Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2020 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-33869 |
Entity Registrant Name | STAR BULK CARRIERS CORP. |
Entity Central Index Key | 0001386716 |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 40 Agiou Konstantinou Str |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 15124 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 97,146,687 |
ICFR Auditor Attestation Flag | true |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 40 Agiou Konstantinou Str |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 15124 |
City Area Code | 011 30 |
Local Phone Number | 210 617 8400 |
Contact Personnel Name | Petros Pappas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 183,211 | $ 117,819 |
Restricted cash, current (Notes 9 and 20) | 7,299 | 7,422 |
Trade accounts receivable, net | 38,090 | 58,785 |
Inventories (Note 4) | 47,294 | 51,153 |
Due from managers | 358 | 899 |
Due from related parties (Note 3) | 481 | 590 |
Prepaid expenses and other receivables | 17,687 | 17,745 |
Derivatives, current asset portion (Note 20) | 0 | 216 |
Other current assets (Note 18) | 12,991 | 11,413 |
Total Current Assets | 307,411 | 266,042 |
FIXED ASSETS | ||
Vessels and other fixed assets, net (Note 5) | 2,877,119 | 2,965,527 |
Total Fixed Assets | 2,877,119 | 2,965,527 |
OTHER NON-CURRENT ASSETS | ||
Long term investment (Note 3) | 1,321 | 1,162 |
Restricted cash, non-current (Notes 9 and 20) | 5,021 | 1,021 |
Leased buildings, right-of-use assets (Note 2) | 886 | 1,216 |
Other non-current assets (Note 3) | 35 | 3,703 |
TOTAL ASSETS | 3,191,793 | 3,238,671 |
CURRENT LIABILITIES | ||
Current portion of long term bank loans (Note 9) | 144,900 | 150,350 |
Lease financing short term (Note 7) | 44,873 | 52,145 |
Accounts payable | 32,853 | 42,779 |
Due to managers | 7,813 | 5,781 |
Due to related parties (Note 3) | 1,439 | 4,017 |
Accrued liabilities (Note 15) | 20,940 | 46,761 |
Derivatives, current liability portion (Note 20) | 1,939 | 1,724 |
Deferred revenue | 11,675 | 7,374 |
Total Current Liabilities | 266,432 | 310,931 |
NON-CURRENT LIABILITIES | ||
8.30% 2022 Notes, net of unamortized notes issuance costs of $1,179 and $768, as of December 31, 2019 and 2020, respectively (Note 9) | 49,232 | 48,821 |
Long term bank loans, net of current portion and unamortized loan issuance costs of $15,098 and $13,761, as of December 31, 2019 and 2020, respectively (Note 9) | 938,699 | 960,589 |
Lease financing long term, net of unamortized lease issuance costs of $3,936 and $6,181, as of December 31, 2019 and 2020, respectively (Note 7) | 382,417 | 369,831 |
Derivatives, non-current liability portion (Note 20) | 2,265 | 0 |
Fair value of below market time charters acquired (Note 8) | 1,289 | 2,473 |
Leased buildings, operating lease liabilities (Note 2) | 886 | 1,216 |
Other non-current liabilities | 1,046 | 770 |
TOTAL LIABILITIES | 1,642,266 | 1,694,631 |
COMMITMENTS & CONTINGENCIES (Note 17) | 0 | 0 |
SHAREHOLDERS' EQUITY | ||
Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2019 and 2020, respectively (Note 10) | 0 | 0 |
Common Shares, $0.01 par value, 300,000,000 shares authorized; 96,073,197 shares issued and 96,066,226 shares (net of treasury shares) outstanding as of December 31, 2019; 97,146,687 shares issued and 97,139,716 shares (net of treasury shares) outstanding as of December 31, 2020 (Note 10) | 971 | 961 |
Additional paid in capital | 2,548,956 | 2,544,342 |
Treasury shares (6,971 and 6,971 shares at December 31, 2019 and 2020, respectively) | (93) | (93) |
Accumulated other comprehensive income/(loss) | (3,993) | 0 |
Accumulated deficit | (996,314) | (1,001,170) |
Total Shareholders' Equity | 1,549,527 | 1,544,040 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,191,793 | $ 3,238,671 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred Stock [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Preferred Stock - Par Value | $ 0.01 | $ 0.01 |
Preferred Stock - Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock - Shares Outstanding | 0 | 0 |
Preferred Stock - Shares Issued | 0 | 0 |
Common Stock [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares, Issued | 97,146,687 | 96,073,197 |
Common Stock, Shares, Outstanding | 97,139,716 | 96,066,226 |
Treasury Stock [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Treasury Stock, Shares | 6,971 | 6,971 |
8.30% 2022 Notes [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Unamortized debt issuance costs | $ 768 | $ 1,179 |
Long-term Debt [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Unamortized debt issuance costs | 13,761 | 15,098 |
Capital Lease Obligations [Member] | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Unamortized debt issuance costs | $ 6,181 | $ 3,936 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | |||
Voyage revenues (Note 18) | $ 693,241 | $ 821,365 | $ 651,561 |
Expenses | |||
Voyage expenses (Notes 3 and 19) | 200,058 | 222,962 | 121,596 |
Charter-in hire expenses (Note 3) | 32,055 | 126,813 | 92,896 |
Vessel operating expenses (Note 19) | 178,543 | 160,062 | 128,872 |
Dry docking expenses | 23,519 | 57,444 | 8,970 |
Depreciation (Note 5) | 142,293 | 124,280 | 102,852 |
Management fees (Notes 3 and 12) | 18,405 | 17,500 | 11,321 |
General and administrative expenses (Note 3) | 31,881 | 34,819 | 33,972 |
Impairment loss (Notes 5 and 20) | 3,411 | 17,784 | |
Other operational loss | 1,513 | 110 | 191 |
Other operational gain (Note 11) | (3,231) | (2,423) | 0 |
Provision for doubtful debts | 373 | 1,607 | 722 |
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 20) | (16,156) | (4,411) | 447 |
(Gain)/Loss on sale of vessels ( Note 5) | 0 | 5,493 | 0 |
Total operating expenses | 609,253 | 747,667 | 519,623 |
Operating income / (loss) | 83,988 | 73,698 | 131,938 |
Other Income/ (Expenses): | |||
Interest and finance costs (Note 9) | (69,555) | (87,617) | (73,715) |
Interest and other income/(loss) | 267 | 1,299 | 1,866 |
Gain/(loss) on interest rate swaps, net (Note 20) | 0 | 0 | 707 |
Loss on debt extinguishment (Note 9) | (4,924) | (3,526) | (2,383) |
Total other expenses, net | (74,212) | (89,844) | (73,525) |
Income / (loss) before taxes and equity in income of investee | 9,776 | (16,146) | 58,413 |
Income taxes (Note 16) | (152) | (109) | (61) |
Income/(Loss) before equity in income of investee | 9,624 | (16,255) | 58,352 |
Equity in income of investee | 36 | 54 | 45 |
Net income/(loss) | $ 9,660 | $ (16,201) | $ 58,397 |
Earnings / (Loss) per share, basic | $ 0.10 | $ (0.17) | $ 0.76 |
Earnings / (Loss) per share, diluted | $ 0.10 | $ (0.17) | $ 0.76 |
Weighted average number of shares outstanding, basic (Note 14) | 96,128,173 | 93,735,549 | 77,061,227 |
Weighted average number of shares outstanding, diluted (Note 14) | 96,281,389 | 93,735,549 | 77,326,111 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net income / (loss) | $ 9,660 | $ (16,201) | $ 58,397 |
Other comprehensive income / (loss): | |||
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications | (4,841) | 0 | 106 |
Less: | |||
Reclassification adjustments of interest rate swap gain/(loss) | 848 | 0 | (711) |
Other comprehensive income / (loss) | (3,993) | (605) | |
Total comprehensive income / (loss) | $ 5,667 | $ (16,201) | $ 57,792 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Retained Earnings [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Retained Earnings [Member] | Common Stock [Member] | Common Stock [Member]OCC Vessels [Member] | Common Stock [Member]Songa Vessels [Member] | Common Stock [Member]Augustea Vessels [Member] | Common Stock [Member]E.R. Vessels [Member] | Common Stock [Member]Delphin Vessels [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]OCC Vessels [Member] | Additional Paid-in Capital [Member]Songa Vessels [Member] | Additional Paid-in Capital [Member]Augustea Vessels [Member] | Additional Paid-in Capital [Member]E.R. Vessels [Member] | Additional Paid-in Capital [Member]Delphin Vessels [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Total | OCC Vessels [Member] | Songa Vessels [Member] | Augustea Vessels [Member] | E.R. Vessels [Member] | Delphin Vessels [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Treasury Stock [Member]Songa Vessels [Member] |
Beginning balance, value at Dec. 31, 2017 | $ (1,036,303) | $ 642 | $ 2,123,108 | $ 1,088,052 | $ 605 | |||||||||||||||||||
Common Stock, Shares, Issued at Dec. 31, 2017 | 64,160,004 | |||||||||||||||||||||||
Cumulative effect of accounting change | $ (2,259) | $ (2,259) | ||||||||||||||||||||||
Net income / (loss) | 58,397 | 58,397 | ||||||||||||||||||||||
Other comprehensive income / (loss) | (605) | (605) | ||||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13) | 868,975 | |||||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13) | $ 8 | 8,064 | 8,072 | |||||||||||||||||||||
Secondary offering expenses | (2,032) | (2,032) | ||||||||||||||||||||||
Acquisition of vessels (Notes 3, 5 and 10) | 3,304,735 | 13,725,000 | 10,277,335 | 291,300 | ||||||||||||||||||||
Acquisition of vessels (Notes 3, 5 and 10) | $ 33 | $ 137 | $ 103 | $ 3 | $ 42,929 | $ 182,543 | $ 143,780 | $ 4,037 | $ 42,962 | $ 182,680 | $ 143,883 | $ 4,040 | ||||||||||||
Purchase of treasury stock (Note 10) | (3,145) | $ (3,145) | ||||||||||||||||||||||
Ending balance, value at Dec. 31, 2018 | (980,165) | $ 926 | 2,502,429 | 1,520,045 | (3,145) | |||||||||||||||||||
Common Stock, Shares, Issued at Dec. 31, 2018 | 92,627,349 | |||||||||||||||||||||||
Net income / (loss) | (16,201) | (16,201) | ||||||||||||||||||||||
Other comprehensive income / (loss) | ||||||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13) | 883,700 | |||||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13) | $ 9 | 7,934 | 7,943 | |||||||||||||||||||||
Acquisition of vessels (Notes 3, 5 and 10) | 999,336 | 4,503,370 | ||||||||||||||||||||||
Acquisition of vessels (Notes 3, 5 and 10) | $ 10 | $ 45 | $ 10,055 | $ 47,470 | $ 10,065 | $ 47,515 | ||||||||||||||||||
Purchase of treasury stock (Note 10) | $ (29) | (23,546) | (20,430) | 3,145 | ||||||||||||||||||||
Dividend declared and paid ($0.05 per share) (Note 10) | (4,804) | (4,804) | ||||||||||||||||||||||
Acquisition of Vessel, value | $ (93) | $ (93) | ||||||||||||||||||||||
Purchase of treasury stock (Note 10) | (2,940,558) | |||||||||||||||||||||||
Ending balance, value at Dec. 31, 2019 | (1,001,170) | $ 961 | 2,544,342 | 1,544,040 | (93) | |||||||||||||||||||
Common Stock, Shares, Issued at Dec. 31, 2019 | 96,073,197 | |||||||||||||||||||||||
Net income / (loss) | 9,660 | 9,660 | ||||||||||||||||||||||
Other comprehensive income / (loss) | (3,993) | (3,993) | ||||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13) | 1,073,490 | |||||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13) | $ 10 | 4,614 | 4,624 | |||||||||||||||||||||
Dividend declared and paid ($0.05 per share) (Note 10) | (4,804) | (4,804) | ||||||||||||||||||||||
Ending balance, value at Dec. 31, 2020 | $ (996,314) | $ 971 | $ 2,548,956 | $ 1,549,527 | $ (3,993) | $ (93) | ||||||||||||||||||
Common Stock, Shares, Issued at Dec. 31, 2020 | 97,146,687 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.05 | $ 0.05 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net income / (loss) | $ 9,660 | $ (16,201) | $ 58,397 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation (Note 5) | 142,293 | 124,280 | 102,852 |
Amortisation of fair value of above market time charters (Note 8) | 0 | 336 | 0 |
Amortisation of fair value of below market time charters (Note 8) | (1,184) | (2,349) | (1,820) |
Amortization of debt (loan, lease & notes) issuance costs (Note 9) | 7,815 | 5,590 | 3,253 |
Loss on debt extinguishment (Note 9) | 4,924 | 3,526 | 2,383 |
Impairment loss (Note 5) | 3,411 | 17,784 | |
Loss / (gain) on sale of vessels (Note 5) | 0 | 5,493 | 0 |
Provision for doubtful debts | 373 | 1,607 | 722 |
Share-based compensation (Note 13) | 4,624 | 7,943 | 8,072 |
Non-cash effects of interest rate swaps | 0 | 0 | (1,230) |
Fair value hedge adjustment (Note 20) | 0 | 0 | (1,609) |
Change in fair value of forward freight derivatives and bunker swaps (Note 20) | (1,295) | 246 | 1,339 |
Other non-cash charges | 276 | 28 | 108 |
Gain on hull and machinery claims (Note 11) | (2,154) | (2,264) | (309) |
Equity in income of investee | (36) | (54) | (45) |
(Increase)/Decrease in: | |||
Trade accounts receivable | 20,322 | (20,383) | (22,266) |
Inventories | 3,859 | (23,717) | (8,091) |
Prepaid expenses and other receivables | (2,211) | (14,940) | (7,545) |
Derivatives asset | (2) | 0 | 0 |
Due from related parties | 109 | 732 | (1,091) |
Due from managers | 541 | (615) | (284) |
Other non-current assets | (1) | (357) | (1,972) |
Increase/(Decrease) in: | |||
Accounts payable | (3,052) | 3,627 | 10,288 |
Due to related parties | (2,578) | 2,368 | 1,420 |
Accrued liabilities | (18,064) | 11,675 | 3,827 |
Due to managers | 2,032 | 2,024 | 2,337 |
Deferred revenue | 4,301 | (3,481) | 2,489 |
Net cash provided by / (used in) Operating Activities | 170,552 | 88,525 | 169,009 |
Cash Flows from Investing Activities: | |||
Advances for vessels & vessel upgrades and other fixed assets | (72,059) | (347,140) | (328,634) |
Cash proceeds from vessel sales (Note 5) | 0 | 56,632 | 0 |
Hull and machinery insurance proceeds | 5,725 | 10,671 | 3,307 |
Net cash provided by / (used in) Investing Activities | (66,334) | (279,837) | (325,327) |
Cash Flows from Financing Activities: | |||
Proceeds from bank loans, leases and notes | 687,792 | 768,282 | 987,980 |
Loan and lease prepayments and repayments | (708,910) | (623,892) | (875,037) |
Financing and debt extinguishment fees paid | (9,027) | (15,366) | (13,818) |
Dividends paid (Note 10) | (4,804) | (4,804) | |
Offering expenses paid related to the issuance of common stock | (532) | ||
Repurchase of common shares | (20,523) | (3,145) | |
Refund of financing premia | 0 | 0 | 1,247 |
Net cash provided by / (used in) Financing Activities | (34,949) | 103,697 | 96,695 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 69,269 | (87,615) | (59,623) |
Cash and cash equivalents and restricted cash at beginning of period | 126,262 | 213,877 | 273,500 |
Cash and cash equivalents and restricted cash at end of period | 195,531 | 126,262 | 213,877 |
Cash paid during the period for: | |||
Interest | 61,557 | 82,172 | 65,158 |
Non-cash investing and financing activities: | |||
Shares issued in connection with vessel acquisitions | 0 | 57,580 | 373,565 |
Vessel upgrades | 9,674 | 27,848 | 0 |
Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items reported in the statements of cash flows: | |||
Cash and cash equivalents | 183,211 | 117,819 | 204,921 |
Restricted cash, current (Note 9) | 7,299 | 7,422 | 6,435 |
Restricted cash, non-current (Note 9) | 5,021 | 1,021 | 2,521 |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 195,531 | $ 126,262 | $ 213,877 |
Basis of Presentation and Gener
Basis of Presentation and General Information: | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information: | 1. Basis of Presentation and General Information: The consolidated financial statements as of December 31, 2019 and 2020 and for the years ended December 31, 2018, 2019 and 2020, include the accounts of Star Bulk Carriers Corp. (“Star Bulk”) and its wholly owned subsidiaries as set forth below (collectively, the “Company”). Star Bulk was incorporated on December 13, 2006 On June 4, 2020 the OSE granted the Company’s request for delisting its common shares from the OSE. The Company’s common shares were delisted from the OSE on August 3, 2020. On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the “Covid-19”) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. There continues to be a high level of uncertainty relating to how the pandemic will evolve, including the availability of vaccines and their global deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public's and government's responses to such measures. At present, it is not possible to ascertain any future impact of Covid-19 on the Company’s operational and financial performance, which may take some time to materialize and may not be fully reflected in the Company’s results for 2020. However, an increase in the severity or duration or a resurgence of the Covid-19 pandemic and the timing of wide-scale vaccine distribution could have a material adverse effect on the Company’s business, results of operations, cash flows, financial condition, the carrying value of the Company’s assets, the fair values of the Company’s vessels, and the Company’s ability to pay dividends. As of December 31, 2020, the Company owned a modern fleet of 116 sting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with a carrying capacity between 52,425 and 209,537 12.9 charters-in a number of third-party vessels on a short- to medium- term basis (not exceeding one year) to increase its operating capacity in order to satisfy its clients’ needs. Below is the list of the Company’s wholly owned subsidiaries as of December 31, 2020: Subsidiaries owning vessels in operation at December 31, 2020: Basis of Presentation and General information - List of subsidiaries (Table) Date Wholly Owned Subsidiaries Vessel Name DWT Delivered to Star Bulk Year Built 1 Sea Diamond Shipping LLC Goliath (1) 209,537 July 15, 2015 2015 2 Pearl Shiptrade LLC Gargantua (1) 209,529 April 2, 2015 2015 3 Star Ennea LLC Star Gina 2GR 209,475 February 26, 2016 2016 4 Coral Cape Shipping LLC Maharaj (1) 209,472 July 15, 2015 2015 5 Star Castle II LLC Star Leo 207,939 May 14, 2018 2018 6 ABY Eleven Ltd Star Laetitia 207,896 August 3, 2018 2017 7 Domus Shipping LLC Star Ariadne 207,812 March 28, 2017 2017 8 Star Breezer LLC Star Virgo 207,810 March 1, 2017 2017 9 Star Seeker LLC Star Libra (1) 207,765 June 6, 2016 2016 10 ABY Nine Ltd Star Sienna 207,721 August 3, 2018 2017 11 Clearwater Shipping LLC Star Marisa 207,709 March 11 2016 2016 12 ABY Ten Ltd Star Karlie 207,566 August 3, 2018 2016 13 Star Castle I LLC Star Eleni 207,555 January 3, 2018 2018 14 Festive Shipping LLC Star Magnanimus 207,490 March 26, 2018 2018 15 New Era II Shipping LLC Debbie H 206,861 May 28, 2019 2019 16 New Era III Shipping LLC Star Ayesha 206,852 July 15, 2019 2019 17 New Era I Shipping LLC Katie K 206,839 April 16, 2019 2019 18 Cape Ocean Maritime LLC Leviathan 182,511 September 19, 2014 2014 19 Cape Horizon Shipping LLC Peloreus 182,496 July 22, 2014 2014 20 Star Nor I LLC Star Claudine 181,258 July 6, 2018 2011 21 Star Nor II LLC Star Ophelia 180,716 July 6, 2018 2010 22 Christine Shipco LLC Star Martha 180,274 October 31, 2014 2010 23 Sandra Shipco LLC Star Pauline 180,233 December 29, 2014 2008 24 Pacific Cape Shipping LLC Pantagruel 180,181 July 11, 2014 2004 25 Star Borealis LLC Star Borealis 179,678 September 9, 2011 2011 26 Star Polaris LLC Star Polaris 179,546 November 14, 2011 2011 27 Star Nor III LLC Star Lyra 179,147 July 6, 2018 2009 28 Star Regg II LLC Star Janni 178,978 January 7, 2019 2010 29 Star Regg I LLC Star Marianne 178,906 January 14, 2019 2010 30 Star Trident V LLC Star Angie 177,931 October 29, 2014 2007 31 Sky Cape Shipping LLC Big Fish 177,662 July 11, 2014 2004 32 Global Cape Shipping LLC Kymopolia 176,990 July 11, 2014 2006 33 Star Trident XXV Ltd. Star Triumph 176,343 December 8, 2017 2004 34 ABY Fourteen Ltd Star Scarlett 175,800 August 3, 2018 2014 35 ABY Fifteen Ltd Star Audrey 175,125 August 3, 2018 2011 36 Sea Cape Shipping LLC Big Bang 174,109 July 11, 2014 2007 37 ABY I LLC Star Paola 115,259 August 3, 2018 2011 38 ABM One Ltd Star Eva 106,659 August 3, 2018 2012 39 Nautical Shipping LLC Amami 98,681 July 11, 2014 2011 40 Majestic Shipping LLC Madredeus 98,681 July 11, 2014 2011 41 Star Sirius LLC Star Sirius (1) 98,681 March 7, 2014 2011 42 Star Vega LLC Star Vega (1) 98,681 February 13, 2014 2011 43 ABY II LLC Star Aphrodite 92,006 August 3, 2018 2011 44 Augustea Bulk Carrier Ltd Star Piera 91,952 August 3, 2018 2010 45 Augustea Bulk Carrier Ltd Star Despoina 91,945 August 3, 2018 2010 46 Star Nor IV LLC Star Electra 83,494 July 6, 2018 2011 47 Star Alta I LLC Star Angelina 82,981 December 5, 2014 2006 48 Star Alta II LLC Star Gwyneth 82,790 December 5, 2014 2006 49 Star Trident I LLC Star Kamila 82,769 September 3, 2014 2005 50 Star Nor VI LLC Star Luna 82,687 July 6, 2018 2008 51 Star Nor V LLC Star Bianca 82,672 July 6, 2018 2008 52 Grain Shipping LLC Pendulum 82,619 July 11, 2014 2006 53 Star Trident XIX LLC Star Maria 82,598 November 5, 2014 2007 54 Star Trident XII LLC Star Markella 82,594 September 29, 2014 2007 55 Star Trident IX LLC Star Danai 82,574 October 21, 2014 2006 56 ABY Seven Ltd Star Jeanette 82,567 August 3, 2018 2014 57 Star Trident XI LLC Star Georgia 82,298 October 14, 2014 2006 58 Star Trident VIII LLC Star Sophia 82,269 October 31, 2014 2007 59 Star Trident XVI LLC Star Mariella 82,266 September 19, 2014 2006 60 Star Trident XIV LLC Star Moira 82,257 November 19, 2014 2006 61 Star Trident XVIII LLC Star Nina 82,224 January 5, 2015 2006 62 Star Trident X LLC Star Renee 82,221 December 18, 2014 2006 63 Star Trident II LLC Star Nasia 82,220 August 29, 2014 2006 64 Star Trident XIII LLC Star Laura 82,209 December 8, 2014 2006 65 Star Trident XV LLC Star Jennifer 82,209 April 15, 2015 2006 66 Star Nor VIII LLC Star Mona 82,188 July 6, 2018 2012 67 Star Trident XVII LLC Star Helena 82,187 December 29, 2014 2006 68 Star Nor VII LLC Star Astrid 82,158 July 6, 2018 2012 69 Waterfront Two Ltd Star Alessia 81,944 August 3, 2018 2017 70 Star Nor IX LLC Star Calypso 81,918 July 6, 2018 2014 71 Star Gaia LLC Star Charis 81,711 March 22, 2017 2013 72 Star Elpis LLC Star Suzanna 81,711 May 15, 2017 2013 73 Mineral Shipping LLC Mercurial Virgo 81,545 July 11, 2014 2013 74 Star Nor X LLC Stardust 81,502 July 6, 2018 2011 75 Star Nor XI LLC Star Sky 81,466 July 6, 2018 2010 76 ABY III LLC Star Lydia 81,187 August 3, 2018 2013 77 ABY IV LLC Star Nicole 81,120 August 3, 2018 2013 78 ABY Three Ltd Star Virginia 81,061 August 3, 2018 2015 79 Star Nor XII LLC Star Genesis 80,705 July 6, 2018 2010 80 Star Nor XIII LLC Star Flame 80,448 July 6, 2018 2011 81 Star Trident III LLC Star Iris 76,466 September 8, 2014 2004 82 Star Trident XX LLC Star Emily 76,417 September 16, 2014 2004 83 Orion Maritime LLC Idee Fixe (1) 63,458 March 25, 2015 2015 84 Primavera Shipping LLC Roberta (1) 63,426 March 31, 2015 2015 85 Success Maritime LLC Laura (1) 63,399 April 7, 2015 2015 86 Ultra Shipping LLC Kaley (1) 63,283 June 26, 2015 2015 87 Blooming Navigation LLC Kennadi (1) 63,262 January 8, 2016 2016 88 Jasmine Shipping LLC Mackenzie (1) 63,226 March 2, 2016 2016 89 STAR LIDA I SHIPPING LLC Star Apus (1) 63,123 July 16, 2019 2014 90 Star Nor XV LLC Star Wave 61,491 July 6, 2018 2017 91 Star Challenger I LLC Star Challenger (1) 61,462 December 12, 2013 2012 92 Star Challenger II LLC Star Fighter (1) 61,455 December 30, 2013 2013 93 Star Axe II LLC Star Lutas (1) 61,347 January 6, 2016 2016 94 Aurelia Shipping LLC Honey Badger (1) 61,320 February 27, 2015 2015 95 Rainbow Maritime LLC Wolverine (1) 61,292 February 27, 2015 2015 96 Star Axe I LLC Star Antares (1) 61,258 October 9, 2015 2015 97 ABY Five Ltd Star Monica 60,935 August 3, 2018 2015 98 Star Asia I LLC Star Aquarius 60,916 July 22, 2015 2015 99 Star Asia II LLC Star Pisces (1) 60,916 August 7, 2015 2015 100 Star Nor XIV LLC Star Glory 58,680 July 6, 2018 2012 101 STAR LIDA XI SHIPPING LLC Star Pyxis (1) 56,615 August 19, 2019 2013 102 STAR LIDA VIII SHIPPING LLC Star Hydrus (1) 56,604 August 8, 2019 2013 103 STAR LIDA IX SHIPPING LLC Star Cleo (1) 56,582 July 15, 2019 2013 104 Star Trident VII LLC Diva (1) 56,582 July 24, 2017 2011 105 STAR LIDA VI SHIPPING LLC Star Centaurus (1) 56,559 September 18, 2019 2012 106 STAR LIDA VII SHIPPING LLC Star Hercules (1) 56,545 July 16, 2019 2012 107 STAR LIDA X SHIPPING LLC Star Pegasus (1) 56,540 July 15, 2019 2013 108 STAR LIDA III SHIPPING LLC Star Cepheus (1) 56,539 July 16, 2019 2012 109 STAR LIDA IV SHIPPING LLC Star Columba (1) 56,530 July 23, 2019 2012 110 STAR LIDA V SHIPPING LLC Star Dorado (1) 56,507 July 16, 2019 2013 111 STAR LIDA II SHIPPING LLC Star Aquila (1) 56,506 July 15, 2019 2012 112 Star Regg III LLC Star Bright 55,783 October 10, 2018 2010 113 Glory Supra Shipping LLC Strange Attractor 55,742 July 11, 2014 2006 114 Star Omicron LLC Star Omicron 53,489 April 17, 2008 2005 115 Star Zeta LLC Star Zeta 52,994 January 2, 2008 2003 116 Star Theta LLC Star Theta 52,425 December 6, 2007 2003 Total dwt 12,859,300 (1) Subject to sale and lease back financing transaction (Note 7) Non-vessel owning subsidiaries at December 31, 2020: (the below list includes companies previously owning vessels that have been sold, intermediate holding companies, companies that charter-in vessels and management companies): List of Non-vessel owning subsidiaries Wholly Owned Subsidiaries 1 Star Bulk Management Inc. 29 Star ABY LLC 2 Starbulk S.A. 30 ABY Group Holding Ltd 3 Star Bulk Manning LLC 31 Star Regina LLC 4 Star Bulk Shipmanagement Company (Cyprus) Limited 32 Star Logistics Management S.A. (1) 5 Candia Shipping Limited (ex Optima Shipping Limited) 33 Gravity Shipping LLC 6 Star Omas LLC 34 White Sand Shipping LLC 7 Star Synergy LLC 35 Star Regg IV LLC 8 Oceanbulk Shipping LLC 36 Star Cosmo LLC 9 Oceanbulk Carriers LLC 37 Cape Confidence Shipping LLC 10 International Holdings LLC 38 Cape Runner Shipping LLC 11 Star Ventures LLC 39 Star Bulk (Singapore) Pte. Ltd 12 Star Logistics LLC (ex Dry Ventures LLC) 40 Star Bulk Germany GmbH 13 Unity Holding LLC 41 Star Mare LLC 14 Star Bulk (USA) LLC 42 Star Sege Ltd 15 Star Bulk Norway AS 43 Star Regg VII LLC 16 Star New Era LLC 44 Star Delta LLC 17 Star Thor LLC 45 Searay Maritime LLC 18 Star Gamma LLC 46 Star Kappa LLC 19 Star Aurora LLC 47 Star Trident VI LLC 20 Star Epsilon LLC 48 Star Uranus LLC 21 Star Trident IV LLC 49 Star Regg V LLC 22 Star Trident XXXI LLC 50 Star Regg VI LLC 23 Star Trident XXI LLC 51 Dioriga Shipping Co. 24 Star Trident XXII LLC 52 Positive Shipping Company 25 Star Trident XXIII LLC 53 Star Trident XXVIII LLC 26 Star Trident XXIV LLC 54 Star Trident XXIX LLC 27 Star Trident XXVI LLC 55 Star Trident XXX LLC 28 Star Trident XXVII LLC (1) Under liquidation. Charterers who individually accounted for more than 10% of the Company’s voyage revenues during the years ended December 31, 2018, 2019 and 2020 are as follows: Basis of Presentation and General Information - Charter Revenue Percentage (Table) Charterer 2018 2019 2020 A N/A N/A 11% B 15% 13% N/A The outstanding accounts receivable balance as at December 31, 2020 of this charterer (A) was $ 2,526 |
