered to NAT in Nordic Freedom 2005 159,331 2005 Nordic Moon 2002 160,305 2006 Nordic Apollo 2003 159,998 2006 Nordic Cosmos 2003 159,999 2006 Nordic Grace (1) 2002 149,921 2009 Nordic Mistral (1) 2002 164,236 2009 Nordic Passat (1) 2002 164,274 2010 Nordic Vega 2010 163,940 2010 Nordic Breeze 2011 158,597 2011 Nordic Zenith 2011 158,645 2011 Nordic Sprinter 2005 159,089 2014 Nordic Skier 2005 159,089 2014 Nordic Light 2010 158,475 2015 Nordic Cross 2010 158,475 2015 Nordic Luna 2004 150,037 2016 Nordic Castor 2004 150,249 2016 Nordic Pollux 2003 150,103 2016 Nordic Star 2016 157,738 2016 Nordic Space 2017 157,582 2017 Nordic Tellus 2018 157,407 2018 Nordic Aquarius 2018 157,338 2018 Nordic Cygnus 2018 157,526 2018 Newbuilding (2) 2022 156,800 - Newbuilding (2) 2022 156,800 - (1) Vessel sold in 2022 (2) Vessel under construction per December 31, 2021, with expected delivery in 2022 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
REVENUES [Abstract] | |
Voyage Revenues | Our voyage revenues consist of time charter revenues and spot charter revenues with the following split: All figures in USD ‘000 2021 2020 2019 Spot Charter Revenues 170,242 274,217 283,007 Time Charter Revenues 20,833 80,402 34,213 Total Voyage Revenues 191,075 354,619 317,220 |
Future Minimum Revenues | The future minimum revenues as at December 31, 2021 related to time charter revenues are as follows: All figures in USD ‘000 Amount 2022 12,495 2023 - 2024 - Total Future Minimum Revenues 12,495 |
VESSELS (Tables)
VESSELS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
VESSELS [Abstract] | |
Vessels | Vessels consists of the carrying value of 21 and 23 vessels for the year ended December 31, 2021 and December 31, 2020, respectively. Vessels includes capitalized drydocking costs. One vessel is presented as Held for Sale as of December 31, 2021, and is presented as a disposal in the table below. All figures in USD ‘000 2021 2020 Vessels Cost as of January 1 1,316,463 1,309,618 Additions Vessels 3,868 6,845 Disposals Vessels (76,183 ) - Drydocking Cost as of January 1 82,227 59,949 Additions Drydocking 7,881 22,278 Disposals Drydocking (10,061 ) - Total Cost Vessels and Drydocking 1,324,195 1,398,690 Less Accumulated Depreciation (557,527 ) (537,348 ) Less Accumulated Impairment Loss on Vessels (51,405 ) - Net Book Value Vessels as of December 31 715,263 861,342 Vessel Held for Sale 14,960 - |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER NON-CURRENT ASSETS [Abstract] | |
Other Non-current Assets | All figures in USD ‘000 2021 2020 Fixture, Furniture and Equipment 756 242 Prepaid Financing Cost 1,100 - Other 798 1,022 Total as of December 31, 2,654 1,264 |
SHARE-BASED COMPENSATION PLAN (
SHARE-BASED COMPENSATION PLAN (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SHARE-BASED COMPENSATION PLAN [Abstract] | |
Share-based Payment Award Stock Options Valuation Assumptions | The Company used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model; Options with two year vesting Options with three year vesting Volatility 57.5% 52.5% Dividend yield 10.0% 10.0% Risk-free interest rate 1.64% 1.65% Weighted-average grant date fair value $0.59 $0.58 |
LONG-TERM DEBT AND CURRENT PO_2
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT [Abstract] | |
Aggregate Annual Principal Payments of Debt | As of December 31, 2021, the aggregate annual principal payments required to be made under the Company’s outstanding debt facilities are as follows: Debt repayments in $'000s* Total 2022 2023 2024 2025 2026 More than 5 years 2019 Senior Secured Credit Facility including the $ 30 223,122 16,805 16,805 189,512 - - - Financing of 2018-built Vessels 104,278 8,327 8,711 9,138 9,534 9,974 58,593 Total 327,400 25,132 25,516 198,650 9,534 9,974 58,593 |
INTEREST EXPENSES (Tables)
INTEREST EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INTEREST EXPENSES [Abstract] | |
Interest Expense on Long-term Debt | Interest expenses consist of interest expense on the long-term debt and amortization of deferred financing costs related to the facilities described in Note 9. All figures in USD ‘000 2021 2020 2019 Interest Expenses, net of capitalized interest 23,392 27,127 34,018 Amortization of Deferred Financing Costs 2,988 4,354 4,372 Total Interest Expenses 26,380 31,481 38,390 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER CURRENT LIABILITIES [Abstract] | |
