Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Entity Registrant Name | Dryships Inc. |
Entity Central Index Key | 1,308,858 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Entity Common Stock Shares Outstanding | 87,232,028 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Trading Symbol | Drys |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents (Note 3) | $ 141,851 | $ 14,490 |
Restricted cash (Note 2, 3) | 20 | 726 |
Trade accounts receivable, net of allowance for doubtful receivables of $96 and $306 at December 31, 2017 and 2018, respectively (Note 17) | 13,713 | 14,526 |
Due from related parties (Note 4) | 27,864 | 16,914 |
Prepayments and advances | 708 | 1,125 |
Other current assets (Note 5) | 13,758 | 12,279 |
Total current assets | 197,914 | 60,060 |
FIXED ASSETS, NET: | ||
Advances for vessels under construction and related costs (Notes 4, 6) | 0 | 31,898 |
Vessels, net (Notes 4, 7) | 755,332 | 749,088 |
Total fixed assets, net | 755,332 | 780,986 |
OTHER NON-CURRENT ASSETS: | ||
Investment in affiliate (Notes 10, 13) | 34,000 | 34,000 |
Available for sale debt securities (Note 13) | 4,961 | 0 |
Restricted cash (Note 2, 3) | 15,010 | 15,010 |
Other non-current assets (Note 9) | 4,088 | 44,869 |
Total other non-current assets | 58,059 | 93,879 |
Total assets | 1,011,305 | 934,925 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred finance costs (Note 11) | 38,795 | 11,635 |
Accounts payable and other current liabilities | 5,844 | 5,225 |
Accrued liabilities (Note 4) | 3,387 | 4,758 |
Due to related parties (Notes 4, 12) | 5,796 | 72 |
Deferred revenue (Note 17) | 1,776 | 865 |
Total current liabilities | 55,598 | 22,555 |
NON-CURRENT LIABILITIES | ||
Long-term debt, net of deferred finance costs (Note 11) | 251,288 | 133,703 |
Due to related parties (Notes 4, 12) | 66,690 | 71,631 |
Total non-current liabilities | 317,978 | 205,334 |
COMMITMENTS AND CONTINGENCIES (Note 16) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock (Note 1, 14) | 0 | 0 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized at December 31, 2017 and 2018; 104,274,708 shares issued at December 31, 2017 and 2018; 104,274,708 and 87,232,028 shares outstanding at December 31, 2017 and 2018, respectively (Notes 1, 14) | 1,043 | 1,043 |
Treasury stock; $0.01 par value; 0 and 17,042,680 shares at December 31, 2017 and 2018 (Notes 1, 14) | (85,378) | 0 |
Additional paid-in capital (Note 14) | 4,067,124 | 4,066,083 |
Accumulated other comprehensive loss (Note 13) | (39) | 0 |
Accumulated deficit | (3,345,021) | (3,360,090) |
Total equity | 637,729 | 707,036 |
Total liabilities and stockholders' equity | $ 1,011,305 | $ 934,925 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets | ||
Allowance for doubtful receivables | $ 306 | $ 96 |
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 500,000,000 | 500,000,000 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock shares issued | 104,274,708 | 104,274,708 |
Common stock shares outstanding | 87,232,028 | 104,274,708 |
Treasury stock par value | $ 0.01 | $ 0.01 |
Treasury stock, shares | 17,042,680 | 0 |
Series A Convertible Preferred Stock | ||
Preferred stock shares authorized | 100,000,000 | 100,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series B Convertible Preferred Stock | ||
Preferred stock shares authorized | 100,000,000 | 100,000,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series C Convertible Preferred Stock | ||
Preferred stock shares authorized | 10,000 | 10,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series D Convertible Preferred Stock | ||
Preferred stock shares authorized | 3,500,000 | 3,500,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series E-1 Convertible Preferred Stock | ||
Preferred stock shares authorized | 50,000 | 50,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series E-2 Convertible Preferred Stock | ||
Preferred stock shares authorized | 50,000 | 50,000 |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES: | |||
Voyage and time charter revenues (including amortization of market acquired time charters) | $ 186,135 | $ 100,716 | $ 51,934 |
Total Revenues (Notes 4, 8, 17) | 186,135 | 100,716 | 51,934 |
OPERATING EXPENSES/(INCOME): | |||
Voyage expenses (Notes 4, 17) | 31,676 | 19,704 | 9,209 |
Vessels' operating expenses | 68,391 | 60,260 | 47,443 |
Depreciation (Note 7) | 25,881 | 14,966 | 3,466 |
Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other (Notes 4, 7, 8, 13) | (9,623) | (4,125) | 106,343 |
Impairment on goodwill (Notes 2c, 8) | 0 | 0 | 7,002 |
General and administrative expenses (Note 4) | 28,314 | 30,972 | 39,708 |
Other, net | 853 | (12) | (2,138) |
Operating income/(loss) | 40,643 | (21,049) | (159,099) |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs (Notes 4, 18) | (21,779) | (14,707) | (8,857) |
Gain on debt restructuring (Note 11) | 0 | 0 | 10,477 |
Interest income | 2,833 | 1,365 | 81 |
Loss on Private Placement (Notes 4, 13) | 0 | (7,600) | 0 |
Gain on interest rate swaps (Note 13) | 0 | 0 | 403 |
Other, net | 89 | (401) | (199) |
Total other income/(expenses), net | (18,857) | (21,343) | 1,905 |
INCOME/(LOSS) BEFORE INCOME TAXES AND LOSSES OF AFFILIATED COMPANIES | 21,786 | (42,392) | (157,194) |
Income taxes (Note 21) | (6) | (152) | (38) |
Losses of affiliated companies (Note 10) | 0 | 0 | (41,454) |
NET INCOME/(LOSS) | 21,780 | (42,544) | (198,686) |
NET INCOME/(LOSS) ATTRIBUTABLE TO DRYSHIPS INC. COMMON STOCKHOLDERS (Note 20) | $ 21,780 | $ (39,739) | $ (206,381) |
EARNINGS/LOSSES PER COMMON SHARE ATTRIBUTABLE TO DRYSHIPS INC. COMMON STOCKHOLDERS, BASIC AND DILUTED (Note 20) | $ 0.22 | $ (1.13) | $ (455,587.2) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES, BASIC AND DILUTED (Note 20) | 98,113,545 | 35,225,784 | 453 |
Dividends declared per share (Note 14) | $ 0.05 | $ 26.85 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements of Comprehensive Loss | |||
Net income/(loss) | $ 21,780 | $ (42,544) | $ (198,686) |
Other comprehensive income/(loss): | |||
Reclassification of realized losses associated with capitalized interest to Consolidated Statement of Operations, net (Note 13) | 0 | 0 | 110 |
Unrealized losses associated with the change in fair value of investment in available for sale debt securities (Note 13) | (39) | 0 | 0 |
Other comprehensive income/(loss) | (39) | 0 | 110 |
Comprehensive income/(loss) attributable to DryShips Inc. | $ 21,741 | $ (42,544) | $ (198,576) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Preferred stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
BALANCE value, at Dec. 31, 2015 | $ 121,412 | $ 0 | $ 0 | $ 0 | $ 3,225,148 | $ 233 | $ (3,103,969) |
BALANCE shares, at Dec. 31, 2015 | 60 | 8 | (3) | ||||
Net income/(loss) | (198,686) | (198,686) | |||||
Issuance of common stock, value (Note 14) | 14,434 | 14,434 | |||||
Issuance of common stock, shares (Note 14) | 442 | ||||||
Issuance of preferred stock, value (Note 14) | 117,981 | 117,981 | |||||
Issuance of preferred stock, shares (Note 14) | 42 | ||||||
Conversion of preferred stock to common stock, amount issued (Note 14) | 41 | 41 | |||||
Conversion of preferred stock to common stock, shares issued (Note 14) | 4,209 | ||||||
Conversion of preferred stock to common stock, shares converted (Note 14) | (13) | ||||||
Exchange of Revolving Facility with preferred shares, value (Note 4) | (8,750) | (8,750) | |||||
Exchange of Revolving Facility with preferred shares, shares (Note 4) | (8) | ||||||
Sale of investment in Ocean Rig (Note 4) | (343) | (343) | |||||
Other comprehensive income/(loss) | 110 | 110 | |||||
Premium paid on common control transaction | (195) | (195) | |||||
Amortization of stock based compensation (Note 15) | 3,770 | 3,770 | |||||
Dividends paid | 0 | 7,695 | (7,695) | ||||
BALANCE value, at Dec. 31, 2016 | 49,774 | $ 0 | $ 0 | $ 0 | 3,360,124 | 0 | (3,310,350) |
BALANCE shares, at Dec. 31, 2016 | 4,711 | 29 | (3) | ||||
Net income/(loss) | (42,544) | (42,544) | |||||
Issuance of common stock, value (Note 14) | 742,585 | $ 1,043 | 741,542 | ||||
Issuance of common stock, shares (Note 14) | 104,270,000 | ||||||
Stockholders contribution (Note 14) | 2,805 | 2,805 | |||||
Cancellation of treasury shares (Note 14) | (3) | 3 | |||||
Cancellation of Series D Preferred shares (Note 14), value | (8,750) | (8,750) | |||||
Cancellation of Series D Preferred shares (Note 14), shares | (29) | ||||||
Gain from common control transaction | 440 | 440 | |||||
Other comprehensive income/(loss) | 0 | ||||||
Premium paid on common control transaction | (29,001) | (29,001) | |||||
Amortization of stock based compensation (Note 15) | 1,728 | 1,728 | |||||
Dividends paid | (10,001) | (10,001) | |||||
BALANCE value, at Dec. 31, 2017 | 707,036 | $ 1,043 | $ 0 | $ 0 | 4,066,083 | 0 | (3,360,090) |
BALANCE shares, at Dec. 31, 2017 | 104,274,708 | 0 | 0 | ||||
Adoption of revenue and lease recognition accounting policy adjustment (Notes 2w, 2z) | (1,711) | (1,711) | |||||
Net income/(loss) | 21,780 | 21,780 | |||||
Gain from common control transaction | 350 | 350 | |||||
Other comprehensive income/(loss) | (39) | (39) | |||||
Amortization of stock based compensation (Note 15) | 691 | 691 | |||||
Common stock repurchase program, value (Note 14) | (85,378) | $ (85,378) | |||||
Common stock repurchase program, shares (Note 14) | (17,042,680) | ||||||
Dividends paid | (5,000) | (5,000) | |||||
BALANCE value, at Dec. 31, 2018 | $ 637,729 | $ 1,043 | $ 0 | $ (85,378) | $ 4,067,124 | $ (39) | $ (3,345,021) |
BALANCE shares, at Dec. 31, 2018 | 104,274,708 | 0 | (17,042,680) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows from Operating Activities: | |||
Net income/(loss) | $ 21,780 | $ (42,544) | $ (198,686) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation | 25,881 | 14,966 | 3,466 |
Amortization and write off of deferred financing fees | 5,072 | 4,218 | 736 |
Amortization of fair value of acquired time charters | 0 | 684 | 4,346 |
Impairment loss and (gain)/loss from sale of vessels and vessel owning companies and other | (9,623) | (4,125) | 106,343 |
Impairment on goodwill | 0 | 0 | 7,002 |
Losses of affiliated company | 0 | 0 | 41,454 |
Loss on Private Placement | 0 | 7,600 | 0 |
Amortization of stock based compensation | 691 | 1,728 | 3,580 |
Gain on debt restructuring | 0 | 0 | (8,652) |
Change in fair value of derivatives | 0 | 0 | (2,193) |
Write off expenses regarding spin off | 470 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (537) | (6,998) | 2,531 |
Due from related parties | (10,950) | (10,240) | 10,875 |
Other current and non-current assets | (1,112) | (7,700) | 3,002 |
Accounts payable and other current and non-current liabilities | 619 | 4,046 | (1,434) |
Accrued liabilities | (1,566) | 1,049 | (206) |
Due to related parties | 789 | (961) | 2,598 |
Deferred revenue | 43 | 258 | (118) |
Net Cash Provided by/(Used in) Operating Activities | 31,557 | (38,019) | (25,356) |
Cash Flows from Investing Activities: | |||
Advance for fixed asset purchase | 0 | (44,869) | 0 |
Investment in affiliates | 0 | 0 | 49,911 |
Investment in debt securities | (5,000) | 0 | 0 |
Prepaid vessels' improvements | (4,088) | 0 | 0 |
Fixed assets additions | (161,503) | (653,344) | 0 |
Net proceeds from sale of vessels and vessel owning companies | 348,241 | 8,221 | 5,141 |
Net Cash Provided by/(Used in) Investing Activities | 177,650 | (689,992) | 55,052 |
Cash Flows from Financing Activities: | |||
Proceeds from long-term debt | 250,109 | 150,000 | 28,000 |
Principal payments and prepayments of long-term debt | (238,653) | (18,780) | (119,758) |
Net proceeds from stock issuance | 0 | 568,883 | 123,810 |
Repurchase of common stock | (85,096) | 0 | 0 |
Dividends and distribution paid | (6,231) | (10,001) | 0 |
Payment of financing costs, net | (2,681) | (8,639) | 0 |
Net Cash Provided by/(Used in) Financing Activities | (82,552) | 681,463 | 32,052 |
Net increase / (decrease) in cash and cash equivalents and restricted cash | 126,655 | (46,548) | 61,748 |
Cash and cash equivalents and restricted cash at beginning of year | 30,226 | 76,774 | 15,026 |
Cash and cash equivalents and restricted cash at end of year | 156,881 | 30,226 | 76,774 |
Cash paid during the year for: | |||
Interest, net of amount capitalized | 15,815 | 13,225 | 5,516 |
Income taxes | 45 | 125 | 58 |
Non cash investing activities: | |||
Fixed Assets additions (Note 4) | (60,848) | (50,340) | |
Investment in affiliates (Notes 10, 13) | (34,000) | ||
Non cash financing activities: | |||
Repayment of long-term debt (Notes 4, 11) | 151,510 | ||
Exchange of Preferred Stock into loan (Notes 4, 14) | 8,750 | ||
Interest write off due to the long-term debt restructuring | 2,111 | ||
Preferred Shares forfeiture with common stock issuance (Notes 4, 14) | (8,750) | ||
Stockholders' Contribution upon preferred shares forfeiture (Note 14) | 2,805 | ||
Common stock issuance (Notes 4, 14) | 173,704 | ||
Repurchase of common stock (Notes 14) | (282) | ||
Loan drawdown and loans assumed for vessels additions (Note 4) | 59,262 | 79,000 | |
Finance lease liability (Notes 4, 12) | 71,625 | ||
Capital contribution for common control transaction (Notes 6,7) | $ 1,581 | ||
Capital distribution for common control transaction (Notes 6,7) | (28,560) | ||
Preferred stock | |||
Non cash financing activities: | |||
Conversion of loan into Stock (Notes 4, 14) | $ (8,750) | ||
Common Stock | |||
Non cash financing activities: | |||
Conversion of loan into Stock (Notes 4, 14) | $ (126,159) |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information: | 1.Basis of Presentation and General Information: The accompanying consolidated financial statements include the accounts of DryShips Inc. and its subsidiaries (collectively, the “Company” or “DryShips”). DryShips was formed on September 9, 2004 under the laws of the Republic of the Marshall Islands. The Company is a diversified owner and operator of ocean going cargo vessels and through June 8, 2015, also provided drilling services through Ocean Rig UDW Inc. ("Ocean Rig") (Notes 4, 10). From June 8, 2015 through April 5, 2016, Ocean Rig was considered as an affiliated entity and not as a controlled subsidiary of the Company. As a result, Ocean Rig was accounted for under the equity method and its assets and liabilities were not consolidated in the Company's balance sheet as of December 31, 2015 and 2016. On April 5, 2016, the Company sold all of its shares in Ocean Rig, to a subsidiary of Ocean Rig and as of that date, the Company no longer holds any equity interest in Ocean Rig. Accordingly, additional disclosures for Ocean Rig have not been included, in the accompanying consolidated financial statements. In August 2017, the Company acquired all the outstanding shares of an entity that holds a 49% interest in Heidmar Holdings LLC (“Heidmar”), a leading commercial tanker pool operator (Note 4). As of August 29, 2017, Heidmar was considered an affiliated entity of the Company (Notes 4, 10). Adoption of new revenue and lease guidance On January 1, 2018, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers” (ASC 606), as amended, and elected to apply the modified retrospective method only to contracts that were not completed at January 1, 2018, the date of initial application. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods. Under the new guidance, the Company changed its recognition method of revenue from voyage charters from the discharge-to-discharge method to the loading-to-discharge method. In addition, under the new guidance, the Company began to recognize an asset for contract fulfillment costs. The Company elected to early adopt ASU No. 2016-02, “Leases” (ASC 842), as amended, in the fourth quarter of 2018 with adoption reflected as of January 1, 2018, the beginning of the annual period in accordance with ASC 250, using the modified retrospective method, and elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption of January 1, 2018. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods (ASC 840), including the disclosure requirements. Under the new guidance, the Company elected certain practical expedients which allowed the Company’s existing lease arrangements, in which it was a lessor, classified as operating leases under ASC 840 to continue to be classified as operating leases under ASC 842. The Company did not have any lease arrangements in which it was a lessee at the adoption date. In addition, the Company made an accounting policy election to recognize an asset for contract fulfillment costs. The cumulative effect of initially applying the new revenue recognition and lease guidance to the consolidated financial statements on January 1, 2018 was as follows: Consolidated Balance Sheets December 31, 2017 Cumulative effect from adopting ASC 606 Cumulative effect from adopting ASC 842 January 1, 2018 Assets Trade accounts receivable, net of allowance for doubtful receivables $ 14,526 $ (1,350) $ - $ 13,176 Other current assets (includes deferred contract costs) $ 12,279 $ 235 $ 185 $ 12,699 Liabilities Accrued liabilities $ 4,758 $ (87) $ - $ 4,671 Deferred Revenue $ 865 $ - $ 868 $ 1,733 Stockholders’ Equity Accumulated deficit $ (3,360,090) $ (1,028) $ (683) $ (3,361,801) Refer to Notes 2(w), 2(z), 17 for further discussion. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation including: (i) reclassifications between “Other, net” and “Vessels’ operating expenses” in the accompanying consolidated statements of operations and (ii) removal of “Decrease/(Increase) in restricted cash” from investing activities in the consolidated statements of cash flows (Note 2(s)). Reverse stock splits On January 23, 2017, the Company effected a 1-for-8 reverse stock split of its issued common stock. In connection with the reverse stock split four fractional shares were cashed out. On April 11, 2017, the Company effected a 1-for-4 reverse stock split of its issued common stock. In connection with the reverse stock split two fractional shares were cashed out. On May 11, 2017, the Company effected a 1-for-7 reverse stock split of its issued common stock. In connection with the reverse stock split three fractional shares were cashed out. On June 22, 2017, the Company effected a 1-for-5 reverse stock split of its issued common stock. In connection with the reverse stock split two fractional shares were cashed out. Finally on July 21, 2017, the Company effected a 1-for-7 reverse stock split of its issued common stock. In connection with the reverse stock split two fractional shares were cashed out. All share and per share amounts disclosed in the consolidated financial statements and notes give effect to these reverse stock splits retroactively, for all periods presented. Customers’ concentration Customers individually accounting for more than 10% of the Company’s voyage revenues during the years ended December 31, 2016, 2017 and 2018, were as follows: Year ended December 31, 2016 2017 2018 Customer A – Offshore support segment 37% - - Customer B – Tanker & Gas carrier segments - - 13.5% |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting policies: | 2.Significant Accounting policies: (a)Principles of consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and include the accounts and operating results of DryShips, its wholly-owned subsidiaries and its affiliate. All intercompany balances and transactions have been eliminated on consolidation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a variable interest entity, and if the entity is determined not to be a variable interest entity, whether the entity is a voting interest entity. Variable interest entities (“VIE”) are entities as defined under ASC 810 “Consolidation” that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and absorbs a majority of an entity's expected losses, receives a majority of an entity's expected residual returns, or both. As of December 31, 2017 and 2018, no such VIE existed. (b)Use of estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c)Goodwill: Goodwill represents the excess of the purchase price over the estimated fair value of net assets acquired. Goodwill is reviewed for impairment whenever events or circumstances indicate possible impairment in accordance with Accounting Standard Codification (“ASC”) 350 “Goodwill and Other Intangible Assets”. This standard requires that goodwill and other intangible assets with an indefinite life not be amortized but instead tested for impairment at least annually. The Company tests goodwill for impairment each year on December 31. The Company tests goodwill at the reporting unit level, which is defined as an operating segment or a component of an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. The impairment of goodwill is tested by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a second step is performed to measure the amount of the impairment loss, if any. To determine the fair value of each reporting unit, the Company uses the income approach, which is a generally accepted valuation methodology. (Note 8) (d)Other Comprehensive Income/(Loss): The Company follows the provisions of Accounting Standard Codification (ASC) 220, “Comprehensive Income”, which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. The Company presents Other Comprehensive Income/(Loss) in the Consolidated Statements of Comprehensive Income/(Loss). (e)Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. (f)Restricted cash: Restricted cash may include: (i) cash collateral required under the Company’s secured credit facilities, (ii) retention accounts which can only be used to fund the secured credit facilities’ installments coming due and (iii) minimum liquidity collateral requirements or minimum required cash deposits, as defined in the Company’s secured credit facilities and financing arrangements. (Note 3) (g)Trade accounts receivable net: The amount shown as trade accounts receivable, at each balance sheet date, includes receivables from customers, net of allowance for doubtful receivables. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful receivables. (h)Going concern: The Company’s policy is in accordance with ASU No. 2014-15, “Presentation of Financial Statements - Going Concern”, issued in August 2014 by the Financial Accounting Standards Board (“FASB”). ASU 2014-15 provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and on related required footnote disclosures. For each reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. As of December 31, 2018, the Company reported a working capital surplus of $142,316 and had cash and cash equivalents including restricted cash amounted to $156,881. The Company also expects that it will fund its operations either with cash on hand, cash generated from operations, additional secured credit facilities, financing arrangements and equity offerings, or a combination thereof, in the twelve-month period ending one year after the financial statements’ issuance. (i)Concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents; trade accounts receivable, available for sale securities and derivative contracts (interest rate swaps). The maximum exposure to loss due to credit risk is the book value at the balance sheet date. The Company places its cash and cash equivalents, consisting mostly of bank deposits, with qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company’s major customers are well known companies, which reduces its credit risk. When considered necessary, additional arrangements are put in place to minimize credit risk, such as letters of credit or other forms of payment guarantees. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company makes advances for the construction of assets to the yards. The ownership of the assets is transferred from the yard to the Company at delivery. The credit risk of the advances was, to a large extent, reduced through refund guarantees issued by financial institutions. (j)Advances for vessels under construction and related costs: This represents amounts expended by the Company in accordance with the terms of the construction contracts for vessels as well as other expenses incurred directly or under a management agreement with a related party in connection with on-site supervision. In addition, interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. The carrying value of vessels under construction (“Newbuildings”) represents the accumulated costs at the balance sheet date. Cost components include payments for yard installments, acceptance tests’ consumption, commissions to related party, construction supervision, and capitalized interest. (k)Capitalized interest: Interest expense is capitalized during the construction period of vessels based on accumulated expenditures for the applicable project at the Company’s current rate of borrowing. The amount of interest expense capitalized in an accounting period is determined by applying an interest rate the (“capitalization rate”) to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. The Company does not capitalize amounts in excess of actual interest expense incurred in the period. If the Company’s financing plans associate a specific new borrowing with a qualifying asset, the Company uses the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate applied to such excess is a weighted average of the rates applicable to other borrowings of the Company. Capitalized interest and finance costs for the years ended December 31, 2016, 2017 and 2018, amounted to $0, $3,196 and $84 respectively (Note 18). (l)Insurance claims: The Company records insurance claim recoveries for insured losses incurred on damages to fixed assets, loss of hire and for insured crew medical expenses under “Other current assets”. Insurance claims are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages, or loss due to the vessel being wholly or partially deprived of income as a consequence of damage to the unit or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the Company can make an estimate of the amount to be reimbursed following the insurance claim. (m)Inventories: Inventories consist of consumable bunkers (if any), propane heel (if any), lubricants and victualing stores, which are stated at the lower of cost or net realizable value (in accordance with ASU No. 2015-11 – Inventory) and are recorded under “Other current assets”. Cost is determined by the first in, first out method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. (n)Foreign currency translation: The functional currency of the Company is the U.S. Dollar since the Company operates in international shipping market and, therefore, primarily transacts business in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are included in “Other, net” in the accompanying consolidated statements of operations. The Company recorded gain/(loss) due to foreign currency differences amounting to $745, $335 and $(197) included in the accompanying consolidated statements of operations as of December 31, 2016, 2017 and 2018, respectively. (o)Fixed assets, net: Drybulk carrier, tanker carrier, gas carrier and offshore support vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage). Subsequent expenditures for major improvements are also capitalized when they appreciably extend the useful life, increase the earning capacity or improve the efficiency or safety of the vessels. The cost of each of the Company’s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton. Subsequent expenditures for major improvements are also capitalized upon installation when they appreciably extend the useful life, increase the earning capacity or improve the efficiency or safety of the vessels and are depreciated on a straight-line basis over their economic useful life considering zero residual value. In general, management estimates the useful life of the Company’s drybulk carrier and tanker carrier vessels to be 25 years, offshore support vessels 30 years and Very Large Gas Carriers (“VLGCs”) 35 years, from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. (p) Long lived assets held for sale: The Company classifies long lived assets and disposal groups as being held for sale in accordance with ASC 360, “Property, Plant and Equipment”, when: (i) management has committed to a plan to sell the long lived assets; (ii) the long lived assets are available for immediate sale in their present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the long lived assets have been initiated; (iv) the sale of the long lived assets is probable and transfer of the asset is expected to qualify for recognition as a completed sale within one year; and (v) the long lived assets are being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These long lived assets are not depreciated once they meet the criteria to be classified as held for sale. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a long-lived asset previously classified as held for sale, the asset shall be reclassified as held and used. A long-lived asset that is reclassified shall be measured individually at the lower of its carrying amount before the asset or disposal group was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset or disposal group been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell (Note 7). When the Company concludes a Memorandum of Agreement for the disposal of a vessel which has yet to complete a time charter, it is considered that the held for sale criteria discussed in guidance are not met until the time charter has been completed as the vessel is not available for immediate sale. As a result, such vessels are not classified as held for sale. When the Company concludes a Memorandum of Agreement for the disposal of a vessel which has no time charter to complete or a contract that is transferable to a buyer, it is considered that the held for sale criteria discussed in the guidance are met. As a result such vessels are classified as held for sale. Furthermore, in the period a long-lived asset meets the held for sale criteria, a loss is recognized for any reduction of the long-lived asset’s carrying amount to its fair value less cost to sell. (q)Impairment of long-lived assets: The Company reviews for impairment long-lived assets whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on an asset by asset basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and the fair value of the asset. The Company evaluates the carrying amounts of its vessels by obtaining vessel independent appraisals to determine if events have occurred that would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, the Company reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the Company determines undiscounted projected net operating cash flows for each vessel and compares them to vessel’s carrying value. The projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days. The Company estimates the daily time charter equivalent for the unfixed days of drybulk, tanker, offshore and gas carrier vessels based on the most recent ten year historical rates for similar vessels, adjusted for any outliers, and utilizing available market data for each segment, over the remaining estimated life of the vessel, net of brokerage commissions, expected outflows for vessels’ maintenance and operating expenses (including planned drydocking and special survey expenditures), assuming an average annual inflation rate based on the global consumer price index (“CPI”) changes and fleet utilization of 99% decreasing by 1.5% every five years after the first ten years. The salvage value used in the impairment test is estimated to be $250 per light weight ton (LWT) for vessels, in accordance with the Company’s vessels’ depreciation policy. If the Company’s estimate of undiscounted future cash flows for any vessel, is lower than its respective carrying value, the carrying value is written down, by recording a charge to operations, to its’ respective fair market value if the fair market value is lower than the vessel’s carrying value. (Notes 7, 13) (r)Dry-docking costs: The Company follows the direct expense method of accounting for dry-docking costs whereby costs are expensed in the period incurred for the vessels. Dry-docking costs are comprised of yard invoices, paints invoices, class certificates and other repairs (peripherals). These expenses are included in “Vessels’ operating expenses” in the consolidated statement of operations. (s)Statement of Cash Flows: In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (ASC 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice. The Company adopted the aforementioned ASU in the fiscal year beginning January 1, 2018 with no impact on its consolidated financial statements and notes disclosures. In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (ASC 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the aforementioned ASU in the fiscal year beginning January 1, 2018. The only effect the adoption of ASU No. 2016-18 had on prior-period information is the presentation of restricted cash on the statement of cash flows. More precisely, the line item “Decrease/(Increase)” in restricted cash was removed from the investing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative periods of the statement of cash flow have been retrospectively adjusted to reflect the adoption of ASU No. 2016-18. (t)Deferred financing costs: Deferred financing costs include fees, commissions and legal expenses associated with the Company’s secured credit facilities and/or financing arrangements. The Company’s policy is in accordance with ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”, issued by the FASB in April 2015. The Company presents such costs in the balance sheet as a direct deduction from the related debt liability (secured credit facility and/or financing arrangement). These costs are amortized over the life of the related credit facility and/or financing arrangement using the effective interest method and are included in interest and finance cost. Unamortized fees relating to secured credit facilities and/or financing arrangements repaid or refinanced as extinguishments are expensed as interest and finance costs in the period the repayment or extinguishment is made. Amortization and write offs for each of the years ended December 31, 2016, 2017 and 2018, amounted to $572, $387 and $2,247 respectively (Note 18). (u)Non-monetary transactions - Exchange of the capital stock of an entity for non-monetary assets or services: Non-monetary transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Any difference between the fair value and the transaction price is considered as gain or loss for the Company. The Company determines fair value of assets and liabilities given up or received in accordance with ASC 820 “Fair Value Measurement”. In cases of transactions related to an exchange of preferred shares with common ones, any difference between the fair value and the carrying value of the exchanged preferred shares is considered as shareholders dividend or capital contribution from/to the Company. (v)Extinguishment of Preferred Stock: In case of preferred stock extinguishment, the difference between the fair value of the consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock in the Company’s balance sheet (net of issuance costs) should be subtracted from (or added to) net income/(loss) to arrive at income/(loss) available to common stockholders in the calculation of earnings/(loss) per share. The difference between the fair value of the consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock in the Company’s balance sheet represents a return to/from the preferred stockholder that should be treated in a manner similar to the treatment of dividends paid on preferred stock. (w)Leases : In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard neither substantially changes lessor accounting, nor lease classification criteria. For public companies, the standard is effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. Under that transition method, an entity initially applies the new leases standard (subject to specific transition requirements and optional practical expedients) at the beginning of the earliest period presented in the financial statements (which is January 1, 2017, for calendar-year-end public business entities that adopt the new leases standard on January 1, 2019). In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new lease requirements by allowing entities to initially apply the requirements at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption; and, (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (ASC 606) and both of the following are met: (a) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (b) the lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606. Otherwise, the entity should account for the combined component as an operating lease in accordance with ASC 842. Leases between related parties, are classified in accordance with the lease classification criteria applicable to all other leases on the basis of the legally enforceable terms and conditions of the lease. The Company early adopted the new standard on the 4 th quarter and applied the modified retrospective method and elected to apply the additional optional transition method along with the following practical expedients: (i) a package of practical expedients which does not require the Company to reassess: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initial direct costs for any expired or existing leases would qualify for capitalization under ASC 842; (ii) to account for non-lease components (primarily crew and maintenance services) of time charters as a single lease component as the timing and pattern of transfer of the non-lease components and associated lease component are the same, the lease components, if accounted for separately, would be classified as an operating lease, and such non-lease components are not predominant components of the combined component. The Company qualitatively assessed that more value is ascribed to the vessel rather than to the services provided under the time charter agreements. Therefore, the Company accounts for the combined component as a lease under ASC 842. Refer to discussion in Note 2(z) for revenue recognition from time charters. Compensation for ballast voyages (vessel repositioning after lease inception but prior to lease commencement which takes place upon the delivery of the vessel to the charterer) is deferred and recognized over the charter period. The Company also elected to make an accounting policy election to recognize an asset for contract fulfillment costs (primarily bunkers costs related to ballast voyages) in accordance with ASC 340-40. (x)Finance lease – Lessee : In accordance with ASC 842 at the commencement date of a finance lease, the Company as a lessee recognizes a finance lease liability at the present value of the lease payments to be made over the lease term and a right-of-use asset at cost which consists of all of the following: (1) an amount equal to the lease liability present value; (2) the lease payments made to the lessor at or before the commencement date, less any lease incentives received; and (3) the initial direct costs incurred by the lessee. After the commencement date, the Company recognizes depreciation of the right-of-use asset and separately recognizes interest on the lease liability for a finance lease. Over the lease term, the carrying amount of the lease liability is reduced by the lease payments, with any change over the lease payments already included in the lease liability to be recognized as interest and finance cost in the period they are incurred and increased by the finance lease interest cost (unwinding effect of discount rate). Any lease payments not included in the lease liability are recognized in the period in which their obligation is incurred under interest and finance cost. The right-of-use asset is depreciated on a straight-line basis, unless another systematic basis is more representative of the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits, over the shorter of the lease term or the useful life of the right-of-use asset; and tested for any impairment losses along with the Company’s long-lived assets. The depreciation period is the remaining life of the underlying asset if the lessee is reasonably certain to exercise an option to purchase the underlying asset or if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term. (y)Sale-leaseback transactions : In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606 (existence of a contract and satisfaction of performance obligation by transferring of the control of the asset). The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised; and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. (z)Revenue from Contracts with Customers : ASC 606 outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in ASC 606, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Incremental costs of obtaining a contract with a customer and contract’s fulfillment costs should be capitalized and amortized over the voyage period, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfillment costs if each of the following criteria is met: (i) they relate directly to the contract, (ii) they generate or |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Cash and Cash equivalents and restricted cash: | 3.Cash and Cash equivalents and restricted cash: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows: December 31, 2016 December 31, 2017 December 31, 2018 Cash and cash equivalents $ 76,414 $ 14,490 $ 141,851 Restricted cash 350 726 20 Restricted cash, non-current 10 15,010 15,010 Total $ 76,774 $ 30,226 $ 156,881 Restricted cash includes (i) cash collateral required under the Company’s secured credit facilities, (ii) retention accounts that can only be used to fund the secured credit facilities’ installments coming due and (iii) minimum liquidity collateral requirements or minimum required cash deposits, as defined in the Company’s secured credit facilities and financing arrangements. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties: | 4.Transactions with Related Parties: The amounts included in the accompanying consolidated balance sheets and consolidated statements of operations are as follows: December 31, 2017 2018 Balance Sheet Due from related parties $ 16,914 $ 27,864 Due from related parties (current) - Total 16,914 27,864 Due to related parties (72) (5,796) Due to related parties (current) - Total $ (72) $ (5,796) Due to related parties (71,631) (66,690) Due to related parties (non - current) - Total $ (71,631) $ (66,690) Advances for vessels under construction and related costs 1,004 - Vessels, net - 170,871 Accrued liabilities $ (350) $ (304) Year ended December 31, Statement of Operations 2016 2017 2018 Time charter $ 1,800 $ 3,988 $ 9,168 Voyage expenses (390) (1,526) (3, 743 ) Depreciation - - (629) General and administrative expenses (32,397) (23,850) (22,986) Commissions for assets sold (886) (85) (3,568) Loss from sale of vessel owning companies, net of commissions (22,318) - - Interest and finance costs (1,789) (13,070) (2,924) Loss on Private Placement $ - $ (7,600) $ - Per day and per quarter information in the note below is expressed in United States Dollars/Euros) TMS Bulkers Ltd. - TMS Offshore Services Ltd. - TMS Tankers Ltd. – TMS Cardiff Gas Ltd. – TMS Dry Ltd. (together the “TMS Managers”): Effective January 1, 2017, the Company entered into new agreements (the “New TMS Agreements”) with TMS Bulkers Ltd. (“TMS Bulkers”) and TMS Offshore Services Ltd. (“TMS Offshore Services”) to streamline the services offered by TMS Bulkers under the management agreements with each of the Company’s drybulk vessel owning subsidiaries and by TMS Offshore Services, pursuant to the respective management agreements with the Company’s offshore support vessel owning subsidiaries. Effective January 1, 2017, the Company also entered into new agreements with TMS Cardiff Gas Ltd. (”TMS Cardiff Gas”) and TMS Tankers Ltd. (“TMS Tankers”) regarding its acquired tanker and gas carrier vessels on similar terms as the New TMS Agreements (Notes 6, 7). On May 31, 2018, the Company supplemented the management services providers under the New TMS Agreements to include TMS Dry Ltd. (“TMS Dry”), which is the manager of the Newcastlemax drybulk carriers, the Huahine, Conquistador, Pink Sands and Xanadu (Notes 7, 12). TMS Bulkers, TMS Offshore Services, TMS Cardiff Gas, TMS Tankers and TMS Dry are collectively referred to herein as the “TMS Managers”. The TMS Managers may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and Chief Executive Officer (“CEO”). In connection with the New TMS Agreements that entail an increased scope of services, including executive management, commercial, accounting, reporting, financing, legal, manning, catering, IT, attendance, insurance, technical and operations services, the Company terminated the consulting agreements with Fabiana Services S.A. (“Fabiana”), Vivid Finance Limited (“Vivid”) and Basset Holdings Inc. (“Basset”), entities that may be deemed to be beneficially owned by the Company’s Chairman and CEO, Mr. George Economou and by the President and Chief Financial Officer (“CFO”), Mr. Anthony Kandylidis, effective as of December 31, 2016. The all-in base cost for providing the increased scope of services is $1,643/day per vessel, which is a 33% reduction from prior levels, based on a minimum of 20 vessels, decreasing thereafter to $1,500/day per vessel. The management fee is payable in equal monthly installments in advance and can be adjusted each year to the Greek Consumer Price Index for the previous year by not less than 3% and not more than 5%. The New TMS Agreements entitled the TMS Managers to an aggregate performance bonus for 2016 amounting to $6,000, as well as a one-time setup fee of $2,000. Under the respective New TMS Agreements, the TMS Managers are also entitled to (i) a discretionary performance fee (up to $20,000, in either cash or common stock, at the discretion of the Company’s board of directors), (ii) a commission of 1.25% on charter hire agreements that are arranged by the TMS Managers, (iii) a commission of 1% of the purchase price on sales or purchases of vessels in the Company’s fleet that are arranged by the TMS Managers, (iv) a financing and advisory commission of 0.50% and (v) reimbursement of out of pocket and travel expenses. The New TMS Agreements have terms of ten years. Under both the New TMS Agreements and the agreements effective up to December 31, 2016, if the TMS Managers are requested to supervise the construction of a newbuilding vessel, in lieu of the management fee, the Company will pay the TMS Managers an upfront fee equal to 10% of the budgeted supervision cost. For any additional attendance above the budgeted superintendent expenses, the Company will be charged extra at a standard rate of Euro 500 (or $572 based on the Euro/U.S. Dollar exchange rate at December 31, 2018) per day. Under both the New TMS Agreements and the agreements effective up to December 31, 2016, in the event that the management agreements are terminated for any reason other than a default by TMS Managers or change of control of the vessel owning companies’ ownership, the Company is required to pay the management fee for a further period of three calendar months as from the date of termination. In the event of a change of control of the vessel owning companies’ ownership, the Company is required to pay TMS Managers a termination payment, representing an amount equal to the estimated remaining fees payable to TMS Managers under the term of the agreement, which such payment shall not be less than the fees for a period of 36 months and not more than a period of 48 months. The Company may terminate the agreements for a convenience at any time for a fee of $50,000. Transactions with TMS Managers in Euros are settled on the basis of the average U.S. Dollar rate on the invoice date. According to the agreements effective up to December 31, 2016, TMS Bulkers provided comprehensive drybulk ship management services, including technical supervision, such as repairs, maintenance and inspections, safety and quality, crewing and training as well as supply provisioning. TMS Bulkers’ commercial management services included operations, chartering, sale and purchase, post-fixture administration, accounting, freight invoicing and insurance. According to the agreements effective up to December 31, 2016, TMS Offshore Services provided overall technical and crew management to the Company’s Platform Supply and Oil Spill Recovery vessels. Each management agreement had an initial term of five years and was eligible for automatic renewal after a five-year period and thereafter extended in five-year increments, unless the Company provided notice of termination in the fourth quarter of the year immediately preceding the end of the respective term. Cardiff Tankers Inc. – Cardiff Gas Ltd: Under certain charter agreements for the Company’s tankers and gas carrier vessels, Cardiff Tankers Inc. (“Cardiff Tankers”) and Cardiff Gas Ltd (“Cardiff Gas”), two Marshall Islands entities that may be deemed to be beneficially owned by the Company’s Chairman and CEO, Mr. George Economou, provide services related to the sourcing, negotiation and execution of charters, for which they are entitled to a 1.25% commission on charter hire earned by those vessels. Cardiff Gas provided the Company with such services until the disposal of its four VLGCs (Note 7). George Economou: Mr. George Economou is the Company’s Chairman and CEO. Additionally, as of the date of this annual report, SPII Holdings Inc. (“SPII”), an entity that may be deemed to be beneficially owned by Mr. George Economou, beneficially owns 72,421,515 common shares of the Company, which is approximately 83.4% of the Company's outstanding common stock. Mr. George Economou therefore may be deemed to have control over the actions of the Company. Other: On March 24, 2016, the Company entered into a sale agreement with entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the sale of the outstanding shares of the vessel owning companies of its Capesize drybulk carriers, the Fakarava , Rangiroa and Negonego , classified as held for sale from December 31, 2015 (Note 7). The transaction was approved by the independent members of the Company’s board of directors taking into account independent third-party broker charter free valuations certificates. On September 16, 2016 and October 26, 2016, the Company also entered into sale agreements with entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the sale of the shares of the vessel owning companies of the Panamax drybulk carrier, the Oregon and the Panamax drybulk carriers, the Amalfi and Samatan , respectively (Note 7). The transactions were approved by the independent members of the Company’s board of directors taking into account independent third-party broker charter free valuations certificates. On January 12, 2017, the Company entered into a “zero cost” Option Agreement (the “LPG Option Agreement”), with companies that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the purchase of the shares of four owning companies of four high specifications VLGCs capable of carrying liquefied petroleum gas (“LPG”) that were then under construction at Hyundai Samho Heavy Industries Co., Ltd. (“HHI”) and had long-term time charter employment agreements with major oil companies and oil traders. Under the terms of the LPG Option Agreement, the Company had until April 4, 2017, to exercise four separate options to purchase up to the four VLGCs at a price of $83,500 per vessel. The transaction was approved by the independent members of the Company’s board of directors based on third party broker valuations. On January 19, 2017 and March 10, 2017, the Company exercised the first two options and acquired two of the VLGCs that were at that time under construction, and on April 6, 2017, exercised the remaining two options and acquired the two remaining VLGCs that were at that time under construction (Notes 6, 7). On April 3, 2017, and in connection with the acquisition of the four VLGCs under construction, the Company acquired without any cost or payment 100% of the outstanding shares of Cardiff LNGShips Ltd. and Cardiff LPG Ships Ltd. from entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO. On May 15, 2017, the Company also entered into a purchase agreement with an entity that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the purchase of all of the outstanding shares of the vessel owning company of the Suezmax newbuilding vessel Samsara . The transaction was approved by the independent members of the Company’s board of directors taking into account independent third-party broker charter free valuations certificates and the long-term employment on a fixed rate basis plus profit share, provided by the seller. The vessel was time chartered back to the seller and employed from May 24, 2017 under a five year time charter plus optional periods in charterer’s option at a base rate plus profit share. The charterer was also granted purchase options at the end of each firm period (Note 7). On May 31, 2018, the Company entered into two separate share purchase agreements with entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the purchase of all of the outstanding shares of the vessel owning companies of the Newcastlemax drybulk carrier Huahine and the Suezmax tanker vessel Marfa , including their associated credit facilities, respectively. The transactions were approved by the independent members of the Company’s board of directors taking into account independent third-party broker charter free valuations certificates (Notes 7, 11). On June 20, 2018, the Company entered into an index linked employment agreement for the Newcastlemax drybulk carrier Huahine with TMS Dry. Under the agreement, the Company could give 60-days advance termination notice and could then seek alternative or fixed rate employment. The transaction was approved by the independent members of the Company’s board of directors taking into account among other things the actual speed and consumption figures of the vessel, the terms of the proposed time charter party, fixtures of sister vessels the Company owns and general market activity. On July 30, 2018 and upon notice of termination, the employment agreement with TMS Dry was terminated. On November 19, 2018, the Company entered into a share purchase agreement with an entity that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the purchase of all of the outstanding shares of the vessel owning company of the Aframax tanker vessel Botafogo , including its associated credit facility. The transaction was approved by the independent members of the Company’s board of directors taking into account independent third-party broker charter free valuations certificates (Notes 7, 11). On November 19, 2018, the Company entered into three separate bareboat charter agreements for three Newcastlemax drybulk carriers, the Conquistador , Pink Sands and Xanadu , already mortgaged under secured credit facilities, with entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for an aggregate bareboat charterhire of $171,500. These vessels were already secured by mortgages under secured credit facilities that expire from April 2028 to February 2029, bear interest at LIBOR plus a margin and are repayable in quarterly installments with balloon payments at maturity. The bareboat charterhire is payable as follows: i) an amount of $99,875 in advance (advance bareboat charterhire), being the difference between the aggregate bareboat charterhire and the then outstanding balance of the aforementioned secured credit facilities, and ii) an amount of $71,625 in quarterly installments equal to the respective installments of the aforementioned secured credit facilities, being the then outstanding balance of the relevant credit facilities, bearing the same interest (LIBOR plus margin) and balloon payments at maturity. As part of the agreements, there are purchase obligations for its vessel’s legal rights and titles and interests, upon payment of each balloon installment at each last repayment date. On the same date, the Company entered into three separate index linked employment agreements for each of the aforementioned vessels with TMS Dry. Under the agreements, the Company can give 60-days advance termination notice and can then seek alternative or fixed rate employments. The transactions were approved by the independent members of the Company’s board of directors taking into account among other things i) independent third-party broker charter free valuations certificates and ii) the actual speed and consumption figures of each vessel, the terms of the proposed time charter parties, fixtures of sister vessels the Company owns and general market activity (Notes 7, 12, 13). The revenue recognized during the year ended December 31, 2018 under those agreements amounted to $1,727. Fabiana Services S.A.: On October 22, 2008, the Company entered into a consultancy agreement as amended and supplemented from time to time with Fabiana, a Marshall Islands entity that may be deemed to be beneficially owned by the Company’s Chairman and CEO, Mr. George Economou, with an effective date of February 3, 2008, as amended. Under the agreement, Fabiana provided the services of the Company’s Chairman and CEO. Effective December 31, 2016, the consultancy agreement with Fabiana was terminated at no cost by mutual agreement of the parties. Basset Holdings Inc.: Under the consultancy agreement effective from January 1, 2015, between the Company and Basset, a Marshall Islands company that may be deemed to be beneficially owned by the Company’s President and CFO, Basset provided consultancy services relating to the services of Mr. Anthony Kandylidis in his capacity as Executive Vice President, and since May 2016 President and since December 2016 Chief Financial Officer of the Company. Effective December 31, 2016, the consultancy agreement with Basset was terminated at no cost by mutual agreement of the parties. Vivid Finance Limited: Under the consultancy agreement effective from September 1, 2010 between the Company and Vivid, a company that may be deemed to be beneficially owned by the Chairman and CEO of the Company, Mr. George Economou, Vivid provided the Company and its subsidiaries with financing-related services in regards to Company’s tanker, drybulk and offshore support shipping segments. Effective December 31, 2016, the consultancy agreement with Vivid was terminated at no cost by mutual agreement of the parties. Ocean Rig UDW Inc.: On March 29, 2016, the Company entered into 60 day time charter agreements for the offshore support vessels Crescendo and Jubilee with a subsidiary of Ocean Rig to assist with the stacking of Ocean Rig’s drilling units in Las Palmas. The transactions were approved by the independent members of the Company’s board of directors. On April 5, 2016, the Company sold all of its shares in Ocean Rig to a subsidiary of Ocean Rig for total cash consideration of approximately $49,911. The sale proceeds were used to partly reduce the outstanding amount under the revolving credit facility provided to the Company by Sifnos Shareholders Inc. (“Sifnos”), an entity that may be deemed to be beneficially owned by the Company’s Chairman and CEO, Mr. George Economou and for general corporate purposes. In addition, the Company reached an agreement under the revolving credit facility with Sifnos whereby the lender agreed to, among other things release its lien over the Ocean Rig shares. This transaction was approved by the independent members of the Company’s board of directors on the basis of a fairness opinion. As of April 5, 2016, the Company no longer holds any equity interest in Ocean Rig (Note 10). Private Placement – Rights Offering: The independent members of the Company’s board of directors, following receipt of a fairness opinion on August 11, 2017, approved a transaction pursuant to which the Company sold 36,363,636 of the Company’s common shares to entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for an aggregate consideration of $100,000 at a price of $2.75 per share (the “Private Placement”). On August 11, 2017, the Company signed a binding term sheet (the “Term Sheet”) pursuant to the Private Placement terms. On August 29, 2017 and following the closing of the Private Placement: (i) 9,818,182 common shares were issued to Sierra Investments Inc. (“Sierra”), an entity that may be deemed to be beneficially owned by Mr. George Economou, in exchange for the reduction of the principal outstanding balance by $27,000 of the Company’s unsecured credit facility with Sierra, (ii) 14,545,454 common shares were issued to Mountain Investments Inc. (“Mountain”), an entity that may be deemed to be beneficially owned by Mr. George Economou, in exchange for the termination of the participation rights agreement dated May 23, 2017 ( the “Participation Rights Agreement”) and the forfeiture of all outstanding shares of Series D Preferred Stock (which carried 100,000 votes per share) and (iii) 12,000,000 common shares to SPII as consideration for the purchase of the 100% issued and outstanding equity interests of Shipping Pool Investors Inc. (“SPI”), which directly holds a 49% interest in Heidmar, a global tanker pool operator. The Private Placement transaction was a non-cash transaction with a transfer of an exchange of assets and liabilities as a consideration for the common stock issued. The fair values of the non-cash transactions, as described above, are determined based on the fair values of assets and liabilities given up on the date that the transaction was concluded, or if more clearly evident, the fair value of the asset and liabilities received on the date that the respective transaction was concluded. The Company considered that the fair value of the shares issued as part of the transaction is considered more clearly evident and concluded that in this respect the aforementioned non-monetary transaction will be recorded based on the fair value of the shares issued as part of the Private Placement. The fair value of the Company’s exchanged capital stock was valued using the quoted market price available as of the closing of the transaction according to ASC 820 “Fair Value Measurement” (Notes 10, 13). The transaction resulted in a total loss of $7,600, as the difference between the transaction price and the fair value price of $2.05 and was included in “Loss on Private Placement” in the accompanying consolidated statement of operations for the year ended December 31, 2017. In addition, an amount of $2,805 was classified under the respective “Stockholders’ Contribution” as the difference between the carrying value of the Series D Preferred Stock before its forfeiture and its fair value and was included in “Accumulated deficit” in the accompanying consolidated balance sheet as of December 31, 2017 (Notes 13, 14). On August 11, 2017, in accordance with the Term Sheet, the independent members of the Company’s board of directors also approved a subsequent rights offering (the “Rights Offering”) that commenced on August 31, 2017 and allowed the Company’s shareholders to purchase their pro rata portion of up to $100,000 of the Company’s common shares at a price of $2.75 per share. On August 29, 2017 and in connection with the Rights Offering, Sierra also entered into a backstop agreement (the “Backstop Agreement”) to purchase from the Company, at $2.75 per share, the number of shares of common stock offered under the Rights Offering that would not be issued to existing shareholders if these shareholders did not exercise their rights in full. On October 4, 2017 and following the closing of the Rights Offering, 36,057,876 common shares were issued to Sierra, representing the number of common shares not issued pursuant to the full exercise of rights from existing shareholders (Note 14). Sifnos Shareholders Inc. – Sierra Investments Inc.: On October 21, 2015, as amended on November 11, 2015, the Company entered into a revolving credit facility (“Revolving Credit Facility”) of up to $60,000 with Sifnos, for general working capital purposes. The Revolving Credit Facility was secured by the shares that the Company held in Ocean Rig and in Nautilus Offshore Services Inc. (“Nautilus”) and by a first priority mortgage over one Panamax drybulk carrier. The Revolving Credit Facility had a tenor of three years. Under this agreement, the lender had the right to convert a portion of the outstanding Revolving Credit Facility into shares of the Company’s common stock or into shares of common stock of Ocean Rig held by the Company. The conversion would be based on the volume weighted average price of either stock plus a premium. In addition, the lenders and the borrowers had certain conversion rights the exercise of which was approved by our board of directors on December 11, 2015. Specifically, the Company, as the borrower under this agreement, had the right to convert $10,000 of the outstanding Revolving Credit Facility into 8 preferred shares (8,333 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) of the Company. As of December 22, 2015 the Company drew down the amounts of $30,000 under the Revolving Credit Facility. On December 30, 2015, the Company’s board of directors exercised its right to convert $10,000 of the outstanding principal amount of the Revolving Credit Facility into 8 shares (8,333 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) of Series B Convertible Preferred Stock of the Company. Each share of Series B Convertible Preferred Stock had the right to vote with the common shares on all matters on which the common shares were entitled to vote as a single class and the shares of Series B Convertible Preferred Stock had five votes per share. The shares of Series B Convertible Preferred Stock were to be mandatorily converted into common shares of DryShips on a one to one basis within three months after the issuance thereof or any earlier date selected by the Company in its sole discretion. The above transactions were approved by the independent members of the Company’s board of directors on the basis of fairness opinions obtained in connection with those transactions. On March 24, 2016, the Company entered into an agreement to increase the Revolving Credit Facility. The Revolving Credit Facility was amended to increase the maximum available amount by $10,000 to $70,000, to give the Company an option to extend the maturity of the facility by 12 months to October 21, 2019 and to cancel the option of the lender to convert the outstanding Revolving Credit Facility to the Company’s common stock. Additionally, subject to the lender’s prior written consent, the Company had the right to convert $8,750 of the outstanding balance of the Revolving Credit Facility into 29 preferred shares (29,166 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) of the Company, with a voting power of 5:1 (vis-à-vis common stock) and would mandatorily convert into common stock on a 1:1 basis within 3 months after such conversion. As part of the transaction the Company also entered into a Preferred Stock Exchange Agreement to exchange the 8 Series B Convertible Preferred Stock (8,333 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) held by the lender for $8,750. The transaction was approved by the independent members of the Company’s board of directors on the basis of a fairness opinion. The Company subsequently cancelled the Series B Convertible Preferred Stock previously held by the lender effective March 24, 2016. On March 29, 2016, the Company drew down the amount of $28,000 under the Revolving Credit Facility. On April 5, 2016, the Company sold all of its shares in Ocean Rig, to a subsidiary of Ocean Rig for total cash consideration of approximately $49,911 and used $45,000 from the proceeds, to partly reduce the outstanding amount under the Revolving Credit Facility. In addition, the Company reached an agreement under the Revolving Credit Facility whereby the lender agreed to, among other things (i) release its lien over the Ocean Rig shares and, (ii) waive any events of default, subject to a similar agreement being reached with the rest of the lenders to the Company, in exchange for a 40% loan to value maximum loan limit, being introduced under this facility. In addition, the interest rate under the loan was reduced to 4% plus LIBOR. The transaction was approved by the independent members of our board of directors on the basis of a fairness opinion. On September 9, 2016, the Company entered into an agreement to convert $8,750 of the outstanding balance of the Revolving Credit Facility into 29 Series D Preferred shares of the Company (29,166 shares before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits), which were issued on September 13, 2016. Each preferred share had 100,000 votes and was not convertible into common stock of the Company. The transaction was approved by the independent members of the Company’s board of directors on the basis of a fairness opinion. Also on September 21, 2016, the Company drew down the amount of $7,825 under the Revolving Credit Facility. On October 31, 2016, the Revolving Credit Facility was amended to increase the maximum available amount by $5,000 to $75,000 and to give the Company an option within 365 days to convert $7,500 of the outstanding Revolving Credit Facility into the Company’s common shares. On October 31, 2016 and as part of the sale of the vessel owning companies of Panamax drybulk carriers, the Amalfi , Galveston and Samatan (Note 7), the Company paid the amount of $58,619 to the new owners, being the difference between the purchase price and the outstanding balance of the respective secured credit facility, by increasing by the same amount the outstanding balance of the Revolving Credit Facility. Therefore, following this transaction, the outstanding balance under the Revolving Credit Facility was $69,444. This transaction was approved by the independent members of the Company’s board of directors on the basis of vessel valuations and a fairness opinion. On November 30, 2016, Sifnos became the lender of record under two syndicated loans previously arranged by HSH Nordbank, with an outstanding balance of an aggregate of $85,066 under the ex-HSH syndicated facilities. On December 15, 2016, the Company made a prepayment of $33,510 under the Revolving Credit Facility. On December 30, 2016, the Company entered into a new senior secured revolving facility (“New Revolving Facility”) with Sifnos for the refinancing of its prior outstanding debt, which then amounted to a total of $121,000. Under the terms of the New Revolving Facility, Sifnos extended a new loan of up to $200,000 that was secured by all of the Company’s present and future assets except for the vessel Raraka . The New Revolving Facility carried an interest rate of Libor plus 5.5%, was non-amortizing, had a tenor of three years, had no financial covenants, was arranged with a fee of 2.0% and had a commitment fee of 1.0%. In addition, Sifnos had the ability to participate in realized asset value increases of the collateral base in a fixed percentage of 30%. The transaction was approved by the independent members of the Company’s board of directors and a fairness opinion was obtained in connection with this transaction. On January 19, 2017 and March 10, 2017, the Company acquired two VLGCs, which were then under construction and on April 6, 2017, acquired the two remaining VLGCs then under construction pursuant to the LPG Option Agreement and partially financed the closing price of the acquisition of the vessel owning companies of the four vessels by using the then remaining undrawn liquidity of $79,000, under the New Revolving Facility. On May 23, 2017, the Company was released by all of its obligations and liabilities under the New Revolving Facility, as amended, through a Notice of Release from Sifnos, and entered into an unsecured revolving facility agreement (“Revolving Facility”) with Sierra and the Participation Rights Agreement with Mountain, both entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO. The Revolving Facility carried an interest rate of Libor plus 6.5%, was non-amortizing, had a tenor of five years, had no financial covenants and was arranged with a fee of 1.0%. Through the Participation Rights Agreement, Mountain had the ability, to participate in realized asset value increases of all of the Company’s present and future assets, except the vessel Samsara , at a fixed percentage of 30% in case of their sale and had a duration of up to the maturity of the Revolving Facility. The aforementioned transactions with Sifnos and Sierra were approved by the independent members of the Company’s board of directors on the basis of a fairness opinion. The Participation Rights Agreement was terminated on August 29, 2017, in connection with the Private Placement (Note 14). On August 29, 2017, following the closing of the Private Placement, 9,818,182 common shares were issued to Sierra in exchange for the reduction by $27,000 of the principal outstanding balance of the Revolving Facility (Note 14). On October 2, 2017, after the closing of the Rights Offering, 36,057,876 common shares were issued to Sierra in exchange for the reduction of the principal outstanding balance by $99,159 of the Revolving Facility. This exchange constituted a common control transaction, as Mr. Economou was deemed to have controlling interests in the Company following the closing of the Private Placement. In this respect, the total exchanged consideration net of par value, was recognized and included in “Additional paid in capital”, in the accompanying consolidated balance sheet as at December 31, 2017, in accordance with the relevant U.S. GAAP guidance. On October 25, 2017, the Company entered into a new secured loan facility (“Loan Facility Agreement”) with Sierra to refinance the outstandi |
Other Current assets
Other Current assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Current assets [Abstract] | |
Other Current assets | 5.Other Current assets The amount of other current assets shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2017 2018 Inventories $ 7,790 $ 10, 907 Insurance claims (Note 16) 3,044 1,856 Deferred contract costs (Note 17) - 496 Other 1,445 499 Other current assets $ 12,279 $ 13, 758 |
Advances for Vessels under Cons
Advances for Vessels under Construction and related costs | 12 Months Ended |
Dec. 31, 2018 | |
Advances for Vessels under Construction [Abstract] | |
Advances for Vessels under Construction and related costs: | 6.Advances for Vessels under Construction and related costs: As of December 31, 2017 and 2018, the movement of the advances for vessels under construction and acquisitions are set forth below: December 31, 2017 2018 Balance at beginning of year $ - $ 31,898 Advances for vessels under construction and related costs 265,565 45,198 Vessels delivered (233,667) (77,096) Balance at end of year $ 31,898 $ - On January 19, 2017, in accordance with the LPG Option Agreement (Note 4), the Company acquired the first VLGC, Anderida , which was then under construction at HHI, for a purchase price of $83,500. The Company paid an amount of $21,850 of the total purchase price, by using part of the undrawn liquidity under the New Revolving Facility (Note 4). An amount of $6,500 of the total amount paid, representing the value of the time charter attached acquired, was classified in “Additional Paid-in Capital”, under the respective “Premium paid on common control transaction”. The $61,650 balance of the purchase price for the VLGC was paid in installments until the vessel’s delivery from HHI, using an amount of $37,500 under the secured credit facility dated June 22, 2017 (Note 11) and cash on hand. On June 28, 2017, the Company took delivery of the Anderida and on June 29, 2017, the vessel commenced its time charter on a fixed rate with five years firm duration to an oil major company. The charterer had options to extend the firm employment period by up to three years. On March 10, 2017, in accordance with the LPG Option Agreement (Note 4), the Company acquired for a purchase price of $83,500 the second VLGC, Aisling , which was then under construction at HHI. The Company paid an amount of $21,850 of the total purchase price, by using part of the undrawn liquidity under the New Revolving Facility (Note 4). An amount of $6,500 of the total amount paid, representing the value of the time charter attached acquired, was classified in “Additional Paid-in Capital”, under the respective “Premium paid on common control transaction”. The $61,650 balance of the purchase price for the VLGC was paid in installments until the vessel’s delivery from HHI, using an amount of $37,500 under the secured credit facility dated June 22, 2017 (Note 11) and cash on hand. On September 7, 2017, the Company took delivery of the Aisling and on September 12, 2017, the vessel commenced its time charter on a fixed rate with five years firm duration to an oil major company. The charterer had options to extend the firm employment period by up to three years. On April 6, 2017, in accordance with the LPG Option Agreement (Note 4), the Company acquired the remaining two VLGCs then under construction at HHI, the Mont Fort and Mont Gelé , for a purchase price of $83,500 each. The Company paid an amount of $46,700 of the total purchase price, by using part of the undrawn liquidity under the New Revolving Facility (Note 4) and cash on hand. An amount of $16,001 of the total amount paid, representing the value of the time charter attached acquired, was classified in “Additional Paid-in Capital”, under the respective “Premium paid on common control transaction”. The $120,300 balance of the total purchase price for the VLGCs was paid in installments until the vessels’ delivery from HHI, using an amount of $75,000 under the secured credit facility dated June 22, 2017 (Note 11) and cash on hand. On January 4, 2018, the last installment, including related costs of $44,869 was released to HHI using the $37,500 under the secured credit facility dated June 22, 2017 (Note 11) and cash on hand. On October 31, 2017 and on January 4, 2018, respectively, the Company took delivery of the Mont Fort and Mont Gelé and the vessels commenced their time charters on a fixed rate with ten years firm duration to an oil major company on November 5, 2017 and on January 11, 2018, respectively. On October 15, October 30 and November 5, 2018, the VLGCs Mont Gelé , Mont Fort and Anderida , Aisling , respectively, were delivered to their new owners according to the terms of the Memoranda of Agreement dated July 4, 2018 (Note 7) and their outstanding at that time credit facility was fully repaid along with their associated costs (Note 11). As of December 31, 2017 and 2018 an amount of $428 and $0 relating to capitalized expenses, and $770 and $0 relating to capitalized interest and finance costs, were included in the “Advances for vessels under construction and related costs”. |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2018 | |
Vessels, net [Abstract] | |
