Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
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, 2022 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
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 | Swan Building |
Entity Address, Address Line Two | 26 Victoria Street |
Entity Address, City or Town | Hamilton |
Entity Address, Country | BM |
Entity Address, Postal Zip Code | HM 12 |
Title of 12(b) Security | Common Shares, $0.01 par value |
Trading Symbol | NAT |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 208,796,444 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Firm ID | 1363 |
Auditor Name | KPMG AS |
Auditor Location | Oslo, Norway |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Swan Building |
Entity Address, Address Line Two | 26 Victoria Street |
Entity Address, City or Town | Hamilton |
Entity Address, Country | BM |
Entity Address, Postal Zip Code | HM 12 |
City Area Code | 441 |
Contact Personnel Name | Herbjorn Hansson |
Local Phone Number | 292-7202 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Voyage Revenues | $ 339,340 | $ 191,075 | $ 354,619 |
Other Income | 0 | 4,684 | 0 |
Voyage Expenses | (170,515) | (128,263) | (121,089) |
Vessel Operating Expenses | (63,430) | (67,676) | (66,883) |
Depreciation Expense | (50,421) | (68,352) | (67,834) |
Impairment Loss on Vessels | (314) | (60,311) | 0 |
Gain / (Loss) on Disposal of Vessels | 6,005 | 0 | 0 |
General and Administrative Expenses | (18,798) | (15,620) | (17,586) |
Net Operating Income (Loss) | 41,867 | (144,463) | 81,227 |
Interest Income | 0 | 3 | 96 |
Interest Expense | (27,055) | (26,380) | (31,481) |
Other Financial Income (Expense) | 312 | (429) | 255 |
Total Other Expenses | (26,743) | (26,806) | (31,130) |
Net Income (Loss) Before Income Taxes | 15,124 | (171,269) | 50,097 |
Income Tax Expense | (23) | (59) | (64) |
Net Income (Loss) | $ 15,101 | $ (171,328) | $ 50,033 |
Basic Income (Loss) per Share (in dollars per share) | $ 0.07 | $ (1.05) | $ 0.34 |
Diluted Income (Loss) per share (in dollars per share) | $ 0.07 | $ (1.05) | $ 0.34 |
Basic Average Number of Common Shares Outstanding (in shares) | 202,032,942 | 162,549,611 | 149,292,586 |
Diluted Average Number of Common Shares Outstanding (in shares) | 202,032,942 | 162,549,611 | 149,292,586 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
Net Income (Loss) | $ 15,101 | $ (171,328) | $ 50,033 |
Other Comprehensive Income (Loss) | |||
Translation Differences | (210) | (102) | 157 |
Unrealized Gain (Loss) on Defined benefit plan | (22) | (163) | (76) |
Total Other Comprehensive Income (Loss) | (232) | (265) | 81 |
Total Comprehensive Income (Loss) | $ 14,869 | $ (171,593) | $ 50,114 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and Cash Equivalents | $ 59,583 | $ 34,739 |
Restricted Cash | 3,719 | 9,909 |
Accounts Receivable, Net | 20,474 | 9,374 |
Prepaid Expenses | 5,975 | 4,847 |
Inventory | 25,430 | 20,873 |
Voyages in Progress | 23,997 | 10,488 |
Other Current Assets | 3,484 | 1,918 |
Vessels Held for Sale | 0 | 14,960 |
Total Current Assets | 142,662 | 107,108 |
Non-Current Assets | ||
Vessels | 735,134 | 715,263 |
Vessels under Construction | 0 | 24,270 |
Right of Use Assets | 1,209 | 1,857 |
Other Non-Current Assets | 878 | 2,654 |
Total Non-Current Assets | 737,221 | 744,044 |
Total Assets | 879,883 | 851,152 |
Current Liabilities | ||
Accounts Payable | 6,960 | 6,552 |
Accrued Voyage Expenses | 11,315 | 14,985 |
Other Current Liabilities | 14,439 | 8,561 |
Current Portion of Long-Term Debt | 39,700 | 37,547 |
Total Current Liabilities | 72,414 | 67,645 |
Non-Current Liabilities | ||
Long-Term Debt | 266,337 | 283,411 |
Operating Lease Liabilities | 535 | 1,149 |
Other Non-Current Liabilities | 615 | 724 |
Total Non-Current Liabilities | 267,487 | 285,284 |
Commitments and Contingencies | ||
Shareholders' Equity | ||
Common Stock, par value $0.01 per share 360,000,000 authorized, 208,796,444 and 183,694,196 issued and outstanding at December 31, 2022 and December 31, 2021, respectively. | 2,087 | 1,836 |
Additional Paid-in Capital | 188,801 | 139,480 |
Contributed Surplus | 507,134 | 529,816 |
Accumulated Other Comprehensive Loss | (1,813) | (1,581) |
Retained Earnings (Accumulated Deficit) | (156,227) | (171,328) |
Total Shareholders' Equity | 539,982 | 498,223 |
Total Liabilities and Shareholders' Equity | $ 879,883 | $ 851,152 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Shareholders' Equity | ||
Common Stock, 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) | 208,796,444 | 183,694,196 |
Common Stock, shares outstanding (in shares) | 208,796,444 | 183,694,196 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Treasury Shares [Member] | Common 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, 2019 | 42,000 | 147,230,634 | |||||
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 of issuance cost (in shares) | 0 | 4,215,478 | |||||
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 | 42,000 | 151,446,112 | |||||
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 of issuance cost (in shares) | 0 | 32,248,084 | |||||
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) | (42,000) | 0 | |||||
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 | 0 | 183,694,196 | |||||
Balance at Dec. 31, 2021 | $ 1,836 | 139,480 | 529,816 | (1,581) | (171,328) | 498,223 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income (Loss) | $ 0 | 0 | 0 | 0 | 15,101 | 15,101 | |
Common Shares Issued, net of issuance cost (in shares) | 0 | 25,102,248 | |||||
Common Shares Issued, net of issuance cost | $ 251 | 48,845 | 0 | 0 | 0 | 49,096 | |
Other Comprehensive Loss | $ 0 | 0 | 0 | (232) | 0 | (232) | |
Share Based Compensation (in shares) | 0 | 0 | |||||
Share Based Compensation | $ 0 | 476 | 0 | 0 | 0 | 476 | |
Dividends Distributed | $ 0 | 0 | (22,682) | 0 | 0 | (22,682) | |
Balance (in shares) at Dec. 31, 2022 | 0 | 208,796,444 | |||||
Balance at Dec. 31, 2022 | $ 2,087 | $ 188,801 | $ 507,134 | $ (1,813) | $ (156,227) | $ 539,982 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY [Abstract] | |||
Common Shares Issued, issuance costs | $ 1.4 | $ 2.3 | $ 0.7 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | ||||
Net Income (Loss) | $ 15,101 | $ (171,328) | $ 50,033 | |
Reconciliation of Net Loss to Net Cash Provided by Operating Activities | ||||
Depreciation Expense | 50,421 | 68,352 | 67,834 | |
Impairment Loss on Vessels | 314 | 60,311 | 0 | |
(Gain) / Loss on Disposal of Vessels | (6,005) | 0 | 0 | |
Change in Fair Value of Investment Securities | 0 | 0 | 224 | |
Drydock Expenditure | (8,215) | (7,318) | (21,045) | |
Amortization of Deferred Finance Costs | 3,589 | 2,989 | 4,354 | |
Share-based Compensation | 476 | 339 | 285 | |
Other, net | 84 | 502 | (810) | |
Changes in Operating Assets and Liabilities | ||||
Accounts Receivables | (11,100) | (3,025) | 18,109 | |
Inventory | (4,558) | (1,465) | 3,068 | |
Prepaid Expenses and Other Current Assets | (2,694) | 286 | (330) | |
Accounts Payable and Accrued Liabilities | 230 | 11,743 | (19,258) | |
Voyages in Progress | (13,509) | (5,844) | 8,480 | |
Net Cash Provided by / (Used In) Operating Activities | 24,134 | (44,458) | 110,944 | |
Cash Flows from Investing Activities | ||||
Investment in Vessels | (5,116) | (3,868) | (6,845) | |
Investment in Other Fixed Assets | 0 | (589) | (233) | |
