Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001296484 |
Entity Registrant Name | TOP SHIPS INC. |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2020 |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2020 |
Document Transition Report | false |
Entity File Number | 001-37889 |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 1 Vasilisis Sofias and Megalou Alexandrou Str |
Entity Address, Postal Zip Code | 15124 |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
Entity Common Stock, Shares Outstanding | 39,831,972 |
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 |
Entity Shell Company | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 1 Vasilisis Sofias and Megalou Alexandrou Str |
Entity Address, Postal Zip Code | 15124 |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
City Area Code | 210 |
Local Phone Number | 812 8107 |
Contact Personnel Name | Alexandros Tsirikos |
Preferred Stock Purchase Rights [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Preferred Stock Purchase Rights |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
Common Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | TOPS |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 19,328 | $ 4,412 |
Trade accounts receivable | 0 | 642 |
Prepayments and other | 904 | 628 |
Inventories | 514 | 848 |
Assets held for sale (Note 4c, 14 and 19) | 24,340 | 43,271 |
Non-current portion of derivative financial instruments (Note 14) | 0 | 82 |
Restricted cash (Note 7) | 0 | 859 |
Total current assets | 45,086 | 50,742 |
FIXED ASSETS: | ||
Advances for vessels under construction (Note 4a) | 31,654 | 12,241 |
Vessels, net (Note 4b) | 136,292 | 353,946 |
Right of use assets from operating leases (Note 6) | 45,222 | 0 |
Other fixed assets, net | 548 | 655 |
Total fixed assets | 213,716 | 366,842 |
OTHER NON CURRENT ASSETS: | ||
Restricted cash (Note 6 and 7) | 4,000 | 8,000 |
Investments in unconsolidated joint ventures (Note 17) | 28,230 | 19,306 |
Deposit asset (Note 19) | 2,000 | 0 |
Total non-current assets | 34,230 | 27,306 |
Total assets | 293,032 | 444,890 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 7) | 5,324 | 16,908 |
Debt related to vessels held for sale (Note 7) | 0 | 29,977 |
Due to related parties (Note 5) | 5,159 | 16,592 |
Accounts payable | 2,544 | 4,460 |
Accrued liabilities | 959 | 4,030 |
Unearned revenue | 2,074 | 3,337 |
Current portion of derivative financial instruments (Note 14) | 66 | 113 |
Short-term lease liability | 9,288 | 0 |
Total current liabilities | 25,414 | 75,417 |
NON-CURRENT LIABILITIES: | ||
Non-current portion of long term debt (Note 7) | 99,295 | 262,122 |
Long-term lease liability | 33,805 | 0 |
Non-current portion of derivative financial instruments (Note 14) | 0 | 1,594 |
Other non-current liabilities | 300 | 0 |
Total non-current liabilities | 133,400 | 263,716 |
COMMITMENTS AND CONTINGENCIES (Note 8) | 0 | 0 |
Total liabilities | 158,814 | 339,133 |
MEZZANINE EQUITY: | ||
Preferred stock; 15,724 and 11,264 Series E Shares issued and outstanding at December 31, 2019 and 2020 with $0.01 par value (Note 16) | 13,517 | 18,083 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D shares were outstanding at December 31, 2019 and 2020 (Note 9) | 1 | 1 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 347,813 and 39,831,972 shares issued and outstanding at December 31, 2019 and 2020 (Note 9) | 398 | 3 |
Additional paid-in capital | 465,672 | 411,583 |
Accumulated deficit | (345,370) | (322,552) |
Accumulated other comprehensive income | 0 | (1,361) |
Total stockholders’ equity | 120,701 | 87,674 |
Total liabilities, mezzanine equity and stockholders’ equity | 293,032 | 444,890 |
Series E Preferred Stock [Member] | ||
MEZZANINE EQUITY: | ||
Preferred stock; 15,724 and 11,264 Series E Shares issued and outstanding at December 31, 2019 and 2020 with $0.01 par value (Note 16) | $ 13,517 | $ 18,083 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 39,831,972 | 347,813 |
Common stock, shares outstanding (in shares) | 39,831,972 | 347,813 |
Series E Preferred Stock [Member] | ||
Preferred stock, series E shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, series E shares, issued (in shares) | 11,264 | 15,724 |
Preferred stock, series E shares, outstanding (in shares) | 11,264 | 15,724 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares outstanding (in shares) | 100,000 | 100,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues (including $1,606, $1,311 and $0 respectively, from related party) (Note 18 & 5) | $ 60,222 | $ 66,088 | $ 41,048 |
EXPENSES: | |||
Voyage expenses (including $511, $829 and $761 respectively, to related party) (Note 11) | 1,994 | 3,038 | 1,020 |
Operating lease expense (Note 6) | 755 | 7,054 | 0 |
Bareboat charter hire expenses | 0 | 0 | 6,282 |
Amortization of prepaid bareboat charter hire | 0 | 0 | 1,657 |
Vessel operating expenses (including $187, $247 and $60 respectively, to related party) (Note 11) | 21,024 | 22,786 | 14,826 |
Dry-docking costs | 356 | 399 | 0 |
Vessel depreciation (Note 4B) | 13,174 | 12,392 | 6,390 |
Management fees-related parties (Note 5) | 5,627 | 2,443 | 7,765 |
General and administrative expenses (including $2,400, $360 and $360 respectively, to related party)(Note 5) | 1,932 | 1,730 | 6,997 |
Other operating loss (Note 15) | 4,800 | 0 | 0 |
Loss on sale of vessels (Note 6 and 19) | 12,355 | 0 | 0 |
Impairment on vessels (Note 4B) | 0 | 12,310 | 0 |
Operating income/(loss) | (1,795) | 3,936 | (3,889) |
OTHER EXPENSES: | |||
Interest and finance costs (including $1,053, $948 and $0 respectively, to related party) (Note 12) | (20,956) | (18,077) | (9,662) |
Gain/(Loss) on derivative financial instruments (Note 14) | (814) | 1,601 | 1,821 |
Interest income | 34 | 133 | 130 |
Other, net | 0 | 0 | 180 |
Equity gain in unconsolidated joint ventures | 713 | 778 | 291 |
Impairment on unconsolidated joint ventures (Note 17) | 0 | (3,144) | 0 |
Total other expenses, net | (21,023) | (18,709) | (7,240) |
Net loss | (22,818) | (14,773) | (11,129) |
Less: Deemed dividend for beneficial conversion feature of Series E Shares (Note 16) | (1,067) | (9,339) | 0 |
Less: Deemed dividend equivalents on Series E Shares related to redemption value (Note 16) | (3,099) | (4,227) | 0 |
Less: Series E Shares Dividend (Note 16) | (1,796) | (2,650) | 0 |
Net loss attributable to common shareholders | (28,780) | (30,989) | (11,129) |
Common stock holders | (28,780) | (30,989) | (11,134) |
Non-controlling interests | $ 0 | $ 0 | $ 5 |
Loss per common share, basic and diluted (Note 10) (in dollars per share) | $ (1.22) | $ (264.63) | $ (306.20) |
Other comprehensive income | |||
Effective portion of changes in fair value of interest swap contracts (Note 14) | $ 0 | $ (1,361) | $ 0 |
Total other comprehensive loss | (28,780) | (32,350) | (11,134) |
Common stock holders | (28,780) | (32,350) | (11,134) |
Non-controlling interests | $ 0 | $ 0 | $ 5 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from related parties | $ 0 | $ 1,311 | $ 1,606 |
Related-party general and administrative expenses | 360 | 360 | 2,400 |
Interest and finance costs | 0 | 948 | 1,053 |
Commissions on Charter Hire Agreements [Member] | |||
Related party, transaction | 761 | 829 | 511 |
Repairs and Maintenance [Member] | |||
Related party, transaction | $ 60 | $ 247 | $ 187 |
Consolidated Statements of Mezz
Consolidated Statements of Mezzanine and Stockholders' Equity - USD ($) $ in Thousands | Crede [Member]Mezzanine Equity [Member] | Crede [Member]Preferred Stock [Member] | Crede [Member]Common Stock [Member] | [1] | Crede [Member]Additional Paid-in Capital [Member] | [1] | Crede [Member]Retained Earnings [Member] | Crede [Member]Noncontrolling Interest [Member] | Crede [Member]AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Crede [Member] | Maxim [Member]Mezzanine Equity [Member] | Maxim [Member]Preferred Stock [Member] | Maxim [Member]Common Stock [Member] | [1] | Maxim [Member]Additional Paid-in Capital [Member] | [1] | Maxim [Member]Retained Earnings [Member] | Maxim [Member]Noncontrolling Interest [Member] | Maxim [Member]AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Maxim [Member] | Warrants Issued With the 2018 Common Stock Offering [Member]Mezzanine Equity [Member] | Warrants Issued With the 2018 Common Stock Offering [Member]Preferred Stock [Member] | Warrants Issued With the 2018 Common Stock Offering [Member]Common Stock [Member] | [1] | Warrants Issued With the 2018 Common Stock Offering [Member]Additional Paid-in Capital [Member] | [1] | Warrants Issued With the 2018 Common Stock Offering [Member]Retained Earnings [Member] | Warrants Issued With the 2018 Common Stock Offering [Member]Noncontrolling Interest [Member] | Warrants Issued With the 2018 Common Stock Offering [Member]AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Warrants Issued With the 2018 Common Stock Offering [Member] | The 2018 and 2014 Warrants [Member]Mezzanine Equity [Member] | The 2018 and 2014 Warrants [Member]Preferred Stock [Member] | The 2018 and 2014 Warrants [Member]Common Stock [Member] | [1] | The 2018 and 2014 Warrants [Member]Additional Paid-in Capital [Member] | [1] | The 2018 and 2014 Warrants [Member]Retained Earnings [Member] | The 2018 and 2014 Warrants [Member]Noncontrolling Interest [Member] | The 2018 and 2014 Warrants [Member]AOCI Including Portion Attributable to Noncontrolling Interest [Member] | The 2018 and 2014 Warrants [Member] | The 2018 Common Stock Offering [Member]Mezzanine Equity [Member] | The 2018 Common Stock Offering [Member]Preferred Stock [Member] | The 2018 Common Stock Offering [Member]Common Stock [Member] | [1] | The 2018 Common Stock Offering [Member]Additional Paid-in Capital [Member] | [1] | The 2018 Common Stock Offering [Member]Retained Earnings [Member] | The 2018 Common Stock Offering [Member]Noncontrolling Interest [Member] | The 2018 Common Stock Offering [Member]AOCI Including Portion Attributable to Noncontrolling Interest [Member] | The 2018 Common Stock Offering [Member] | September 2019 Common Stock Offering [Member]Mezzanine Equity [Member] | September 2019 Common Stock Offering [Member]Preferred Stock [Member] | September 2019 Common Stock Offering [Member]Common Stock [Member] | [1] | September 2019 Common Stock Offering [Member]Additional Paid-in Capital [Member] | [1] | September 2019 Common Stock Offering [Member]Retained Earnings [Member] | September 2019 Common Stock Offering [Member]Noncontrolling Interest [Member] | September 2019 Common Stock Offering [Member]AOCI Including Portion Attributable to Noncontrolling Interest [Member] | September 2019 Common Stock Offering [Member] | November 2019 Registered Direct Offering [Member]Mezzanine Equity [Member] | November 2019 Registered Direct Offering [Member]Preferred Stock [Member] | November 2019 Registered Direct Offering [Member]Common Stock [Member] | [1] | November 2019 Registered Direct Offering [Member]Additional Paid-in Capital [Member] | [1] | November 2019 Registered Direct Offering [Member]Retained Earnings [Member] | November 2019 Registered Direct Offering [Member]Noncontrolling Interest [Member] | November 2019 Registered Direct Offering [Member]AOCI Including Portion Attributable to Noncontrolling Interest [Member] | November 2019 Registered Direct Offering [Member] | Series E Convertible Preferred Stock [Member]Mezzanine Equity [Member] | Series E Convertible Preferred Stock [Member]Preferred Stock [Member] | Series E Convertible Preferred Stock [Member]Common Stock [Member] | [1] | Series E Convertible Preferred Stock [Member]Additional Paid-in Capital [Member] | [1] | Series E Convertible Preferred Stock [Member]Retained Earnings [Member] | Series E Convertible Preferred Stock [Member]Noncontrolling Interest [Member] | Series E Convertible Preferred Stock [Member]AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Series E Convertible Preferred Stock [Member] | Mezzanine Equity [Member] | Preferred Stock [Member] | Common Stock [Member] | [1] | Additional Paid-in Capital [Member] | [1] | Retained Earnings [Member] | Noncontrolling Interest [Member] | AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 0 | 100,000 | 17,847 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2017 | $ 0 | $ 1 | $ 0 | $ 402,733 | $ (296,645) | $ 1,185 | $ 0 | $ 107,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | 0 | 0 | 0 | (11,134) | 5 | (11,129) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock (in shares) | 0 | 16,100 | 0 | 4,981 | 0 | 4,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock | $ 0 | $ 0 | $ 14,788 | $ 0 | $ 0 | $ 14,789 | $ 0 | $ 0 | $ 2,614 | $ 0 | $ 0 | $ 2,614 | $ 0 | $ 0 | $ 2,721 | $ 0 | $ 0 | $ 2,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants (in shares) | 0 | 3,106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants | $ 0 | $ 0 | $ 2,178 | $ 0 | $ 0 | $ 2,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of 10% of M/T Stenaweco Elegance | 0 | 0 | 0 | 0 | (1,190) | (1,190) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 0 | (34) | 0 | 0 | (34) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Family Trading facility beneficial conversion feature | 0 | 0 | 15,028 | 0 | 0 | 15,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Elimination of beneficial conversion feature with debt extinguishment | 0 | 0 | (3,451) | 0 | 0 | (3,451) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend due to debt extinguishment of FT facility | 0 | 0 | (2,258) | 0 | 0 | (2,258) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess of consideration over acquired assets | $ 0 | $ 0 | (22,260) | 0 | 0 | (22,260) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 0 | 100,000 | 46,034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ 0 | $ 1 | $ 0 | 412,059 | (307,779) | 0 | 0 | 104,281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2017 | 0 | 100,000 | 17,847 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2017 | $ 0 | $ 1 | $ 0 | 402,733 | (296,645) | 1,185 | 0 | 107,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants (in shares) | 7,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 15,724 | 100,000 | 347,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 18,083 | $ 1 | $ 3 | 411,583 | (322,552) | 0 | (1,361) | 87,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2018 | 0 | 100,000 | 46,034 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2018 | $ 0 | $ 1 | $ 0 | 412,059 | (307,779) | 0 | 0 | 104,281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | 0 | 0 | 0 | (14,773) | 0 | 0 | (14,773) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock (in shares) | 116,404 | 168,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock | $ 1 | $ 9,288 | $ 9,289 | $ 2 | $ 7,640 | $ 7,642 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants (in shares) | 17,375 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants | $ 0 | $ 4,454 | $ 4,454 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | (34) | (34) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess of consideration over acquired assets | (6,701) | (6,701) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial measurement of Class B Warrants (Note 14) | (997) | (997) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series E Shares (Note 16) (in shares) | 28,158 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series E Shares (Note 16) | $ 28,158 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions on Series E Shares (Note 16) (in shares) | (12,434) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions on Series E Shares (Note 16) | $ (14,302) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend for Series E (Note 16) | 9,339 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend for Series E as part of exchange | (9,570) | (9,570) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend equivalents on Series E Shares issued during the period related to redemption value (Note 16) | 4,227 | (4,227) | (4,227) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of beneficial conversion feature with debt extinguishment | (8,518) | (8,518) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature of Series E convertible perpetual preferred stock (Note 16) | (9,339) | 9,339 | 9,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series E Dividends 2019 (Note 16) | (2,650) | (2,650) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reversal of equity offering costs accrued not payable | 1,500 | 1,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (1,361) | (1,361) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reversal of Other comprehensive loss (Note 14) | (1,361) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 15,724 | 100,000 | 347,813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 18,083 | $ 1 | $ 3 | 411,583 | (322,552) | 0 | (1,361) | 87,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (22,818) | (22,818) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock (in shares) | 39,416,959 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock | $ 394 | 120,784 | 121,178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | (34) | (34) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess of consideration over acquired assets | (62,000) | (62,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series E Shares (Note 16) (in shares) | 14,350 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Series E Shares (Note 16) | $ 14,350 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions on Series E Shares (Note 16) (in shares) | (21,364) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemptions on Series E Shares (Note 16) | $ (24,569) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend equivalents on Series E Shares issued during the period related to redemption value (Note 16) | 3,099 | (3,099) | (3,099) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature of Series E convertible perpetual preferred stock (Note 16) | (1,067) | 1,067 | 1,067 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series E Dividends 2019 (Note 16) | (1,796) | (1,796) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reversal of equity offering costs accrued not payable | 235 | 235 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cashless exercises of Class A Warrants (Note 9) (in shares) | 67,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cashless exercises of Class A Warrants (Note 9) | $ 1 | (1) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends of Series E shares (Note 16) (in shares) | 2,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends of Series E shares (Note 16) | $ 2,554 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends of Series E shares (Note 16) (in shares) | (2,554) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed dividend related to beneficial conversion feature of Series E Shares | $ 1,067 | (1,067) | (1,067) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reversal of Other comprehensive loss (Note 14) | 1,361 | 1,361 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 11,264 | 100,000 | 39,831,972 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2020 | $ 13,517 | $ 1 | $ 398 | $ 465,672 | $ (345,370) | $ 0 | $ 0 | $ 120,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Adjusted to reflect the reverse stock split effected in August 2020 (see Note 1 and 9) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | ||||
Net loss | $ (22,818) | $ (14,773) | $ (11,129) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Vessel depreciation | 13,174 | 12,392 | 6,390 | |
Other fixed assets depreciation | 36 | 50 | 373 | |
Equity (gains) in unconsolidated joint ventures | (713) | (778) | (291) | |
Amortization and write off of deferred financing costs | 6,311 | 1,812 | 1,305 | |
Amortization of debt discount | 0 | 324 | 2,504 | |
Stock-based compensation expense | (34) | (34) | (34) | |
Change in fair value of derivative financial instruments | 790 | (1,457) | (1,821) | |
Write-off of short term debt | 0 | 0 | (180) | |
Non-cash operating lease expense | (123) | 1,478 | 0 | |
Amortization of prepaid bareboat charter hire | 0 | 0 | 1,657 | |
Impairment on unconsolidated joint ventures | 0 | 3,144 | 0 | |
Impairment on vessels | 0 | 12,310 | 0 | |
Loss on sale of other fixed assets | 36 | 0 | 0 | |
Loss on sale of vessels | 12,355 | 0 | 0 | |
(Increase)/Decrease in: | ||||
Trade accounts receivable | 642 | 173 | (194) | |
Inventories | 334 | (385) | 58 | |
Prepayments and other | (198) | 180 | (380) | |
Due from related parties | 0 | 75 | (75) | |
Due to related parties | 2,097 | (1,781) | 2,621 | |
Accounts payable | (2,083) | 1,462 | 695 | |
Other non-current liabilities | 300 | 0 | 0 | |
Accrued liabilities | (2,803) | 1,665 | 203 | |
Unearned revenue | (1,263) | 3,337 | (986) | |
Net Cash provided by Operating Activities | 6,040 | 19,194 | 716 | |
Cash Flows used in Investing Activities: | ||||
Advances for vessels under construction and capitalized expenses | (120,858) | (155,090) | (63,555) | |
Vessel acquisitions | 0 | (48,140) | 0 | |
Purchase of 10% of M/T Stenaweco Elegance | 0 | 0 | (1,190) | |
Net proceeds from vessel sales | 310,016 | 0 | 0 | |
(Acquisitions) / Sales of other fixed assets, net | 35 | (36) | 0 | |
Net Cash (used in)/Provided by Investing Activities | 181,294 | (203,266) | (68,426) | |
Cash Flows from Financing Activities: | ||||
Proceeds from debt | 60,200 | 252,969 | 28,500 | |
Proceeds from short-term debt | 0 | 6,760 | 32,783 | |
Proceeds from related party debt | 0 | 0 | 26,152 | |
Principal payments and prepayments of debt | (269,621) | (50,466) | (10,221) | |
Redemption of Series E Shares | (24,568) | (14,302) | 0 | |
Prepayment of related party debt | 0 | 0 | (1,408) | |