Vessels, net: | 7.Vessels, net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: Cost Accumulated Depreciation Net Book Value Balance, December 31, 2016 $ 95,550 - $ 95,550 Additions 672,300 - 672,300 Vessels sold (3,900) 104 (3,796) Depreciation - (14,966) (14,966) Balance, December 31, 2017 $ 763,950 $ (14,862) $ 749,088 Additions 199,243 - 199,243 Right-of-use assets 171,500 - 171,500 Depreciation - (25,881) (25,881) Impairment loss (24,774) 7,739 (17,035) Vessels sold (322,905) 1,322 (321,583) Balance, December 31, 2018 $ 787,014 $ (31,682) $ 755,332 On February 15, 2016, the Company announced that the prior sale of the vessel owning companies of its Capesize vessels, the Fakarava , Rangiroa and Negonego , to entities that may be deemed to be beneficially owned by its Chairman and CEO, Mr. George Economou, had failed. In addition, the Company reached a settlement agreement with the charterer of these vessels for an upfront lumpsum payment and the conversion of the daily rates to index-linked time charters. On March 24, 2016, the Company concluded a new sales agreement with entities that may be deemed to be beneficially owned by Mr. George Economou for the sale of the shares of the vessel owning companies of these Capesize vessels ( Fakarava , Rangiroa and Negonego ) for an aggregate price of $70,000, including their existing employment agreements and the assumption of the credit facilities associated with the vessels with an outstanding balance of $102,070 at March 24, 2016. On March 30, 2016, the Company received the lender's consent for the sale of the shares of the vessels' owning companies and made a prepayment of $15,000, under the respective loan agreement dated February 14, 2012. As part of the transaction the Company also paid the amount of $12,060, being the difference between the purchase price and the outstanding balance of the respective debt facility, to the new owners. On March 31, 2016, the shares of the vessel owning companies were delivered to their new owners. In this respect, a charge of $23,018, was recognized and included in "Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other", in the accompanying consolidated statement of operations for the year ended December 31, 2016. On August 22, 2016, the Company entered into a Memorandum of Agreement with an unaffiliated third-party to sell its Panamax drybulk carrier, the Coronado , for a gross price of $4,250. The vessel was delivered to its new owner on September 9, 2016. In this respect, a gain of $1,084 was recognized in the accompanying consolidated statement of operations for the year ended December 31, 2016, included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”. On September 16, 2016, the Company entered into a sale agreement with an entity that may be deemed to be beneficially owned by Mr. George Economou, for the sale of the shares of the vessel owning company of the Panamax drybulk carrier, the Oregon , including the associated credit facility, for a gross price of $4,675. As part of the transaction the Company also paid the amount of $7,825 to the new owner, being the difference between the purchase price and the outstanding balance of the respective debt facility. The Company drew down the respective amount under its Revolving Credit Facility (Note 4). The shares of the vessel owning company were delivered to the new owner on September 21, 2016. Due to the controlling interests of Mr. George Economou in the Company and the buyers, this sale constitutes a common control transaction. In this respect, a gain of $281 was recognized and included in “Additional paid in capital” under the respective “Premium paid on common control transaction” for the year ended December 31, 2016, in accordance with the relevant U.S. GAAP guidance. On September 27, 2016, October 5, 2016 and October 18, 2016, the Company also entered into Memoranda of Agreement with unaffiliated third-parties for the sale of its Panamax drybulk carriers, the Ocean Crystal , Sonoma and Sorrento , respectively, for gross prices of $3,720, $3,950 and $6,700, respectively. As a result of the concluded agreements, the Company revalued the Ocean Crystal , Sonoma and Sorrento as of September 30, 2016 to their fair values with reference to their purchase prices and a gain of $3,020 was recognized in the accompanying consolidated statement of operations for year ended December 31, 2016, included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”. On November 7, 2016, November 15, 2016 and November 22, 2016, the vessels Ocean Crystal , Sonoma and Sorrento , respectively, were delivered to their new owners. In this respect, an aggregate loss of $641 was recognized in the accompanying consolidated statement of operations for the year ended December 31, 2016, included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”. On October 26, 2016, the Company entered into sales agreement with entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the sale of all of the outstanding shares of the vessel owning companies of three Panamax drybulk carriers the Amalfi , Galveston (the vessel Galveston was sold and delivered to its owners on November 30, 2015) and Samatan , along with their associated credit facility for an aggregate gross price of $15,000. As part of the transaction, the Company also paid the amount of $58,619, being the difference between the purchase price and the outstanding balance of the respective secured credit facility, to the new owners. The Company drew down the respective amount under its Revolving Credit Facility (Note 4). The shares of the vessel owning companies were delivered to the new owners on October 31, 2016. Due to the controlling interests of Mr. George Economou in the Company and the buyers, the above sales constitute common control transaction. In this respect, an aggregate loss of $476 was recognized and included in “Additional paid in capital”, under the respective “Premium paid on common control transaction” for the year ended December 31, 2016, in accordance with the relevant U.S. GAAP guidance. During the year ended December 31, 2016, a charge of $18,266 was also recognized as “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” due to the reduction of the vessels’ held for sale carrying amount to their fair value less cost to sell as of December 31, 2016. As of December 30, 2016, and due to the improved financial condition of the Company, the Company’s board of directors decided that the remaining 13 drybulk carriers previously classified as held for sale will not be sold. Effective December 31, 2016, the Company reclassified its drybulk fleet as held and used and a gain of $1,851 was recognized and included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” in the accompanying consolidated statement of operations. Also, the impairment review for the year ended December 31, 2016 indicated that the carrying amount of the offshore support vessels’ was not recoverable and, therefore, a charge of $65,712 was recognized and included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” in the accompanying consolidated statement of operations for the year ended December 31, 2016. According to ASU 2014-08, “Presentation of Financial Statements and Property, Plant and Equipment”, the sale of the Company’s vessels and vessel owning companies did not represent a strategic shift, hence no presentation of discontinued operations was required. On February 10, 2017, the Company entered into a Memorandum of Agreement with an unaffiliated third party for the acquisition of one Aframax tanker under construction, the Balla , for a purchase price of $44,500. The Company took delivery of this vessel on April 27, 2017. On February 14, 2017, the Company entered into a Memorandum of Agreement with an unaffiliated third party for the acquisition of one second hand Very Large Crude Carrier, the Shiraga , for a purchase price of $57,000. The Company took delivery of this vessel on June 9, 2017. On March 1, 2017, the Company entered into a Memorandum of Agreement with an unaffiliated third party for the acquisition of one second hand Aframax tanker, the Stamos , for a purchase price of $29,000. The Company took delivery of this vessel on May 15, 2017. On March 24, 2017, the Company entered into four separate Memoranda of Agreement with unaffiliated third parties for the acquisition of four modern, second-hand Newcastlemax drybulk carriers the Marini , Morandi , Bacon and Judd for an aggregate purchase price of $120,540. The Company took delivery of the vessels on May 2, 2017, July 5, 2017, July 6, 2017 and July 13, 2017, respectively. The Newcastlemax drybulk carriers Bacon and Judd had attached to their Memoranda of Agreements time charter employment contracts until certain dates in 2018 and 2017, respectively. After determining the fair values of these time-chartered contracts as of the acquisition date, the Company recorded a liability of $516 in relation to the attached time charter employment contract of the vessel Judd on the consolidated balance sheet under “Fair value of below market acquired time charters”. This was amortized into revenues using the straight-line method over the respective contract period. As at December 31, 2017, it was fully amortized and included in “Voyage and time charter revenues” in the accompanying consolidated statement of operations for the year ended December 31, 2017. For the vessel Bacon , the fair value of the attached time charter employment contract was determined to be $0. On March 31, 2017, the Company entered into three separate Memoranda of Agreement with unaffiliated third parties for the acquisition of three Kamsarmax drybulk carriers, two second hand, the Matisse and Valadon , and one under construction, the Kelly , for an aggregate purchase price of $71,000. The Valadon , Matisse and Kelly were delivered on May 17, 2017, June 1, 2017 and June 14, 2017, respectively. On April 12, 2017, the Company entered into a Memorandum of Agreement with an unaffiliated third party for the acquisition of one secondhand Kamsarmax drybulk carrier, the Nasaka , for a purchase price of $22,000. The Company took delivery of this vessel on May 10, 2017. On April 27, 2017, the Company entered into a Memorandum of Agreement with an unaffiliated third party for the acquisition of one second hand Kamsarmax drybulk carrier, the Castellani , for a purchase price of $23,500. The Company took delivery of this vessel on June 6, 2017. On May 15, 2017, the Company entered into a purchase agreement with an entity that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the purchase of all of the outstanding shares of the vessel owning company of the Suezmax newbuilding vessel, the Samsara , for a purchase price of $64,000. The vessel was time chartered back to the seller and employed from May 24, 2017 under a five year time charter plus optional periods in charterer’s option at a base rate plus profit share and the charterer was also granted purchase options at the end of each firm period. An amount of $440 of the total amount paid, representing the excess of the carrying value of the assets of the vessel owning company acquired over the purchase price paid, was classified in “Additional Paid-in Capital”, under the respective “Gain from common control transaction”. The Company took delivery of this vessel on May 19, 2017 (Note 4). The Company treats the abovementioned lease as an operating lease since none of the capital lease criteria are met. On December 19, 2017, the Company entered into a Memorandum of Agreement with an unaffiliated third party to sell its Panamax drybulk carrier the Ecola , for a gross price of $8,500. The vessel was delivered to its new owner on December 29, 2017 and a gain of $4,425 was recognized in the accompanying consolidated statement of operations for the year ended December 31, 2017, included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”. On April 27, 2018, the Company entered into a Memorandum of Agreement for the sale of its 2001 built Panamax drybulk carrier, the Maganari , to an unaffiliated buyer for total gross price of $9,700. The vessel was delivered to its new owner on May 24, 2018 and a gain of $5,109 was recognized in the accompanying consolidated statement of operations for the year ended December 31, 2018, included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”. On May 31, 2018, the Company entered into two separate purchase agreements with entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the purchase of all of the outstanding shares of the vessel owning companies of the Newcastlemax drybulk carrier the Huahine and the Suezmax tanker vessel the Marfa , including their associated outstanding credit facilities, for a gross purchase price of $38,500 and $55,333, respectively (Note 4). As part of the transactions, the Company paid an aggregate amount of $43,500 to the sellers, being the difference between the purchase price and the then outstanding balances of the respective credit facilities. The Company received the vessel owning companies’ shares on June 1 and June 8, 2018, respectively, and assumed an aggregate amount of $50,333 of credit facilities attached to these vessels (Note 12). An amount of $1,581 of the total amount paid, representing the excess of the carrying value of the assets of the vessel owning companies acquired over the purchase price paid, was classified as capital contribution in “Additional Paid-in Capital” as the acquisitions were accounted as transactions between entities under common control. On June 6, June 11, June 12 and June 27, 2018, the Company entered into four separate Memoranda of Agreement for the sale of its older Panamax drybulk carriers, the Bargara , Redondo , Mendocino and Marbella , respectively, to unaffiliated buyers for an aggregate price of $35,568. The Company classified the aforementioned vessels as “held for sale” as at June 30, 2018, as all criteria required for their classification as “Vessels held for sale” were met, at their then carrying value as it was lower than their fair value less cost to sell. On July 18, July 24, August 14 and August 20, 2018, the vessels Redondo , Marbella , Bargara , and Mendocino were delivered to their new owners, respectively, and an aggregate gain of $18,192 was recognized in the accompanying consolidated statement of operations for the year ended December 31, 2018, included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”. On July 4, 2018, the Company entered into four separate Memoranda of Agreement for the sale of its four VLGCs, including their existing time charter contracts, to unaffiliated buyers for an aggregate price of $304,000. On September 17, 2018, the Company entered into four separate addenda to the aforementioned Memoranda of Agreement, according to which the buyers were entitled to a fixed compensation of $15,000/day due to the delay on the vessels’ delivery until the earlier between the actual delivery dates and December 15, 2018. The Company classified the aforementioned vessels as “held for sale” as of September 30, 2018, as all criteria required for their classification as “Vessels held for sale” were met, and an impairment loss of $7,279 was recognized in the accompanying consolidated statement of operations for the year ended December 31, 2018 and included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”, as a result of the reduction of the VLGCs’ carrying amount to their fair value less cost to sell (Note 13). According to ASU 2014-08 “Presentation of Financial Statements and Property, Plant and Equipment”, the sale of the Company’s VLGCs does not represent a strategic shift hence no presentation of discontinued operations was required. Excluding the allocation of general and administrative expenses, the VLGCs reported a pretax net income of $1,355 for the year ended December 31, 2018, as compared to a pretax net income of $201 for the year ended December 31, 2017. On October 15, October 30 and November 5, 2018, the VLGCs Mont Gelé , Mont Fort , and Anderida and Aisling respectively, were delivered to their new owners and an aggregate loss of $282 was recognized in the accompanying consolidated statement of operations for the year ended December 31, 2018, included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”. On August 2, 2018, the Company entered into a Memorandum of Agreement for the sale of its 2001 built Panamax drybulk carrier, the Capitola , to an unaffiliated buyer for total gross price of $7,580. The vessel was delivered to its new owner on August 17, 2018 and a gain of $3,639 was recognized in the accompanying consolidated statement of operations for the year ended December 31, 2018, included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”. As of September 30, 2018, the impairment review performed indicated that six of the Company’s vessels (the offshore support vessels), with a carrying amount of $25,590, should be written down to their fair value as determined based on the valuations of the independent valuators, resulting in an impairment charge of $9,465, which was included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”, in the accompanying consolidated statement of operations for the year ended December 31, 2018 (Note 13). On November 19, 2018, the Company entered into a share purchase agreement with an entity that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for the purchase of all of the outstanding shares of the vessel owning company of the Aframax tanker vessel, the Botafogo , including its associated then outstanding credit facility, for a purchase price of $27,000 (Note 4). As part of the transaction, the Company paid an aggregate amount of $18,071 to the seller, being the difference between the purchase price and the then outstanding balance of the respective credit facility. On December 14, 2018, the Company received the vessel owning company’s shares and assumed an amount of $8,929 of credit facility attached to that vessel (Note 11). An aggregate amount of $1,231 of the total amount paid, representing the excess of the carrying value of the assets of the vessel owning company acquired over the purchase price paid and the different accounting policy in regards to cut-off recognition of the then ongoing voyage charter ($267 and $964, respectively), was classified as capital distribution in “Additional Paid-in Capital” as the acquisition was accounted as a transaction between entities under common control. On November 19, 2018, the Company entered into three separate bareboat charter agreements for three Newcastlemax drybulk carriers, the Conquistador , Pink Sands and Xanadu , already mortgaged under secured credit facilities, with entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for an aggregate bareboat charterhire of $171,500. The bareboat charterhire is payable as follows: i) an amount of $99,875 in advance (advance bareboat charterhire), being the difference between the aggregate bareboat charterhire and the then outstanding balance of the aforementioned secured credit facilities, and ii) an amount of $71,625 in quarterly installments equal to the respective installments of the aforementioned secured credit facilities, being the then outstanding balance of relevant credit facilities, bearing the same interest (LIBOR plus margin) and balloon payments at maturities. As part of the agreements, there are purchase obligations upon payment of each balloon installment at each last repayment date. On November 27, 2018 (commencement date), the Company paid the advance bareboat charterhire. (Notes 4, 12) In accordance with ASC 842, the Company (lessee) accounted for these leases (bareboat charter agreements) as finance leases (Note 12), recognizing these vessels as right-of-use assets in its consolidated balance sheet under “Vessels, net” depreciated over their remaining useful lives, as determined in accordance with Company’s depreciation policy for fixed assets (Note 2o). More precisely, the Company recorded a right-of-use assets at the present value of the aggregate finance lease liability amounted to $171,500 (Notes 12, 13). No initial direct costs incurred by the Company. The impairment review performed for the year ended December 31, 2018, indicated that one of the Company’s tanker vessels, with a carrying amount of $26,666 should be written down to its fair value as determined based on the valuations of the independent valuators, resulting in a loss of $291, which was included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”, in the accompanying consolidated statement of operations for the year ended December 31, 2018 (Note 13). For the year ended December 31, 2017, and 2018 an amount of $8,834 and $245 relating to capitalized expenses and $2,426 and $84 relating to capitalized interest were included in the “Vessels, net”, respectively. |
Above market acquired time char
Above market acquired time charter contracts and goodwill | 12 Months Ended |
Dec. 31, 2018 | |
Above market acquired time charter contracts and goodwill [Abstract] | |
Above market acquired time charter contracts and goodwill: | 8.Above market acquired time charter contracts and goodwill: During 2015, the Company acquired, through the acquisition of Nautilus, six Offshore Supply Vessels, all of which were on time charters to Petroleo Brasileiro S.A. (“Petrobras”) until certain dates in 2016 and 2017, and included fixed day rates that were above day rates available as of the acquisition date. The acquisition of the common shares of Nautilus was accounted for under the acquisition method of accounting, resulting to a goodwill, included in the offshore support segment, amounted to $7,002, which constituted a premium paid by the Company over the fair value of the net assets of Nautilus, attributable to anticipated benefits from Nautilus’s position to take advantage of the fundamentals of the offshore support market. After determining the aggregate fair values of these time-chartered contracts as of the acquisition date of Nautilus, the Company recorded the respective contract fair values on the consolidated balance sheet under “Fair value of above market acquired time charters”. These were amortized into revenues using the straight-line method over the respective contract periods (based on the respective contracts). On February 15, 2016, March 3, 2016 and April 11, 2016, the Company announced that Petrobras had given notice of termination of the contracts for the vessels Crescendo , Jubilee and Indigo effective as of March 6, 2016, March 9, 2016 and April 6, 2016, respectively. The contracts of the vessels Crescendo , Jubilee and Indigo were to expire on January 8, 2017, April 25, 2017 and August 30, 2017, respectively. On December 27, 2016, and in accordance with the respective terms the contract of the vessel Colorado expired. Effective on May 3, 2017, Petrobras gave notice of termination on the long term time charter contract for the vessel Jacaranda that was expiring on July 3, 2017. On June 21, 2017, and in accordance with the respective terms, the contract of the vessel Emblem expired. The amortization and write offs of the fair value of the above market acquired time charter contracts as of December 31, 2016 amounted to $4,346 and $5,161 and are included to “Voyage and time charter revenue” and “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”, respectively, in the accompanying consolidated statement of operations for the year ended December 31, 2016. The amortization and write offs of the fair value of the above market acquired time charter contracts as of December 31, 2017, amounted to $1,200 and $300 and are included to “Voyage and time charter revenue” and “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other”, respectively, in the accompanying consolidated statement of operations for the year ended December 31, 2017. At December 31, 2016, the Company performed its impairment review for goodwill. As a result of its impairment testing, the Company determined that the goodwill associated with its offshore support reporting unit was impaired. Accordingly, the Company recognized an impairment charge for the full carrying amount of the goodwill associated with this reporting unit in the amount of $7,002, which had no tax effect. |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2018 | |
Other non-current assets [Abstract] | |
Other non-current Assets: | 9.Other non-current assets: The amounts included in the accompanying consolidated balance sheets are as follows: December 31, 2017 2018 Other non-current assets $ 44,869 $ 4,088 $ 44,869 $ 4,088 As of December 31, 2017, an amount of $44,869 was recorded as “Other non-current assets” in the accompanying consolidated balance sheets regarding the last installment due to HHI for the delivery of the VLGC Mont Gelé . The last installment, including related costs, of $44,869 was held in an escrow account and released to the HHI on January 4, 2018 upon the delivery of the vessel to the Company (Notes 6, 7). As of December 31, 2018, the amount of $4,088 relates to Company’s prepayments regarding improvements for its drybulk and tanker carrier vessels. |
Investment in an Affiliate
Investment in an Affiliate | 12 Months Ended |
Dec. 31, 2018 | |
Investment in an Affiliate [Abstract] | |
Investment in an Affiliate: | 10.Investment in an Affiliate: Ocean Rig: From June 8, 2015, through April 4, 2016, the Company provided drilling services through Ocean Rig, which was considered as an affiliated entity and accounted for under the equity method. On December 31, 2015, the Company’s investment in Ocean Rig had a carrying and market value of $91,410. As at March 31, 2016, the Company’s investment in Ocean Rig had a carrying value of $208,176, while the market value of the investment was $45,985. Based on the relevant guidance provided by U.S. GAAP, the Company concluded that the investment in Ocean Rig was impaired and that the impairment was other than temporary. Therefore, the investment in Ocean Rig was written down to its fair value and a loss of $162,191 was recognized and included in the accompanying consolidated statement of operations for the year ended December 31, 2016. On April 5, 2016, the Company sold all of its shares in Ocean Rig to a subsidiary of Ocean Rig for total cash consideration of approximately $49,911 and recognized a gain of $792 as a result of the above transaction, including $343 relating to accumulated other comprehensive income which is included in the accompanying consolidated statement of operations for the year ended December 31, 2016. As of April 5, 2016, the Company no longer holds any equity interest in Ocean Rig. The Company’s equity in the losses and capital transactions of Ocean Rig was 40.4% up to April 5, 2016 and is shown in the accompanying consolidated statement of operations for the year ended December 31, 2016, as “Losses of affiliated company” amounting to a loss of $41,454. Heidmar On August 29, 2017, following the closing of the Private Placement (Note 4), the Company issued 12,000,000 common shares to SPII, an entity that may be deemed to be beneficially owned by Mr. George Economou, as a consideration for the purchase of the 100% issued and outstanding equity interests of SPI, which directly holds a 49% interest in Heidmar, a global tanker pool operator. SPI is a member of Heidmar, a Delaware limited liability company that directly owns 49% of the total issued equity interests of Heidmar. The fair value of the investment as of the acquisition date was $34,000 (Note 13). Since August 29, 2017, Heidmar is considered an affiliated entity of the Company and qualifies as an equity method investment due to Company’s significant influence over Heidmar. The Company elected to account for the investment in Heidmar under the fair value option in order to mitigate volatility in income that would affect the measurement of the investment under the equity method and achieve operational simplifications. The Company’s investment in Heidmar was recorded at $34,000 upon the closing of the transaction. As of December 31, 2017 and 2018, no change in the fair value of Company’s investment in Heidmar was identified. For the year ended December 31, 2018, the fair value of Company’s investment in Heidmar was determined based on an acceptable valuation method performed in-house by the Company’s management, that combines (weighs) the income and the market approach method and thus, no adjustment for the investment in Heidmar to its fair value was recognized in the accompanying consolidated statement of operations for the years ended December 31, 2017 and 2018. The Company, considering that Heidmar is not substantially similar with the peer group, assessed as appropriate the weighing between the two approaches used in the valuation to be 80% for the income approach and 20% for the market approach. Specifically, the income approach employed in the valuation exercise is based on the discounted cash flow model that incorporates unobservable in the market place inputs (Level 3 inputs). The inputs that were used in estimating Heidmar’s discounted cash flows include Heidmar’s weighted average cost of capital, projected charter rates based on the most recent ten year historical rates for similar vessels as adjusted for any outliers, annual increase in Heidmar’s historical wages-salaries and non-compensated general and administrative expenses, the expected number of vessels under management over the forecasted period, a long term growth factor, commission rates on projected charter rates and the number of employees as a ratio of the vessels historically managed per employee. The market approach employed in the valuation exercise incorporates findings from utilizing adjusted data in an active marketplace for identical securities (Level 2 inputs). In particular, the market approach valuation method was based on peer group of companies which were considered fairly similar and comparable and was determined using multiples of Enterprise Value (“EV”) / EBITDA of those peer group companies. Furthermore, a 10% control premium was assumed in order to factor to the valuation the control/significant influence that exits in Heidmar’s equity value in comparison with minority shareholdings in peer group analysis. Finally based on market available empirical evidences and methods, a discount factor representing the lack of marketability due to Heidmar’s private status was used in estimating the total fair value of Heidmar’s equity. The significant assumptions used in the fair value measurement of the Company’s investment in Heidmar are: (i) the discount factor due to lack of marketability (7.5%), (ii) the projected charter rates based on the most recent ten year historical rates for similar vessels as adjusted for any outliers, (iii) the long term growth factor (3.2%), (iv) the commission rates assumed over projected charter rates (2.9%), (v) the weighted average cost of capital (10.8%), (vi) the projected number of vessels under management over the forecasted period (average of 63 vessels) and (vii) the weighting between the two approaches (80% and 20% for the income and market approach, respectively). A change of: (i) discount factor due to lack of marketability by 5% would result in a change of Company’s investment in Heidmar by $1,856, (ii) charter rates by 10% would result in a change of Company’s investment in Heidmar by $6,672, (iii) long term growth factor by 1%, would result in an increase and decrease of Company’s investment in Heidmar by $1,907 and $1,463, respectively, (iv) commission rates by 0.5% would result in an increase and decrease of Company’s investment in Heidmar by $10,917 and $11,083 , respectively, (v) weighted average cost of capital by 1% would result in an increase and decrease of Company’s investment in Heidmar by $2,578 and $1,986, respectively, (vi) the number of vessels under management by one per pool per year would result in an increase and decrease of Company’s investment in Heidmar by $9,010 and $8,945, respectively and (vii) weighting of market versus income approach by 10% would result in a change of Company’s investment in Heidmar by $31 (Note 13). |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt [Abstract] | |
Long-term Debt: | 11.Long-term Debt: The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2017 2018 Secured Credit Facilities - Drybulk Segment $ - $ 75,582 Secured Credit Facilities - Tanker Segment - 124,757 Secured Credit Facilities - Gas Carrier Segment 147,716 - Secured financing arrangements - Drybulk Segment - 91,937 Less: Deferred financing costs (2,378) (2,193) Total debt 145,338 290,083 Less: Current portion (11,635) (38,795) Long-term portion $ 133,703 $ 251,288 Secured credit facilities The Company’s secured credit facilities are payable in U.S. Dollars in quarterly installments with balloon payments due at maturity until March 2024. Interest rates on the outstanding credit facilities as at December 31, 2018, are based on LIBOR plus a margin. On November 18, 2016, the Company reached an agreement for the settlement of its outstanding obligation under a secured credit facility dated June 20, 2008, with the respective lender. Under the terms of the agreement, the lending bank agreed to a write-off of almost half of the outstanding principal and interest due. A gain of $8,366 was recognized as part of the transaction included in “Gain on debt restructuring” in the accompanying consolidated statement of operations for the year ended December 31, 2016. On November 18, 2016, the Company repaid $8,200 of principal, as per agreement and during 2017, it fully repaid the outstanding amount totaling $2,000, according to the agreement concluded on November 18, 2016, under its secured credit facility dated June 20, 2008. As of December 31, 2016, the Company was in breach of certain financial covenants regarding its secured credit facility dated March 19, 2012 and had not made principal repayments and interest payments under this agreement. As a result of this non-compliance and in accordance with guidance related to the classification of obligations that are callable by the creditor, the Company classified the respective secured credit facility amounting to $14,935 as current liability at December 31, 2016. On April 24, 2017, the Company made a prepayment of $15,158 and repaid in full the outstanding amount and overdue interest under its secured credit facility dated March 19, 2012. On June 22, 2017, the Company’s wholly-owned subsidiaries entered into a secured credit facility of up to $150,000 to partially finance the construction costs relating to the four VLGCs, the Anderida , Aisling , Mont Fort and Mont Gelé . The facility beared interest at LIBOR plus a margin and was repayable in twenty-four quarterly installments and a balloon payment at maturity and was secured by first mortgage over the Company’s four VLGCs (Note 7). As of December 31, 2017, the Company drew the whole amount of $150,000, related to the delivery of the four VLGCs. On October 15, October 30 and November 5, 2018, the VLGCs Mont Gelé , Mont Fort and Anderida , Aisling , respectively, were delivered to their new owners according to the terms of the Memoranda of Agreement dated July 4, 2018 (Notes 6,7) and their outstanding at that time credit facility balance total amounted to $137,820 was fully repaid along with their associated costs. On January 24, 2018, the Company’s wholly-owned subsidiaries entered into a secured credit facility of up to $90,000. The facility bears interest at LIBOR plus a margin, is repayable in twenty quarterly installments and a balloon payment at maturity, and is secured by first priority mortgage over the vessels Shiraga , Samsara, Stamos and Balla (Note 7). On January 26, 2018, the Company drew down the full amount of $90,000. On January 29, 2018, the Company’s wholly-owned subsidiaries entered into a secured credit facility of up to $35,000. The facility bears interest at LIBOR plus a margin, is repayable in twenty-four quarterly installments and a balloon payment at maturity, and is secured by first priority mortgage over the vessels Valadon , Matisse and Rapallo (Note 7). On March 7, 2018, the Company drew down the full amount of $35,000. On March 8, 2018, the Company’s wholly-owned subsidiaries entered into a secured credit facility of up to $30,000. The facility bears interest at LIBOR plus margin, is repayable in twenty-four quarterly installments and a balloon payment at maturity, and is secured by first priority mortgage over the vessels Judd and Raraka (Note 7). On March 13, 2018, the Company drew down the full amount of $30,000. On June 1, 2018, the Company, as part of the acquisition of the vessel owning company of the Newcastlemax drybulk carrier Huahine (Notes 4, 7), assumed the outstanding secured credit facility of $16,500. The facility bears interest at LIBOR plus margin, is repayable in six quarterly installments and a balloon payment at maturity, and is secured by first priority mortgage over the vessel Huahine (Note 7). On June 8, 2018, the Company, as part of the acquisition of the vessel owning company of the Suezmax vessel Marfa (Notes 4, 7), assumed the outstanding secured credit facility of $33,833. The facility bears interest at LIBOR plus margin, is repayable in twenty-two quarterly installments and a balloon payment at maturity, and is secured by first priority mortgage over the vessel Marfa (Note 7). On December 14, 2018, the Company, as part of the acquisition of the vessel owning company of the Aframax tanker vessel Botafogo (Notes 4, 7), assumed the outstanding secured credit facility of $8,929. The facility bears interest at LIBOR plus margin, is repayable in five quarterly installments and a balloon payment at maturity, and is secured by first priority mortgage over the vessel Botafogo (Note 7). Secured financing arrangements On April 2, 2018, the Company’s wholly-owned subsidiary entered into a finance lease arrangement with a major Chinese leasing company for the Company’s Kamsarmax drybulk carrier, the Kelly , pursuant to a memorandum of agreement and a bareboat charter agreement. The financing provided for the transfer of the Kelly to the buyer for 50% of the agreed purchase price of $26,218 and at the same time chartered it back for a period of ten years (expiration in April 2028). The financing amount (charterhire) bears interest at LIBOR plus a margin, is repayable in forty quarterly installments, with a balloon payment at maturity and is secured by corporate guarantees. As part of the agreement, the Company has purchase options to reacquire the vessel during the bareboat charter period, with the first of such options exercisable on the first anniversary from the vessel's delivery date. There is also a purchase obligation upon payment of the balloon at the last repayment date. On April 13, 2018, the vessel was delivered and chartered back to the Company, and the Company also drew down the full financing amount of $13,109. On May 4, 2018, five of the Company’s wholly-owned subsidiaries entered into five finance lease arrangements with a major Chinese leasing company for the Company’s drybulk carriers Nasaka , Morandi , Marini , Bacon and Castellani , pursuant to five memoranda of agreements and bareboat charter agreements. The financing provided for the transfer of the underlying vessels to the buyer for 50% of the aggregate purchase price of $164,000 and at the same time chartered it back for a period of eight years (expiration in May 2026). The aggregate financing amount (charterhire) bears interest at LIBOR plus a margin, is repayable in thirty-two quarterly installments, with balloon payments at maturity and is secured by corporate guarantees. As part of the agreements, the Company has purchase options to re-acquire each vessel during the bareboat charter period, with the first of such options exercisable on the first anniversary of each vessel’s delivery date. There are also purchase obligations upon payment of each balloon payment at each last repayment date. On May 15, 2018, the vessels were delivered and chartered back to the Company, and the Company also drew down the full aggregate financing amount of $82,000. In accordance with ASC 842 and ASC 606-10, these transactions were accounted for as financing arrangements and not as transactions involving sale-leaseback, due to the repurchase obligation clauses included in the agreements. Therefore , the Company continues to recognize these vessels at their net book values on the consolidated balance sheet and also recognizes (i) a financial liability for the financing amount drawn down on the accompanying consolidated balance sheet under “Long term debt, net of deferred finance costs” and (ii) the variable amount of consideration paid under “Interest and finance cost” in the accompanying consolidated statement of operations. The aggregate available undrawn amount under the Company’s secured credit facilities and financing arrangements at December 31, 2017 and 2018 was $0. The weighted-average interest rates on the above outstanding secured credit facilities and financing arrangements were: 3.15%, 3.37% and 4.60% for the years ended December 31, 2016, 2017 and 2018, respectively. The table below presents the movement for secured credit facilities and financing arrangements throughout 2018: Debt Debt agreement date Original Amount December 31, 2017 New debt/ Acquisitions 50% Set-off price Repayments December 31, 2018 Secured Credit Facility June 22, 2017 $ 150,000 $ 147,716 $ - $ - $ (147,716) $ - Secured Credit Facility January 24, 2018 90,000 - 90,000 - (6,255) 83,745 Secured Credit Facility January 29, 2018 35,000 - 35,000 - (2,543) 32,457 Secured Credit Facility March 8, 2018 30,000 - 30,000 - (1,875) 28,125 Secured Credit Facility October 13, 2013 30,000 - 16,500 - (1,500) 15,000 Secured Credit Facility September 1, 2017 35,000 - 33,833 - (1,750) 32,083 Secured Credit Facility January 20, 2010 30,000 - 8,929 - - 8,929 Secured Financing Arrangement April 2, 2018 26,218 - 26,218 (13,109) (439) 12,670 Secured Financing Arrangements May 4, 2018 164,000 - 164,000 (82,000) (2,733) 79,267 $ 147,716 $ 404,480 $ (95,109) $ (164,811) $ 292,276 The Company’s secured credit facilities are secured by mortgages over the Company’s vessels (Note 7), corporate guarantees, first priority assignments of all freights in excess of twelve months, earnings, insurances and requisition compensation. The Company’s financing arrangements are secured by corporate guarantees and first priority assignments of all freights, earnings, insurances and requisition compensation. The Company’s secured credit facilities and financing arrangements contain customary financial covenants that restrict, without the bank’s prior consent, changes in management and ownership of the vessels, the incurrence of additional indebtedness and mortgaging of vessels and changes in the general nature of the Company’s business. Under the Company’s credit facilities and financing arrangements, Mr. Economou must generally continue to beneficially own at least 50% of either (i) the Company’s issued and outstanding share capital or (ii) the Company’s issued and outstanding voting share capital. In addition, the Company’s credit facilities and financing arrangements require the Company and its subsidiaries to satisfy certain financial covenants. Depending on the credit facility or financing arrangement, these financial covenants require to maintain (i) minimum liquidity; (ii) a maximum leverage ratio; (iii) a minimum debt service cover ratio; (iv) a minimum market adjusted net worth; (v) a minimum solvency ratio and (vi) a minimum working capital level. Also, the credit facilities and financing arrangements, require to maintain specified financial ratios, mainly to ensure that the market value of the mortgaged vessels under the applicable credit facility, determined in accordance with the terms of that facility, does not fall below a certain percentage of the outstanding amount of the loan, which is referred as a value maintenance clause or loan-to-value ratio. All of the Company’s credit facilities and financing arrangements also contain cross-acceleration or cross-default provisions that may be triggered by a default under one of the Company’s other credit facilities and financing arrangements. These covenants may limit the ability of certain of the Company’s subsidiaries to, among other things, without the relevant lenders’ or counterparties’ prior consent (i) incur additional indebtedness, (ii) change the flag, class or management of the vessel mortgaged under such facility, (iii) create or permit to exist liens on their assets, (iv) make loans, (v) make investments or capital expenditures, and (vi) undergo a change in ownership or control. As of December 31, 2018, the Company was in compliance with the covenants regarding its secured credit facilities and financing arrangements. Total interest incurred on long-term debt and amortization of debt issuance costs, including capitalized interest, for the years ended December 31, 2016, 2017 and 2018, amounted to $8,299, $17,125 and $20,613, respectively. These amounts net of capitalized interest are included in “Interest and finance costs” in the accompanying consolidated statement of operations. The annual principal payments required to be made after December 31, 2018, for credit facilities and financing arrangements including balloon payments, totaling $292,276, are as follows: Due through December 31, 2019 $ 39,337 Due through December 31, 2020 30,408 Due through December 31, 2021 22,908 Due through December 31, 2022 22,908 Due through December 31, 2023 85,370 Thereafter 91,345 Total principal payments 292,276 Less: Financing fees (2,193) Total debt $ 290,083 The Loan Facility Agreement with Sierra is discussed in Note 4 herein. |
Finance lease liability (Due to
Finance lease liability (Due to related parties) | 12 Months Ended |
Dec. 31, 2018 | |
Finance lease liability (Due to related parties) [Abstract] | |