Investment in Newbuilds | (90,301) | (13,270) | (11,000) | |
Sale of Vessels | 81,074 | 14,262 | 0 | |
Proceeds from Sale of Investment Securities | 0 | 0 | 602 | |
Net Cash (Used In) / Provided by Investing Activities | (14,343) | (3,465) | (17,476) | |
Cash Flows from Financing Activities | ||||
Proceeds from Issuance of Common Stock | 49,096 | 80,051 | 20,713 | $ 17,900 |
Proceeds from Borrowing Activities | 0 | 0 | 29,300 | |
Proceeds from Vessel Financing | 88,000 | 0 | 0 | |
Repayment of Vessel financing | (11,476) | (7,958) | (7,630) | |
Repayments on Borrowing Facility | (93,933) | (30,780) | (67,896) | |
Transaction Costs Borrowing Facilities | 0 | (1,100) | (320) | |
Dividends Distributed | (22,682) | (9,700) | (67,242) | |
Net Cash Provided by / (Used In) Financing Activities | 9,005 | 30,513 | (93,075) | |
Net Increase / (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 18,796 | (17,410) | 393 | |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year | 44,648 | 62,070 | 61,638 | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (142) | (12) | 39 | |
Cash, Cash Equivalents, and Restricted Cash at End of Year | 63,302 | 44,648 | 62,070 | $ 61,638 |
Supplemental Disclosure of Cash Flow information | ||||
Cash and Cash Equivalents | 59,583 | 34,739 | 57,847 | |
Restricted cash | 3,719 | 9,909 | 4,223 | |
Cash Paid for Taxes | 59 | 64 | 71 | |
Cash Paid for Interest, Net of Amounts Capitalized | $ 23,455 | $ 23,392 | $ 27,128 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2022 | |
NATURE OF BUSINESS [Abstract] | |
NATURE OF BUSINESS | 1. NATURE OF BUSINESS Nordic The Company is an international tanker company that has a fleet of 19 Suezmax tankers as of December 31, 2022. The Company has in 2022 disposed of five vessels built in 2002 and 2003 and taken delivery of two newbuildings from Samsung shipyard in South Korea. The vessels in the fleet are considered homogeneous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo. The fleet of 19 Suezmax tankers are predominantly employed in the spot market, together with four vessels on longer term time charter agreements, where the two newbuildings delivered in 2022 are chartered out on six-year time charter agreements that commenced directly after delivery from the shipyard in May and June 2022 and further two vessels are chartered out on agreements expiring in late 2023 with an option to extend the agreement for a year The Company’s Fleet The Company’s fleet as of December 31, 2022, consists of 19 Suezmax crude oil tankers of which the vast majority have been built in Korea. Vessel Built in Deadweight Tons Nordic Apollo 2003 159,998 Nordic Pollux 2003 150,103 Nordic Castor 2004 150,249 Nordic Luna 2004 150,037 Nordic Freedom 2005 159,331 Nordic Skier 2005 159,089 Nordic Sprinter 2005 159,089 Nordic Cross 2010 158,475 Nordic Light 2010 158,475 Nordic Vega 2010 163,940 Nordic Breeze 2011 158,597 Nordic Zenith 2011 158,645 Nordic Star 2016 157,738 Nordic Space 2017 157,582 Nordic Aquarius 2018 157,338 Nordic Cygnus 2018 157,526 Nordic Tellus 2018 157,407 Nordic Harrier 2022 157,094 Nordic Hunter 2022 157,037 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis 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: The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Undiscounted future cash flows are estimated on a vessel by vessel basis if events or change in circumstances indicate that carrying amounts may not be recoverable. When applicable, estimates of future undiscounted cash flows are prepared and include assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel, net of brokerage commissions, expected outflows for vessels’ maintenance and vessel operating expenses (including planned drydocking expenditures). If the Company’s estimate of undiscounted future cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to its fair value, by recording an impairment charge. The impairment loss is determined by the difference between the carrying amount of the asset and its fair value. Fair value is based on broker estimates that could be adjusted if there are actual entity specific comparable transactions available. 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, 2022, 2021 and 2020, respectively, of their taxable profit. The income tax expensed for year ended December 31, 2022, 2021 and 2020 was $23,000, $59,000 and $64,000, 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 years ending December 31, 2022, December 31, 2021 and December 31, 2020, one customer accounted for 12.2%, 12.5% and 11.4% of the voyage revenues, respectively. Accounts receivable, Net, as of December 31, 2022, and December 31, 2021, were $20.5 million and $9.4 million, respectively. As of December 31, 2022, three charterers accounted for 54% of the outstanding accounts receivable, each representing 29.8%, 13.3% and 10.9% of the balance. As of December 31, 2021, three charterers accounted for 48% of the outstanding accounts receivable, each representing 22.3%, 13.3% and 12.4% of the balance. Accounts Receivable, Net, as of December 31, 2022, and December 31, 2021 are net of a provision for credit losses of $130,000 and $75,000, 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, 2024. 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. We expect no material effects from these transitions and we refer to footnote 8 for further details related to amendments agreed with lenders subsequent to December 31, 2022. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Spot Charter Revenues 296,810 170,242 274,217 Time Charter Revenues 42,530 20,833 80,402 Total Voyage Revenues 339,340 191,075 354,619 The future minimum revenues as at December 31, 2022 related to time charter revenues are as follows: All figures in USD ‘000 Amount 2023 35,653 2024 17,202 2025 17,155 2026 17,155 2027 and thereafter 24,561 Total Future Minimum Revenues 111,726 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, 2022 and December 31, 2021, the Company has capitalized fulfilment cost of $1.3 million and $1.1 million, respectively. |
VESSELS
VESSELS | 12 Months Ended |
Dec. 31, 2022 | |
VESSELS [Abstract] | |
VESSELS | 4. VESSELS Vessels consists of the carrying value of 19 and 21 vessels for the year ended December 31, 2022 and December 31, 2021, 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 2022 2021 Vessels Cost as of January 1 1,244,148 1,316,463 Additions Vessels* 117,677 3,868 Disposals Vessels (282,829 ) (76,183 ) Drydocking Cost as of January 1 80,047 82,227 Additions Drydocking 12,774 7,881 Disposals Drydocking (24,497 ) (10,061 ) Total Cost Vessels and Drydocking 1,147,320 1,324,195 Less Accumulated Depreciation (398,113 ) (557,527 ) Less Accumulated Impairment Loss on Vessels (14,073 ) (51,405 ) Net Book Value Vessels as of December 31 735,134 715,263 Vessel Held for Sale - 14,960 *The Company presented as of December 31, 2021, $24.3 million as Vessels under Construction related to payments under the shipbuilding contracts for the two newbuildings delivered in 2022 from Samsung shipyard in South Korea. Upon delivery of these two vessels in 2022, the Company transferred the balance from Vessels under Constructions to Vessels, and as such the $117.7 million presented as Additions Vessels in 2022 in the table above includes the $24.3 million referred to above. The book value of the two vessels delivered in 2022 are $56.2 million and $55.7 million as of December 31, 2022, and