Significant Accounting policies
Significant Accounting policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting policies | 2. Significant Accounting policies a) Principles of consolidation Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation”, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Following the provisions of ASC 810 “Consolidation”, the Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a variable interest entity in its consolidated financial statements. The Company’s evaluation did not result in an identification of variable interest entities for the years 2018, 2019 and 2020. b) Equity method investments c) Use of estimates d) Comprehensive income/(loss) e) Concentration of credit risk f) Foreign currency transactions g) Cash and cash equivalents h) Restricted cash i) Trade accounts receivable, net 1,607 373 j) Inventories k) Vessels, net : Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the 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 25 300 l) Advances for vessels under construction and acquisition of vessels m) Fair value of above/below market acquired time charters Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the market rate for a charter of equivalent duration prevailing at the time the vessels are delivered. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital adjusted to account for the credit quality of the counterparties, as deemed necessary. n) Impairment of long-lived assets In this respect, management regularly reviews the carrying amount of the vessels, including newbuilding contracts, if any, on a vessel-by-vessel basis, when events and circumstances indicate that the carrying amount of the vessels or newbuilding contracts might not be recoverable (such as vessel valuations of independent shipbrokers, The future undiscounted net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent rate for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage and address commissions. Estimates of the daily time charter equivalent rate for the unfixed days are based on the current Forward Freight Agreement (“FFA”) rates of the respective calendar year for each of the first three years, average of the FFA rate of the third year and the historical average rate for the fourth year and historical average rates of similar size vessels for the period thereafter. The expected cash inflows from charter revenues are based on an assumed fleet utilization rate for the unfixed days over available days, taking also into account expected technical off-hire days. In addition, in light of the Company’s investment in exhaust gas cleaning systems (“EGCS” or “Scrubbers”), an estimate of an additional daily revenue for each scrubber fitted vessel was also included, reflecting additional revenue from charterers due to the fuel cost savings that these vessels provide. In assessing expected future cash outflows, management forecasts vessel operating expenses, which are based on the Company’s internal budget for the first annual period and thereafter assuming an annual inflation rate and are capped in the thirteenth year thereafter, vessel expected maintenance costs (for dry docking and special surveys) and management fees. The estimated salvage value of each vessel is $0.3 per light weight ton, in accordance with the Company’s vessel depreciation policy. The Company uses a probability weighted approach for developing estimates of future cash flows used to test its vessels for recoverability when alternative courses of action are under consideration (i.e. sale or continuing operation of a vessel). If the Company’s estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to the vessel’s fair market value with a charge recorded under “Impairment loss” in the consolidated statement of operations. o) Vessels held for sale Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under “Impairment loss” in the consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale. p) Evaluation of purchase transactions Business Combinations (Topic 805): Clarifying the Definition of a Business q) Financing costs . r) Share based compensation Awards of restricted shares, restricted share units or share options that are subject to performance conditions are also measured at their fair value, which is equal to the market value of the Company’s common shares on the grant date. If the award is subject only to performance conditions, compensation cost is recognized only if the performance conditions are satisfied. For awards that are subject to performance conditions and future service conditions, if it is probable that the performance condition for these awards will be satisfied, the compensation cost in respect of these awards is recognized over the requisite service period. If it is initially determined that it is not probable that the performance conditions will be satisfied and it is later determined that the performance conditions are likely to be satisfied (or vice versa), the effect of the change in estimate is retroactively accounted for in the period of change by recording a cumulative catch-up adjustment to retroactively apply the new estimate. If the award is forfeited because the performance condition is not satisfied, any previously recognized compensation cost is reversed. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (as compensation expense) over the requisite service period for all awards that vest. s) Dry docking and special survey expenses t) Accounting for revenue and related expenses : An index-linked rate usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index he amount allocated to each pool participant vessel, including the Company’s vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool (based on the vessel’s age, design, consumption and other performance characteristics) as well as the time each vessel has spent in the pool. For those vessels that operated under the pool arrangements during the years ended December 31, 2018, 2019 and 2020 the Company considers itself the principal, primarily because of its control over the service to be transferred for the charterer under those charterparties and therefore related revenues and expenses are presented gross. The Company determined that its time charter agreements are considered operating leases and therefore fall under the scope of ASC 842 Leases (“ASC 842”) because, (a) the vessel is an identifiable asset, (b) the Company does not have substitution rights and (c) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefits from such use. The duration of the contracts that the Company enters into depends on the market conditions, with the duration decreasing during weak market conditions. During 2019 and 2020 in their majority the Company’s time charter contracts did not exceed the period of 12 months, including optional extension periods. Time charter revenues are recognized on a straight-line Time charter agreements may During the time charter agreements the Company is responsible for operating and maintaining the vessel and such costs are included in Vessel operating expenses in the consolidated statements of operations. In the time charter hire rate received is included compensation for these costs, such as crewing expenses, repairs and maintenance and insurance. The Company, making use of the practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time charter revenue but rather to recognize lease revenue as a combined single lease component for all time charter contracts as the related lease component and non-lease component have the same timing and pattern of transfer ( i.e. charter revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. The Company has determined that its voyage charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms of the voyage charter are pre-determined, and any change requires the Company’s consent and are therefore considered service contracts that fall under the provisions of ASC 606 “Revenue from contracts with customers”. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The majority of revenue from voyage charter agreements is usually collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line Demurrage income, which is considered a form of variable consideration, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the years ended December 31, 2018, 2019 and 2020 was not material. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of brokerage commissions, bunker consumption, port and canal expenses and agency fees related to the voyage. All voyage costs are expensed as incurred with the exception of the contract fulfilment costs that incur from the latter of the end of the previous vessel employment and the contract date and until the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract pursuant to the provisions of ASC 340-40 “Other assets and deferred costs”. These capitalized contract fulfilment costs are recorded under “Other current assets” and are amortized on a straight-line basis as the related performance obligations are satisfied. u) Fair value measurements v) Earnings / (loss) per share w) Segment reporting : x) Leases The following are types of contracts with the Company acting as Lessee that fall under ASC 842: A) Short to medium-term ( i.e charter-in agreements that the Company from time to time enters into for third-party vessels to increase its operating capacity in order to satisfy its clients’ needs. B) Sale and lease back transactions which involve a purchase obligation (or a purchase option that is reasonably certain, at inception, that will be exercised) and are therefore treated as a failed sale or merely a financing arrangement, and therefore are not within the scope of sale and leaseback accounting. In such cases the Company does not derecognize the corresponding leased vessels and continues to present these at their net book values within “Vessels and other fixed assets, net” on its consolidated balance sheets, while the financing liability is presented in “Lease financing” in the Company’s consolidated balance sheets. Depreciation attributable to the vessels that are subject to financing under sale and lease back transactions is included within “Depreciation” in the consolidated statements of operations while the corresponding interest expense on the lease financing arrangement is included within “Interest and finance costs” in the consolidated statements of operations. All of the Company’s lease financing agreements as of December 31, 2020 were of this type. C) Other long term bareboat charter-in agreements that the Company from time to time may enter into which meet the transfer of ownership criterion under ASC 842 (either involve a purchase obligation or a purchase option that is reasonably certain, at inception, that will be exercised) and are therefore classified as finance leases. In such cases t he Company recognizes a right-of-use asset for each bareboat charter-in vessel reflected within “Vessels and other fixed assets, net” and a corresponding lease liability being reflected within “Lease financing”. The amortization of the right-of-use asset attributable to this type of lease arrangements is included within “Depreciation” in the consolidated statement of operations while the corresponding interest expense on the lease financing is included within “Interest and finance costs” in the consolidated statement of operations. None of the Company’s bareboat charter-in agreements were of this type as of December 31, 2020. 4% straight line 403 352 461 y) Derivatives & Hedging i) Interest rate swaps and foreign currency exchange rates swaps: The Company enters into derivative and non-derivative financial instruments to manage risks related to fluctuations of interest rates and foreign currency exchange rates. All derivatives are recorded on the Company’s balance sheet as assets or liabilities and are measured at fair value. The valuation of interest rate swaps is based on Level 2 observable inputs of the fair value hierarchy, such as interest rate curves. The changes in the fair value of derivatives not qualifying for hedge accounting are recognized in earnings. Cash inflows/outflows attributed to derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows. For the purpose of hedge accounting, hedges are classified as: · fair value hedges, when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, which in each case is attributable to a particular risk, including foreign currency risk; · cash flow hedges, when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect earnings; or · hedges of a net investment in a foreign operation. This type of hedge is not used by the Company. In case the instruments are eligible for 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, the hedged item or transaction, the nature of the risk being hedged and how the Company will assess the hedging instrument’s effectiveness in offsetting exposure to changes in the hedged item’s cash flows or fair value attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows or fair value and are assessed at each reporting date to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. Fair value hedges A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, which in each case is attributable to a particular risk. The change in the fair value of a hedging instrument is recognized in the consolidated statement of operations. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the consolidated statement of operations. For fair value hedges, in which a non-derivative is used as hedging instrument for foreign currency risk of unrecognized firm commitments, the hedging instrument is re- measured based on the movement in functional currency cash flows attributable to the change in spot exchange rates between the functional currency and the currency in which the non-derivative hedging instrument is denominated. An asset or liability is recorded for the unrecognized firm commitment, which equals the foreign exchange gain or loss that is recorded in earnings as a result of the hedge relationship. The resulting asset or liability will eventually be treated as part of the consideration when the firm commitment is recognized. 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 earnings. For derivatives designated as cash flow hedges, the effective portion of the changes in their fair value is recorded in “Accumulated other comprehensive income / (loss)” and is subsequently recognized in earnings when the hedged items impact earnings, while the ineffective portion, if any, is recognized immediately in current period earnings under “Gain/(loss) on interest rate swaps, net.” Discontinuation of hedge relationships The Company discontinues prospectively fair value or cash flow hedge accounting if the hedging instrument expires or is sold, terminated or exercised and it no longer meets all the criteria for hedge accounting or if the Company de-designates the instrument as a cash flow or fair value hedge. As part of a cash flow hedge, at the time the hedging relationship is discontinued, any cumulative gain or loss on the hedging instrument recognized in equity remains in equity until the forecasted transaction occurs or until it becomes probable of not occurring. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is reclassified and recognized in earnings for the year. As part of a fair value hedge, if the hedged item is derecognized, the unamortized fair value is recognized immediately in earnings. ii) Forward Freight Agreements and Bunker Swaps: In addition, from time to time, the Company may take positions in derivative instruments including forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge a vessel owner’s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. The vast majority of the FFAs are settled on a daily basis through reputable exchanges such as LCH, Singapore Exchange (SGX) or Nasdaq. FFAs are intended to serve as an economic hedge for the Company’s vessels that are being chartered in the spot market, effectively locking-in an approximate amount of revenue that the Company expects to receive from such vessels for the relevant periods. The Company measures the fair value of all open positions at each reporting date on this basis (Level 1). The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of operations under “(Gain)/Loss on forward freight agreements and bunker swaps, net.” Also, from time to time, the Company enters into bunker swap contracts to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company’s bunker swaps are settled through reputable clearing houses, including LCH. The fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date (Level 1). The Company’s bunker swaps do not qualify for hedge accounting and bunker price differentials paid or received under the swap agreements are recognized in the consolidated statements of operations under “(Gain)/Loss on forward freight agreements and bunker swaps, net”. z) Taxation aa) Offering costs ab) Share repurchases Other accounting pronouncements – adopted Financial Instruments - Credit Losses (Topic 326) securities The accounting standard amended the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables but excluding those arising from operating leases. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020. There was no cumulative effect upon adoption to the Company’s consolidated financial statements. The Company also considered charterer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. For the year ended December 31, 2020, the Company’s assessment considered business and market disruptions caused by Covid-19 and estimates of expected emerging credit and collectability trends. The continued volatility in market conditions and evolving shifts in credit trends are difficult to predict causing variability and volatility that may have a material impact on the Company’s allowance for credit losses in future periods. The allowance for credit losses on accounts receivable for the year ended December 31, 2020, amounted to $373. Fair Value Measurement (Topic 820): In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the disclosure requirements for fair value measurement.” The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including the consideration of costs and benefits. 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. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the accounting standard as of January 1, 2020. The adoption of the accounting standard did not have any effect on its consolidated financial statements and accompanying notes. Recent accounting pronouncements – not yet adopted Reference Rate Reform (Topic 848): |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties Transactions and balances with related parties are analyzed as follows: Transactions with Related Parties - Balance Sheets (Table) Balance Sheet December 31, 2019 December 31, 2020 Due from related parties Oceanbulk Maritime and its affiliates (d) $ 327 $ 426 Interchart (a) 11 3 AOM (l) 195 - Starocean (j) 41 34 Coromel Maritime Limited (m) - 1 Product Shipping & Trading S.A. 16 17 Due from related parties $ 590 $ 481 Due to related parties Management and Directors Fees (b) $ 246 $ 252 Sydelle (i) 19 - Augustea Technoservices Ltd. and affiliates (f) 2,879 1,187 Coromel Maritime Limited (m) 873 - Due to related parties $ 4,017 $ 1,439 Transactions with Related Parties - Statements of Operations (Table) Statements of Operations Years ended December 31, 2018 2019 2020 Voyage revenues: Voyage revenues-profit sharing agreement-Sydelle (h) (875) - - Voyage expenses: Voyage expenses-Interchart (a) $ (3,400) (3,850) (3,780) Voyage expenses- Augustea Technoservices Ltd. and affiliates (f) - - -95 General and administrative expenses: Consultancy fees (b) (534) (655) (598) Directors compensation (b) (159) (179) (179) Office rent - Combine Marine Ltd. & Alma Properties (c) (41) (39) (40) General and administrative expenses - Oceanbulk Maritime and its affiliates (d) (322) (324) (268) Management fees: Management fees- Augustea Technoservices Ltd. and affiliates (f) (2,309) (6,564) (6,588) Management fees- Songa Shipmanagement Ltd. (g) (376) (32) - Charter-in hire expenses: Charter - in hire expenses - AOM (l) - (2,589) (5,442) Charter - in hire expenses - Sydelle (i) - (5,505) (540) Charter - in hire expenses - Coromel (m) - (5,723) (249) Charter - in hire expenses - Eagle Bulk (n) - (1,908) - a) Interchart Shipping Inc. (or “Interchart”): holds 33% In November 2014, the Company entered into a services agreement with Interchart for chartering, brokering and commercial services for all of the Company’s vessels for a monthly fee of $ 275 325 315 During the years ended December 31, 2018, 2019 and 2020 the brokerage commissions charged by Interchart were $ 3,400 3,850 3,780 3 b) Management and Directors Fees: 539 534 655 598 159 179 179 246 252 c) Office rent: 2,500 3,100 1.23 six year 300 400 1.23 41 39 40 d) Oceanbulk Maritime S.A. (or “Oceanbulk Maritime”): 322 324 268 327 426 e) Oaktree Shareholder Agreement: four nine three two one three 33% f) Augustea Technoservices Ltd. and affiliates 16 10,277,335 2,309 6,564 6,588 95 2,879 1,187 g) Songa Shipmanagement Ltd.: Following the completion of the acquisition of 15 operating dry bulk vessels (the “Songa Vessels”) from Songa Bulk ASA (“Songa”) for an aggregate of 13,725,000 of the Company’s common shares (the “Songa Consideration Shares”) and $ 144,550 376 32 h) Sydelle Marine Limited (or “Sydelle”) - profit sharing agreement: Star Ariadne, Star Ariadne ($875) 302 i) Sydelle Marine Limited (or “Sydelle”) – Charter in Agreement: 5,505 540 19 0 j ) StarOcean Manning Philippines Inc. (or “Starocean”) 25% 75% 123 128 41 34 k ) Oceanbulk Container Carriers LLC. (or “OCC”): three 3,304,735 l) Augustea Oceanbulk Maritime Malta Ltd (or “AOM”): AOM Marta AOM Marta 2,589 5,442 195 0 m) Coromel Maritime Limited (or “Coromel”): 5,723 249 873 1 n) Eagle bulk Pte. Ltd. (or “Eagle Bulk”): $16.3 $15.8 two months 1,908 ο) Short Pool: p) 50,350 q) Capesize Chartering Ltd. (or “CCL Pool”): 125 25% |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts shown in the consolidated balance sheets are analyzed as follows: Inventories (Table) December 31, 2019 December 31, 2020 Lubricants $ 12,293 $ 11,877 Bunkers 38,860 35,417 Total $ 51,153 $ 47,294 |