Finance lease liability (Due to related parties): | 12.Finance lease liability (Due to related parties): December 31, 2018 Conquistador bareboat charter $ 24,491 Pink Sands bareboat charter 23,511 Xanadu bareboat charter 23,962 Total finance lease liability 71,964 Less: Current portion (5,274) Long-term portion $ 66,690 On November 19, 2018, the Company entered into three separate bareboat charter agreements for three Newcastlemax drybulk carriers, the Conquistador , Pink Sands and Xanadu , already mortgaged under secured credit facilities, with entities that may be deemed to be beneficially owned by Mr. George Economou, the Company’s Chairman and CEO, for an aggregate bareboat charterhire of $171,500. The bareboat charterhire is payable as follows: i) an amount of $99,875 in advance (advance bareboat charterhire), calculated as the difference between the aggregate bareboat charterhire and the outstanding balance of the secured credit facilities at the time of the agreements conclusion, and ii) an aggregate amount of $71,625 in quarterly installments, bearing interest (LIBOR plus margin) and having also balloon payments at maturity. As part of the agreements and upon payment of each balloon installment at the final repayment date, the Company has the obligation to purchase the vessels. On November 27, 2018 (commencement date), the vessels were bareboat chartered to the Company upon payment of the advance bareboat charterhire amounts. The transactions were approved by the independent members of the Company’s board of directors taking into account among other things i) independent third-party brokers’ charter free valuations certificates and ii) the actual speed and consumption figures of each vessel, the terms of the proposed time charter parties, fixtures of sister vessels the Company owns and general market activity, respectively (Notes 4, 7, 13). The Company treats the aforementioned bareboat charter agreements (leases) in accordance with the new lease accounting standard (ASC 842). In accordance with ASC 842, the Company (lessee) classified the leases as finance leases due to the purchase obligation clauses included in the agreements. With regards to these contracts initial recognition the Company recognized (i) the vessels as right-of-use assets in its consolidated balance sheet under “Vessels, net” and is depreciating them over their remaining useful lives, as determined in accordance with Company’s depreciation policy for fixed assets (Note 2o) and (ii) a finance lease liability being reduced by the lease payments and increased by period’s finance lease cost. More precisely, the Company recorded i) an aggregate finance lease liability amounted to $171,500 being the present value of the aggregate future finance lease liability, as determined using the lessor’s implicit rate (4.98%) to the lease and ii) a right-of-use for the vessels at the same amount. No initial direct costs were incurred by the Company. The aggregate future finance lease liability, consisted of i) the advance bareboat charterhire, ii) the fixed quarterly installments and iii) the expected future interest payments, as determined on commencement date (4.91% - LIBOR at commencement date plus margin). The weighted average remaining term of the Company’s outstanding finance lease obligations was 9.7 years. The Company recognized an accrued finance lease interest expense amounted to $339 in its accompanying consolidated statement of operations for the year ended December 2018, included in “Interest and finance cost” (Note 18). The Company recognized depreciation expense of the right-of-use assets amounted to $629 in its accompanying consolidated statement of operations for the year ended December 2018, included in “Depreciation” (Note 4). The table below presents the movement of finance lease liabilities throughout 2018: Finance lease liability Bareboat Charter Agreement date Original amount Repayments Finance lease interest expense December 31, 2018 Conquistador bareboat charter November 19, 2018 $ 56,000 $ (31,625) $ 116 $ 24,491 Pink Sands bareboat charter November 19, 2018 56,000 (32,600) 111 23,511 Xanadu bareboat charter November 19, 2018 59,500 (35,650) 112 23,962 $ 171,500 $ (99,875) $ 339 $ 71,964 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements: | 13.Financial Instruments and Fair Value Measurements: ASC 815, “Derivatives and Hedging” requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. The Company recognizes all derivative instruments as either assets or liabilities at fair value on its consolidated balance sheets. The Company enters into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to its variable interest rate secured credit facilities. All of the Company’s derivative transactions are entered into for risk management purposes. All of the Company’s interest swap agreements were either matured or terminated during the year ended December 31, 2016. As of December 31, 2017 and December 31, 2018, the Company had no interest rate swap agreements outstanding. During the year ended December 31, 2016, the amount of $110 was reclassified into the consolidated statement of operations concerning realized losses on cash flow hedges associated with capitalized interest during prior years. The fair value of the interest rate swap agreements equates to the amount that would be paid by the Company if the agreements were transferred to a third party at the reporting date, taking into account current interest rates and creditworthiness of both the financial instrument counterparty and the Company. The change in the fair value of such interest rate swap agreements that do not qualify for hedge accounting for the year ended December 31, 2016 amounted to a gain of $2,193, and was included in “Gain on interest rate swaps” in the accompanying consolidated statement of operations. Amount of Gain Year Ended December 31, Derivatives not designated as hedging instruments Location of Gain Recognized 2016 2017 2018 Interest rate swaps Gain on interest rate swaps $ 403 $ - $ - Total $ 403 $ - $ - On September 27, 2018, the Company invested $5,000 in a 9.50% Senior Unsecured Callable Corporate Bond (“9.5% Corporate Bond”) with five years maturity. The Company classified its investment as non-current available for sale debt securities measured at fair value through other comprehensive income/(loss) (Note 2). As of December 31, 2018, the fair value of Company’s investment in the 9.5% Corporate Bond amounted to $4,961, resulting to an unrealized loss of $39 and included in the accompanying consolidated statement of comprehensive income/(loss) for the year ended December 31, 2018. The carrying amounts of cash and cash equivalents, restricted cash, trade accounts receivable, accounts payable, other current assets, other non-current assets and liabilities and due to/due from related parties reported in the consolidated balance sheets approximate their respective fair values because of the short term nature of these accounts. The carrying value approximates the fair market value for the floating rate credit facilities and financing arrangements. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based LIBOR swap yield curves, taking into account current interest rates and the creditworthiness of both the financial instrument counterparty and the Company. The fair value of the investment in Heidmar was determined based on a valuation method that combines (weighs) the income and the market approach using unobservable in the market place inputs (Level 3 inputs) and utilizing adjusted data in an active marketplace for identical securities (Level 2 inputs), respectively. For fair value measurements categorized within Level 3 of the fair value hierarchy, the Company has in place its valuation policies and procedures regarding the development and determination of the inputs categorized within Level 3 hierarchy. The fair value calculations are the Company’s responsibility and are approved by the Company’s management. Any changes in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed and assessed each period based on changes in estimates or assumptions used by the Company’s management for accuracy and reasonability, and recorded as appropriate. The significant assumptions and valuation methods that the Company used to determine the initial fair value and any subsequent change in the fair value of the Company’s investment in Heidmar are discussed below and in Note 10. The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. 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 statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following table summarizes the valuation of assets and liabilities measured at fair value on a recurring basis as of December 31, 2018, respectively. Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Investment in affiliate – Heidmar (Note 10) $ - $ - $ 34,000 Investment in available for sale debt securities 4,961 - - Total $ 4,961 $ - $ 34,000 The Company’s independent members of the board, following the receipt of a fairness opinion, on August 11, 2017 approved a transaction pursuant to which the Company sold 36,363,636 of the Company’s common shares to entities that may be deemed to be beneficially owned by its Chairman and CEO, Mr. George Economou, for an aggregate consideration of $100,000 at a price of $2.75 per share (i.e., the Private Placement). The Private Placement transaction was a non-cash transaction with a transfer of an exchange of assets and liabilities from entities that may be deemed to be beneficially owned by the Company’s Chairman and CEO, Mr. George Economou, as a consideration for the common stock issued. The fair values of the non-cash transactions, as described above, are determined based on the fair values of assets and liabilities given up on the date that the transaction was concluded, or if more clearly evident, the fair value of the asset and liabilities received on the date that the respective transaction was concluded. The Company considered that the fair value of the shares issued as part of the transaction is considered more clearly evident and concluded that in this respect the aforementioned non-monetary transaction will be recorded based on the fair value of the shares issued as part of the Private Placement. The fair value of the Company’s exchanged capital stock was valued using the quoted market price available as of the closing of the transaction according to ASC 820 “Fair Value Measurement”. The Company issued an aggregate 36,363,636 shares of its common stock in the Private Placement to: (i) Sierra in exchange for the reduction of the principal outstanding balance by $27,000 of the Company’s Revolving Facility (Note 4); (ii) SPII in exchange for the indirect purchase of the 49% equity interests in Heidmar that was measured at $34,000 (Note 10); and (iii) Mountain in exchange for the termination of the Participation Rights Agreement (Note 4) and the forfeiture of the Series D Preferred Shares. The transaction resulted in a total loss of $7,600, as the difference between the transaction price and the fair value price of $2.05 and is included in “Loss on Private Placement” in the accompanying consolidated statement of operations for the year ended December 31, 2017. In addition, an amount of $2,805 was classified under the respective “Stockholders’ Contribution” in “Accumulated deficit” in the accompanying consolidated balance sheet as of December 31, 2017 (Note 4, 14), as the difference between the carrying value of the Series D Preferred Stock before their forfeiture and their fair value. On December 31, 2017 and 2018, respectively, based on the valuation method that combines (weighs) the income and the market approach using unobservable in the market place inputs (Level 3 inputs) and utilizing adjusted data in an active marketplace for identical securities (Level 2 inputs), no change in the fair value of the Company’s investment in Heidmar was identified and thus no adjustment in the fair value of the Company’s investment in Heidmar was recorded in the accompanying consolidated statement of operations for the years ended December 31, 2017 and 2018 (Note 10). The following table summarizes the valuation of assets measured at fair value on a non-recurring basis for the year ended December 31, 2018. Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Impairment loss Non-Recurring measurements: Vessels, net (Note 7) - 26,375 - 291 Total $ - $ 26,375 $ - $ 291 During 2016, the sale of the vessel owning companies of the Capesize drybulk carriers Fakarava , Rangiroa and Negonego resulted in a charge of $23,018 and the sale of the Panamax drybulk carrier Coronado resulted into a gain of $1,084, both included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” for the year ended December 31, 2016 (Note 7). During the year ended December 31, 2016, an additional charge of $18,266 was also recognized as “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” in the accompanying consolidated statement of operations due to the reduction of the vessels’ held for sale carrying amount to their fair value less cost to sell, as of December 31, 2016 (Note 7). Due to the sale of the Panamax drybulk carriers Ocean Crystal , Sonoma and Sorrento (Note 7), the Company revalued the above vessels with reference to the purchase prices as concluded in the respective Memoranda of Agreement and recognized a gain amounting to $3,020 and included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” for the year ended December 31, 2016. Also, a loss of $641 was recognized in the accompanying consolidated statement of operations for the year ended December 31, 2016 included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” related to the delivery of those vessels to their new owners. On December 30, 2016, the Company’s Board of Directors resolved that the 13 drybulk vessels of the Company’s fleet that were previously classified as held for sale will not be sold, effective December 31, 2016. Therefore, the vessels were reclassified as held and used and a gain of $1,851 was recognized and included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” based on the respective U.S. GAAP guidance, due to their measurement at their fair values as at December 31, 2016 as determined based on valuations of the independent valuators. Also, the impairment review for the year ended December 31, 2016 indicated that the carrying amount of the offshore support vessels was not recoverable and, therefore, a charge of $65,712 was recognized and included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” in the accompanying consolidated statement of operations (Note 7). Upon held for sale classification measurement at fair value less cost to sell in relation to the four VLGCs sold during the period an amount of $7,279 was included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” in the accompanying consolidated statement of operations for the year ended December 31, 2018 (Note 7). The impairment review performed for the nine-month period ended September 30, 2018, indicated that six of the Company’s vessels (the offshore support vessels), with a carrying amount of $25,590 should be written down to their fair value as determined based on independent valuations, resulting in an impairment charge of $9,465, which was included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” in the accompanying consolidated statement of operations for the year ended December 31, 2018 (Note 7). The impairment review performed for the year ended December 31, 2018, indicated that one of the Company’s tanker vessels, with a carrying amount of $26,666 should be written down to its fair value as determined based on independent valuations, resulting in an impairment charge of $291, which was included in “Impairment loss, (gain)/loss from sale of vessels and vessel owning companies and other” in the accompanying consolidated statement of operations for the year ended December 31, 2018 (Note 7). |
Common Stock and Additional Pai
Common Stock and Additional Paid-in Capital | 12 Months Ended |
Dec. 31, 2018 | |
Common Stock and Additional Paid-in Capital | |
Common Stock and Additional Paid-in Capital: | 14.Common Stock and Additional Paid-in Capital: Issuance of common shares On December 23, 2016, the Company entered into an agreement (the “2016 Purchase Agreement”) with Kalani Investments Limited (the “Investor”), an entity organized in the British Virgin Islands that is not affiliated with the Company, under which the Company could sell up to $200,000 of its common stock to the Investor over a period of 24 months, subject to certain limitations, and receive up to an aggregate of $1,500 of shares of its common stock as a commitment fee in consideration for entering into the 2016 Purchase Agreement. Proceeds from any sales of common stock were used for general corporate purposes. The Investor had no right to require any sales and was obligated to purchase the common stock as directed by the Company, subject to certain limitations set forth in the agreement. As of January 31, 2017, the Company completed the sale to the Investor of the full $200,000 worth of shares of its common stock under the 2016 Purchase Agreement, which then automatically terminated in accordance with its terms. Between the date of the 2016 Purchase Agreement, December 23, 2016, and January 30, 2017, the Company sold an aggregate of 32,681 shares (71,864,590 before the effect of the reverse stock splits) of common stock to the Investor, out of which 263 common shares (844,335 before the effect of the reverse stock splits) were commitment fees for entering into the 2016 Purchase Agreement. On February 17, 2017, the Company entered into a common stock purchase agreement (the “February 2017 Purchase Agreement”) with the Investor. The February 2017 Purchase Agreement provided that, upon the terms and subject to the conditions set forth therein, the Investor was committed to purchase up to $200,000 worth of shares of the Company’s common stock over the 24-month term of the purchase agreement and receive up to an aggregate of $1,500 of shares of our common stock as a commitment fee in consideration for entering into the February 2017 Purchase Agreement. As of March 17, 2017, the Company completed the sale to the Investor of the full $200,000 worth of shares of common stock under the February 2017 Purchase Agreement, which then automatically terminated in accordance with its terms. Between the date of the February 2017 Purchase Agreement, February 17, 2017, and March 16, 2017, the Company sold an aggregate 118,165 shares of its common stock (115,801,710 before the effect of the reverse stock splits) to the Investor, out of which 872 common shares (854,631 before the effect of the reverse stock splits) were commitment fees for entering into the February 2017 Purchase Agreement. On April 3, 2017, the Company entered into a common stock purchase agreement (the “April 2017 Purchase Agreement”) with the Investor. The April 2017 Purchase Agreement provided that, upon the terms and subject to the conditions set forth therein, the Investor was committed to purchase up to $226,400 worth of shares of the Company’s common stock over the 24-month term of the April 2017 Purchase Agreement and receive up to an aggregate of $1,500 of shares of the Company’s common stock as a commitment fee in consideration for entering into the April 2017 Purchase Agreement. On August 11, 2017, the Company terminated the April 2017 Purchase Agreement. Between the date of the April 2017 Purchase Agreement, April 3, 2017, and August 10, 2017, the Company sold an aggregate of 31,392,280 shares of its common stock (123,998,456 before the effect of the reverse stock splits) to the Investor, out of which 42,630 common shares (879,711 before the effect of the reverse stock splits) were commitment fees for entering into the April 2017 Purchase Agreement for a total proceeds of $193,598. On August 11, 2017, the independent members of the Company’s board of directors approved a Term Sheet pursuant to which the Company sold 36,363,636 of the Company’s common shares to entities that may be deemed to be beneficially owned by its Chairman and CEO, Mr. George Economou, for an aggregate consideration of $100,000 at a price of $2.75 per share. The Private Placement closed on August 29, 2017, when the Company issued an aggregate 36,363,636 shares of its common stock to SPII, Sierra and Mountain, entities that may be deemed to be beneficially owned by Mr. Economou (Note 4). The Company did not receive cash proceeds from the Private Placement. Pursuant to the Term Sheet, the independent members of the Company’s board of directors also approved a Rights Offering that commenced on August 31, 2017 and allowed the Company’s shareholders to purchase their pro rata portion of up to $100,000 of the Company’s common shares at a price of $2.75 per share. In connection with the Rights Offering, on August 29, 2017, Sierra also entered into a Backstop Agreement to purchase from the Company, at $2.75 per share, the number of shares of common stock offered pursuant to the Rights Offering that were not issued pursuant to existing shareholders’ exercise in full of their rights. On October 4, 2017 and following the closing of the rights’ subscription, the Company issued 36,363,636 shares of its common stock, of which 305,760 shares were issued to existing eligible shareholders and 36,057,876 shares were issued to Sierra as per the Backstop Agreement. The Company received $841 from the subscribed shareholders. Regarding the common shares issued to Sierra, the Company did not receive any cash proceeds (Note 4). Issuance of preferred shares On June 8, 2016, the Company, entered into a Securities Purchase Agreement with an institutional investor for the sale of 5,000 newly designated Series C Convertible Preferred Shares for $5,000, warrants to purchase 5,000 Series C Convertible Preferred Shares for $5,000 and 0 common shares (310 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits). The securities were issued to the investor through a registered direct offering. The total net proceeds from the offering, after deducting offering fees and expenses, were approximately $5,000. The Company further received $5,000 due to the exercise of all warrants, and the total proceeds were $10,000. The Series C Convertible Preferred Stock accrued cumulative dividends on a monthly basis at an annual rate of 8%. Such accrued dividends were payable in shares of common stock or in cash at the Company’s option, or in a combination of cash and common shares. On July 6, 2016, August 3, 2016, September 1, 2016, October 5, 2016 and November 4, 2016, the Company issued 0 (70 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits), 0 (17 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits), 0 (278 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits), 0 (328 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) and 0 (339 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) shares of Common stock, respectively, as dividend to the holders of our Series C Convertible Preferred shares. As of November 18, 2016, the 5,000 Series C Convertible Preferred Shares issued on June 15, 2016 and their respective $400 dividends have been converted to 29 common shares (28,697 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) and, the 5,000 of the Series C Convertible Preferred Shares issued on August 10, 2016 due to the exercise of the respective warrants, and their respective $344 dividends have been converted to 152 common shares (149,187 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits). On September 9, 2016, the Company entered into an agreement to convert $8,750 of the outstanding balance of the Revolving Credit Facility with Sifnos (Note 4) into 29 Series D Preferred shares (29,166 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) of the Company. Each preferred share had 100,000 votes and was not convertible into common stock of the Company. The 29 Series D Preferred shares (29,166 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) were issued on September 13, 2016. On November 16, 2016, the Company entered into a Securities Purchase Agreement with the Investor for the sale of 20,000 newly designated Series E-1 Convertible Preferred Shares for $20,000, preferred warrants to purchase 30,000 Series E-1 Convertible Preferred Shares for $30,000, preferred warrants to purchase 50,000 newly designated Series E-2 Convertible Preferred Shares for $50,000, prepaid warrants to initially purchase an aggregate of 47 common shares (46,609 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits - with the number of common shares issuable subject to adjustment as described therein), and 0 common shares (13 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits). The total gross proceeds from the sale of the securities and the exercise of the preferred warrants were $100,000. The Series E1 and E2 Convertible Preferred Shares were entitled to receive dividends which could be paid by the Company in shares of common stock or cash or a combination of cash and common shares and which were cumulative and accrued and compounded monthly. As of December 31, 2016, the initial 20,000 Series E-1 Convertible Preferred Shares, which were issued on November 21, 2016, and their respective $1,400 dividends were converted to 873 common shares (856,352 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits). Also, as of December 31, 2016, all preferred warrants were exercised and the 80,000 preferred shares were issued and together with their respective $5,551 dividends were converted to 3,153 common shares (3,090,405 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits). Finally, all prepaid warrants have been exercised and in this respect, 45 common shares (44,822 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) were issued. On August 29, 2017, following the closing of the Private Placement, all outstanding shares of Series D Preferred Stock (which carried 100,000 votes per share) that Sifnos held were forfeited. An amount of $2,805, being the difference between the carrying value of the Series D Preferred Stock as of the forfeiture date and their fair value, was classified under the respective “Stockholders’ Contribution” and was included in “Accumulated deficit” in the accompanying consolidated balance sheet as of December 31, 2017 (Notes 4, 13). Treasury stock On September 9, 2017, 3 shares (3,009 before the 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits) of the Company’s common stock, held as treasury stock, were retired. As of December 31, 2017, the Company did not hold any treasury stock. On February 6, 2018, the Company’s board of directors approved a stock repurchase program under which the Company was authorized to repurchase up to $50,000 of its outstanding common shares for a period of 12 months (the “Repurchase Program”). The Company may repurchase shares in privately negotiated or open-market purchases in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. On October 5, 2018, the Company completed in full its Repurchase Program. Under the Repurchase Program, the Company repurchased a total of 10,864,227 shares of its common stock for an aggregate amount of $50,217 including fees. On October 29, 2018, the Company’s board of directors authorized a new stock repurchase program, under which the Company may repurchase up to $50,000 of its outstanding common shares for a period of 12 months (the “New Repurchase Program”). The Company may repurchase shares in privately negotiated or open-market purchases in accordance with applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. As of December 31, 2018 and under both repurchase programs, the Company has repurchased a total of 17,042,680 shares of its common stock for a gross consideration of $85,378 including fees. As of December 31, 2018, the number of shares of the Company's common stock outstanding was 87,232,028. The Company elected to account for the repurchased and held shares under the cost method, with the aggregate cost of shares repurchased amounted to $85,378 to be recognized under the “Treasury stock” in the accompanying consolidated balance sheet as at December 31, 2018. As of January 7, 2019, the Company has repurchased an additional 345,401 shares of its common stock for an aggregate amount of $2,120, including fees. As of February 28, 2019, the outstanding number of shares of the Company's common stock was 86,886,627 (Note 22). Reverse stock splits On January 18, 2017, the board of directors of the Company determined to effect a 1-for-8 reverse stock split of its common shares. The reverse stock split occurred, and the Company’s common stock began trading on a split adjusted basis on the Nasdaq Capital Market, as of the opening of trading on January 23, 2017. On April 6, 2017, the Company determined to effect a 1-for-4 reverse stock split of its common shares. The reverse stock split occurred, and the Company’s common stock began trading on a split adjusted basis on the Nasdaq Capital Market, as of the opening of trading on April 11, 2017. On May 2, 2017, the Company determined to effect a 1-for-7 reverse stock split of its common shares. The reverse stock split occurred, and the Company’s common stock began trading on a split adjusted basis on the Nasdaq Capital Market, as of the opening of trading on May 11, 2017. On June 16, 2017, the Company determined to effect a 1-for-5 reverse stock split of its common shares. The reverse stock split occurred, and the Company’s common stock began trading on a split adjusted basis on the Nasdaq Capital Market, as of the opening of trading on June 22, 2017. On July 18, 2017, the Company determined to effect a 1-for-7 reverse stock split of its common shares. The reverse stock split occurred, and the Company’s common stock began trading on a split adjusted basis on the Nasdaq Capital Market, as of the opening of trading on July 21, 2017. All previously reported share and per share amounts have been restated to reflect the reverse stock splits. Dividends On February 27, 2017, the Company’s board of directors decided to initiate a new dividend policy under which the Company expected to pay a regular fixed quarterly cash dividend of an aggregate of $2,500 to the holders of common stock. In addition, at its discretion, the board may decide to pay additional amounts as dividends each quarter depending on market conditions and the Company’s financial performance, over and above the fixed amount. On February 27, 2017, the Company’s board of directors declared a quarterly dividend of an aggregate of $2,500 with respect to the quarter ended December 31, 2016 to the shareholders of record as of March 15, 2017. The dividend was paid on March 30, 2017. On April 11, 2017, the Company’s board of directors declared a quarterly dividend of an aggregate of $2,500 with respect to the quarter ended March 31, 2017 to the shareholders of record as of May 1, 2017. The dividend was paid on May 12, 2017. On July 7, 2017, the Company’s board of directors declared a quarterly dividend of an aggregate of $2,500 with respect to the quarter ended June 30, 2017 to the shareholders of record as of July 20, 2017. The dividend was paid on August 2, 2017. On October 16, 2017, the Company’s board of directors declared a quarterly dividend of an aggregate of $2,500 with respect to the quarter ended September 30, 2017 to the shareholders of record as of October 27, 2017. The dividend was paid on November 13, 2017. On February 6, 2018, the Company’s board of directors declared a quarterly dividend of an aggregate of $2,500 with respect to the quarter ended December 31, 2017 to the shareholders of record as of February 20, 2018. The dividend was paid on March 6, 2018. On May 7, 2018, the Company’s board of directors declared a quarterly dividend of an aggregate of $2,500 with respect to the quarter ended March 31, 2018 to the shareholders of record as of May 25, 2018. The dividend was paid on June 8, 2018. On July 30, 2018, the Company’s board of directors decided to suspend the Company’s previously announced cash dividend policy until further notice. As previously noted, the dividend policy is subject to the discretion of the Company’s board of directors and may be suspended or amended at any time without prior notice. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2018 | |
Equity Incentive Plan [Abstract] | |
Equity Incentive Plan: | 15.Equity incentive plan: On January 16, 2008, the Company’s board of directors approved the 2008 Equity Incentive Plan (the “Plan”). Under the Plan, officers, key employees and directors are eligible to receive awards of stock options, stock appreciation rights, restricted stock, restricted stock units, phantom stock units and unrestricted stock. On January 25, 2010, the Company’s board of directors amended the 2008 Equity Incentive Plan to provide that a total of 21,834,055 common shares be reserved for issuance. The Plan expired on January 16, 2018 in accordance with its terms. On January 12, 2011, 9,000,000 shares (1 share after all reverse stock splits) of the non-vested common stock out of 21,834,055 shares reserved under the Plan were granted to Fabiana as a bonus for the contribution of Mr. George Economou for CEO services rendered during 2010. The shares vested over a period of eight years, with 1,000,000 shares (1 share after all reverse stock splits) vesting on the grant date and 1,000,000 shares (0 share after all reverse stock splits) vesting annually on December 31, 2011 through 2018, respectively. The stock-based compensation was recognized to expenses over the vesting period and based on the fair value of the shares on the grant date of $5.50 per share (share price before reverse stock splits). As of December 31, 2018, 9,000,000 of these shares (1 share after all reverse stock splits) have vested in full. On August 20, 2013, the Compensation Committee approved that a bonus in the form of 1,000,000 shares (1 share after all reverse stock splits) of the Company’s common stock, with par value $0.01, be granted to Fabiana for the contribution of Mr. George Economou for CEO services rendered during 2012. The stock based compensation was recognized to expenses over the vesting period and based on the fair value of the shares on the grant date of $2.01 per share (share price before reverse stock splits). As of December 31, 2016, the shares have vested in full. On August 19, 2014, the Compensation Committee approved that a bonus in the form of 1,200,000 shares (0 share after all reverse stock splits) of the Company’s common stock, with par value $0.01, be granted to Fabiana for the contribution of Mr. George Economou for CEO services rendered during 2013. The stock based compensation was recognized to expenses over the vesting period and based on the fair value of the shares on the grant date of $3.26 per share (share price before reverse stock splits). As of December 31, 2016, these shares have vested in full. On December 30, 2014, the Compensation Committee approved that a bonus in the form of 2,100,000 shares (0 share after all reverse stock splits) of the Company’s common stock, with par value $0.01, be granted to Fabiana for the contribution of Mr. George Economou for CEO services rendered during 2014. The stock based compensation is being recognized to expenses over the vesting period and based on the fair value of the shares on the grant date of $1.07 per share (share price before reverse stock splits). As of December 31, 2017, the shares have vested in full. As of December 31, 2016, 2017 and 2018, there was $2,419, $691 and $0, respectively, of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. The amounts of $3,580, $1,728 and $691 represent the stock based compensation expense for the years ended December 31, 2016, 2017 and 2018, respectively, and are recorded in “General and administrative expenses” in the accompanying consolidated statements of operations for the years ended December 31, 2016, 2017 and 2018, respectively. |
Commitment and contingencies
Commitment and contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitment and contingencies [Abstract] | |