Prepayment of short term debt | 0 | (20,280) | (8,993) | |
Prepayment of short term Notes | 0 | 0 | (5,656) | |
Consideration paid in excess of purchase price over book value of vessels | (60,850) | 0 | (22,260) | |
Proceeds from issuance of common stock | 129,660 | 18,892 | 5,781 | |
Proceeds from warrant exercises | 0 | 4,619 | 2,330 | |
Equity offering issuance costs | (8,868) | (1,859) | (536) | |
Payment of financing costs | (1,851) | (6,647) | (1,713) | |
Derivative financial instrument termination payments | (1,379) | (5) | 0 | |
Net Cash provided by/(used in) Financing Activities | (177,277) | 189,681 | 44,759 | |
Net (decrease)/increase in cash and cash equivalents and restricted cash | 10,057 | 5,609 | (22,951) | |
Cash and cash equivalents and restricted cash at beginning of year | 13,271 | 7,662 | 30,613 | $ 30,613 |
Cash and cash equivalents and restricted cash at end of the year | 23,328 | 13,271 | 7,662 | 13,271 |
Cash breakdown | ||||
Cash and cash equivalents | 19,328 | 4,412 | 57 | 4,412 |
Restricted cash, current | 0 | 859 | 1,290 | 859 |
Restricted cash, non-current | 4,000 | 8,000 | 6,315 | $ 8,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||
Capital expenditures included in Accounts payable/Accrued liabilities/Due to related parties | 388 | 533 | 555 | |
Interest paid, net of capitalized interest | 18,309 | 14,866 | 6,322 | |
Finance fees included in Accounts payable/Accrued liabilities/Due to related parties | 23 | 759 | 2,109 | |
Equity issuance costs included in liabilities | 0 | 386 | 117 | |
Unpaid Excess of consideration over carrying value of acquired assets included in Due to Related Parties (Note 1) | 1,150 | 6,701 | 0 | |
Elimination of beneficial conversion feature with debt extinguishment | 0 | 0 | 3,451 | |
Beneficial conversion feature of Series E perpetual convertible preferred stock (Note 16) | 1,067 | 9,339 | 0 | |
Settlement of related party debt, interest, finance fees, Excess consideration over acquired assets, capital expenditures and dividends with issuance of Series E Shares (Note 16) | 16,904 | 28,158 | 0 | |
Dividends payable included in Due to related parties (Note 16) | 864 | 1,621 | 0 | |
Transfer of right of use asset balances after operating lease termination to Vessels, net | 0 | 3,800 | 0 | |
Carrying value of net assets of companies acquired (Note 1) | 0 | 7,649 | 0 | |
Reversal of equity offering costs not payable | 235 | 1,500 | 0 | |
Prepaid rent of Navigare Lease included in initial measurement | 2,006 | 0 | 0 | |
Deemed dividend equivalents on Series E Shares related to redemption value (Note 16) | 2,253 | 2,359 | 0 | |
Equity Offering of Common Stock to Settle Notes [Member] | ||||
SUPPLEMENTAL CASH FLOW INFORMATION | ||||
Settlement of notes with common stock issued | 0 | 0 | 14,811 | |
The 2017 Joint Venture [Member] | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Impairment on unconsolidated joint ventures | 3,144 | |||
Cash Flows used in Investing Activities: | ||||
Investments in unconsolidated joint ventures (2017 Joint Venture – see Note 17) | 19,555 | 0 | (3,681) | |
The 2020 Joint Venture [Member] | ||||
Cash Flows used in Investing Activities: | ||||
Investments in unconsolidated joint ventures (2020 Joint Venture – see Note 17) | $ (27,454) | $ 0 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation and General Information: The accompanying consolidated financial statements include the accounts of Top Ships Inc. (formerly Top Tankers Inc. and Ocean Holdings Inc.) and its wholly owned subsidiaries (collectively the “Company”). Ocean Holdings Inc. was formed on January 10, 2000, May 2004 December 2007, As of December 31, 2020, not 100% Companies Date of Incorporation Country of Incorporation Activity Top Tanker Management Inc. May 2004 Marshall Islands Management company Wholly owned Shipowning Companies ( SPC ) with vessels in operation during years ended December 31, 2018, 2019 2020 Date of Incorporation Country of Incorporation Vessel Delivery Date 1 Monte Carlo 71 June 2014 Marshall Islands M/T Stenaweco Energy July 2014 ( 2020 2 Monte Carlo One Shipping Company Ltd June 2012 Marshall Islands M/T Stenaweco Evolution March 2015 ( 2020 3 Monte Carlo Seven Shipping Company Limited April 2013 Marshall Islands M/T Stenaweco Excellence May 2016 ( 2020 4 Monte Carlo Lax Shipping Company Limited May 2013 Marshall Islands M/T Nord Valiant August 2016 5 Monte Carlo 37 September 2013 Marshall Islands M/T Eco Fleet July 2015 ( 2020 6 Monte Carlo 39 December 2013 Marshall Islands M/T Eco Revolution January 2016 ( 2020 7 Eco Seven Inc. February 2017 Marshall Islands M/T Stenaweco Elegance February 2017 ( 2020 8 Astarte International Inc. April 2017 Marshall Islands M/T Eco Palm Desert September 2018 ( 2020 9 PCH77 September 2017 Marshall Islands M/T Eco California January 2019 ( 2020 10 PCH Dreaming Inc. January 2018 Marshall Islands M/T Eco Marina Del Ray March 2019 11 South California Inc. January 2018 Marshall Islands M/T Eco Bel Air April 2019 ( 2020 12 Malibu Warrior Inc. January 2018 Marshall Islands M/T Eco Beverly Hills May 2019 ( 2020 13 Santa Catalina Inc. December 2018 Marshall Islands M/T Eco Los Angeles February 2020 14 Santa Monica Marine Inc. December 2018 Marshall Islands M/T Eco City of Angels February 2020 Wholly owned SPCs with vessels under construction during year ended December 31, 2020 Date of Incorporation Country of Incorporation Vessel Scheduled delivery date 15 Trajan Investments Inc. July, 2019 Marshall Islands Eco Van Nuys (Hull No 2789 February 21 16 Hadrian Investments Inc. July, 2019 Marshall Islands Eco Santa Monica (Hull No 2790 February 21 17 Julius Caesar Investments Inc. July, 2019 Marshall Islands Eco Venice Beach (Hull No 2791 March 21 18 Roman Empire Inc. February, 2020 Marshall Islands Eco West Coast (Hull No 865 March 21 19 Athenean Empire Inc. February, 2020 Marshall Islands Eco Malibu (Hull No 866 May 21 As of December 31, 2018, 2019 2020, SPC Date of Incorporation Country of Incorporation Vessel Built Date 1 City of Athens Pte. Ltd. November 2016 Singapore M/T Eco Holmby Hills March 2018 ( 2020 2 Eco Nine Pte. Ltd. March 2015 Singapore M/T Eco Palm Springs May 2018 ( 2020 3 California 19 May 2019 Marshall Islands M/T Eco Yosemite Park March 2020 4 California 20 May 2019 Marshall Islands M/T Eco Joshua Park March 2020 On January 31, 2018 a. 100% of the issued and outstanding shares of PCH Dreaming Inc., a Marshall Islands company that had entered into a new building contract for a high specification 50,000 dwt Medium Range (“MR”) product/chemical tanker (M/T Eco Marina Del Ray or Hull No 8242 March 2019. one two June 2018 b. 100% of the issued and outstanding shares of South California Inc., a Marshall Islands company that had entered into a new building contract for a high specification, scrubber-equipped, 157,000 dwt Suezmax Crude Oil Carrier (M/T Eco Bel Air or Hull No 874 April 2019. one two June 2018 two c. 100% of the issued outstanding shares of Malibu Warrior Inc., a Marshall Islands company that had entered into a new building contract for a high specification, scrubber-equipped, 157,000 dwt Suezmax Crude Oil Carrier (M/T Beverly Hills or Hull No 875 May 2019. one two June 2018 two d. 10% of the issued and outstanding shares of Eco Seven Inc., the owner of M/T Stenaweco Elegance. The Company acquired the shares from an entity affiliated with Mr. Evangelos J. Pistiolis for an aggregate purchase price of $1,600. As a result of that transaction the Company became the owner of 100% of the issued and outstanding shares of Eco Seven Inc. On December 18, 2019 two February 2020. three two On May 6, 2020, three one 50,000 No 2789 No 2790 No 2791 first 2021. three five two 5 December 31, 2020 On May 28, 2020, two one 157,000 No 865 No 866 March 26, 2021 May 2021. 50% July 15, 2020. June 18, 2020, $22,000. three two December 31, 2020. Each of the abovementioned acquisitions was approved by a special committee of the Company's board of directors (the “Special Committee”), of which all of the directors were independent and for each acquisition the Special Committee obtained a fairness opinion relating to the consideration of each transaction from an independent financial advisor. The Company accounted for the abovementioned acquisitions as a transfer of assets between entities under common control and has recognized the vessels at their historical carrying amounts at the date of transfer. The amount of the consideration given in excess of the historical carrying value of the net assets acquired is recognized as a reduction to the Company’s additional paid in capital and presented as Excess of consideration over the carrying value of acquired assets in the Company’s consolidated statement of stockholders' equity for the twelve December 31, 2018, 2019 2020 As of December 31, 2018 2019 2020 Consideration in cash 23,450 14,350 62,000 Less: Carrying value of net assets of companies acquired 1,190 7,649 - Excess of consideration over acquired assets 22,260 6,701 62,000 On March 11, 2020, 19” December 31, 2020 19 The extent to which COVID- 19 may On August 10, 2020 1 no 1 25 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies: (a) Principles of Consolidation: 1. 100% not (b) Use of Estimates: may (c) Foreign Currency Translation: (d) Cash and Cash Equivalents: three (e) Restricted Cash: twelve twelve (f) Trade Accounts Receivable, net: no December 31, 2019 2020 (g) Inventories: first first (h) Vessel Cost: (i) Impairment of Long-Lived Assets: not December 31, 2020, no (j) Vessel Depreciation: (k) Long Lived Assets Held for Sale: one Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are not Long-lived assets previously classified as held for sale that are classified as held and used are revalued at the lower of (a) the carrying amount of the asset before it was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified as held and used and (b) the fair value of the asset at the date that the Company decided not (l) Other Fixed Assets, Net: Description Useful Life (years) Cars 6 Office equipment 5 Furniture and fittings 5 Computer equipment 3 (m) Accounting for Dry-Docking Costs: (n) Financing Costs: (o) Accounting for Revenue and Expenses: no On adoption of ASC 842, 842 not not 842 Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer, except for any off-hire period. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. The Company elected to not December 31 When vessels are acquired with time charters attached and the rates on such charters are below or above market on the acquisition date, the Company allocates the total cost between the vessel and the fair value of the attached time charter based on the relative fair values of the vessel and time charter acquired. The fair value of the attached time charter is computed as the present value of the difference between the contractual amount to be received over the term of the time charter and management’s estimates of the market time charter rate at the time of acquisition. The fair value of below or above market time charter is recognized as a liability or an intangible asset respectively and is amortized over the remaining period of the time charter as an increase or decrease to revenues. Where the time charter contains a profit or loss sharing arrangement, the profit or loss is recognized based on amounts earned or incurred as of the reporting date. The Company pays commissions to ship brokers and to the Company’s fleet manager (Note 5 Voyage charters In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may three The voyage contracts are considered service contracts which fall under the provisions of ASC 606 In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulfillment costs because ( 1 2 3 (p) Stock Incentive Plan: third not (q) Earnings / (Loss) per Share: (r) Derivatives and Hedging, Hedge Accounting At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument’s effectiveness in offsetting exposure to changes in the hedged item’s cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows and are assessed on an ongoing basis to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. Contracts which meet the criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income” in equity, while the ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no no (s) Financial liabilities: 815 40, not (t) Segment Reporting: not not not (u) Leases: ● Sale-leaseback transactions: 842, 606 1 2 842. not not ● Finance lease: i. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ii. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. iii. The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not iv. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not v. The underlying asset is of such a specialized nature that it is expected to have no When none ● Operating lease- The Company as a lessee : (v) Beneficial conversion feature: no may (w) Investments in unconsolidated joint ventures: may ( x Other Comprehensive Income: (y) Recent Accounting Pronouncements: New Accounting Pronouncements - Adopted Fair Value Measurement Disclosures — In August 2018, No. 2018 13, No. 2018 13" No. 2018 13, 3 January 1, 2020 Accounting standards issued but not The FASB has issued accounting standards that have not may Recent Accounting Pronouncements: March 2020, No. 2020 04, 848 2020 04” 2020 04 March 12, 2020 December 31, 2022. In August 2020, No. 2020 06 may first 2023 |
Note 3 - Going Concern
Note 3 - Going Concern | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Going Concern [Text Block] | 3. Going Concern: At December 31, 2020, December 31, 2020 December 31, 2020, As of January 6, 2021, No 2789 No 2790 No 2791 No. 871 No. 3213 X No. 3214 20 20 Year ending December 31, Contractual Commitments 2021 116,434 2022 94,737 Total 211,171 The Company expects to finance its unfinanced capital commitments with cash on hand, operational cash flow, debt or equity issuances, or a combination thereof. In addition, the capital commitments noted above are non-recourse to the Company as the commitments are made by wholly owned subsidiaries whose performance is guaranteed by Central Mare Inc, a related party affiliated with the family of Mr. Evangelos J. Pistiolis. $56,437 of the amount payable in 2021 may twelve |
Note 4(a) - Advances for Vessel
Note 4(a) - Advances for Vessels Acquisitions / Under Construction | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Advances for Vessels Acquisition Under Construction [Text Block] | 4 Advances for vessels acquisitions / under construction: An analysis of Advances for vessels acquisitions / under construction is as follows: Advances for vessels acquisitions / under construction Balance, December 31, 2018 38,744 — Advances paid 158,905 — Capitalized expenses 3,812 — Transferred to Vessels, net (189,220 ) Balance, December 31, 2019 12,241 — Advances paid 117,203 — Capitalized expenses 3,509 — Transferred to Vessels, net (76,959 ) — Transferred to Assets held for sale (24,340 ) Balance, December 31, 2020 31,654 On January 30, March 13, April 5 May 9, 2019, first two second two On February 10 February 17, 2020, On December 31, 2020, No 2789 No 2790 No 2791 For the year ended December 31, 2020, No S865 No S866 |
Note 4(b) - Vessels, Net
Note 4(b) - Vessels, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4 Vessels, net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 196,784 (16,149 ) 180,635 — Transferred from advances for vessels acquisitions / under construction 189,220 - 189,220 — Acquisitions 51,940 - 51,940 — Impairment (22,254 ) 9,944 (12,310 ) — Transferred to Assets held for sale (43,147 ) - (43,147 ) — Depreciation - (12,392 ) (12,392 ) Balance, December 31, 2019 372,543 (18,597 ) 353,946 — Transferred from advances for vessels acquisitions / under construction 76,959 - 76,959 — Disposals (see Note 19) (303,157 ) 21,718 (281,439 ) — Depreciation - (13,174 ) (13,174 ) Balance, December 31, 2020 146,345 (10,053 ) 136,292 In 2019 2020 Vessel Name Delivery Date Yard Installments Capitalized Expenses Final Cost M/T Eco California January 30, 2019 34,313 1,270 35,583 M/T Eco Marina Del Ray March 13, 2019 35,787 1,066 36,853 M/T Eco Bel Air April 5, 2019 57,133 1,209 58,342 M/T Eco Beverly Hills May 9, 2019 57,133 1,309 58,442 Subtotal 2019 184,366 4,854 189,220 M/T Eco Los Angeles February 10, 2020 37,659 835 38,494 M/T Eco City of Angels February 17, 2020 37,659 806 38,465 Subtotal 2020 75,318 1,641 76,959 The Company's vessel’s titles have been transferred to their respective financing banks under the vessel’s sale and leaseback agreements as a security (see Note 7 On November 18 November 20, 2019, 842 20 40 2. |
Note 4(c) - Assets Held for Sal
Note 4(c) - Assets Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Assets Held for Sale [Text Block] | 4 Assets held for sale: The M/T Eco Fleet and M/T Eco Revolution met the criteria to be classified as assets held for sale on December 12, 2019 360. third December 31, 2019, January 21 January 14, 2020 third The M/T’s Eco Van Nuys (Hull No 2789 No 2790 No 2791 December 31, 2020 360. December 31, 2020, No 2789 No 2790 No 2791 January 6, 2021 20 |
Note 5 - Transactions With Rela
Note 5 - Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 5. Transactions with Related Parties: (a) Central Mare Executive Officers and Other Personnel Agreements: September 1, 2010, As of December 31, 2019 2020 The fees charged by and expenses relating to Central Mare for the years ended December 31, 2018, 2019 2020 Year Ended December 31, 2018 2019 2020 Presented in: Executive officers and other personnel expenses 2,400 360 360 General and administrative expenses - Statement of comprehensive loss Amortization of awarded shares* (34 ) (34 ) (34 ) Management fees - related parties - Statement of comprehensive loss Total 2,366 326 326 *As per the Company’s equity incentive plan, or the 2015 December 31, 2018, 2019 2020. On January 2, 2018, (b) Central Shipping Monaco SAM ( CSM ) Letter Agreement and Management Agreements: March 10, 2014, March 10, 2014 June 18, 2014 eighteen twelve Pursuant to the Letter Agreement, as well as the Management Agreements concluded between CSM and the Company’s vessel-owning subsidiaries, the Company paid a technical management fee of $595 per day per vessel for the provision of technical, operation, insurance, bunkering and crew management, commencing three CSM provided, at cost, all accounting, reporting and administrative services. Finally, the Letter Agreement provided for a performance incentive fee for the provision of management services to be determined at the discretion of the Company. The Management Agreements had an initial term of five eighteen 2% 2% As of December 31, 2019 2020, On January 1, 2019, The fees charged by and expenses relating to CSM for the year ended December 31, 2018 Year Ended December 31, 2018 Presented in: Management fees 101 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 2,455 Management fees - related parties -Statement of comprehensive loss Supervision services fees 63 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 187 Vessel operating expenses -Statement of comprehensive loss 101 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 233 Management fees - related parties -Statement of comprehensive loss Financing fees 139 Net in Current and Non-current portions of long-term debt – Balance sheet Commission for sale and purchase of vessels 3,861 Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 511 Voyage expenses - Statement of comprehensive loss Performance incentive fee 1,250 Management fees - related parties - Statement of comprehensive loss Total 8,901 For the year ended December 31 2018, (c) Central Shipping Inc ( CSI ) Letter Agreement and Management Agreements: January 1, 2019, January 1, 2019 May 28, 2020 eighteen twelve Pursuant to the CSI Letter Agreement, as well as the Management Agreements concluded between CSI and the Company’s vessel-owning subsidiaries, the Company pays a management fee of $561 per day per vessel for the provision of technical, commercial, operation, insurance, bunkering and crew management, commencing three CSI provides, at cost, all accounting, reporting and administrative services. Finally, the CSI Letter Agreement provides for a performance incentive fee for the provision of management services to be determined at the discretion of the Company. The management agreements have an initial term of five eighteen 2% 2% As of December 31, 2019 2020, The fees charged by and expenses relating to CSI for the years ended December 31, 2019 2020 Year Ended December 31, 2019 2020 Presented in: Management fees 109 69 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 2,237 1,953 Management fees - related parties -Statement of comprehensive loss Supervision services fees 55 63 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 247 60 Vessel operating expenses -Statement of comprehensive loss 172 198 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 240 330 Management fees - related parties -Statement of comprehensive loss Commission for sale and purchase of vessels - 3,377 Management fees - related parties -Statement of comprehensive loss 3,971 Loss from vessel sales -Statement of comprehensive loss 454 Capitalized in Investments–Balance sheet 1,017 Capitalized in Right of use assets from operating leases - Balance Sheet Financing fees 263 - Net in Current and Non-current portions of long-term debt – Balance sheet Commission on charter hire agreements 829 761 Voyage expenses - Statement of comprehensive loss Total 4,152 12,253 For the years ended December 31, 2019 2020, not (d) Issuance of Series E Shares to Family Trading Inc ( Family Trading ): March 29, 