Vessels and other fixed assets,
Vessels and other fixed assets, net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Vessels and other fixed assets, net | 5. Vessels and other fixed assets, net The amounts in the consolidated balance sheets are analyzed as follows: Vessels and other fixed assets net - Schedules of vessels and other fixed assets, net (Table) Cost Accumulated depreciation Net Book Value Balance, December 31, 2018 $ 3,105,263 $ (449,155) $ 2,656,108 - Transfer from advances for vessels under construction and acquisition of vessels 157,589 - 157,589 - Acquisitions, improvements and other vessel costs 335,671 - 335,671 - Vessel disposal/ transfer to Held for sale (163,049) 106,899 (56,150) - Impairment loss (24,551) 21,140 (3,411) - Depreciation for the period - (124,280) (124,280) Balance, December 31, 2019 $ 3,410,923 $ (445,396) $ 2,965,527 - Acquisitions, improvements and other vessel costs 53,885 - 53,885 - Depreciation for the period - (142,293) (142,293) Balance, December 31, 2020 $ 3,464,808 $ (587,689) $ 2,877,119 As of December 31, 2020, 85 116 2,138,646 Title of ownership is held by the relevant lenders for another 31 738,216 (Note 7). In addition, certain of the Company’s vessels having a net carrying value of $ 685,163 Vessels acquired/delivered during the year ended December 31, 2019 Delivery of newbuilding and secondhand vessels: i) On April 16, 2019 May 28, 2019 July 15, 2019 Katie K Debbie H Star Ayesha which were financed under bareboat leases with CSSC (Note 7). ii) On January 7, 2019 January 14, 2019 Star Janni Star Marianne, as part of an en bloc transaction in 2018. The vessels were delivered to the Company in exchange for an aggregate of 999,336 of its common shares and cash consideration of $ 31,772 , with the total acquisition cost being $ 41,837 . The cash consideration was partially financed through the third and fourth tranche of the ABN $115,000 Facility. 10.41 9.66 Star Janni Star Marianne, iii) On May 27, 2019, the Company entered into an en bloc definitive agreement with entities controlled by Delphin Shipping, LLC (“Delphin”), an entity affiliated with Kelso & Company, pursuant to which it agreed to acquire 11 4,503,370 80,000 127,532 seven-year 91,431 Sale of vessels: On November 20, 2018, the Company entered into an agreement with a third party to sell the vessel Star Delta January 8, 2019 Star Kappa Star Aurora March 8, 2019 March 6, 2019 Star Anna Star Gamma September 23, 2019 September 5, 2019 Star Cosmo Star Epsilon December 17, 2019 December 9, 2019 The Company decided to sell the respective vessels as part of its strategic goal to dispose the older vessels in its fleet. In connection with the aforementioned sales in 2019 and the delivery to the sellers of the vessel Star Delta (discussed above) 5,493 Vessels acquired/delivered during the year ended December 31, 2020: No vessel acquisitions or disposals took place during the year ended December 31, 2020. The amounts reported under “Acquisitions, improvements, and other vessel costs” in the table above which were incurred during the year ended December 31, 2020 were made mainly in connection with the acquisition and installation of scrubber equipment and ballast water management systems on certain of the Company’s vessels. On December 17, 2020, the Company entered into a definitive agreement with entities affiliated with E.R. Capital Holding GmbH & Cie. KG, pursuant to which the Company agreed t three E.R. Bayonne E.R. Buenos Aires E.R. Borneo 39,000 2,100,000 January 26, 2021 21 a). Impairment Analysis In light of the economic downturn and the prevailing conditions in the shipping industry, as of December 31, 2019 and 2020, the Company performed an impairment analysis for each of its operating vessels whose carrying value was above its market value. In connection with the sale of Star Gamma Star Anna 3,411 |
Advances for vessels under cons
Advances for vessels under construction and acquisition of vessels | 12 Months Ended |
Dec. 31, 2020 | |
Advances For Vessels Under Construction And Acquisition Of Vessels | |
Advances for vessels under construction and acquisition of vessels | 6. Advances for vessels under construction and acquisition of vessels The amounts in the consolidated balance sheets are analyzed as follows: Advances for vessels under construction and acquisition of vessels (Table) Balance, December 31, 2018 59,900 - Additions 96,671 - Capitalized interest 1,018 - Transfers to Vessel cost (157,589) Balance, December 31, 2019 — As of December 31, 2018, the Company had three 42,962 4,350 In connection with the vessels, Star Marianne Star Janni 4,880 As of December 31, 2019 and 2020, there were no vessels under construction nor any amounts paid in connection with pending acquisition of vessels. |
Lease financing
Lease financing | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease financing | 7. Lease financing New financing through bareboat leases during the year ended December 31, 2020: On August 27, 2020, the Company entered into sale and leaseback agreements with CMBL for the vessels Laura Idee Fixe Roberta Kaley Diva Star Sirius Star Vega 82,764 Diva 7,236 51,060 24,630 five years On September 3, 2020, the Company entered into an agreement to sell Star Lutas seven-year bareboat charter and the Company has an option to purchase the vessel starting on the third anniversary of the vessel’s delivery to the Company at a pre-determined, amortizing purchase price. The Company also has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $ 7,441 16,000 9,258 On September 21, 2020, the Company entered into sale and leaseback agreements with SPDB Financial Leasing Co. Ltd for the vessels Mackenzie Kennadi Honey Badger Wolverine Star Antares 76,500 47,782 eight years 7,776 7,916 On September 25, 2020, the Company entered into sale and leaseback agreements with ICBC Financial Leasing Co., Ltd. (the “ICBC”) for the vessels Gargantua Goliath Maharaj 93,150 64,478 10 years at a purchase price of $ 14,000 Pre- existing financing through bareboat leases: In December 2018, the Company sold and simultaneously entered into a bareboat charter party contract with an affiliate of Kyowa Sansho to bareboat charter the vessel Star Fighter ten years 2,450 16,125 11,958 On March 29, 2019, the Company entered into an agreement to sell Star Pisces seven-year bareboat charter and the Company has an option to purchase the vessel starting on the third anniversary of the vessel’s delivery to the Company at a pre-determined, amortizing purchase price. The Company also has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $ 7,628 19,125 11,671 On May 22, 2019, the Company entered into an agreement to sell Star Libra seven-year bareboat charter and the Company has an option to purchase the vessel at any time after the vessel’s delivery to the Company at a pre-determined, amortizing purchase price. The Company also has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $ 18,107 33,950 Star Libra On July 10, 2019, the Company entered into an agreement to sell Star Challenger eleven-year bareboat charter party contract and the Company has an option to purchase the vessel starting on the third anniversary of vessel’s delivery to the Company at a pre-determined, amortizing purchase price. The Company also has an obligation to purchase the vessel at the expiration of the bareboat term. 15,000 10,874 In order to finance the cash portion of the consideration for the acquisition of the Delphin Vessels (Note 5), in July 2019, the Company entered, for each of the subject vessels, into an agreement to sell each such vessel and simultaneously entered into a seven-year 91,431 975 3,379 15,000 12 quarterly During the first quarter of 2020, under the lease agreements with CMBL of Songa Vessels, the Company received a total amount of $ 4,710 This amount was repaid in full along with all outstanding amounts under the lease agreements of Songa Vessels during the third and fourth quarter 2020, as described below. During the twelve-month period ended December 31, 2020, the Company repaid the outstanding amounts under the lease agreements of Star Eleni Star Leo Laura Idee Fixe Roberta Kaley Some of the Company’s bareboat lease agreements contain financial covenants similar to those included in the Company’s credit facilities described in detail in Note 9 below. All of the Company’s sale and lease back agreements, described above, contain purchase options during their terms, at pre-determined amortizing purchase prices, and/or purchase obligations at the expiration of their terms, at fixed prices, which are considered to be at significantly lower levels compared to the expected fair value of each vessel at that time. Based on applicable accounting guidance, such transactions are accounted for as financing arrangements and accordingly the Company did not derecognize the corresponding leased vessels and continues to present these at their net book values on its consolidated balance sheets, while the financing liability is The principal payments required to be made after December 31, 2020, for the outstanding bareboat lease obligations recognized on the balance sheet as described above, are as follows: Lease financing - Capital lease obligations, Principal payments (Table) Twelve month periods ending Amount December 31, 2021 $ 44,873 December 31, 2022 44,873 December 31, 2023 42,600 December 31, 2024 39,873 December 31, 2025 68,917 December 31, 2026 and thereafter 192,335 Total bareboat lease minimum payments $ 433,471 Unamortized lease issuance costs (6,181) Total bareboat lease minimum payments, net $ 427,290 Lease financing short term 44,873 Lease financing long term, net of unamortized lease issuance costs 382,417 |
Fair value of Above _ Below Mar
Fair value of Above / Below Market Acquired Time Charters | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Of Above Below Market Acquired Time Charters | |
Fair value of Above / Below Market Acquired Time Charters | 8. Fair value of Above / Below Market Acquired Time Charters For two Augustea Vessels ( Star Scarlett Star Karlie 5,373 t Star Marianne Star Janni 1,269 336 Star Marianne Janni For the years ended December 31, 2018, 2019 and 2020, the amortization of fair value of the below market acquired time charters analyzed above was $ 1,820 2,349 1,184 As of December 31, 2020, the unamortized balance of the intangible liabilities described above was $ 1,289 2,231 1.39 924 365 |
Long-term bank loans
Long-term bank loans | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term bank loans | 9. Long-term bank loans New Financing Activities during the year ended December 31, 2020 i) HSBC Working Capital Facility: On February 6, 2020 30,000 The agreement is secured by second priority mortgage on the eight vessels which secure the HSBC $80,000 Facility. ii) DSF $55,000 Facility On March 26, 2020 55,000 two 27,500 Star Eleni Star Leo 10 semi-annual 1,058 16,923 The DSF $55,000 Facility is secured by a first priority mortgage on the two vessels. US LIBOR 0.581% three years July 1, 2020 iii) ING $170,600 Facility On July 1, 2020 70,000 70,000 six Star Claudine Star Ophelia Star Lyra Star Bianca Star Flame Star Mona 24 quarterly The ING $170,600 Facility is secured also by a first priority mortgage on the aforementioned additional vessels. iv) Alpha Bank $35,000 Facility On July 2, 2020 35,000 three 11,000 9,000 Star Sky Stardust 15,000 13,050 Star Martha 20 quarterly 260 425 3,800 6,500 The Alpha Bank $ 35,000 Facility is secured by first priority mortgages on the aforementioned vessels. v) Piraeus Bank $50,350 Facility On July 3, 2020 50,350 50,350 Star Luna Star Astrid Star Genesis Star Electra Star Glory 20 quarterly 1,100 1,300 25,150 The Piraeus Bank $50,350 Facility is secured by first priority mortgages on the five aforementioned vessels. vi) NTT $17,600 Facility On July 10, 2020 17,600 Star Calypso 20 quarterly 476 8,086 The NTT $17,600 Facility is secured by first priority mortgage on the aforementioned vessel vii) CEXIM $57,564 Facility On December 1, 2020 57,564 four 41,982 Star Gina 2GR Star Charis Star Suzanna Star Wave Star Wave 13,209 Star Gina 2GR 26,175 , 32 quarterly 330 654 2,642 5,235 9,090 Star Charis Star Suzanna, 32 quarterly The facility matures in January 2029 and is secured by first priority mortgages on the four aforementioned vessels. Pre - Existing Loan Facilities i) SEB Facility: On January 28, 2019 71,420 four 32,825 Star Laetitia Star Sienna 24 quarterly 677 524 18,723 January 2025 1,260 were used to finance the acquisition and installation of scrubber equipment for the respective vessels. 12 quarterly The SEB Facility is secured by a first priority mortgage on the two vessels. ii) E SUN Facility: On January 31, 2019 37,100 was used to refinance the outstanding amount under the then existing lease agreement of the vessel Star Ariadne. 37,100 20 quarterly 618 24,733 March 2024 The E.SUN Facility is secured by a first priority mortgage on the vessel Star Ariadne iii) Atradius Facility: On February 28, 2019 36,645 was used to finance the acquisition and installation of scrubber equipment for 42 33,311 3,331 10 semi-annual 3,664 is secured by a second-priority mortgage on 22 vessels of the Company’s fleet. iv) ING $100,600 Facility: On March 28, 2019 52,800 four 32,100 17,400 used to refinance the outstanding amounts under the then existing lease agreements of the vessels Star Magnanimus and Star Alessia 28 quarterly 535 311 17,120 8,700 1,400 were used to finance the acquisition and installation of scrubber equipment for the aforementioned vessels. 16 quarterly 88 47,800 22,500 28 quarterly 469 9,375 used to refinance the outstanding amount under the then existing agreement with Deutsche Bank (the “Deutsche Bank $85,000 Facility”) of the vessels Peloreus and Leviathan 1,400 used to finance the acquisition and installation of scrubber equipment for the vessels Peloreus and Leviathan 16 88 The ING $100,600 Facility is secured by a first priority mortgage on the vessels Peloreus, Leviathan, Star Magnanimus and Star Alessia v) Citibank $62,600 Facility: On May 8, 2019 62,563 was used, together with cash on hand, to refinance the outstanding amounts under the then existing lease agreements of the vessels Star Virgo and Star Marisa 20 quarterly 1,298 36,611 The Citibank $62,600 Facility is secured by a first priority mortgage on the aforementioned vessels. vi) CTBC Facility: On May 24, 2019 35,000 was used to refinance the outstanding amount under the then existing lease agreement of the vessel Star Karlie 20 quarterly 730 20,400 May 2024 The CTBC Facility is secured by first priority mortgage on the aforementioned vessel vii) NTT Facility: On July 31, 2019 17,500 was used to refinance the outstanding amount of $ 11,161 27 quarterly 313 9,063 The NTT Facility is secured by first priority mortgage on the vessel Star Aquarius viii) CEXIM $106,470 Facility: On September 23, 2019 106,470 was used to refinance the outstanding amounts under the then existing lease agreements of the vessels Katie K, Debbie H and Star Ayesha . three 35,490 40 quarterly 739 5,915 The CEXIM $106,470 Facility is secured by first priority mortgages on the three aforementioned vessels. ix) NBG $30,000 Facility: On April 19, 2018 30,000 30,000 was used along with cash on hand to fully repay the outstanding amount of $ 34,726 . February 2023 16,326 quarterly 359 4,516 As of December 31, 2020, the NBG $30,000 Facility is secured by a first priority mortgage on the vessels Star Theta and Star Iris. x) Credit Agricole $43,000 Facility: On August 21, 2018 43,000 to refinance the outstanding amount of $44,100 under the then existing agreement with Credit Agricole (the “Credit Agricole $70,000 Facility”). 43,000 two 21,500 20 quarterly 625 9,000 The facility is secured by the vessels Star Borealis and Star Polaris xi) HSBC $80,000 Facility: On September 26, 2018 80,000 to refinance the aggregate outstanding amount of $ 74,647 80,000 7,505 Star Cosmo Star Kappa 2,140 29,095 As of December 31, 2020, the facility is secured by the vessels Kymopolia, Mercurial Virgo, Pendulum, Amami, Madredeus, Star Emily, Star Omicron, and Star Zeta. xii) DNB $310,000 Facility: On September 27, 2018 310,000 two 240,000 240,440 51,202 18,798 70,000 . 131,091 Star Sirius Star Vega, Gargantua Goliath Maharaj, Diva Star Suzanna and Star Gina 2GR 3,979 30,240 1,778 10,698 As of December 31, 2020, the DNB $310,000 Facility is secured by a first priority mortgage on the vessels Big Bang, Strange Attractor, Big Fish, Pantagruel, Star Nasia, Star Danai, Star Renee, Star Markella, Star Laura, Star Moira, Star Jennifer, Star Mariella, Star Helena, Star Maria, Star Triumph, Star Angelina and Star Gwyneth. xiii) Citi $130,000 Facility: On October 18, 2018 130,000 100,075 two 65,000 20 quarterly 1,825 28,500 The Citi $130,000 Facility is secured by a first priority mortgage on the vessels Star Pauline, Star Angie, Star Sophia, Star Georgia, Star Kamila and Star Nina and five of the Augustea Vessels Star Eva, Star Paola, Star Aphrodite, Star Lydia and Star Nicole. xiv) ABN $115,000 Facility: On December 17, 2018 115,000 four 69,525 7,900 Star Virginia Star Scarlett Star Jeannette Star Audrey Star Bright 20 quarterly 1,705 282 35,428 2,260 17,875 Star Marianne Star Janni 19 quarterly 672 5,114 The loan is secured by a first priority mortgage on the vessels Star Virginia, Star Scarlett, Star Jeannette, Star Audrey, Star Bright, Star Marianne and Star Janni xv) Assumed debt as part of the acquisition of Augustea Vessels: As part of the acquisition of the Augustea Vessels the Company assumed debt of approximately $ 308,279 127,101 60,790 69,907 a) BNP Facility: BNP Paribas provided financing under secured term loan agreement in two tranches, for the vessels Star Despoina Pierra 15,914 14,977 16 quarterly 500 8,414 17 quarterly 500 6,977 The loan is secured by a first priority mortgage on the two Augustea vessels. b) Bank of Tokyo Facility: Bank of Tokyo provided financing under secured term loan agreement for the vessel Star Monica 16,000 17 quarterly 346 10,464 The loan is secured by a first priority mortgage on the vessel Star Monica. xvi) Issuance of 8.30% 2022 Notes: On November 9, 2017, the Company completed a public offering of $ 50,000 November 15, 2022 8.30% quarterly in arrears on the 15th day of February, May, August and November commencing on February 15, 2018 100% All of the Company’s aforementioned facilities are secured by a first-priority ship mortgage on the financed vessels under each facility and general and specific assignments and guaranteed by Star Bulk Carriers Corp except for the Citi $130,000 Facility which is also guaranteed by Star ABY LLC and the Bank of Tokyo Facility which is only guaranteed by Star ABY LLC. Credit Facilities and Senior Notes Covenants: The Company’s outstanding credit facilities and senior notes generally contain customary affirmative and negative covenants, on a subsidiary level, including limitations to: · pay dividends if there is an event of default under the Companys credit facilities; · incur additional indebtedness, including the issuance of guarantees, refinance or prepay any indebtedness, unless certain conditions exist; · create liens on Companys assets, unless otherwise permitted under Companys credit facilities; · change the flag, class or management of Companys vessels or terminate or materially amend the management agreement relating to each vessel; · acquire new or sell vessels, unless certain conditions exist; · merge or consolidate with, or transfer all or substantially all Companys assets to, another person; or · enter into a new line of business. Furthermore, the Company’s credit facilities and senior notes contain financial covenants requiring the Company to maintain various financial ratios, including among others: · a minimum percentage of aggregate vessel value to secured loans (security cover ratio or SCR); · a maximum ratio of total liabilities to market value adjusted total assets; · a minimum liquidity; and · a minimum market value adjusted net worth. As of December 31, 2019 and 2020, the Company was required to maintain minimum liquidity, not legally restricted, of $ 58,000 8,443 12,320 As of December 31, 2020, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements, including the 2022 Notes and lease financings described in Note 7. The weighted average interest rate (including the margin) related to the Company’s existing debt, 2022 Notes and lease financings for the years ended December 31, 2018, 2019 and 2020 was 5.59% 5.28% 3.63% 1,049 806 65 Long-term bank loans - Principal repayments (Table) Twelve month periods ending Amount December 31, 2021 $ 144,900 December 31, 2022 169,196 December 31, 2023 326,911 December 31, 2024 144,741 December 31, 2025 184,902 December 31, 2026 and thereafter 126,710 Total Long term bank loans $ 1,097,360 Unamortized loan issuance costs (13,761) Total Long term bank loans, net $ 1,083,599 Current portion of long term bank loans 144,900 Long term bank loans, net of current portion and unamortized loan issuance costs 938,699 The 2022 Notes mature in November 2022 and are presented in the consolidated balance sheets as of December 31, 2020, net of unamortized notes issuance costs of $ 768 All of the Company’s bank loans and applicable lease financings bear interest at LIBOR Long-term bank loans - Interest and finance costs (Table) Years ended December 31, 2018 2019 2020 Interest on financing agreements $ 69,977 $ 81,393 $ 58,379 Less: Interest capitalized (1,753) (1,018) — Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 20) (3) 848 Amortization of debt (loan, lease & notes) issuance costs 3,253 5,590 7,815 Other bank and finance charges 2,241 1,652 2,513 Interest and finance costs $ 73,715 $ 87,617 $ 69,555 In connection with the prepayments described above and of lease financings, discussed in Note 7, following the sale of mortgaged vessels and the refinancing of certain credit facilities, during the years ended December 31, 2018, 2019 and 2020, $ 2,383 1,229 3,701 2,297 1,223 |