Commitment and contingencies: | 16.Commitment and contingencies: 16.1Legal proceedings Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. The Company has obtained hull and machinery insurance for the assessed market value of the Company’s fleet and protection and indemnity insurance. However, such insurance coverage may not provide sufficient funds to protect the Company from all liabilities that could result from its operations in all situations. Risks against which the Company may not be fully insured or insurable include environmental liabilities, which may result from a blow-out or similar accident, or liabilities resulting from reservoir damage alleged to have been caused by the negligence of the Company. As part of the normal course of operations, the Company’s customers may disagree on amounts due to us under the provision of the contracts which are normally settled through negotiations with the customer. Disputed amounts are normally reflected in revenues at such time as the Company reaches agreement with the customer on the amounts due. HPOR Servicos De Consultaria Ltda, or HPOR, on September 1, 2016 commenced London arbitration references against, among others, us, seeking payment of certain commissions that HPOR is alleging were due by, amongst others, us for certain agency and marketing services provided for the Ocean Rig Mykonos and the Ocean Rig Corcovado drilling units. We have vigorously been defending such allegations and on December 13, 2018, HPOR's appeal was dismissed, with the Commercial Court confirming the decision of the arbitral tribunal and also refusing HPOR permission to appeal further. We and Ocean Rig UDW, or Ocean Rig, were therefore entirely successful. No further appeal is possible by HPOR and the matter is considered closed. On July 4, 2017, the Company announced that it and Mr. Economou had been named as defendants in a lawsuit filed in the High Court of the Republic of the Marshall Islands (Civil Action No. 2017-131) by Michael Sammons alleging, in relevant part, breaches of fiduciary duty, unjust enrichment, and conflict of interest. The Company and Mr. Economou subsequently filed motions to dismiss. The Court finally determined those motions on February 26, 2018. Plaintiff filed a motion for voluntary dismissal without prejudice and the Court issued acknowledgement of voluntary dismissal without prejudice on March 8, 2018. Plaintiffs filed a new action in the U.S. District Court for the Western District of Texas on February 27, 2018, styled as Sammons v. Economou, No. 5:18-cv-00194 (W.D. Tex.) alleging breaches of fiduciary duty and violations of Sections 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. On March 14, 2018, Defendants moved for an order requiring Plaintiffs to pay Defendants' costs incurred in the prior action, and for a stay pending payment of costs. On April 22, 2018, plaintiffs filed a first amended complaint propounding additional allegations for constructive or common law fraud or violation of Section 9 of the Securities Exchange Act of 1934. On October 10, 2018, the magistrate judge issued a report and recommendation, recommending that the Court grant Defendants' motion for costs in part, and that the Court stay further proceedings pending Plaintiffs' satisfaction of the cost award. On October 31, 2018, over the Plaintiff’s objection, the Court adopted the magistrate’s report and recommendation, granted defendants’ motion for costs and for stay pending payment of costs in part, and ordered that the case be stayed until plaintiffs satisfy the cost award. The case was administratively closed by order dated October 31, 2018. Plaintiffs filed a notice of appeal of the district court’s order to the Fifth Circuit Court of Appeals on October 31, 2018 and filed their opening brief in that appeal on December 28, 2018. Defendants-appellees filed their brief in opposition on January 28, 2019, and Plaintiffs-appellants served their reply brief on or about the same day. The Company and Mr. Economou believe that the complaint is without merit and intend to contest the allegations in the Texas action. On August 2, 2017, a putative class action complaint was filed in the United States District Court for the Eastern District of New York (No. 17-cv-04547) by Herbert Silverberg on behalf of himself and all others similarly situated against, among others, the Company and two of its executive officers. The complaint alleges that the Company and two of its executive officers violated Sections 9, 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. An amended complaint was filed by the putative lead plaintiff on September 21, 2018 in accordance with the schedule set by the Court, adding a Section 20A claim against all defendants, and a Section 20(a) claim against one of the Company’s directors named as an additional defendant. On October 26, 2018, the Company served a motion to dismiss. On December 14, 2018, the Company filed the fully-briefed motion to dismiss and opposition papers. On November 30, 2018, putative lead plaintiffs served a motion to strike extraneous documents attached to our motion to dismiss filings. The putative lead plaintiffs filed the fully-briefed motion papers on December 26, 2018. The Court has scheduled a status conference for May 29, 2019. The Company and its management believe that the complaint is without merit and plan to vigorously defend themselves against the allegations. On August 31, 2017, a complaint was filed in the High Court of the Republic of the Marshall Islands (Civil Action No. 2017-198) by certain Ocean Rig, creditors against, among others, the Company and two of its executive officers (who are currently directors) and TMS Offshore Services. The complaint purports to allege nine causes of action, including claims for avoidance and recovery of actual and/or constructive fraudulent conveyances under common law or 6 Del. Code §§ 1304(A)(1), 1305, 1307, and 1308; aiding and abetting fraudulent conveyances; and declaratory judgment under 30 MIRC § 202. The Company (and all other defendants) moved to dismiss the case on October 31, 2017. Following briefing and oral argument, by order dated September 27, 2018, the Court granted Defendants' Joint Motion to Dismiss Complaint, and Defendants George Economou and Antonios Kandylidis' Motion to Dismiss, dismissing the case in its entirety without leave to replead. On or about October 24, 2018, Plaintiffs filed a notice of appeal to the Marshall Islands Supreme Court. The plaintiff-appellant’s opening brief is due to be filed on March 6, 2019, with the defendant-appellee’s opposition brief due on May 15, 2019 and the plaintiff-appellant’s reply brief due on May 27, 2019. The Company and its management believe that the complaint is without merit and plan to vigorously defend themselves against the allegations. Ocean Rig has funded a preserved claims trust, or PCT. The PCT was established to preserve, for the benefit of scheme creditors, any causes of action held by Ocean Rig, Agon Shipping Inc. and/or Ocean Rig Investments Inc. arising from the facts and circumstances identified in the draft complaint prepared by certain of Ocean Rig's creditors referenced above, and certain other claims. If the trustees under the PCT determine that there is merit to any such claims, the trustees may take legal action for the benefit of all the scheme creditors in the restructuring. The Company and certain of its officers and directors have received subpoenas from the SEC requesting certain documents and information from the Company in connection with offerings made by the Company between June 2016 and August 2017. The Company is providing the requested information to the SEC and continues to respond to the ongoing requests from the SEC. Other than the cases mentioned above, the Company is not a party to any material litigation where claims or counterclaims have been filed against the Company other than routine legal proceedings incidental to its business. 16.2Contractual charter revenue Future minimum contractual charter revenue, based on vessels committed to non-cancelable, long-term time contracts as of December 31, 2018, amounts to $26,747 for the twelve months ending December 31, 2019, $6,506 for the twelve months ending December 31, 2020, $6,488 for the twelve months ending December 31, 2021, $1,458 for the twelve months ending December 31, 2022 and $0 for the twelve months ending December 31, 2023 and after. These amounts do not include any assumed off-hire. 16.3 Contractual finance lease liability As part of the three bareboat charter agreements (Notes 4, 12), the Company also provided a guarantee contained into the three bareboat charter agreements pursuant to the terms of which the Company guarantees the obligations arising in respect of the hull cover ratio covenant under the existing secured credit facilities of the vessels Conquistador , Pink Sands and Xanadu , expiring from April 2028 to February 2029 and amounted to $71,625 as December 31, 2018 (Note 12). The following table summarizes Company’s contractual finance lease obligations as of December 31, 2018: Due through December 31, 2019 $ 5,550 Due through December 31, 2020 5,550 Due through December 31, 2021 5,550 Due through December 31, 2022 5,550 Due through December 31, 2023 5,550 Thereafter 43,875 Total contractual obligation $ 71,625 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Revenue: | 17. Revenue Revenue Recognition The following table disaggregates our revenue by type of contract (voyage charter or time charter) and per reportable segments: Year ended December 31, 2016 Drybulk Segment Offshore Support Segment Tanker Segment Gas Carrier Segment Consolidated Voyage charter revenues $ 2,153 $ - $ - $ - $ 2,153 Time charter revenues 28,624 21,157 - - 49,781 Total Revenues $ 30,777 $ 21,157 $ - $ - $ 51,934 Year ended December 31, 2017 Drybulk Segment Offshore Support Segment Tanker Segment Gas Carrier Segment Consolidated Voyage charter revenues $ 165 $ - $ 16,870 $ - $ 17,035 Time charter revenues 65,558 3,819 3,988 10,316 83,681 Total Revenues $ 65,723 $ 3,819 $ 20,858 $ 10,316 $ 100,716 Year ended December 31, 2018 Drybulk Segment Offshore Support Segment Tanker Segment Gas Carrier Segment Consolidated Voyage charter revenues $ 695 $ - $ 50,278 $ - $ 50,973 Time charter revenues 93,674 - 6,726 34,762 130,162 Total Revenues $ 94,369 $ - $ 57,004 $ 34,762 $ 186,135 Trade Accounts Receivable and Contract Balances Accounts receivable are recorded when the right to consideration becomes unconditional. The increase/(decrease) of accounts receivables were in general due to normal timing differences between our performance and the customers’ payments. The Company capitalizes any voyage expenses as deferred contract costs incurred during the period between the later of the charter party date or the last discharge and the delivery or the loading date depending on the type of contract (time and voyage charter agreements, respectively). These contract assets are amortized over the duration of the charter or voyage period on a straight line basis and are included in “Voyage expenses”. As of December 31, 2018, deferred contract costs consists of unamortized bunker expenses and port dues of ongoing time and voyage charter agreements. The Company records deferred revenues (contract liabilities) when cash payments are received in advance of its performance, including amounts which are refundable. During the year ended December 31, 2018, the Company recognized as revenues the total amount of deferred revenues outstanding as of December 31, 2017 amounting to $865. As of December 31, 2018, deferred revenue consists of one-month cash advances relating to ongoing time charter agreements and unamortized capitalized ballast bonuses. Our trade accounts receivable, contract assets and contract liabilities consist of the following: December 31, 2017 December 31, 2018 Trade Accounts Receivable, net of allowance for doubtful receivables $ 14,526 $ 13,713 Deferred Contract Costs (Note 5) - 496 Deferred Revenue $ 865 $ 1,776 Practical Expedients and Exemptions We generally expense commissions when incurred because the amortization period would have been one year or less (Note 2). These costs are recorded within voyage expenses. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception in ASC 606. We do not separately disclose the lease and non-lease component, in accordance with the ASC 842 practical expedient (Note 2). |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2018 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs: | 18.Interest and Finance Costs: The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2016 2017 2018 Interest incurred on long-term debt $ 6,164 $ 1,499 $ 15,771 Interest, amortization and write off of financing fees on loan from affiliate and related party 1,563 15,239 2,934 Amortization and write-off of financing fees and other fees 572 387 2,247 Commissions, commitment fees and other financial expenses and related party 558 778 911 Capitalized interest and finance costs - (3,196) (84) Total $ 8,857 $ 14,707 $ 21,779 |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2018 | |
Segment information | |
Segment information: | 19.Segment information: The Company during 2018 operated in four reportable segments from which it derived its revenues: drybulk, offshore support, tanker and gas carrier segments. The Company, after selling its whole tanker fleet during 2015, re-entered the tanker market through the acquisition of six tanker vessels which were delivered during 2017 and 2018 (Note 7). The Company also entered during 2017 the gas carrier market through the acquisition of four VLGCs that were disposed to unaffiliated buyers during the fourth quarter of 2018 (Notes 6, 7). The reportable segments reflect the internal organization of the Company and are a strategic business that offers different products and services. The drybulk business segment consists of transportation and handling of drybulk cargoes through ownership and trading of vessels. The offshore support business segment consists of offshore support services to the global offshore energy industry through the operation of a diversified fleet of offshore support vessels. The tanker business segment consists of vessels for the transportation of crude and refined petroleum cargoes. The gas carrier segment consisted of vessels for the transportation of liquefied petroleum gas. The tables below present information about the Company’s reportable segments as of and for the years ended December 31, 2016, 2017 and 2018, and the column “Other” relates to the Company’s investment in Heidmar (Notes 4, 10). The year that the Company had no ownership in the gas carrier segment is not presented in the below table. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. The Company allocates general and administrative expenses of the parent company to its subsidiaries on a pro rata basis. The Company also measures segment performance based on net income. Summarized financial information concerning each of the Company’s reportable segments is as follows: Drybulk segment Offshore support segment Tanker segment Gas Carrier segment Other Total 2016 2017 2018 2016 2017 2018 2016 2017 2018 2017 2018 2017 2018 2016 2017 2018 Revenues $ 30,777 $ 65,723 $ 94,369 $ 21,157 $ 3,819 $ - $ - $ 20,858 $ 57,004 $ 10,316 $ 34,762 $ - $ - $ 51,934 $ 100,716 $ 186,135 Vessels’ operating expenses (32,512) (40,026) (44,550) (14,924) (5,659) (836) (7) (8,830) (12,698) (5,745) (10,307) - - (47,443) (60,260) (68,391) Depreciation - (7,326) (12,091) (3,466) (950) (852) - (4,652) (8,772) (2,038) (4,166) - - (3,466) (14,966) (25,881) Goodwill impairment - - - (7,002) - - - - - - - - - (7,002) - - Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other (35,470) 4,425 26,940 (70,873) (300) (9,465) - - (291) - (7,561) - - (106,343) 4,125 9,623 General and administrative expenses (29,822) (19,095) (15,896) (9,849) (7,677) (5,105) (37) (2,384) (3,838) (1,816) (3,475) - - (39,708) (30,972) (28,314) Gain/(loss) on interest rate swaps (917) - - - - - 514 - - - - - - 403 - - Gain on debt restructuring 10,477 - - - - - - - - - - - - 10,477 - - Income taxes - (56) - (38) (20) (6) - - - (76) - - - (38) (152) (6) Net income/(loss) (69,966) (23,676) 33,389 (86,553) (13,322) (16,991) (713) (4,492) 4,577 (1,054) 805 - - (198,686) (42,544) 21,780 Interest and finance cost (8,706) (13,476) (9,60 7 ) (93) (24) (2) (58) (4) (4,857) (1,203) ( 7,313) - - (8,857) (14,707) (21,779) Interest income 66 1,310 2,501 13 25 3 2 - 63 30 266 - - 81 1,365 2,833 Change in fair value of derivatives (gain)/loss (1,957) - - - - - (236) - - - - - - (2,193) - - Total assets $ 162,532 $ 348,657 $ 663,235 $ 31,191 $ 26,871 $ 17,771 $ 7 $ 202,543 $ 296,256 $ 322,854 $ 43 $ 34,000 $ 34,000 $ 193,730 $ 934,925 $ 1,011,305 The revenue shown in the table below is analyzed by country based upon the location where the operation of the offshore support vessels took place: Year ended December 31, Country 2016 2017 2018 Brazil 19,312 5,018 - Europe 1,800 - - Total revenues $ 21,112 $ 5,018 $ - As of December 31, 2016, three of the offshore support vessels either operated or were idle in Brazil and the remaining offshore support vessels were laid up in Europe. As of December 31, 2017 and 2018, all of the Company’s offshore support vessels were laid up. The Company’s drybulk, tanker and gas carrier vessels operated on many trade routes throughout the world, and, therefore, the provision of geographic information is considered impractical by management. |
Earnings_(Losses) per share
Earnings/(Losses) per share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings/(Losses) per share [Abstract] | |
Earnings/(Losses) per share: | 20.Earnings/(Losses) per share: Year ended December 31, 2016 2017 2018 Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding share (denominator) Amount per share Earnings (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net income/ (loss) $ (198,686) - $ - $ (42,544) - $ - $ 21,780 - $ - Plus: Contribution from Series D Preferred Stock - - - 2,805 - - - - - -Less: Convertible Preferred stock dividends (7,695) - - - - - - - - Basic EPS/ LPS Income/Loss available to common stockholders $ (206,381) 453 $ (455,587.20) $ (39,739) 35,225,784 $ (1.13) $ 21,780 98,113,545 $ 0.22 Dilutive effect of securities Diluted EPS/ LPS Income/Loss available to common stockholders $ (206,381) 453 $ (455,587.20) $ (39,739) 35,225,784 $ (1.13) $ 21,780 98,113,545 $ 0.22 For the years ended December 31, 2016 and 2017 and given that the Company incurred losses, the effect of including any potential common shares in the denominator of diluted per-share computations would have been anti-dilutive and therefore, basic and diluted losses per share are the same. For the year ended December 31, 2018, there are no available securities to be issued, thus, basic and diluted earnings per share are the same. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income taxes [Abstract] | |
Income Taxes: | 21.Income Taxes: None of the countries of incorporation of the Company and its subsidiaries impose a tax on international shipping income earned by a “non-resident” corporation thereof. Under the laws of the Republic of the Marshall Islands and Malta and Norway, the countries in which Dryships and the drybulk, offshore support, gas carrier and tanker vessels owned by subsidiaries of the Company are registered, the Company’s subsidiaries (and their vessels) are subject to registration fees and tonnage taxes, as applicable, which have been included in Vessels’ operating expenses in the accompanying consolidated statements of operations. Pursuant to Section 883 of the United States Internal Revenue Code (the “Code”) and the regulations there under, a foreign corporation engaged in the international operation of ships is generally exempt from U.S. federal income tax on its U.S.-source shipping income if the foreign corporation meets both of the following requirements: (a) the foreign corporation is organized in a foreign country that grants an “equivalent exemption” to corporations organized in the United States for the types of shipping income (e.g., voyage, time, bareboat charter) earned by the foreign corporation and (b) more than 50% of the value of the foreign corporation’s stock is owned, directly or indirectly, by individuals who are “residents” of the foreign corporation’s country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (the “50% Ownership Test”). For purposes of the 50% Ownership Test, stock owned in a foreign corporation by a foreign corporation whose stock is “primarily and regularly traded on an established securities market” in the United States (the “Publicly-Traded Test”) will be treated as owned by individuals who are “residents” in the country of organization of the foreign corporation that satisfies the Publicly-Traded Test. The Republic of the Marshall Islands and Malta and Norway, the jurisdictions where the Company and its ship-owning subsidiaries are incorporated, each grants an “equivalent exemption” to United States corporations with respect to each type of shipping income earned by the Company’s ship-owning subsidiaries. Therefore, the ship-owning subsidiaries may be eligible to qualify for exemption from United States federal income taxation with respect to U.S. source shipping income if such companies satisfy certain ownership and documentation requirements under applicable U.S. federal income tax law and regulations. The ship-owning subsidiaries will be deemed to satisfy these certain requirements if the Company is able to satisfy such requirements. The Company satisfied the Publicly-Traded Test for its 2016 Taxable Year and, therefore, 100% of the stock of its Republic of the Marshall Islands and Malta ship-owning subsidiaries was treated as owned by individuals “resident” in the Republic of the Marshall Islands and Malta. However, the Company did not satisfy the ownership requirements to qualify for an exemption from United States taxation on its U.S. source shipping income for its 2017 Taxable Year. Therefore, each of the Company’s Republic of the Marshall Islands, Malta and Norway ship-owning subsidiaries were subject to U.S. federal income tax in respect of their U.S. source shipping income (2%- 4% tax impose without allowance for deductions). As a result, the Company recognized the related tax expense amounted to $152, in the accompanying consolidated statement of operations for the year ended December 31, 2017. The Company satisfied the Publicly-Traded Test for its 2018 Taxable Year and, therefore, 100% of the stock of its Republic of the Marshall Islands ship-owning subsidiaries was treated as owned by individuals “resident” in the Republic of the Marshall Islands. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events | |
Subsequent Events: | 22.Subsequent Events: 22.1 On January 11, 2019, the Company entered into an index linked employment agreement for its 2014 built Newcastlemax drybulk carrier, the Marini, with TMS Dry. Under the charter, the gross rate is linked to the Baltic Capesize Index (BCI5TC) plus 16% and has an expected duration of 10 to 12 months. The transaction was approved by the independent members of the Company’s board of directors taking into account among other things the actual speed and consumption figures of the vessel, the terms of the proposed time charter party, fixtures of sister vessels the Company owns and general market activity. 22.2 As of February 28, 2019, the Company has repurchased a total of 17,388,081 shares of its common stock for an aggregate amount of $87,498, including fees, pursuant to the Company’s both repurchase programs (Note 14). The current outstanding number of shares of the Company’s common stock is 86,886,627. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Principles of consolidation | (a)Principles of consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and include the accounts and operating results of DryShips, its wholly-owned subsidiaries and its affiliate. All intercompany balances and transactions have been eliminated on consolidation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a variable interest entity, and if the entity is determined not to be a variable interest entity, whether the entity is a voting interest entity. Variable interest entities (“VIE”) are entities as defined under ASC 810 “Consolidation” that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. A controlling financial interest in a VIE is present when a company has the power to direct the activities of a VIE that most significantly impact the entity's economic performance and absorbs a majority of an entity's expected losses, receives a majority of an entity's expected residual returns, or both. As of December 31, 2017 and 2018, no such VIE existed. |
Use of estimates | (b)Use of estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Goodwill | (c)Goodwill: Goodwill represents the excess of the purchase price over the estimated fair value of net assets acquired. Goodwill is reviewed for impairment whenever events or circumstances indicate possible impairment in accordance with Accounting Standard Codification (“ASC”) 350 “Goodwill and Other Intangible Assets”. This standard requires that goodwill and other intangible assets with an indefinite life not be amortized but instead tested for impairment at least annually. The Company tests goodwill for impairment each year on December 31. The Company tests goodwill at the reporting unit level, which is defined as an operating segment or a component of an operating segment that constitutes a business for which financial information is available and is regularly reviewed by management. The impairment of goodwill is tested by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a second step is performed to measure the amount of the impairment loss, if any. To determine the fair value of each reporting unit, the Company uses the income approach, which is a generally accepted valuation methodology. (Note 8) |
Other Comprehensive Income/(Loss) | (d)Other Comprehensive Income/(Loss): The Company follows the provisions of Accounting Standard Codification (ASC) 220, “Comprehensive Income”, which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. The Company presents Other Comprehensive Income/(Loss) in the Consolidated Statements of Comprehensive Income/(Loss). |
Cash and cash equivalents | (e)Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. |
Restricted cash | (f)Restricted cash: Restricted cash may include: (i) cash collateral required under the Company’s secured credit facilities, (ii) retention accounts which can only be used to fund the secured credit facilities’ installments coming due and (iii) minimum liquidity collateral requirements or minimum required cash deposits, as defined in the Company’s secured credit facilities and financing arrangements. (Note 3) |
Trade accounts receivable net | (g)Trade accounts receivable net: The amount shown as trade accounts receivable, at each balance sheet date, includes receivables from customers, net of allowance for doubtful receivables. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate allowance for doubtful receivables. |
Going concern | (h)Going concern: The Company’s policy is in accordance with ASU No. 2014-15, “Presentation of Financial Statements - Going Concern”, issued in August 2014 by the Financial Accounting Standards Board (“FASB”). ASU 2014-15 provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and on related required footnote disclosures. For each reporting period, management is required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. As of December 31, 2018, the Company reported a working capital surplus of $142,316 and had cash and cash equivalents including restricted cash amounted to $156,881. The Company also expects that it will fund its operations either with cash on hand, cash generated from operations, additional secured credit facilities, financing arrangements and equity offerings, or a combination thereof, in the twelve-month period ending one year after the financial statements’ issuance. |
Concentration of credit risk | (i)Concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents; trade accounts receivable, available for sale securities and derivative contracts (interest rate swaps). The maximum exposure to loss due to credit risk is the book value at the balance sheet date. The Company places its cash and cash equivalents, consisting mostly of bank deposits, with qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company’s major customers are well known companies, which reduces its credit risk. When considered necessary, additional arrangements are put in place to minimize credit risk, such as letters of credit or other forms of payment guarantees. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company makes advances for the construction of assets to the yards. The ownership of the assets is transferred from the yard to the Company at delivery. The credit risk of the advances was, to a large extent, reduced through refund guarantees issued by financial institutions. |
Advances for vessels under construction and related costs | (j)Advances for vessels under construction and related costs: This represents amounts expended by the Company in accordance with the terms of the construction contracts for vessels as well as other expenses incurred directly or under a management agreement with a related party in connection with on-site supervision. In addition, interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. The carrying value of vessels under construction (“Newbuildings”) represents the accumulated costs at the balance sheet date. Cost components include payments for yard installments, acceptance tests’ consumption, commissions to related party, construction supervision, and capitalized interest. |
Capitalized interest | (k)Capitalized interest: Interest expense is capitalized during the construction period of vessels based on accumulated expenditures for the applicable project at the Company’s current rate of borrowing. The amount of interest expense capitalized in an accounting period is determined by applying an interest rate the (“capitalization rate”) to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. The Company does not capitalize amounts in excess of actual interest expense incurred in the period. If the Company’s financing plans associate a specific new borrowing with a qualifying asset, the Company uses the rate on that borrowing as the capitalization rate to be applied to that portion of the average accumulated expenditures for the asset that does not exceed the amount of that borrowing. If average accumulated expenditures for the asset exceed the amounts of specific new borrowings associated with the asset, the capitalization rate applied to such excess is a weighted average of the rates applicable to other borrowings of the Company. Capitalized interest and finance costs for the years ended December 31, 2016, 2017 and 2018, amounted to $0, $3,196 and $84 respectively (Note 18). |
Insurance claims | (l)Insurance claims: The Company records insurance claim recoveries for insured losses incurred on damages to fixed assets, loss of hire and for insured crew medical expenses under “Other current assets”. Insurance claims are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages, or loss due to the vessel being wholly or partially deprived of income as a consequence of damage to the unit or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the Company can make an estimate of the amount to be reimbursed following the insurance claim. |
Inventories | (m)Inventories: Inventories consist of consumable bunkers (if any), propane heel (if any), lubricants and victualing stores, which are stated at the lower of cost or net realizable value (in accordance with ASU No. 2015-11 – Inventory) and are recorded under “Other current assets”. Cost is determined by the first in, first out method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. |
Foreign currency translation | (n)Foreign currency translation: The functional currency of the Company is the U.S. Dollar since the Company operates in international shipping market and, therefore, primarily transacts business in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are included in “Other, net” in the accompanying consolidated statements of operations. The Company recorded gain/(loss) due to foreign currency differences amounting to $745, $335 and $(197) included in the accompanying consolidated statements of operations as of December 31, 2016, 2017 and 2018, respectively. |
Fixed assets, net | (o)Fixed assets, net: Drybulk carrier, tanker carrier, gas carrier and offshore support vessels are stated at cost, which consists of the contract price and any material expenses incurred upon acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for its initial voyage). Subsequent expenditures for major improvements are also capitalized when they appreciably extend the useful life, increase the earning capacity or improve the efficiency or safety of the vessels. The cost of each of the Company’s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton. Subsequent expenditures for major improvements are also capitalized upon installation when they appreciably extend the useful life, increase the earning capacity or improve the efficiency or safety of the vessels and are depreciated on a straight-line basis over their economic useful life considering zero residual value. In general, management estimates the useful life of the Company’s drybulk carrier and tanker carrier vessels to be 25 years, offshore support vessels 30 years and Very Large Gas Carriers (“VLGCs”) 35 years, from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. |
Long lived assets held for sale | (p) Long lived assets held for sale: The Company classifies long lived assets and disposal groups as being held for sale in accordance with ASC 360, “Property, Plant and Equipment”, when: (i) management has committed to a plan to sell the long lived assets; (ii) the long lived assets are available for immediate sale in their present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the long lived assets have been initiated; (iv) the sale of the long lived assets is probable and transfer of the asset is expected to qualify for recognition as a completed sale within one year; and (v) the long lived assets are being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These long lived assets are not depreciated once they meet the criteria to be classified as held for sale. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a long-lived asset previously classified as held for sale, the asset shall be reclassified as held and used. A long-lived asset that is reclassified shall be measured individually at the lower of its carrying amount before the asset or disposal group was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset or disposal group been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell (Note 7). When the Company concludes a Memorandum of Agreement for the disposal of a vessel which has yet to complete a time charter, it is considered that the held for sale criteria discussed in guidance are not met until the time charter has been completed as the vessel is not available for immediate sale. As a result, such vessels are not classified as held for sale. When the Company concludes a Memorandum of Agreement for the disposal of a vessel which has no time charter to complete or a contract that is transferable to a buyer, it is considered that the held for sale criteria discussed in the guidance are met. As a result such vessels are classified as held for sale. Furthermore, in the period a long-lived asset meets the held for sale criteria, a loss is recognized for any reduction of the long-lived asset’s carrying amount to its fair value less cost to sell. |
Impairment of long-lived assets | (q)Impairment of long-lived assets: The Company reviews for impairment long-lived assets whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In this respect, the Company reviews its assets for impairment on an asset by asset basis. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for impairment loss. The impairment loss is determined by the difference between the carrying amount of the asset and the fair value of the asset. The Company evaluates the carrying amounts of its vessels by obtaining vessel independent appraisals to determine if events have occurred that would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, the Company reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates, fleet utilization, operating expenses, capital expenditures, residual value and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. To the extent impairment indicators are present, the Company determines undiscounted projected net operating cash flows for each vessel and compares them to vessel’s carrying value. The projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days. The Company estimates the daily time charter equivalent for the unfixed days of drybulk, tanker, offshore and gas carrier vessels based on the most recent ten year historical rates for similar vessels, adjusted for any outliers, and utilizing available market data for each segment, over the remaining estimated life of the vessel, net of brokerage commissions, expected outflows for vessels’ maintenance and operating expenses (including planned drydocking and special survey expenditures), assuming an average annual inflation rate based on the global consumer price index (“CPI”) changes and fleet utilization of 99% decreasing by 1.5% every five years after the first ten years. The salvage value used in the impairment test is estimated to be $250 per light weight ton (LWT) for vessels, in accordance with the Company’s vessels’ depreciation policy. If the Company’s estimate of undiscounted future cash flows for any vessel, is lower than its respective carrying value, the carrying value is written down, by recording a charge to operations, to its’ respective fair market value if the fair market value is lower than the vessel’s carrying value. (Notes 7, 13) |
Dry-docking costs | (r)Dry-docking costs: The Company follows the direct expense method of accounting for dry-docking costs whereby costs are expensed in the period incurred for the vessels. Dry-docking costs are comprised of yard invoices, paints invoices, class certificates and other repairs (peripherals). These expenses are included in “Vessels’ operating expenses” in the consolidated statement of operations. |
Statement of Cash Flows | (s)Statement of Cash Flows: In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (ASC 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice. The Company adopted the aforementioned ASU in the fiscal year beginning January 1, 2018 with no impact on its consolidated financial statements and notes disclosures. In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (ASC 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted the aforementioned ASU in the fiscal year beginning January 1, 2018. The only effect the adoption of ASU No. 2016-18 had on prior-period information is the presentation of restricted cash on the statement of cash flows. More precisely, the line item “Decrease/(Increase)” in restricted cash was removed from the investing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative periods of the statement of cash flow have been retrospectively adjusted to reflect the adoption of ASU No. 2016-18. |
Deferred financing costs | (t)Deferred financing costs: Deferred financing costs include fees, commissions and legal expenses associated with the Company’s secured credit facilities and/or financing arrangements. The Company’s policy is in accordance with ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs”, issued by the FASB in April 2015. The Company presents such costs in the balance sheet as a direct deduction from the related debt liability (secured credit facility and/or financing arrangement). These costs are amortized over the life of the related credit facility and/or financing arrangement using the effective interest method and are included in interest and finance cost. Unamortized fees relating to secured credit facilities and/or financing arrangements repaid or refinanced as extinguishments are expensed as interest and finance costs in the period the repayment or extinguishment is made. Amortization and write offs for each of the years ended December 31, 2016, 2017 and 2018, amounted to $572, $387 and $2,247 respectively (Note 18). |
Non-monetary transactions - Exchange of the capital stock of an entity for non-monetary assets or services | (u)Non-monetary transactions - Exchange of the capital stock of an entity for non-monetary assets or services: Non-monetary transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Any difference between the fair value and the transaction price is considered as gain or loss for the Company. The Company determines fair value of assets and liabilities given up or received in accordance with ASC 820 “Fair Value Measurement”. In cases of transactions related to an exchange of preferred shares with common ones, any difference between the fair value and the carrying value of the exchanged preferred shares is considered as shareholders dividend or capital contribution from/to the Company. |
Extinguishment of Preferred Stock | (v)Extinguishment of Preferred Stock: In case of preferred stock extinguishment, the difference between the fair value of the consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock in the Company’s balance sheet (net of issuance costs) should be subtracted from (or added to) net income/(loss) to arrive at income/(loss) available to common stockholders in the calculation of earnings/(loss) per share. The difference between the fair value of the consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock in the Company’s balance sheet represents a return to/from the preferred stockholder that should be treated in a manner similar to the treatment of dividends paid on preferred stock. |
Leases | (w)Leases : In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard neither substantially changes lessor accounting, nor lease classification criteria. For public companies, the standard is effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. Under that transition method, an entity initially applies the new leases standard (subject to specific transition requirements and optional practical expedients) at the beginning of the earliest period presented in the financial statements (which is January 1, 2017, for calendar-year-end public business entities that adopt the new leases standard on January 1, 2019). In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new lease requirements by allowing entities to initially apply the requirements at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption; and, (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (ASC 606) and both of the following are met: (a) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same, and (b) the lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606. Otherwise, the entity should account for the combined component as an operating lease in accordance with ASC 842. Leases between related parties, are classified in accordance with the lease classification criteria applicable to all other leases on the basis of the legally enforceable terms and conditions of the lease. The Company early adopted the new standard on the 4 th quarter and applied the modified retrospective method and elected to apply the additional optional transition method along with the following practical expedients: (i) a package of practical expedients which does not require the Company to reassess: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initial direct costs for any expired or existing leases would qualify for capitalization under ASC 842; (ii) to account for non-lease components (primarily crew and maintenance services) of time charters as a single lease component as the timing and pattern of transfer of the non-lease components and associated lease component are the same, the lease components, if accounted for separately, would be classified as an operating lease, and such non-lease components are not predominant components of the combined component. The Company qualitatively assessed that more value is ascribed to the vessel rather than to the services provided under the time charter agreements. Therefore, the Company accounts for the combined component as a lease under ASC 842. Refer to discussion in Note 2(z) for revenue recognition from time charters. Compensation for ballast voyages (vessel repositioning after lease inception but prior to lease commencement which takes place upon the delivery of the vessel to the charterer) is deferred and recognized over the charter period. The Company also elected to make an accounting policy election to recognize an asset for contract fulfillment costs (primarily bunkers costs related to ballast voyages) in accordance with ASC 340-40. |
Finance lease – Lessee | (x)Finance lease – Lessee : In accordance with ASC 842 at the commencement date of a finance lease, the Company as a lessee recognizes a finance lease liability at the present value of the lease payments to be made over the lease term and a right-of-use asset at cost which consists of all of the following: (1) an amount equal to the lease liability present value; (2) the lease payments made to the lessor at or before the commencement date, less any lease incentives received; and (3) the initial direct costs incurred by the lessee. After the commencement date, the Company recognizes depreciation of the right-of-use asset and separately recognizes interest on the lease liability for a finance lease. Over the lease term, the carrying amount of the lease liability is reduced by the lease payments, with any change over the lease payments already included in the lease liability to be recognized as interest and finance cost in the period they are incurred and increased by the finance lease interest cost (unwinding effect of discount rate). Any lease payments not included in the lease liability are recognized in the period in which their obligation is incurred under interest and finance cost. The right-of-use asset is depreciated on a straight-line basis, unless another systematic basis is more representative of the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits, over the shorter of the lease term or the useful life of the right-of-use asset; and tested for any impairment losses along with the Company’s long-lived assets. The depreciation period is the remaining life of the underlying asset if the lessee is reasonably certain to exercise an option to purchase the underlying asset or if the lease transfers ownership of the underlying asset to the lessee by the end of the lease term. |
Sale-leaseback transactions | (y)Sale-leaseback transactions : In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606 (existence of a contract and satisfaction of performance obligation by transferring of the control of the asset). The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised; and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale as the transaction would be classified as a financing by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. |