2019 16 December 31, 2019 2020, (e) Vessel Acquisitions from affiliated entities: February 20 May 28, 2020 1, 5 20 December 31, 2019 2020, (f) Charter Party with Central Tankers Chartering Inc ( Central Tankers Chartering ): September 1, 2017 September 2018. three two April 2019 two one May 4, 2020 five two first 2021. December 31, 2019 2020, no (g) Personal Guarantees by Mr. Evangelos J. Pistiolis and Related Amendments to the Series D Preferred Shares: 6A 9 not three |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Operating Leases, Disclosure [Text Block] | 6. Leases A. Lease arrangements, under which the Company acts as the lessee Bareboat Chartered-in Vessels: On January 29, 2015 March 31, 2015, December, 18 December 20, 2019, not On December 1 December 10, 2020, third five first two two fifth not may not 50.1% December 31, 2020, The Company has treated the Navigare lease as an operating lease. An operating lease ROU asset amounting to $45,425 was recognized at the inception of the lease together with a lease liability of $ 43,759 based on the present value of lease payments over the lease term. The operating lease ROU asset also includes initial direct costs of $1,666 and losses from the sale of the vessels of $340. The discount rate used to calculate the present value of lease payments was calculated by taking into account the original lease term and lease payments and was estimated to be 6.72% (same as the weighted average), which was the Company’s estimated incremental borrowing rate, that reflects the interest the Company would have to pay to borrow funds on a collateralized basis over a similar term and similar economic environment. The cash paid for operating leases with original terms greater than 12 December 31, 2020. two The Company's future minimum operating lease payments required to be made after December 31, 2020, Year ending December 31, Bareboat charter lease payments 2021 12,228 2022 12,084 2023 10,220 2024 10,038 2025 6,777 Total 51,347 Less imputed interest (8,254 ) Total Lease Liability 43,093 Presented as follows: Short-term lease liability 9,288 Long-term lease liability 33,805 The weighted average remaining lease term on our chartered-in contracts greater than 12 At the lease’s inception, the carrying amounts of the M/T Eco Beverly Hills and M/T Eco Bel Air were less than the vessels fair value, as this was determined by a third 842 40 30 1 B. Lease arrangements, under which the Company acts as the lessor Charter agreements: During the year ended December 31, 2020, Furthermore the Company has entered into time charter parties for its newbuilding vessels M/T Eco Van Nuys, M/T Eco Santa Monica and M/T Eco Venice Beach with Central Tankers Chartering Inc, a company affiliated with Mr. Evangelos J. Pistiolis (see Note 5 Future minimum time-charter receipts of the Company’s vessels in operation as of December 31, 2020, December 31, 2020, Year ending December 31, Time Charter receipts 2021 39,988 2022 24,046 2023 7,245 2024 1,178 Total 72,457 Future minimum time-charter receipts of the Company’s vessels under construction as of December 31, 2020, Year ending December 31, Time Charter receipts 2021 18,910 2022 24,784 2023 24,784 2024 5,874 Total 74,352 In arriving at the minimum future charter revenues, an estimated 20 no no |
Note 7 - Debt
Note 7 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt: The amounts in the accompanying consolidated balance sheets are analyzed as follows (facility names defined below): Bank / Vessel(s) December 31, 2019 2020 Total long term debt: Alpha Bank Facility (M/T Stenaweco Elegance), including Alpha Bank Top-Up Facility 20,075 - AT Bank Facility (M/T Eco Palm Desert) 21,875 - AT Bank Bridge Note (Top Ships) 10,500 - OFI Facility (M/T Stenaweco Energy, M/T Stenaweco Evolution and M/T Stenaweco Excellence) 69,849 - CMBFL Facility (M/T Eco Bel Air and M/T Eco Beverly Hills) 88,560 - BoComm Leasing Facility (M/T Nord Valiant for 2019 and 2020 and M/T Eco California for 2019) 44,466 20,227 Cargill Facility (M/T Eco Marina Del Ray) 30,962 29,116 AVIC Facility (M/T Eco Los Angeles and M/T Eco City of Angels) - 57,656 Total long term debt 286,287 106,999 Less: Deferred finance fees (7,257 ) (2,380 ) Total long term debt net of deferred finance fees 279,030 104,619 Presented: Current portion of long term debt 16,908 5,324 Long term debt 262,122 99,295 Debt related to Vessels held for sale: ABN Facility (M/T Eco Fleet and M/T Eco Revolution) 30,300 - Less: Deferred finance fees (323 ) - Debt related to Vessels held for sale net of deferred finance fees 29,977 - Total Debt net of deferred finance fees and debt discounts 309,007 104,619 ABN Facility On July 9, 2015, September 28, 2015 October 13, 2015 April 15, 2016 July 2021 January 2022, August 1, 2016, November 2016, August 2022. no The Company drew down $21,000 under the ABN Amro facility on July 13, 2015 September 30, 2015. January 15, 2016 August 5, 2016 The facility contained various covenants, including (i) an asset cover ratio of 130%, (ii) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no The facility was secured as follows: ● First priority mortgage over M/T Eco Fleet, M/T Eco Revolution and M/T Nord Valiant; ● Assignment of insurance and earnings of the mortgaged vessels; ● Specific assignment of any time charters with duration of more than 12 ● Corporate guarantee of Top Ships Inc.; ● Pledge of the shares of the shipowning subsidiaries; ● Pledge over the earnings account of the vessels. On April 21, 2017, 30% 9 July 28, 2017 30% no 50% On November 16, 2018 The ABN Amro facility bore interest at LIBOR plus a margin of 3.90%, except for the Tranche C part of the facility that bore interest at LIBOR plus a margin of 3.75%. Tranche C of the ABN Facility was fully prepaid on January 17, 2019 January 14 January 21, 2020 Alpha Bank Facility On July 20, 2016, May 2017, February 2025. The Company drew down $23,350 under the Alpha facility on February 24, 2017 On August 1, 2017, 40% no 50% The facility contained various covenants, including (i) an asset cover ratio of 125%, (ii) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no The facility was secured as follows: • First priority mortgage over M/T Stenaweco Elegance; • Assignment of insurance and earnings of the mortgaged vessel; • Specific assignment of any time charters with duration of more than 12 • Corporate guarantee of Top Ships Inc.; • Pledge of the shares of the shipowning subsidiary; • Pledge over the earnings account of the vessel. The Alpha facility bore interest at LIBOR plus a margin of 3.50%. On February 21, 2020 Alpha Bank Top-Up Facility On April 23, 2019, July 2019. third The facility’s principal was added to the principal balance of the Alpha Bank Facility for all covenant related calculations. The facility was secured as follows: ● Intercreditor deed; ● Third preferred ship mortgage over M/T Stenaweco Elegance; ● Third priority general assignment of the earnings, insurances and any requisition compensation of M/T Stenaweco Elegance; ● Third priority assignment of any time charterparty of M/T Stenaweco Elegance for a period of more than twelve 12 ● Corporate guarantee of the Company; ● Second priority pledge over the earnings account of the vessel; The Alpha Bank Top-Up Facility bore interest at LIBOR plus a margin of 4.25%. On February 21, 2020 AT Bank Facility On September 5, 2017, September 7, 2018. September 4, 2018. three The facility contained various covenants, including (i) an asset cover ratio of 115% for the first second third no The facility was secured as follows: • First priority mortgage over M/T Eco Palm Desert; • Assignment of insurance and earnings of the mortgaged vessel; • Specific assignment of any time charters with duration of more than 12 • Corporate guarantee of Top Ships Inc.; • Pledge of the shares of the shipowning subsidiary; • Pledge over the earnings account of the vessel. The AT Bank Senior Facility bore interest at LIBOR plus a margin of 4% and a commitment fee of 2% per annum was payable quarterly in arrears over the committed and undrawn portion of the facility, starting from the date of signing the commitment letter. The Company on June 1, 2018 March 6, 2018. On March 19, 2020 AT Bank Bridge Note On January 28, 2019, February 28, 2020. Furthermore the facility prohibited the Company to pay any principal, accrued fees, interest or commitment fees relating to the Family Trading Facility. Finally the facility also contained some restrictions in the use of proceeds of future issuances of capital and incurrence of unsecured debt. The facility was secured as follows: ● Corporate guarantee of the Company; ● Second priority perfected mortgage on M/T Eco Palm Desert; ● Second rank priority assignment of insurance and earnings of the mortgaged vessel; ● Second rank priority assignment of any time charters with duration of more than 12 ● Second priority pledge of the shares of the shipowning subsidiary of the mortgaged vessel; ● Second priority pledge over the earnings account of the vessel. The facility bore interest at LIBOR plus a margin of 6.00% and a commitment fee of 2.25% per annum was payable quarterly in arrears over the committed and undrawn portion of the facility, starting from the date of signing the commitment letter. On March 22, 2019 October 14, 2019 March 31, 2021 On March 19, 2020 FINANCINGS COMMITTED UNDER SALE AND LEASEBACK AGREEMENTS The majority of the below sale and leaseback agreements (“SLB”s) contain, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements including (i) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no Additionally, all the SLBs contain restrictions on the relative shipowning company incurring further indebtedness or guarantees and paying dividends, if such dividend payment would result in an event of default or termination event under the SLB agreements. All the below SLBs are secured mainly by the following: • Ownership of the vessel financed; • Assignment of insurances and earnings of the vessel financed; • Specific assignment of any time charters of the vessel financed with duration of more than 12 • Corporate guarantee of Top Ships Inc.; • Pledge of the shares of the relative shipowning subsidiary; • Pledge over the earnings account of the vessel financed. Cargill Facility On June 29, 2018 No 8242 March 2019. five five The SLB with Cargill is accounted for as a financing transaction, as control remains with the Company and the M/T Eco Marina Del Ray will continue to be recorded as an asset on the Company’s balance sheet. In addition, the Company has an obligation to repurchase the vessel. Bank of Communications Financial Leasing Company ( BoComm Leasing ) Facility On December 21, 2018 January 17, 2019 January 31, 2019 five seven The SLB with BoComm Leasing contains a covenant requiring that there is no The SLB with BoComm Leasing is accounted for as a financing transaction, as control remains with the Company and M/T Nord Valiant and M/T Eco California will continue to be recorded as an asset on the Company’s balance sheet. In addition, the Company has continuous options to repurchase the vessels below fair value. On November 9, 2020, third China Merchants Bank Financial Leasing Co. Ltd. ("CMBFL") Facility On December 3, 2018 April 4 May 9, 2019, seven The SLB with CMBLF contained a representation that should be always in effect throughout the sale and leaseback period requiring the corporate guarantor (Top Ships Inc) to remain listed in the NASDAQ exchange and requiring that there is no The SLB with CMBLF was accounted for as a financing transaction, as control remained with the Company and M/T Eco Bel Air and M/T Eco Beverly Hills would continue to be recorded as assets on the Company’s balance sheet. In addition, the Company had continuous options to repurchase the vessels below fair value. On December 1 December 10, 2020, third Oriental Fleet International Company Limited ("OFI") Facility On July 8, 2019 July 15, November 18 November 20, 2019 ten three The amortizations of the OFI facility were as follows: ● for M/T Stenaweco Excellence: 120 consecutive monthly installments of $160, commencing from draw down, and a balloon payment of $6,400 payable together with the last installment, ● for M/T Stenaweco Energy: 120 consecutive monthly installments of $131, commencing from draw down, and a balloon payment of $5,700 payable together with the last installment, ● for M/T Stenaweco Evolution: 120 consecutive monthly installments of $153, commencing from draw down, and a balloon payment of $6,100 payable together with the last installment, As part of this transaction, the Company had continuous options to buy back the vessels at purchase prices stipulated in the bareboat agreements depending on when the option was exercised and at the end of the ten The SLB with OFI contained a covenant requiring the Company throughout the sale and leaseback period to remain listed in the NASDAQ exchange and requiring that there is no The SLB with OFI was accounted for as a financing transaction, as control remained with the Company and the vessels would continue to be recorded as assets on the Company’s balance sheet. In addition, the Company had the obligation to repurchase the vessels. On October 14, October 29 November 3, 2020, third Avic International Leasing Co., Ltd ("AVIC") Facility On September 30, 2019 February 10 February 17, 2020 ten first 5 5 second ten The SLB with AVIC contains a covenant requiring that there is no The SLB with AVIC was accounted for as a financing transaction, as control will remain with the Company and the vessels will continue to be recorded as assets on the Company’s balance sheet. In addition, the Company has the obligation to repurchase the vessels. Scheduled Principal Repayments: December 31, 2020 Years December 31, 2021 5,735 December 31, 2022 6,088 December 31, 2023 6,466 December 31, 2024 44,372 December 31, 2025 3,708 December 31, 2026 and thereafter 40,630 Total 106,999 As of December 31, 2020, December 31, 2020, December 31, 2020, 2 Financing Costs: December 31, 2019 2020 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Commitments and Contingencies: Legal proceedings: Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal course of operations, the Company's customers may On August 1, 2017, February 2017 August 2017. September 26, 2018 October 5, 2018 two August 1, 2017. February 2019. not On August 23, 2017, No. 2:17 04987 two January 17, 2017 August 22, 2017, two 9, 10 20 1934 10b 5 August 24, 2017, second No. 2:17 05016 10 20 10b 5 July 20, 2018, two no. 2:17 04987 September 18, 2018, November 23, 2016 April 3, 2018, 9, 10 20 20A 1934 10b 5 March 25, 2019. May 24, 2019. June 28, 2019. August 3, 2019, 12 6 August 7, 2019, August 26, 2019. October 25, 2019. November 26 November 27, 2019, December 11, 2019. March 10, 2020 April 2, 2020, April 23, 2020 19, May 7, 2020. not May 14, 2020 150 August 30, 2020 not Other than the cases mentioned above, the Company is not Capital Expenditures under the Company s Newbuilding program: From May June 2020 1 5 December 31, 2020 No 2789 No 2790 No 2791 No 865 No 866 2021. As of January 6, 2021, No 2789 No 2790 No 2791 No. 871 35% No. 3213 X No. 3214 20 2021 2022 No 865 No 866 No. 871 No. 3213 X No. 3214 Guarantee on performance of loans of the New 2020 On December 10, 2020, 19 20 March 12, 2020 no not Environmental Liabilities: The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not |
Note 9 - Common and Preferred S
Note 9 - Common and Preferred Stock, Additional Paid-in Capital and Dividends | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Common and Preferred Stock, Additional Paid-In Capital and Dividends: Reverse stock split: March 26, 2018, August 22, 2019 August 10 2020, 1 1 1 no Series D preferred shares: May 8, 2017, one thousand not no not not three Issuance of common stock and warrants as part of the 2018 October 26, 2018, “2018 2018 January 11 February 6, 2019 four December 31, 2019, 2018 2018 no not On initial recognition the fair value of the 2018 3 2018 four four 5% 2018 2014 July 31, 2019 2014 January 1, 2019 July 31, 2019 2014 Issuance of common stock and warrants as part of the September 2019 September 13, 2019, September 2019 September 13 December 31, 2019, December 31, 2019. The Traditional Warrants entitled their holders to purchase either 0.040 common shares upon a cash exercise or 0.028 common shares upon a cashless exercise. Each Traditional Warrants had an exercise price of $204.75 per share and was exercisable from the date of issuance up to December 31, 2019. 30 The Company accounted for the Traditional Warrants as equity in accordance with the accounting guidance for derivatives. The Company concluded these warrants should be equity-classified since they contained no not On initial recognition the fair value of the Traditional Warrants was $1,139 and was determined using the Black-Scholes methodology. The fair value was considered by the Company to be classified as Level 3 three three 5% Issuance of common stock and warrants as part of the November 2019 November 6, 2019, 3 333 215577 November 2019 F1 January 21, 2020. During the year ended December 31, 2020, December 31, 2020 The Class A Warrants entitled their holders to purchase either 0.040 common shares upon a cash exercise or 0.016 common shares upon a cashless exercise. Each Class A Warrant had an exercise price of $50.00 per share and was exercisable from the date of issuance up to July 7, 2020. 30 three The Company accounted for the Class A Warrants as equity in accordance with the accounting guidance for derivatives. The Company concluded that the 2018 no not On initial recognition the fair value of the Class A Warrants was $1,343 and was determined using the Black-Scholes methodology. The fair value was considered by the Company to be classified as Level 3 eight eight 5% The Class B Warrants entitle their holders to purchase 0.040 common shares upon a cash exercise. Each Class B Warrant is exercisable from the date of issuance up to May 7, 2021. The Class B Warrants have a number of round down protection measures embedded in the warrant agreement. These measures provide for a downward adjustment of the exercise price of each warrant in the following cases: ● Issuance of common shares: ● Issuance of options or convertible securities: ● Change in option price or rate of conversion: ● Other events: not In connection with the abovementioned round down protection, the change in the conversion price of the Series E shares constituted a “Change in Option Price or Rate of Conversion” (as defined in the Class B Warrant agreement) and that, pursuant to Section 3 twenty no December 31, 2020 As of December 31, 2020 Accounting Treatment of the Class B Warrants As of the issuance date the fair value of the 4,200,000 Class B Warrants amounted to $0.2373 per warrant, using the Cox, Ross and Rubinstein Binomial methodology. The fair value was considered by the Company to be classified as Level 3 eighteen 5% The warrants issued in connection with the Company's follow-on offering provide for physical settlement requiring the Company to deliver shares to the holder of the warrants in exchange for cash. However, the warrants provide for a series of round down protection features that in accordance with ASU No. 2017 11 may not 14 Equity distribution agreements: May 25, 2018, February 12, 2020 March 11, 2020, three first second third no No July 24, 2018 first second third February March 2020 Registered Direct Offerings: March 30, April 15, April 27, April 28, May 14, May 19, June 7, June 10, June 14, June 23 July 6 2020, No Dividends to common stock holders: December 31, 2018, 2019 2020. |
Note 10 - Loss Per Common Share
Note 10 - Loss Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Loss Per Common Share: All shares issued are included in the Company's common stock and have equal rights to vote and participate in dividends and in undistributed earnings. The components of the calculation of basic and diluted earnings per share for the years ended December 2018, 2019 2020 Year Ended December 31, 2018 2019 2020 Income: Net loss attributable to common shareholders (11,134 ) (30,989 ) (28,780 ) Earnings per share: Weighted average common shares outstanding, basic and diluted 36,362 117,104 23,517,479 Loss per share, basic and diluted (306.20 ) (264.63 ) (1.22 ) For the years ended December 31, 2018, 2019 2020 |
Note 11 - Voyage and Vessel Ope
Note 11 - Voyage and Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Voyage and Vessel Operating Expenses [Text Block] | 11. Voyage and Vessel Operating Expenses: The amounts in the accompanying consolidated statements of comprehensive loss are as follows: Voyage Expenses Year Ended December 31, 2018 2019 2020 Port charges / other voyage expenses 1 678 1 Bunkers 18 830 659 Commissions (including $511 $829 $761 1,001 1,530 1,334 Total 1,020 3,038 1,994 Vessel Operating Expenses Year Ended December 31, 2018 2019 2020 Crew wages and related costs 10,185 15,771 14,532 Insurance 761 1,180 1,194 Repairs and maintenance (including $187 $247 $60 1,120 1,528 1,259 Spares and consumable stores 2,645 4,148 3,861 Registration and tonnage taxes (Note 13) 115 159 178 Total 14,826 22,786 21,024 |
Note 12 - Interest and Finance
Note 12 - Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Interest and Finance Costs [Text Block] | 12. Interest and Finance Costs: The amounts in the accompanying consolidated statements of comprehensive loss are analyzed as follows: Interest and Finance Costs Year Ended December 31, 2018 2019 2020 Interest on debt (including $874 $928 $0 7,373 16,586 16,033 Bank charges and loan commitment fees (including $179 $20 $0 262 282 233 Amortization and write-off of financing fees 1,305 1,812 6,311 Amortization of debt discount 2,504 324 - Total 11,444 19,004 22,577 Less interest capitalized (1,782 ) (927 ) (1,621 ) Total 9,662 18,077 20,956 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes: Marshall Islands, Cyprus and Liberia do not The Company and its subsidiaries were not 883 1986, |