Preferred, Common Shares and Ad
Preferred, Common Shares and Additional paid in capital | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Preferred, Common Shares and Additional paid in capital | 10. Preferred, Common Shares and Additional paid in capital Preferred Shares: 25,000,000 0.01 Common Shares: 300,000,000 0.01 Each outstanding share of the Company’s common shares entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to ratably receive all dividends, if any, declared by the Company’s Board of Directors out of funds legally available for dividends. Holders of common shares do not have conversion, redemption or preemptive rights to subscribe to any of the Company’s securities. All outstanding common shares are fully paid and non-assessable. The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares which the Company may issue in the future. On June 29, 2018, a fund affiliated with Oaktree Capital Management, L.P. sold 5,000,000 common shares of the Company that it owned under a shelf registration statement filed by the Company. The Company did not sell any common shares and did not receive any proceeds as a result of this secondary sale. In addition, in September 2018, the Company filed a new shelf registration statement, which included all selling shareholders that had registration rights. In connection with these transactions the Company incurred and accrued aggregate offering expenses of $ 2,032 , which are separately presented in the . As further discussed in Note 3, during the year ended December 31, 2018, the Company issued 3,304,735 13,725,000 10,331,313 OCC Vessel Purchase Transaction, Songa Vessel Purchase Transaction and Augustea Vessel Purchase Transaction, respectively. In addition, pursuant to the post-closing adjustments set forth in the underlying agreement, in October 2018, the Company cancelled 53,978 10,277,335 Star Bright In addition, during the year ended December 31, 2018, the Company issued 868,975 On November 29, 2018, the Company announced a share repurchase program to purchase up to an aggregate of $ 50.0 341,363 9.17 3,145 As part of the Company’s share repurchase program, during the twelve month period ended December 31, 2019, the Company repurchased 1,020,000 8.40 8.6 million 1,579,195 7.49 11,831 In January 2019, the Company issued 999,336 Star Janni Star Marianne As further discussed in Note 5, during the year ended December 31, 2019, the Company issued 4,503,370 During the year ended December 31, 2019, the Company issued 883,700 4,804 0.05 During the year ended December 31, 2020, the Company issued 1,073,490 the Company paid a cash dividend of $ 4,804 0.05 |
Other operational gain
Other operational gain | 12 Months Ended |
Dec. 31, 2020 | |
Other Operational Gain | |
Other operational gain | 11. Other operational gain For the years ended December 31, 2019 and 2020, other operational gain of $ 2,423 3,231 |
Management fees
Management fees | 12 Months Ended |
Dec. 31, 2020 | |
Management Fees | |
Management fees | 12. Management fees The Company has engaged Ship Procurement Services S.A. (“SPS”), a third party company, to provide to its fleet certain procurement services. During the years ended December 2018 and 2019, the Company entered into the following management agreements with: i) Augustea Technoservices Ltd and Songa Shipmanegement Ltd to provide technical management to certain of its vessels, following the completion of the Augustea Vessel Purchase Transaction and Songa Vessel Purchase Transaction (Note 3) and ii) Equinox Maritime Ltd, Zeaborn GmbH & Co. KG and Technomar Shipping Inc to provide certain management services to certain of its vessels. Total management fees under the aforementioned management agreements in effect for the years ended December 31, 2018, 2019 and 2020, were $ 11,321 17,500 18,405 |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 13. Equity Incentive Plans On April 13, 2015, the Board of Directors granted share purchase options of up to 104,250 27.50 On February 27, 2018, the Company’s Board of Directors adopted the 2018 Equity Incentive Plan (the “2018 Plan”) and reserved for issuance 700,000 396,500 253,500 71,500 71,500 276,000 On January 7, 2019, the Company’s Board of Directors and Compensation Committee established an incentive program for key employees, pursuant to which an aggregate of 4,000,000 10 400,000 Each RSU represents, upon vesting, a right for the beneficiary to receive one common share of the Company. 120,000 300,000 April 30, 2021 April 30, 2022 2,000,000 400,000 1,235 s of December 31, 2020, the Company determined that the current likelihood of vesting for any of the 4,000,000 RSUs does not meet a “more likely than not” threshold under US GAAP. As a result, the previously recognized expense of $ 1,235 On May 22, 2019, the Company’s Board of Directors adopted the 2019 Equity Incentive Plan (the “2019 Plan”) and reserved for issuance 900,000 885,000 685,462 99,769 99,769 On May 25, 2020, the Company’s Board of Directors adopted the 2020 Equity Incentive Plan (the “2020 Plan”) and reserved for issuance 1,100,000 1,100,000 855,380 122,310 122,310 5.09 Pursuant to the aforementioned equity incentive plans, during the years ended December 31, 2018, 2019 and 2020 the Company issued 868,975 883,700 1,073,490 All non-vested shares and options vest according to the terms and conditions of the applicable award agreements. The grantee does not have the right to vote the non-vested shares or exercise any right as a shareholder of the non-vested shares, although the issued and non-vested shares pay dividends as declared. The dividends with respect to these shares are forfeitable if the service conditions are not fulfilled. Share options have no voting or other shareholder rights. For the year ended December 31, 2018, the Company paid no dividends on non-vested shares. For the years ended December 31, 2019 and 2020 the Company paid $ 14 The shares which are issued in accordance with the terms of the Company’s equity incentive plans or awards remain restricted until they vest. For the years ended December 31, 2018, 2019 and 2020, the share based compensation cost (including the RSUs) was $ 8,072 7,943 4,624 A summary of the status of the Company’s non-vested restricted shares as of December 31, 2018, 2019 and 2020, and the movement during these years, is presented below: Equity Incentive Plans - Summary of non-vested restricted share options (Table) Number of shares Weighted Average Grant Date Fair Value Unvested as at January 1, 2018 280,000 $ 8.09 Granted 672,500 11.68 Vested (809,500) 10.29 Unvested as at December 31, 2018 143,000 $ 12.49 Unvested as at January 1, 2019 143,000 $ 12.49 Granted 885,000 8.13 Vested (756,962) 8.54 Unvested as at December 31, 2019 271,038 $ 9.28 Unvested as at January 1, 2020 271,038 $ 9.28 Granted 1,100,000 5.09 Vested (955,149) 5.41 Unvested as at December 31, 2020 415,889 $ 7.09 A summary of the status and movement of the Company’s non-vested share options as of each of the years ended December 31, 2018, 2019 and the period from January 1, 2020 until April 13, 2020 when these options expired is presented below. Equity Incentive Plans - Summary of non-vested share options (Table) Options Number of options Weighted average exercise price Weighted Average Grant Date Fair Value Outstanding at beginning of period 104,250 $ 27.5 $ 7.0605 Granted - - - Vested - - - Outstanding at end of period 104,250 $ 27.5 $ 7.0605 As of December 31, 2020, the estimated compensation cost relating to non-vested restricted share awards not yet recognized was $ 1,200 1.64 10,745 7,703 6,681 |
Earnings _ (Loss) per share
Earnings / (Loss) per share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings / (Loss) per share | 14. Earnings / (Loss) per share All common shares issued (including the restricted shares issued under the Company’s equity incentive plan) have equal rights to vote and participate in dividends. The restricted shares issued under the Company’s equity incentive plans are subject to forfeiture provisions set forth in the applicable award agreement. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. For the purpose of calculating diluted earnings / (loss) per share, the weighted average number of diluted shares outstanding includes the incremental shares assumed issued, determined in accordance with the treasury stock method. For the years ended December 31, 2018 and 2019 and until their expiry in April 2020, the effect of 104,250 271,038 264,884 153,216 The Company calculates basic and diluted loss per share as follows: Earnings / (Loss) per share (Table) Years ended December 31, 2018 2019 2020 Income / (Loss) : Net income / (loss) $ 58,397 $ (16,201) $ 9,660 Basic earnings / (loss) per share: Weighted average common shares outstanding, basic 77,061,227 93,735,549 96,128,173 Basic earnings / (loss) per share $ 0.76 $ (0.17) $ 0.10 Effect of dilutive securities: Dillutive effect of non vested shares 264,884 - 153,216 Weighted average common shares outstanding, diluted 77,326,111 93,735,549 96,281,389 Diluted earnings / (loss) per share $ 0.76 $ (0.17) $ 0.10 |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | 15. Accrued liabilities The amounts shown in the consolidated balance sheets are analyzed as follows: Accrued liabilities (Table) December 31, 2019 December 31, 2020 Audit fees $ 232 $ 341 Legal fees 40 137 Other professional fees 1,540 2,300 Vessel Operating and voyage expenses 37,555 12,481 Loan and interest rate swaps interest and financing fees 7,394 5,547 Income tax - 134 Total Accrued Liabilities $ 46,761 $ 20,940 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 16. Income taxes The Company is in the business of international shipping and is not subject to a material amount of income taxes. The Company is subjected to tonnage taxes in certain jurisdictions as described below and includes these taxes under “Vessel Operating Expenses” in the consolidated statements of operations. The Company does receive dividends from its operating subsidiaries and these are not subject to withholding taxes nor are these dividends taxed at the Company upon receipt. Thus, the Company does not record deferred tax liabilities for any unremitted earnings as there are no taxes associated with the remittances. The Company is subjected to tax audits in the jurisdictions it operates in. There have been no adjustments assessed to the Company in the past and the Company believes there are no uncertain tax positions to consider. a) Taxation on Marshall Islands Registered Companies and tonnage tax Under the laws of the countries of the shipowning companies’ incorporation and/or vessels’ registration, the shipowning companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes. In addition, each foreign flagged vessel managed in Greece by Greek or foreign ship management companies is subject to Greek tonnage tax, under the laws of the Hellenic Republic. The technical managers of the Company’s vessels, which are established in Greece under Greek Law 89/67, are responsible for the filing and payment of the respective tonnage tax on behalf the Company. Furthermore, under the New Tonnage Tax System (“TTS”) for Cypriot merchant shipping, qualifying ship managers who opted and are accepted to be taxed under the TTS are subject to an annual tax referred to as tonnage tax, which is calculated on the basis of the net tonnage of the qualifying ships they manage. The technical managers of the Company’s vessels, which are established and operate in Cyprus, are responsible for the filing and payment of the respective tonnage tax. These taxes for 2018, 2019 and 2020 were $ 1,506 2,087 2,103 b) Taxation on US Source Income - Shipping Income Under the United States Internal Revenue Code of 1986, as amended (the “Code”), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. Under IRS regulations, a Company’s shares will be considered to be regularly traded on an established securities market if (i) one or more classes of its shares representing 50% or more of its outstanding shares, by voting power of all classes of shares of the corporation entitled to vote and of the total value of the shares of the corporation, are listed on the market and (ii) (A) such class of share is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or one sixth of the days in a short taxable year; and (B) the aggregate number of shares of such class of share traded on such market during the taxable year must be at least 10% of the average number of shares of such class of share outstanding during such year or as appropriately adjusted in the case of a short taxable year. Notwithstanding the foregoing, the treasury regulations provide, in pertinent part, that a class of the Company’s shares will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the vote and value of such class of the Company’s outstanding shares, (“5% Override Rule”). For the taxable years 2018, 2019 and 2020 the Company believes that it was exempt from U.S. federal income tax of 4% on U.S. source shipping income, as it believes that it satisfies the Publicly Traded Test for these years because it is not subject to the 5% Override Rule. c) Other Taxation In addition to the tax consequences described above, the Company may be subject to tax in one or more other jurisdictions, including Malta, Germany, Singapore and Switzerland, where the Company conducts activities through certain of its subsidiaries. The Company believes that its tax exposure for years ended December 31, 2018, 2019 and 2020 in the above jurisdictions is immaterial. The amount of income taxes recognized with respect to these jurisdictions for the years ended December 31, 2018, 2019 and 2020 was $ 61 109 152 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies a) Legal proceedings Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. The Company’s vessels are covered for pollution of $1 billion per vessel per incident, by the Protection and Indemnity (P&I) Association in which the Company’s vessels are entered. The Company’s vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy years other than those that have already been recorded in its consolidated financial statements. b) Other contingencies: Contingencies relating to Heron On July 11, 2014, Oceanbulk Shipping became a wholly owned subsidiary of the Company. Oceanbulk Shipping owned a convertible loan, which was convertible into 50% of Heron Ventures Ltd’s (“Heron”) equity. After the conversion of the loan, on November 5, 2014, Heron was a 50-50 joint venture between Oceanbulk Shipping and ABY Group Holding Limited, and Oceanbulk Shipping shared joint control over Heron with ABY Group Holding Limited. Based on the applicable related agreements, neither party will entirely control Heron. In addition, any operational and other decisions with respect to Heron will need to be jointly agreed between Oceanbulk Shipping and ABY Group Holding Limited. As of December 31, 2017, all vessels previously owned by Heron have been either sold or distributed to its equity holders. While Oceanbulk Shipping and ABY Group Holding Limited intend that Heron eventually will be dissolved shortly after receiving permission from local authorities in Malta, until that occurs, contingencies to the Company may arise. However, the pre-transaction investors in Heron effectively remain as ultimate beneficial owners of Heron, until Heron is dissolved on the basis that, according to the agreement governing the Merger, any cash received or paid by the Company from the final liquidation of Heron will be settled accordingly by the pre-Merger investors in Oceanbulk (the “Oceanbulk Sellers”). The Company had no outstanding balance with the Oceanbulk Sellers as of December 31, 2017 and thereafter. In July 2018, ABY Group Holding Limited transferred to ABY Floriana Limited its interests to Heron. The Company concluded that there should not be significant financial impact and therefore no provision has been made. c) Commitments: The following table sets forth inflows and outflows, related to the Company’s charter party arrangements and other commitments, as of December 31, 2020. Commitments and Contingencies - Contractual obligations (Table) Twelve month periods ending December 31, + inflows/ - outflows Total 2021 2022 2023 2024 2025 2026 and thereafter Future,minimum, non-cancellable charter revenue (1) $ 35,636 $ 35,636 $ - $ - $ - $ - $ - Acquisition of second-hand vessels (2) (61,239) (61,239) - - - - - Vessel BWTS (3) (23,205) (23,205) - - - - - Office rent (4) (963) (351) (337) (228) (47) - - Total $ (49,771) $ (49,159) $ (337) $ (228) $ (47) $ - $ - (1) The amounts represent the minimum contractual charter revenues to be generated from the existing, as of December 31, 2020, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days, other than those related to scheduled interim and special surveys of the vessels. As disclosed in Note 8, within the first quarter of 2021 the time charter agreement for vessel Star Karlie, (2) The amount reflects the total consideration for the E.R. Acquisition Vessels discussed in Note 5 in form of $39,000 in cash financed by SEB $39,000 Facility (Note 21a) and 2,100,000 of Company’s common shares, issued on January 26, 2021 to E.R., when the vessels were delivered to the Company. (3) The amounts represent the Company’s commitments as of December 31, 2020, for installation of Ballast Water Treatment System (“BWTS”) on its vessels so as to comply with environmental regulations. (4) The amount reflects the minimum rental payments under the office rental agreements that the Company is party to as of December 31, 2020. The weighted average remaining lease term of these office rent arrangements as of December 31, 2020 is 2.92 |
Voyage revenues
Voyage revenues | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Voyage revenues | 18. Voyage revenues The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the years ended December 31, 2018, 2019 and 2020, as presented in the consolidated statements of operation: Voyage revenues (Table) Years ended December 31, 2018 2019 2020 Time charters $ 397,499 $ 373,927 $ 309,503 Voyage charters 253,812 437,779 385,482 Pool revenues 250 9,659 (1,744) $ 651,561 $ 821,365 $ 693,241 As of December 31, 2020, trade accounts receivable, net decreased by $ 20,322 4,301 Further, as of December 31, 2020, deferred assets related to revenue contracts (included within “Other current assets”) decreased by $ 672 compared to December 31, 2019, from $ 2,859 to $ 2,187 . This change was mainly attributable to the timing of commencement of revenue recognition. Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $ 7,374 as unearned revenue related to voyages in progress as of December 31, 2019, which were recognized in earnings during the year ended December 31, 2020 as the performance obligations were satisfied in that period. 11,675 The adjustment to Company’s revenues from the vessels operating in the CCL Pool (Note 3), deriving from the allocated pool result for those vessels as determined in accordance with the agreed-upon formula, for the years ended December 31, 2018, 2019 and 2020 was $ 1,126 9,524 ($3,695) 1,923 As discussed in Note 1, during 2018, 2019 and 2020 the Company chartered-in a number of third-party vessels, under short to medium-term leases ( i.e 127,618 185,311 36,234 18,661 15,253 243 |
Voyage and Vessel operating exp
Voyage and Vessel operating expenses | 12 Months Ended |
Dec. 31, 2020 | |
Voyage And Vessel Operating Expenses | |
Voyage and Vessel operating expenses | 19. Voyage and Vessel operating expenses The amounts in the consolidated statements of operations are analyzed as follows: Voyage and Vessel operating expenses - Voyage expenses (Table) Years ended December 31, 2018 2019 2020 Voyage expenses Port charges $ 37,215 $ 63,576 $ 55,738 Bunkers 72,287 146,089 130,800 Commissions – third parties 6,179 6,828 6,134 Commissions – related parties (Note 3) 3,400 3,850 3,780 Miscellaneous 2,515 2,619 3,606 Total voyage expenses $ 121,596 $ 222,962 $ 200,058 Voyage and Vessel operating expenses - Vessel operating expenses (Table) Vessel operating expenses Crew wages and related costs $ 80,360 $ 103,701 $ 109,311 Insurances 7,544 10,311 13,002 Maintenance, repairs, spares and stores 26,368 25,675 37,947 Lubricants 8,494 9,833 10,669 Tonnage taxes (Note 16) 1,506 2,087 2,103 Pre-delivery and Pre-joining expenses 1,234 1,507 - Miscellaneous 3,366 6,948 5,511 Total vessel operating expenses $ 128,872 $ 160,062 $ 178,543 |
Fair Value Measurements and Hed