Revenue from Contracts with Customers | (z)Revenue from Contracts with Customers : ASC 606 outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in ASC 606, is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Incremental costs of obtaining a contract with a customer and contract’s fulfillment costs should be capitalized and amortized over the voyage period, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfillment costs if each of the following criteria is met: (i) they relate directly to the contract, (ii) they generate or enhance the entity’s resources that shall be used in the performance obligation satisfaction and (iii) are expected to be recovered. Further, in case of incremental costs, entities may elect to use a practical expedient not to capitalize them when the amortization period (voyage period) is less than one year. Having not adopted ASC 606, the Company's (i) voyage revenues would have been $185,514 for the year ended December 31, 2018, (ii) voyage expenses would have been $31,746 for the year ended December 31, 2018, (iii) trade accounts receivables would have been $14,440 as of December 31, 2018, (iv) accrued liabilities would have been $3,428 as of December 31, 2018 and (v) no deferred contract costs would have been recognized as of December 31, 2018. Having not adopted ASC 606, the Company’s total equity would have been $637,038 and net income would have been $21,089, respectively, for the year ended December 31, 2018, or $0.21 basic and diluted earnings per share. |
Accounting for Revenue and related expenses | (aa)Accounting for Revenue and related expenses: The Company generates its revenues from chartering its vessels under time or bareboat charter agreements (including profit sharing clauses) and voyage charter agreements. Time and bareboat charters: Vessels are chartered out when a contract exists and the vessel is delivered (commencement date) to the charterer, for a fixed period of time, at rates that are generally determined in the main body of charter parties and the relevant voyage expenses burden the charterer (i.e. port dues, canal tolls, pilotages and fuel consumption). Upon delivery of the vessel, the charterer has the right to control the use of the vessel (under agreed prudent operating practices) as it has the enforceable right to: (i) decide the (re)delivery time of the vessel; (ii) arrange the ports from which the vessel shall pass; (iii) give directions to the master of the vessel regarding vessel’s operations (i.e. speed, route, bunkers purchases, etc.); (iv) sub-charter the vessel and (v) consume any income deriving from the vessel’s charter. Thus, time and bareboat charter agreements are accounted for as operating leases, ratably on a straight line over the duration of the charter basis in accordance with ASC 842. Any off-hires are recognized as incurred. The charterer may charter the vessel with or without owner’s crew and other operating services (time and bareboat charter, respectively). Thus, the agreed dayrates (hire rates) in the case of time charter agreements include also compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company has elected to account for the lease and non-lease component of time charter agreements as a combined component in its financial statements, having taken into account that the non-lease component would be accounted for ratably on a straight-line basis over the duration of the time charter in accordance with ASC 606 and that the lease component in considered as the predominant component. In this respect, the Company qualitatively assessed that more value is ascribed to the vessel rather than to the services provided under the time charter agreements. Apart from the agreed dayrates, the owner may be entitled to an additional income, such as ballast bonus which is considered as reimbursement of owner’s expenses and is recognized together with the lease component over the duration of the charter. The related ballast costs incurred over the period between the charter party date or the prior redelivery date (whichever is latest) and the delivery date to the charterer are deferred and amortized on a straight line basis over the duration of the charter. Voyage charters: Voyage charter is a charter where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified freight rate per ton, regardless of time to complete. A voyage is deemed to commence upon the loading of the cargo and is deemed to end upon the completion of discharge of the current cargo. Voyage charter payments are due upon discharge of the cargo. The Company has determined that under its voyage charters, the charterer has no right to control any part of the use of the vessel. Thus, the Company’s voyage charters do not contain a lease and are accounted for in accordance with ASC 606. More precisely, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. Thus, voyage charter revenues are recognized ratably over the loading to discharge period (voyage period). Voyage related and vessel operating costs: Voyage expenses primarily consist of commissions, port dues, canal and bunkers. Vessel operating costs include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs including dry-docking costs. Under voyage charter arrangements, voyage expenses that are unique to a particular charter are paid for by the Company. Under a time charter, specified voyage costs, such as bunkers and port charges are paid by the charterer and other non-specified voyage expenses, such as commissions, are paid by the Company. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of operation. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of operation. Commissions counter, third and related party are expensed as incurred. Contract fulfillment costs (mainly consisting of bunker expenses and port dues) for voyage charters are recognized as a deferred contract costs and amortized over the voyage period when the relevant criteria under ASC 340-40 are met or are expensed as incurred. The Company has made an accounting policy election to also recognize contract fulfillment costs for time charters under ASC 340-40. All vessel operating expenses are expensed as incurred. Deferred revenue: Deferred revenue primarily relates to cash advances received from charterers. These amounts are recognized as revenue over the charter period. Deferred contract costs: Deferred contract costs relate to unamortized contract fulfillment costs incurred by the Company during the period from the latter of the charter party date or last discharge or redelivery date to loading or delivery date for voyage and time charter agreements respectively. They are recorded under “Other current assets” and are recognized as voyage expenses and amortized over the voyage or charter period. |
Earnings/(loss) per common share | (ab)Earnings/(loss) per common share: Basic earnings/(loss) per common share are computed by dividing net income/(loss) available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Dilution is computed by the treasury stock method whereby all of the Company’s dilutive securities are assumed to be exercised or converted and the proceeds used to repurchase common shares at the weighted average market price of the Company’s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation. |
Segment reporting | (ac)Segment reporting: The Company determined that during 2018 operated under four reportable segments, as a provider of drybulk commodities transportation services for the steel, electric utility, construction and agri-food industries (drybulk segment), as a provider of offshore support services to the global offshore energy industry (offshore support segment), as a provider of transportation services for crude and refined petroleum cargoes (tanker segment) and as a provider of transportation services for liquefied gas cargoes (gas carrier segment). The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company’s consolidated financial statements. |
Financial instruments | (ad)Financial instruments: The Company designates its derivatives based upon guidance on ASC 815, “Derivatives and Hedging” which establishes accounting and reporting requirements for derivative instruments, including certain derivative instruments embedded in other contracts and for hedging activities. The guidance on accounting for certain derivative instruments and certain hedging activities requires all derivative instruments to be recorded on the balance sheet as either an asset or liability measured at its fair value, with changes in fair value recognized in earnings unless specific hedge accounting criteria are met. (i) 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. The Company was party to interest swap agreements where it received a floating interest rate and paid a fixed interest rate for a certain period. All of the Company’s interest swap agreements were either matured or terminated during the year ended December 31, 2016. Contracts which meet the strict 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/(loss)” in equity, while any 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 longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated statement of operations. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as financial income or expense. (ii) Other derivatives: Changes in the fair value of derivative instruments that have not been designated as hedging instruments are reported in current period earnings. In January 2016, the FASB issued ASU No. 2016-01– Financial Instruments - Overall (ASC 825-10). ASU 2016-01, changes how public companies will recognize, measure, present and make disclosures about certain financial assets and financial liabilities. The Company adopted the aforementioned ASU in the fiscal year beginning January 1, 2018 with no impact on its consolidated financial statements and notes disclosures. |
Fair value measurements | (ae) Fair value measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of, fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 13). |
Stock-based compensation | (af) Stock-based compensation: Stock-based compensation represents vested and non-vested common stock granted to employees and directors, for their services. The Company calculates total compensation expense for the award based on its fair value on the grant date and amortizes the total compensation on an accelerated basis over the vesting period of the award or service period (Note 15). On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting, effective for the fiscal year ending December 31, 2017 and interim periods within this fiscal year. The adoption of this guidance had no impact on the Company's consolidated financial statements and notes disclosures. |
Income taxes | (ag) Income taxes: Income taxes are provided for based upon the tax laws and rates in effect in the countries in which the Company’s ocean going cargo vessels’ operations were conducted and income was earned. There is no expected relationship between the provision for/or benefit from income taxes and income or loss before income taxes because the countries in which the Company operates have taxation regimes that vary not only with respect to the nominal rate, but also in terms of the availability of deductions, credits and other benefits. Variations also arise because income earned and taxed in any particular country or countries may fluctuate from year to year. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company’s assets and liabilities using the applicable jurisdictional tax in effect at the year end. A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. (Note 21). |
Commitments and contingencies | (ah) Commitments and contingencies: Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each balance sheet date. |
Investments in Affiliates | (ai) Investments in Affiliates: Affiliates are entities over which the Company generally has between 20% and 50% of the voting rights, or over which the Company has significant influence, but over which it does not exercise control. Investments in these entities are accounted for by the equity method of accounting. Under this method the Company records an investment in the stock of an affiliate at cost or at fair value in case of a retained investment in the common stock of an investee in a deconsolidation transaction, and adjusts the carrying amount for its share of the earnings or losses of the affiliate subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received from an affiliate reduce the carrying amount of the investment. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate. At each reporting date, the Company performs an assessment in order to identify and account for any other than temporary impairment in its investment in affiliates. Specifically, the Company assesses factors indicating that a decline in the value of an investment is other-than-temporary and that a write-down of the carrying amount is required and concludes whether the impairment is other than temporary and then measures and recognizes the respective impairment charge as the difference between the carrying value and the fair value of the equity investment. In accordance with ASC 825-10 entities are allowed to elect to measure certain financial assets and financial liabilities (as well as certain non-financial instruments that are similar to financial instruments) at fair value. Equity method investments are eligible for the fair value option. If the fair value option is applied to an investment that would otherwise be accounted for under the equity method, ASC 825-10-25-7 requires that the fair value option be applied to all of the investor’s eligible interests in that investee. The fair value option election is non-revocable even if the Company loses significant influence over the investee. Under the fair value model, an investment in an affiliate is recognized initially at the fair value at the transaction date and at each reporting date, an investor shall measure its investments in affiliates at fair value, with changes recognized in profit or loss. Affiliates included in the financial statements: Ocean Rig UDW Inc. (“Ocean Rig”) and its subsidiaries, accounted for under the equity method from June 8, 2015 through April 4, 2016, (ownership interest as of April 4, 2016, was 40.4%); and Heidmar, a global tanker pool operator, accounted for under the fair value option from August 29, 2017 (ownership interest is 49%). |
Accounting for transactions under common control | (aj)Accounting for transactions under common control: Common control transaction is any transfer of net assets or exchange of equity interests between entities or businesses that are under common control by an ultimate parent or controlling shareholder before and after the transaction. Common control transactions may have characteristics that are similar to business combinations but do not meet the requirements to be accounted for as business combinations because, from the perspective of the ultimate parent or controlling shareholder, there has not been a change in control over the acquiree. Due to the fact common control transactions do not result in a change in control at the ultimate parent or controlling shareholder level, the Company does not account for that at fair value. Rather, common control transactions are accounted for at the carrying amount of the net assets or equity interests transferred. |
Troubled Debt Restructurings | (ak)Troubled Debt Restructurings: A restructuring of a debt constitutes a troubled debt restructuring if the lender or creditor for economic or legal reasons related to the Company’s financial difficulties grants a concession to the Company that it would not otherwise consider. Troubled debt that is fully satisfied by foreclosure, repossession, or other transfer of assets or by grant of equity securities by the Company is included in the term troubled debt restructuring and is accounted as such. The Company, when issuing or otherwise granting an equity interest to a lender or creditor to settle fully a payable or debt, accounts for the equity interest granted at its fair value. The difference between the fair value of the equity interest granted and the carrying amount of the payable or debt settled is recognized as a gain on restructuring of payables or debt. Legal fees and other direct costs incurred in granting an equity interest to a creditor reduce the fair value of the equity interest issued. All other direct costs incurred in connection with a troubled debt restructuring are charged to expense as incurred. |
Treasury stock | (al) Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury shares. Treasury shares are essentially the same as unissued capital and reduce ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders' equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury shares are accounted for under the cost method or the constructive retirement method. The cost method is also used when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired. |
Investment in debt securities | (am)Investment in debt securities: Investments in debt securities are classified as trading, hold-to-maturity and available-for-sale securities and are initially measured at the transaction price (equal to their fair value at acquisition) plus transaction costs. Pursuant to their classification, they are subsequently measured at their fair value through income statement, at amortized cost or at their fair value through other comprehensive income / (loss), respectively. The Company, in order to determine the accounting treatment for its investments in debt securities, assesses their proper classification based on management's intention and ability to hold the investment until maturity and the existence of any trading activity, in accordance with ASC 320. Held-to-maturity securities: Debt securities for which at acquisition management has both the positive intent and ability to hold them until maturity. They are classified as current or non-current depending on their maturity dates. Trading securities: Debt securities bought and held primarily to be sold in the near term, generating profits on short-term movements in market prices or spreads. They are classified as current or non-current depending on management’s intention to sell within the next twelve months. Any change in their fair value is immediately recognized in the income statement. Available-for-sale securities: Debt securities that are not classified as either held-to-maturity or trading securities. They are classified as current or non-current depending on maturities and management's expectation to sell the following year. Unrealized gains or losses are recorded in other comprehensive income/(loss) and reclassified to income statement upon realization. Taking into consideration (i) the Company’s intention to hold the investment for only an indefinite period – not as of the maturity date, (ii) the fact that the invested trading securities are tradable in an active market and (iii) the absence of any material trading activity in the past, the Company classified its investment in debt securities (corporate bonds) as available for sale under non-current assets (Note 13). |
Recent accounting pronouncements | ( an)Recent accounting pronouncements: Financial Instruments: In June 2016, the FASB issued ASU No. 2016-13– Financial Instruments – Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For public entities, the amendments of this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted. The Company is in the process of assessing the impact of the provisions of this guidance on the Company’s consolidated financial position and performance. Fair Value Measurement: In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (ASC 820) - Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement that eliminates certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information and modifies some disclosure requirements. The guidance on fair value disclosures eliminates the following requirements for all entities: (i) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; (ii) the entity's policy for the timing of transfers between levels of the fair value hierarchy; and (iii) the entity's valuation processes for Level 3 fair value measurements. The following disclosure requirements were added to ASC 820 for public companies: (i) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements of instruments held at the end of the reporting period and (ii) for recurring and nonrecurring Level 3 fair value measurements, the range and weighted average used to develop significant unobservable inputs and how the weighted average was calculated, with certain exceptions. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The guidance makes the following modifications for public entities: (i) entities are required to provide information about the measurement uncertainty of Level 3 fair value measurements as of the reporting date rather than a point in the future (the FASB also deleted the word “sensitivity,” which it said had caused confusion about whether the disclosure is intended to convey changes in unobservable inputs at a point in the future) and (ii) entities that use the practical expedient to measure the fair value of certain investments at their net asset values are required to disclose (1) the timing of liquidation of an investee’s assets and (2) the date when redemption restrictions will lapse, but only if the investee has communicated this information to the entity or announced it publicly. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, although early adoption is permitted. The Company is in the process of assessing the impact of the provisions of this guidance on the Company’s consolidated financial position and performance. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Basis of Presentation and General Information | |
Adoption of new revenue and lease guidance | Consolidated Balance Sheets December 31, 2017 Cumulative effect from adopting ASC 606 Cumulative effect from adopting ASC 842 January 1, 2018 Assets Trade accounts receivable, net of allowance for doubtful receivables $ 14,526 $ (1,350) $ - $ 13,176 Other current assets (includes deferred contract costs) $ 12,279 $ 235 $ 185 $ 12,699 Liabilities Accrued liabilities $ 4,758 $ (87) $ - $ 4,671 Deferred Revenue $ 865 $ - $ 868 $ 1,733 Stockholders’ Equity Accumulated deficit $ (3,360,090) $ (1,028) $ (683) $ (3,361,801) |
Schedule of Revenue by Major Charterer | Year ended December 31, 2016 2017 2018 Customer A – Offshore support segment 37% - - Customer B – Tanker & Gas carrier segments - - 13.5% |
Cash and Cash equivalents and_2
Cash and Cash equivalents and restricted cash (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash equivalents and restricted cash [Abstract] | |
Cash and Cash equivalents and restricted cash | December 31, 2016 December 31, 2017 December 31, 2018 Cash and cash equivalents $ 76,414 $ 14,490 $ 141,851 Restricted cash 350 726 20 Restricted cash, non-current 10 15,010 15,010 Total $ 76,774 $ 30,226 $ 156,881 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | December 31, 2017 2018 Balance Sheet Due from related parties $ 16,914 $ 27,864 Due from related parties (current) - Total 16,914 27,864 Due to related parties (72) (5,796) Due to related parties (current) - Total $ (72) $ (5,796) Due to related parties (71,631) (66,690) Due to related parties (non - current) - Total $ (71,631) $ (66,690) Advances for vessels under construction and related costs 1,004 - Vessels, net - 170,871 Accrued liabilities $ (350) $ (304) Year ended December 31, Statement of Operations 2016 2017 2018 Time charter $ 1,800 $ 3,988 $ 9,168 Voyage expenses (390) (1,526) (3, 743 ) Depreciation - - (629) General and administrative expenses (32,397) (23,850) (22,986) Commissions for assets sold (886) (85) (3,568) Loss from sale of vessel owning companies, net of commissions (22,318) - - Interest and finance costs (1,789) (13,070) (2,924) Loss on Private Placement $ - $ (7,600) $ - Per day and per quarter information in the note below is expressed in United States Dollars/Euros) |
Other Current assets (Tables)
Other Current assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Current assets [Abstract] | |
Other Current assets | December 31, 2017 2018 Inventories $ 7,790 $ 10, 907 Insurance claims (Note 16) 3,044 1,856 Deferred contract costs (Note 17) - 496 Other 1,445 499 Other current assets $ 12,279 $ 13, 758 |
Advances for Vessels under Co_2
Advances for Vessels under Construction (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Advances for Vessels under Construction [Abstract] | |
Advances for Vessels under Construction | December 31, 2017 2018 Balance at beginning of year $ - $ 31,898 Advances for vessels under construction and related costs 265,565 45,198 Vessels delivered (233,667) (77,096) Balance at end of year $ 31,898 $ - |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Vessels, net [Abstract] | |
Vessels, net | Cost Accumulated Depreciation Net Book Value Balance, December 31, 2016 $ 95,550 - $ 95,550 Additions 672,300 - 672,300 Vessels sold (3,900) 104 (3,796) Depreciation - (14,966) (14,966) Balance, December 31, 2017 $ 763,950 $ (14,862) $ 749,088 Additions 199,243 - 199,243 Right-of-use assets 171,500 - 171,500 Depreciation - (25,881) (25,881) Impairment loss (24,774) 7,739 (17,035) Vessels sold (322,905) 1,322 (321,583) Balance, December 31, 2018 $ 787,014 $ (31,682) $ 755,332 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other non-current assets [Abstract] | |
Other Non-Current Assets | December 31, 2017 2018 Other non-current assets $ 44,869 $ 4,088 $ 44,869 $ 4,088 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Debt [Abstract] | |
Long-term Debt | December 31, 2017 2018 Secured Credit Facilities - Drybulk Segment $ - $ 75,582 Secured Credit Facilities - Tanker Segment - 124,757 Secured Credit Facilities - Gas Carrier Segment 147,716 - Secured financing arrangements - Drybulk Segment - 91,937 Less: Deferred financing costs (2,378) (2,193) Total debt 145,338 290,083 Less: Current portion (11,635) (38,795) Long-term portion $ 133,703 $ 251,288 |
Loan Movements for Credit Facilities and Term Loans Throughout the Year | Debt Debt agreement date Original Amount December 31, 2017 New debt/ Acquisitions 50% Set-off price Repayments December 31, 2018 Secured Credit Facility June 22, 2017 $ 150,000 $ 147,716 $ - $ - $ (147,716) $ - Secured Credit Facility January 24, 2018 90,000 - 90,000 - (6,255) 83,745 Secured Credit Facility January 29, 2018 35,000 - 35,000 - (2,543) 32,457 Secured Credit Facility March 8, 2018 30,000 - 30,000 - (1,875) 28,125 Secured Credit Facility October 13, 2013 30,000 - 16,500 - (1,500) 15,000 Secured Credit Facility September 1, 2017 35,000 - 33,833 - (1,750) 32,083 Secured Credit Facility January 20, 2010 30,000 - 8,929 - - 8,929 Secured Financing Arrangement April 2, 2018 26,218 - 26,218 (13,109) (439) 12,670 Secured Financing Arrangements May 4, 2018 164,000 - 164,000 (82,000) (2,733) 79,267 $ 147,716 $ 404,480 $ (95,109) $ (164,811) $ 292,276 |
Principal Payments | Due through December 31, 2019 $ 39,337 Due through December 31, 2020 30,408 Due through December 31, 2021 22,908 Due through December 31, 2022 22,908 Due through December 31, 2023 85,370 Thereafter 91,345 Total principal payments 292,276 Less: Financing fees (2,193) Total debt $ 290,083 |
Finance Lease Liability (Due _2
Finance Lease Liability (Due to relates parties) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Finance lease liability (Due to related parties) [Abstract] | |
Schedule Of Finance Lease Liability | December 31, 2018 Conquistador bareboat charter $ 24,491 Pink Sands bareboat charter 23,511 Xanadu bareboat charter 23,962 Total finance lease liability 71,964 Less: Current portion (5,274) Long-term portion $ 66,690 |
Schedule Of Capital Leased Asssets | Finance lease liability Bareboat Charter Agreement date Original amount Repayments Finance lease interest expense December 31, 2018 Conquistador bareboat charter November 19, 2018 $ 56,000 $ (31,625) $ 116 $ 24,491 Pink Sands bareboat charter November 19, 2018 56,000 (32,600) 111 23,511 Xanadu bareboat charter November 19, 2018 59,500 (35,650) 112 23,962 $ 171,500 $ (99,875) $ 339 $ 71,964 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Effect of Derivative Instruments on the Consolidated Statements of Operations | Amount of Gain Year Ended December 31, Derivatives not designated as hedging instruments Location of Gain Recognized 2016 2017 2018 Interest rate swaps Gain on interest rate swaps $ 403 $ - $ - Total $ 403 $ - $ - |
Fair Value, Assets Measured on a Recurring and Non-Recurring Basis | Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Recurring measurements: Investment in affiliate – Heidmar (Note 10) $ - $ - $ 34,000 Investment in available for sale debt securities 4,961 - - Total $ 4,961 $ - $ 34,000 Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Impairment loss Non-Recurring measurements: Vessels, net (Note 7) - 26,375 - 291 Total $ - $ 26,375 $ - $ 291 |
Commitment and contingencies (T
Commitment and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitment and contingencies [Abstract] | |
Finance Lease Liability Maturity | Due through December 31, 2019 $ 5,550 Due through December 31, 2020 5,550 Due through December 31, 2021 5,550 Due through December 31, 2022 5,550 Due through December 31, 2023 5,550 Thereafter 43,875 Total contractual obligation $ 71,625 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Revenue Recognition | Year ended December 31, 2016 Drybulk Segment Offshore Support Segment Tanker Segment Gas Carrier Segment Consolidated Voyage charter revenues $ 2,153 $ - $ - $ - $ 2,153 Time charter revenues 28,624 21,157 - - 49,781 Total Revenues $ 30,777 $ 21,157 $ - $ - $ 51,934 Year ended December 31, 2017 Drybulk Segment Offshore Support Segment Tanker Segment Gas Carrier Segment Consolidated Voyage charter revenues $ 165 $ - $ 16,870 $ - $ 17,035 Time charter revenues 65,558 3,819 3,988 10,316 83,681 Total Revenues $ 65,723 $ 3,819 $ 20,858 $ 10,316 $ 100,716 Year ended December 31, 2018 Drybulk Segment Offshore Support Segment Tanker Segment Gas Carrier Segment Consolidated Voyage charter revenues $ 695 $ - $ 50,278 $ - $ 50,973 Time charter revenues 93,674 - 6,726 34,762 130,162 Total Revenues $ 94,369 $ - $ 57,004 $ 34,762 $ 186,135 |
Trade Accounts Receivable & Contract Liabilities | December 31, 2017 December 31, 2018 Trade Accounts Receivable, net of allowance for doubtful receivables $ 14,526 $ 13,713 Deferred Contract Costs (Note 5) - 496 Deferred Revenue $ 865 $ 1,776 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | Year ended December 31, 2016 2017 2018 Interest incurred on long-term debt $ 6,164 $ 1,499 $ 15,771 Interest, amortization and write off of financing fees on loan from affiliate and related party 1,563 15,239 2,934 Amortization and write-off of financing fees and other fees 572 387 2,247 Commissions, commitment fees and other financial expenses and related party 558 778 911 Capitalized interest and finance costs - (3,196) (84) Total $ 8,857 $ 14,707 $ 21,779 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment information | |
Reporting Information by Segment | Drybulk segment Offshore support segment Tanker segment Gas Carrier segment Other Total 2016 2017 2018 2016 2017 2018 2016 2017 2018 2017 2018 2017 2018 2016 2017 2018 Revenues $ 30,777 $ 65,723 $ 94,369 $ 21,157 $ 3,819 $ - $ - $ 20,858 $ 57,004 $ 10,316 $ 34,762 $ - $ - $ 51,934 $ 100,716 $ 186,135 Vessels’ operating expenses (32,512) (40,026) (44,550) (14,924) (5,659) (836) (7) (8,830) (12,698) (5,745) (10,307) - - (47,443) (60,260) (68,391) Depreciation - (7,326) (12,091) (3,466) (950) (852) - (4,652) (8,772) (2,038) (4,166) - - (3,466) (14,966) (25,881) Goodwill impairment - - - (7,002) - - - - - - - - - (7,002) - - Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other (35,470) 4,425 26,940 (70,873) (300) (9,465) - - (291) - (7,561) - - (106,343) 4,125 9,623 General and administrative expenses (29,822) (19,095) (15,896) (9,849) (7,677) (5,105) (37) (2,384) (3,838) (1,816) (3,475) - - (39,708) (30,972) (28,314) Gain/(loss) on interest rate swaps (917) - - - - - 514 - - - - - - 403 - - Gain on debt restructuring 10,477 - - - - - - - - - - - - 10,477 - - Income taxes - (56) - (38) (20) (6) - - - (76) - - - (38) (152) (6) Net income/(loss) (69,966) (23,676) 33,389 (86,553) (13,322) (16,991) (713) (4,492) 4,577 (1,054) 805 - - (198,686) (42,544) 21,780 Interest and finance cost (8,706) (13,476) (9,60 7 ) (93) (24) (2) (58) (4) (4,857) (1,203) ( 7,313) - - (8,857) (14,707) (21,779) Interest income 66 1,310 2,501 13 25 3 2 - 63 30 266 - - 81 1,365 2,833 Change in fair value of derivatives (gain)/loss (1,957) - - - - - (236) - - - - - - (2,193) - - Total assets $ 162,532 $ 348,657 $ 663,235 $ 31,191 $ 26,871 $ 17,771 $ 7 $ 202,543 $ 296,256 $ 322,854 $ 43 $ 34,000 $ 34,000 $ 193,730 $ 934,925 $ 1,011,305 |
Revenue per Country | Year ended December 31, Country 2016 2017 2018 Brazil 19,312 5,018 - Europe 1,800 - - Total revenues $ 21,112 $ 5,018 $ - |
Earnings_(Losses) per share (Ta
Earnings/(Losses) per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings/(Losses) per share [Abstract] | |
Earnings/(Losses) per share: | Year ended December 31, 2016 2017 2018 Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding share (denominator) Amount per share Earnings (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net income/ (loss) $ (198,686) - $ - $ (42,544) - $ - $ 21,780 - $ - Plus: Contribution from Series D Preferred Stock - - - 2,805 - - - - - -Less: Convertible Preferred stock dividends (7,695) - - - - - - - - Basic EPS/ LPS Income/Loss available to common stockholders $ (206,381) 453 $ (455,587.20) $ (39,739) 35,225,784 $ (1.13) $ 21,780 98,113,545 $ 0.22 Dilutive effect of securities Diluted EPS/ LPS Income/Loss available to common stockholders $ (206,381) 453 $ (455,587.20) $ (39,739) 35,225,784 $ (1.13) $ 21,780 98,113,545 $ 0.22 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information - Consolidated Balance Sheets - Adoption of new revenue and lease guidance (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Trade accounts receivable, net of allowance for doubtful receivables | $ 13,713 | $ 14,526 |
Other current assets (includes deferred contract costs) | 13,758 | 12,279 |
Liabilities: | ||
Accrued liabilities | 3,387 | 4,758 |
Deferred Revenue | 1,776 | 865 |
Stockholders' Equity | ||
Accumulated deficit | $ (3,345,021) | (3,360,090) |
Cumulative effect from adopting the new accounting standards | ||
Assets: | ||
Trade accounts receivable, net of allowance for doubtful receivables | 13,176 | |
Other current assets (includes deferred contract costs) | 12,699 | |
Liabilities: | ||
Accrued liabilities | 4,671 | |
Deferred Revenue | 1,733 | |
Stockholders' Equity | ||
Accumulated deficit | (3,361,801) | |
Cumulative effect from adopting ASC 606 | ||
Assets: | ||
Trade accounts receivable, net of allowance for doubtful receivables | (1,350) | |
Other current assets (includes deferred contract costs) | 235 | |
Liabilities: | ||
Accrued liabilities | (87) | |
Stockholders' Equity | ||
Accumulated deficit | (1,028) | |
Cumulative effect from adopting ASC 842 | ||
Assets: | ||
Other current assets (includes deferred contract costs) | 185 | |
Liabilities: | ||
Deferred Revenue | 868 | |
Stockholders' Equity | ||
Accumulated deficit | $ (683) |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Table) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Customer A - Offshore support segment | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 37.00% | |
Customer B - Tanker & Gas carrier segments | ||
Product Information [Line Items] | ||
Concentration Risk, Percentage | 13.50% |
Basis of Presentation and Gen_5
Basis of Presentation and General Information (Details) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | |
Jan. 23, 2017 | Apr. 11, 2017 | May 11, 2017 | Jun. 22, 2017 | Jul. 21, 2017 | Aug. 29, 2017 | |
Stockholders' Equity, Reverse Stock Split | 1-for-8 reverse stock split of the Company's common shares, with which four fractional shares were cashed out | 1-for-4 reverse stock split of the Company's common shares, with which two fractional shares were cashed out | 1-for-7 reverse stock split of the Company's common shares, with which three fractional shares were cashed out | 1-for-5 reverse stock split of the Company's common shares, with which two fractional shares were cashed out | 1-for-7 reverse stock split of the Company's common shares, with which two fractional shares were cashed out | |
Heidmar Holdings LLC | ||||||
Ownership interest | 49.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 29, 2017 | Apr. 04, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Capitalized interest and finance costs | $ 84,000 | $ 3,196,000 | $ 0 | |||
Gain due to foreign currency differences | $ (197,000) | 335,000 | 745,000 | |||
Depreciation method | straight-line | |||||
Fleet Utilization Assumption | 99.00% | |||||
Decrease of Fleet utilization | 1.50% | |||||
Estimated residual value of vessels per lightweight ton | $ 250 | |||||
Amortization and write off of financing costs | $ 2,247,000 | 387,000 | 572,000 | |||
Number of Reportable Segments | 4 | |||||
Working capital surplus/ (deficit) | $ 142,316,000 | |||||
Cash and cash equivalents including restricted cash | 156,881,000 | 30,226,000 | 76,774,000 | $ 15,026,000 | ||
Voyage revenues | 186,135,000 | 100,716,000 | 51,934,000 | |||
Voyage expenses | 31,676,000 | 19,704,000 | 9,209,000 | |||
Trade accounts receivable | 13,713,000 | 14,526,000 | ||||
Accrued liabilities | 3,387,000 | 4,758,000 | ||||
Net income/(loss) | $ 21,780,000 | $ (42,544,000) | $ (198,686,000) | |||
Earnings per share basic and diluted | $ 0.22 | $ (1.13) | $ (455,587.2) | |||
Total equity | $ 637,729,000 | $ 707,036,000 | $ 49,774,000 | $ 121,412,000 | ||
Reported as, prior of the application of ASC 606 | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Voyage revenues | 185,514,000 | |||||
Voyage expenses | 31,746,000 | |||||
Trade accounts receivable | 14,440,000 | |||||
Accrued liabilities | 3,428,000 | |||||
Net income/(loss) | $ 21,089,000 | |||||
Earnings per share basic and diluted | $ 0.21 | |||||
Total equity | $ 637,038,000 | |||||
Heidmar Holdings LLC | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest | 49.00% | |||||
Ocean Rig | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership interest | 40.40% | |||||
Drybulk and Tanker Carrier Vessels | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Useful life | 25 years | |||||
Offshore Support Vessels | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Useful life | 30 years | |||||
Very Large Gas Carriers (VLGCs) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Useful life | 35 years |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and Cash equivalents and restricted cash [Abstract] | ||||
Cash and cash equivalents | $ 141,851 | $ 14,490 | $ 76,414 | |
Restricted cash | 20 | 726 | 350 | |
Restricted cash, non-current | 15,010 | 15,010 | 10 | |
Total | $ 156,881 | $ 30,226 | $ 76,774 | $ 15,026 |
Transactions with Related Par_3
Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Due from related parties (current) | $ 27,864 | $ 16,914 |
Due to related parties (current) | (5,796) | (72) |
Due to related parties (non-current) | (66,690) | (71,631) |
Advances for vessels under construction and related costs | 0 | 31,898 |
Vessels, net | 755,332 | 749,088 |
Accrued liabilities | (3,387) | (4,758) |
Related parties | ||
Due from related parties (current) | 27,864 | 16,914 |
Due to related parties (current) | (5,796) | (72) |
Due to related parties (non-current) | (66,690) | (71,631) |
Advances for vessels under construction and related costs | 0 | 1,004 |
Vessels, net | 170,871 | 0 |
Accrued liabilities | $ (304) | $ (350) |
Transactions with Related Par_4
Transactions with Related Parties - Statement of Operations (Tables) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Voyage expenses | $ (31,676) | $ (19,704) | $ (9,209) |
Depreciation | (25,881) | (14,966) | (3,466) |
General and administrative expenses | (28,314) | (30,972) | (39,708) |
Interest and finance costs | (2,934) | (15,239) | (1,563) |
Loss on Private Placement | 0 | (7,600) | 0 |
Related parties | |||
Time charter | 9,168 | 3,988 | 1,800 |
Voyage expenses | (3,743) | (1,526) | (390) |
Depreciation | (629) | 0 | 0 |
General and administrative expenses | (22,986) | (23,850) | (32,397) |
Commissions for assets sold | (3,568) | (85) | (886) |
Loss from sale of vessel owning companies, net of commissions | 0 | 0 | (22,318) |
Interest and finance costs | (2,924) | (13,070) | (1,789) |
Loss on Private Placement | $ 0 | $ (7,600) | $ 0 |
Transactions with Related Par_5
Transactions with Related Parties - TMS Bulkers Ltd - TMS Offshore Services Ltd - TMS Tankers Ltd - TMS Cardiff Gas Ltd - TMS Dry Ltd (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Termination cost | $ 0 | $ 0 | ||
Management Agreement | ||||
Management agreement term | 5 years | 5 years | ||
Termination cost | $ 50,000,000 | |||
Contract termination or Change of Control | ||||
Management fee extra period | 3 months | 3 months | ||
Change of control | Minimum | ||||
Termination payment period of fees | 36 months | 36 months | ||
Change of control | Maximum | ||||
Termination payment period of fees | 48 months | 48 months | ||
Tms Managers | New TMS Agreement | ||||
Construction supervisory fee | 10.00% | 10.00% | ||