Note 14 - Financial Instruments
Note 14 - Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 14. Financial Instruments: The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, prepaid expenses and other receivables. The principal financial liabilities of the Company consist of long term loans, accounts payable due to suppliers, amounts due to related parties, accrued liabilities and warrants granted to third a) Interest rate risk: December 31, 2020 not not b) Credit risk: c) Fair value: The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash are considered Level 1 The fair value of interest rate swaps was determined using a discounted cash flow method taking into account current and future interest rates and the creditworthiness of both the financial instrument counterparty the Company and, hence, they are considered Level 2 The fair value of warrants is determined using the Cox, Ross and Rubinstein Binomial methodology and hence are considered Level 3 The Company follows the accounting guidance for Fair Value Measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires assets and liabilities carried at fair value to be classified and disclosed in one three Level 1: Level 2: Level 3: not Interest rate swap agreements The Company had entered into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate credit facilities. These interest rate swaps were pay-fixed, receive-variable interest rate swaps based on the USD LIBOR swap rate. The Company had entered into the following agreements with ABN Amro Bank and Alpha Bank relating to interest rate swaps, the details of which were as follows: Notional Amount Agreement date Counterparty Effective (start) date: Original Termination Date: As of December 31, 2019 Fixed rate June 3, 2016 ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $14,113 1.4425% December 19, 2016 ABN Amro Bank December 21, 2016 January 13, 2022 $14,888 2.0800% March 29, 2018 Alpha Bank March 29, 2018 February 25, 2025 $19,100 2.9700% On January 17, 2019, December 19, 2016 July 15, 2019, May 17, 2017 January 16 January 21, 2020, two February 21, 2020, 2014 On July 31, 2019 2014 Class B Warrant liability The Company's Class B Warrant derivatives outstanding as of December 31, 2019 2020, December 31, 2020 November 2019 November 7, 2019, Class B Warrants Outstanding December 31, 2019 Class B Warrant Shares Outstanding December 31, 2019 Original Term Warrant Exercise Price* Fair Value Liability December 31, 2019 4,200,000 168,000 18 months $25.00 609 Class B Warrants Outstanding December 31, 2020 Class B Warrant Shares Outstanding December 31, 2020 Original Term Warrant Exercise Price* Fair Value Liability December 31, 2020 4,200,000 168,000 18 months $1.00 66 * Applying the Floor Price Recurring fair value measurements The following table presents the fair value of those financial assets and liabilities measured at fair value on a recurring basis and their locations on the accompanying consolidated balance sheets, analyzed by fair value measurement hierarchy level: Fair Value Measurement at Reporting Date As of December 31, 2019 Total Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Current asset (Interest Rate Swaps) 82 - 82 - Current liability (Interest Rate Swaps) 113 - 113 - Non-current liability (Interest Rate Swaps) 985 - 985 - Non-current liability (Class B Warrants) 609 - - 609 As of December 31, 2020 Current liability (Class B Warrants) 66 - - 66 As of December 31, 2019, April 13, 2018 December 21, 2016) December 31, 2020, May 7, 2021. Non-recurring fair value measurements Fair Value Measurement at Reporting Date Total Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) As of December 31, 2019 Assets held for sale 43,271 - 43,271 - Investments in unconsolidated joint ventures 19,306 - 19,306 - During the year ended December 31, 2019, December 31, 2019. 17 December 31, 2019. 2. The following table sets forth a summary of changes in fair value of the Company’s level 3 December 31, 2019 2020: Closing balance December 31, 2018 1,915 Change in fair value of 2014 Warrants, included in Gain / (Loss) on derivative financial instruments in the consolidated statements of comprehensive loss (1,915 ) Initial measurement of Class B Warrants at inception 997 Change in fair value of Class B Warrants, included in Gain / (Loss) on derivative financial instruments in the consolidated statements of comprehensive loss (388 ) Closing balance December 31, 2019 609 Change in fair value of Class B Warrants, included in Gain / (Loss) on derivative financial instruments in the consolidated statements of comprehensive loss (543 ) Closing balance December 31, 2020 66 Derivative Financial Instruments not Class B Warrants: The major unobservable input in connection with the valuation of the Company’s Class B Warrants is the volatility used in the valuation model, which is approximated by using four four December 31, 2020 3 Quantitative information about Level 3 Fair Value Measurements Derivative type Fair Value at December 31, 2019 Fair Value at December 31, 2020 Balance Sheet Location Valuation Technique Significant Unobservable Input Input Value December 31, 2020 Class B Warrants 609 66 Non-Current / Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 109% Location and amounts of derivative financial instruments fair values: Information on the location and amounts of derivative financial instruments fair values in the balance sheet and derivative financial instrument losses in the statement of comprehensive loss are presented below: Amount of gain/(loss) recognized in Statement of comprehensive loss located in Gain / (Loss) on derivate financial instruments 2018 2019 2020 Interest rate swaps- change in fair value 404 (841 ) (1,332 ) Interest rate swaps– realized gain/(loss) - 139 (25 ) 2014 Warrants- change in fair value 1,417 1,915 - Class B Warrants- change in fair value - 388 543 Total 1,821 1,601 (814 ) Derivative Financial Instruments designated as hedging instruments: The components of accumulated other comprehensive loss included in the accompanying consolidated balance sheets consist of unrealized losses on cash flow hedges and are analyzed as follows: Unrealized (Loss) on cash flow hedges Balance, December 31, 2018 - Effective portion of changes in fair value of interest swap contracts (1,361 ) Balance, December 31, 2019 (1,361 ) Termination of interest rate swap contracts 1,361 Balance, December 31, 2020 - |
Note 15 - Other Operating Loss
Note 15 - Other Operating Loss | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 15. Other operating loss On January 15, January 21, March 9 October 20, 2020 |
Note 16 - Mezzanine Equity
Note 16 - Mezzanine Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Mezzanine Equity [Text Block] | 16. Mezzanine Equity On March 29, 2019, one thousand Each holder of Series E Shares, at any time, has the right, subject to certain conditions, to convert all or any portion of the Series E Shares then held by such holder into the Company’s common shares at the conversion rate then in effect. Each Series E Share is convertible into the number of the Company’s common shares equal to the quotient of one thousand $1,000 four twenty no not one thousand one thousand fifteen March 29, 2020 twenty March 29, 2020, The Series E Shares shall not June December first June 30, 2019 fifteen 365 fifteen not may may The Company determined that the Series E shares were more akin to equity than debt and that the above identified conversion feature, subject to adjustments, was clearly and closely related to the host instrument, and accordingly bifurcation and classification of the conversion feature as a derivative liability was not 480 10 S99 On June 30, 2019, June 30, 2019 December 31, 2019, July 1, 2019 December 31, 2019, December 31, 2019 December 31, 2019 July 25 December 2, 2019 February 17, 2020 second 2019 2019. At the initial issuance of Series E Shares, the Company recognized the beneficial conversion feature by allocating the intrinsic value of the conversion option, which is the number of shares of common stock available upon conversion multiplied by the difference between the effective conversion price per share and the fair value of the Company's common stock per share on the commitment date, to additional paid-in capital, resulting in a discount of $9,339 on the Series E convertible preferred stock. The Company amortized this beneficial conversion in full in the period ended December 31, 2019 December 31, 2020, During the year ended December 31, 2020, March 29, 2020, As of December 31, 2020, August 20, 2020 twelve not After March 29, 2020 twenty fifteen December 31, 2019 2020, During the year ended December 31, 2020 |
Note 17 - Investments in Uncons
Note 17 - Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 17. Investments in unconsolidated joint ventures 2017 During the year ended December 31, 2019 323 10 35 18. December 2019, 2017 The Joint Venture’s vessels, the M/T Holmby Hills and the M/T Palm Springs were sold on March 26 April 17, 2020 December 31, 2020, 2017 2017 two New 2020 On April 24, 2020 two 19 20 two 50,000 March 2020 two two 50%, 50% Out of the purchase price of $27,000, 19 20 5 19 20 On March 12, 2020, 19 20 five 200% three March, July December. no no 19 20 may not 19 20 8 Each of the two March 2020 five two The Company's exposure is limited to its share of the net assets of California 19 20 50% 19 20 A condensed summary of the financial information for equity accounted investments 50% 100% December 31, 2020 California 19 Inc. California 20 Inc. Current assets 2,782 2,824 Non-current assets 37,952 37,980 Current liabilities 632 626 Long-term liabilities 18,637 18,632 Net operating revenues 4,955 4,766 Net profit 1,120 1,142 During the year ended December 31, 2020, 19 20 Recognition of Gains in unconsolidated joint ventures for the 2020 December 31, 2020, December 31, 2020 California 19 Inc. California 20 Inc. Net profit attributable to the Company 652 670 Amortization of Basis Differences (272 ) (273 ) Equity gains in unconsolidated joint ventures (attributed to the 2020 Joint Venture) 380 397 |
Note 18 - Revenues
Note 18 - Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 18. Revenues Revenues are comprised of the following: 2018 2019 2020 Time charter revenues 39,442 61,695 60,222 Time charter revenues from related parties 1,606 1,311 - Voyage charter revenue - 3,082 - Total 41,048 66,088 60,222 The Company typically enters into time charters for periods ranging between three five two one may 50% MR2 Included in Voyage charter revenue for the year ended December 31, 2019 December 31, 2020, |
Note 19 - Loss on Sale of Vesse
Note 19 - Loss on Sale of Vessels | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Gain (Loss) on Sale of Property, Plant, and Equipment [Text Block] | 19. Loss on sale of vessels: During 2020 third Vessel Date Sold Selling Price (Gross) M/T Stenaweco Energy 29/10/2020 $25,150 M/T Stenaweco Evolution 03/11/2020 $26,150 M/T Ecofleet 21/01/2020 $21,000 M/T Eco Revolution 14/01/2020 $23,000 M/T SW Excellence 14/10/2020 $27,008 M/T Stenaweco Elegance 21/02/2020 $33,500 M/T Eco Palm Desert 19/03/2020 $34,800 M/T Eco California 09/11/2020 $30,600 M/T Eco Bel Air 10/12/2020 $50,830 M/T Eco Beverly Hills 01/12/2020 $50,830 Total $322,868 The net proceeds from the abovementioned sales amounted to $310,016, after deducting $10,852 of expenses and $2,000 of maintenance deposits (please see below). Out of the abovementioned vessels, the M/T Eco Revolution and M/T Eco Fleet were presented under Assets held for sale in the Company’s December 31, 2019 6 840 10 25 39B. not not Following the sale of the above product tankers, the Company has been left with only one non-scrubber fitted vessel in its fleet (M/T Nord Valliant), thereby demonstrating its commitment towards scrubber fitted-vessels. Regarding the transaction of the M/T’s Eco Bel Air and Beverly Hills, the Company released equity while at the same time maintained its presence in the crude oil market, via the five |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20. Subsequent Events On January 6, 2021 three No 2789 No 2790 No 2791 ● $10,000 in cash. ● 100% ownership in a Marshall Islands company that is a party to a shipbuilding contract for a high specification scrubber fitted Suezmax Tanker currently under construction at Hyundai Samho shipyard with expected delivery in February 2022. five two ● 35% ownership in one January 2022. three two ● 35% ownership in one February 2022. three two ● A forgiveness of $1,150 in payables to the Buyer. The Buyer will remain the guarantor on the shipbuilding contracts towards the shipyard and in addition, the Buyer will provide the Company with an option for a credit line up to 10% of the total shipbuilding cost at market terms, amounting to $23,815. The transaction was approved by a special committee composed of independent members of the Company's board of directors, (the “Transaction Committee”). The Transaction Committee obtained a fairness opinion relating to this transaction from an independent financial advisor. On March 17, 2021, No 866 May 2021. three On March 18, 2021, No 866 June 2021, The facility contains various covenants, including (i) an asset cover ratio of 125%, (ii) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no The facility is secured as follows: • First priority mortgage over M/T Eco West Coast; • Assignment of insurance and earnings of the mortgaged vessel; • Specific assignment of any time charters with duration of more than 12 • Corporate guarantee of the Company; • Pledge of the shares of the shipowning subsidiary; • Pledge over the earnings account of the vessel. The facility bears interest at LIBOR plus a margin of 2.50%. On March 26, 2021 No 866 March 31, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | (a) Principles of Consolidation: 1. 100% not |
Use of Estimates, Policy [Policy Text Block] | (b) Use of Estimates: may |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (c) Foreign Currency Translation: |
Cash and Cash Equivalents, Policy [Policy Text Block] | (d) Cash and Cash Equivalents: three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | (e) Restricted Cash: twelve twelve |
Accounts Receivable [Policy Text Block] | (f) Trade Accounts Receivable, net: no December 31, 2019 2020 |
Inventory, Policy [Policy Text Block] | (g) Inventories: first first |
Vessels Acquisitions [Policy Text Block] | (h) Vessel Cost: |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | (i) Impairment of Long-Lived Assets: not December 31, 2020, no |
Depreciation, Depletion, and Amortization [Policy Text Block] | (j) Vessel Depreciation: |
Discontinued Operations, Policy [Policy Text Block] | (k) Long Lived Assets Held for Sale: one Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are not Long-lived assets previously classified as held for sale that are classified as held and used are revalued at the lower of (a) the carrying amount of the asset before it was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified as held and used and (b) the fair value of the asset at the date that the Company decided not |
Property, Plant and Equipment, Policy [Policy Text Block] | (l) Other Fixed Assets, Net: Description Useful Life (years) Cars 6 Office equipment 5 Furniture and fittings 5 Computer equipment 3 |
Accounting for Dry Docking Costs [Policy Text Block] | (m) Accounting for Dry-Docking Costs: |
Deferred Charges, Policy [Policy Text Block] | (n) Financing Costs: |
Revenue [Policy Text Block] | (o) Accounting for Revenue and Expenses: no On adoption of ASC 842, 842 not not 842 Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer, except for any off-hire period. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. The Company elected to not December 31 When vessels are acquired with time charters attached and the rates on such charters are below or above market on the acquisition date, the Company allocates the total cost between the vessel and the fair value of the attached time charter based on the relative fair values of the vessel and time charter acquired. The fair value of the attached time charter is computed as the present value of the difference between the contractual amount to be received over the term of the time charter and management’s estimates of the market time charter rate at the time of acquisition. The fair value of below or above market time charter is recognized as a liability or an intangible asset respectively and is amortized over the remaining period of the time charter as an increase or decrease to revenues. Where the time charter contains a profit or loss sharing arrangement, the profit or loss is recognized based on amounts earned or incurred as of the reporting date. The Company pays commissions to ship brokers and to the Company’s fleet manager (Note 5 Voyage charters In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may three The voyage contracts are considered service contracts which fall under the provisions of ASC 606 In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulfillment costs because ( 1 2 3 |
Share-based Payment Arrangement [Policy Text Block] | (p) Stock Incentive Plan: third not |
Earnings Per Share, Policy [Policy Text Block] | (q) Earnings / (Loss) per Share: |
Derivatives, Policy [Policy Text Block] | (r) Derivatives and Hedging, Hedge Accounting At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument’s effectiveness in offsetting exposure to changes in the hedged item’s cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows and are assessed on an ongoing basis to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. Contracts which meet the criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income” in equity, while the ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no no |
Fair Value of Financial Instruments, Policy [Policy Text Block] | (s) Financial liabilities: 815 40, not |
Segment Reporting, Policy [Policy Text Block] | (t) Segment Reporting: not not not |
Lessee, Leases [Policy Text Block] | (u) Leases: ● Sale-leaseback transactions: 842, 606 1 2 842. not not ● Finance lease: i. The lease transfers ownership of the underlying asset to the lessee by the end of the lease term. ii. The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise. iii. The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not iv. The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not v. The underlying asset is of such a specialized nature that it is expected to have no When none ● Operating lease- The Company as a lessee : |
Beneficial Conversion Feature [Policy Text Block] | (v) Beneficial conversion feature: no may |
Investments in Unconsolidated Joint Ventures, Policy [Policy Text Block] | (w) Investments in unconsolidated joint ventures: may |
Comprehensive Income, Policy [Policy Text Block] | ( x Other Comprehensive Income: |
New Accounting Pronouncements, Policy [Policy Text Block] | (y) Recent Accounting Pronouncements: New Accounting Pronouncements - Adopted Fair Value Measurement Disclosures — In August 2018, No. 2018 13, No. 2018 13" No. 2018 13, 3 January 1, 2020 Accounting standards issued but not The FASB has issued accounting standards that have not may Recent Accounting Pronouncements: March 2020, No. 2020 04, 848 2020 04” 2020 04 March 12, 2020 December 31, 2022. In August 2020, No. 2020 06 may first 2023 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As of December 31, 2018 2019 2020 Consideration in cash 23,450 14,350 62,000 Less: Carrying value of net assets of companies acquired 1,190 7,649 - Excess of consideration over acquired assets 22,260 6,701 62,000 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Other Fixed Assets, Useful Life Assumptions [Table Text Block] | Description Useful Life (years) Cars 6 Office equipment 5 Furniture and fittings 5 Computer equipment 3 |
Note 3 - Going Concern (Tables)
Note 3 - Going Concern (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Year ending December 31, Contractual Commitments 2021 116,434 2022 94,737 Total 211,171 |
Note 4(a) - Advances for Vess_2
Note 4(a) - Advances for Vessels Acquisitions / Under Construction (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Advances for Vessels Acquisition Under Construction [Table Text Block] | Advances for vessels acquisitions / under construction Balance, December 31, 2018 38,744 — Advances paid 158,905 — Capitalized expenses 3,812 — Transferred to Vessels, net (189,220 ) Balance, December 31, 2019 12,241 — Advances paid 117,203 — Capitalized expenses 3,509 — Transferred to Vessels, net (76,959 ) — Transferred to Assets held for sale (24,340 ) Balance, December 31, 2020 31,654 |
Note 4(b) - Vessels, Net (Table
Note 4(b) - Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 196,784 (16,149 ) 180,635 — Transferred from advances for vessels acquisitions / under construction 189,220 - 189,220 — Acquisitions 51,940 - 51,940 — Impairment (22,254 ) 9,944 (12,310 ) — Transferred to Assets held for sale (43,147 ) - (43,147 ) — Depreciation - (12,392 ) (12,392 ) Balance, December 31, 2019 372,543 (18,597 ) 353,946 — Transferred from advances for vessels acquisitions / under construction 76,959 - 76,959 — Disposals (see Note 19) (303,157 ) 21,718 (281,439 ) — Depreciation - (13,174 ) (13,174 ) Balance, December 31, 2020 146,345 (10,053 ) 136,292 |