Fair Value Measurements and Hedging | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Hedging | 20. Fair Value Measurements and Hedging 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 same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: 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. In addition, ASC 815, “Derivatives and Hedging” requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. Fair value on a recurring basis: Interest rate swaps: The Company from time to time enters into interest rate derivative contracts to manage interest costs and risk associated with changing interest rates with respect to its variable interest loans and credit facilities. As of December 2019, the Company had no interest rate swaps open positions. During the year ended December 31, 2020, the Company entered into various interest rate swaps with ING Bank N.V (“ING”), DNB Bank ASA (“DNB”), Skandinaviska Enskilda Banken AB (“SEB”), Citibank Europe PLC (“Citi”), Piraeus Bank and Alpha Bank Schedule of Derivative Instruments Counterparty Trading Date Inception Maturity Fixed Interest Rate Notional amount as of inception Notional amount as of December 31, 2020 ING Mar-20 29 March 2020 29 March 2026 0.7000% $ 29,960 $ 28,355 DNB Mar-20 30 March 2020 28 September 2023 0.6370% $ 128,913 $ 74,442 SEB Mar-20 30 March 2020 28 September 2023 0.6320% $ 51,565 $ 29,819 ING Mar-20 2 April 2020 2 October 2025 0.7000% $ 39,375 $ 37,500 ING Mar-20 3 April 2020 3 April 2023 0.6750% $ 16,157 $ 15,536 SEB Mar-20 30 April 2020 30 January 2025 0.7270% $ 58,885 $ 56,179 Citi Jun-20 30 July 2020 18 October 2023 0.3300% $ 104,450 $ 100,800 Citi Jun-20 10 August 2020 10 May 2024 0.3510% $ 56,075 $ 54,777 Citi Jun-20 22 June 2020 20 December 2023 0.3380% $ 94,538 $ 87,878 Citi Jun-20 29 June 2020 28 August 2023 0.3280% $ 56,915 $ 52,635 Citi Jun-20 21 July 2020 21 July 2023 0.3250% $ 99,816 $ 97,598 Citi Jun-20 28 August 2020 28 May 2024 0.3520% $ 31,350 $ 30,620 Citi Jun-20 1 September 2020 1 March 2024 0.3430% $ 33,390 $ 32,772 ING July 20 Jul-20 6 July 2020 6 July 2026 0.3700% $ 70,000 $ 67,083 Pireaus Bank Jul-20 6 July 2020 6 July 2025 0.3880% $ 50,350 $ 49,250 Alpha Bank Aug-20 6 July 2020 7 July 2025 0.3200% $ 35,000 $ 34,000 The above interest rate swaps were designated and qualified as cash flow hedges. The effective portion of the unrealized gains/losses from those swaps is recorded in Other Comprehensive Income / (Loss). No portion of the cash flow hedges was ineffective during the year ended December 31, 2020. A loss of approximately $ 2,008 Forward Freight Agreements (“FFAs”) and Bunker Swaps: During the years ended December 31, 2018, 2019 and 2020, the Company entered into a certain number of FFAs and options for FFAs on the Capesize, Panamax and Supramax indices. The results of the Company’s FFAs during the years ended December 31, 2018, 2019 and 2020 and the valuation of the Company’s open position as at December 31, 2019 and 2020 are presented in the tables below. During the years ended December 31, 2018, 2019 and 2020, the Company entered into a certain number of bunker swaps. The results of the Company’s bunker swaps during the years ended December 31, 2018, 2019 and 2020 and the valuation of the Company’s open position as at December 31, 2019 and 2020 are presented in the tables below. The amount of Gain/(loss) on interest rate swaps, net, Gain/(loss) on forward freight agreements and bunker swaps, net recognized in the consolidated statements of operations are analyzed as follows: Fair Value Measurements and Hedging - Consolidated Statement of Operations (Table) Fair Value Measurements and Hedging - Derivative instruments effect on statement of operations (Table) Years ended December 31, 2018 2019 2020 Consolidated Statement of Operations Gain/(loss) on interest rate swaps, net Unrealized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) $ 140 $ - $ - Realized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) (141) - - Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss) 708 - - Total Gain/(loss) on interest rate swaps, net $ 707 $ - $ - Interest and finance costs Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 9) 3 - (848) Total Gain/(loss) recognized $ 3 $ - $ (848) Gain/(loss) on forward freight agreements and bunker swaps, net Realized gain/(loss) on forward freight agreements and freight options (599) 6,043 (5,995) Realized gain/(loss) on bunker swaps 1,491 (1,386) 20,856 Unrealized gain/(loss) on forward freight agreements and freight options 520 (321) (430) Unrealized gain/(loss) on bunker swaps (1,859) 75 1,725 Total Gain/(loss) recognized $ (447) $ 4,411 $ 16,156 The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2019 and 2020, based on Level 1 quoted market prices in active markets. Fair Value Measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) Quoted Prices in Active Markets for Identical Assets (Level 1) December 31, 2019 December 31, 2020 Balance Sheet Location (not designated as cash flow hedges) (designated as cash flow hedges) (not designated as cash flow hedges) (designated as cash flow hedges) ASSETS Freight derivatives - current Derivatives, current asset portion 216 — — - Total $ 216 — — - LIABILITIES Freight derivatives - current Derivatives, current liability portion $ - - $ 212 - Bunker swaps - current Derivatives, current liability portion 1,724 — — - Total $1,724 - $ 212 - Certain of the Company’s derivative financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open position under such financial instruments, which as of December 31, 2019 and 2020 amounted to $ 407 895 The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and bareboat leases (Level 2), bearing interest at variable interest rates, approximates their recorded values as of December 31, 2020, due to the variable interest rate nature thereof. The fair value of the DSF $55,000 Facility, measured through level 2 inputs (such as interest rate curves) is $ 53,973 1,088 52,885 The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2019 and 2020, based on Level 2 observable market based inputs or unobservable inputs that are corroborated by market data. Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table) Significant Other Observable Inputs (Level 2) December 31, 2019 December 31, 2020 Balance Sheet Location (not designated as cash flow hedges) (designated as cash flow hedges) (not designated as cash flow hedges) (designated as cash flow hedges) LIABILITIES Interest rate swaps - current Derivatives, current liability portion $ - - $ - 1,727 Interest rate swaps - non-current Derivatives, non-current liability portion $ - - $ - 2,265 Total $ - - $ - 3,992 The 2022 Notes have a fixed rate, and their estimated fair value as of December 31, 2019 and 2020, determined through Level 1 inputs of the fair value hierarchy (quoted price on NASDAQ under the ticker symbol SBLKZ), was approximately $ 51,360 51,280 Fair value hedge designation In order to mitigate its exposure to the foreign currency risk arising from its commitments in connection with its vessels’ scrubber retrofitting program, denominated in Euro, in early April 2018 the Company converted some of its cash held in US dollars to Euro in an amount sufficient to cover 100% 50% 70.8 million 20.5 million 3,159 1,609 1,609 39 20.5 million Fair value on a nonrecurring basis The Company reviewed, in 2018, 2019 and 2020 the recoverability of the carrying amount of its vessels. During 2018 and 2019, the Company recognized impairment losses of $ 17,784 3,411 The following table summarizes the valuation of these assets measured at fair value on a non-recurring basis as of December 31, 2018: Fair Value Measurements and Hedging - Fair value measurements on a nonrecurring basis (Table) Long-lived assets held and used Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment loss (Level 1) (Level 2) (Level 3) Held for sale $ - $ 5,949 $ - $ 1,606 Vessels, net $ - $ 14,893 $ - $ 16,178 TOTAL $ - $ 20,842 $ - $ 17,784 The table following table summarizes the valuation of these assets measured at fair value on a non-recurring basis as of December 31, 2019: Long-lived assets held and used Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment loss (Level 1) (Level 2) (Level 3) Vessels, net $ - $ 24,475 $ - $ 3,411 TOTAL $ - $ 24,475 $ - $ 3,411 The Company’s impairment analysis as of December 31, 2020, indicated that the carrying amount of the Company’s vessels, was recoverable, and therefore, the Company concluded that no impairment charge was necessary. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events a) On January 22, 2021 39,000 ). five years is secured by first priority mortgages on the three aforementioned vessels b) On February 2, 2021, the Company entered into an agreement with Eneti Inc. (NYSE: NETI), formerly known as Scorpio Bulkers Inc., and certain other parties to acquire seven SBI Pegasus SBI Ursa renamed to Star Bovarius SBI Subaru SBI Capoeira SBI Carioca SBI Lambada SBI Macarena 5 years with a purchase option price at a significantly lower level compared to the expected fair value of each vessel at the expiration of the bareboat charters term. As consideration for this transaction the Company agreed to issue to Eneti Inc. 3,000,000 newly issued common shares of the Company. To facilitate the issuance of these common shares, the Company issued to Eneti Inc. a warrant to purchase up to 3,000,000 of the Company’s common shares (the “Eneti Warrant”) 0.01 per share in connection with the delivery date of each of the Eneti Acquisition Vessels. The transaction was completed for six out of seven vessels on March 16, 2021 on which date the warrant was partially exercised with the Company issuing 2,649,203 of its common shares and assuming the outstanding lease obligations attributable to these six vessels of $ 86.9 million Warrant expires the earlier of May 14, 2021 or the delivery of the seventh vessel, the SBI Pegasus, 350,797 common shares will be issued and the Company will assume the then expected outstanding lease obligations of $ 12.7 million c) In February, 2021 the Company entered into two interest rate swaps, one with SEB and the other with ABN AMRO Bank N.V (“ABN”) Subsequent Events - Schedule of Derivative Instruments (Table) Counterparty Trading Date Inception Maturity Fixed Interest Rate Notional amount as of inception SEB Feb-21 26 April 2021 26 January 2026 0.45% $ 37,050 ABN Feb-21 20 March 2021 20 December 2023 0.31% $ 84,548 d) On March 3, 2021 the Company entered into a definitive agreement with a third party to acquire two ECO type resale 82,000 dwt Kamsarmax vessels at a price of $ 55,000 in aggregate. The vessels are expected to be delivered to the Company in June and September 2021 respectively directly from YAMIC yard (a joint venture between Mitsui and New Yangzijiang). An advance payment of $ 11,000 was paid on March 17, 2021. |
Significant Accounting polici_2
Significant Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation | a) Principles of consolidation Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation”, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Following the provisions of ASC 810 “Consolidation”, the Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a variable interest entity in its consolidated financial statements. The Company’s evaluation did not result in an identification of variable interest entities for the years 2018, 2019 and 2020. |
Equity method investments | b) Equity method investments |
Use of estimates | c) Use of estimates |
Comprehensive income/(loss) | d) Comprehensive income/(loss) |
Concentration of credit risk | e) Concentration of credit risk |
Foreign currency transactions | f) Foreign currency transactions |
Cash and cash equivalents | g) Cash and cash equivalents |
Restricted cash | h) Restricted cash |
Trade accounts receivable, net | i) Trade accounts receivable, net 1,607 373 |
Inventories | j) Inventories |
Vessels, net | k) Vessels, net : Certain subsequent expenditures for conversions and major improvements are also capitalized if it is determined that they appreciably extend the 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 25 300 |
Advances for vessels under construction and acquisition of vessels | l) Advances for vessels under construction and acquisition of vessels |
Fair value of above/below market acquired time charters | m) Fair value of above/below market acquired time charters Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the market rate for a charter of equivalent duration prevailing at the time the vessels are delivered. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital adjusted to account for the credit quality of the counterparties, as deemed necessary. |
Impairment of long-lived assets | n) Impairment of long-lived assets In this respect, management regularly reviews the carrying amount of the vessels, including newbuilding contracts, if any, on a vessel-by-vessel basis, when events and circumstances indicate that the carrying amount of the vessels or newbuilding contracts might not be recoverable (such as vessel valuations of independent shipbrokers, The future undiscounted net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent rate for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage and address commissions. Estimates of the daily time charter equivalent rate for the unfixed days are based on the current Forward Freight Agreement (“FFA”) rates of the respective calendar year for each of the first three years, average of the FFA rate of the third year and the historical average rate for the fourth year and historical average rates of similar size vessels for the period thereafter. The expected cash inflows from charter revenues are based on an assumed fleet utilization rate for the unfixed days over available days, taking also into account expected technical off-hire days. In addition, in light of the Company’s investment in exhaust gas cleaning systems (“EGCS” or “Scrubbers”), an estimate of an additional daily revenue for each scrubber fitted vessel was also included, reflecting additional revenue from charterers due to the fuel cost savings that these vessels provide. In assessing expected future cash outflows, management forecasts vessel operating expenses, which are based on the Company’s internal budget for the first annual period and thereafter assuming an annual inflation rate and are capped in the thirteenth year thereafter, vessel expected maintenance costs (for dry docking and special surveys) and management fees. The estimated salvage value of each vessel is $0.3 per light weight ton, in accordance with the Company’s vessel depreciation policy. The Company uses a probability weighted approach for developing estimates of future cash flows used to test its vessels for recoverability when alternative courses of action are under consideration (i.e. sale or continuing operation of a vessel). If the Company’s estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to the vessel’s fair market value with a charge recorded under “Impairment loss” in the consolidated statement of operations. |
Vessels held for sale | o) Vessels held for sale Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under “Impairment loss” in the consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale. |
Evaluation of purchase transactions | p) Evaluation of purchase transactions Business Combinations (Topic 805): Clarifying the Definition of a Business |
Financing costs | q) Financing costs . |
Share based compensation | r) Share based compensation Awards of restricted shares, restricted share units or share options that are subject to performance conditions are also measured at their fair value, which is equal to the market value of the Company’s common shares on the grant date. If the award is subject only to performance conditions, compensation cost is recognized only if the performance conditions are satisfied. For awards that are subject to performance conditions and future service conditions, if it is probable that the performance condition for these awards will be satisfied, the compensation cost in respect of these awards is recognized over the requisite service period. If it is initially determined that it is not probable that the performance conditions will be satisfied and it is later determined that the performance conditions are likely to be satisfied (or vice versa), the effect of the change in estimate is retroactively accounted for in the period of change by recording a cumulative catch-up adjustment to retroactively apply the new estimate. If the award is forfeited because the performance condition is not satisfied, any previously recognized compensation cost is reversed. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (as compensation expense) over the requisite service period for all awards that vest. |
Dry docking and special survey expenses | s) Dry docking and special survey expenses |
Accounting for revenue and related expenses | t) Accounting for revenue and related expenses : An index-linked rate usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index he amount allocated to each pool participant vessel, including the Company’s vessels, is determined in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool (based on the vessel’s age, design, consumption and other performance characteristics) as well as the time each vessel has spent in the pool. For those vessels that operated under the pool arrangements during the years ended December 31, 2018, 2019 and 2020 the Company considers itself the principal, primarily because of its control over the service to be transferred for the charterer under those charterparties and therefore related revenues and expenses are presented gross. The Company determined that its time charter agreements are considered operating leases and therefore fall under the scope of ASC 842 Leases (“ASC 842”) because, (a) the vessel is an identifiable asset, (b) the Company does not have substitution rights and (c) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefits from such use. The duration of the contracts that the Company enters into depends on the market conditions, with the duration decreasing during weak market conditions. During 2019 and 2020 in their majority the Company’s time charter contracts did not exceed the period of 12 months, including optional extension periods. Time charter revenues are recognized on a straight-line Time charter agreements may During the time charter agreements the Company is responsible for operating and maintaining the vessel and such costs are included in Vessel operating expenses in the consolidated statements of operations. In the time charter hire rate received is included compensation for these costs, such as crewing expenses, repairs and maintenance and insurance. The Company, making use of the practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time charter revenue but rather to recognize lease revenue as a combined single lease component for all time charter contracts as the related lease component and non-lease component have the same timing and pattern of transfer ( i.e. charter revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. The Company has determined that its voyage charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms of the voyage charter are pre-determined, and any change requires the Company’s consent and are therefore considered service contracts that fall under the provisions of ASC 606 “Revenue from contracts with customers”. The Company accounts for a voyage charter when all the following criteria are met: (i) the parties to the contract have approved the contract in the form of a written charter agreement or fixture recap and are committed to perform their respective obligations, (ii) the Company can identify each party’s rights regarding the services to be transferred, (iii) the Company can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of the future cash flows is expected to change as a result of the contract) and (v) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The majority of revenue from voyage charter agreements is usually collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line Demurrage income, which is considered a form of variable consideration, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the years ended December 31, 2018, 2019 and 2020 was not material. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of brokerage commissions, bunker consumption, port and canal expenses and agency fees related to the voyage. All voyage costs are expensed as incurred with the exception of the contract fulfilment costs that incur from the latter of the end of the previous vessel employment and the contract date and until the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract pursuant to the provisions of ASC 340-40 “Other assets and deferred costs”. These capitalized contract fulfilment costs are recorded under “Other current assets” and are amortized on a straight-line basis as the related performance obligations are satisfied. |
Fair value measurements | u) Fair value measurements |
Earnings / (loss) per share | v) Earnings / (loss) per share |
Segment reporting | w) Segment reporting : |
Leases | x) Leases The following are types of contracts with the Company acting as Lessee that fall under ASC 842: A) Short to medium-term ( i.e charter-in agreements that the Company from time to time enters into for third-party vessels to increase its operating capacity in order to satisfy its clients’ needs. B) Sale and lease back transactions which involve a purchase obligation (or a purchase option that is reasonably certain, at inception, that will be exercised) and are therefore treated as a failed sale or merely a financing arrangement, and therefore are not within the scope of sale and leaseback accounting. In such cases the Company does not derecognize the corresponding leased vessels and continues to present these at their net book values within “Vessels and other fixed assets, net” on its consolidated balance sheets, while the financing liability is presented in “Lease financing” in the Company’s consolidated balance sheets. Depreciation attributable to the vessels that are subject to financing under sale and lease back transactions is included within “Depreciation” in the consolidated statements of operations while the corresponding interest expense on the lease financing arrangement is included within “Interest and finance costs” in the consolidated statements of operations. All of the Company’s lease financing agreements as of December 31, 2020 were of this type. C) Other long term bareboat charter-in agreements that the Company from time to time may enter into which meet the transfer of ownership criterion under ASC 842 (either involve a purchase obligation or a purchase option that is reasonably certain, at inception, that will be exercised) and are therefore classified as finance leases. In such cases t he Company recognizes a right-of-use asset for each bareboat charter-in vessel reflected within “Vessels and other fixed assets, net” and a corresponding lease liability being reflected within “Lease financing”. The amortization of the right-of-use asset attributable to this type of lease arrangements is included within “Depreciation” in the consolidated statement of operations while the corresponding interest expense on the lease financing is included within “Interest and finance costs” in the consolidated statement of operations. None of the Company’s bareboat charter-in agreements were of this type as of December 31, 2020. 4% straight line 403 352 461 |
Derivatives & Hedging | y) Derivatives & Hedging i) Interest rate swaps and foreign currency exchange rates swaps: The Company enters into derivative and non-derivative financial instruments to manage risks related to fluctuations of interest rates and foreign currency exchange rates. All derivatives are recorded on the Company’s balance sheet as assets or liabilities and are measured at fair value. The valuation of interest rate swaps is based on Level 2 observable inputs of the fair value hierarchy, such as interest rate curves. The changes in the fair value of derivatives not qualifying for hedge accounting are recognized in earnings. Cash inflows/outflows attributed to derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows. For the purpose of hedge accounting, hedges are classified as: · fair value hedges, when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, which in each case is attributable to a particular risk, including foreign currency risk; · cash flow hedges, when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect earnings; or · hedges of a net investment in a foreign operation. This type of hedge is not used by the Company. In case the instruments are eligible for 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, the hedged item or transaction, the nature of the risk being hedged and how the Company will assess the hedging instrument’s effectiveness in offsetting exposure to changes in the hedged item’s cash flows or fair value attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows or fair value and are assessed at each reporting date to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. Fair value hedges A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, which in each case is attributable to a particular risk. The change in the fair value of a hedging instrument is recognized in the consolidated statement of operations. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the consolidated statement of operations. For fair value hedges, in which a non-derivative is used as hedging instrument for foreign currency risk of unrecognized firm commitments, the hedging instrument is re- measured based on the movement in functional currency cash flows attributable to the change in spot exchange rates between the functional currency and the currency in which the non-derivative hedging instrument is denominated. An asset or liability is recorded for the unrecognized firm commitment, which equals the foreign exchange gain or loss that is recorded in earnings as a result of the hedge relationship. The resulting asset or liability will eventually be treated as part of the consideration when the firm commitment is recognized. 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 earnings. For derivatives designated as cash flow hedges, the effective portion of the changes in their fair value is recorded in “Accumulated other comprehensive income / (loss)” and is subsequently recognized in earnings when the hedged items impact earnings, while the ineffective portion, if any, is recognized immediately in current period earnings under “Gain/(loss) on interest rate swaps, net.” Discontinuation of hedge relationships The Company discontinues prospectively fair value or cash flow hedge accounting if the hedging instrument expires or is sold, terminated or exercised and it no longer meets all the criteria for hedge accounting or if the Company de-designates the instrument as a cash flow or fair value hedge. As part of a cash flow hedge, at the time the hedging relationship is discontinued, any cumulative gain or loss on the hedging instrument recognized in equity remains in equity until the forecasted transaction occurs or until it becomes probable of not occurring. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is reclassified and recognized in earnings for the year. As part of a fair value hedge, if the hedged item is derecognized, the unamortized fair value is recognized immediately in earnings. ii) Forward Freight Agreements and Bunker Swaps: In addition, from time to time, the Company may take positions in derivative instruments including forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge a vessel owner’s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. The vast majority of the FFAs are settled on a daily basis through reputable exchanges such as LCH, Singapore Exchange (SGX) or Nasdaq. FFAs are intended to serve as an economic hedge for the Company’s vessels that are being chartered in the spot market, effectively locking-in an approximate amount of revenue that the Company expects to receive from such vessels for the relevant periods. The Company measures the fair value of all open positions at each reporting date on this basis (Level 1). The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of operations under “(Gain)/Loss on forward freight agreements and bunker swaps, net.” Also, from time to time, the Company enters into bunker swap contracts to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company’s bunker swaps are settled through reputable clearing houses, including LCH. The fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date (Level 1). The Company’s bunker swaps do not qualify for hedge accounting and bunker price differentials paid or received under the swap agreements are recognized in the consolidated statements of operations under “(Gain)/Loss on forward freight agreements and bunker swaps, net”. |