Other Current Liabilities | All figures in USD ‘000 2021 2020 Accrued Expenses 4,000 5,689 Other Liabilities 1,804 2,403 Deferred Revenues 2,757 140 Total as of December 31, 8,561 8,232 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS (LOSS) PER SHARE [Abstract] | |
Basic and Diluted Earnings Per Share | Basic earnings per share (“EPS”) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period. All figures in USD except number of shares and earnings (loss) per common share 2021 2020 2019 Numerator Net Income (Loss) (171,328 ) 50,033 (10,352 ) Denominator: Basic - Weighted Average Common Shares Outstanding 162,549,611 149,292,586 142,571,361 Dilutive – Weighted Average Common Shares Outstanding 162,549,611 149,292,586 142,571,361 Earnings (Loss) per Common Share: Basic (1.05 ) 0.34 (0.07 ) Diluted (1.05 ) 0.34 (0.07 ) |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SHAREHOLDERS' EQUITY [Abstract] | |
Authorized, Issued and Outstanding Common Shares Roll-forward | Authorized, issued and outstanding common shares roll-forward is as follows: Authorized Shares Issued and Outstanding Shares Common Stock Balance as of January 1, 2019 360,000,000 141,969,666 1,420 $ 40 - 5,260,968 52 Balance as of December 31, 2019 360,000,000 147,230,634 1,472 $ 40 - 4,215,478 42 Balance as of December 31, 2020 360,000,000 151,446,112 1,514 $ 60 - 22,025,979 220 $60 million 2021 ATM - 10,222,105 102 Balance as of December 31, 2021 360,000,000 183,694,196 1,836 |
FINANCIAL INSTRUMENTS AND OTH_2
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract] | |
Carrying Value of Estimated Fair Value of Financial Instruments | The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2021 and 2020, are as follows: All figures in USD ‘000 Recurring: Fair Value Hierarchy Level 2021 Fair Value 2021 Carrying Value 2020 Fair Value 2020 Carrying Value Cash and Cash Equivalents 1 34,739 34,739 57,847 57,847 Restricted Cash 1 9,909 9,909 4,223 4,223 2019 Senior Secured Credit Facility including $ 30 2 (223,122 ) (223,122 ) (253,902 ) (253,902 ) Financing of 2018-built Vessels 2 (104,277 ) (104,277 ) (112,238 ) (112,238 ) Non-recurring Vessels* (footnote 4) 2 93,710 93,710 - - * Vessels measured at fair value are included as part of the Vessels and Vessel Held for Sale balances of $715.3 million and $15.0 million, respectively, in our consolidated balance sheet as of December 31, 2021. |
NATURE OF BUSINESS (Details)
NATURE OF BUSINESS (Details) | 12 Months Ended | ||
Dec. 31, 2021BuildingVesselt | Dec. 31, 2020Vessel | ||
NATURE OF BUSINESS [Abstract] | |||
Total number of vessels | Vessel | 24 | ||
Number of vessels ordered | Vessel | 2 | 2 | |
Number of vessels disposed | Vessel | 1 | ||
Number of operating vessels | Vessel | 22 | ||
Number of vessels operated in spot market | Vessel | 1 | ||
Number of new buildings | Building | 2 | ||
Agreement period for timecharter | 6 years | ||
Nordic Freedom [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 159,331 | ||
Nordic Moon [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 160,305 | ||
Nordic Apollo [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 159,998 | ||
Nordic Cosmos [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 159,999 | ||
Nordic Grace [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | [1] | 149,921 | |
Nordic Mistral [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | [1] | 164,236 | |
Nordic Passat [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | [1] | 164,274 | |
Nordic Vega [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 163,940 | ||
Nordic Breeze [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 158,597 | ||
Nordic Zenith [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 158,645 | ||
Nordic Sprinter [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 159,089 | ||
Nordic Skier [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 159,089 | ||
Nordic Light [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 158,475 | ||
Nordic Cross [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 158,475 | ||
Nordic Luna [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 150,037 | ||
Nordic Castor [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 150,249 | ||
Nordic Pollux [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 150,103 | ||
Nordic Star [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 157,738 | ||
Nordic Space [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 157,582 | ||
Nordic Tellus [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 157,407 | ||
Nordic Aquarius [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 157,338 | ||