Property, Plant and Equipment, Additions [Table Text Block] | Vessel Name Delivery Date Yard Installments Capitalized Expenses Final Cost M/T Eco California January 30, 2019 34,313 1,270 35,583 M/T Eco Marina Del Ray March 13, 2019 35,787 1,066 36,853 M/T Eco Bel Air April 5, 2019 57,133 1,209 58,342 M/T Eco Beverly Hills May 9, 2019 57,133 1,309 58,442 Subtotal 2019 184,366 4,854 189,220 M/T Eco Los Angeles February 10, 2020 37,659 835 38,494 M/T Eco City of Angels February 17, 2020 37,659 806 38,465 Subtotal 2020 75,318 1,641 76,959 |
Note 5 - Transactions With Re_2
Note 5 - Transactions With Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Year Ended December 31, 2018 2019 2020 Presented in: Executive officers and other personnel expenses 2,400 360 360 General and administrative expenses - Statement of comprehensive loss Amortization of awarded shares* (34 ) (34 ) (34 ) Management fees - related parties - Statement of comprehensive loss Total 2,366 326 326 Year Ended December 31, 2018 Presented in: Management fees 101 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 2,455 Management fees - related parties -Statement of comprehensive loss Supervision services fees 63 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 187 Vessel operating expenses -Statement of comprehensive loss 101 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 233 Management fees - related parties -Statement of comprehensive loss Financing fees 139 Net in Current and Non-current portions of long-term debt – Balance sheet Commission for sale and purchase of vessels 3,861 Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 511 Voyage expenses - Statement of comprehensive loss Performance incentive fee 1,250 Management fees - related parties - Statement of comprehensive loss Total 8,901 Year Ended December 31, 2019 2020 Presented in: Management fees 109 69 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 2,237 1,953 Management fees - related parties -Statement of comprehensive loss Supervision services fees 55 63 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 247 60 Vessel operating expenses -Statement of comprehensive loss 172 198 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 240 330 Management fees - related parties -Statement of comprehensive loss Commission for sale and purchase of vessels - 3,377 Management fees - related parties -Statement of comprehensive loss 3,971 Loss from vessel sales -Statement of comprehensive loss 454 Capitalized in Investments–Balance sheet 1,017 Capitalized in Right of use assets from operating leases - Balance Sheet Financing fees 263 - Net in Current and Non-current portions of long-term debt – Balance sheet Commission on charter hire agreements 829 761 Voyage expenses - Statement of comprehensive loss Total 4,152 12,253 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending December 31, Bareboat charter lease payments 2021 12,228 2022 12,084 2023 10,220 2024 10,038 2025 6,777 Total 51,347 Less imputed interest (8,254 ) Total Lease Liability 43,093 Presented as follows: Short-term lease liability 9,288 Long-term lease liability 33,805 Year ending December 31, Time Charter receipts 2021 39,988 2022 24,046 2023 7,245 2024 1,178 Total 72,457 |
Schedule of Future Minimum Time-Charter Receipts [Table Text Block] | Year ending December 31, Time Charter receipts 2021 18,910 2022 24,784 2023 24,784 2024 5,874 Total 74,352 |
Note 7 - Debt (Tables)
Note 7 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Bank / Vessel(s) December 31, 2019 2020 Total long term debt: Alpha Bank Facility (M/T Stenaweco Elegance), including Alpha Bank Top-Up Facility 20,075 - AT Bank Facility (M/T Eco Palm Desert) 21,875 - AT Bank Bridge Note (Top Ships) 10,500 - OFI Facility (M/T Stenaweco Energy, M/T Stenaweco Evolution and M/T Stenaweco Excellence) 69,849 - CMBFL Facility (M/T Eco Bel Air and M/T Eco Beverly Hills) 88,560 - BoComm Leasing Facility (M/T Nord Valiant for 2019 and 2020 and M/T Eco California for 2019) 44,466 20,227 Cargill Facility (M/T Eco Marina Del Ray) 30,962 29,116 AVIC Facility (M/T Eco Los Angeles and M/T Eco City of Angels) - 57,656 Total long term debt 286,287 106,999 Less: Deferred finance fees (7,257 ) (2,380 ) Total long term debt net of deferred finance fees 279,030 104,619 Presented: Current portion of long term debt 16,908 5,324 Long term debt 262,122 99,295 Debt related to Vessels held for sale: ABN Facility (M/T Eco Fleet and M/T Eco Revolution) 30,300 - Less: Deferred finance fees (323 ) - Debt related to Vessels held for sale net of deferred finance fees 29,977 - Total Debt net of deferred finance fees and debt discounts 309,007 104,619 |
Schedule of Principle Repayments [Table Text Block] | Years December 31, 2021 5,735 December 31, 2022 6,088 December 31, 2023 6,466 December 31, 2024 44,372 December 31, 2025 3,708 December 31, 2026 and thereafter 40,630 Total 106,999 |
Note 10 - Loss Per Common Sha_2
Note 10 - Loss Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2018 2019 2020 Income: Net loss attributable to common shareholders (11,134 ) (30,989 ) (28,780 ) Earnings per share: Weighted average common shares outstanding, basic and diluted 36,362 117,104 23,517,479 Loss per share, basic and diluted (306.20 ) (264.63 ) (1.22 ) |
Note 11 - Voyage and Vessel O_2
Note 11 - Voyage and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Voyage Expenses Year Ended December 31, 2018 2019 2020 Port charges / other voyage expenses 1 678 1 Bunkers 18 830 659 Commissions (including $511 $829 $761 1,001 1,530 1,334 Total 1,020 3,038 1,994 Vessel Operating Expenses Year Ended December 31, 2018 2019 2020 Crew wages and related costs 10,185 15,771 14,532 Insurance 761 1,180 1,194 Repairs and maintenance (including $187 $247 $60 1,120 1,528 1,259 Spares and consumable stores 2,645 4,148 3,861 Registration and tonnage taxes (Note 13) 115 159 178 Total 14,826 22,786 21,024 |
Note 12 - Interest and Financ_2
Note 12 - Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Interest and Finance Costs [Table Text Block] | Interest and Finance Costs Year Ended December 31, 2018 2019 2020 Interest on debt (including $874 $928 $0 7,373 16,586 16,033 Bank charges and loan commitment fees (including $179 $20 $0 262 282 233 Amortization and write-off of financing fees 1,305 1,812 6,311 Amortization of debt discount 2,504 324 - Total 11,444 19,004 22,577 Less interest capitalized (1,782 ) (927 ) (1,621 ) Total 9,662 18,077 20,956 |
Note 14 - Financial Instrumen_2
Note 14 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Notional Amount Agreement date Counterparty Effective (start) date: Original Termination Date: As of December 31, 2019 Fixed rate June 3, 2016 ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $14,113 1.4425% December 19, 2016 ABN Amro Bank December 21, 2016 January 13, 2022 $14,888 2.0800% March 29, 2018 Alpha Bank March 29, 2018 February 25, 2025 $19,100 2.9700% |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Class B Warrants Outstanding December 31, 2019 Class B Warrant Shares Outstanding December 31, 2019 Original Term Warrant Exercise Price* Fair Value Liability December 31, 2019 4,200,000 168,000 18 months $25.00 609 Class B Warrants Outstanding December 31, 2020 Class B Warrant Shares Outstanding December 31, 2020 Original Term Warrant Exercise Price* Fair Value Liability December 31, 2020 4,200,000 168,000 18 months $1.00 66 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date As of December 31, 2019 Total Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Current asset (Interest Rate Swaps) 82 - 82 - Current liability (Interest Rate Swaps) 113 - 113 - Non-current liability (Interest Rate Swaps) 985 - 985 - Non-current liability (Class B Warrants) 609 - - 609 As of December 31, 2020 Current liability (Class B Warrants) 66 - - 66 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurement at Reporting Date Total Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) As of December 31, 2019 Assets held for sale 43,271 - 43,271 - Investments in unconsolidated joint ventures 19,306 - 19,306 - |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Closing balance December 31, 2018 1,915 Change in fair value of 2014 Warrants, included in Gain / (Loss) on derivative financial instruments in the consolidated statements of comprehensive loss (1,915 ) Initial measurement of Class B Warrants at inception 997 Change in fair value of Class B Warrants, included in Gain / (Loss) on derivative financial instruments in the consolidated statements of comprehensive loss (388 ) Closing balance December 31, 2019 609 Change in fair value of Class B Warrants, included in Gain / (Loss) on derivative financial instruments in the consolidated statements of comprehensive loss (543 ) Closing balance December 31, 2020 66 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Quantitative information about Level 3 Fair Value Measurements Derivative type Fair Value at December 31, 2019 Fair Value at December 31, 2020 Balance Sheet Location Valuation Technique Significant Unobservable Input Input Value December 31, 2020 Class B Warrants 609 66 Non-Current / Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 109% |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of gain/(loss) recognized in Statement of comprehensive loss located in Gain / (Loss) on derivate financial instruments 2018 2019 2020 Interest rate swaps- change in fair value 404 (841 ) (1,332 ) Interest rate swaps– realized gain/(loss) - 139 (25 ) 2014 Warrants- change in fair value 1,417 1,915 - Class B Warrants- change in fair value - 388 543 Total 1,821 1,601 (814 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized (Loss) on cash flow hedges Balance, December 31, 2018 - Effective portion of changes in fair value of interest swap contracts (1,361 ) Balance, December 31, 2019 (1,361 ) Termination of interest rate swap contracts 1,361 Balance, December 31, 2020 - |
Note 17 - Investments in Unco_2
Note 17 - Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Financial Statements [Table Text Block] | December 31, 2020 California 19 Inc. California 20 Inc. Current assets 2,782 2,824 Non-current assets 37,952 37,980 Current liabilities 632 626 Long-term liabilities 18,637 18,632 Net operating revenues 4,955 4,766 Net profit 1,120 1,142 December 31, 2020 California 19 Inc. California 20 Inc. Net profit attributable to the Company 652 670 Amortization of Basis Differences (272 ) (273 ) Equity gains in unconsolidated joint ventures (attributed to the 2020 Joint Venture) 380 397 |
Note 18 - Revenues (Tables)
Note 18 - Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2018 2019 2020 Time charter revenues 39,442 61,695 60,222 Time charter revenues from related parties 1,606 1,311 - Voyage charter revenue - 3,082 - Total 41,048 66,088 60,222 |
Note 19 - Loss on Sale of Ves_2
Note 19 - Loss on Sale of Vessels (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Sale of Vessels [Table Text Block] | Vessel Date Sold Selling Price (Gross) M/T Stenaweco Energy 29/10/2020 $25,150 M/T Stenaweco Evolution 03/11/2020 $26,150 M/T Ecofleet 21/01/2020 $21,000 M/T Eco Revolution 14/01/2020 $23,000 M/T SW Excellence 14/10/2020 $27,008 M/T Stenaweco Elegance 21/02/2020 $33,500 M/T Eco Palm Desert 19/03/2020 $34,800 M/T Eco California 09/11/2020 $30,600 M/T Eco Bel Air 10/12/2020 $50,830 M/T Eco Beverly Hills 01/12/2020 $50,830 Total $322,868 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and General Information (Details Textual) | Aug. 10, 2020 | Aug. 07, 2020 | May 28, 2020USD ($)T | May 06, 2020USD ($)T | Dec. 18, 2019USD ($)T | Aug. 22, 2019 | Mar. 26, 2018 | Jan. 31, 2018USD ($)T | Jun. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Payments to Acquire Businesses, Gross | $ 62,000,000 | $ 14,350,000 | $ 23,450,000 | |||||||||
Reverse Stock Split [Member] | ||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 25 | 25 | 20 | 10 | ||||||||
COVID 19 [Member] | ||||||||||||
Decrease in Revenues from Off-hire Days | 487,000 | |||||||||||
PCH Dreaming, Inc. [Member] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Business Combination, Consideration Transferred, Total | $ 3,950,000 | |||||||||||
Charter Term (Year) | 1 year | 5 years | ||||||||||
Charter Rate Per Day | $ 16,000 | $ 15,100 | ||||||||||
Charter Option To Extend Term (Year) | 2 years | |||||||||||
Charter Option to Extend, Rate Per Day, Year One | $ 17,000 | |||||||||||
Charter Option to Extend, Rate Per Day, Year Two | $ 18,000 | |||||||||||
PCH Dreaming, Inc. [Member] | M/T Eco Marina Del Ray [Member] | ||||||||||||
Size of Vessel (US Ton) | T | 50,000 | |||||||||||
South California, Inc. [Member] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Size of Vessel (US Ton) | T | 157,000 | |||||||||||
Business Combination, Consideration Transferred, Total | $ 8,950,000 | |||||||||||
Charter Term (Year) | 1 year | 3 years | ||||||||||
Charter Rate Per Day | $ 25,000 | $ 24,500 | ||||||||||
Charter Option To Extend Term (Year) | 2 years | 2 years | ||||||||||
Charter Option to Extend, Rate Per Day, Year One | $ 26,000 | $ 28,000 | ||||||||||
Charter Option to Extend, Rate Per Day, Year Two | $ 27,000 | $ 29,500 | ||||||||||
Malibu Warrior, Inc. [Member] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Size of Vessel (US Ton) | T | 157,000 | |||||||||||
Business Combination, Consideration Transferred, Total | $ 8,950,000 | |||||||||||
Charter Term (Year) | 1 year | 3 years | ||||||||||
Charter Rate Per Day | $ 25,000 | $ 24,500 | ||||||||||
Charter Option To Extend Term (Year) | 2 years | 2 years | ||||||||||
Charter Option to Extend, Rate Per Day, Year One | $ 26,000 | $ 28,000 | ||||||||||
Charter Option to Extend, Rate Per Day, Year Two | $ 27,000 | $ 29,500 | ||||||||||
ECO Seven, Inc. [Member] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 10.00% | |||||||||||
Business Combination, Consideration Transferred, Total | $ 1,600,000 | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total | 100.00% | |||||||||||
Santa Catalina Inc. and Santa Monica Inc. [Member] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Santa Catalina Inc. and Santa Monica Inc. [Member] | Asset under Construction [Member] | ||||||||||||
Size of Vessel (US Ton) | T | 50,000 | |||||||||||
Business Combination, Consideration Transferred, Total | $ 14,350,000 | |||||||||||
Charter Term (Year) | 3 years | |||||||||||
Charter Rate Per Day | $ 17,500 | |||||||||||
Charter Option To Extend Term (Year) | 2 years | |||||||||||
Charter Option to Extend, Rate Per Day, Year One | $ 18,750 | |||||||||||
Charter Option to Extend, Rate Per Day, Year Two | $ 20,000 | |||||||||||
Number of Vessels | 2 | |||||||||||
Advances of Shipyard Installments | $ 7,515,000 | |||||||||||
Capitalized Contract Cost, Net, Total | 134,000 | |||||||||||
Santa Catalina Inc. and Santa Monica Inc. [Member] | Asset under Construction [Member] | Payable Upon Purchase of the Vessel Owning Companies [Member] | ||||||||||||
Business Combination, Contingent Consideration, Liability, Total | 7,515,000 | |||||||||||
Santa Catalina Inc. and Santa Monica Inc. [Member] | Asset under Construction [Member] | Payable Upon Delivery of the Vessels From the Shipyard [Member] | ||||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 6,835,000 | |||||||||||
Three Marshall Islands Companies [Member] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||||||||
Business Combination, Consideration Transferred, Total | $ 18,000,000 | |||||||||||
Charter Term (Year) | 5 years | |||||||||||
Charter Rate Per Day | $ 16,200 | |||||||||||
Charter Option To Extend Term (Year) | 2 years | |||||||||||
Charter Rate Per Day, Optional Year One | $ 17,200 | |||||||||||
Charter Rate Per Day, Optional Year Two | $ 18,200 | |||||||||||
Payments to Acquire Businesses, Gross | 16,850,000 | |||||||||||
Three Marshall Islands Companies [Member] | Due to Related Parties [Member] | ||||||||||||
Business Combination, Contingent Consideration, Liability, Total | $ 1,150,000 | |||||||||||
Three Marshall Islands Companies [Member] | Asset under Construction [Member] | ||||||||||||
Size of Vessel (US Ton) | T | 50,000 | |||||||||||
Two Marshall Islands Companies [Member] | ||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 50.00% | |||||||||||
Business Combination, Consideration Transferred, Total | $ 22,000,000 | |||||||||||
Charter Term (Year) | 3 years | |||||||||||
Charter Rate Per Day | $ 33,950 | |||||||||||
Charter Option To Extend Term (Year) | 2 years | |||||||||||
Charter Rate Per Day, Optional Year One | $ 34,750 | |||||||||||
Charter Rate Per Day, Optional Year Two | $ 36,750 | |||||||||||
Two Marshall Islands Companies [Member] | Asset under Construction [Member] | ||||||||||||
Size of Vessel (US Ton) | T | 157,000 | |||||||||||
City of Athens [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||
Eco Nine [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||
California 19 Inc. [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||||
California 20 Inc. [Member] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation and General Information - Excess of Consideration Over Acquired Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consideration in cash | $ 62,000 | $ 14,350 | $ 23,450 |
Less: Carrying value of net assets of companies acquired | 0 | 7,649 | 1,190 |
Excess of consideration over acquired assets | $ 62,000 | $ 6,701 | $ 22,260 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 |
Voyage Contract, Standard Payment Term Percentage | 95.00% | |
Number of Reportable Segments | 1 | |
Vessels [Member] | ||
Salvage Value Per Lightweight Ton | $ 300 | |
Property, Plant and Equipment, Useful Life (Year) | 25 years |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Other Fixed Assets, Useful Life (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Automobiles [Member] | |
Useful lives (Year) | 6 years |
Office Equipment [Member] | |
Useful lives (Year) | 5 years |
Furniture and Fixtures [Member] | |
Useful lives (Year) | 5 years |
Computer Equipment [Member] | |
Useful lives (Year) | 3 years |
Note 3 - Going Concern (Details
Note 3 - Going Concern (Details Textual) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | |||
Apr. 23, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 06, 2021 | |
Working Capital Surplus (Deficit) | $ 19,672 | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 19,328 | $ 4,412 | $ 57 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | (22,818) | (14,773) | (11,129) | ||
Net Cash Provided by (Used in) Operating Activities, Total | 6,040 | $ 19,194 | $ 716 | ||
Contractual Obligation, Total | $ 182,016 | ||||
Subsequent Event [Member] | |||||
Contractual Obligation, Total | $ 211,171 | ||||
Debt Instrument, Unused Borrowing Capacity, Amount | 38,000 | ||||
Payments of Contractual Obligation | $ 56,437 | ||||
Subsequent Event [Member] | A Company Affiliated With Mr. Evangelos J. Pistiolis [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,815 | ||||
Subsequent Event [Member] | M/T Julius Caesar [Member] | |||||
Interest in Vessel, Percentage | 35.00% | ||||
Subsequent Event [Member] | M/T Legio X Equestris [Member] | |||||
Interest in Vessel, Percentage | 35.00% |
Note 3 - Going Concern - Contra
Note 3 - Going Concern - Contractual Commitments (Details) - USD ($) $ in Thousands | Jan. 06, 2021 | Dec. 31, 2020 |
Total | $ 182,016 | |
Subsequent Event [Member] | ||
Contractual Obligation, to be Paid, Year One | $ 116,434 | |
Contractual Obligation, to be Paid, Year Two | 94,737 | |
Total | $ 211,171 |
Note 4(a) - Advances for Vess_3
Note 4(a) - Advances for Vessels Acquisitions / Under Construction (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Advances for Vessels Acquisitions Under Construction | $ 31,654 | $ 12,241 | $ 38,744 |
Capitalized Expenses, Gross | 1,641 | $ 4,854 | |
M/T West Coast [Member] | |||
Advances for Vessels Acquisitions Under Construction | 18,991 | ||
Capitalized Expenses, Gross | 624 | ||
M/T Malibu [Member] | |||
Advances for Vessels Acquisitions Under Construction | 12,663 | ||
Capitalized Expenses, Gross | $ 419 |
Note 4(a) - Advances for Vess_4
Note 4(a) - Advances for Vessels Acquisitions / Under Construction - Advances for Vessels Acquisitions Under Construction (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 12,241 | $ 38,744 |
— Advances paid | 117,203 | 158,905 |
— Capitalized expenses | 3,509 | 3,812 |
— Transferred to Vessels, net | (76,959) | (189,220) |
— Transferred to Assets held for sale | (24,340) | |
Balance | $ 31,654 | $ 12,241 |
Note 4(b) - Vessels, Net (Detai
Note 4(b) - Vessels, Net (Details Textual) - USD ($) $ in Thousands | Nov. 03, 2020 | Oct. 29, 2020 | Nov. 20, 2019 | Nov. 18, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payments to Acquire Property, Plant, and Equipment, Total | $ 0 | $ 48,140 | $ 0 | ||||
M/T Stenaweco Energy [Member] | |||||||
Payment to Purchase of Vessel | $ 23,953 | ||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 19,808 | $ 2,477 | |||||
M/T Stenaweco Evolution [Member] | |||||||
Payment to Purchase of Vessel | $ 24,187 | ||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 22,570 | $ 1,323 |
Note 4(b) - Vessels, Net - Summ
Note 4(b) - Vessels, Net - Summary of Vessels (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, cost | $ 189,220 | ||
Balance, Net Book Value | 366,842 | ||
Depreciation | (13,174) | $ (12,392) | $ (6,390) |
Balance, cost | 76,959 | 189,220 | |
Balance, Net Book Value | 213,716 | 366,842 | |
Vessels [Member] | |||
Balance, cost | 372,543 | 196,784 | |
Balance, Accumulated Depreciation | (18,597) | (16,149) | |
Balance, Net Book Value | 353,946 | 180,635 | |
— Transferred from advances for vessels acquisitions / under construction | 76,959 | 189,220 | |