the vessels are chartered out on longer term time charter agreements. We refer to footnote 3 for further information. Impairment and Gain (Loss) on Disposal of Vessels The Company has recorded impairment losses on vessels of $0.3 million, $60.3 million and $0 for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively. The impairment charge recorded in 2022 is related to a vessel classified as held for sale as of December 31, 2021, and as a result of a change in fair value before being disposed of in 2022. If events or change in circumstances indicate that carrying amounts may not be recoverable, the Company reviews its vessels for impairment on an asset by asset basis by comparing the carrying value of its vessels to estimated undiscounted cash flows for the remaining useful life of its vessels. If applicable, the Company develops undiscounted future cash flows for the remaining useful life of the vessels with assumptions and estimates made 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 have in prior periods been based on market rates obtained from third parties, in combination with historical achieved rates by the Company. The impairment charge of $60.3 million recorded in 2021 was related to six vessels built in the period from 2002 to 2003 and included an impairment charge of $8.9 million related to a vessel presented as Held for Sale at December 31, 2021. In 2022, five of these vessels have been sold with an accumulated gain of $6.0 million. The gain relates in all material respects to the last vessel sold in October 2022, as a result of increasing second-hand vessel prices throughout 2022. No events or change in circumstances were identified as of December 31, 2022, that indicated that the carrying values may not be recoverable. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 paid operating cost of $1.2 million and fees associated with actual use. In 2022, 2021 and 2020, the Company recognized an expense of $0.3 million, $0.3 million and $0.1 million, respectively, for utilization of the asset. No amounts were due to the related party as of December 31, 2022 or December 31, 2021. |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
OTHER NON-CURRENT ASSETS [Abstract] | |
OTHER NON-CURRENT ASSETS | 6. OTHER NON-CURRENT ASSETS All figures in USD ‘000 2022 2021 Fixture, Furniture and Equipment 730 756 Prepaid Financing Cost - 1,100 Other 148 798 Total as of December 31, 878 2,654 |
SHARE-BASED COMPENSATION PLAN
SHARE-BASED COMPENSATION PLAN | 12 Months Ended |
Dec. 31, 2022 | |
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, 2019 and 2022. 4,000,000 stock options are authorized under the Plan, as of December 31, 2022. Stock Option Awards In October 2019, the 2011 Equity Incentive Plan was amended to reserve an additional 1,000,000 stock options for issuance to persons employed in the management of the Company and members of the Board of Directors. The Company granted 755,000 and 234,000 two and , 4.70 In November 2022, the 2011 Equity Incentive Plan was amended to reserve an additional 3,000,000 stock options for issuance to persons employed in the management of the Company and members of the Board of Directors. The Company granted 3,990,000 stock options with vesting over a period of two years and an exercise price of $3.60 per share, adjusted for dividends. The options are exercisable in a period of twelve months following the vesting date. 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; Assumptions Volatility 69.0 % Dividend yield* 0.0 % Risk-free interest rate 4.54 % Weighted-average grant date fair value $ 1.15 *Applied nil e exercise price is adjusted for dividends 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 $0.4 million, $0.2 million and $0.3 million for the years ended December 31, 2022, December 31, 2021 and December 31, 2020, respectively, and the remaining unrecognized cost as of December 31, 2022, related to non-vested stock options was $4.2 million with a remaining average remaining vesting period of 1.8 years. No forfeitures have occurred and no stock options were exercisable as of December 31, 2022. |
LONG-TERM DEBT AND CURRENT PORT
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2022 | |
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 fleet of nineteen Suezmax tankers; (1) the 2019 Senior Secured Credit Facility, including the $30 million Accordion Loan, secured by all vessels built prior to 2017, and (2) the Financing of 2018-built vessels that is related to the three vessels built in 2018 and the Financing of 2022 Newbuildings that is related to the two vessels built in 2022. 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 and the two newbuildings delivered in 2022, see further description below) and assignments of earnings and insurance. The loan is amortizing with a twenty-year maturity profile, carries a floating interest rate and matures in February 2024 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 interest rate and matures in February 2024 As of December 31, 2021, the Company had $223.1 million drawn under its 2019 Senior Secured Credit Facility, where $29.5 million, net of deferred financing cost of $2.3 million, was presented as Current Portion of Long-Term Debt that included $14.9 million in debt associated with Vessel Held for Sale. The Company has repaid $93.9 million of the facility in the twelve months ended December 31, 2022. As of December 31, 2022, the total outstanding balance was $129.2 million. The Company has presented $25.8 million, net of deferred financing cost of $1.5 million, under Current Portion of Long-Term Debt. Earnings generated in the fourth quarter of 2022 resulted in an additional payment of $15.2 million related to the excess cash flow mechanism that was paid in February 2023. Subsequent to December 31, 2022, the Company has repaid in total $18.2 million, including the excess cash flow payment of $15.2 million described above, and the total outstanding balances as of the date of this report is 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 sixty sixty The outstanding amounts under this financing arrangement were $96.0 million and $104.3 million as of December 31, 2022 and 2021, respectively, where $8.5 million and $8.1 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 delivered in 2022. The two vessels, Nordic Harrier and Nordic Hunter, were delivered from Samsung shipyard in May and June 2022. Under the terms of the financing agreement, the lender has provided financing of 80.0% of the purchase price for each of the two newbuildings. Upon delivery of each of the vessels, the Company entered into ten-year bareboat charter agreements. The Company has obligations to purchase the vessels for $16.5 million for each vessel upon the completion of the ten-year bareboat charter agreements, and also has the option to purchase the vessels after sixty of December 31, 2022, ranging from 8.94% to 9.24% including a floating LIBOR element that is subject to quarterly adjustments. Subsequent to December 31, 2022, the Company has agreed a replacement of the LIBOR element with a term Secured Overnight Financing Rate (“SOFR”), plus a Credit Adjustment Spread (“CAS”) of 26 basis points. The financing agreements contain certain financial covenants requiring the Company on a consolidated basis to maintain a minimum liquidity of The outstanding amounts under this financing arrangement were $84.9 million and $0 as of December 31, 2022 and 2021, respectively, where $5.4 million and $ nil As of December 31, 2022, the aggregate annual principal payments required to be made under the Company’s outstanding debt facilities are as follows: Debt repayments in $'000s* Total 2023 2024 2025 2026 2027 More than 5 years 2019 Senior Secured Credit Facility including the $ 30 129,189 27,285 101,904 - - - - Financing of 2018-built Vessels 95,950 8,711 9,138 9,534 9,974 10,434 48,159 Financing of 2022 Newbuildings 84,851 5,500 5,515 5,500 5,500 5,500 57,336 Total 309,990 41,496 116,557 15,034 15,474 15,934 105,495 The table above includes contractual repayments for the 2019 Senior Secured Credit Facility and the excess cash flow mechanism 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, 2022, the Company was in compliance with the financial covenants in its debt facilities. The financial minimum liquidity covenant of $30.0 million has historically been the most sensitive covenant. As of December 31, 2022, the cash balance of the Company was $59.6 million. 