Nordic Cygnus [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | 157,526 | ||
Newbuilding One [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | [2] | 156,800 | |
Newbuilding Two [Member] | |||
Current Fleet [Abstract] | |||
Deadweight tons | [2] | 156,800 | |
[1] | Vessel sold in 2022 | ||
[2] | Vessel under construction per December 31, 2021, with expected delivery in 2022 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cash, Cash Equivalents and Restricted Cash (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Cash, Cash Equivalents and Restricted Cash [Abstract] | |
Original maturities of deposits classified as cash and cash equivalents | 3 months |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Vessels (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Vessels [Abstract] | |
Estimate useful life of vessel | 25 years |
Market rates for the initial period | 2 years |
Historical and average spot market rate | 15 years |
Long-term residual value of the vessel | $ 8 |
Ballast Tank [Member] | |
Vessels [Abstract] | |
Improvements amortized over a period | 8 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Drydocking (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Drydocking [Abstract] | |
Period when vessels are required to be drydocked, minimum | 30 months |
Period when vessels are required to be drydocked, maximum | 60 months |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Segment Information (Details) | 12 Months Ended |
Dec. 31, 2021SegmentVessel | |
Segment Information [Abstract] | |
Number of segments | Segment | 1 |
Number of types of vessel | Vessel | 1 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Subsidiary | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Income Tax [Abstract] | |||
Income tax rate | 0.00% | ||
Income tax expense | $ 59,000 | $ 64,000 | $ 71,000 |
Norwegian Tax Administration [Member] | |||
Income Tax [Abstract] | |||
Number of wholly owned subsidiaries | Subsidiary | 2 | ||
Income tax rate | 22.00% | 22.00% | 22.00% |
Income tax expense | $ 59,000 | $ 64,000 | $ 71,000 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentration of Credit Risk (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)CharterCustomer | Dec. 31, 2020USD ($)CharterCustomer | Dec. 31, 2019Customer | |
Concentration of Risk [Abstract] | |||
Accounts receivable, net | $ | $ 9,400 | $ 6,300 | |
Provision for credit losses | $ | $ 75,000 | $ 25,000 | |
Accounts Receivable [Member] | Two Charterers [Member] | |||
Concentration of Risk [Abstract] | |||
Number of charterers accounted for outstanding amount | Charter | 2 | ||
Accounts Receivable [Member] | Three Charterers [Member] | |||
Concentration of Risk [Abstract] | |||
Number of charterers accounted for outstanding amount | Charter | 3 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Charterers [Member] | |||
Concentration of Risk [Abstract] | |||
Concentration of credit risk percentage | 39.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Charterers [Member] | |||
Concentration of Risk [Abstract] | |||
Concentration of credit risk percentage | 48.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer One [Member] | |||
Concentration of Risk [Abstract] | |||
Concentration of credit risk percentage | 22.30% | 22.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer Two [Member] | |||
Concentration of Risk [Abstract] | |||
Concentration of credit risk percentage | 13.30% | 17.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer Three [Member] | |||
Concentration of Risk [Abstract] | |||
Concentration of credit risk percentage | 12.40% | ||
Revenues [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||
Concentration of Risk [Abstract] | |||
Number of customers | Customer | 1 | 1 | 1 |
Concentration of credit risk percentage | 12.50% | 11.40% | 13.70% |
REVENUES (Details)
REVENUES (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)Building | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disaggregation of Revenue [Abstract] | |||
Voyage Revenues | $ 191,075 | $ 354,619 | $ 317,220 |
Future Minimum Revenues [Abstract] | |||
Number of new buildings | Building | 2 | ||
Capitalized cost | $ 1,100 | 400 | |
Other Income | $ 4,684 | 0 | 0 |
Maximum [Member] | |||
Future Minimum Revenues [Abstract] | |||
Term of voyage contract | 1 year | ||
Spot Charter [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Voyage Revenues | $ 170,242 | 274,217 | 283,007 |
Time Charter [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Voyage Revenues | 20,833 | $ 80,402 | $ 34,213 |