— Acquisitions | 51,940 | ||
— Impairment | (22,254) | ||
— Impairment | 9,944 | ||
— Impairment | (12,310) | ||
— Transferred to Assets held for sale | (43,147) | ||
Depreciation | (13,174) | (12,392) | |
— Disposals, cost | (303,157) | ||
— Disposals, Accumulated Depreciation | 21,718 | ||
— Disposals (see Note 19) | (281,439) | ||
Balance, cost | 146,345 | 372,543 | 196,784 |
Balance, Accumulated Depreciation | (10,053) | (18,597) | (16,149) |
Balance, Net Book Value | $ 136,292 | $ 353,946 | $ 180,635 |
Note 4(b) - Vessels, Net - Deli
Note 4(b) - Vessels, Net - Delivery of Vessels (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Yard Installments | $ 75,318 | $ 184,366 |
Capitalized Expenses | 1,641 | 4,854 |
Final Carrying Amount | 76,959 | 189,220 |
M/T Eco California [Member] | ||
Yard Installments | 34,313 | |
Capitalized Expenses | 1,270 | |
Final Carrying Amount | 35,583 | |
M/T Eco Marina Del Ray [Member] | ||
Yard Installments | 35,787 | |
Capitalized Expenses | 1,066 | |
Final Carrying Amount | 36,853 | |
M/T Eco Bel Air [Member] | ||
Yard Installments | 57,133 | |
Capitalized Expenses | 1,209 | |
Final Carrying Amount | 58,342 | |
M/T Eco Beverly Hills [Member] | ||
Yard Installments | 57,133 | |
Capitalized Expenses | 1,309 | |
Final Carrying Amount | $ 58,442 | |
M/T Eco Los Angeles [Member] | ||
Yard Installments | 37,659 | |
Capitalized Expenses | 835 | |
Final Carrying Amount | 38,494 | |
M/T Eco City of Angels [Member] | ||
Yard Installments | 37,659 | |
Capitalized Expenses | 806 | |
Final Carrying Amount | $ 38,465 |
Note 4(c) - Assets Held for S_2
Note 4(c) - Assets Held for Sale (Details Textual) - USD ($) | Jan. 21, 2020 | Jan. 14, 2020 | Dec. 12, 2019 | Dec. 31, 2019 | Dec. 31, 2020 |
Impairment of Long-Lived Assets to be Disposed of | $ 12,310,000 | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | 43,271,000 | $ 24,340,000 | |||
Inventory, Net, Total | 848,000 | 514,000 | |||
MT Eco Fleet [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 6,779,000 | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | 20,667,000 | ||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 21,000,000 | $ 23,000,000 | |||
M/T Eco Revolution [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | $ 5,531,000 | ||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | 22,604,000 | ||||
Inventory, Net, Total | $ 124,000 | ||||
Eco Van Nuys [Member] | |||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | 8,187 | ||||
Eco Santa Monica [Member] | |||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | 8,146 | ||||
Eco Venice Beach [Member] | |||||
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | $ 8,007 |
Note 5 - Transactions With Re_3
Note 5 - Transactions With Related Parties (Details Textual) - USD ($) | May 04, 2020 | Mar. 29, 2019 | Jan. 02, 2018 | Sep. 01, 2017 | Apr. 30, 2019 | Jun. 18, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Due to Related Parties, Current, Total | $ 5,159,000 | $ 16,592,000 | |||||||
Central Mare [Member] | |||||||||
Due from Related Parties, Current, Total | $ 29,000 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in shares) | 0 | ||||||||
Related Party Transaction, Amounts of Transaction | $ 326,000 | 326,000 | $ 2,366,000 | ||||||
Central Mare [Member] | Amortization of Awarded Shares [Member] | |||||||||
Related Party Transaction, Amounts of Transaction | $ 34,000 | 34,000 | 34,000 | ||||||
Mr. Evangelos J. Pistiolis [Member] | Incentive Compensation for Completion of Newbuilding Program [Member] | |||||||||
Related Party Transaction, Amounts of Transaction | $ 2,250,000 | ||||||||
Central Shipping Monaco SAM [Member] | |||||||||
Related Party Transaction, Amounts of Transaction | 8,901,000 | ||||||||
Management Fees Per Vessel Per Day | $ 541 | ||||||||
Related Party Chartering Commission Percentage | 1.25% | ||||||||
Related Party Sale or Purchase Commission Percentage | 1.00% | ||||||||
Relate Party Financing Commission Percentage | 0.20% | ||||||||
Related Party, Supervision Services Fee, Percentage | 7.00% | ||||||||
Related Party Transaction Term (Year) | 5 years | 5 years | |||||||
Due to Related Parties, Current, Total | $ 0 | 0 | |||||||
Charter Rate Per Day | $ 16,200 | ||||||||
Central Shipping Monaco SAM [Member] | Technical Management Fee [Member] | |||||||||
Management Fees Per Vessel Per Day | $ 595 | ||||||||
Central Shipping Monaco SAM [Member] | Commercial Management Fee [Member] | |||||||||
Management Fees Per Vessel Per Day | $ 328 | ||||||||
Central Shipping Monaco SAM [Member] | Newbuilding Supervision Fee [Member] | |||||||||
Related Party Transaction, Amounts of Transaction | $ 958,000 | ||||||||
Central Shipping Monaco SAM [Member] | Optional Year 1 [Member] | |||||||||
Charter Rate Per Day | 17,200 | ||||||||
Central Shipping Monaco SAM [Member] | Optional Year 2 [Member] | |||||||||
Charter Rate Per Day | $ 18,200 | ||||||||
Central Shipping Inc [Member] | |||||||||
Related Party Transaction, Amounts of Transaction | 12,253,000 | 4,152,000 | |||||||
Management Fees Per Vessel Per Day | $ 510 | ||||||||
Related Party Chartering Commission Percentage | 1.25% | ||||||||
Related Party Sale or Purchase Commission Percentage | 1.00% | ||||||||
Relate Party Financing Commission Percentage | 0.20% | ||||||||
Related Party, Supervision Services Fee, Percentage | 7.00% | ||||||||
Related Party Transaction Term (Year) | 5 years | ||||||||
Due to Related Parties, Total | $ 3,116,000 | 621,000 | |||||||
Central Shipping Inc [Member] | Technical Management Fee [Member] | |||||||||
Related Party Transaction, Amounts of Transaction | 967,000 | 985,000 | |||||||
Management Fees Per Vessel Per Day | 561 | ||||||||
Immediate Family Member of Management or Principal Owner [Member] | Family Trading [Member] | Revolving Credit Facility [Member] | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 27,129 | ||||||||
Family Trading [Member] | Due to Related Parties [Member] | |||||||||
Dividends Payable | 864,000 | 1,621,000 | |||||||
Affiliated Entity [Member] | M/T Stenaweco Elegance [Member] | |||||||||
Due to Related Parties, Total | $ 1,150,000 | $ 14,350,000 | |||||||
Central Ship Chartering [Member] | |||||||||
Related Party Chartering Commission Percentage | 1.25% | ||||||||
Charter Term (Year) | 3 years | ||||||||
Charter Rate Per Day | $ 14,750 | ||||||||
Charter Option Term (Year) | 2 years | ||||||||
Central Ship Chartering [Member] | Optional Year 1 [Member] | |||||||||
Charter Rate Per Day | $ 15,250 | ||||||||
Central Ship Chartering [Member] | Optional Year 2 [Member] | |||||||||
Charter Rate Per Day | $ 15,750 | ||||||||
Shell Tankers Singapore Private Limited [Member] | |||||||||
Percentage of Profit Share Per Day Over Fixed Amount | 50.00% | ||||||||
Shell Tankers Singapore Private Limited [Member] | Optional Year 1 [Member] | |||||||||
Charter Rate Per Day | $ 13,300 | ||||||||
Shell Tankers Singapore Private Limited [Member] | Optional Year 2 [Member] | |||||||||
Charter Rate Per Day | $ 13,950 |
Note 5 - Transactions With Re_4
Note 5 - Transactions With Related Parties - Fees Charged by Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Commissions on Charter Hire Agreements [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 761 | $ 829 | $ 511 | |
Commissions on Charter Hire Agreements [Member] | Voyage Expenses [Member] | ||||
Related Party Transaction, Amounts of Transaction | 761 | 829 | 511 | |
Central Mare [Member] | ||||
Related Party Transaction, Amounts of Transaction | 326 | 326 | 2,366 | |
Central Mare [Member] | Executive Officers and Other Personnel Expenses [Member] | General and Administrative Expense [Member] | ||||
Related Party Transaction, Amounts of Transaction | 360 | 360 | 2,400 | |
Central Mare [Member] | Amortization of Awarded Shares [Member] | ||||
Related Party Transaction, Amounts of Transaction | 34 | 34 | 34 | |
Central Mare [Member] | Amortization of Awarded Shares [Member] | Management Fees Related Party [Member] | ||||
Related Party Transaction, Amounts of Transaction | [1] | (34) | (34) | (34) |
Central Shipping Monaco SAM [Member] | ||||
Related Party Transaction, Amounts of Transaction | 8,901 | |||
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Vessels, Net [Member] | ||||
Fees charged | 101 | |||
Central Shipping Monaco SAM [Member] | Supervision Fee [Member] | Vessels, Net [Member] | ||||
Fees charged | 63 | |||
Central Shipping Monaco SAM [Member] | Supervision Fee [Member] | Management Fees - Related Parties [Member] | ||||
Related Party Transaction, Amounts of Transaction | 2,455 | |||
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Vessels, Net [Member] | ||||
Fees charged | 101 | |||
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Vessel Operating Expenses [Member] | ||||
Related Party Transaction, Amounts of Transaction | 187 | |||
Central Shipping Monaco SAM [Member] | Accounting and Reporting Cost [Member] | Management Fees - Related Parties [Member] | ||||
Related Party Transaction, Amounts of Transaction | 233 | |||
Central Shipping Monaco SAM [Member] | Financing Fees [Member] | Long-term Debt [Member] | ||||
Financing fees | 139 | |||
Central Shipping Monaco SAM [Member] | Commission for Sale and Purchase of Vessels [Member] | Management Fees - Related Parties [Member] | ||||
Related Party Transaction, Amounts of Transaction | 3,861 | |||
Central Shipping Monaco SAM [Member] | Commissions on Charter Hire Agreements [Member] | Voyage Expenses [Member] | ||||
Related Party Transaction, Amounts of Transaction | 511 | |||
Central Shipping Monaco SAM [Member] | Incentive Fee for the Provision of Services [Member] | Management Fees - Related Parties [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 1,250 | |||
Central Shipping Inc [Member] | ||||
Related Party Transaction, Amounts of Transaction | 12,253 | 4,152 | ||
Central Shipping Inc [Member] | Management Fees [Member] | Vessels, Net [Member] | ||||
Fees charged | 69 | 109 | ||
Central Shipping Inc [Member] | Management Fees [Member] | Management Fees - Related Parties [Member] | ||||
Related Party Transaction, Amounts of Transaction | 1,953 | 2,237 | ||
Central Shipping Inc [Member] | Supervision Fee [Member] | Vessels, Net [Member] | ||||
Fees charged | 63 | 55 | ||
Central Shipping Inc [Member] | Superintendent Fees [Member] | Vessels, Net [Member] | ||||
Fees charged | 198 | 172 | ||
Central Shipping Inc [Member] | Superintendent Fees [Member] | Vessel Operating Expenses [Member] | ||||
Related Party Transaction, Amounts of Transaction | 60 | 247 | ||
Central Shipping Inc [Member] | Accounting and Reporting Cost [Member] | Management Fees - Related Parties [Member] | ||||
Related Party Transaction, Amounts of Transaction | 330 | 240 | ||
Central Shipping Inc [Member] | Financing Fees [Member] | Long-term Debt [Member] | ||||
Financing fees | 263 | |||
Central Shipping Inc [Member] | Commission for Sale and Purchase of Vessels [Member] | Investments [Member] | ||||
Fees charged | 454 | |||
Central Shipping Inc [Member] | Commission for Sale and Purchase of Vessels [Member] | Right-of-use Assets from Operating Leases [Member] | ||||
Fees charged | 1,017 | |||
Central Shipping Inc [Member] | Commission for Sale and Purchase of Vessels [Member] | Management Fees - Related Parties [Member] | ||||
Related Party Transaction, Amounts of Transaction | 3,377 | |||
Central Shipping Inc [Member] | Commission for Sale and Purchase of Vessels [Member] | Loss from Vessel Sales [Member] | ||||
Related Party Transaction, Amounts of Transaction | 3,971 | |||
Central Shipping Inc [Member] | Commissions on Charter Hire Agreements [Member] | Voyage Expenses [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 761 | $ 829 | ||
[1] | As per the Company's equity incentive plan, or the 2015 plan (currently null and void since due to the recent reverse stock splits of the Company’s stock the shares left to be vested are zero), the Company incurred an amortization gain of $34 relating to the amortization of the original fair value of the equity incentive plan recognized at inception, for each of the years ended December 31, 2018, 2019 and 2020. |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | Dec. 10, 2020USD ($) | Dec. 10, 2020USD ($) | Dec. 20, 2019 | Mar. 31, 2015USD ($) | Jan. 29, 2015USD ($) | Dec. 31, 2025USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2024USD ($) | Dec. 31, 2022USD ($) |
Payments to Acquire Property, Plant, and Equipment, Total | $ 0 | $ 48,140,000 | $ 0 | ||||||||
Operating Lease, Right-of-Use Asset | $ 45,222,000 | 0 | |||||||||
Operating Lease, Weighted Average Remaining Lease Term (Month) | 59 months 6 days | ||||||||||
M/T Eco Bel Air and M/T Eco Beverly Hills [Member] | |||||||||||
Number of Time Charters | 2 | ||||||||||
M/T Nord Valiant [Member] | |||||||||||
Number of Time Charters | 1 | ||||||||||
M/T Eco Los Angeles and M/T Eco City of Angels [Member] | |||||||||||
Number of Time Charters | 2 | ||||||||||
M/T Eco Marina Del Ray [Member] | |||||||||||
Number of Time Charters | 1 | ||||||||||
M/T Stenaweco Energy and M/T Stenaweco Evolution Sale Leaseback [Member] | |||||||||||
Sale Leaseback Transaction, Lease Term (Year) | 7 years | ||||||||||
M/T Stenaweco Energy Sale Leaseback [Member] | |||||||||||
Sale Leaseback Transaction, Rent Expense, Per Day | $ 8,625 | $ 8,586 | |||||||||
M/T Stenaweco Energy, M/T Stenaweco Evolution, and M/T Stenaweco Excellence [Member] | |||||||||||
Sale Leaseback Transaction, Buyback Period, Minimum Term (Year) | 3 years | ||||||||||
Sale Leaseback Transaction, Buyback Period, Maximum Term (Year) | 7 years | ||||||||||
M/T Stenaweco Energy and the M/T Stenaweco Evolution [Member] | |||||||||||
Number of Vessel Purchase Options Exercised | 2 | ||||||||||
M/T Stenaweco Energy [Member] | |||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 24,063,000 | $ 23,871,000 | |||||||||
M/T Eco Beverly Hills and M/T Eco Bel Air [Member] | |||||||||||
Sale Leaseback Transaction, Lease Term (Year) | 5 years | ||||||||||
Sale Leaseback Transaction, Minimum Liquidity Requirement | $ 4,000,000 | ||||||||||
Operating Lease, Right-of-Use Asset | $ 45,425,000 | $ 45,425,000 | |||||||||
Operating Lease, Liability, Total | 43,759,000 | $ 43,759,000 | |||||||||
Operating Lease, Cost | 1,666,000 | ||||||||||
Sale and Leaseback Transaction, Gain (Loss), Net | $ (340,000) | $ (10,688,000) | |||||||||
Lessee, Operating Lease, Discount Rate | 6.72% | 6.72% | |||||||||
Operating Lease, Payments | $ 877,000 | ||||||||||
M/T Eco Beverly Hills and M/T Eco Bel Air [Member] | Forecast [Member] | |||||||||||
Sale Leaseback Transaction, Rent Expense, Per Day | $ 10,000 | $ 14,000 | $ 16,750 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term lease liability | $ 9,288 | $ 0 |
Long-term lease liability | 33,805 | $ 0 |
Bareboat Charter Lease Payments [Member] | ||
2021 | 12,228 | |
2022 | 12,084 | |
2023 | 10,220 | |
2024 | 10,038 | |
2025 | 6,777 | |
Total | 51,347 | |
Less imputed interest | (8,254) | |
Total Lease Liability | 43,093 | |
Short-term lease liability | 9,288 | |
Long-term lease liability | 33,805 | |
Time Charter Receipts [Member] | ||
2021 | 39,988 | |
2022 | 24,046 | |
2023 | 7,245 | |
2024 | 1,178 | |
Total | $ 72,457 |
Note 6 - Leases - Future Mini_2
Note 6 - Leases - Future Minimum Time-charter Receipts (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 18,910 |
2022 | 24,784 |
2023 | 24,784 |
2024 | 5,874 |
Total | $ 74,352 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) | Dec. 10, 2020USD ($) | Dec. 01, 2020USD ($) | Nov. 09, 2020USD ($) | Nov. 03, 2020USD ($) | Oct. 29, 2020USD ($) | Oct. 14, 2020USD ($) | Mar. 19, 2020USD ($) | Feb. 21, 2020USD ($) | Jan. 21, 2020USD ($) | Jan. 21, 2020USD ($) | Jan. 14, 2020USD ($) | Nov. 20, 2019USD ($) | Nov. 18, 2019USD ($) | Sep. 30, 2019USD ($) | Jul. 15, 2019USD ($) | Jul. 08, 2019USD ($) | Apr. 23, 2019USD ($) | Jan. 28, 2019USD ($) | Jan. 17, 2019USD ($) | Dec. 21, 2018USD ($) | Dec. 03, 2018USD ($) | Nov. 16, 2018USD ($) | Sep. 04, 2018USD ($) | Jun. 29, 2018USD ($) | May 06, 2018 | May 05, 2018 | Sep. 05, 2017USD ($) | Apr. 21, 2017 | Feb. 24, 2017USD ($) | Aug. 05, 2016USD ($) | Aug. 01, 2016USD ($) | Jul. 20, 2016USD ($) | Jan. 15, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 28, 2015USD ($) | Jul. 13, 2015USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 20, 2019 | Jul. 09, 2015USD ($) |
Payments to Acquire Property, Plant, and Equipment, Total | $ 0 | $ 48,140,000 | $ 0 | ||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Deferred Charges | 1,115,000 | $ 6,773,000 | |||||||||||||||||||||||||||||||||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Fair Value Disclosure, Total | $ 107,833,000 | ||||||||||||||||||||||||||||||||||||||||
M/T Eco Marina Del Ray [Member] | |||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Lease Term (Year) | 5 years | ||||||||||||||||||||||||||||||||||||||||
Charter Rate Per Day | $ 8,600 | ||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Buy Back, Amount | 22,680,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 32,387,000 | ||||||||||||||||||||||||||||||||||||||||
MT Eco Fleet [Member] | |||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 21,000,000 | $ 23,000,000 | |||||||||||||||||||||||||||||||||||||||
M/T Nord Valiant [Member] | |||||||||||||||||||||||||||||||||||||||||
Charter Rate Per Day | $ 5,875 | ||||||||||||||||||||||||||||||||||||||||
Charter Term (Year) | 5 years | ||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 21,655,000 | ||||||||||||||||||||||||||||||||||||||||
M/T Eco California [Member] | |||||||||||||||||||||||||||||||||||||||||
Charter Rate Per Day | $ 6,550 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 22,520,000 | ||||||||||||||||||||||||||||||||||||||||
Charter Term (Year) | 7 years | ||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 24,140,000 | ||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (674,000) | ||||||||||||||||||||||||||||||||||||||||
M/T Eco Bel Air and M/T Eco Beverly Hills [Member] | |||||||||||||||||||||||||||||||||||||||||
Charter Term (Year) | 7 years | ||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 91,412,000 | ||||||||||||||||||||||||||||||||||||||||
Charter Rate Per Quarter | $ 1,475 | ||||||||||||||||||||||||||||||||||||||||
M/T Eco Beverly Hills [Member] | |||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (806,000) | ||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 41,281,000 | ||||||||||||||||||||||||||||||||||||||||
M/T Eco Bel Air [Member] | |||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (767,000) | ||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 41,281,000 | ||||||||||||||||||||||||||||||||||||||||
M/T Stenaweco Energy, M/T Stenaweco Evolution, and M/T Stenaweco Excellence [Member] | Sale and Leaseback Agreements With OFI [Member] | |||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Lease Term (Year) | 10 years | ||||||||||||||||||||||||||||||||||||||||
Number of Vessels Sold | 3 | ||||||||||||||||||||||||||||||||||||||||
M/T Stenaweco Energy, M/T Stenaweco Evolution, and M/T Stenaweco Excellence [Member] | London Interbank Offered Rate (LIBOR) [Member] | Sale and Leaseback Agreements With OFI [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.90% | ||||||||||||||||||||||||||||||||||||||||
M/T Stenaweco Excellence [Member] | Sale and Leaseback Agreements With OFI [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 160,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 6,400,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 25,600,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Monthly Installments | 120 | ||||||||||||||||||||||||||||||||||||||||
M/T Stenaweco Energy [Member] | |||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (693,000) | ||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 19,808,000 | $ 2,477,000 | |||||||||||||||||||||||||||||||||||||||
M/T Stenaweco Energy [Member] | Sale and Leaseback Agreements With OFI [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 131,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 5,700,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 21,375,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Monthly Installments | 120 | ||||||||||||||||||||||||||||||||||||||||
M/T Stenaweco Evolution [Member] | |||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (790,000) | ||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 22,570,000 | $ 1,323,000 | |||||||||||||||||||||||||||||||||||||||
M/T Stenaweco Evolution [Member] | Sale and Leaseback Agreements With OFI [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 153,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 6,100,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 24,400,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Number of Monthly Installments | 120 | ||||||||||||||||||||||||||||||||||||||||
M/T SW Excellence [Member] | |||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (806,000) | ||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 23,040,000 | ||||||||||||||||||||||||||||||||||||||||
M/T Eco Los Angeles and M/T Eco City of Angels [Member] | Avic International Leasing Co., Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||
Sale Leaseback Transaction, Lease Term (Year) | 10 years | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 60,200,000 | ||||||||||||||||||||||||||||||||||||||||
Bareboat Charter Hire Expenses, Per Day, for the First Five Years | 9,435 | ||||||||||||||||||||||||||||||||||||||||
Bareboat Charter Hire Expenses, Per Day, for Five Through Ten Years | 9,090 | ||||||||||||||||||||||||||||||||||||||||
M/T Eco Los Angeles [Member] | Avic International Leasing Co., Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 11,288,000 | ||||||||||||||||||||||||||||||||||||||||