Taxation | z) Taxation |
Offering costs | aa) Offering costs |
Share repurchases | ab) Share repurchases |
Other accounting pronouncements – adopted | Other accounting pronouncements – adopted Financial Instruments - Credit Losses (Topic 326) securities The accounting standard amended the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables but excluding those arising from operating leases. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020. There was no cumulative effect upon adoption to the Company’s consolidated financial statements. The Company also considered charterer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. For the year ended December 31, 2020, the Company’s assessment considered business and market disruptions caused by Covid-19 and estimates of expected emerging credit and collectability trends. The continued volatility in market conditions and evolving shifts in credit trends are difficult to predict causing variability and volatility that may have a material impact on the Company’s allowance for credit losses in future periods. The allowance for credit losses on accounts receivable for the year ended December 31, 2020, amounted to $373. Fair Value Measurement (Topic 820): In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the disclosure requirements for fair value measurement.” The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, including the consideration of costs and benefits. 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. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted the accounting standard as of January 1, 2020. The adoption of the accounting standard did not have any effect on its consolidated financial statements and accompanying notes. Recent accounting pronouncements – not yet adopted Reference Rate Reform (Topic 848): |
Basis of Presentation and Gen_2
Basis of Presentation and General Information: (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General information - List of subsidiaries (Table) | Basis of Presentation and General information - List of subsidiaries (Table) Date Wholly Owned Subsidiaries Vessel Name DWT Delivered to Star Bulk Year Built 1 Sea Diamond Shipping LLC Goliath (1) 209,537 July 15, 2015 2015 2 Pearl Shiptrade LLC Gargantua (1) 209,529 April 2, 2015 2015 3 Star Ennea LLC Star Gina 2GR 209,475 February 26, 2016 2016 4 Coral Cape Shipping LLC Maharaj (1) 209,472 July 15, 2015 2015 5 Star Castle II LLC Star Leo 207,939 May 14, 2018 2018 6 ABY Eleven Ltd Star Laetitia 207,896 August 3, 2018 2017 7 Domus Shipping LLC Star Ariadne 207,812 March 28, 2017 2017 8 Star Breezer LLC Star Virgo 207,810 March 1, 2017 2017 9 Star Seeker LLC Star Libra (1) 207,765 June 6, 2016 2016 10 ABY Nine Ltd Star Sienna 207,721 August 3, 2018 2017 11 Clearwater Shipping LLC Star Marisa 207,709 March 11 2016 2016 12 ABY Ten Ltd Star Karlie 207,566 August 3, 2018 2016 13 Star Castle I LLC Star Eleni 207,555 January 3, 2018 2018 14 Festive Shipping LLC Star Magnanimus 207,490 March 26, 2018 2018 15 New Era II Shipping LLC Debbie H 206,861 May 28, 2019 2019 16 New Era III Shipping LLC Star Ayesha 206,852 July 15, 2019 2019 17 New Era I Shipping LLC Katie K 206,839 April 16, 2019 2019 18 Cape Ocean Maritime LLC Leviathan 182,511 September 19, 2014 2014 19 Cape Horizon Shipping LLC Peloreus 182,496 July 22, 2014 2014 20 Star Nor I LLC Star Claudine 181,258 July 6, 2018 2011 21 Star Nor II LLC Star Ophelia 180,716 July 6, 2018 2010 22 Christine Shipco LLC Star Martha 180,274 October 31, 2014 2010 23 Sandra Shipco LLC Star Pauline 180,233 December 29, 2014 2008 24 Pacific Cape Shipping LLC Pantagruel 180,181 July 11, 2014 2004 25 Star Borealis LLC Star Borealis 179,678 September 9, 2011 2011 26 Star Polaris LLC Star Polaris 179,546 November 14, 2011 2011 27 Star Nor III LLC Star Lyra 179,147 July 6, 2018 2009 28 Star Regg II LLC Star Janni 178,978 January 7, 2019 2010 29 Star Regg I LLC Star Marianne 178,906 January 14, 2019 2010 30 Star Trident V LLC Star Angie 177,931 October 29, 2014 2007 31 Sky Cape Shipping LLC Big Fish 177,662 July 11, 2014 2004 32 Global Cape Shipping LLC Kymopolia 176,990 July 11, 2014 2006 33 Star Trident XXV Ltd. Star Triumph 176,343 December 8, 2017 2004 34 ABY Fourteen Ltd Star Scarlett 175,800 August 3, 2018 2014 35 ABY Fifteen Ltd Star Audrey 175,125 August 3, 2018 2011 36 Sea Cape Shipping LLC Big Bang 174,109 July 11, 2014 2007 37 ABY I LLC Star Paola 115,259 August 3, 2018 2011 38 ABM One Ltd Star Eva 106,659 August 3, 2018 2012 39 Nautical Shipping LLC Amami 98,681 July 11, 2014 2011 40 Majestic Shipping LLC Madredeus 98,681 July 11, 2014 2011 41 Star Sirius LLC Star Sirius (1) 98,681 March 7, 2014 2011 42 Star Vega LLC Star Vega (1) 98,681 February 13, 2014 2011 43 ABY II LLC Star Aphrodite 92,006 August 3, 2018 2011 44 Augustea Bulk Carrier Ltd Star Piera 91,952 August 3, 2018 2010 45 Augustea Bulk Carrier Ltd Star Despoina 91,945 August 3, 2018 2010 46 Star Nor IV LLC Star Electra 83,494 July 6, 2018 2011 47 Star Alta I LLC Star Angelina 82,981 December 5, 2014 2006 48 Star Alta II LLC Star Gwyneth 82,790 December 5, 2014 2006 49 Star Trident I LLC Star Kamila 82,769 September 3, 2014 2005 50 Star Nor VI LLC Star Luna 82,687 July 6, 2018 2008 51 Star Nor V LLC Star Bianca 82,672 July 6, 2018 2008 52 Grain Shipping LLC Pendulum 82,619 July 11, 2014 2006 53 Star Trident XIX LLC Star Maria 82,598 November 5, 2014 2007 54 Star Trident XII LLC Star Markella 82,594 September 29, 2014 2007 55 Star Trident IX LLC Star Danai 82,574 October 21, 2014 2006 56 ABY Seven Ltd Star Jeanette 82,567 August 3, 2018 2014 57 Star Trident XI LLC Star Georgia 82,298 October 14, 2014 2006 58 Star Trident VIII LLC Star Sophia 82,269 October 31, 2014 2007 59 Star Trident XVI LLC Star Mariella 82,266 September 19, 2014 2006 60 Star Trident XIV LLC Star Moira 82,257 November 19, 2014 2006 61 Star Trident XVIII LLC Star Nina 82,224 January 5, 2015 2006 62 Star Trident X LLC Star Renee 82,221 December 18, 2014 2006 63 Star Trident II LLC Star Nasia 82,220 August 29, 2014 2006 64 Star Trident XIII LLC Star Laura 82,209 December 8, 2014 2006 65 Star Trident XV LLC Star Jennifer 82,209 April 15, 2015 2006 66 Star Nor VIII LLC Star Mona 82,188 July 6, 2018 2012 67 Star Trident XVII LLC Star Helena 82,187 December 29, 2014 2006 68 Star Nor VII LLC Star Astrid 82,158 July 6, 2018 2012 69 Waterfront Two Ltd Star Alessia 81,944 August 3, 2018 2017 70 Star Nor IX LLC Star Calypso 81,918 July 6, 2018 2014 71 Star Gaia LLC Star Charis 81,711 March 22, 2017 2013 72 Star Elpis LLC Star Suzanna 81,711 May 15, 2017 2013 73 Mineral Shipping LLC Mercurial Virgo 81,545 July 11, 2014 2013 74 Star Nor X LLC Stardust 81,502 July 6, 2018 2011 75 Star Nor XI LLC Star Sky 81,466 July 6, 2018 2010 76 ABY III LLC Star Lydia 81,187 August 3, 2018 2013 77 ABY IV LLC Star Nicole 81,120 August 3, 2018 2013 78 ABY Three Ltd Star Virginia 81,061 August 3, 2018 2015 79 Star Nor XII LLC Star Genesis 80,705 July 6, 2018 2010 80 Star Nor XIII LLC Star Flame 80,448 July 6, 2018 2011 81 Star Trident III LLC Star Iris 76,466 September 8, 2014 2004 82 Star Trident XX LLC Star Emily 76,417 September 16, 2014 2004 83 Orion Maritime LLC Idee Fixe (1) 63,458 March 25, 2015 2015 84 Primavera Shipping LLC Roberta (1) 63,426 March 31, 2015 2015 85 Success Maritime LLC Laura (1) 63,399 April 7, 2015 2015 86 Ultra Shipping LLC Kaley (1) 63,283 June 26, 2015 2015 87 Blooming Navigation LLC Kennadi (1) 63,262 January 8, 2016 2016 88 Jasmine Shipping LLC Mackenzie (1) 63,226 March 2, 2016 2016 89 STAR LIDA I SHIPPING LLC Star Apus (1) 63,123 July 16, 2019 2014 90 Star Nor XV LLC Star Wave 61,491 July 6, 2018 2017 91 Star Challenger I LLC Star Challenger (1) 61,462 December 12, 2013 2012 92 Star Challenger II LLC Star Fighter (1) 61,455 December 30, 2013 2013 93 Star Axe II LLC Star Lutas (1) 61,347 January 6, 2016 2016 94 Aurelia Shipping LLC Honey Badger (1) 61,320 February 27, 2015 2015 95 Rainbow Maritime LLC Wolverine (1) 61,292 February 27, 2015 2015 96 Star Axe I LLC Star Antares (1) 61,258 October 9, 2015 2015 97 ABY Five Ltd Star Monica 60,935 August 3, 2018 2015 98 Star Asia I LLC Star Aquarius 60,916 July 22, 2015 2015 99 Star Asia II LLC Star Pisces (1) 60,916 August 7, 2015 2015 100 Star Nor XIV LLC Star Glory 58,680 July 6, 2018 2012 101 STAR LIDA XI SHIPPING LLC Star Pyxis (1) 56,615 August 19, 2019 2013 102 STAR LIDA VIII SHIPPING LLC Star Hydrus (1) 56,604 August 8, 2019 2013 103 STAR LIDA IX SHIPPING LLC Star Cleo (1) 56,582 July 15, 2019 2013 104 Star Trident VII LLC Diva (1) 56,582 July 24, 2017 2011 105 STAR LIDA VI SHIPPING LLC Star Centaurus (1) 56,559 September 18, 2019 2012 106 STAR LIDA VII SHIPPING LLC Star Hercules (1) 56,545 July 16, 2019 2012 107 STAR LIDA X SHIPPING LLC Star Pegasus (1) 56,540 July 15, 2019 2013 108 STAR LIDA III SHIPPING LLC Star Cepheus (1) 56,539 July 16, 2019 2012 109 STAR LIDA IV SHIPPING LLC Star Columba (1) 56,530 July 23, 2019 2012 110 STAR LIDA V SHIPPING LLC Star Dorado (1) 56,507 July 16, 2019 2013 111 STAR LIDA II SHIPPING LLC Star Aquila (1) 56,506 July 15, 2019 2012 112 Star Regg III LLC Star Bright 55,783 October 10, 2018 2010 113 Glory Supra Shipping LLC Strange Attractor 55,742 July 11, 2014 2006 114 Star Omicron LLC Star Omicron 53,489 April 17, 2008 2005 115 Star Zeta LLC Star Zeta 52,994 January 2, 2008 2003 116 Star Theta LLC Star Theta 52,425 December 6, 2007 2003 Total dwt 12,859,300 (1) Subject to sale and lease back financing transaction (Note 7) |
List of Non-vessel owning subsidiaries | Non-vessel owning subsidiaries at December 31, 2020: (the below list includes companies previously owning vessels that have been sold, intermediate holding companies, companies that charter-in vessels and management companies): List of Non-vessel owning subsidiaries Wholly Owned Subsidiaries 1 Star Bulk Management Inc. 29 Star ABY LLC 2 Starbulk S.A. 30 ABY Group Holding Ltd 3 Star Bulk Manning LLC 31 Star Regina LLC 4 Star Bulk Shipmanagement Company (Cyprus) Limited 32 Star Logistics Management S.A. (1) 5 Candia Shipping Limited (ex Optima Shipping Limited) 33 Gravity Shipping LLC 6 Star Omas LLC 34 White Sand Shipping LLC 7 Star Synergy LLC 35 Star Regg IV LLC 8 Oceanbulk Shipping LLC 36 Star Cosmo LLC 9 Oceanbulk Carriers LLC 37 Cape Confidence Shipping LLC 10 International Holdings LLC 38 Cape Runner Shipping LLC 11 Star Ventures LLC 39 Star Bulk (Singapore) Pte. Ltd 12 Star Logistics LLC (ex Dry Ventures LLC) 40 Star Bulk Germany GmbH 13 Unity Holding LLC 41 Star Mare LLC 14 Star Bulk (USA) LLC 42 Star Sege Ltd 15 Star Bulk Norway AS 43 Star Regg VII LLC 16 Star New Era LLC 44 Star Delta LLC 17 Star Thor LLC 45 Searay Maritime LLC 18 Star Gamma LLC 46 Star Kappa LLC 19 Star Aurora LLC 47 Star Trident VI LLC 20 Star Epsilon LLC 48 Star Uranus LLC 21 Star Trident IV LLC 49 Star Regg V LLC 22 Star Trident XXXI LLC 50 Star Regg VI LLC 23 Star Trident XXI LLC 51 Dioriga Shipping Co. 24 Star Trident XXII LLC 52 Positive Shipping Company 25 Star Trident XXIII LLC 53 Star Trident XXVIII LLC 26 Star Trident XXIV LLC 54 Star Trident XXIX LLC 27 Star Trident XXVI LLC 55 Star Trident XXX LLC 28 Star Trident XXVII LLC (1) Under liquidation. |
Basis of Presentation and General Information - Charter Revenue Percentage (Table) | Basis of Presentation and General Information - Charter Revenue Percentage (Table) Charterer 2018 2019 2020 A N/A N/A 11% B 15% 13% N/A |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties - Balance Sheets (Table) | Transactions with Related Parties - Balance Sheets (Table) Balance Sheet December 31, 2019 December 31, 2020 Due from related parties Oceanbulk Maritime and its affiliates (d) $ 327 $ 426 Interchart (a) 11 3 AOM (l) 195 - Starocean (j) 41 34 Coromel Maritime Limited (m) - 1 Product Shipping & Trading S.A. 16 17 Due from related parties $ 590 $ 481 Due to related parties Management and Directors Fees (b) $ 246 $ 252 Sydelle (i) 19 - Augustea Technoservices Ltd. and affiliates (f) 2,879 1,187 Coromel Maritime Limited (m) 873 - Due to related parties $ 4,017 $ 1,439 |
Transactions with Related Parties - Statements of Operations (Table) | Transactions with Related Parties - Statements of Operations (Table) Statements of Operations Years ended December 31, 2018 2019 2020 Voyage revenues: Voyage revenues-profit sharing agreement-Sydelle (h) (875) - - Voyage expenses: Voyage expenses-Interchart (a) $ (3,400) (3,850) (3,780) Voyage expenses- Augustea Technoservices Ltd. and affiliates (f) - - -95 General and administrative expenses: Consultancy fees (b) (534) (655) (598) Directors compensation (b) (159) (179) (179) Office rent - Combine Marine Ltd. & Alma Properties (c) (41) (39) (40) General and administrative expenses - Oceanbulk Maritime and its affiliates (d) (322) (324) (268) Management fees: Management fees- Augustea Technoservices Ltd. and affiliates (f) (2,309) (6,564) (6,588) Management fees- Songa Shipmanagement Ltd. (g) (376) (32) - Charter-in hire expenses: Charter - in hire expenses - AOM (l) - (2,589) (5,442) Charter - in hire expenses - Sydelle (i) - (5,505) (540) Charter - in hire expenses - Coromel (m) - (5,723) (249) Charter - in hire expenses - Eagle Bulk (n) - (1,908) - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories (Table) | Inventories (Table) December 31, 2019 December 31, 2020 Lubricants $ 12,293 $ 11,877 Bunkers 38,860 35,417 Total $ 51,153 $ 47,294 |
Vessels and other fixed asset_2
Vessels and other fixed assets, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Vessels and other fixed assets net - Schedules of vessels and other fixed assets, net (Table) | Vessels and other fixed assets net - Schedules of vessels and other fixed assets, net (Table) Cost Accumulated depreciation Net Book Value Balance, December 31, 2018 $ 3,105,263 $ (449,155) $ 2,656,108 - Transfer from advances for vessels under construction and acquisition of vessels 157,589 - 157,589 - Acquisitions, improvements and other vessel costs 335,671 - 335,671 - Vessel disposal/ transfer to Held for sale (163,049) 106,899 (56,150) - Impairment loss (24,551) 21,140 (3,411) - Depreciation for the period - (124,280) (124,280) Balance, December 31, 2019 $ 3,410,923 $ (445,396) $ 2,965,527 - Acquisitions, improvements and other vessel costs 53,885 - 53,885 - Depreciation for the period - (142,293) (142,293) Balance, December 31, 2020 $ 3,464,808 $ (587,689) $ 2,877,119 |
Advances for vessels under co_2
Advances for vessels under construction and acquisition of vessels (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Advances For Vessels Under Construction And Acquisition Of Vessels | |
Advances for vessels under construction and acquisition of vessels (Table) | Advances for vessels under construction and acquisition of vessels (Table) Balance, December 31, 2018 59,900 - Additions 96,671 - Capitalized interest 1,018 - Transfers to Vessel cost (157,589) Balance, December 31, 2019 — |
Lease financing (Tables)
Lease financing (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease financing - Capital lease obligations, Principal payments (Table) | Lease financing - Capital lease obligations, Principal payments (Table) Twelve month periods ending Amount December 31, 2021 $ 44,873 December 31, 2022 44,873 December 31, 2023 42,600 December 31, 2024 39,873 December 31, 2025 68,917 December 31, 2026 and thereafter 192,335 Total bareboat lease minimum payments $ 433,471 Unamortized lease issuance costs (6,181) Total bareboat lease minimum payments, net $ 427,290 Lease financing short term 44,873 Lease financing long term, net of unamortized lease issuance costs 382,417 |
Long-term bank loans (Tables)
Long-term bank loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-term bank loans - Principal repayments (Table) | Long-term bank loans - Principal repayments (Table) Twelve month periods ending Amount December 31, 2021 $ 144,900 December 31, 2022 169,196 December 31, 2023 326,911 December 31, 2024 144,741 December 31, 2025 184,902 December 31, 2026 and thereafter 126,710 Total Long term bank loans $ 1,097,360 Unamortized loan issuance costs (13,761) Total Long term bank loans, net $ 1,083,599 Current portion of long term bank loans 144,900 Long term bank loans, net of current portion and unamortized loan issuance costs 938,699 |
Long-term bank loans - Interest and finance costs (Table) | Long-term bank loans - Interest and finance costs (Table) Years ended December 31, 2018 2019 2020 Interest on financing agreements $ 69,977 $ 81,393 $ 58,379 Less: Interest capitalized (1,753) (1,018) — Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 20) (3) 848 Amortization of debt (loan, lease & notes) issuance costs 3,253 5,590 7,815 Other bank and finance charges 2,241 1,652 2,513 Interest and finance costs $ 73,715 $ 87,617 $ 69,555 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans - Summary of non-vested restricted share options (Table) | Equity Incentive Plans - Summary of non-vested restricted share options (Table) Number of shares Weighted Average Grant Date Fair Value Unvested as at January 1, 2018 280,000 $ 8.09 Granted 672,500 11.68 Vested (809,500) 10.29 Unvested as at December 31, 2018 143,000 $ 12.49 Unvested as at January 1, 2019 143,000 $ 12.49 Granted 885,000 8.13 Vested (756,962) 8.54 Unvested as at December 31, 2019 271,038 $ 9.28 Unvested as at January 1, 2020 271,038 $ 9.28 Granted 1,100,000 5.09 Vested (955,149) 5.41 Unvested as at December 31, 2020 415,889 $ 7.09 |
Equity Incentive Plans - Summary of non-vested share options (Table) | Equity Incentive Plans - Summary of non-vested share options (Table) Options Number of options Weighted average exercise price Weighted Average Grant Date Fair Value Outstanding at beginning of period 104,250 $ 27.5 $ 7.0605 Granted - - - Vested - - - Outstanding at end of period 104,250 $ 27.5 $ 7.0605 |
Earnings _ (Loss) per share (Ta
Earnings / (Loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings / (Loss) per share (Table) | Earnings / (Loss) per share (Table) Years ended December 31, 2018 2019 2020 Income / (Loss) : Net income / (loss) $ 58,397 $ (16,201) $ 9,660 Basic earnings / (loss) per share: Weighted average common shares outstanding, basic 77,061,227 93,735,549 96,128,173 Basic earnings / (loss) per share $ 0.76 $ (0.17) $ 0.10 Effect of dilutive securities: Dillutive effect of non vested shares 264,884 - 153,216 Weighted average common shares outstanding, diluted 77,326,111 93,735,549 96,281,389 Diluted earnings / (loss) per share $ 0.76 $ (0.17) $ 0.10 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued liabilities (Table) | Accrued liabilities (Table) December 31, 2019 December 31, 2020 Audit fees $ 232 $ 341 Legal fees 40 137 Other professional fees 1,540 2,300 Vessel Operating and voyage expenses 37,555 12,481 Loan and interest rate swaps interest and financing fees 7,394 5,547 Income tax - 134 Total Accrued Liabilities $ 46,761 $ 20,940 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Contractual obligations (Table) | Commitments and Contingencies - Contractual obligations (Table) Twelve month periods ending December 31, + inflows/ - outflows Total 2021 2022 2023 2024 2025 2026 and thereafter Future,minimum, non-cancellable charter revenue (1) $ 35,636 $ 35,636 $ - $ - $ - $ - $ - Acquisition of second-hand vessels (2) (61,239) (61,239) - - - - - Vessel BWTS (3) (23,205) (23,205) - - - - - Office rent (4) (963) (351) (337) (228) (47) - - Total $ (49,771) $ (49,159) $ (337) $ (228) $ (47) $ - $ - (1) The amounts represent the minimum contractual charter revenues to be generated from the existing, as of December 31, 2020, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days, other than those related to scheduled interim and special surveys of the vessels. As disclosed in Note 8, within the first quarter of 2021 the time charter agreement for vessel Star Karlie, (2) The amount reflects the total consideration for the E.R. Acquisition Vessels discussed in Note 5 in form of $39,000 in cash financed by SEB $39,000 Facility (Note 21a) and 2,100,000 of Company’s common shares, issued on January 26, 2021 to E.R., when the vessels were delivered to the Company. (3) The amounts represent the Company’s commitments as of December 31, 2020, for installation of Ballast Water Treatment System (“BWTS”) on its vessels so as to comply with environmental regulations. (4) The amount reflects the minimum rental payments under the office rental agreements that the Company is party to as of December 31, 2020. The weighted average remaining lease term of these office rent arrangements as of December 31, 2020 is 2.92 |
Voyage revenues (Tables)
Voyage revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Voyage revenues (Table) | Voyage revenues (Table) Years ended December 31, 2018 2019 2020 Time charters $ 397,499 $ 373,927 $ 309,503 Voyage charters 253,812 437,779 385,482 Pool revenues 250 9,659 (1,744) $ 651,561 $ 821,365 $ 693,241 |
Voyage and Vessel operating e_2
Voyage and Vessel operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Voyage And Vessel Operating Expenses | |