Future Minimum Revenues [Abstract] | |||
2022 | 12,495 | ||
2023 | 0 | ||
2024 | 0 | ||
Total Future Minimum Revenues | $ 12,495 |
VESSELS (Details)
VESSELS (Details) $ in Thousands | Feb. 09, 2022Building | Nov. 30, 2021Vessel | Jul. 31, 2021Vessel | Apr. 12, 2022USD ($)Vessel | May 11, 2022Vessel | Dec. 31, 2021USD ($)VesselBuilding | Dec. 31, 2020USD ($)Vessel | Dec. 31, 2019USD ($) |
VESSELS [Abstract] | ||||||||
Number of vessels | Vessel | 21 | 23 | ||||||
Vessels [Abstract] | ||||||||
Total | $ 1,324,195 | $ 1,398,690 | ||||||
Less Accumulated Depreciation | (557,527) | (537,348) | ||||||
Less Accumulated Impairment Loss on Vessels | (51,405) | 0 | ||||||
Net Book Value Vessels | 715,263 | 861,342 | ||||||
Vessel Held for Sale | 14,960 | 0 | ||||||
Payment for vessels under construction | $ 13,270 | 11,000 | $ 0 | |||||
Number of new buildings | Building | 2 | |||||||
Remaining commitments | $ 88,000 | |||||||
Number of vessels sold | Vessel | 1 | |||||||
Net consideration | $ 14,300 | |||||||
Impairment loss on vessels | $ 60,311 | 0 | $ 0 | |||||
Number of vessels, intention to sell | Vessel | 2 | |||||||
Number of vessels disposed | Vessel | 1 | |||||||
Number of vessels classified as held for sale | Vessel | 1 | |||||||
Number of vessels built | Vessel | 5 | |||||||
Subsequent Event [Member] | ||||||||
Vessels [Abstract] | ||||||||
Number of new buildings | Building | 2 | |||||||
Number of vessels sold | Vessel | 3 | |||||||
Net consideration | $ 46,400 | |||||||
Number of vessels disposed | Vessel | 3 | |||||||
Held for Sale [Member] | ||||||||
Vessels [Abstract] | ||||||||
Impairment loss on vessels | $ 8,900 | |||||||
Number of vessels disposed | Vessel | 1 | |||||||
Periodic Impairment Assessment [Member] | ||||||||
Vessels [Abstract] | ||||||||
Impairment loss on vessels | $ 51,400 | |||||||
Vessels [Member] | ||||||||
Vessels [Abstract] | ||||||||
Additions | 3,868 | 6,845 | ||||||
Disposals | (76,183) | 0 | ||||||
Total | 1,316,463 | 1,309,618 | ||||||
Drydocking [Member] | ||||||||
Vessels [Abstract] | ||||||||
Additions | 7,881 | 22,278 | ||||||
Disposals | (10,061) | 0 | ||||||
Total | $ 82,227 | $ 59,949 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Board Member [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Abstract] | |||
Fixed annual fees | $ 0.2 | ||
Operating costs | 0.5 | ||
Costs and expenses, related party | 0.3 | $ 0.1 | $ 0.3 |
Accounts payable | $ 0 | $ 0 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER NON-CURRENT ASSETS [Abstract] | ||
Fixture, Furniture and Equipment | $ 756 | $ 242 |
Prepaid Financing Cost | 1,100 | 0 |
Other | 798 | 1,022 |
Total | $ 2,654 | $ 1,264 |
SHARE-BASED COMPENSATION PLAN_2
SHARE-BASED COMPENSATION PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Grant Date Fair Value of Options [Abstract] | |||
Compensation expense related to the stock option awards | $ 339 | $ 285 | $ 156 |
Options with Two Year Vesting [Member] | Stock Option [Member] | |||
Share-based Compensation Grant Date Fair Value of Options [Abstract] | |||
Volatility | 57.50% | ||
Dividend yield | 10.00% | ||
Risk-free interest rate | 1.64% | ||
Weighted-average grant date fair value (in dollars per share) | $ 0.59 | ||
Options with Three Year Vesting [Member] | Stock Option [Member] | |||
Share-based Compensation Grant Date Fair Value of Options [Abstract] | |||
Volatility | 52.50% | ||
Dividend yield | 10.00% | ||
Risk-free interest rate | 1.65% | ||
Weighted-average grant date fair value (in dollars per share) | $ 0.58 | ||
2011 Equity Incentive Plan [Member] | |||
Share-based Compensation [Abstract] | |||
Number of shares authorized (in shares) | 537,665 | ||
Common shares unvested (in shares) | 0 | 4,500 | |
Treasury shares (in shares) | 0 | 42,000 | |
Total compensation cost for the period | $ 100 | $ 100 | $ 100 |
2011 Equity Incentive Plan [Member] | Stock Option [Member] | |||
Share-based Compensation [Abstract] | |||
Number of shares authorized (in shares) | 1,000,000 | ||
Amended 2011 Equity Incentive Plan [Member] | Stock Option [Member] | |||
Share-based Compensation [Abstract] | |||
Shares available for future issuance (in shares) | 1,000,000 | ||
Stock option grants (in shares) | 0 | 0 | |
Stock option exercise price (in dollars per share) | $ 4.70 | ||
Additional compensation cost | $ 100 | ||
Share-based Compensation Grant Date Fair Value of Options [Abstract] | |||
Compensation expense related to the stock option awards | 200 | $ 300 | $ 100 |
Unrecognized cost related to non-vested stock options | $ 100 | ||