M/T Eco City of Angels [Member] | Avic International Leasing Co., Ltd [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,288,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 64,400,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,050,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Default Clause, Minimum Retainable Common Shares Outstanding Percentage | 30.00% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Default Clause Minimum Voting Rights Interest, Percentage | 50.00% | ||||||||||||||||||||||||||||||||||||||||
Repayments of Lines of Credit | $ 29,475,000 | $ 18,550,000 | |||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | Tranche C First Repayment [Member] | |||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 12 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 550,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | Tranche C Second Repayment [Member] | |||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 12 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 363,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | Tranche C [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | 3.75% | |||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | Amended ABN Facility [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Increase (Decrease) of Maximum Borrowing Capacity | $ 5,000,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 44,400,000 | $ 42,000,000 | |||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Increase in Margin | 0.15% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Net Asset Cover Ratio | 130.00% | ||||||||||||||||||||||||||||||||||||||||
Total Debt To Market Adjusted Total Assets Ratio Percentage | 75.00% | ||||||||||||||||||||||||||||||||||||||||
Minimum Free Liquidity, Per Collaterlized Vessel | $ 750,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.90% | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | ABN Amro Facility, First Consecutive Quarterly Installments [Member] | |||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 4 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | ABN Amro Facility, Second Consecutive Quarterly Installments [Member] | |||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 4 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 512,500 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | ABN Amro Facility, Third Consecutive Quarterly Installments [Member] | |||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 4 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 525,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | ABN Amro Facility, Fourth Consecutive Quarterly Installments [Member] | |||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 12 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 387,500 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | MT Eco Fleet [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 22,200,000 | 21,000,000 | |||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 11,400,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Lines of Credit, Total | $ 1,200,000 | $ 21,000,000 | |||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | MT Eco Fleet [Member] | Amended ABN Facility [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Increased | 25,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid, Increased | 475,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Eco Revolution [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 22,200,000 | $ 21,000,000 | |||||||||||||||||||||||||||||||||||||||
Proceeds from Lines of Credit, Total | $ 22,200,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Eco Revolution [Member] | Amended ABN Facility [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Increased | 25,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid, Increased | 425,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Nord Valiant [Member] | |||||||||||||||||||||||||||||||||||||||||
Proceeds from Lines of Credit, Total | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||
ABN Bank [Member] | M/T Nord Valiant [Member] | Amended ABN Facility [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,500,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Increased | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid, Increased | $ 2,000,000 | ||||||||||||||||||||||||||||||||||||||||
Alpha Bank of Greece [Member] | |||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 18,950,000 | ||||||||||||||||||||||||||||||||||||||||
Alpha Bank of Greece [Member] | M/T Stenaweco Elegance [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,350,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 12,500,000 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from Lines of Credit, Total | $ 23,350,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Net Asset Cover Ratio | 125.00% | ||||||||||||||||||||||||||||||||||||||||
Total Debt To Market Adjusted Total Assets Ratio Percentage | 75.00% | ||||||||||||||||||||||||||||||||||||||||
Minimum Free Liquidity, Per Collaterlized Vessel | $ 750 | ||||||||||||||||||||||||||||||||||||||||
EBITDA, Percent of Fixed Charges | 120.00% | ||||||||||||||||||||||||||||||||||||||||
Market Value Adjusted Net Worth | $ 20,000,000 | ||||||||||||||||||||||||||||||||||||||||
Alpha Bank of Greece [Member] | M/T Stenaweco Elegance [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||||||||||||||||||||||||||||||
Alpha Bank of Greece [Member] | M/T Stenaweco Elegance [Member] | Alpha Facility, First Consecutive Quarterly Installments [Member] | |||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 12 | ||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||
Alpha Bank of Greece [Member] | M/T Stenaweco Elegance [Member] | Alpha Facility, Second Consecutive Quarterly Installments [Member] | |||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 20 | ||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 303,000 | ||||||||||||||||||||||||||||||||||||||||
Alpha Bank [Member] | |||||||||||||||||||||||||||||||||||||||||
Repayments of Lines of Credit | $ 938,000 | ||||||||||||||||||||||||||||||||||||||||
Alpha Bank [Member] | M/T Stenaweco Elegance [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500,000 | ||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 8 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 187,500 | ||||||||||||||||||||||||||||||||||||||||
Alpha Bank [Member] | M/T Stenaweco Elegance [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | ||||||||||||||||||||||||||||||||||||||||
AT Bank [Member] | |||||||||||||||||||||||||||||||||||||||||
Repayments of Debt | $ 21,875,000 | ||||||||||||||||||||||||||||||||||||||||
AT Bank [Member] | Predelivery Facility to Fund Hull No 2648 [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Covenant, Ratio of Total Net Debt to Fleet Value | 75.00% | ||||||||||||||||||||||||||||||||||||||||
Minimum Free Liquidity, Per Bareboated Chartered-in Vessel | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||
AT Bank [Member] | M/T Eco Palm Desert [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,500,000 | ||||||||||||||||||||||||||||||||||||||||
Number of Consecutive Quarterly Installments | 20 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 17,000,000 | ||||||||||||||||||||||||||||||||||||||||
Total Debt To Market Adjusted Total Assets Ratio Percentage | 75.00% | ||||||||||||||||||||||||||||||||||||||||
Minimum Free Liquidity, Per Collaterlized Vessel | $ 750,000 | ||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Periodic Payment | $ 325,000 | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Net Asset Cover Ratio, Year One | 115.00% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Net Asset Cover Ratio, Year Two | 120.00% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Net Asset Cover Ratio, Year Three | 125.00% | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Net Asset Cover Ratio, Thereafter | 140.00% | ||||||||||||||||||||||||||||||||||||||||
Minimum Free Liquidity, Per Bareboated Charter-in Vessel | $ 500,000 | ||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.30% | 2.00% | 2.00% | ||||||||||||||||||||||||||||||||||||||
AT Bank [Member] | M/T Eco Palm Desert [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||||||||||||||||||||||||||||||||||||||
AT Bank [Member] | Pre-delivery Facilities [Member] | |||||||||||||||||||||||||||||||||||||||||
Repayments of Lines of Credit | $ 8,993,000 | ||||||||||||||||||||||||||||||||||||||||
AT Bank Bridge Facility [Member] | |||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,500,000 | ||||||||||||||||||||||||||||||||||||||||
Repayments of Lines of Credit | $ 10,500,000 | ||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 2.25% | ||||||||||||||||||||||||||||||||||||||||
AT Bank Bridge Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% |
Note 7 - Debt - Long-term Debt
Note 7 - Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Senior secured debt | $ 106,999 | $ 286,287 |
Less: Deferred finance fees | (2,380) | (7,257) |
Total long term debt net of deferred finance fees | 104,619 | 279,030 |
Current portion of long term debt | 5,324 | 16,908 |
Long term debt | 99,295 | 262,122 |
Less: Deferred finance fees | 0 | (323) |
Total Debt net of deferred finance fees and debt discounts | 104,619 | 309,007 |
Debt Related to Vessels Held for Sale [Member] | ||
Total long term debt net of deferred finance fees | 0 | 29,977 |
Alpha Bank [Member] | ||
Senior secured debt | 0 | 20,075 |
AT Bank [Member] | ||
Senior secured debt | 0 | 21,875 |
AT Bank Bridge Facility [Member] | ||
Senior secured debt | 0 | 10,500 |
OFI Facility [Member] | ||
Senior secured debt | 0 | 69,849 |
CMBFL Leasing [Member] | ||
Senior secured debt | 0 | 88,560 |
BoComm [Member] | ||
Senior secured debt | 20,227 | 44,466 |
Cargill International SA [Member] | ||
Senior secured debt | 29,116 | 30,962 |
Avic International Leasing Co., Ltd [Member] | ||
Senior secured debt | 57,656 | 0 |
ABN Bank [Member] | ||
Senior secured debt | $ 0 | $ 30,300 |
Note 7 - Debt - Scheduled Princ
Note 7 - Debt - Scheduled Principal Repayments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
December 31, 2021 | $ 5,735 |
December 31, 2022 | 6,088 |
December 31, 2023 | 6,466 |
December 31, 2024 | 44,372 |
December 31, 2025 | 3,708 |
December 31, 2026 and thereafter | 40,630 |
Total | $ 106,999 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jan. 06, 2021 | Dec. 31, 2020 | Apr. 24, 2020 | Mar. 12, 2020 |
Contractual Obligation, Total | $ 182,016 | |||
Performance Guarantee [Member] | ||||
Guarantor Obligations, Secured Loan Facility | $ 37,660 | |||
Performance Guarantee [Member] | M/T Eco Yosemite Park [Member] | ||||
Guarantor Obligations, Secured Loan Facility | 18,830 | |||
Performance Guarantee [Member] | M/T Eco Joshua Park [Member] | ||||
Guarantor Obligations, Secured Loan Facility | $ 18,830 | |||
The 2020 Joint Venture [Member] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Subsequent Event [Member] | ||||
Contractual Obligation, Total | $ 211,171 | |||
Contractual Obligation, to be Paid, Year One | 116,434 | |||
Contractual Obligation, to be Paid, Year Two | $ 94,737 | |||
Subsequent Event [Member] | M/T Legio X Equestris [Member] | ||||
Interest in Vessel, Percentage | 35.00% | |||
Subsequent Event [Member] | M/T Julius Caesar [Member] | ||||
Interest in Vessel, Percentage | 35.00% | |||
Eco Van Nuys [Member] | ||||
Contractual Obligation, Total | 30,060 | |||
Eco Santa Monica [Member] | ||||
Contractual Obligation, Total | 30,060 | |||
Eco Venice Beach [Member] | ||||
Contractual Obligation, Total | 30,060 | |||
Eco West Coast [Member] | ||||
Contractual Obligation, Total | 42,857 | |||
Eco West Coast [Member] | Subsequent Event [Member] | ||||
Contractual Obligation, Total | $ 42,857 | |||
Eco Malibu [Member] | ||||
Contractual Obligation, Total | $ 48,979 | |||
Eco Malibu [Member] | Subsequent Event [Member] | ||||
Contractual Obligation, Total | 48,979 | |||
M/T Eco Oceano Ca [Member] | Subsequent Event [Member] | ||||
Contractual Obligation, Total | 60,150 | |||
M/T Julius Caesar [Member] | Subsequent Event [Member] | ||||
Contractual Obligation, Total | 28,035 | |||
M/T Legio X Equestris [Member] | Subsequent Event [Member] | ||||
Contractual Obligation, Total | $ 31,150 |
Note 9 - Common and Preferred_2
Note 9 - Common and Preferred Stock, Additional Paid-in Capital and Dividends (Details Textual) | Aug. 10, 2020 | Aug. 07, 2020 | Nov. 06, 2019USD ($)$ / sharesshares | Sep. 13, 2019USD ($)$ / sharesshares | Aug. 22, 2019 | Oct. 26, 2018USD ($)$ / sharesshares | Mar. 26, 2018 | May 08, 2017USD ($)$ / sharesshares | Mar. 11, 2020USD ($)shares | Jul. 24, 2018USD ($)shares | Jul. 06, 2020USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Jul. 31, 2019USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Feb. 12, 2020USD ($) | Feb. 06, 2019$ / shares | Jan. 11, 2019$ / shares | Mar. 25, 2018USD ($) |
Stock Issued During Period, Value, New Issues | $ | $ 121,178,000 | ||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | 129,660,000 | $ 18,892,000 | $ 5,781,000 | ||||||||||||||||||
Proceeds from Warrant Exercises | $ | 0 | 4,619,000 | 2,330,000 | ||||||||||||||||||
Dividends, Total | $ | $ 0 | $ 0 | 0 | ||||||||||||||||||
Measurement Input, Price Volatility [Member] | |||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.09 | ||||||||||||||||||||
Warrants Issued With the 2018 Common Stock Offering [Member] | |||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 7,000 | ||||||||||||||||||||
Class of Warrant or Right, Price Per Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 750 | $ 350 | $ 510 | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||||||||||||
Proceeds from Warrant Exercises | $ | $ 3,788,000 | ||||||||||||||||||||
Stock Issued During Period, Shares, Warrants Exercises (in shares) | 7,000 | ||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 1,671,000 | ||||||||||||||||||||
Fair Value of Warrants, Percent Change in Fair Value From a 5% Change in Volatility | 3.80% | ||||||||||||||||||||
Warrants Issued With the 2018 Common Stock Offering [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.08 | ||||||||||||||||||||
The 2014 Warrants [Member] | |||||||||||||||||||||
Proceeds from Warrant Exercises | $ | $ 3,161,000 | ||||||||||||||||||||
Stock Issued During Period, Shares, Warrants Exercises (in shares) | 13,481 | ||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 1,268,000 | ||||||||||||||||||||
Traditional Warrants [Member] | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 204.75 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.040 | ||||||||||||||||||||
Stock Issued During Period, Shares, Warrants Exercises (in shares) | 49,803 | ||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 1,139,000 | ||||||||||||||||||||
Fair Value of Warrants, Percent Change in Fair Value From a 5% Change in Volatility | 10.00% | ||||||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 1,778,700 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 71,600 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right, Cashless Exercise (in shares) | 0.028 | ||||||||||||||||||||
Warrant Exercised on Cashless Basis Trigger, Underlining Number of Shares (in shares) | 189,600 | ||||||||||||||||||||
Traditional Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.81 | ||||||||||||||||||||
Class A Warrants [Member] | |||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 4,200,000 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 50 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.040 | ||||||||||||||||||||
Stock Issued During Period, Shares, Warrants Exercises (in shares) | 67,200 | ||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 1,343,000 | ||||||||||||||||||||
Fair Value of Warrants, Percent Change in Fair Value From a 5% Change in Volatility | 7.35% | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 168,000 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right, Cashless Exercise (in shares) | 0.016 | ||||||||||||||||||||
Warrant Exercised on Cashless Basis Trigger, Share Price (in dollars per share) | $ / shares | $ 80 | ||||||||||||||||||||
Class A Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.27 | ||||||||||||||||||||
Class B Warrants [Member] | |||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 4,200,000 | 4,200,000 | 4,200,000 | 4,200,000 | |||||||||||||||||
Class of Warrant or Right, Price Per Warrants or Rights (in dollars per share) | $ / shares | $ 0.2373 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 25 | $ 1 | $ 25 | $ 25 | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.040 | ||||||||||||||||||||
Warrants and Rights Outstanding | $ | $ 609,000 | $ 66,000 | $ 609,000 | $ 609,000 | |||||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 0 | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 168,000 | 168,000 | 168,000 | 168,000 | 168,000 | ||||||||||||||||
Class B Warrants [Member] | Minimum [Member] | |||||||||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 4,200,000 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1 | $ 1 | |||||||||||||||||||
Class B Warrants [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.34 | ||||||||||||||||||||
Fair Value of Warrants, Percent Change in Fair Value From a 5% Change in Volatility | 14.00% | ||||||||||||||||||||
The 2018 Common Stock Offering [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,000 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 2,721,000 | ||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 750 | ||||||||||||||||||||
Common Stock Purchase Agreement, Fee Percentage | 6.50% | ||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 2,805,000 | ||||||||||||||||||||
September 2019 Common Stock Offering [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 63,200 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 9,289,000 | ||||||||||||||||||||
Number of Shares Called by Overallotment Option (in shares) | 9,480 | ||||||||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 10,480,000 | ||||||||||||||||||||
Over-Allotment Option [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,400 | ||||||||||||||||||||
November 2019 Registered Direct Offering [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 168,000 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 7,642,000 | ||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 50 | ||||||||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 8,400,000 | ||||||||||||||||||||
Equity Distribution Agreement [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,693,191 | 4,981 | |||||||||||||||||||
Common Stock Purchase Agreement, Fee Percentage | 2.00% | 2.00% | |||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 9,800,000 | $ 2,781,000 | |||||||||||||||||||
Common Stock Equity Distribution Agreement, Shares Authorized for Issuance, Value | $ | $ 5,000,000 | $ 5,000,000 | $ 14,250,000 | ||||||||||||||||||
Registered Direct Offering [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 36,723,765 | ||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 112,146,000 | ||||||||||||||||||||
Registered Direct Offering [Member] | Maximum [Member] | |||||||||||||||||||||
Common Stock Purchase Agreement, Fee Percentage | 6.50% | ||||||||||||||||||||
Registered Direct Offering [Member] | Minimum [Member] | |||||||||||||||||||||
Common Stock Purchase Agreement, Fee Percentage | 6.25% | ||||||||||||||||||||
Series D Preferred Stock [Member] | Tankers Family Inc. [Member] | |||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 100,000 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 1,000 | ||||||||||||||||||||
Preferred Stock, Voting Rights Equivalent to Common Shares Per Share (in shares) | 1,000 | ||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||||||||
Series E Convertible Preferred Stock [Member] | |||||||||||||||||||||
Convertible Preferred Stock, Conversion Price, Percentage of VWAP | 80.00% | ||||||||||||||||||||
Series E Convertible Preferred Stock [Member] | Maximum [Member] | |||||||||||||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ / shares | $ 500 | ||||||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 25 | 25 | 20 | 10 |
Note 10 - Loss Per Common Sha_3
Note 10 - Loss Per Common Share (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total (in shares) | 0 | 0 | 0 |
Note 10 - Loss Per Common Sha_4
Note 10 - Loss Per Common Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss attributable to common shareholders | $ (28,780) | $ (30,989) | $ (11,134) |
Weighted average common shares outstanding, basic and diluted (in shares) | 23,517,479 | 117,104 | 36,362 |
Loss per share, basic and diluted (in dollars per share) | $ (1.22) | $ (264.63) | $ (306.20) |
Note 11 - Voyage and Vessel O_3
Note 11 - Voyage and Vessel Operating Expenses - Summary of Voyage Expenses in the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total | $ 1,994 | $ 3,038 | $ 1,020 |
Total | 21,024 | 22,786 | 14,826 |
Voyage Expenses [Member] | |||
Port charges / other voyage expenses | 1 | 678 | 1 |
Bunkers | 659 | 830 | 18 |
Commissions (including $511, $829 and $761 respectively, to related party) | 1,334 | 1,530 | 1,001 |
Total | 1,994 | 3,038 | 1,020 |
Vessel Operating Expenses [Member] | |||
Crew wages and related costs | 14,532 | 15,771 | 10,185 |
Insurance | 1,194 | 1,180 | 761 |
Repairs and maintenance (including $187, $247 and $60 respectively, to related party) | 1,259 | 1,528 | 1,120 |
Spares and consumable stores | 3,861 | 4,148 | 2,645 |
Registration and tonnage taxes (Note 13) | $ 178 | $ 159 | $ 115 |