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 have strengthened during 2022 with historically strong rates in the fourth quarter of 2022 and the first quarter of 2023. As such, the Company generates significant positive cash flow from operations that can be used for dividends, investments or repayment of outstanding loan balances. Our 2019 Senior Secured Credit Facility matures in February 2024 and the remaining loan balance at maturity will have to be repaid from cash generated from operations in the preceding period, refinanced with a new loan or an extension of the agreed maturity date with the current lenders. In the first quarter of 2023, the Company has repaid $18.2 million on the facility and the loan-to-value ratio for the 2019 Senior Secured Credit Facility and the fourteen vessels used as collateral for the loan, is below 20%, based on an outstanding balance of $111.0 million as of the date of this report. The Suezmax freight rates in the first quarter of 2023 has continued to generate significant positive earnings and the Company expects that additional loan repayments will be made during 2023 due to the excess cash flow mechanism included in the 2019 Senior Secured Credit Facility. Given the current conditions of the Suezmax tanker market, which the Company and external market sources expect to continue at least until maturity of the 2019 Senior Secured Credit facility and the $30 million Accordion Loan in February 2024 and considering various reasonable sensitivities, the Company expects that it will be able to repay the debt with cash flows from operations. In the event there is shortfall, the Company considers that it has financial flexibility through utilization of the existing ATM program, sale of vessels or through extensions or refinancings. |
INTEREST EXPENSES
INTEREST EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
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 8. All figures in USD ‘000 2022 2021 2020 Interest Expenses, net of capitalized interest 23,455 23,392 27,127 Amortization of Deferred Financing Costs 3,600 2,988 4,354 Total Interest Expenses 27,055 26,380 31,481 For the years ended December 31, 2022, 2021 and 2020, $0.8 million, $1.5 million and $0.1 million of interest expenses were capitalized, respectively. |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT LIABILITIES [Abstract] | |
OTHER CURRENT LIABILITIES | 10. OTHER CURRENT LIABILITIES All figures in USD ‘000 2022 2021 Accrued Expenses 6,472 4,000 Other Liabilities 1,821 1,804 Deferred Revenues 6,146 2,757 Total as of December 31, 14,439 8,561 |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Numerator Net Income (Loss) 15,101 (171,328 ) 50,033 Denominator: Basic - Weighted Average Common Shares Outstanding 202,032,942 162,549,611 149,292,586 Dilutive – Weighted Average Common Shares Outstanding 202,032,942 162,549,611 149,292,586 Earnings (Loss) per Common Share: Basic 0.07 (1.05 ) 0.34 Diluted 0.07 (1.05 ) 0.34 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, 2022 | |
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, 2020 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 $60 million 2021 ATM - 10,764,990 108 $60 million 2022 ATM - 14,337,258 143 Balance as of December 31, 2022 360,000,000 208,796,444 2,087 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 had 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. In the period from January 1 through to February 14, 2022, the Company 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. In 2022, the Company has raised gross and net proceeds of $33.6 million and $32.7 million, respectively, by selling and issuing 14,337,258 commons shares with a remaining available balance of $26.4 million under this ATM. Based on the share price of the Company of $3.58 as of April 21, 2023, it would have resulted in 7,386,354 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. The Share Premium Fund was $167.1 million and $118. million as of December 31, 2022 and 2021, 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. For the year ended December 31, 2022, the Company paid a dividend of $22.7 million that was charged to the 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. The Company’s Contributed Surplus account was $507.1 million and $529.8 million as of December 31, 2022 and 2021, 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, 2022 | |
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, 2022 and 2021. The Company’s newbuilding program was completed in 2022 with the delivery of the two Suezmax newbuildings in May and June 2022 from Samsung shipyard in South Korea and as such, the Company does not have any material commitments outside the ordinary operations of the Company. |
FINANCIAL INSTRUMENTS AND OTHER
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES | 12 Months Ended |
Dec. 31, 2022 | |
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 the Company’s 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 approximately 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, 2022 and 2021, are as follows: All figures in USD ‘000 Recurring: Fair Value Hierarchy Level 2022 Fair Value 2022 Carrying Value 2021 Fair Value 2021 Carrying Value Cash and Cash Equivalents 1 59,583 59,583 34,739 34,739 Restricted Cash 1 3,719 3,719 9,909 9,909 2019 Senior Secured Credit Facility including $ 30 2 (129,189 ) (127,600 ) (223,122 ) (218,243 ) Financing of 2018-built Vessels 2 (95,950 ) (94,622 ) (104,277 ) (102,715 ) Financing of 2022 Newbuildings 2 (84,851 ) (83,815 ) - - 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, and the presentation of these vessels is related to the impairment charges recorded in 2021 and presentation of the applicable vessels at their then fair value. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 15. SUBSEQUENT EVENTS On February 27, 2023, the Company declared a cash dividend of $0.15 per share in respect of the results for the fourth quarter of 2022. The dividend of $31.3 million was paid on March 28, 2023. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Basis of Accounting | Basis |