Average vesting period | 9 months 18 days | ||
Forfeiture shares (in shares) | 0 | ||
Stock option, exercised (in shares) | 0 | ||
Amended 2011 Equity Incentive Plan [Member] | Options with Two Year Vesting [Member] | Stock Option [Member] | |||
Share-based Compensation [Abstract] | |||
Stock option grants (in shares) | 755,000 | ||
Vesting period | 12 months | 2 years | |
Amended 2011 Equity Incentive Plan [Member] | Options with Three Year Vesting [Member] | Stock Option [Member] | |||
Share-based Compensation [Abstract] | |||
Stock option grants (in shares) | 234,000 | ||
Vesting period | 3 years |
LONG-TERM DEBT AND CURRENT PO_3
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT (Details) $ in Thousands | Feb. 09, 2022Building | Feb. 12, 2019USD ($) | Dec. 01, 2017USD ($)Vessel | Apr. 12, 2022USD ($)Vessel | May 11, 2022USD ($)Vesselshares | Apr. 30, 2022USD ($) | Dec. 31, 2021USD ($)BuildingLenderVessel | Dec. 31, 2020USD ($)VesselBuilding | Feb. 14, 2022USD ($) | Dec. 16, 2020USD ($) |
Line of Credit Facility [Abstract] | ||||||||||
Number of lenders | Lender | 2 | |||||||||
Current portion of long-term debt | $ 37,547 | $ 22,094 | ||||||||
Vessel held for sale | $ 14,960 | 0 | ||||||||
Number of new buildings | Building | 2 | |||||||||
Number of Vessels Sold | Vessel | 1 | |||||||||
Proceeds from vessels sold | $ 14,300 | |||||||||
Contractual Obligation [Abstract] | ||||||||||
2022 | 25,132 | |||||||||
2023 | 25,516 | |||||||||
2024 | 198,650 | |||||||||
2025 | 9,534 | |||||||||
2026 | 9,974 | |||||||||
More than 5 years | 58,593 | |||||||||
Total | $ 327,400 | |||||||||
Subsequent Event [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Number of new buildings | Building | 2 | |||||||||
Number of Vessels Sold | Vessel | 3 | |||||||||
Proceeds from vessels sold | $ 46,400 | |||||||||
2019 Senior Secured Credit Facility [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Number of vessels used as collateral | Vessel | 19 | |||||||||
Debt instrument term | 5 years | |||||||||
Maximum borrowing capacity | $ 306,100 | |||||||||
Loan amortizing, maturity period | 20 years | |||||||||
Maturity date | Feb. 28, 2024 | |||||||||
Discretionary excess cash mechanism for the lender that equals to net earnings from collateral vessels | 50.00% | |||||||||
Deferred financing costs | $ 13,000 | $ 2,300 | 2,400 | |||||||
Deferred finance costs, non-cash portion | 6,100 | |||||||||
Debt covenants, minimum liquidity | $ 30,000 | |||||||||
Debt covenants percentage in loan-to-vessel ratio | 70.00% | 45.00% | ||||||||
Drawn amount | $ 223,100 | 253,900 | ||||||||
Current portion of long-term debt | 29,500 | 14,400 | ||||||||
Repayment of debt | 30,800 | |||||||||
Vessel held for sale | $ 14,900 | |||||||||
2019 Senior Secured Credit Facility [Member] | Subsequent Event [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Drawn amount | $ 174,500 | |||||||||
Repayment of debt | $ 48,700 | |||||||||
$30 Million Accordion Loan [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Maximum borrowing capacity | $ 30,000 | |||||||||
Maturity date | Feb. 28, 2024 | |||||||||
Financing of 2018-built Vessels [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Number of vessels delivered | Vessel | 3 | |||||||||
Deferred financing costs | $ 2,300 | |||||||||
Drawn amount | $ 104,300 | 112,200 | ||||||||
Percentage of purchase price expected to pay by lending provider | 77.50% | |||||||||
Term of bareboat charter agreement | 10 years | |||||||||
Obligation to purchase the vessels | $ 13,600 | |||||||||
First flexibility period to purchase the vessels | 60 months | |||||||||
Second flexibility period to purchase the vessels | 84 months | |||||||||
Minimum value adjusted equity | $ 175,000 | |||||||||
Minimum value adjusted equity ratio | 25.00% | |||||||||
Minimum liquidity value | $ 20,000 | |||||||||
Long term debt current | $ 8,100 | $ 7,700 | ||||||||
Contractual Obligation [Abstract] | ||||||||||
2022 | 8,327 | |||||||||
2023 | 8,711 | |||||||||
2024 | 9,138 | |||||||||
2025 | 9,534 | |||||||||
2026 | 9,974 | |||||||||
More than 5 years | 58,593 | |||||||||
Total | 104,278 | |||||||||
Financing of 2018-built Vessels [Member] | Minimum [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Interest rate | 4.75% | |||||||||
Financing of 2018-built Vessels [Member] | Maximum [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Interest rate | 4.82% | |||||||||
2019 Senior Secured Credit Facility including $30 mill Accordion Loan [Member] | ||||||||||