Extra superintendents fee per day | $ 572 | € 500 | ||
Commissions on charter hire agreements | 1.25% | 1.25% | ||
Commission on purchase or sale price of vessels | 1.00% | 1.00% | ||
Performance Bonus | $ 6,000,000 | |||
Setup Fee | $ 2,000,000 | |||
Financing and advisory commission | 0.50% | 0.50% | ||
Consultancy agreement terms in year | 10 years | 10 years | ||
Tms Managers | New TMS Agreement | Minimum | ||||
Annual management fee adjustment | 3.00% | 3.00% | ||
Number of vessels acquired | 20 | 20 | ||
Tms Managers | New TMS Agreement | Maximum | ||||
Annual management fee adjustment | 5.00% | 5.00% | ||
Performance fees | $ 20,000,000 | |||
Tms Managers | New TMS Agreement | Up to 20 vessels | ||||
Management fixed fee per vessel per day | $ 1,643 | |||
Reduction in Management Fees | 33.00% | 33.00% | ||
Tms Managers | New TMS Agreement | Above 20 vessels | ||||
Management fixed fee per vessel per day | $ 1,500 |
Transactions with Related Par_6
Transactions with Related Parties - Economou and Other (Details) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)shares | Nov. 27, 2018USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Nov. 19, 2018USD ($) | May 15, 2017USD ($) | Apr. 06, 2017USD ($) | Apr. 03, 2017 | Mar. 10, 2017USD ($) | Jan. 19, 2017USD ($) | Jan. 12, 2017 | |
Common stock shares outstanding | shares | 87,232,028 | 87,232,028 | 104,274,708 | |||||||||
Finance lease liability | $ 71,964 | $ 71,964 | $ 171,500 | |||||||||
Advance payment of finance lease | $ 99,875 | |||||||||||
Revenues | $ 186,135 | $ 100,716 | $ 51,934 | |||||||||
Anderida VLGC | ||||||||||||
Time charter agreement duration | 5 years | |||||||||||
Aisling VLGC | ||||||||||||
Time charter agreement duration | 5 years | |||||||||||
Mont Fort VLGC | ||||||||||||
Time charter agreement duration | 10 years | |||||||||||
Mont Gele VLGC | ||||||||||||
Time charter agreement duration | 10 years | |||||||||||
Suezmax newbuilding vessel Samsara | ||||||||||||
Purchase price | $ 64,000 | |||||||||||
Time charter agreement duration | 5 years | |||||||||||
Conquistador, Pink Sands and Xanadu | Bareboat charterhire agreement | ||||||||||||
Finance lease liability | $ 71,625 | $ 171,500 | ||||||||||
Payment terms | quarterly installments | |||||||||||
Advance payment of finance lease | $ 99,875 | |||||||||||
Finance lease payment terms | 4,91% - LIBOR plus margin | |||||||||||
Number of finance leases | 3 | 3 | ||||||||||
Chairman and CEO | ||||||||||||
Common stock shares outstanding | shares | 72,421,515 | 72,421,515 | ||||||||||
Percentage Of Shareholder | 83.40% | 83.40% | ||||||||||
Cardiff LNG Ships Ltd. | ||||||||||||
Percentage Of Shareholder | 100.00% | |||||||||||
Cardiff LPG Ships Ltd. | ||||||||||||
Percentage Of Shareholder | 100.00% | |||||||||||
LPG Option Agreement | Very Large Gas Carriers (VLGCs) | ||||||||||||
Number of options for purchase of vessels | 4 | |||||||||||
LPG Option Agreement | Anderida VLGC | ||||||||||||
Number of vessels | 1 | |||||||||||
Purchase price | $ 83,500 | |||||||||||
LPG Option Agreement | Aisling VLGC | ||||||||||||
Number of vessels | 1 | |||||||||||
Purchase price | $ 83,500 | |||||||||||
LPG Option Agreement | Mont Fort VLGC | ||||||||||||
Number of vessels | 1 | |||||||||||
Purchase price | $ 83,500 | |||||||||||
LPG Option Agreement | Mont Gele VLGC | ||||||||||||
Number of vessels | 1 | |||||||||||
Purchase price | $ 83,500 | |||||||||||
Three employment agreements | ||||||||||||
Revenues | $ 1,727 | |||||||||||
Period of termination notice | 60 days |
Transactions with Related Par_7
Transactions with Related Parties - Cardiff, Fabiana, Basset and Vivid (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | 47 Months Ended | 48 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2016 | |
Termination cost | $ 0 | $ 0 | |||
Cardiff Tankers Inc. and Cardiff Gas Ltd | |||||
Chartering commission | 1.25% | ||||
Fabiana Services S.A. | Consultancy Agreement commencing on February 3, 2013 | |||||
Termination cost | $ 0 | ||||
Basset Holdings Inc. | Consultancy Agreement Effective 1 January 2015 between Company and Basset Holdings | Renewal | |||||
Termination cost | $ 0 | ||||
Vivid Finance Limited | Consultancy Agreement Effective January 1, 2013 between Company and Vivid | |||||
Termination cost | $ 0 |
Transactions with Related Par_8
Transactions with Related Parties - Ocean Rig (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Apr. 05, 2016 | Mar. 29, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash consideration from sale | $ 0 | $ 0 | $ 49,911 | ||
Offshore support vessels Crescendo and Jubilee | |||||
Time Charter Agreement Duration | 60 days | ||||
Ocean Rig | |||||
Cash consideration from sale | $ 49,911 |
Transactions with Related Par_9
Transactions with Related Parties - Private Placement - Rights Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||
Aug. 31, 2017 | Aug. 29, 2017 | Oct. 04, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||||||
Proceeds From Issuance Of Common Stock | $ 0 | $ 568,883 | $ 123,810 | |||
Amount converted | 8,750 | |||||
Loss on Private Placement | $ 0 | (7,600) | $ 0 | |||
Stockholders' Contribution | 2,805 | |||||
Series D Convertible Preferred Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Preferred Stock, Voting Rights | 100.000 votes | |||||
Private Placement | ||||||
Related Party Transaction [Line Items] | ||||||
Price per share | $ 2.75 | |||||
Proceeds From Issuance Of Common Stock | $ 100,000 | |||||
Number of shares issued | 36,363,636 | |||||
Loss on Private Placement | $ (7,600) | |||||
Share price | $ 2.05 | |||||
Rights Offering | ||||||
Related Party Transaction [Line Items] | ||||||
Price per share | $ 2.75 | |||||
Aggregate consideration | $ 100,000 | |||||
Backstop Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Price per share | $ 2.75 | |||||
Number of shares issued | 36,363,636 | |||||
SPII Holdings Inc. | Private Placement | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued | 12,000,000 | |||||
Sierra Investments Inc. | Private Placement | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued | 9,818,182 | |||||
Sierra Investments Inc. | Private Placement | Revolving Facility | ||||||
Related Party Transaction [Line Items] | ||||||
Amount converted | $ 27,000 | |||||
Sierra Investments Inc. | Backstop Agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued | 36,057,876 | |||||
Sierra Investments Inc. | Backstop Agreement | Revolving Facility | ||||||
Related Party Transaction [Line Items] | ||||||
Amount converted | $ 99,159 | |||||
Mountain Investments Inc. | Private Placement | ||||||
Related Party Transaction [Line Items] | ||||||
Number of shares issued | 14,545,454 | |||||
Sifnos Shareholders Inc. | Series D Convertible Preferred Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Stockholders' Contribution | $ 2,805 | |||||
Heidmar Holdings LLC | Private Placement | Shipping Pool Investors Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 49.00% | |||||
Shipping Pool Investors Inc. | Private Placement | Dryships Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage | 100.00% |
Transactions with Related Pa_10
Transactions with Related Parties - Sifnos Shareholders Inc. (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||
Feb. 01, 2018USD ($) | Jan. 19, 2017USD ($) | Mar. 10, 2017USD ($) | Apr. 05, 2016USD ($) | Mar. 29, 2016USD ($) | Mar. 24, 2016USD ($)shares | Aug. 29, 2017USD ($)shares | Sep. 13, 2016USD ($)shares | Oct. 04, 2017USD ($)shares | Sep. 21, 2016USD ($) | Oct. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 30, 2015USD ($)shares | Dec. 22, 2015USD ($) | Apr. 06, 2017 | Dec. 15, 2016USD ($) | Nov. 30, 2016USD ($) | |
Amount converted | $ 8,750 | ||||||||||||||||||
Deferred finance costs | $ 2,193 | $ 2,378 | |||||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | 404,480 | ||||||||||||||||||
Proceeds from Sale of Equity Method Investments | 0 | 0 | 49,911 | ||||||||||||||||
Repayments Of Debt | 238,653 | 18,780 | $ 119,758 | ||||||||||||||||
Outstanding balance | $ 292,276 | $ 147,716 | |||||||||||||||||
Weighted Average Interest Rate | 4.60% | 3.37% | 3.15% | ||||||||||||||||
Repurchase of shares | $ 85,378 | ||||||||||||||||||
Amalfi, Galveston and Samatan | |||||||||||||||||||
Amount tranferred to the new owners | $ 58,619 | ||||||||||||||||||
Anderida VLGC | LPG Option Agreement | |||||||||||||||||||
Number of vessels | 1 | ||||||||||||||||||
Aisling VLGC | LPG Option Agreement | |||||||||||||||||||
Number of vessels | 1 | ||||||||||||||||||
Mont Fort VLGC | LPG Option Agreement | |||||||||||||||||||
Number of vessels | 1 | ||||||||||||||||||
Mont Gele VLGC | LPG Option Agreement | |||||||||||||||||||
Number of vessels | 1 | ||||||||||||||||||
Ocean Rig | |||||||||||||||||||
Proceeds from Sale of Equity Method Investments | $ 49,911 | ||||||||||||||||||
Private Placement | |||||||||||||||||||
Number of shares issued | shares | 36,363,636 | ||||||||||||||||||
Backstop Agreement | |||||||||||||||||||
Number of shares issued | shares | 36,363,636 | ||||||||||||||||||
Series D Preferred Stock | |||||||||||||||||||
Preferred Stock, Voting Rights | 100.000 votes | ||||||||||||||||||
New Revolving Facility | Anderida VLGC | LPG Option Agreement | |||||||||||||||||||
Amount drawn down | $ 21,850 | ||||||||||||||||||
New Revolving Facility | Aisling VLGC | LPG Option Agreement | |||||||||||||||||||
Amount drawn down | $ 21,850 | ||||||||||||||||||
Sifnos Shareholders Inc. | |||||||||||||||||||
Repurchase of shares | $ 8,750 | ||||||||||||||||||
Sifnos Shareholders Inc. | Two Syndicated Loans | |||||||||||||||||||
Outstanding balance | $ 85,066 | ||||||||||||||||||
Sifnos Shareholders Inc. | Series B Preferred Stock | |||||||||||||||||||
Number of shares exchanged and cancelled | shares | 8 | ||||||||||||||||||
Sifnos Shareholders Inc. | Series B Preferred Stock | Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | |||||||||||||||||||
Number of shares exchanged and cancelled | shares | 8,333 | ||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | |||||||||||||||||||
Principal amount | $ 70,000 | 75,000 | $ 60,000 | ||||||||||||||||
Loan's tenor | 3 years | ||||||||||||||||||
Amount converted | 8,750 | $ 8,750 | 7,500 | $ 10,000 | |||||||||||||||
First priority mortage | One Panamax dry-bulk carrier | ||||||||||||||||||
Amount drawn down | $ 28,000 | $ 7,825 | $ 30,000 | ||||||||||||||||
Line of credit facility amount outstanding | 69,444 | ||||||||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 10,000 | $ 5,000 | |||||||||||||||||
Repayments Of Debt | $ 45,000 | ||||||||||||||||||
Variable rate basis | LIBOR | ||||||||||||||||||
Spread on variable rate | 4.00% | ||||||||||||||||||
Cash prepayment | $ 33,510 | ||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Preferred stock | |||||||||||||||||||
Number of preferred shares converted | shares | 29 | ||||||||||||||||||
Preferred Stock, Voting Rights | voting power of 5:1 | ||||||||||||||||||
Preferred Stock converted into Common Stock, Conversion Basis | On a 1:1 basis within 3 months | ||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Preferred stock | Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | |||||||||||||||||||
Number of preferred shares converted | shares | 29,166 | ||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Maximum | |||||||||||||||||||
Loan To Value Ratio | 40.00% | ||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Series B Preferred Stock | |||||||||||||||||||
Number of preferred shares converted | shares | 8 | ||||||||||||||||||
Preferred Stock, Voting Rights | 5 votes | ||||||||||||||||||
Preferred Stock converted into Common Stock, Conversion Basis | On a one to one basis within three months | ||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Series B Preferred Stock | Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | |||||||||||||||||||
Number of preferred shares converted | shares | 8,333 | ||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Series D Preferred Stock | |||||||||||||||||||
Number of preferred shares converted | shares | 29 | ||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Series D Preferred Stock | Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | |||||||||||||||||||
Number of preferred shares converted | shares | 29,166 | ||||||||||||||||||
Sifnos Shareholders Inc. | New Revolving Facility | |||||||||||||||||||
Principal amount | $ 200,000 | ||||||||||||||||||
Loan's tenor | 3 years | ||||||||||||||||||
Line of credit facility amount outstanding | $ 121,000 | ||||||||||||||||||
Variable rate basis | LIBOR | ||||||||||||||||||
Spread on variable rate | 5.50% | ||||||||||||||||||
Debt Instrument Fee | 2.0% | ||||||||||||||||||
Increase in collateral base | 30.00% | ||||||||||||||||||
Commitment fee | 1.00% | ||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facilities | |||||||||||||||||||
Line of credit facility amount outstanding | $ 73,841 | ||||||||||||||||||
Deferred finance costs | $ 2,210 | ||||||||||||||||||
Repayments Of Debt | $ 73,841 | ||||||||||||||||||
Weighted Average Interest Rate | 6.05% | 8.08% | |||||||||||||||||
Available undrawn amount | $ 0 | ||||||||||||||||||
Sierra Investments Inc. | Private Placement | |||||||||||||||||||
Number of shares issued | shares | 9,818,182 | ||||||||||||||||||
Sierra Investments Inc. | Backstop Agreement | |||||||||||||||||||
Number of shares issued | shares | 36,057,876 | ||||||||||||||||||
Sierra Investments Inc. | Revolving Facility | |||||||||||||||||||
Loan's tenor | 5 years | ||||||||||||||||||
Line of credit facility amount outstanding | $ 200,000 | ||||||||||||||||||
Variable rate basis | LIBOR | ||||||||||||||||||
Spread on variable rate | 6.50% | ||||||||||||||||||
Debt Instrument Fee | 1.0% | ||||||||||||||||||
Increase in collateral base | 30.00% | ||||||||||||||||||
Sierra Investments Inc. | Revolving Facility | Private Placement | |||||||||||||||||||
Amount converted | $ 27,000 | ||||||||||||||||||
Sierra Investments Inc. | Revolving Facility | Backstop Agreement | |||||||||||||||||||
Amount converted | $ 99,159 | ||||||||||||||||||
Sierra Investments Inc. | Loan Facility Agreement | |||||||||||||||||||
Loan's tenor | 5 years | ||||||||||||||||||
Line of credit facility amount outstanding | $ 73,841 | ||||||||||||||||||
Variable rate basis | LIBOR | ||||||||||||||||||
Spread on variable rate | 4.50% | ||||||||||||||||||
Debt instrument covenant description | Fair market values of mortgaged vessels should be at least 200% of the Loan Facility Agreement outstanding amount |
Other Current Assets (Tables) (
Other Current Assets (Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Current assets [Abstract] | ||
Inventories | $ 10,907 | $ 7,790 |
Insurance claims (Note 16) | 1,856 | 3,044 |
Deferred contract costs (Note 17) | 496 | 0 |
Other | 499 | 1,445 |
Other current assets | $ 13,758 | $ 12,279 |
Advances for Vessels under Co_3
Advances for Vessels under Construction and related costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance at beginning of year | $ 31,898 | |
Balance at end of year | 0 | $ 31,898 |
Advances for vessels under construction and acquisitions | ||
Balance at beginning of year | 31,898 | 0 |
Advances for vessels under construction and related costs | 45,198 | 265,565 |
Vessels delivered | (77,096) | (233,667) |
Balance at end of year | $ 0 | $ 31,898 |
Advances for Vessels under Co_4
Advances for Vessels under Construction and related costs (Details) $ in Thousands | Jan. 04, 2018USD ($) | Jan. 19, 2017USD ($) | Mar. 10, 2017USD ($) | Apr. 06, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Accounting for transactions under common control | $ 29,001 | $ 195 | |||||
Payment of purchase price | $ 161,503 | 653,344 | 0 | ||||
Interest Costs Capitalized | $ 84 | 3,196 | $ 0 | ||||
Anderida VLGC | |||||||
Date of charter agreement | Jun. 29, 2017 | ||||||
Time Charter Agreement Duration | 5 years | ||||||
Maximum extension of time charter duration | 3 years | ||||||
Anderida VLGC | LPG Option Agreement | |||||||
Number of vessels | 1 | ||||||
Purchase price | $ 83,500 | ||||||
Accounting for transactions under common control | 6,500 | ||||||
Delivery Date | Jun. 28, 2017 | ||||||
Payment of purchase price | 61,650 | ||||||
Anderida VLGC | LPG Option Agreement | Secured credit facility dated June 22, 2017 | |||||||
Amount drawn down | 37,500 | ||||||
Anderida VLGC | LPG Option Agreement | New Revolving Facility | |||||||
Amount drawn down | $ 21,850 | ||||||
Aisling VLGC | |||||||
Date of charter agreement | Sep. 12, 2017 | ||||||
Time Charter Agreement Duration | 5 years | ||||||
Maximum extension of time charter duration | 3 years | ||||||
Aisling VLGC | LPG Option Agreement | |||||||
Number of vessels | 1 | ||||||
Purchase price | $ 83,500 | ||||||
Accounting for transactions under common control | 6,500 | ||||||
Delivery Date | Sep. 7, 2017 | ||||||
Payment of purchase price | 61,650 | ||||||
Aisling VLGC | LPG Option Agreement | Secured credit facility dated June 22, 2017 | |||||||
Amount drawn down | 37,500 | ||||||
Aisling VLGC | LPG Option Agreement | New Revolving Facility | |||||||
Amount drawn down | $ 21,850 | ||||||
Mont Fort VLGC | |||||||
Date of charter agreement | Nov. 5, 2017 | ||||||
Time Charter Agreement Duration | 10 years | ||||||
Disposal date | Oct. 30, 2018 | ||||||
Mont Fort VLGC | LPG Option Agreement | |||||||
Number of vessels | 1 | ||||||
Purchase price | $ 83,500 | ||||||
Delivery Date | Oct. 31, 2017 | ||||||
Mont Gele VLGC | |||||||
Date of charter agreement | Jan. 11, 2018 | ||||||
Time Charter Agreement Duration | 10 years | ||||||
Disposal date | Oct. 15, 2018 | ||||||
Mont Gele VLGC | LPG Option Agreement | |||||||
Number of vessels | 1 | ||||||
Purchase price | $ 83,500 | ||||||
Delivery Date | Jan. 4, 2018 | ||||||
Payment of purchase price | $ 44,869 | ||||||
Mont Fort and Mont Gele | LPG Option Agreement | |||||||
Accounting for transactions under common control | 16,001 | ||||||
Payment of purchase price | 120,300 | ||||||
Mont Fort and Mont Gele | LPG Option Agreement | Secured credit facility dated June 22, 2017 | |||||||
Amount drawn down | $ 37,500 | 75,000 | |||||
Mont Fort and Mont Gele | LPG Option Agreement | New Revolving Facility | |||||||
Amount drawn down | $ 46,700 | ||||||
Advances for vessels under construction and related costs | |||||||
Capitalized expenses | $ 0 | 428 | |||||
Interest Costs Capitalized | $ 0 | $ 770 | |||||
Anderida and Aisling VLGCs | |||||||
Disposal date | Nov. 5, 2018 |
Vessels, net - Vessels (Tables)
Vessels, net - Vessels (Tables) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, at the beginning of period | $ 749,088 | |
Balance, at the end of period | 755,332 | $ 749,088 |
Cost | Vessels | ||
Balance, at the beginning of period | 763,950 | 95,550 |
Additions | 199,243 | 672,300 |
Right-of-use assets | 171,500 | |
Impairment loss | (24,774) | |
Vessels sold | (322,905) | (3,900) |
Balance, at the end of period | 787,014 | 763,950 |
Accumulated Depreciation | Vessels | ||
Balance, at the beginning of period | (14,862) | 0 |
Depreciation | (25,881) | (14,966) |
Impairment loss | 7,739 | |
Vessels sold | 1,322 | 104 |
Balance, at the end of period | (31,682) | (14,862) |
Net Book Value | Vessels | ||
Balance, at the beginning of period | 749,088 | 95,550 |
Additions | 199,243 | 672,300 |
Right-of-use assets | 171,500 | |
Depreciation | (25,881) | (14,966) |
Impairment loss | (17,035) | |
Vessels sold | (321,583) | (3,796) |
Balance, at the end of period | $ 755,332 | $ 749,088 |
Vessels, net - Additional Infor
Vessels, net - Additional Information - Year 2016 (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||
Mar. 30, 2016USD ($) | Mar. 24, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 16, 2016USD ($) | Oct. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 26, 2016USD ($) | Oct. 18, 2016USD ($) | Oct. 05, 2016USD ($) | Sep. 27, 2016USD ($) | Aug. 22, 2016USD ($) | |
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ 9,623 | $ 4,125 | $ (106,343) | ||||||||||
Debt assumed | 59,262 | 79,000 | |||||||||||
Accounting for transactions under common control | $ 350 | 440 | |||||||||||
Secured Credit Facility at February 14, 2012 | |||||||||||||
Cash prepayment | $ 15,000 | ||||||||||||
Rangiroa, Negonego and Fakarava | |||||||||||||
Number of vessels | 3 | ||||||||||||
Vessels total sale price | $ 70,000 | ||||||||||||
Disposal date | Mar. 31, 2016 | ||||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (23,018) | ||||||||||||
Amount tranferred to the new owners | $ 12,060 | ||||||||||||
Rangiroa, Negonego and Fakarava | Beneficially Owned Companies | |||||||||||||
Debt assumed | $ 102,070 | ||||||||||||
Coronado Panamax vessel | |||||||||||||
Vessels total sale price | $ 4,250 | ||||||||||||
Disposal date | Sep. 9, 2016 | ||||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | 1,084 | ||||||||||||
Oregon Panamax vessel | |||||||||||||
Vessels total sale price | $ 4,675 | ||||||||||||
Disposal date | Sep. 21, 2016 | ||||||||||||
Amount tranferred to the new owners | $ 7,825 | ||||||||||||
Accounting for transactions under common control | 281 | ||||||||||||
Ocean Crystal Panamax vessel | |||||||||||||
Vessels total sale price | $ 3,720 | ||||||||||||
Disposal date | Nov. 7, 2016 | ||||||||||||
Sonoma Panamax vessel | |||||||||||||
Vessels total sale price | $ 3,950 | ||||||||||||
Disposal date | Nov. 15, 2016 | ||||||||||||
Sorrento Panamax vessel | |||||||||||||
Vessels total sale price | $ 6,700 | ||||||||||||
Disposal date | Nov. 22, 2016 | ||||||||||||
Ocean Crystal, Sonoma and Sorreto Panamax vessels | |||||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ 3,020 | (641) | |||||||||||
Amalfi, Galveston and Samatan | |||||||||||||
Vessels total sale price | $ 15,000 | ||||||||||||
Disposal date | Oct. 31, 2016 | ||||||||||||
Amount tranferred to the new owners | $ 58,619 | ||||||||||||
Accounting for transactions under common control | (476) | ||||||||||||
Vessels held for sale | |||||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (18,266) | ||||||||||||
Drybulk Carrier Vessels | |||||||||||||
Number of vessels | 13 | ||||||||||||
Gain on reclassification of vessels | $ 1,851 | ||||||||||||
Offshore Support Vessels | |||||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (65,712) |
Vessels, net - Additional Inf_2
Vessels, net - Additional Information - Year 2017 (Details) $ in Thousands | 12 Months Ended | ||||||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 02, 2018USD ($) | Dec. 19, 2017USD ($) | May 15, 2017USD ($) | Apr. 27, 2017USD ($) | Apr. 12, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 24, 2017USD ($) | Mar. 01, 2017USD ($) | Feb. 14, 2017USD ($) | Feb. 10, 2017USD ($) | |
Accounting for transactions under common control | $ 350 | $ 440 | |||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ 9,623 | 4,125 | $ (106,343) | ||||||||||
Aframax tanker under construction Balla | |||||||||||||
Purchase price | $ 44,500 | ||||||||||||
Delivery date | Apr. 27, 2017 | ||||||||||||
Second hand Very Large Crude Carrier Shiraga | |||||||||||||
Purchase price | $ 57,000 | ||||||||||||
Delivery date | Jun. 9, 2017 | ||||||||||||
Second hand Aframax Tanker Stamos | |||||||||||||
Purchase price | $ 29,000 | ||||||||||||
Delivery date | May 15, 2017 | ||||||||||||
Marini, Morandi, Bacon and Judd | |||||||||||||
Purchase price | $ 120,540 | ||||||||||||
Number of vessels | 4 | ||||||||||||
Second-hand Newcastle drybulk vessel Marini | |||||||||||||
Delivery date | May 2, 2017 | ||||||||||||
Second-hand Newcastle drybulk vessel Morandi | |||||||||||||
Delivery date | Jul. 5, 2017 | ||||||||||||
Second-hand Newcastle drybulk vessel Bacon | |||||||||||||
Delivery date | Jul. 6, 2017 | ||||||||||||
Fair value of below market acquired time charters | 0 | ||||||||||||
Second-hand Newcastle drybulk vessel Judd | |||||||||||||
Delivery date | Jul. 13, 2017 | ||||||||||||
Fair value of below market acquired time charters | 516 | ||||||||||||
Kelly, Matisse and Valadon drybulk vessels | |||||||||||||
Purchase price | $ 71,000 | ||||||||||||
Number of vessels | 3 | ||||||||||||
Kamsarmax Drybulk secondhand vessel Valadon | |||||||||||||
Delivery date | May 17, 2017 | ||||||||||||
Kamsarmax Drybulk secondhand vessel Matisse | |||||||||||||
Delivery date | Jun. 1, 2017 | ||||||||||||
Kamsarmax Drybulk vessel Kelly | |||||||||||||
Purchase price | $ 26,218 | ||||||||||||
Delivery date | Jun. 14, 2017 | ||||||||||||
Secondhand Kamsarmax drybulk carrier Nasaka | |||||||||||||
Purchase price | $ 22,000 | ||||||||||||
Delivery date | May 10, 2017 | ||||||||||||
Second hand Kamsarmax drybulk vessel Castellani | |||||||||||||
Purchase price | $ 23,500 | ||||||||||||
Delivery date | Jun. 6, 2017 | ||||||||||||
Suezmax newbuilding vessel Samsara | |||||||||||||
Purchase price | $ 64,000 | ||||||||||||
Delivery date | May 19, 2017 | ||||||||||||
Accounting for transactions under common control | 440 | ||||||||||||
Date of charter agreement | May 24, 2017 | ||||||||||||
Time charter agreement duration | 5 years | ||||||||||||
Panamax vessel Ecola | |||||||||||||
Purchase price | $ 8,500 | ||||||||||||
Delivery date | Dec. 29, 2017 | ||||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ 4,425 |
Vessels, net - Additional Inf_3
Vessels, net - Additional Information - Year 2018 (Details) | 1 Months Ended | 5 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018USD ($) | May 31, 2018USD ($) | Sep. 30, 2018USD ($) | Nov. 27, 2018USD ($) | Nov. 19, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 02, 2018USD ($) | Jul. 04, 2018USD ($) | Jun. 27, 2018USD ($) | Apr. 27, 2018USD ($) | |
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ 9,623,000 | $ 4,125,000 | $ (106,343,000) | |||||||||
Debt assumed | 59,262,000 | 79,000,000 | ||||||||||
Accounting for transactions under common control | 350,000 | 440,000 | ||||||||||
Amount used for repayment of debt | 238,653,000 | 18,780,000 | 119,758,000 | |||||||||
Carrying amount | $ 755,332,000 | 755,332,000 | 749,088,000 | |||||||||
Finance lease liability | 71,964,000 | $ 171,500,000 | 71,964,000 | |||||||||
Advance payment of finance lease | $ 99,875,000 | |||||||||||
Interest costs capitalized | 84,000 | 3,196,000 | 0 | |||||||||
Pretax net income | 21,786,000 | (42,392,000) | $ (157,194,000) | |||||||||
Vessels, net | ||||||||||||
Capitalized expenses | 245,000 | 8,834,000 | ||||||||||
Interest costs capitalized | $ 84,000 | 2,426,000 | ||||||||||
2001 built Panamax drybulk carrier, Maganari | ||||||||||||
Vessels total sale price | $ 9,700,000 | |||||||||||
Disposal date | May 24, 2018 | |||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ 5,109,000 | |||||||||||
Panamax drybulk carriers Bargara, Redondo, Mendocino and Marbella | ||||||||||||
Vessels total sale price | $ 35,568,000 | |||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ 18,192,000 | |||||||||||
Number of vessels | 4 | |||||||||||
Panamax drybulk carrier Redondo | ||||||||||||
Disposal date | Jul. 18, 2018 | |||||||||||
Panamax drybulk carrier Marbella | ||||||||||||
Disposal date | Jul. 24, 2018 | |||||||||||
Panamax drybulk carrier Bargara | ||||||||||||
Disposal date | Aug. 14, 2018 | |||||||||||
Panamax drybulk carrier Mendocino | ||||||||||||
Disposal date | Aug. 20, 2018 | |||||||||||
VLGCs | ||||||||||||
Vessels total sale price | $ 304,000,000 | |||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (282,000) | |||||||||||
Number of vessels | 4 | |||||||||||
Vessels held for sale - Impairment loss | $ (7,279,000) | |||||||||||
Pretax net income | 1,355,000 | $ 201,000 | ||||||||||
Daily fixed compensation | $ 15,000 | |||||||||||
Mont Gele VLGC | ||||||||||||
Disposal date | Oct. 15, 2018 | |||||||||||
Date of charter agreement | Jan. 11, 2018 | |||||||||||
Mont Fort VLGC | ||||||||||||
Disposal date | Oct. 30, 2018 | |||||||||||
Date of charter agreement | Nov. 5, 2017 | |||||||||||
Anderida and Aisling VLGCs | ||||||||||||
Disposal date | Nov. 5, 2018 | |||||||||||
2001 built Panamax drybulk carrier, Capitola | ||||||||||||
Vessels total sale price | $ 7,580,000 | |||||||||||
Disposal date | Aug. 17, 2018 | |||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ 3,639,000 | |||||||||||
Newcastlemax drybulk carrier Huahine | ||||||||||||
Delivery date | Jun. 1, 2018 | |||||||||||
Purchase price | $ 38,500,000 | |||||||||||
Suezmax vessel Marfa | ||||||||||||
Delivery date | Jun. 8, 2018 | |||||||||||
Purchase price | $ 55,333,000 | |||||||||||
Huahine and Marfa vessels | ||||||||||||
Number of vessels | 2 | |||||||||||
Debt assumed | $ 50,333,000 | |||||||||||
Accounting for transactions under common control | 1,581,000 | |||||||||||
Amount used for repayment of debt | $ 43,500,000 | |||||||||||
Offshore support vessels | ||||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (9,465,000) | |||||||||||
Number of vessels | 6 | |||||||||||
Carrying amount | $ 25,590,000 | |||||||||||
Aframax tanker vessel Botafogo | ||||||||||||
Delivery date | Dec. 14, 2018 | |||||||||||
Purchase price | 27,000,000 | |||||||||||
Debt assumed | 8,929,000 | |||||||||||
Accounting for transactions under common control | 1,231,000 | |||||||||||
Amount used for repayment of debt | 18,071,000 | |||||||||||
Aframax tanker vessel Botafogo | Different accounting policy | ||||||||||||
Accounting for transactions under common control | 964,000 | |||||||||||
Aframax tanker vessel Botafogo | Excess of carrying amount | ||||||||||||
Accounting for transactions under common control | 267,000 | |||||||||||
One of the Company's tanker vessel | ||||||||||||
Number of vessels | 1 | 1 | ||||||||||
Carrying amount | $ 26,666,000 | $ 26,666,000 | ||||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (291,000) | |||||||||||
Conquistador, Pink Sands and Xanadu | Bareboat charterhire agreement | ||||||||||||
Number of finance leases | 3 | 3 | ||||||||||
Finance lease liability | $ 71,625,000 | 171,500,000 | ||||||||||
Advance payment of finance lease | $ 99,875,000 | |||||||||||
Variable rate basis | 4,91% - LIBOR plus margin | |||||||||||
Payment terms | quarterly installments | |||||||||||
Right-of-use assets | $ 171,500,000 | |||||||||||
Date of charter agreement | Nov. 19, 2018 |
Above market acquired time ch_2
Above market acquired time charter contracts and goodwill (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Amortization of fair value of acquired time charters | $ 0 | $ 684 | $ 4,346 |
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | 9,623 | 4,125 | (106,343) |
Goodwill impairment charge | $ 0 | 0 | (7,002) |
Crescendo vessel | |||
Time charter contracts expiration date | Jan. 8, 2017 | ||
Jubilee vessel | |||
Time charter contracts expiration date | Apr. 25, 2017 | ||
Indigo vessel | |||
Time charter contracts expiration date | Aug. 30, 2017 | ||
Colorado vessel | |||
Time charter contracts expiration date | Dec. 27, 2017 | ||
Jacaranda vessel | |||
Time charter contracts expiration date | Jul. 3, 2017 | ||
Emblem vessel | |||
Time charter contracts expiration date | Jun. 21, 2017 | ||
Nautilus | |||
Amortization method of time-chartered contracts | straight-line | ||
Amortization of fair value of acquired time charters | 1,200 | 4,346 | |
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (300) | (5,161) | |
Goodwill | 7,002 | ||
Goodwill impairment charge | $ (7,002) | ||
Nautilus | Offshore Support Vessels | |||
Number of vessels | 6 |
Other Non-Current Assets (Tab_2
Other Non-Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
OTHER NON-CURRENT ASSETS: | ||
Other non-current assets | $ 4,088 | $ 44,869 |
Total | $ 4,088 | $ 44,869 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Thousands | Jan. 04, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Last installement held in escrow | $ 0 | $ 44,869 | $ 0 | |
Payment of purchase price | $ 161,503 | 653,344 | $ 0 | |
Mont Gele VLGC | LPG Option Agreement | ||||
Last installement held in escrow | $ 44,869 | |||
Payment of purchase price | $ 44,869 | |||
Delivery Date | Jan. 4, 2018 | |||
Vessels improvements | ||||
Payment of purchase price | $ 4,088 |
Investment in an Affiliate (Det
Investment in an Affiliate (Details) $ in Thousands | 3 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Apr. 05, 2016USD ($) | Aug. 29, 2017USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 04, 2016 | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Carrying value of the investment | $ 34,000 | $ 34,000 | ||||||
Losses of affiliated company | 0 | 0 | $ 41,454 | |||||
Cash consideration from sale | $ 0 | $ 0 | 49,911 | |||||
Private Placement | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of shares issued | shares | 36,363,636 | |||||||
SPII Holdings Inc. | Private Placement | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of shares issued | shares | 12,000,000 | |||||||
Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest | 49.00% | |||||||
Carrying value of the investment | $ 34,000 | |||||||
Significant assumptions | Discount factor due to lack of marketability | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.075 | |||||||
Significant assumptions | Weighted average cost of capital | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.108 | |||||||
Significant assumptions | Long term growth rate | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.032 | |||||||
Significant assumptions | Commission rates | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.029 | |||||||
Significant assumptions | Number of vessels | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 63 | |||||||
Change in fair value measurements | Discount factor due to lack of marketability | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.05 | |||||||
Decrease in fair value | $ 1,856 | |||||||
Change in fair value measurements | Weighted average cost of capital | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.01 | |||||||
Increase in fair value | $ 2,578 | |||||||
Decrease in fair value | $ 1,986 | |||||||
Change in fair value measurements | Long term growth rate | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.01 | |||||||
Increase in fair value | $ 1,907 | |||||||
Decrease in fair value | $ 1,463 | |||||||
Change in fair value measurements | Weighting of market versus income approach | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Weighting rate | 10.00% | |||||||
Increase in fair value | $ 31 | |||||||
Change in fair value measurements | Charter rates | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.1 | |||||||
Decrease in fair value | $ 6,672 | |||||||
Change in fair value measurements | Commission rates | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.005 | |||||||
Increase in fair value | $ 10,917 | |||||||
Decrease in fair value | $ 11,083 | |||||||
Change in fair value measurements | Number of vessels | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of vessels under management | One per pool | |||||||
Increase in fair value | $ 9,010 | |||||||
Decrease in fair value | $ 8,945 | |||||||
Market approach valuation technique | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Weighting rate | 20.00% | |||||||
Market approach valuation technique | Control premium | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Investment in Heidmar, measurement input | 0.1 | |||||||
Income approach valuation technique | Heidmar Holdings LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Weighting rate | 80.00% | |||||||
Dryships Inc. | Shipping Pool Investors Inc. | Private Placement | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 100.00% | |||||||
Shipping Pool Investors Inc. | Heidmar Holdings LLC | Private Placement | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 49.00% | |||||||
Ocean Rig | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest | 40.40% | |||||||
Carrying value of the investment | $ 208,176 | $ 91,410 | ||||||
Market value of the investment | $ 45,985 | $ 91,410 | ||||||
Losses of affiliated company | 41,454 | |||||||
Loss recognized due to impairment | $ 162,191 | |||||||
Cash consideration from sale | $ 49,911 | |||||||
Gain on sale | 792 | |||||||
Ocean Rig | Other comprehensive income | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Gain on sale | $ 343 |
Long-term Debt (Table) (Details
Long-term Debt (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 292,276 | $ 147,716 |
Less: Deferred financing costs | (2,193) | (2,378) |
Total debt | 290,083 | 145,338 |
Less: Current portion | (38,795) | (11,635) |
Long-term portion | 251,288 | 133,703 |
Secured financing arrangements | Drybulk Segment | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 91,937 | |
Secured Credit Facilities | Drybulk Segment | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 75,582 | |
Secured Credit Facilities | Tanker Segment | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 124,757 | |
Secured Credit Facilities | Gas Carrier Segment | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 147,716 |
Long-term Debt - Loan Movements
Long-term Debt - Loan Movements (Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
December 31, 2017 | $ 147,716 |
New debt/ Acquisitions | 404,480 |
50% Set-off price | (95,109) |
Repayments | (164,811) |
December 31, 2018 | $ 292,276 |
Secured Financing Arrangement | |
Debt Instrument [Line Items] | |
Debt agreement date | Apr. 2, 2018 |
Original Amount | $ 26,218 |
December 31, 2017 | 0 |
New debt/ Acquisitions | 26,218 |
50% Set-off price | (13,109) |
Repayments | (439) |
December 31, 2018 | $ 12,670 |
Secured Financing Arrangements | |
Debt Instrument [Line Items] | |
Debt agreement date | May 4, 2018 |
Original Amount | $ 164,000 |
December 31, 2017 | 0 |
New debt/ Acquisitions | 164,000 |
50% Set-off price | (82,000) |
Repayments | (2,733) |
December 31, 2018 | $ 79,267 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Debt agreement date | Jun. 22, 2017 |
Original Amount | $ 150,000 |
December 31, 2017 | 147,716 |
New debt/ Acquisitions | 0 |
Repayments | (147,716) |
December 31, 2018 | $ 0 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Debt agreement date | Jan. 24, 2018 |
Original Amount | $ 90,000 |
December 31, 2017 | 0 |
New debt/ Acquisitions | 90,000 |
Repayments | (6,255) |
December 31, 2018 | $ 83,745 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Debt agreement date | Jan. 29, 2018 |
Original Amount | $ 35,000 |
December 31, 2017 | 0 |
New debt/ Acquisitions | 35,000 |
Repayments | (2,543) |
December 31, 2018 | $ 32,457 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Debt agreement date | Mar. 8, 2018 |
Original Amount | $ 30,000 |
December 31, 2017 | 0 |
New debt/ Acquisitions | 30,000 |
Repayments | (1,875) |
December 31, 2018 | $ 28,125 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Debt agreement date | Oct. 13, 2013 |
Original Amount | $ 30,000 |
December 31, 2017 | 0 |
New debt/ Acquisitions | 16,500 |
Repayments | (1,500) |
December 31, 2018 | $ 15,000 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Debt agreement date | Sep. 1, 2017 |
Original Amount | $ 35,000 |
December 31, 2017 | 0 |
New debt/ Acquisitions | 33,833 |
Repayments | (1,750) |
December 31, 2018 | $ 32,083 |
Secured Credit Facility | |
Debt Instrument [Line Items] | |
Debt agreement date | Jan. 20, 2010 |
Original Amount | $ 30,000 |
December 31, 2017 | 0 |
New debt/ Acquisitions | 8,929 |
Repayments | 0 |
December 31, 2018 | $ 8,929 |
Long-term Debt - Principal Paym
Long-term Debt - Principal Payments (Tables) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Debt, by Maturity [Abstract] | ||
Due through December 31, 2019 | $ 39,337 | |
Due through December 31, 2020 | 30,408 | |
Due through December 31, 2021 | 22,908 | |
Due through December 31, 2022 | 22,908 | |
Due through December 31, 2023 | 85,370 | |
Thereafter | 91,345 | |
Total principal payments | 292,276 | $ 147,716 |
Less: Financing fees | (2,193) | (2,378) |
Total debt | $ 290,083 | $ 145,338 |
Long-term Debt - Secured Credit
Long-term Debt - Secured Credit Facilities (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 4 Months Ended | 7 Months Ended | 11 Months Ended | 12 Months Ended | ||||||
Jan. 26, 2018USD ($) | Mar. 13, 2018USD ($) | Mar. 07, 2018USD ($) | Apr. 24, 2017USD ($) | Jul. 24, 2018USD ($) | Nov. 18, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 14, 2018USD ($) | Jun. 08, 2018USD ($) | Jun. 01, 2018USD ($) | |
Debt Instrument [Line Items] | ||||||||||||
Amount used for repayment of debt | $ 238,653 | $ 18,780 | $ 119,758 | |||||||||
Gain on debt restructuring | $ 0 | 0 | 10,477 | |||||||||
Mont Gele VLGC | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Date | Oct. 15, 2018 | |||||||||||
Mont Fort VLGC | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Date | Oct. 30, 2018 | |||||||||||
Anderida and Aisling VLGCs | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Disposal Date | Nov. 5, 2018 | |||||||||||
Secured credit facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity Date | Mar. 31, 2024 | |||||||||||
Payment terms | quarterly installments | |||||||||||
Variable rate basis | LIBOR | |||||||||||
Secured Credit Facility at June 20, 2008 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount used for repayment of debt | $ 8,200 | |||||||||||
Gain on debt restructuring | 8,366 | |||||||||||
Cash repayment in full | 2,000 | |||||||||||
Secured Credit Facility at March 19, 2012 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Loan agreements reclassified as current | $ 14,935 | |||||||||||
Cash repayment in full | $ 15,158 | |||||||||||
Secured Credit Facility at June 22, 2017 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 150,000 | |||||||||||
Line of credit facilities number of installments | 24 | |||||||||||
First priority mortage | VLGCs Anderida, Aisling, Mont Fort and Mont Gele | |||||||||||