Voyage and Vessel operating expenses - Voyage expenses (Table) | Voyage and Vessel operating expenses - Voyage expenses (Table) Years ended December 31, 2018 2019 2020 Voyage expenses Port charges $ 37,215 $ 63,576 $ 55,738 Bunkers 72,287 146,089 130,800 Commissions – third parties 6,179 6,828 6,134 Commissions – related parties (Note 3) 3,400 3,850 3,780 Miscellaneous 2,515 2,619 3,606 Total voyage expenses $ 121,596 $ 222,962 $ 200,058 |
Voyage and Vessel operating expenses - Vessel operating expenses (Table) | Voyage and Vessel operating expenses - Vessel operating expenses (Table) Vessel operating expenses Crew wages and related costs $ 80,360 $ 103,701 $ 109,311 Insurances 7,544 10,311 13,002 Maintenance, repairs, spares and stores 26,368 25,675 37,947 Lubricants 8,494 9,833 10,669 Tonnage taxes (Note 16) 1,506 2,087 2,103 Pre-delivery and Pre-joining expenses 1,234 1,507 - Miscellaneous 3,366 6,948 5,511 Total vessel operating expenses $ 128,872 $ 160,062 $ 178,543 |
Fair Value Measurements and H_2
Fair Value Measurements and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Derivative Instruments | Schedule of Derivative Instruments Counterparty Trading Date Inception Maturity Fixed Interest Rate Notional amount as of inception Notional amount as of December 31, 2020 ING Mar-20 29 March 2020 29 March 2026 0.7000% $ 29,960 $ 28,355 DNB Mar-20 30 March 2020 28 September 2023 0.6370% $ 128,913 $ 74,442 SEB Mar-20 30 March 2020 28 September 2023 0.6320% $ 51,565 $ 29,819 ING Mar-20 2 April 2020 2 October 2025 0.7000% $ 39,375 $ 37,500 ING Mar-20 3 April 2020 3 April 2023 0.6750% $ 16,157 $ 15,536 SEB Mar-20 30 April 2020 30 January 2025 0.7270% $ 58,885 $ 56,179 Citi Jun-20 30 July 2020 18 October 2023 0.3300% $ 104,450 $ 100,800 Citi Jun-20 10 August 2020 10 May 2024 0.3510% $ 56,075 $ 54,777 Citi Jun-20 22 June 2020 20 December 2023 0.3380% $ 94,538 $ 87,878 Citi Jun-20 29 June 2020 28 August 2023 0.3280% $ 56,915 $ 52,635 Citi Jun-20 21 July 2020 21 July 2023 0.3250% $ 99,816 $ 97,598 Citi Jun-20 28 August 2020 28 May 2024 0.3520% $ 31,350 $ 30,620 Citi Jun-20 1 September 2020 1 March 2024 0.3430% $ 33,390 $ 32,772 ING July 20 Jul-20 6 July 2020 6 July 2026 0.3700% $ 70,000 $ 67,083 Pireaus Bank Jul-20 6 July 2020 6 July 2025 0.3880% $ 50,350 $ 49,250 Alpha Bank Aug-20 6 July 2020 7 July 2025 0.3200% $ 35,000 $ 34,000 |
Fair Value Measurements and Hedging - Derivative instruments effect on statement of operations (Table) | Fair Value Measurements and Hedging - Consolidated Statement of Operations (Table) Fair Value Measurements and Hedging - Derivative instruments effect on statement of operations (Table) Years ended December 31, 2018 2019 2020 Consolidated Statement of Operations Gain/(loss) on interest rate swaps, net Unrealized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) $ 140 $ - $ - Realized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) (141) - - Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss) 708 - - Total Gain/(loss) on interest rate swaps, net $ 707 $ - $ - Interest and finance costs Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 9) 3 - (848) Total Gain/(loss) recognized $ 3 $ - $ (848) Gain/(loss) on forward freight agreements and bunker swaps, net Realized gain/(loss) on forward freight agreements and freight options (599) 6,043 (5,995) Realized gain/(loss) on bunker swaps 1,491 (1,386) 20,856 Unrealized gain/(loss) on forward freight agreements and freight options 520 (321) (430) Unrealized gain/(loss) on bunker swaps (1,859) 75 1,725 Total Gain/(loss) recognized $ (447) $ 4,411 $ 16,156 |
Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table) | Fair Value Measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) Quoted Prices in Active Markets for Identical Assets (Level 1) December 31, 2019 December 31, 2020 Balance Sheet Location (not designated as cash flow hedges) (designated as cash flow hedges) (not designated as cash flow hedges) (designated as cash flow hedges) ASSETS Freight derivatives - current Derivatives, current asset portion 216 — — - Total $ 216 — — - LIABILITIES Freight derivatives - current Derivatives, current liability portion $ - - $ 212 - Bunker swaps - current Derivatives, current liability portion 1,724 — — - Total $1,724 - $ 212 - Certain of the Company’s derivative financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open position under such financial instruments, which as of December 31, 2019 and 2020 amounted to $ 407 895 The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and bareboat leases (Level 2), bearing interest at variable interest rates, approximates their recorded values as of December 31, 2020, due to the variable interest rate nature thereof. The fair value of the DSF $55,000 Facility, measured through level 2 inputs (such as interest rate curves) is $ 53,973 1,088 52,885 The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2019 and 2020, based on Level 2 observable market based inputs or unobservable inputs that are corroborated by market data. Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table) Significant Other Observable Inputs (Level 2) December 31, 2019 December 31, 2020 Balance Sheet Location (not designated as cash flow hedges) (designated as cash flow hedges) (not designated as cash flow hedges) (designated as cash flow hedges) LIABILITIES Interest rate swaps - current Derivatives, current liability portion $ - - $ - 1,727 Interest rate swaps - non-current Derivatives, non-current liability portion $ - - $ - 2,265 Total $ - - $ - 3,992 |
Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table) | Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table) Significant Other Observable Inputs (Level 2) December 31, 2019 December 31, 2020 Balance Sheet Location (not designated as cash flow hedges) (designated as cash flow hedges) (not designated as cash flow hedges) (designated as cash flow hedges) LIABILITIES Interest rate swaps - current Derivatives, current liability portion $ - - $ - 1,727 Interest rate swaps - non-current Derivatives, non-current liability portion $ - - $ - 2,265 Total $ - - $ - 3,992 |
Fair Value Measurements and Hedging - Fair value measurements on a nonrecurring basis (Table) | Fair Value Measurements and Hedging - Fair value measurements on a nonrecurring basis (Table) Long-lived assets held and used Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment loss (Level 1) (Level 2) (Level 3) Held for sale $ - $ 5,949 $ - $ 1,606 Vessels, net $ - $ 14,893 $ - $ 16,178 TOTAL $ - $ 20,842 $ - $ 17,784 The table following table summarizes the valuation of these assets measured at fair value on a non-recurring basis as of December 31, 2019: Long-lived assets held and used Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment loss (Level 1) (Level 2) (Level 3) Vessels, net $ - $ 24,475 $ - $ 3,411 TOTAL $ - $ 24,475 $ - $ 3,411 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events - Schedule of Derivative Instruments (Table) | Subsequent Events - Schedule of Derivative Instruments (Table) Counterparty Trading Date Inception Maturity Fixed Interest Rate Notional amount as of inception SEB Feb-21 26 April 2021 26 January 2026 0.45% $ 37,050 ABN Feb-21 20 March 2021 20 December 2023 0.31% $ 84,548 |
Basis of Presentation and Gen_3
Basis of Presentation and General information - List of subsidiaries (Table) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Goliath [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 209,537 |
Delivery Date | July 15, 2015 |
Year Built | 2015 |
Gargantua [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 209,529 |
Delivery Date | April 2, 2015 |
Year Built | 2015 |
Star Gina 2GR [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 209,475 |
Delivery Date | February 26, 2016 |
Year Built | 2016 |
Maharaj [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 209,472 |
Delivery Date | July 15, 2015 |
Year Built | 2015 |
Star Leo [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,939 |
Delivery Date | May 14, 2018 |
Year Built | 2018 |
Star Laetitia [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,896 |
Delivery Date | August 3, 2018 |
Year Built | 2017 |
Star Ariadne [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,812 |
Delivery Date | March 28, 2017 |
Year Built | 2017 |
Star Virgo [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,810 |
Delivery Date | March 1, 2017 |
Year Built | 2017 |
Star Libra [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,765 |
Delivery Date | June 6, 2016 |
Year Built | 2016 |
Star Sienna [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,721 |
Delivery Date | August 3, 2018 |
Year Built | 2017 |
Star Marisa [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,709 |
Delivery Date | March 11 2016 |
Year Built | 2016 |
Star Karlie [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,566 |
Delivery Date | August 3, 2018 |
Year Built | 2016 |
Star Eleni [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,555 |
Delivery Date | January 3, 2018 |
Year Built | 2018 |
Star Magnanimus [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 207,490 |
Delivery Date | March 26, 2018 |
Year Built | 2018 |
Debbie H [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 206,861 |
Delivery Date | May 28, 2019 |
Year Built | 2019 |
Star Ayesha [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 206,852 |
Delivery Date | July 15, 2019 |
Year Built | 2019 |
Katie K [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 206,839 |
Delivery Date | April 16, 2019 |
Year Built | 2019 |
Leviathan | |
Property, Plant and Equipment [Line Items] | |
DWT | 182,511 |
Delivery Date | September 19, 2014 |
Year Built | 2014 |
Peloreus [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 182,496 |
Delivery Date | July 22, 2014 |
Year Built | 2014 |
Star Claudine [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 181,258 |
Delivery Date | July 6, 2018 |
Year Built | 2011 |
Star Ophelia [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 180,716 |
Delivery Date | July 6, 2018 |
Year Built | 2010 |
Star Martha [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 180,274 |
Delivery Date | October 31, 2014 |
Year Built | 2010 |
Star Pauline [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 180,233 |
Delivery Date | December 29, 2014 |
Year Built | 2008 |
Pantagruel [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 180,181 |
Delivery Date | July 11, 2014 |
Year Built | 2004 |
Star Borealis [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 179,678 |
Delivery Date | September 9, 2011 |
Year Built | 2011 |
Star Polaris [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 179,546 |
Delivery Date | November 14, 2011 |
Year Built | 2011 |
Star Lyra [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 179,147 |
Delivery Date | July 6, 2018 |
Year Built | 2009 |
Star Janni [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 178,978 |
Delivery Date | January 7, 2019 |
Year Built | 2010 |
Star Marianne [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 178,906 |
Delivery Date | January 14, 2019 |
Year Built | 2010 |
Star Angie [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 177,931 |
Delivery Date | October 29, 2014 |
Year Built | 2007 |
Big Fish [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 177,662 |
Delivery Date | July 11, 2014 |
Year Built | 2004 |
Kymopolia [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 176,990 |
Delivery Date | July 11, 2014 |
Year Built | 2006 |
Star Triumph [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 176,343 |
Delivery Date | December 8, 2017 |
Year Built | 2004 |
Star Scarlett [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 175,800 |
Delivery Date | August 3, 2018 |
Year Built | 2014 |
Star Audrey [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 175,125 |
Delivery Date | August 3, 2018 |
Year Built | 2011 |
Big Bang [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 174,109 |
Delivery Date | July 11, 2014 |
Year Built | 2007 |
Star Paola [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 115,259 |
Delivery Date | August 3, 2018 |
Year Built | 2011 |
Star Eva [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 106,659 |
Delivery Date | August 3, 2018 |
Year Built | 2012 |
Amami [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 98,681 |
Delivery Date | July 11, 2014 |
Year Built | 2011 |
Madredeus [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 98,681 |
Delivery Date | July 11, 2014 |
Year Built | 2011 |
Star Sirius [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 98,681 |
Delivery Date | March 7, 2014 |
Year Built | 2011 |
Star Vega [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 98,681 |
Delivery Date | February 13, 2014 |
Year Built | 2011 |
Star Aphrodite [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 92,006 |
Delivery Date | August 3, 2018 |
Year Built | 2011 |
Star Piera [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 91,952 |
Delivery Date | August 3, 2018 |
Year Built | 2010 |
Star Despoina [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 91,945 |
Delivery Date | August 3, 2018 |
Year Built | 2010 |
Star Electra [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 83,494 |
Delivery Date | July 6, 2018 |
Year Built | 2011 |
Star Angelina [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,981 |
Delivery Date | December 5, 2014 |
Year Built | 2006 |
Star Gwyneth [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,790 |
Delivery Date | December 5, 2014 |
Year Built | 2006 |
Star Kamila [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,769 |
Delivery Date | September 3, 2014 |
Year Built | 2005 |
Star Luna [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,687 |
Delivery Date | July 6, 2018 |
Year Built | 2008 |
Star Bianca [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,672 |
Delivery Date | July 6, 2018 |
Year Built | 2008 |
Pendulum [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,619 |
Delivery Date | July 11, 2014 |
Year Built | 2006 |
Star Maria [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,598 |
Delivery Date | November 5, 2014 |
Year Built | 2007 |
Star Markella [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,594 |
Delivery Date | September 29, 2014 |
Year Built | 2007 |
Star Danai [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,574 |
Delivery Date | October 21, 2014 |
Year Built | 2006 |
Star Jeanette [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,567 |
Delivery Date | August 3, 2018 |
Year Built | 2014 |
Star Georgia [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,298 |
Delivery Date | October 14, 2014 |
Year Built | 2006 |
Star Sophia [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,269 |
Delivery Date | October 31, 2014 |
Year Built | 2007 |
Star Mariella [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,266 |
Delivery Date | September 19, 2014 |
Year Built | 2006 |
Star Moira [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,257 |
Delivery Date | November 19, 2014 |
Year Built | 2006 |
Star Nina [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,224 |
Delivery Date | January 5, 2015 |
Year Built | 2006 |
Star Renee [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,221 |
Delivery Date | December 18, 2014 |
Year Built | 2006 |
Star Nasia [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,220 |
Delivery Date | August 29, 2014 |
Year Built | 2006 |
Star Laura [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,209 |
Delivery Date | December 8, 2014 |
Year Built | 2006 |
Star Jennifer [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,209 |
Delivery Date | April 15, 2015 |
Year Built | 2006 |
Star Mona [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,188 |
Delivery Date | July 6, 2018 |
Year Built | 2012 |
Star Helena [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,187 |
Delivery Date | December 29, 2014 |
Year Built | 2006 |
Star Astrid [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 82,158 |
Delivery Date | July 6, 2018 |
Year Built | 2012 |
Star Alessia [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,944 |
Delivery Date | August 3, 2018 |
Year Built | 2017 |
Star Calypso [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,918 |
Delivery Date | July 6, 2018 |
Year Built | 2014 |
Star Charis [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,711 |
Delivery Date | March 22, 2017 |
Year Built | 2013 |
Star Suzanna [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,711 |
Delivery Date | May 15, 2017 |
Year Built | 2013 |
Mercurial Virgo [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,545 |
Delivery Date | July 11, 2014 |
Year Built | 2013 |
Stardust [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,502 |
Delivery Date | July 6, 2018 |
Year Built | 2011 |
Star Sky [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,466 |
Delivery Date | July 6, 2018 |
Year Built | 2010 |
Star Lydia [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,187 |
Delivery Date | August 3, 2018 |
Year Built | 2013 |
Star Nicole [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,120 |
Delivery Date | August 3, 2018 |
Year Built | 2013 |
Star Virginia [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 81,061 |
Delivery Date | August 3, 2018 |
Year Built | 2015 |
Star Genesis [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 80,705 |
Delivery Date | July 6, 2018 |
Year Built | 2010 |
Star Flame [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 80,448 |
Delivery Date | July 6, 2018 |
Year Built | 2011 |
Star Iris [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 76,466 |
Delivery Date | September 8, 2014 |
Year Built | 2004 |
Star Emily [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 76,417 |
Delivery Date | September 16, 2014 |
Year Built | 2004 |
Idee Fixe [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 63,458 |
Delivery Date | March 25, 2015 |
Year Built | 2015 |
Roberta [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 63,426 |
Delivery Date | March 31, 2015 |
Year Built | 2015 |
Laura [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 63,399 |
Delivery Date | April 7, 2015 |
Year Built | 2015 |
Kaley [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 63,283 |
Delivery Date | June 26, 2015 |
Year Built | 2015 |
Kennadi [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 63,262 |
Delivery Date | January 8, 2016 |
Year Built | 2016 |
Mackenzie [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 63,226 |
Delivery Date | March 2, 2016 |
Year Built | 2016 |
Star Apus [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 63,123 |
Delivery Date | July 16, 2019 |
Year Built | 2014 |
Star Wave [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 61,491 |
Delivery Date | July 6, 2018 |
Year Built | 2017 |
Star Challenger [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 61,462 |
Delivery Date | December 12, 2013 |
Year Built | 2012 |
Star Fighter [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 61,455 |
Delivery Date | December 30, 2013 |
Year Built | 2013 |
Star Lutas [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 61,347 |
Delivery Date | January 6, 2016 |
Year Built | 2016 |
Honey Badger [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 61,320 |
Delivery Date | February 27, 2015 |
Year Built | 2015 |
Wolverine [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 61,292 |
Delivery Date | February 27, 2015 |
Year Built | 2015 |
Star Antares [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 61,258 |
Delivery Date | October 9, 2015 |
Year Built | 2015 |
Star Monica [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 60,935 |
Delivery Date | August 3, 2018 |
Year Built | 2015 |
Star Aquarius [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 60,916 |
Delivery Date | July 22, 2015 |
Year Built | 2015 |
Star Pisces [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 60,916 |
Delivery Date | August 7, 2015 |
Year Built | 2015 |
Star Glory [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 58,680 |
Delivery Date | July 6, 2018 |
Year Built | 2012 |
Star Pyxis [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,615 |
Delivery Date | August 19, 2019 |
Year Built | 2013 |
Star Hydrus [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,604 |
Delivery Date | August 8, 2019 |
Year Built | 2013 |
Star Cleo [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,582 |
Delivery Date | July 15, 2019 |
Year Built | 2013 |
Diva [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,582 |
Delivery Date | July 24, 2017 |
Year Built | 2011 |
Star Centaurus [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,559 |
Delivery Date | September 18, 2019 |
Year Built | 2012 |
Star Hercules [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,545 |
Delivery Date | July 16, 2019 |
Year Built | 2012 |
Star Pegasus [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,540 |
Delivery Date | July 15, 2019 |
Year Built | 2013 |
Star Cepheus [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,539 |
Delivery Date | July 16, 2019 |
Year Built | 2012 |
Star Columba [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,530 |
Delivery Date | July 23, 2019 |
Year Built | 2012 |
Star Dorado [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,507 |
Delivery Date | July 16, 2019 |
Year Built | 2013 |
Star Aquila [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 56,506 |
Delivery Date | July 15, 2019 |
Year Built | 2012 |
Star Bright [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 55,783 |
Delivery Date | October 10, 2018 |
Year Built | 2010 |
Strange Attractor [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 55,742 |
Delivery Date | July 11, 2014 |
Year Built | 2006 |
Star Omicron [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 53,489 |
Delivery Date | April 17, 2008 |
Year Built | 2005 |
Star Zeta [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 52,994 |
Delivery Date | January 2, 2008 |
Year Built | 2003 |
Star Theta [Member] | |
Property, Plant and Equipment [Line Items] | |
DWT | 52,425 |
Delivery Date | December 6, 2007 |
Year Built | 2003 |
Vessels in operation | |
Property, Plant and Equipment [Line Items] | |
DWT | 12,859,300 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Charter Revenue Percentage (Table) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Charterer A [Member] | |||
Policyholder Account Balance [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
Charterer B [Member] | |||
Policyholder Account Balance [Line Items] | |||
Concentration Risk, Percentage | 13.00% | 15.00% |
Basis of Presentation and Gen_5
Basis of Presentation and General Information: (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Entity Incorporation, Date of Incorporation | Dec. 13, 2006 |
Number of vessels owned | 116 |
Charterer A [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Accounts receivable | $ 2,526 |
Combined carrying capacity [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Vessel Capacity in DWT | 12,900,000 |
Minimum [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Vessel Capacity in DWT | 52,425 |
Maximum [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Vessel Capacity in DWT | 209,537 |
Significant Accounting polici_3
Significant Accounting policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Provision for doubtful debt | $ 373,000 | $ 1,607,000 | $ 722,000 |
Depreciation method | straight-line | ||
Useful life | 25 years | ||
Salvage value per light weight ton | $ 300 | 300 | |
Revenue recognition method | straight line | ||