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: The Company reviews for impairment long-lived assets held and used whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Undiscounted future cash flows are estimated on a vessel by vessel basis if events or change in circumstances indicate that carrying amounts may not be recoverable. When applicable, estimates of future undiscounted cash flows are prepared and include assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures/periodical maintenance, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The estimated net operating cash flows are determined by considering an estimated daily time charter equivalent for the remaining operating days of the vessel, net of brokerage commissions, expected outflows for vessels’ maintenance and vessel operating expenses (including planned drydocking expenditures). If the Company’s estimate of undiscounted future cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to its fair value, by recording an impairment charge. The impairment loss is determined by the difference between the carrying amount of the asset and its fair value. Fair value is based on broker estimates that could be adjusted if there are actual entity specific comparable transactions available. |
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, 2022, 2021 and 2020, respectively, of their taxable profit. The income tax expensed for year ended December 31, 2022, 2021 and 2020 was $23,000, $59,000 and $64,000, 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 years ending December 31, 2022, December 31, 2021 and December 31, 2020, one customer accounted for 12.2%, 12.5% and 11.4% of the voyage revenues, respectively. Accounts receivable, Net, as of December 31, 2022, and December 31, 2021, were $20.5 million and $9.4 million, respectively. As of December 31, 2022, three charterers accounted for 54% of the outstanding accounts receivable, each representing 29.8%, 13.3% and 10.9% of the balance. As of December 31, 2021, three charterers accounted for 48% of the outstanding accounts receivable, each representing 22.3%, 13.3% and 12.4% of the balance. Accounts Receivable, Net, as of December 31, 2022, and December 31, 2021 are net of a provision for credit losses of $130,000 and $75,000, 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, 2024. 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. We expect no material effects from these transitions and we refer to footnote 8 for further details related to amendments agreed with lenders subsequent to December 31, 2022. |
NATURE OF BUSINESS (Tables)
NATURE OF BUSINESS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
NATURE OF BUSINESS [Abstract] | |
Current Fleet | The Company’s fleet as of December 31, 2022, consists of 19 Suezmax crude oil tankers of which the vast majority have been built in Korea. Vessel Built in Deadweight Tons Nordic Apollo 2003 159,998 Nordic Pollux 2003 150,103 Nordic Castor 2004 150,249 Nordic Luna 2004 150,037 Nordic Freedom 2005 159,331 Nordic Skier 2005 159,089 Nordic Sprinter 2005 159,089 Nordic Cross 2010 158,475 Nordic Light 2010 158,475 Nordic Vega 2010 163,940 Nordic Breeze 2011 158,597 Nordic Zenith 2011 158,645 Nordic Star 2016 157,738 Nordic Space 2017 157,582 Nordic Aquarius 2018 157,338 Nordic Cygnus 2018 157,526 Nordic Tellus 2018 157,407 Nordic Harrier 2022 157,094 Nordic Hunter 2022 157,037 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Spot Charter Revenues 296,810 170,242 274,217 Time Charter Revenues 42,530 20,833 80,402 Total Voyage Revenues 339,340 191,075 354,619 |
Future Minimum Revenues | The future minimum revenues as at December 31, 2022 related to time charter revenues are as follows: All figures in USD ‘000 Amount 2023 35,653 2024 17,202 2025 17,155 2026 17,155 2027 and thereafter 24,561 Total Future Minimum Revenues 111,726 |
VESSELS (Tables)
VESSELS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
VESSELS [Abstract] | |
Vessels | Vessels consists of the carrying value of 19 and 21 vessels for the year ended December 31, 2022 and December 31, 2021, 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 2022 2021 Vessels Cost as of January 1 1,244,148 1,316,463 Additions Vessels* 117,677 3,868 Disposals Vessels (282,829 ) (76,183 ) Drydocking Cost as of January 1 80,047 82,227 Additions Drydocking 12,774 7,881 Disposals Drydocking (24,497 ) (10,061 ) Total Cost Vessels and Drydocking 1,147,320 1,324,195 Less Accumulated Depreciation (398,113 ) (557,527 ) Less Accumulated Impairment Loss on Vessels (14,073 ) (51,405 ) Net Book Value Vessels as of December 31 735,134 715,263 Vessel Held for Sale - 14,960 *The Company presented as of December 31, 2021, $24.3 million as Vessels under Construction related to payments under the shipbuilding contracts for the two newbuildings delivered in 2022 from Samsung shipyard in South Korea. Upon delivery of these two vessels in 2022, the Company transferred the balance from Vessels under Constructions to Vessels, and as such the $117.7 million presented as Additions Vessels in 2022 in the table above includes the $24.3 million referred to above. The book value of the two vessels delivered in 2022 are $56.2 million and $55.7 million as of December 31, 2022, and the vessels are chartered out on longer term time charter agreements. We refer to footnote 3 for further information. |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER NON-CURRENT ASSETS [Abstract] | |
Other Non-current Assets | All figures in USD ‘000 2022 2021 Fixture, Furniture and Equipment 730 756 Prepaid Financing Cost - 1,100 Other 148 798 Total as of December 31, 878 2,654 |
SHARE-BASED COMPENSATION PLAN (
SHARE-BASED COMPENSATION PLAN (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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; Assumptions Volatility 69.0 % Dividend yield* 0.0 % Risk-free interest rate 4.54 % Weighted-average grant date fair value $ 1.15 *Applied nil e exercise price is adjusted for dividends |
LONG-TERM DEBT AND CURRENT PO_2
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT [Abstract] | |
Aggregate Annual Principal Payments of Debt | As of December 31, 2022, the aggregate annual principal payments required to be made under the Company’s outstanding debt facilities are as follows: Debt repayments in $'000s* Total 2023 2024 2025 2026 2027 More than 5 years 2019 Senior Secured Credit Facility including the $ 30 129,189 27,285 101,904 - - - - Financing of 2018-built Vessels 95,950 8,711 9,138 9,534 9,974 10,434 48,159 Financing of 2022 Newbuildings 84,851 5,500 5,515 5,500 5,500 5,500 57,336 Total 309,990 41,496 116,557 15,034 15,474 15,934 105,495 |
INTEREST EXPENSES (Tables)
INTEREST EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 8. All figures in USD ‘000 2022 2021 2020 Interest Expenses, net of capitalized interest 23,455 23,392 27,127 Amortization of Deferred Financing Costs 3,600 2,988 4,354 Total Interest Expenses 27,055 26,380 31,481 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
OTHER CURRENT LIABILITIES [Abstract] | |
Other Current Liabilities | All figures in USD ‘000 2022 2021 Accrued Expenses 6,472 4,000 Other Liabilities 1,821 1,804 Deferred Revenues 6,146 2,757 Total as of December 31, 14,439 8,561 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Numerator Net Income (Loss) 15,101 (171,328 ) 50,033 Denominator: Basic - Weighted Average Common Shares Outstanding 202,032,942 162,549,611 149,292,586 Dilutive – Weighted Average Common Shares Outstanding 202,032,942 162,549,611 149,292,586 Earnings (Loss) per Common Share: Basic 0.07 (1.05 ) 0.34 Diluted 0.07 (1.05 ) 0.34 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020 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 $60 million 2021 ATM - 10,764,990 108 $60 million 2022 ATM - 14,337,258 143 Balance as of December 31, 2022 360,000,000 208,796,444 2,087 |