Amount drawn down | $ 150,000 | |||||||||||
Cash repayment in full | $ 137,820 | |||||||||||
Interest rate description | LIBOR | |||||||||||
Frequency of payments | quarterly | |||||||||||
Secured Credit Facility at January 24, 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 90,000 | |||||||||||
Line of credit facilities number of installments | 20 | |||||||||||
First priority mortage | Vessels Shiraga, Samsara, Stamos and Balla | |||||||||||
Amount drawn down | $ 90,000 | |||||||||||
Interest rate description | LIBOR | |||||||||||
Frequency of payments | quarterly | |||||||||||
Secured Credit Facility at January 29, 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 35,000 | |||||||||||
Line of credit facilities number of installments | 24 | |||||||||||
First priority mortage | Vessels Valadon, Matisse and Rapallo | |||||||||||
Amount drawn down | $ 35,000 | |||||||||||
Interest rate description | LIBOR | |||||||||||
Frequency of payments | quarterly | |||||||||||
Secured Credit Facility at March 8, 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 30,000 | |||||||||||
Line of credit facilities number of installments | 24 | |||||||||||
First priority mortage | Vessels Judd and Raraka | |||||||||||
Amount drawn down | $ 30,000 | |||||||||||
Interest rate description | LIBOR | |||||||||||
Frequency of payments | quarterly | |||||||||||
Credit Facility as part of the acquisition of Huahine vessel | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility amount outstanding | $ 16,500 | |||||||||||
Line of credit facilities number of installments | 6 | |||||||||||
First priority mortage | Huahine vessel | |||||||||||
Interest rate description | LIBOR | |||||||||||
Frequency of payments | quarterly | |||||||||||
Credit Facility as part of the acquisition of Marfa vessel | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility amount outstanding | $ 33,833 | |||||||||||
Line of credit facilities number of installments | 22 | |||||||||||
First priority mortage | Marfa vessel | |||||||||||
Interest rate description | LIBOR | |||||||||||
Frequency of payments | quarterly | |||||||||||
Credit Facility as part of the acquisition of Botafogo vessel | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Line of credit facility amount outstanding | $ 8,929 | |||||||||||
Line of credit facilities number of installments | 5 | |||||||||||
First priority mortage | Botafogo vessel | |||||||||||
Interest rate description | LIBOR | |||||||||||
Frequency of payments | quarterly |
Long-term Debt - Secured Financ
Long-term Debt - Secured Financing Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||
Apr. 13, 2018 | May 15, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 04, 2018 | Apr. 02, 2018 | |
Lessee, Lease, Description [Line Items] | |||||||
Aggregate available undrawn amount | $ 0 | $ 0 | |||||
Weighted Average Interest Rate | 4.60% | 3.37% | 3.15% | ||||
Interest expense and debt amortization cost | $ 20,613 | $ 17,125 | $ 8,299 | ||||
Kamsarmax drybulk carrier Kelly | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Purchase price | $ 26,218 | ||||||
Percentage of the purchase price received as finance lease income | 50.00% | ||||||
Kamsarmax drybulk carrier Kelly | Lease arrangement with a Chinese leasing company | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Time charter agreement duration | 10 years | ||||||
Finance lease payment terms | 40 quarterly installments | ||||||
Finance lease interest rate description | LIBOR | ||||||
Date of charter agreement | Apr. 13, 2018 | ||||||
Financing amount drawn down | $ 13,109 | ||||||
Option to terminate | Options to reacquire the vessel during the bareboat charter period, with the first of such options exercisable on the first anniversary from the vessel's delivery date | ||||||
Nasaka Morandi Marini Bacon and Castellani vessels | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Purchase price | $ 164,000 | ||||||
Percentage of the purchase price received as finance lease income | 50.00% | ||||||
Number of finance leases | 5 | ||||||
Nasaka Morandi Marini Bacon and Castellani vessels | Lease arrangement with a Chinese leasing company | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Time charter agreement duration | 8 years | ||||||
Finance lease payment terms | 32 quarterly installments | ||||||
Finance lease interest rate description | LIBOR | ||||||
Date of charter agreement | May 15, 2018 | ||||||
Financing amount drawn down | $ 82,000 | ||||||
Option to terminate | Options to reacquire each vessel during the bareboat charter period, with the first of such options exercisable on the first anniversary from the vessel's delivery date |
Long-term Debt - Covenant Descr
Long-term Debt - Covenant Description and Compliance (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Debt instrument covenant compliance | As of December 31, 2018, the Company was in compliance with the covenants regarding its secured credit facilities and financing arrangements. |
Secured Credit Facility at June 22, 2017 | |
Debt instrument covenant description | Under the Company’s credit facilities and financing arrangements, Mr. Economou must generally continue to beneficially own at least 50% of either (i) the Company’s issued and outstanding share capital or (ii) the Company’s issued and outstanding voting share capital. In addition, the Company’s credit facilities and financing arrangements require the Company and its subsidiaries to satisfy certain financial covenants. Depending on the credit facility or financing arrangement, these financial covenants require to maintain (i) minimum liquidity; (ii) a maximum leverage ratio; (iii) a minimum debt service cover ratio; (iv) a minimum market adjusted net worth; (v) a minimum solvency ratio and (vi) a minimum working capital level. Also, the credit facilities and financing arrangements, require to maintain specified financial ratios, mainly to ensure that the market value of the mortgaged vessels under the applicable credit facility, determined in accordance with the terms of that facility, does not fall below a certain percentage of the outstanding amount of the loan, which is referred as a value maintenance clause or loan-to-value ratio. All of the Company’s credit facilities and financing arrangements also contain cross-acceleration or cross-default provisions that may be triggered by a default under one of the Company’s other credit facilities and financing arrangements. These covenants may limit the ability of certain of the Company’s subsidiaries to, among other things, without the relevant lenders’ or counterparties’ prior consent (i) incur additional indebtedness, (ii) change the flag, class or management of the vessel mortgaged under such facility, (iii) create or permit to exist liens on their assets, (iv) make loans, (v) make investments or capital expenditures, and (vi) undergo a change in ownership or control. |
Finance Lease Liability (Due _3
Finance Lease Liability (Due to Related Parties) (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Nov. 19, 2018 |
Finance lease liability | $ 71,964 | $ 171,500 |
Less: Current portion | (5,274) | |
Long-term portion | 66,690 | |
Conquistador bareboat charter | ||
Finance lease liability | 24,491 | 56,000 |
Pink Sands bareboat charter | ||
Finance lease liability | 23,511 | 56,000 |
Xanadu bareboat charter | ||
Finance lease liability | $ 23,962 | $ 59,500 |
Finance Lease Liability (Due _4
Finance Lease Liability (Due to Related Parties) - Movement of Finance Lease Liabilities (Table) (Details) $ in Thousands | 1 Months Ended |
Dec. 31, 2018USD ($) | |
Original amount | $ 171,500 |
Repayments | (99,875) |
Finance lease interest expense | 339 |
December 31, 2018 | 71,964 |
Conquistador bareboat charter | |
Original amount | 56,000 |
Repayments | (31,625) |
Finance lease interest expense | 116 |
December 31, 2018 | 24,491 |
Pink Sands bareboat charter | |
Original amount | 56,000 |
Repayments | (32,600) |
Finance lease interest expense | 111 |
December 31, 2018 | 23,511 |
Xanadu bareboat charter | |
Original amount | 59,500 |
Repayments | (35,650) |
Finance lease interest expense | 112 |
December 31, 2018 | $ 23,962 |
Finance Lease Liability (Due _5
Finance Lease Liability (Due to Related Parties) (Details) - USD ($) $ in Thousands | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Nov. 27, 2018 | Dec. 31, 2018 | Nov. 19, 2018 | |
Finance lease liability | $ 71,964 | $ 71,964 | $ 171,500 | |
Advance payment of finance lease | 99,875 | |||
Finance lease interest expense | $ 339 | |||
Bareboat charterhire agreement | Conquistador, Pink Sands and Xanadu | ||||
Finance lease liability | $ 71,625 | 171,500 | ||
Payment terms | quarterly installments | |||
Variable rate basis | 4,91% - LIBOR plus margin | |||
Discount rate | 4.98% | 4.98% | ||
Right-of-use assets | $ 171,500 | |||
Number of finance leases | 3 | 3 | ||
Date of charter agreement | Nov. 19, 2018 | |||
Advance payment of finance lease | $ 99,875 | |||
Weighted average remaining lease term | 9 years 8 months 9 days | 9 years 8 months 9 days | ||
Finance lease interest expense | $ 339 | |||
Right-of-use assets depreciation expense | $ 629 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Derivatives not Designated as Hedging Instruments (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Not Designated as Hedging Instruments | |||
Interest rate swaps | $ 0 | $ 0 | $ 403 |
Not Designated as Hedging Instrument | |||
Derivative Not Designated as Hedging Instruments | |||
Total | 0 | 0 | 403 |
Gain on interest rate swaps | Not Designated as Hedging Instrument | |||
Derivative Not Designated as Hedging Instruments | |||
Interest rate swaps | $ 0 | $ 0 | $ 403 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Recurring Measurements (Table) (Details) - On recurring basis $ in Thousands | Dec. 31, 2018USD ($) |
Quoted Prices in Active Markets for Identical Assets/ Liabilities (Level 1) | |
Recurring measurements: | |
Investment in available for sale debt securities | $ 4,961 |
Total | 4,961 |
Unobservable Inputs (Level 3) | |
Recurring measurements: | |
Investment in affiliate - Heidmar (Note 10) | 34,000 |
Total | $ 34,000 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Non-Recurring Measurements for Long-lived Assets (Table) (Details) - On nonrecuring basis $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Non-Recurring measurements: | |
Impairment loss | $ 291 |
Vessels, net | |
Non-Recurring measurements: | |
Impairment loss | 291 |
Significant Other Observable Inputs (Level 2) | |
Non-Recurring measurements: | |
Vessels, net (Note 7) | 26,375 |
Total | $ 26,375 |
Financial Instruments And Fai_6
Financial Instruments And Fair Value Measurements - Interest Rate Swaps (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Interest Rate Derivatives [Abstract] | |||
Number of interest rate swaps agreements | 0 | 0 | |
Reclassification of losses on previously designated cash flow hedges associated with capitalized interest to Depreciation and amortization | $ 0 | $ 0 | $ (110) |
Gain on interest rate swaps | $ 0 | 0 | 403 |
Cash flow hedge unrealized | |||
Interest Rate Derivatives [Abstract] | |||
Gain on interest rate swaps | $ 2,193 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Senior Notes, Credit Facilities and Additional Information (Details) $ / shares in Units, $ in Thousands | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 29, 2017USD ($)$ / sharesshares | Sep. 30, 2018USD ($) | Sep. 27, 2018USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Jul. 04, 2018 | |
Carrying amount | $ 755,332 | $ 749,088 | ||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | 9,623 | 4,125 | $ (106,343) | |||||
Proceeds From Issuance Of Common Stock | 0 | 568,883 | 123,810 | |||||
Amount converted | 8,750 | |||||||
Carrying value of the investment | 34,000 | 34,000 | ||||||
Loss on Private Placement | 0 | (7,600) | 0 | |||||
Stockholders' Contribution | 2,805 | |||||||
Investment in debt securities | 5,000 | 0 | 0 | |||||
Available for sale debt securities | 4,961 | 0 | ||||||
Unrealized losses associated with the change in fair value of investment in available for sale debt securities | $ (39) | 0 | $ 0 | |||||
Sierra Investments Inc. | Revolving Facility | ||||||||
Debt Instrument, Term | 5 years | |||||||
Heidmar Holdings LLC | ||||||||
Equity Method Investment Ownership Percentage | 49.00% | |||||||
Carrying value of the investment | $ 34,000 | |||||||
Sifnos Shareholders Inc. | Series D Convertible Preferred Stock | ||||||||
Stockholders' Contribution | $ 2,805 | |||||||
Private Placement | ||||||||
Number of shares issued | shares | 36,363,636 | |||||||
Price per share | $ / shares | $ 2.75 | |||||||
Proceeds From Issuance Of Common Stock | $ 100,000 | |||||||
Loss on Private Placement | $ (7,600) | |||||||
Share price | $ / shares | $ 2.05 | |||||||
Private Placement | Sierra Investments Inc. | ||||||||
Number of shares issued | shares | 9,818,182 | |||||||
Private Placement | Sierra Investments Inc. | Revolving Facility | ||||||||
Amount converted | $ 27,000 | |||||||
Rangiroa, Negonego and Fakarava | ||||||||
Number of vessels | 3 | |||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (23,018) | |||||||
Coronado Panamax vessel | ||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | 1,084 | |||||||
Ocean Crystal, Sonoma and Sorreto Panamax vessels | ||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ 3,020 | $ (641) | ||||||
Drybulk Carrier Vessels | ||||||||
Number of vessels | 13 | |||||||
Gain on reclassification of vessels | $ 1,851 | |||||||
Offshore Support Vessels | ||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | (65,712) | |||||||
Vessels held for sale | ||||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (18,266) | |||||||
VLGCs | ||||||||
Number of vessels | 4 | |||||||
Vessels held for sale - Impairment loss | $ (7,279) | |||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (282) | |||||||
Carrying amount | 304,559 | |||||||
Offshore support vessels | ||||||||
Number of vessels | 6 | |||||||
Carrying amount | $ 25,590 | |||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (9,465) | |||||||
One of the Company's tanker vessel | ||||||||
Number of vessels | 1 | |||||||
Carrying amount | $ 26,666 | |||||||
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | $ (291) | |||||||
9.50% Senior Unsecured Callable Corporate Bond | ||||||||
Investment in debt securities | $ 5,000 | |||||||
Debt Instrument, Term | 5 years | |||||||
Interest rate | 9.50% | |||||||
Available for sale debt securities | $ 4,961 | |||||||
Unrealized losses associated with the change in fair value of investment in available for sale debt securities | $ (39) |
Common Stock and Additional P_2
Common Stock and Additional Paid-in Capital - Issuance of common shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2017 | Jan. 30, 2017 | Feb. 17, 2017 | Apr. 03, 2017 | Mar. 17, 2017 | Mar. 16, 2017 | Aug. 10, 2017 | Aug. 31, 2017 | Aug. 29, 2017 | Oct. 04, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 23, 2016 | |
Net proceeds from stock issuance | $ 0 | $ 568,883 | $ 123,810 | |||||||||||
Value of shares issued | $ 742,585 | $ 14,434 | ||||||||||||
Private Placement | ||||||||||||||
Price per share | $ 2.75 | |||||||||||||
Net proceeds from stock issuance | $ 100,000 | |||||||||||||
Number of shares issued | 36,363,636 | |||||||||||||
Private Placement | Sierra Investments Inc. | ||||||||||||||
Number of shares issued | 9,818,182 | |||||||||||||
Rights Offering | ||||||||||||||
Price per share | $ 2.75 | |||||||||||||
Aggregate consideration | $ 100,000 | |||||||||||||
Backstop Agreement | ||||||||||||||
Price per share | $ 2.75 | |||||||||||||
Number of shares issued | 36,363,636 | |||||||||||||
Backstop Agreement | Sierra Investments Inc. | ||||||||||||||
Number of shares issued | 36,057,876 | |||||||||||||
Backstop Agreement | Existing shareholders | ||||||||||||||
Net proceeds from stock issuance | $ 841 | |||||||||||||
Number of shares issued | 305,760 | |||||||||||||
2016 Purchase Agreement | ||||||||||||||
Number of shares issued | 32,681 | |||||||||||||
Maximum value of shares to be sold within 24 months | $ 200,000 | |||||||||||||
Amount of common stock as commitment fee | $ 1,500 | |||||||||||||
Value of shares issued | $ 200,000 | |||||||||||||
2016 Purchase Agreement | Commitment Fee | ||||||||||||||
Number of shares issued | 263 | |||||||||||||
2016 Purchase Agreement | Before reverse stock splits | ||||||||||||||
Number of shares issued | 71,864,590 | |||||||||||||
2016 Purchase Agreement | Before reverse stock splits | Commitment Fee | ||||||||||||||
Number of shares issued | 844,335 | |||||||||||||
February 2017 Purchase Agreement | ||||||||||||||
Number of shares issued | 118,165 | |||||||||||||
Maximum value of shares to be sold within 24 months | $ 200,000 | |||||||||||||
Amount of common stock as commitment fee | $ 1,500 | |||||||||||||
Value of shares issued | $ 200,000 | |||||||||||||
February 2017 Purchase Agreement | Commitment Fee | ||||||||||||||
Number of shares issued | 872 | |||||||||||||
February 2017 Purchase Agreement | Before reverse stock splits | ||||||||||||||
Number of shares issued | 115,801,710 | |||||||||||||
February 2017 Purchase Agreement | Before reverse stock splits | Commitment Fee | ||||||||||||||
Number of shares issued | 854,631 | |||||||||||||
April 2017 Purchase Agreement | ||||||||||||||
Net proceeds from stock issuance | $ 193,598 | |||||||||||||
Number of shares issued | 31,392,280 | |||||||||||||
Maximum value of shares to be sold within 24 months | $ 226,400 | |||||||||||||
Amount of common stock as commitment fee | $ 1,500 | |||||||||||||
April 2017 Purchase Agreement | Commitment Fee | ||||||||||||||
Number of shares issued | 42,630 | |||||||||||||
April 2017 Purchase Agreement | Before reverse stock splits | ||||||||||||||
Number of shares issued | 123,998,456 | |||||||||||||
April 2017 Purchase Agreement | Before reverse stock splits | Commitment Fee | ||||||||||||||
Number of shares issued | 879,711 |
Common Stock and Additional P_3
Common Stock and Additional Paid-in Capital - Issuance of preferred shares and Treasury stock (Details) - USD ($) $ in Thousands | Jan. 07, 2019 | Feb. 28, 2019 | Nov. 18, 2016 | Mar. 24, 2016 | Nov. 18, 2016 | Jun. 08, 2016 | Jul. 06, 2016 | Aug. 03, 2016 | Oct. 05, 2018 | Sep. 09, 2017 | Aug. 29, 2017 | Sep. 13, 2016 | Sep. 01, 2016 | Oct. 05, 2016 | Nov. 04, 2016 | Oct. 31, 2016 | Nov. 16, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 30, 2015 | Oct. 29, 2018 | Feb. 06, 2018 |
Debt Conversion, Amount | $ 8,750 | ||||||||||||||||||||||
Stockholders' Contribution | $ 2,805 | ||||||||||||||||||||||
Treasury stock retired | 3 | ||||||||||||||||||||||
Common stock shares outstanding | 87,232,028 | 104,274,708 | |||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||||
Common stock shares outstanding | 86,886,627 | ||||||||||||||||||||||
Stock Repurchase Program | |||||||||||||||||||||||
Stock repurchase program, authorized amount for a period of 12 months | $ 50,000 | ||||||||||||||||||||||
Common shares repurchased | 10,864,227 | ||||||||||||||||||||||
Gross consideration of shares acquired under cost method | $ 50,217 | ||||||||||||||||||||||
New Stock Repurchase Program | |||||||||||||||||||||||
Stock repurchase program, authorized amount for a period of 12 months | $ 50,000 | ||||||||||||||||||||||
New Stock Repurchase Program | Subsequent Event | |||||||||||||||||||||||
Common shares repurchased | 345,401 | ||||||||||||||||||||||
Gross consideration of shares acquired under cost method | $ 2,120 | ||||||||||||||||||||||
Both Stock Repurchase Programs | |||||||||||||||||||||||
Common shares repurchased | 17,042,680 | ||||||||||||||||||||||
Gross consideration of shares acquired under cost method | $ 85,378 | ||||||||||||||||||||||
Both Stock Repurchase Programs | Subsequent Event | |||||||||||||||||||||||
Common shares repurchased | 17,388,081 | ||||||||||||||||||||||
Gross consideration of shares acquired under cost method | $ 87,498 | ||||||||||||||||||||||
Convertible preferred shares | |||||||||||||||||||||||
Number of shares issued | 873 | ||||||||||||||||||||||
Preferred warrants | |||||||||||||||||||||||
Number of shares issued | 3,153 | ||||||||||||||||||||||
Prepaid warrants | |||||||||||||||||||||||
Number of shares issued | 45 | ||||||||||||||||||||||
Preferred stock | |||||||||||||||||||||||
Issuance of preferred stock, shares | 42 | ||||||||||||||||||||||
Shares converted | 13 | ||||||||||||||||||||||
Preferred stock | Preferred warrants | |||||||||||||||||||||||
Dividends on preferred stock converted | $ 5,551 | ||||||||||||||||||||||
Shares converted | 80,000 | ||||||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | |||||||||||||||||||||||
Debt Conversion, Amount | $ 8,750 | $ 8,750 | $ 7,500 | $ 10,000 | |||||||||||||||||||
Sifnos Shareholders Inc. | Revolving Credit Facility | Preferred stock | |||||||||||||||||||||||
Preferred Stock, Voting Rights | voting power of 5:1 | ||||||||||||||||||||||
Number of preferred shares converted | 29 | ||||||||||||||||||||||
Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | |||||||||||||||||||||||
Treasury stock retired | 3,009 | ||||||||||||||||||||||
Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | Convertible preferred shares | |||||||||||||||||||||||
Number of shares issued | 856,352 | ||||||||||||||||||||||
Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | Preferred warrants | |||||||||||||||||||||||
Number of shares issued | 3,090,405 | ||||||||||||||||||||||
Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | Prepaid warrants | |||||||||||||||||||||||
Number of shares issued | 44,822 | ||||||||||||||||||||||
Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | Sifnos Shareholders Inc. | Revolving Credit Facility | Preferred stock | |||||||||||||||||||||||
Number of preferred shares converted | 29,166 | ||||||||||||||||||||||
Series C Convertible Preferred Stock | |||||||||||||||||||||||
Preferred shares annual rate | 8.00% | ||||||||||||||||||||||
Series D Convertible Preferred Stock | |||||||||||||||||||||||
Preferred Stock, Voting Rights | 100.000 votes | ||||||||||||||||||||||
Series D Convertible Preferred Stock | Sifnos Shareholders Inc. | |||||||||||||||||||||||
Stockholders' Contribution | $ 2,805 | ||||||||||||||||||||||
Series D Convertible Preferred Stock | Sifnos Shareholders Inc. | Revolving Credit Facility | |||||||||||||||||||||||
Number of preferred shares converted | 29 | ||||||||||||||||||||||
Series D Convertible Preferred Stock | Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | Sifnos Shareholders Inc. | Revolving Credit Facility | |||||||||||||||||||||||
Number of preferred shares converted | 29,166 | ||||||||||||||||||||||
Series E-1 Convertible Preferred Stock | Convertible preferred shares | |||||||||||||||||||||||
Dividends on preferred stock converted | $ 1,400 | ||||||||||||||||||||||
Shares converted | 20,000 | ||||||||||||||||||||||
Securities Purchase Agreement | |||||||||||||||||||||||
Number of shares issued | 152 | 29 | |||||||||||||||||||||
Number of shares issued | 0 | ||||||||||||||||||||||
Common stock issued as dividend | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Securities Purchase Agreement | Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | |||||||||||||||||||||||
Number of shares issued | 149,187 | 28,697 | |||||||||||||||||||||
Number of shares issued | 310 | ||||||||||||||||||||||
Common stock issued as dividend | 70 | 17 | 278 | 328 | 339 | ||||||||||||||||||
Securities Purchase Agreement | Series C Convertible Preferred Stock | |||||||||||||||||||||||
Dividends on preferred stock converted | $ 344 | $ 400 | |||||||||||||||||||||
Proceeds from the offering of preferred shares | $ 5,000 | ||||||||||||||||||||||
Proceeds from warrants | $ 5,000 | ||||||||||||||||||||||
Issuance of preferred stock, shares | 5,000 | ||||||||||||||||||||||
Number of warrants | 5,000 | ||||||||||||||||||||||
Total proceeds | $ 10,000 | ||||||||||||||||||||||
Shares converted | 5,000 | 5,000 | |||||||||||||||||||||
Securities Purchase Agreement with Kalani | |||||||||||||||||||||||
Number of shares issued | 0 | ||||||||||||||||||||||
Total proceeds | $ 100,000 | ||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Subject to adjustment | |||||||||||||||||||||||
Number of shares issued | 47 | ||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | |||||||||||||||||||||||
Number of shares issued | 13 | ||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Before 1-for-4, 1-for-7, 1-for-5 and 1-for-7 reverse stock splits | Subject to adjustment | |||||||||||||||||||||||
Number of shares issued | 46,609 | ||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Series E-1 Convertible Preferred Stock | |||||||||||||||||||||||
Proceeds from the offering of preferred shares | $ 20,000 | ||||||||||||||||||||||
Proceeds from warrants | $ 30,000 | ||||||||||||||||||||||
Issuance of preferred stock, shares | 20,000 | ||||||||||||||||||||||
Number of warrants | 30,000 | ||||||||||||||||||||||
Securities Purchase Agreement with Kalani | Series E-2 Convertible Preferred Stock | |||||||||||||||||||||||
Proceeds from warrants | $ 50,000 | ||||||||||||||||||||||
Number of warrants | 50,000 |
Common Stock and Additional P_4
Common Stock and Additional Paid-in Capital - Reverse stock splits (Details) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended |
Jan. 23, 2017 | Apr. 11, 2017 | May 11, 2017 | Jun. 22, 2017 | Jul. 21, 2017 | |
Common Stock and Additional Paid-in Capital | |||||
Reverse Stock Split | 1-for-8 reverse stock split of the Company's common shares, with which four fractional shares were cashed out | 1-for-4 reverse stock split of the Company's common shares, with which two fractional shares were cashed out | 1-for-7 reverse stock split of the Company's common shares, with which three fractional shares were cashed out | 1-for-5 reverse stock split of the Company's common shares, with which two fractional shares were cashed out | 1-for-7 reverse stock split of the Company's common shares, with which two fractional shares were cashed out |
Common Stock and Additional P_5
Common Stock and Additional Paid-in Capital - Dividends (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 10 Months Ended | 12 Months Ended | ||
Feb. 06, 2018 | Feb. 27, 2017 | Apr. 11, 2017 | May 07, 2018 | Jul. 07, 2017 | Oct. 16, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends Payable [Line Items] | |||||||||
Payment of dividends | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 6,231 | $ 10,001 | $ 0 |
Date of dividend record | Feb. 20, 2018 | Mar. 15, 2017 | May 1, 2017 | May 25, 2018 | Jul. 20, 2017 | Oct. 27, 2017 | |||
Date of dividend payment | Mar. 6, 2018 | Mar. 30, 2017 | May 12, 2017 | Jun. 8, 2018 | Aug. 2, 2017 | Nov. 13, 2017 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 12, 2011 | Aug. 19, 2014 | Aug. 20, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 30, 2014 | Jan. 25, 2010 |
Common stock par value | $ 0.01 | $ 0.01 | ||||||
Unrecognized compensation cost related to non-vested share-based compensation arrangements granted | $ 0 | $ 691 | $ 2,419 | |||||
Allocated Share-based Compensation Expense | $ 691 | $ 1,728 | $ 3,580 | |||||
Equity Incentive Plan 2008 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 21,834,055 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | ||||||||
Ocean Rig's shares granted | 1 | |||||||
Vesting period | 8 years | |||||||
Vested number of shares | 1 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Before reverse stock splits | ||||||||
Ocean Rig's shares granted | 9,000,000 | |||||||
Grant date fair value | $ 5.5 | |||||||
Vested number of shares | 9,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share-based Compensation Award, Tranche One | ||||||||
Vested number of shares on grant date | 1 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share-based Compensation Award, Tranche One | Before reverse stock splits | ||||||||
Vested number of shares on grant date | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share-based Compensation Award, Tranche Two | ||||||||
Rights exercise period | 11 months 18 days | |||||||
Vested in period | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share-based Compensation Award, Tranche Two | Before reverse stock splits | ||||||||
Vested in period | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share-based Compensation Award, Tranche Three | ||||||||
Rights exercise period | 1 year 11 months 18 days | |||||||
Vested in period | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share-based Compensation Award, Tranche Three | Before reverse stock splits | ||||||||
Vested in period | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Four | ||||||||
Rights exercise period | 2 years 11 months 18 days | |||||||
Vested in period | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Four | Before reverse stock splits | ||||||||
Vested in period | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Five | ||||||||
Rights exercise period | 3 years 11 months 18 days | |||||||
Vested in period | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Five | Before reverse stock splits | ||||||||
Vested in period | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Six | ||||||||
Rights exercise period | 4 years 11 months 18 days | |||||||
Vested in period | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Six | Before reverse stock splits | ||||||||
Vested in period | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Seven | ||||||||
Rights exercise period | 5 years 11 months 18 days | |||||||
Vested in period | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Seven | Before reverse stock splits | ||||||||
Vested in period | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Eight | ||||||||
Rights exercise period | 6 years 11 months 18 days | |||||||
Vested in period | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Eight | Before reverse stock splits | ||||||||
Vested in period | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Nine | ||||||||
Rights exercise period | 7 years 11 months 18 days | |||||||
Vested in period | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 12 January 2011 | Share Based Compensation Award, Tranche Nine | Before reverse stock splits | ||||||||
Vested in period | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | ||||||||
Ocean Rig's shares granted | 1 | |||||||
Common stock par value | $ 0.01 | |||||||
Vested number of shares | 1 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee approval on 20 August 2013 | Before reverse stock splits | ||||||||
Ocean Rig's shares granted | 1,000,000 | |||||||
Grant date fair value | $ 2.01 | |||||||
Vested number of shares | 1,000,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | ||||||||
Ocean Rig's shares granted | 0 | |||||||
Common stock par value | $ 0.01 | |||||||
Vested number of shares | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 19 August 2014 | Before reverse stock splits | ||||||||
Ocean Rig's shares granted | 1,200,000 | |||||||
Grant date fair value | $ 3.26 | |||||||
Vested number of shares | 1,200,000 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | ||||||||
Ocean Rig's shares granted | 0 | |||||||
Common stock par value | $ 0.01 | |||||||
Vested number of shares | 0 | |||||||
Fabiana Services S.A. | Consultancy Agreement Compensation Committee Approval On 30 December 2014 | Before reverse stock splits | ||||||||
Ocean Rig's shares granted | 2,100,000 | |||||||
Grant date fair value | $ 1.07 | |||||||
Vested number of shares | 2,100,000 |
Commitment and Contingencies -
Commitment and Contingencies - Contractual Finance Lease Liability (Table) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Finance Lease, Liability, Payment, Due [Abstract] | |
Due through December 31, 2019 | $ 5,550 |
Due through December 31, 2020 | 5,550 |
Due through December 31, 2021 | 5,550 |
Due through December 31, 2022 | 5,550 |
Due through December 31, 2023 | 5,550 |
Thereafter | 43,875 |
Total contractual obligation | $ 71,625 |
Commitment and Contingencies _2
Commitment and Contingencies - Contractual Charter Revenue (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Unbilled Receivables, Not Billable at Balance Sheet Date [Abstract] | |
Twelve months ending December 31, 2018 | $ 26,747 |
Twelve months ending December 31, 2019 | 6,506 |
Twelve months ending December 31, 2020 | 6,488 |
Twelve months ending December 31, 2021 | 1,458 |
Twelve months ending December 31, 2022 and after | $ 0 |
Commitment and Contingencies _3
Commitment and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Nov. 27, 2018 | Nov. 19, 2018 |
Loss Contingencies [Line Items] | |||
Finance lease liability | $ 71,964 | $ 171,500 | |
Conquistador, Pink Sands and Xanadu | Bareboat charterhire agreement | |||
Loss Contingencies [Line Items] | |||
Finance lease liability | $ 71,625 | $ 171,500 |
Revenue - Revenue Recognition (
Revenue - Revenue Recognition (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Recognition | |||
Total Revenues | $ 186,135 | $ 100,716 | $ 51,934 |
Drybulk Segment | |||
Revenue Recognition | |||
Voyage charter revenues | 695 | 165 | 2,153 |
Time charter revenue | 93,674 | 65,558 | 28,624 |
Total Revenues | 94,369 | 65,723 | 30,777 |
Offshore Support Segment | |||
Revenue Recognition | |||
Time charter revenue | 3,819 | 21,157 | |
Total Revenues | 3,819 | 21,157 | |
Tanker Segment | |||
Revenue Recognition | |||
Voyage charter revenues | 50,278 | 16,870 | |
Time charter revenue | 6,726 | 3,988 | |
Total Revenues | 57,004 | 20,858 | |
Gas Carrier Segment | |||
Revenue Recognition | |||
Time charter revenue | 34,762 | 10,316 | |
Total Revenues | 34,762 | 10,316 | |
Consolidated | |||
Revenue Recognition | |||
Voyage charter revenues | 50,973 | 17,035 | 2,153 |
Time charter revenue | 135,162 | 83,681 | 49,781 |
Total Revenues | $ 186,135 | $ 100,716 | $ 51,934 |
Revenue - Trade Accounts Receiv
Revenue - Trade Accounts Receivable, Contract Assets and Contract Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Receivable, Net [Abstract] | ||
Trade Accounts Receivable, net of allowance for doubtful receivables | $ 13,713 | $ 14,526 |
Deferred Contract Costs (Note 5) | 496 | 0 |
Deferred Revenue | $ 1,776 | $ 865 |
Interest and Finance Costs (T_2
Interest and Finance Costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and Finance Costs [Abstract] | |||
Interest incurred on long-term debt | $ 15,771 | $ 1,499 | $ 6,164 |
Interest, amortization and write off of financing fees on loan from affiliate and related party | 2,934 | 15,239 | 1,563 |
Amortization and write-off of financing fees and other fees | 2,247 | 387 | 572 |
Commissions, commitment fees and other financial expenses and related party | 911 | 778 | 558 |
Capitalized interest and finance costs | (84) | (3,196) | 0 |
Total | $ 21,779 | $ 14,707 | $ 8,857 |
Segment Information (Table) (De
Segment Information (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | $ 186,135 | $ 100,716 | $ 51,934 |
Vessels' operating expenses | (68,391) | (60,260) | (47,443) |
Depreciation | (25,881) | (14,966) | (3,466) |
Goodwill impairment | 0 | 0 | (7,002) |
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | 9,623 | 4,125 | (106,343) |
General and administrative expenses | (28,314) | (30,972) | (39,708) |
Gain/(loss) on interest rate swaps | 0 | 0 | 403 |
Gain on debt restructuring | 0 | 0 | 10,477 |
Income taxes | (6) | (152) | (38) |
Net income/(loss) | 21,780 | (42,544) | (198,686) |
Interest and finance cost | (21,779) | (14,707) | (8,857) |
Interest income | 2,833 | 1,365 | 81 |
Change in fair value of derivatives (gain)/loss | 0 | 0 | (2,193) |
Total assets | 1,011,305 | 934,925 | 193,730 |
Drybulk Segment | |||
Revenues | 94,369 | 65,723 | 30,777 |
Vessels' operating expenses | (44,550) | (40,026) | (32,512) |
Depreciation | (12,091) | (7,326) | 0 |
Goodwill impairment | 0 | 0 | 0 |
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | 26,940 | 4,425 | (35,470) |
General and administrative expenses | (15,896) | (19,095) | (29,822) |
Gain/(loss) on interest rate swaps | 0 | 0 | (917) |
Gain on debt restructuring | 0 | 0 | 10,477 |
Income taxes | 0 | (56) | 0 |
Net income/(loss) | 33,389 | (23,676) | (69,966) |
Interest and finance cost | (9,607) | (13,476) | (8,706) |
Interest income | 2,501 | 1,310 | 66 |
Change in fair value of derivatives (gain)/loss | 0 | 0 | (1,957) |
Total assets | 663,235 | 348,657 | 162,532 |
Offshore Support Segment | |||
Revenues | 0 | 3,819 | 21,157 |
Vessels' operating expenses | (836) | (5,659) | (14,924) |
Depreciation | (852) | (950) | (3,466) |
Goodwill impairment | 0 | 0 | (7,002) |
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | (9,465) | (300) | (70,873) |
General and administrative expenses | (5,105) | (7,677) | (9,849) |
Gain/(loss) on interest rate swaps | 0 | 0 | 0 |
Gain on debt restructuring | 0 | 0 | 0 |
Income taxes | (6) | (20) | (38) |
Net income/(loss) | (16,991) | (13,322) | (86,553) |
Interest and finance cost | (2) | (24) | (93) |
Interest income | 3 | 25 | 13 |
Change in fair value of derivatives (gain)/loss | 0 | 0 | 0 |
Total assets | 17,771 | 26,871 | 31,191 |
Tanker Segment | |||
Revenues | 57,004 | 20,858 | 0 |
Vessels' operating expenses | (12,698) | (8,830) | (7) |
Depreciation | (8,772) | (4,652) | 0 |
Goodwill impairment | 0 | 0 | 0 |
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | (291) | 0 | 0 |
General and administrative expenses | (3,838) | (2,384) | (37) |
Gain/(loss) on interest rate swaps | 0 | 0 | 514 |
Gain on debt restructuring | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
Net income/(loss) | 4,577 | (4,492) | (713) |
Interest and finance cost | (4,857) | (4) | (58) |
Interest income | 63 | 0 | 2 |
Change in fair value of derivatives (gain)/loss | 0 | 0 | (236) |
Total assets | 296,256 | 202,543 | $ 7 |
Gas Carrier Segment | |||
Revenues | 34,762 | 10,316 | |
Vessels' operating expenses | (10,307) | (5,745) | |
Depreciation | (4,166) | (2,038) | |
Goodwill impairment | 0 | 0 | |
Impairment loss, gain/(loss) from sale of vessels and vessel owning companies and other | (7,561) | 0 | |
General and administrative expenses | (3,475) | (1,816) | |
Gain/(loss) on interest rate swaps | 0 | 0 | |
Gain on debt restructuring | 0 | 0 | |
Income taxes | 0 | (76) | |
Net income/(loss) | 805 | (1,054) | |
Interest and finance cost | (7,313) | (1,203) | |
Interest income | 266 | 30 | |
Change in fair value of derivatives (gain)/loss | 0 | 0 | |
Total assets | 43 | 322,854 | |
Other | |||
Total assets | $ 34,000 | $ 34,000 |
Segment Information Revenue per
Segment Information Revenue per country - Offshore Vessels (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total revenues | $ 186,135 | $ 100,716 | $ 51,934 |
Offshore Support Vessels | |||
Total revenues | 0 | 5,018 | 21,112 |
Brazil | Offshore Support Vessels | |||
Total revenues | 0 | 5,018 | 19,312 |
Europe | Offshore Support Vessels | |||
Total revenues | $ 0 | $ 0 | $ 1,800 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2016 | |
Number of Reportable Segments | 4 | |
Tanker Segment | ||
Number of vessels | 6 | |
Gas Carrier Segment | ||
Number of vessels | 4 | |
Offshore Support Vessels | Brazil | ||
Number of vessels | 3 |
Earnings_(Losses) per share (_2
Earnings/(Losses) per share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings per Share Reconciliation [Abstract] | |||
Net income/ (loss) | $ 21,780 | $ (42,544) | $ (198,686) |
Plus: Contribution from Series D Preferred Stock | 2,805 | ||
Less: Convertible Preferred stock dividends | (7,695) | ||
Basic EPS/ LPS | |||
Income/Loss available to common stockholders | $ 21,780 | $ (39,739) | $ (206,381) |
Weighted-average number of outstanding shares (denominator) | 98,113,545 | 35,225,784 | 453 |
Amount per share | $ 0.22 | $ (1.13) | $ (455,587.20) |
Diluted EPS/ LPS | |||
Income/Loss available to common stockholders | $ 21,780 | $ (39,739) | $ (206,381) |
Weighted-average number of outstanding shares (denominator) | 98,113,545 | 35,225,784 | 453 |
Amount per share | $ 0.22 | $ (1.13) | $ (455,587.20) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Republic of the Marshall Islands and Malta | |||
Percentage of Marshall Islands and Malta subsidiaries stock treated as owned by individuals resident in Marshall Islands and Malta | 100.00% | ||
Republic of the Marshall Islands, Malta and Norway | |||
Federal tax expense | $ 152 | ||
Republic of the Marshall Islands, Malta and Norway | Minimum | |||
Tax rate | 2.00% | ||
Republic of the Marshall Islands, Malta and Norway | Maximum | |||
Tax rate | 4.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | Jan. 11, 2019 | Feb. 28, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Common stock shares outstanding | 87,232,028 | 104,274,708 | ||
Both Stock Repurchase Programs | ||||
Common shares repurchased | 17,042,680 | |||
Gross consideration of shares acquired under cost method | $ 85,378 | |||
Subsequent Event | ||||
Common stock shares outstanding | 86,886,627 | |||
Subsequent Event | Both Stock Repurchase Programs | ||||
Common shares repurchased | 17,388,081 | |||
Gross consideration of shares acquired under cost method | $ 87,498 | |||
Subsequent Event | Second-hand Newcastle drybulk vessel Marini | Bareboat charterhire agreement | ||||
Variable rate basis | Baltic Capesize Index (BCI5TC) plus 16% | |||
Subsequent Event | Second-hand Newcastle drybulk vessel Marini | Bareboat charterhire agreement | Minimum | ||||
Employment agreement, Duration | 10 months | |||
Subsequent Event | Second-hand Newcastle drybulk vessel Marini | Bareboat charterhire agreement | Maximum | ||||
Employment agreement, Duration | 12 months |