Note 11 - Voyage and Vessel O_4
Note 11 - Voyage and Vessel Operating Expenses - Summary of Voyage Expenses in the Consolidated Statements of Operations (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commissions on Charter Hire Agreements [Member] | |||
Commissions, related party | $ 761 | $ 829 | $ 511 |
Repairs and Maintenance [Member] | |||
Commissions, related party | 60 | 247 | 187 |
Voyage Expenses [Member] | Commissions on Charter Hire Agreements [Member] | |||
Commissions, related party | 761 | 829 | 511 |
Vessel Operating Expenses [Member] | Repairs and Maintenance [Member] | |||
Commissions, related party | $ 60 | $ 247 | $ 187 |
Note 12 - Interest and Financ_3
Note 12 - Interest and Finance Costs - Summary of Interest and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest on debt (including $874, $928 and $0, respectively, to related party) | $ 16,033 | $ 16,586 | $ 7,373 |
Bank charges and loan commitment fees (including $179, $20 and $0, respectively, to related party) | 233 | 282 | 262 |
Amortization and write-off of financing fees | 6,311 | 1,812 | 1,305 |
Amortization of debt discount | 0 | 324 | 2,504 |
Total | 22,577 | 19,004 | 11,444 |
Less interest capitalized | (1,621) | (927) | (1,782) |
Total | $ 20,956 | $ 18,077 | $ 9,662 |
Note 12 - Interest and Financ_4
Note 12 - Interest and Finance Costs - Summary of Interest and Finance Costs (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related party interest | $ 0 | $ 928 | $ 874 |
Related party bank charges | $ 0 | $ 20 | $ 179 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Income Tax Expense (Benefit), Total | $ 0 |
Note 14 - Financial Instrumen_3
Note 14 - Financial Instruments (Details Textual) $ in Thousands | Feb. 21, 2020USD ($) | Jan. 21, 2020USD ($) | Jul. 15, 2019USD ($) | Jan. 17, 2019USD ($) | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Nov. 06, 2019shares |
Assets Held-for-sale, Not Part of Disposal Group, Total | $ 55,581 | |||||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | 43,271 | |||||||
Impairment of Long-Lived Assets to be Disposed of | 12,310 | |||||||
Equity Method Investments | 22,450 | |||||||
Equity Method Investments, Fair Value Disclosure | 19,306 | |||||||
Equity Method Investment, Other than Temporary Impairment | $ 0 | $ 3,144 | $ 0 | |||||
Increase (Decrease) in Volatility Rate Applied | 5.00% | |||||||
Fair Value Assumptions Resulting Increase (Decrease) in Fair Value | 1.00% | |||||||
Measurement Input, Price Volatility [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 1.09 | |||||||
Class B Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 168,000 | 168,000 | 168,000 | |||||
Class B Warrants [Member] | Measurement Input, Price Volatility [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 1.34 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 213 | |||||||
Derivative Instruments Not Designated as Hedging Instruments, Loss | $ 927 | $ 405 | $ 205 |
Note 14 - Financial Instrumen_4
Note 14 - Financial Instruments - Derivative Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Interest Rate Swap June 3, 2016 [Member] | ABN Bank [Member] | |
Effective Date | Apr. 13, 2018 |
Derivative, Notional Amount | $ 14,113 |
Derivative, Interest Rate | 1.4425% |
Interest Rate Swap December 19, 2016 [Member] | ABN Bank [Member] | |
Effective Date | Dec. 21, 2016 |
Derivative, Notional Amount | $ 14,888 |
Derivative, Interest Rate | 2.08% |
Interest Rate Swap March 29, 2018 [Member] | Alpha Bank [Member] | |
Effective Date | Mar. 29, 2018 |
Derivative, Notional Amount | $ 19,100 |
Derivative, Interest Rate | 2.97% |
Note 14 - Financial Instrumen_5
Note 14 - Financial Instruments - Estimated Fair Value of Outstanding Warrants (Details) - Class B Warrants [Member] - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 06, 2019 |
Warrant outstanding (in shares) | 4,200,000 | 4,200,000 | |
Warrant shares outstanding (in shares) | 168,000 | 168,000 | 168,000 |
Term (Month) | 18 months | 18 months | |
Warrant exercise price (in dollars per share) | $ 1 | $ 25 | |
Warrant liability | $ 66 | $ 609 |
Note 14 - Financial Instrumen_6
Note 14 - Financial Instruments - Valuation of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Class B Warrants [Member] | ||
Non-current liability | $ 609 | |
Fair Value, Inputs, Level 1 [Member] | Class B Warrants [Member] | ||
Non-current liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | Class B Warrants [Member] | ||
Non-current liability | 0 | |
Fair Value, Inputs, Level 3 [Member] | Class B Warrants [Member] | ||
Non-current liability | 609 | |
Interest Rate Swap [Member] | ||
Current asset (Interest Rate Swaps) | 82 | |
Current liability | 113 | |
Non-current liability | 985 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Current asset (Interest Rate Swaps) | 0 | |
Current liability | $ 0 | |
Non-current liability | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Current asset (Interest Rate Swaps) | 82 | |
Current liability | 113 | |
Non-current liability | 985 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Current asset (Interest Rate Swaps) | 0 | |
Current liability | 66 | |
Non-current liability | 0 | |
The 2014 Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Current liability | 0 | |
The 2014 Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Current liability | $ 0 | |
Class B Warrants [Member] | ||
Current liability | 66 | |
Class B Warrants [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Current liability | $ 0 |
Note 14 - Financial Instrumen_7
Note 14 - Financial Instruments - Fair Value of Non-recurring Financial Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Assets held for sale | $ 43,271 |
Investments in unconsolidated joint ventures | 19,306 |
Fair Value, Nonrecurring [Member] | |
Assets held for sale | 43,271 |
Investments in unconsolidated joint ventures | 19,306 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |
Assets held for sale | 0 |
Investments in unconsolidated joint ventures | 0 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
Assets held for sale | 43,271 |
Investments in unconsolidated joint ventures | 19,306 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |
Assets held for sale | 0 |
Investments in unconsolidated joint ventures | $ 0 |
Note 14 - Financial Instrumen_8
Note 14 - Financial Instruments - Changes in Fair Value of Level 3 Measurements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Closing balance | $ 609 | $ 1,915 |
Closing balance | 66 | 609 |
The 2014 Warrants [Member] | ||
Change in fair value of Warrants, included in (Loss)/gain on derivative financial instruments in the consolidated statements of comprehensive loss | (1,915) | |
Class B Warrants [Member] | ||
Change in fair value of Warrants, included in (Loss)/gain on derivative financial instruments in the consolidated statements of comprehensive loss | $ (543) | (388) |
Initial measurement of Class B Warrants at inception | $ 997 |
Note 14 - Financial Instrumen_9
Note 14 - Financial Instruments - Summary of Derivative Fair Values (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Measurement Input, Price Volatility [Member] | ||
Warrants, volatility | 1.09 | |
Class B Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrants, fair value | $ 66 | $ 609 |
Class B Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants, volatility | 1.09 |
Note 14 - Financial Instrume_10
Note 14 - Financial Instruments - Amount Recognized in Statement of Comprehensive (Loss) Income Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total | $ (814) | $ 1,601 | $ 1,821 |
Interest Rate Swap [Member] | |||
Derivative instruments, changes in fair value | (1,332) | (841) | 404 |
Interest rate swaps– realized gain/(loss) | (25) | 139 | 0 |
The 2014 Warrants [Member] | |||
Derivative instruments, changes in fair value | 0 | 1,915 | 1,417 |
Class B Warrants [Member] | |||
Derivative instruments, changes in fair value | $ 543 | $ 388 | $ 0 |
Note 14 - Financial Instrume_11
Note 14 - Financial Instruments - Components of AOCI of Unrealized Losses on Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ (1,361) | $ 0 |
Effective portion of changes in fair value of interest swap contracts | 1,361 | (1,361) |
Termination of interest rate swap contracts | 1,361 | (1,361) |
Balance | $ 0 | $ (1,361) |
Note 15 - Other Operating Loss
Note 15 - Other Operating Loss (Details Textual) - USD ($) $ in Thousands | Oct. 20, 2020 | Mar. 09, 2020 | Jan. 21, 2020 | Jan. 15, 2020 |
MT Eco Fleet [Member] | ||||
Agreement Termination Fee | $ 500 | |||
M/T Stenaweco Elegance [Member] | ||||
Agreement Termination Fee | $ 1,850 | |||
M/T Eco Palm Desert [Member] | ||||
Agreement Termination Fee | $ 1,700 | |||
M/T Eco California [Member] | ||||
Agreement Termination Fee | $ 750 |
Note 16 - Mezzanine Equity (Det
Note 16 - Mezzanine Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 30, 2020 | Feb. 17, 2020 | Jun. 30, 2019 | Mar. 29, 2019 | Mar. 29, 2020 | Dec. 02, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 06, 2019 |
Adjustments to Additional Paid in Capital, Beneficial Conversion Feature of Convertible Preferred Stock | $ 1,067 | $ 9,339 | ||||||||
Conversion of Series E Preferred Stock into Commmon Stock [Member] | ||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 0.94 | |||||||||
Conversion of Stock, Shares Converted (in shares) | 11,264 | |||||||||
Conversion of Stock, Shares Issued (in shares) | 12,901,674 | |||||||||
Series E Preferred Stock [Member] | ||||||||||
Preferred Stock Dividends, Shares (in shares) | 900 | |||||||||
Dividends, Preferred Stock, Cash | $ 1,621 | $ 864 | ||||||||
Adjustments to Additional Paid in Capital, Beneficial Conversion Feature of Convertible Preferred Stock | 1,067 | 9,339 | ||||||||
Preferred Stock Redeemed During Period, Shares (in shares) | 21,364 | |||||||||
Preferred Stock Redeemed During Period, Value | $ 24,569 | |||||||||
Temporary Equity, Accretion to Redemption Value | 2,253 | $ 4,227 | ||||||||
Dividends, Preferred Stock, Total | 1,796 | |||||||||
Dividends, Preferred Stock, Stock | $ 900 | |||||||||
Series E Convertible Preferred Stock [Member] | ||||||||||
Convertible Preferred Stock, Conversion Price, Percentage of VWAP | 80.00% | |||||||||
Family Trading Inc [Member] | Series E Preferred Stock [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 27,129 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1,000 | |||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 500 | |||||||||
Convertible Preferred Stock, Conversion Price, Percentage of VWAP | 80.00% | |||||||||
Preferred Stock, Number of Common Shares Voting Rights (in shares) | 1,000 | |||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 1,000 | |||||||||
Preferred Stock Redemption Premium, Percent of Liquidation Amount Redeemed | 15.00% | 15.00% | ||||||||
Preferred Stock, Dividend Rate, Percentage | 15.00% | 15.00% | ||||||||
Preferred Stock, Accrued Dividend, Interest Rate | 15.00% | 20.00% | ||||||||
Preferred Stock Dividends, Shares (in shares) | 1,029 | |||||||||
Stock Redeemed or Called During Period, Shares (in shares) | 12,434 | |||||||||
Stock Redeemed or Called During Period, Value | $ 14,302 | |||||||||
Deemed Dividend on Temporary Equity Realized Redemptions | $ 1,868 | |||||||||
Temporary Equity, Realized Redemptions on Deemed Dividends | $ 3,204 | |||||||||
Family Trading Inc [Member] | Series E Preferred Stock [Member] | Minimum [Member] | ||||||||||
Convertible Preferred Stock, Conversion Price (in dollars per share) | $ 0.60 | |||||||||
Family Trading Inc [Member] | Series E Convertible Preferred Stock [Member] | ||||||||||
Stock Issued During Period, Shares, Purchase of Assets (in shares) | 16,004 | |||||||||
Convertible Stock Issued, Settlement of Consideration | $ 14,350 | |||||||||
Convertible Stock Issued, Settlement of Dividends | 1,621 | |||||||||
Convertible Stock Issued, Settlement of Interest on Dividends | $ 32 | |||||||||
Yorkville [Member] | Series B Preferred Stock [Member] | ||||||||||
Preferred Stock Redemption Premium, Percent of Liquidation Amount Redeemed | 20.00% |
Note 17 - Investments in Unco_3
Note 17 - Investments in Unconsolidated Joint Ventures (Details Textual) - USD ($) $ in Thousands | Apr. 24, 2020 | Mar. 12, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Method Investment, Other than Temporary Impairment | $ 0 | $ 3,144 | $ 0 | |||
Excess of Purchase Price Over Book Value of Vessels | 60,850 | 0 | $ 22,260 | |||
Clearlake Shipping Pte Ltd [Member] | ||||||
Time Charters, Term (Year) | 5 years | |||||
Time Charters, Term, Additional Option (Year) | 2 years | |||||
California 19 Inc. [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 37,660 | |||||
Debt Instrument, Term (Year) | 5 years | |||||
California 19 Inc. [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
California 19 Inc. [Member] | M/T Eco Holmby Hills [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 18,830 | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 18,830 | |||||
California 19 Inc. [Member] | M/T Eco Palm Springs [Member] | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 18,830 | |||||
The 2017 Joint Venture [Member] | ||||||
OCI, Equity Method Investment, before Tax | (391) | |||||
Equity Method Investment, Other than Temporary Impairment | $ 3,144 | |||||
Equity Method Investment, Realized Gain (Loss) on Disposal, Total | 64 | |||||
Proceeds from Sale of Equity Method Investments | $ 19,555 | |||||
The 2020 Joint Venture [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Payments to Acquire Equity Method Investments | $ 27,000 | |||||
Excess Basis, Amortization Period (Year) | 25 years | |||||
The 2020 Joint Venture [Member] | CSI [Member] | ||||||
Fees Due to Related Parties | $ 454 | |||||
California 19 Inc. [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Excess of Purchase Price Over Book Value of Vessels | 1,646 | |||||
Excess of Purchase Price Over Fair Value of Vessels | 1,963 | |||||
California 20 Inc. [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Excess of Purchase Price Over Book Value of Vessels | 1,654 | |||||
Excess of Purchase Price Over Fair Value of Vessels | $ 1,963 |
Note 17 - Investments in Unco_4
Note 17 - Investments in Unconsolidated Joint Ventures - Summary of Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets | $ 45,086 | $ 50,742 | |
Current liabilities | 25,414 | 75,417 | |
Long-term liabilities | 133,400 | 263,716 | |
Net operating revenues | 60,222 | 66,088 | $ 41,048 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | (22,818) | (14,773) | (11,129) |
Equity gains in unconsolidated joint ventures (attributed to the 2020 Joint Venture) | 713 | $ 778 | $ 291 |
California 19 Inc. [Member] | |||
Net profit attributable to the Company | 652 | ||
Amortization of Basis Differences | (272) | ||
Equity gains in unconsolidated joint ventures (attributed to the 2020 Joint Venture) | 380 | ||
California 20 Inc. [Member] | |||
Net profit attributable to the Company | 670 | ||
Amortization of Basis Differences | (273) | ||
Equity gains in unconsolidated joint ventures (attributed to the 2020 Joint Venture) | 397 | ||
California 19 Inc. [Member] | |||
Current assets | 2,782 | ||
Non-current assets | 37,952 | ||
Current liabilities | 632 | ||
Long-term liabilities | 18,637 | ||
Net operating revenues | 4,955 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | 1,120 | ||
California 20 Inc. [Member] | |||
Current assets | 2,824 | ||
Non-current assets | 37,980 | ||
Current liabilities | 626 | ||
Long-term liabilities | 18,632 | ||
Net operating revenues | 4,766 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total | $ 1,142 |
Note 18 - Revenues (Details Tex
Note 18 - Revenues (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Demurrage Revenue | $ 687 |
Note 18 - Revenues - Revenues (
Note 18 - Revenues - Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 60,222 | $ 66,088 | $ 41,048 |
Time Charter Contracts [Member] | |||
Revenues | 60,222 | 61,695 | 39,442 |
Time Charter - Related Parties [Member] | |||
Revenues | 0 | 1,311 | 1,606 |
Voyage Charter [Member] | |||
Revenues | $ 0 | $ 3,082 | $ 0 |
Note 19 - Loss on Sale of Ves_3
Note 19 - Loss on Sale of Vessels (Details Textual) $ in Thousands | Dec. 10, 2020USD ($) | Dec. 01, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Proceeds From Sale of Vessels | $ 310,016 | $ 0 | $ 0 | ||
Number of Non-scrubber Fitted Vessels | 1 | ||||
Vessels [Member] | |||||
Proceeds From Sale of Vessels | $ 310,016 | ||||
Sale of Vessel Expense | 10,852 | ||||
Deposit Assets, Total | 2,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | 12,355 | ||||
M/T Eco Bel Air [Member] | |||||
Deposit Assets, Total | 1,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (767) | ||||
M/T Eco Beverly Hills [Member] | |||||
Deposit Assets, Total | $ 1,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (806) |
Note 19 - Loss on Sale of Ves_4
Note 19 - Loss on Sale of Vessels - Sale of Vessels (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
M/T Stenaweco Energy [Member] | |
Selling Price (Gross) | $ 25,150 |
M/T Stenaweco Evolution [Member] | |
Selling Price (Gross) | 26,150 |
MT Eco Fleet [Member] | |
Selling Price (Gross) | 21,000 |
M/T Eco Revolution [Member] | |
Selling Price (Gross) | 23,000 |
M/T SW Excellence [Member] | |
Selling Price (Gross) | 27,008 |
M/T Stenaweco Elegance [Member] | |
Selling Price (Gross) | 33,500 |
M/T Eco Palm Desert [Member] | |
Selling Price (Gross) | 34,800 |
M/T Eco California [Member] | |
Selling Price (Gross) | 30,600 |
M/T Eco Bel Air [Member] | |
Selling Price (Gross) | 50,830 |
M/T Eco Beverly Hills [Member] | |
Selling Price (Gross) | 50,830 |
Vessels [Member] | |
Selling Price (Gross) | $ 322,868 |
Note 20 - Subsequent Events (De
Note 20 - Subsequent Events (Details Textual) | Mar. 18, 2021USD ($) | Mar. 17, 2021USD ($) | Jan. 06, 2021USD ($) | Aug. 01, 2016USD ($) |
ABN Bank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 64,400,000 | |||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,050,000 | |||
Subsequent Event [Member] | Eco Malibu [Member] | Alpha Bank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 38,000,000 | |||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 21,500,000 | |||
Subsequent Event [Member] | Eco Malibu [Member] | Alpha Bank [Member] | Alpha Facility, First Consecutive Quarterly Installments [Member] | ||||
Number of Consecutive Quarterly Installments | 12 | |||
Debt Instrument, Periodic Payment, Principal | $ 750,000 | |||
Subsequent Event [Member] | Eco Malibu [Member] | Alpha Bank [Member] | Alpha Facility, Second Consecutive Quarterly Installments [Member] | ||||
Number of Consecutive Quarterly Installments | 12 | |||
Debt Instrument, Periodic Payment, Principal | $ 625,000 | |||
Subsequent Event [Member] | Eco West Coast [Member] | ABN Bank [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 36,800,000 | |||
Number of Consecutive Quarterly Installments | 24 | |||
Debt Instrument, Periodic Payment, Principal | $ 615,000 | |||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 22,040,000 | |||
Debt Instrument, Net Asset Cover Ratio | 125.00% | |||
Total Debt To Market Adjusted Total Assets Ratio Percentage | 75.00% | |||
Minimum Free Liquidity, Per Collaterlized Vessel | $ 500 | |||
Debt Instrument, Covenant, Market Adjusted Total Assets Minus Total Liabilities | $ 60,000,000 | |||
Subsequent Event [Member] | Eco West Coast [Member] | ABN Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||
Subsequent Event [Member] | A Company Affiliated With Mr. Evangelos J. Pistiolis [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,815,000 | |||
Subsequent Event [Member] | Three Shipowning Companies [Member] | ||||
Proceeds from Divestiture of Businesses | 10,000,000 | |||
Disposal Group, Including Discontinued Operation, Consideration, Payables Forgiven | $ 1,150,000 | |||
Disposal Group, Credit Line Option, Percentage of Shipbuilding Costs | 10.00% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,815,000 | |||
Subsequent Event [Member] | Three Shipowning Companies [Member] | A Major Oil Company [Member] | ||||
Charter Rate Per Day | $ 36,000 | |||
Time Charters, Term, Additional Option (Year) | 2 years | |||
Charter Rate Per Day, Optional Year One | $ 39,000 | |||
Charter Rate Per Day, Optional Year Two | $ 41,500 | |||
Time Charters, Term (Year) | 3 years | |||
Subsequent Event [Member] | Three Shipowning Companies [Member] | A Major Oil Company 2 [Member] | ||||
Charter Rate Per Day | $ 35,750 | |||
Time Charters, Term, Additional Option (Year) | 2 years | |||
Charter Rate Per Day, Optional Year One | $ 39,000 | |||
Charter Rate Per Day, Optional Year Two | $ 41,500 | |||
Time Charters, Term (Year) | 3 years | |||
Subsequent Event [Member] | Three Shipowning Companies [Member] | A Company Affiliated With Mr. Evangelos J. Pistiolis [Member] | ||||
Related Party Transaction Term (Year) | 5 years | |||
Charter Rate Per Day | $ 32,450 | |||
Time Charters, Term, Additional Option (Year) | 2 years | |||
Charter Rate Per Day, Optional Year One | $ 33,950 | |||
Charter Rate Per Day, Optional Year Two | $ 35,450 | |||
Subsequent Event [Member] | Three Shipowning Companies [Member] | Marshall Islands Company with Suexmax Tanker Contract [Member] | ||||
Ownership Percentage Received | 100.00% | |||
Subsequent Event [Member] | Three Shipowning Companies [Member] | Marshall Islands Company with VLCC Tanker Contract for Delivery January 2022 [Member] | ||||
Ownership Percentage Received | 35.00% | |||
Subsequent Event [Member] | Three Shipowning Companies [Member] | Marshall Islands Company with VLCC Tanker Contract for Delivery February 2022 [Member] | ||||
Ownership Percentage Received | 35.00% |