Contractual Obligation [Abstract] | ||||||||||
2022 | 16,805 | |||||||||
2023 | 16,805 | |||||||||
2024 | 189,512 | |||||||||
2025 | 0 | |||||||||
2026 | 0 | |||||||||
More than 5 years | 0 | |||||||||
Total | 223,122 | |||||||||
Financing of 2022 Newbuildings [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Number of vessels delivered | Vessel | 2 | |||||||||
Deferred financing costs | 1,000 | |||||||||
Debt covenants, minimum liquidity | $ 30,000 | |||||||||
Percentage of purchase price expected to pay by lending provider | 80.00% | |||||||||
Term of bareboat charter agreement | 10 years | |||||||||
First flexibility period to purchase the vessels | 60 months | |||||||||
Second flexibility period to purchase the vessels | 84 months | |||||||||
Minimum liquidity value | $ 20,000 | |||||||||
Number of new buildings | Building | 2 | |||||||||
Debt | $ 0 | |||||||||
Financing of 2022 Newbuildings [Member] | Subsequent Event [Member] | ||||||||||
Line of Credit Facility [Abstract] | ||||||||||
Payment for pre-delivery instalments to yard | $ 22,000 | |||||||||
Common shares issued and sold (in shares) | shares | 7,213,676 | |||||||||
At-the-market offering of common Stock | $ 60,000 | |||||||||
Gross amount of at-the-market offering of common stock | $ 16,800 | |||||||||
Remaining available proceeds from offering | $ 43,200 | |||||||||
Number of Vessels Sold | Vessel | 3 | |||||||||
Proceeds from vessels sold | $ 43,800 | $ 43,800 |
INTEREST EXPENSES (Details)
INTEREST EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INTEREST EXPENSES [Abstract] | |||
Interest Expenses, net of capitalized interest | $ 23,392 | $ 27,127 | $ 34,018 |
Amortization of Deferred Financing Costs | 2,988 | 4,354 | 4,372 |
Total Interest Expenses | 26,380 | 31,481 | 38,390 |
Interest expenses, capitalized interest | $ 1,500 | $ 100 | $ 0 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER CURRENT LIABILITIES [Abstract] | ||
Accrued Expenses | $ 4,000 | $ 5,689 |
Other Liabilities | 1,804 | 2,403 |
Deferred Revenues | 2,757 | 140 |
Total | $ 8,561 | $ 8,232 |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator [Abstract] | |||
Net Income (Loss) | $ (171,328) | $ 50,033 | $ (10,352) |
Denominator [Abstract] | |||
Basic - Weighted Average Common Shares Outstanding (in shares) | 162,549,611 | 149,292,586 | 142,571,361 |
Dilutive - Weighted Average Common Shares Outstanding (in shares) | 162,549,611 | 149,292,586 | 142,571,361 |
Earnings (Loss) per Common Share [Abstract] | |||
Basic (in dollars per share) | $ (1.05) | $ 0.34 | $ (0.07) |
Diluted (in dollars per share) | $ (1.05) | $ 0.34 | $ (0.07) |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) | Feb. 14, 2022USD ($) | Nov. 19, 2019USD ($) | Feb. 14, 2022USD ($)shares | May 11, 2022USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Sep. 29, 2021USD ($) | Oct. 16, 2020USD ($) | Mar. 29, 2019USD ($) | Jun. 16, 2017$ / shares |
Authorized Shares [Roll forward] | |||||||||||
Balance at beginning of period (in shares) | shares | 360,000,000 | 360,000,000 | 360,000,000 | ||||||||
Balance at end of period (in shares) | shares | 360,000,000 | 360,000,000 | |||||||||
Issued and Outstanding Shares [Roll forward] | |||||||||||
Balance at beginning of period, issued (in shares) | shares | 183,694,196 | 183,694,196 | 151,446,112 | ||||||||
Balance at beginning of period, outstanding (in shares) | shares | 183,694,196 | 183,694,196 | 151,446,112 | ||||||||
Balance at end of period, issued (in shares) | shares | 183,694,196 | 151,446,112 | |||||||||
Balance at end of period, outstanding (in shares) | shares | 183,694,196 | 151,446,112 | |||||||||
Common Stock [Roll forward] | |||||||||||
At-the-Market Offering, Value | $ 80,051,000 | $ 20,670,000 | $ 17,922,000 | ||||||||
Common Stock [Abstract] | |||||||||||
Proceeds from Issuance of common stock | 80,051,000 | 20,713,000 | 17,922,000 | ||||||||
Additional Paid in Capital [Abstract] | |||||||||||
Reduction of share premium | $ (103,400,000) | 0 | |||||||||
Share premium fund | 118,200,000 | 38,500,000 | |||||||||
Contributed Surplus Account [Abstract] | |||||||||||
Reduction of contributed surplus | $ (308,800,000) | ||||||||||
Dividend paid | 9,700,000 | 67,200,000 | |||||||||
Dividend charged to contribution surplus account | 27,700,000 | ||||||||||
Contribution to surplus account | $ 529,800,000 | $ 539,500,000 | |||||||||
Shareholders' Rights Plan [Abstract] | |||||||||||
Common share, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||