FINANCIAL INSTRUMENTS AND OTH_2
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, are as follows: All figures in USD ‘000 Recurring: Fair Value Hierarchy Level 2022 Fair Value 2022 Carrying Value 2021 Fair Value 2021 Carrying Value Cash and Cash Equivalents 1 59,583 59,583 34,739 34,739 Restricted Cash 1 3,719 3,719 9,909 9,909 2019 Senior Secured Credit Facility including $ 30 2 (129,189 ) (127,600 ) (223,122 ) (218,243 ) Financing of 2018-built Vessels 2 (95,950 ) (94,622 ) (104,277 ) (102,715 ) Financing of 2022 Newbuildings 2 (84,851 ) (83,815 ) - - 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, and the presentation of these vessels is related to the impairment charges recorded in 2021 and presentation of the applicable vessels at their then fair value. |
NATURE OF BUSINESS (Details)
NATURE OF BUSINESS (Details) | 12 Months Ended |
Dec. 31, 2022 Vessel Building t | |
NATURE OF BUSINESS [Abstract] | |
Total number of vessels | Vessel | 19 |
Number of vessels disposed | Vessel | 5 |
Number of new buildings | Building | 2 |
Number of operating vessels | Vessel | 19 |
Number of vessels operated in spot market | Vessel | 4 |
Agreement period for timecharter | 6 years |
Number of vessels chartered out on agreements | Vessel | 2 |
Extended term of time charter agreement | 1 year |
Nordic Apollo [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 159,998 |
Nordic Pollux [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 150,103 |
Nordic Castor [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 150,249 |
Nordic Luna [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 150,037 |
Nordic Freedom [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 159,331 |
Nordic Skier [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 159,089 |
Nordic Sprinter [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 159,089 |
Nordic Cross [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 158,475 |
Nordic Light [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 158,475 |
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 Star [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 157,738 |
Nordic Space [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 157,582 |
Nordic Aquarius [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 157,338 |
Nordic Cygnus [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 157,526 |
Nordic Tellus [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 157,407 |
Nordic Harrier [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 157,094 |
Nordic Hunter [Member] | |
Current Fleet [Abstract] | |
Deadweight tons | 157,037 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Cash, Cash Equivalents and Restricted Cash (Details) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 USD ($) | |
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, 2022 | |
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, 2022 Segment Vessel | |
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) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Subsidiary | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Income Tax [Abstract] | |||
Income tax rate | 0% | ||
Income tax expense | $ 23 | $ 59 | $ 64 |
Norwegian Tax Administration [Member] | |||
Income Tax [Abstract] | |||
Number of wholly owned subsidiaries | Subsidiary | 2 | ||
Income tax rate | 22% | 22% | 22% |
Income tax expense | $ 23 | $ 59 | $ 64 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Concentration of Credit Risk (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Charter Customer | Dec. 31, 2021 USD ($) Customer Charter | Dec. 31, 2020 Customer | |
Concentration of Risk [Abstract] | |||
Accounts receivable, net | $ 20,500 | $ 9,400 | |
Provision for credit losses | $ 130 | $ 75 | |
Accounts Receivable [Member] | Three Charterers [Member] | |||
Concentration of Risk [Abstract] | |||
Number of charterers accounted for outstanding amount | Charter | 3 | 3 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Charterers [Member] | |||
Concentration of Risk [Abstract] | |||
Concentration of credit risk percentage | 54% | 48% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer One [Member] | |||
Concentration of Risk [Abstract] | |||
Concentration of credit risk percentage | 29.80% | 22.30% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer Two [Member] | |||
Concentration of Risk [Abstract] | |||
Concentration of credit risk percentage | 13.30% | 13.30% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Charterer Three [Member] | |||
Concentration of Risk [Abstract] | |||
Concentration of credit risk percentage | 10.90% | 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 | 12.20% | 12.50% | 11.40% |
REVENUES (Details)
REVENUES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Abstract] | |||
Voyage Revenues | $ 339,340 | $ 191,075 | $ 354,619 |
Future Minimum Revenues [Abstract] | |||
2023 | 35,653 | ||
2024 | 17,202 | ||
2025 | 17,155 | ||
2026 | 17,155 | ||
Thereafter | 24,561 | ||
Future minimum revenues | 111,726 | ||
Capitalized cost | $ 1,300 | 1,100 | |
Maximum [Member] | |||
Future Minimum Revenues [Abstract] | |||
Term of voyage contract | 1 year | ||
Spot Charter [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Voyage Revenues | $ 296,810 | 170,242 | 274,217 |
Time Charter [Member] | |||
Disaggregation of Revenue [Abstract] | |||
Voyage Revenues | $ 42,530 | $ 20,833 | $ 80,402 |
VESSELS (Details)
VESSELS (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Vessel Building | Dec. 31, 2021 USD ($) Vessel | Dec. 31, 2020 USD ($) | ||
VESSELS [Abstract] | ||||
Number of vessels | Vessel | 19 | 21 | ||
Vessels [Abstract] | ||||
Total | $ 1,147,320 | $ 1,324,195 | ||
Less Accumulated Depreciation | (398,113) | (557,527) | ||
Less Accumulated Impairment Loss on Vessels | (14,073) | (51,405) | ||
Net Book Value Vessels | 735,134 | 715,263 | ||
Vessel Held for Sale | $ 0 | 14,960 | ||
Payment for vessels under construction | 24,300 | |||
Number of vessels delivered | Vessel | 2 | |||
Number of new buildings | Building | 2 | |||
Number of vessels sold | Vessel | 5 | |||
Impairment loss on vessels | $ 314 | 60,311 | $ 0 | |
Number of vessels classified as held for sale | Vessel | 1 | |||
Number of vessels built | Vessel | 6 | |||
Accumulated gain on vessel | $ 6,005 | 0 | $ 0 | |
Held for Sale [Member] | ||||
Vessels [Abstract] | ||||
Impairment loss on vessels | 8,900 | |||
Vessels [Member] | ||||
Vessels [Abstract] | ||||
Additions | [1] | 117,677 | 3,868 | |
Disposals | (282,829) | (76,183) | ||
Total | 1,244,148 | 1,316,463 | ||
Vessel 1 [Member] | ||||
Vessels [Abstract] | ||||
Net Book Value Vessels | 56,200 | |||
Vessel 2 [Member] | ||||
Vessels [Abstract] | ||||
Net Book Value Vessels | 55,700 | |||
Drydocking [Member] | ||||
Vessels [Abstract] | ||||
Additions | 12,774 | 7,881 | ||
Disposals | (24,497) | (10,061) | ||
Total | $ 80,047 | $ 82,227 | ||
[1]The Company presented as of December 31, 2021, $24.3 million as Vessels under Construction related to payments under the shipbuilding contracts for the two newbuildings delivered in 2022 from Samsung shipyard in South Korea. Upon delivery of these two vessels in 2022, the Company transferred the balance from Vessels under Constructions to Vessels, and as such the $117.7 million presented as Additions Vessels in 2022 in the table above includes the $24.3 million referred to above. The book value of the two vessels delivered in 2022 are $56.2 million and $55.7 million as of December 31, 2022, and the vessels are chartered out on longer term time charter agreements. We refer to footnote 3 for further information. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Board Member [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Abstract] | |||
Operating costs | $ 1.2 | ||
Costs and expenses, related party | 0.3 | $ 0.3 | $ 0.1 |
Accounts payable | $ 0 | $ 0 |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
OTHER NON-CURRENT ASSETS [Abstract] | ||
Fixture, Furniture and Equipment | $ 730 | $ 756 |
Prepaid Financing Cost | 0 | 1,100 |
Other | 148 | 798 |
Total | $ 878 | $ 2,654 |
SHARE-BASED COMPENSATION PLAN_2
SHARE-BASED COMPENSATION PLAN (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2022 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Share-based Compensation Grant Date Fair Value of Options [Abstract] | ||||||||
Compensation expense related to the stock option awards | $ 476 | $ 339 | $ 285 | |||||
Stock Option [Member] | ||||||||
Share-based Compensation Grant Date Fair Value of Options [Abstract] | ||||||||
Volatility | 69% | |||||||
Dividend yield | [1] | 0% | ||||||
Risk-free interest rate | 4.54% | |||||||
Weighted-average grant date fair value (in dollars per share) | $ 1.15 | |||||||
2011 Equity Incentive Plan [Member] | Stock Option [Member] | ||||||||
Share-based Compensation [Abstract] | ||||||||
Number of shares authorized (in shares) | 4,000,000 | |||||||
Amended 2011 Equity Incentive Plan [Member] | Stock Option [Member] | ||||||||
Share-based Compensation [Abstract] | ||||||||
Shares available for future issuance (in shares) | 3,000,000 | 1,000,000 | ||||||
Stock option grants (in shares) | 989,000 | |||||||
Vesting period | 12 months | |||||||
Stock option exercise price (in dollars per share) | $ 3.6 | $ 4.7 | ||||||
Share-based Compensation Grant Date Fair Value of Options [Abstract] | ||||||||
Compensation expense related to the stock option awards | $ 400 | $ 200 | $ 300 | |||||
Unrecognized cost related to non-vested stock options | $ 4,200 | |||||||
Average vesting period | 1 year 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) | 3,990,000 | 755,000 | 755,000 | |||||
Vesting period | 2 years | 1 year | ||||||
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 | |||||||
[1]Applied nil |
LONG-TERM DEBT AND CURRENT PO_3
LONG-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Feb. 12, 2019 USD ($) | Dec. 01, 2017 USD ($) Vessel | Feb. 28, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Vessel Lender Building | Dec. 31, 2020 USD ($) Building | Apr. 27, 2023 USD ($) | Dec. 31, 2021 USD ($) | Dec. 16, 2020 USD ($) | |
Line of Credit Facility [Abstract] | |||||||||
Number of lenders | Lender | 2 | ||||||||
Number of vessels delivered | Vessel | 2 | ||||||||
Current portion of long-term debt | $ 39,700 | $ 37,547 | |||||||
Vessel held for sale | $ 0 | 14,960 | |||||||
Number of new buildings | Building | 2 | ||||||||
Contractual Obligation [Abstract] | |||||||||
2023 | $ 41,496 | ||||||||
2024 | 116,557 | ||||||||
2025 | 15,034 | ||||||||
2026 | 15,474 | ||||||||
2027 | 15,934 | ||||||||
More than 5 years | 105,495 | ||||||||
Total | 309,990 | ||||||||
Cash balance | $ 59,583 | $ 57,847 | 34,739 | ||||||
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 | $ 30,000 | |||||||
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% | ||||||||
Deferred financing costs | $ 1,500 | 2,300 | |||||||
Debt covenants, minimum liquidity | $ 30,000 | ||||||||
Debt covenants percentage in loan-to-vessel ratio | 70% | ||||||||
Drawn amount | 129,200 | 223,100 | |||||||
Current portion of long-term debt | 25,800 | 29,500 | |||||||
Repayment of debt | $ 93,900 | ||||||||
Vessel held for sale | 14,900 | ||||||||
Contractual Obligation [Abstract] | |||||||||
Number of vessels used as loan collateral | Vessel | 14 | ||||||||
2019 Senior Secured Credit Facility [Member] | Forecast [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Drawn amount | $ 111,000 | ||||||||
2019 Senior Secured Credit Facility [Member] | Subsequent Event [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Repayment of debt | $ 18,200 | ||||||||
Additional payment related to excess cash flow mechanism | $ 15,200 | ||||||||
2019 Senior Secured Credit Facility [Member] | Maximum [Member] | |||||||||
Contractual Obligation [Abstract] | |||||||||
Percentage of loan-to-value ratio | 20% | ||||||||
$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 | $ 96,000 | 104,300 | |||||||
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% | ||||||||
Minimum liquidity value | $ 20,000 | ||||||||
Long term debt current | $ 8,500 | 8,100 | |||||||
Number of new buildings | Building | 2 | ||||||||
Contractual Obligation [Abstract] | |||||||||
2023 | $ 8,711 | ||||||||
2024 | 9,138 | ||||||||
2025 | 9,534 | ||||||||
2026 | 9,974 | ||||||||
2027 | 10,434 | ||||||||
More than 5 years | 48,159 | ||||||||
Total | 95,950 | ||||||||
Financing of 2018-built Vessels [Member] | Subsequent Event [Member] | SOFR [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Basis spread on variable rate | 0.26% | ||||||||
Financing of 2018-built Vessels [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Interest rate | 8.08% | ||||||||
Financing of 2018-built Vessels [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Interest rate | 9.86% | ||||||||
2019 Senior Secured Credit Facility including $30 mill Accordion Loan [Member] | |||||||||
Contractual Obligation [Abstract] | |||||||||
2023 | 27,285 | ||||||||
2024 | 101,904 | ||||||||
2025 | 0 | ||||||||
2026 | 0 | ||||||||
2027 | 0 | ||||||||
More than 5 years | 0 | ||||||||
Total | $ 129,189 | ||||||||
Financing of 2022 Newbuildings [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Number of vessels delivered | Vessel | 2 | ||||||||
Deferred financing costs | $ 5,400 | 0 | |||||||
Debt covenants, minimum liquidity | 30,000 | ||||||||
Drawn amount | $ 84,900 | $ 0 | |||||||
Percentage of purchase price expected to pay by lending provider | 80% | ||||||||
Term of bareboat charter agreement | 10 years | ||||||||
Obligation to purchase the vessels | $ 16,500 | ||||||||
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 | ||||||||
Contractual Obligation [Abstract] | |||||||||
2023 | $ 5,500 | ||||||||
2024 | 5,515 | ||||||||
2025 | 5,500 | ||||||||
2026 | 5,500 | ||||||||
2027 | 5,500 | ||||||||
More than 5 years | 57,336 | ||||||||
Total | $ 84,851 | ||||||||
Financing of 2022 Newbuildings [Member] | Subsequent Event [Member] | SOFR [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Basis spread on variable rate | 0.26% | ||||||||
Financing of 2022 Newbuildings [Member] | Minimum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Interest rate | 8.94% | ||||||||
Financing of 2022 Newbuildings [Member] | Maximum [Member] | |||||||||
Line of Credit Facility [Abstract] | |||||||||
Interest rate | 9.24% |
INTEREST EXPENSES (Details)
INTEREST EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST EXPENSES [Abstract] | |||
Interest Expenses, net of capitalized interest | $ 23,455 | $ 23,392 | $ 27,127 |