40 Million 2019, ATM Program [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
Gross amount after deducting sales commissions and other fees and expenses | $ 40,000,000 | ||||||||||
Net amount after deducting sales commissions and other fees and expenses | $ 38,600,000 | ||||||||||
Common shares issued and sold (in shares) | shares | 9,476,446 | ||||||||||
40 Million 2019, ATM Program [Member] | Maximum [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
At-the-market offering of common Stock | $ 40,000,000 | ||||||||||
60 Million 2020, ATM Program [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
Gross amount of at-the-market offering of common stock | $ 60,000,000 | ||||||||||
Net amount at-the-market offering of common stock | 58,500,000 | ||||||||||
60 Million 2020, ATM Program [Member] | Maximum [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
At-the-market offering of common Stock | $ 60,000,000 | ||||||||||
60 Million 2021, ATM Program [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
Gross amount of at-the-market offering of common stock | 22,300,000 | ||||||||||
Net amount at-the-market offering of common stock | $ 21,700,000 | ||||||||||
Common shares issued (in shares) | shares | 10,222,105 | ||||||||||
60 Million 2021, ATM Program [Member] | Subsequent Event [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
Gross amount of at-the-market offering of common stock | $ 16,900,000 | ||||||||||
At-the-market offering, gross amount utilized | $ 39,200,000 | ||||||||||
Net amount at-the-market offering of common stock | $ 16,500,000 | ||||||||||
Common shares issued (in shares) | shares | 10,764,990 | ||||||||||
60 Million 2021, ATM Program [Member] | Maximum [Member] | |||||||||||
Issued and Outstanding Shares [Roll forward] | |||||||||||
At-the-Market Offering (in shares) | shares | 10,222,105 | ||||||||||
Common Stock [Roll forward] | |||||||||||
At-the-Market Offering, Value | $ 102,000 | ||||||||||
Common Stock [Abstract] | |||||||||||
At-the-market offering of common Stock | $ 60,000,000 | ||||||||||
60 Million 2022, ATM Program [Member] | Subsequent Event [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
Gross amount of at-the-market offering of common stock | $ 16,800,000 | ||||||||||
Net amount at-the-market offering of common stock | $ 16,300,000 | ||||||||||
Common shares issued (in shares) | shares | 7,213,676 | ||||||||||
Remaining available proceeds from offering | $ 43,200,000 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 2.70 | ||||||||||
Remaining balance available, fully utilizing the new shares issued (in shares) | shares | 16,012,750 | ||||||||||
60 Million 2022, ATM Program [Member] | Maximum [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
At-the-market offering of common Stock | $ 60,000,000 | $ 60,000,000 | |||||||||
Shareholders' Rights Agreement [Member] | |||||||||||
Shareholders' Rights Plan [Abstract] | |||||||||||
Preferred share purchase right | 0.001 | ||||||||||
Common share, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||
Shareholders rights, exercise price (in dollars per share) | $ / shares | $ 30 | ||||||||||
Percentage of common share ownership | 15.00% | ||||||||||
Common Stock [Member] | |||||||||||
Authorized Shares [Roll forward] | |||||||||||
Balance at beginning of period (in shares) | shares | 360,000,000 | 360,000,000 | 360,000,000 | 360,000,000 | 360,000,000 | ||||||
Balance at end of period (in shares) | shares | 360,000,000 | 360,000,000 | 360,000,000 | ||||||||
Issued and Outstanding Shares [Roll forward] | |||||||||||
Balance at beginning of period, issued (in shares) | shares | 183,694,196 | 183,694,196 | 151,446,112 | 147,230,634 | 141,969,666 | ||||||
Balance at beginning of period, outstanding (in shares) | shares | 183,694,196 | 183,694,196 | 151,446,112 | 147,230,634 | 141,969,666 | ||||||
At-the-Market Offering (in shares) | shares | 32,248,084 | 4,215,478 | 5,260,968 | ||||||||
Balance at end of period, issued (in shares) | shares | 183,694,196 | 151,446,112 | 147,230,634 | ||||||||
Balance at end of period, outstanding (in shares) | shares | 183,694,196 | 151,446,112 | 147,230,634 | ||||||||
Common Stock [Roll forward] | |||||||||||
Balance at beginning of period | $ 1,836,000 | $ 1,836,000 | $ 1,514,000 | $ 1,472,000 | $ 1,420,000 | ||||||
At-the-Market Offering, Value | 322,000 | 42,000 | 52,000 | ||||||||
Balance at end of period | $ 1,836,000 | $ 1,514,000 | 1,472,000 | ||||||||
Additional Paid in Capital [Abstract] | |||||||||||