Amortization of Deferred Financing Costs | 3,600 | 2,988 | 4,354 |
Total Interest Expenses | 27,055 | 26,380 | 31,481 |
Interest expenses, capitalized interest | $ 800 | $ 1,500 | $ 100 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
OTHER CURRENT LIABILITIES [Abstract] | ||
Accrued Expenses | $ 6,472 | $ 4,000 |
Other Liabilities | 1,821 | 1,804 |
Deferred Revenues | 6,146 | 2,757 |
Total | $ 14,439 | $ 8,561 |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator [Abstract] | |||
Net Income (Loss) | $ 15,101 | $ (171,328) | $ 50,033 |
Denominator [Abstract] | |||
Basic - Weighted Average Common Shares Outstanding (in shares) | 202,032,942 | 162,549,611 | 149,292,586 |
Dilutive - Weighted Average Common Shares Outstanding (in shares) | 202,032,942 | 162,549,611 | 149,292,586 |
Earnings (Loss) per Common Share, Basic [Abstract] | |||
Basic (in dollars per share) | $ 0.07 | $ (1.05) | $ 0.34 |
Earnings (Loss) per Common Share, Diluted [Abstract] | |||
Diluted (in dollars per share) | $ 0.07 | $ (1.05) | $ 0.34 |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) | 2 Months Ended | 12 Months Ended | |||||||||
Apr. 21, 2023 $ / shares shares | Feb. 14, 2022 USD ($) | Feb. 14, 2022 USD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) shares | Dec. 31, 2019 USD ($) shares | Sep. 29, 2021 USD ($) | Oct. 16, 2020 USD ($) | Mar. 29, 2019 USD ($) | Jun. 16, 2017 $ / shares | |
Authorized Shares [Roll forward] | |||||||||||
Balance at beginning of period (in shares) | shares | 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 | |||||||||
Balance at beginning of period, outstanding (in shares) | shares | 183,694,196 | 183,694,196 | |||||||||
Balance at end of period, issued (in shares) | shares | 208,796,444 | 183,694,196 | |||||||||
Balance at end of period, outstanding (in shares) | shares | 208,796,444 | 183,694,196 | |||||||||
Common Stock [Roll forward] | |||||||||||
At-the-Market Offering, Value | $ 49,096,000 | $ 80,051,000 | $ 20,670,000 | ||||||||
Common Stock [Abstract] | |||||||||||
Proceeds from Issuance of common stock | 49,096,000 | 80,051,000 | 20,713,000 | $ 17,900,000 | |||||||
Additional Paid in Capital [Abstract] | |||||||||||
Share premium fund | 167,100,000 | 118,000,000 | |||||||||
Contributed Surplus Account [Abstract] | |||||||||||
Dividend paid | 9,700,000 | ||||||||||
Dividend charged to contribution surplus account | 22,700,000 | ||||||||||
Contribution to surplus account | $ 507,100,000 | $ 529,800,000 | |||||||||
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 | $ 16,900,000 | 22,300,000 | |||||||||
At-the-market offering, gross amount utilized | $ 39,200,000 | ||||||||||
Net amount at-the-market offering of common stock | $ 16,500,000 | $ 21,700,000 | |||||||||
Common shares issued (in shares) | shares | 10,764,990 | 10,222,105 | |||||||||
60 Million 2021, ATM Program [Member] | Maximum [Member] | |||||||||||
Issued and Outstanding Shares [Roll forward] | |||||||||||
At-the-Market Offering (in shares) | shares | 14,337,258 | 10,222,105 | |||||||||
Common Stock [Roll forward] | |||||||||||
At-the-Market Offering, Value | $ 143,000 | $ 102,000 | |||||||||
Common Stock [Abstract] | |||||||||||
At-the-market offering of common Stock | $ 60,000,000 | ||||||||||
60 Million 2022, ATM Program [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
Gross amount of at-the-market offering of common stock | 33,600,000 | ||||||||||
Net amount at-the-market offering of common stock | $ 32,700,000 | ||||||||||
Common shares issued (in shares) | shares | 14,337,258 | ||||||||||
Remaining available proceeds from offering | $ 26,400,000 | ||||||||||
60 Million 2022, ATM Program [Member] | Subsequent Event [Member] | |||||||||||
Common Stock [Abstract] | |||||||||||
Share price (in dollars per share) | $ / shares | $ 3.58 | ||||||||||
Remaining balance available, fully utilizing the new shares issued (in shares) | shares | 7,386,354 | ||||||||||
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% | ||||||||||
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 | |||||||
Balance at end of period (in shares) | shares | 360,000,000 | 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 | |||||||
Balance at beginning of period, outstanding (in shares) | shares | 183,694,196 | 183,694,196 | 151,446,112 | 147,230,634 | |||||||
At-the-Market Offering (in shares) | shares | 25,102,248 | 32,248,084 | 4,215,478 | ||||||||
Balance at end of period, issued (in shares) | shares | 208,796,444 | 183,694,196 | 151,446,112 | 147,230,634 | |||||||
Balance at end of period, outstanding (in shares) | shares | 208,796,444 | 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 | |||||||
At-the-Market Offering, Value | 251,000 | 322,000 | 42,000 | ||||||||
Balance at end of period | $ 2,087,000 | 1,836,000 | 1,514,000 | $ 1,472,000 | |||||||
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 [Abstract] | |||||||||||
At-the-market offering of common Stock | $ 40,000,000 | $ 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 | $ 60,000,000 | ||||||||||
Common Stock [Member] | 60 Million 2020, ATM Program [Member] | |||||||||||
Issued and Outstanding Shares [Roll forward] | |||||||||||
At-the-Market Offering (in shares) | shares | 10,764,990 | 22,025,979 | |||||||||
Common Stock [Roll forward] | |||||||||||
At-the-Market Offering, Value | $ 108,000 | $ 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 | $ 60,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 12 Months Ended | |
Dec. 31, 2022 Claim Building | Dec. 31, 2021 Claim | |
Purchase Commitment [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, 2022 | Dec. 31, 2021 | |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Accordion loan amount | $ 30,000 | ||
Vessels | 735,134 | $ 715,263 | |
Vessel Held for Sale | 0 | 14,960 | |
Fair Value [Member] | Level 1 [Member] | Recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and Cash Equivalents | 59,583 | 34,739 | |
Restricted Cash | 3,719 | 9,909 | |
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 | (129,189) | (223,122) | |
Financing of 2018-built Vessels | (95,950) | (104,277) | |
Financing of 2022 Newbuildings | (84,851) | 0 | |
Fair Value [Member] | Level 2 [Member] | Non-recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Vessels | [1] | 0 | 93,710 |
Carrying Value [Member] | Level 1 [Member] | Recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Cash and Cash Equivalents | 59,583 | 34,739 | |
Restricted Cash | 3,719 | 9,909 | |
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 | (127,600) | (218,243) | |
Financing of 2018-built Vessels | (94,622) | (102,715) | |
Financing of 2022 Newbuildings | (83,815) | 0 | |
Carrying Value [Member] | Level 2 [Member] | Non-recurring [Member] | |||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | |||
Vessels | [1] | $ 0 | $ 93,710 |
[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, and the presentation of these vessels is related to the impairment charges recorded in 2021 and presentation of the applicable vessels at their then fair value. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] $ / shares in Units, $ in Millions | Feb. 27, 2023 USD ($) $ / shares |
Dividends [Abstract] | |
Dividend declare date | Feb. 27, 2023 |
Dividend declared (in dollars per share) | $ / shares | $ 0.15 |
Dividends | $ | $ 31.3 |
Dividend paid date | Mar. 28, 2023 |