Reduction of share premium | $ 0 | ||||||||||
Common Stock [Member] | 40 Million 2019, ATM Program [Member] | |||||||||||
Issued and Outstanding Shares [Roll forward] | |||||||||||
At-the-Market Offering (in shares) | shares | 5,260,968 | ||||||||||
Common Stock [Roll forward] | |||||||||||
At-the-Market Offering, Value | $ 52,000 | ||||||||||
Common Stock [Abstract] | |||||||||||
At-the-market offering of common Stock | $ 40,000,000 | ||||||||||
Common Stock [Member] | 40 Million 2020, ATM Program [Member] | |||||||||||
Issued and Outstanding Shares [Roll forward] | |||||||||||
At-the-Market Offering (in shares) | shares | 4,215,478 | ||||||||||
Common Stock [Roll forward] | |||||||||||
At-the-Market Offering, Value | $ 42,000 | ||||||||||
Common Stock [Abstract] | |||||||||||
At-the-market offering of common Stock | $ 40,000,000 | ||||||||||
Common Stock [Member] | 60 Million 2020, ATM Program [Member] | |||||||||||
Issued and Outstanding Shares [Roll forward] | |||||||||||
At-the-Market Offering (in shares) | shares | 22,025,979 | ||||||||||
Common Stock [Roll forward] | |||||||||||
At-the-Market Offering, Value | $ 220,000 | ||||||||||
Common Stock [Abstract] | |||||||||||
At-the-market offering of common Stock | 60,000,000 | ||||||||||
Common Stock [Member] | 60 Million 2021, ATM Program [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
At-the-market offering of common Stock | $ 60,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 12 Months Ended | |
Dec. 31, 2021ClaimBuilding | Dec. 31, 2020Claim | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ||
Number of claims filed | Claim | 0 | 0 |
Number of new buildings | Building | 2 |
FINANCIAL INSTRUMENTS AND OTH_3
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Accordion loan amount | $ 30,000 | ||
Vessels | 715,263 | $ 861,342 | |
Vessel Held for Sale | 14,960 | 0 | |
Fair Value [Member] | Level 1 [Member] | Recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and Cash Equivalents | 34,739 | 57,847 | |
Restricted Cash | 9,909 | 4,223 | |
Fair Value [Member] | Level 2 [Member] | Recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
2019 Senior Secured Credit Facility including $30 million Accordion Loan | (223,122) | (253,902) | |
Financing of 2018-built Vessels | (104,277) | (112,238) | |
Fair Value [Member] | Level 2 [Member] | Non-recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Vessels | [1] | 93,710 | 0 |
Carrying Value [Member] | Level 1 [Member] | Recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and Cash Equivalents | 34,739 | 57,847 | |
Restricted Cash | 9,909 | 4,223 | |
Carrying Value [Member] | Level 2 [Member] | Recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
2019 Senior Secured Credit Facility including $30 million Accordion Loan | (223,122) | (253,902) | |
Financing of 2018-built Vessels | (104,277) | (112,238) | |
Carrying Value [Member] | Level 2 [Member] | Non-recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Vessels | [1] | $ 93,710 | $ 0 |
[1] | Vessels measured at fair value are included as part of the Vessels and Vessel Held for Sale balances of $715.3 million and $15.0 million, respectively, in our consolidated balance sheet as of December 31, 2021. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Millions | Feb. 25, 2022USD ($)$ / shares | Feb. 09, 2022AgreementBuildingVessel | Apr. 12, 2022USD ($)Vessel | May 11, 2022USD ($)Vessel | Dec. 31, 2021USD ($)BuildingVessel | Dec. 31, 2020Building |
Vessels [Abstract] | ||||||
Number of new buildings | Building | 2 | |||||
Number of vessels sold | Vessel | 1 | |||||
Proceeds from vessels sold | $ | $ 14.3 | |||||
Financing of 2022 Newbuildings [Member] | ||||||
Vessels [Abstract] | ||||||
Number of new buildings | Building | 2 | |||||
Subsequent Event [Member] | ||||||
Vessels [Abstract] | ||||||
Number of new buildings | Building | 2 | |||||
Number of time charter agreements | Agreement | 2 | |||||
Term of time charter agreement | 6 years | |||||
Number of vessels to be delivered | Vessel | 2 | |||||
Number of vessels sold | Vessel | 3 | |||||
Proceeds from vessels sold | $ | $ 46.4 | |||||
Dividends [Abstract] | ||||||
Dividend declare date | Feb. 25, 2022 | |||||
Dividend declared (in dollars per share) | $ / shares | $ 0.01 | |||||
Dividends | $ | $ 2 | |||||
Dividend paid date | Mar. 30, 2022 | |||||
Subsequent Event [Member] | Financing of 2022 Newbuildings [Member] | ||||||
Vessels [Abstract] | ||||||
Number of vessels sold | Vessel | 3 | |||||
Proceeds from vessels sold | $ | $ 43.8 | $ 43.8 |