Operating lease expense recognition method | straight line | ||
Office Building [Member] | |||
Annual incremental borrowing rate | 4.00% | ||
Operating lease expense | $ 461,000 | $ 352,000 | $ 403,000 |
Transactions with Related Par_3
Transactions with Related Parties - Balance Sheets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Due from related parties | ||
Due from related parties | $ 481 | $ 590 |
Due to related parties | ||
Due to related parties | 1,439 | 4,017 |
Oceanbulk Maritime and its affiliates [Member] | ||
Due from related parties | ||
Due from related parties | 426 | 327 |
Interchart [Member] | ||
Due from related parties | ||
Due from related parties | 3 | 11 |
AOM [Member] | ||
Due from related parties | ||
Due from related parties | 0 | 195 |
Starocean [Member] | ||
Due from related parties | ||
Due from related parties | 34 | 41 |
Coromel Maritime Limited [Member] | ||
Due from related parties | ||
Due from related parties | 1 | 0 |
Due to related parties | ||
Due to related parties | 0 | 873 |
Product Shipping and Trading S.A. [Member] | ||
Due from related parties | ||
Due from related parties | 17 | 16 |
Management [Member] | ||
Due to related parties | ||
Due to related parties | 252 | 246 |
Sydelle [Member] | ||
Due to related parties | ||
Due to related parties | 0 | 19 |
Augustea Vessels [Member] | ||
Due to related parties | ||
Due to related parties | $ 1,187 | $ 2,879 |
Transactions with Related Par_4
Transactions with Related Parties - Statements of Operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Voyage expenses | $ (200,058) | $ (222,962) | $ (121,596) |
General and administrative expense | (31,881) | (34,819) | (33,972) |
Management fees | (18,405) | (17,500) | (11,321) |
Charter - in hire expenses | (32,055) | (126,813) | (92,896) |
Sydelle [Member] | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | (540) | (5,505) | 0 |
Sydelle [Member] | Profit Sharing Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Voyage revenues | 0 | 0 | (875) |
Interchart [Member] | |||
Related Party Transaction [Line Items] | |||
Voyage expenses | (3,780) | (3,850) | (3,400) |
Augustea Technoservices Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Voyage expenses | (95) | 0 | 0 |
Management fees | (6,588) | (6,564) | (2,309) |
Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Consultancy fees | (598) | (655) | (534) |
Directors [Member] | |||
Related Party Transaction [Line Items] | |||
Directors compensation | (179) | (179) | (159) |
Combine Marine Ltd. and Alma Properties [Member] | |||
Related Party Transaction [Line Items] | |||
Office rent | (40) | (39) | (41) |
Oceanbulk Maritime and its affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | (268) | (324) | (322) |
Songa Shipmanagement Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees | 0 | (32) | (376) |
AOM [Member] | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | (5,442) | (2,589) | 0 |
Coromel Maritime Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | (249) | (5,723) | 0 |
Eagle Bulk [Member] | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | $ 0 | $ (1,908) | $ 0 |
Transactions with Related Par_5
Transactions with Related Parties (Details Narrative) | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||
Jul. 06, 2018USD ($)shares | Jun. 28, 2018shares | Aug. 03, 2018shares | Dec. 31, 2020USD ($) | Dec. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 21, 2016USD ($) | Dec. 21, 2016EUR (€) | Dec. 31, 2012USD ($) | Dec. 31, 2012EUR (€) | May 31, 2020USD ($) | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||||||||||
Voyage expenses | $ 200,058,000 | $ 222,962,000 | $ 121,596,000 | ||||||||||
Due to Related Parties, Current | 1,439,000 | 4,017,000 | |||||||||||
General and Administrative Expense | 31,881,000 | 34,819,000 | 33,972,000 | ||||||||||
Management fees | 18,405,000 | 17,500,000 | 11,321,000 | ||||||||||
Cash portion of the consideration | 72,059,000 | 347,140,000 | 328,634,000 | ||||||||||
Charter-in expense | $ 32,055,000 | 126,813,000 | 92,896,000 | ||||||||||
Augustea Vessels [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Vessels acquired | 16 | ||||||||||||
Number of shares issued as part of the final consideration | shares | shares | 10,277,335 | ||||||||||||
Songa Vessels [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Vessels acquired | 15 | ||||||||||||
Number of shares issued as part of the final consideration | shares | shares | 13,725,000 | ||||||||||||
Cash portion of the consideration | $ 144,550,000 | ||||||||||||
OCC Vessels [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Vessels acquired | 3 | ||||||||||||
Number of shares issued as part of the final consideration | shares | shares | 3,304,735 | ||||||||||||
Oaktree Capital Management L.P. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of directors | 3 | ||||||||||||
Voting percentage | 33.00% | ||||||||||||
Euro Member Countries, Euro | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Foreign Currency Exchange Rate, Translation | 1.23 | ||||||||||||
Interchart [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 33.00% | ||||||||||||
Voyage expenses | $ 3,780,000 | 3,850,000 | 3,400,000 | ||||||||||
Due from Related Parties | 3,000 | ||||||||||||
Interchart [Member] | Services Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Monthly lump sum fee | 275,000 | ||||||||||||
Interchart [Member] | New Services Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Monthly lump sum fee | 325,000 | ||||||||||||
Interchart [Member] | Services Agreement Renewal [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Monthly lump sum fee | 315,000 | ||||||||||||
Management [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Consultancy fees | 539,000 | ||||||||||||
Due to Related Parties, Current | 252,000 | 246,000 | |||||||||||
Management [Member] | Attendance Of Meetings [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Consultancy fees | 179,000 | 179,000 | 159,000 | ||||||||||
Management [Member] | Consulting Agreements [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Consultancy fees | 598,000 | 655,000 | 534,000 | ||||||||||
Combine Marine Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Rent expense per month | $ 3,100 | ||||||||||||
Combine Marine Ltd [Member] | Euro Member Countries, Euro | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Rent expense per month | € | € 2,500 | ||||||||||||
Alma Properties [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Rent expense per month | $ 400 | ||||||||||||
Lessee, Operating Lease, Term of Contract | 6 years | 6 years | |||||||||||
Operating Lease, Expense | 40,000 | 39,000 | 41,000 | ||||||||||
Alma Properties [Member] | Euro Member Countries, Euro | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Rent expense per month | € | € 300 | ||||||||||||
Oceanbulk Maritime and its affiliates [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due from Related Parties | 426,000 | 327,000 | |||||||||||
General and Administrative Expense | $ 268,000 | 324,000 | 322,000 | ||||||||||
Oaktree Shareholder Agreement [Member] | Oaktree Capital Management L.P. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of directors | 9 | ||||||||||||
Oaktree Shareholder Agreement [Member] | Beneficial ownership of 40% ore more [Member] | Oaktree Capital Management L.P. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of directors | 4 | ||||||||||||
Oaktree Shareholder Agreement [Member] | Beneficial Ownershio of 25% or more but less than 40% [Member] | Oaktree Capital Management L.P. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of directors | 3 | ||||||||||||
Oaktree Shareholder Agreement [Member] | Beneficial Ownership of 15% or more but less than 25% [Member] | Oaktree Capital Management L.P. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of directors | 2 | ||||||||||||
Oaktree Shareholder Agreement [Member] | Beneficial ownership of 5% or more but less than 15% [Member] | Oaktree Capital Management L.P. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of directors | 1 | ||||||||||||
Augustea Technoservices Ltd. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Voyage expenses | $ 95,000 | 0 | 0 | ||||||||||
Due to Related Parties, Current | 1,187,000 | 2,879,000 | |||||||||||
Management fees | 6,588,000 | 6,564,000 | 2,309,000 | ||||||||||
Songa Shipmanagement Ltd. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fees | 0 | 32,000 | 376,000 | ||||||||||
Sydelle [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to Related Parties, Current | 0 | 19,000 | |||||||||||
Charter-in expense | 540,000 | 5,505,000 | 0 | ||||||||||
Sydelle [Member] | Profit Sharing Agreement [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due to Related Parties, Current | 302,000 | ||||||||||||
Voyage revenues | 0 | 0 | (875,000) | ||||||||||
Starocean [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due from Related Parties | $ 34,000 | 41,000 | |||||||||||
Ownership percentage | 25.00% | ||||||||||||
Equity method investment | $ 128,000 | 123,000 | |||||||||||
Starocean [Member] | Held By Local Entrepreneurs [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership percentage | 75.00% | ||||||||||||
AOM [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due from Related Parties | $ 0 | 195,000 | |||||||||||
Charter-in expense | 5,442,000 | 2,589,000 | |||||||||||
Coromel Maritime Limited [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Due from Related Parties | 1,000 | ||||||||||||
Due to Related Parties, Current | 0 | 873,000 | |||||||||||
Charter-in expense | 249,000 | 5,723,000 | 0 | ||||||||||
Eagle Bulk [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Charter-in expense | $ 0 | $ 1,908,000 | $ 0 | ||||||||||
Eagle Bulk [Member] | First Vessel [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Charter hire daily rate | $16.3 | ||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 2 months | ||||||||||||
Eagle Bulk [Member] | Second Vessel [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Charter hire daily rate | $15.8 | ||||||||||||
Operating Lease, Weighted Average Remaining Lease Term | 2 months | ||||||||||||
Piraeus Bank S. A. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 50,350,000 | ||||||||||||
CCL Pool [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership percentage | 25.00% | ||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 125,000 |
Inventories (Table) (Details)
Inventories (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Lubricants | $ 11,877 | $ 12,293 |
Bunkers | 35,417 | 38,860 |
Total | $ 47,294 | $ 51,153 |
Vessels and other fixed assets
Vessels and other fixed assets net - Schedules of vessels and other fixed assets, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Balance, period start | $ 2,965,527 | ||
Impairment loss | $ (3,411) | $ (17,784) | |
Depreciation for the period | (142,293) | (124,280) | (102,852) |
Balance, period end | 2,877,119 | 2,965,527 | |
Cost [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance, period start | 3,410,923 | 3,105,263 | |
Transfer from advances for vessels under construction and acquisition of vessels | 157,589 | ||
Property, Plant and Equipment, Additions | 53,885 | 335,671 | |
Vessel disposal/ transfer to Held for sale | (163,049) | ||
Impairment loss | (24,551) | ||
Balance, period end | 3,464,808 | 3,410,923 | 3,105,263 |
Accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance, period start | (445,396) | (449,155) | |
Vessel disposal/ transfer to Held for sale | 106,899 | ||
Impairment loss | 21,140 | ||
Depreciation for the period | (142,293) | (124,280) | |
Balance, period end | (587,689) | (445,396) | (449,155) |
Net Book Value [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance, period start | 2,965,527 | 2,656,108 | |
Transfer from advances for vessels under construction and acquisition of vessels | 157,589 | ||
Property, Plant and Equipment, Additions | 53,885 | 335,671 | |
Vessel disposal/ transfer to Held for sale | (56,150) | ||
Impairment loss | (3,411) | ||
Depreciation for the period | (142,293) | (124,280) | |
Balance, period end | $ 2,877,119 | $ 2,965,527 | $ 2,656,108 |
Vessels and other fixed asset_3
Vessels and other fixed assets, net (Details Narrative) $ / shares in Units, $ in Thousands | Jan. 14, 2019USD ($)$ / sharesshares | May 27, 2019USD ($) | Jul. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 17, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Jan. 07, 2019$ / shares |
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels owned | 116 | |||||||
Vessels and other fixed assets, net | $ 2,877,119 | $ 2,965,527 | ||||||
Cash portion of the consideration | 72,059 | 347,140 | $ 328,634 | |||||
Loss on sale of vessels | 0 | (5,493) | 0 | |||||
Asset Impairment Charges | $ 3,411 | $ 17,784 | ||||||
Lease Agreements [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels owned | 31 | |||||||
Vessels and other fixed assets, net | $ 738,216 | |||||||
Katie K [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessel delivery date | April 16, 2019 | |||||||
Debbie H [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessel delivery date | May 28, 2019 | |||||||
Star Ayesha [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessel delivery date | July 15, 2019 | |||||||
Star Janni [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessel delivery date | January 7, 2019 | |||||||
Shares Issued, Price Per Share | $ / shares | $ 10.41 | |||||||
Star Marianne [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessel delivery date | January 14, 2019 | |||||||
Shares Issued, Price Per Share | $ / shares | $ 9.66 | |||||||
Star Marianne And Star Janni [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of shares issued as part of the consideration | shares | shares | 999,336 | |||||||
Cash portion of the consideration | $ 31,772 | |||||||
Total acquisition cost | $ 41,837 | |||||||
Delphin Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of shares issued as part of the consideration | shares | shares | 4,503,370 | |||||||
Cash portion of the consideration | $ 80,000 | |||||||
Total acquisition cost | $ 127,532 | |||||||
Number of operating vessels acquired | 11 | |||||||
Delphin Vessels [Member] | CMBL [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Description of Lessee Leasing Arrangements, Capital Leases | seven-year | |||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 91,431 | |||||||
Star Delta [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Jan. 8, 2019 | |||||||
Loss on sale of vessels | $ 5,493 | |||||||
Star Kappa [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Mar. 8, 2019 | |||||||
Star Aurora [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Mar. 6, 2019 | |||||||
Star Anna [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Sep. 23, 2019 | |||||||
Star Gamma [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Sep. 5, 2019 | |||||||
Star Cosmo [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Dec. 17, 2019 | |||||||
Star Epsilon [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Dec. 9, 2019 | |||||||
E.R Bayonne, E.R Buenos Aires and E.R Borneo [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Vessel delivery date | January 26, 2021 | |||||||
Number of shares issued as part of the consideration | shares | shares | 2,100,000 | |||||||
Cash portion of the consideration | $ 39,000 | |||||||
Number of operating vessels acquired | 3 | |||||||
Star Gamma And Star Anna [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Asset Impairment Charges | $ 3,411 | |||||||
First-priority mortgage [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels owned | 85 | |||||||
Debt Instrument, Collateral Amount | $ 2,138,646 | |||||||
Second-priority mortgage [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Debt Instrument, Collateral Amount | $ 685,163 |
Advances for vessels under co_3
Advances for vessels under construction and acquisition of vessels (Table) (Details) - Construction in Progress [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Balance, period start | $ 59,900 |
- Additions | 96,671 |
- Capitalized interest | 1,018 |
- Transfers to Vessel cost | (157,589) |
Balance, period end | $ 0 |
Advances for vessels under co_4
Advances for vessels under construction and acquisition of vessels (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
OCC Vessels [Member] | |
Lessor, Lease, Description [Line Items] | |
Stock Issued During Period, Value, Acquisitions | $ 42,962 |
OCC Vessels [Member] | Financed by CSSC [Member] | |
Lessor, Lease, Description [Line Items] | |
Capital Leased Assets, Number of Units | 3 |
OCC Vessels [Member] | Financed by CSSC [Member] | First OCC Vessel [Member] | |
Lessor, Lease, Description [Line Items] | |
Capital lease obligation recognised | $ 4,350 |
OCC Vessels [Member] | Financed by CSSC [Member] | Second OCC Vessel [Member] | |
Lessor, Lease, Description [Line Items] | |
Capital lease obligation recognised | 4,350 |
Star Marianne And Star Janni [Member] | |
Lessor, Lease, Description [Line Items] | |
Advances for vessels under construction | $ 4,880 |
Lease financing - Capital lease
Lease financing - Capital lease obligations, Principal payments (Table) (Details) - Financing Lease [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Obligation with Joint and Several Liability Arrangement [Line Items] | |
December 31, 2021 | $ 44,873 |
December 31, 2022 | 44,873 |
December 31, 2023 | 42,600 |
December 31, 2024 | 39,873 |
December 31, 2025 | 68,917 |
December 31, 2026 and thereafter | 192,335 |
Total bareboat lease minimum payments | 433,471 |
Unamortized lease issuance costs | (6,181) |
Total bareboat lease minimum payments, net | 427,290 |
Lease financing short term | 44,873 |
Lease financing long term, net of unamortized lease issuance costs | $ 382,417 |
Lease financing (Details Narrat
Lease financing (Details Narrative) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020USD ($) | Apr. 30, 2019USD ($) | Jul. 10, 2019USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Aug. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Sep. 29, 2020USD ($) | Sep. 18, 2020USD ($) | Nov. 17, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||||||||||||
Repayment of debt | $ 708,910 | $ 623,892 | $ 875,037 | ||||||||||
DNB $310,000 Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 64,478 | 24,630 | |||||||||||
Repayment of debt | $ 41,982 | ||||||||||||
Sinorure Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 47,782 | $ 9,258 | |||||||||||
HSH Nordbank [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayment of debt | $ 10,874 | 11,958 | |||||||||||
NIBC [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Extinguishment of Debt, Amount | $ 11,671 | ||||||||||||
Delphin Vessels [Member] | CMBL [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 91,431 | ||||||||||||
Description of Lessee Leasing Arrangements, Capital Leases | seven-year | ||||||||||||
CMBL [Member] | Laura, Idee Fixe, Roberta, Kaley, Star Sirius and Star Vega [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 82,764 | ||||||||||||
CMBL [Member] | Diva [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 7,236 | ||||||||||||
CMBL [Member] | Laura, Idee Fixe, Roberta, Kaley, Diva, Star Sirius and Star Vega [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Lease Terms | five years | ||||||||||||
CMBL [Member] | Delphin Vessels [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Vessel purchase price obligation | $ 975 | ||||||||||||
CMBL [Member] | Delphin Vessels [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Vessel purchase price obligation | $ 3,379 | ||||||||||||
CMBL [Member] | Delphin Scrubbers [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 15,000 | ||||||||||||
Number of repayment installments | 12 | ||||||||||||
Frequency of periodic payment | quarterly | ||||||||||||
CMBL [Member] | Songa Vessels [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount received | $ 4,710 | ||||||||||||
New Yangzijiang [Member] | Four Vessels [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayment of lease liabilities | $ 51,060 | ||||||||||||
S K Shipholding S. A. [Member] | Star Lutas [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 16,000 | ||||||||||||
Sale Leaseback Transaction, Lease Terms | seven-year bareboat charter | ||||||||||||
Vessel purchase price obligation | $ 7,441 | ||||||||||||
S K Shipholding S. A. [Member] | Star Pisces [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 19,125 | ||||||||||||
Vessel purchase price obligation | $ 7,628 | ||||||||||||
Description of Lessee Leasing Arrangements, Capital Leases | seven-year bareboat charter | ||||||||||||
SPDB Financial Leasing Co. Ltd [Member] | Mackenzie, Kennadi, Honey Badger, Wolverine and Star Antares [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 76,500 | ||||||||||||
Sale Leaseback Transaction, Lease Terms | eight years | ||||||||||||
SPDB Financial Leasing Co. Ltd [Member] | Mackenzie, Kennadi, Honey Badger, Wolverine and Star Antares [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Vessel purchase price obligation | $ 7,776 | ||||||||||||
SPDB Financial Leasing Co. Ltd [Member] | Mackenzie, Kennadi, Honey Badger, Wolverine and Star Antares [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Vessel purchase price obligation | $ 7,916 | ||||||||||||
ICBC Financial Leasing Co. Ltd [Member] | Gargantua Goliath And Maharaj [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 93,150 | ||||||||||||
Sale Leaseback Transaction, Lease Terms | 10 years | ||||||||||||
Vessel purchase price obligation | $ 14,000 | ||||||||||||
Kyowa Sansho Co. Ltd. [Member] | Star Fighter [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 16,125 | ||||||||||||
Vessel purchase price obligation | $ 2,450 | ||||||||||||
Description of Lessee Leasing Arrangements, Capital Leases | ten years | ||||||||||||
Kyowa Sansho Co. Ltd. [Member] | Star Challenger [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 15,000 | ||||||||||||
Description of Lessee Leasing Arrangements, Capital Leases | eleven-year bareboat charter party contract | ||||||||||||
Ocean Trust Co. Ltd. [Member] | Star Libra [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 33,950 | ||||||||||||
Sale Leaseback Transaction, Lease Terms | seven-year bareboat charter | ||||||||||||
Vessel purchase price obligation | $ 18,107 |
Fair value of Above _ Below M_2
Fair value of Above / Below Market Acquired Time Charters (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Below Market Lease | $ 1,184 | $ 2,349 | $ 1,820 |
Below Market Lease, Net | 1,289 | 2,473 | |
Below market time charters [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Below Market Lease, Accumulated Amortization | $ 2,231 | ||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 4 months 20 days | ||
Below Market Lease, Amortization Income, Year One | $ 924 | ||
Below Market Lease, Amortization Income, Year Two | $ 365 | ||
Below market time charters [Member] | Augustea Vessels [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Liability recognized | $ 5,373 | ||
Below market time charters [Member] | Star Marianne [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Liability recognized | 1,269 | ||
Above Market Leases [Member] | Star Janni [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Asset recognized | $ 336 |
Long-term bank loans - Principa
Long-term bank loans - Principal repayments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Current portion of long term bank loans | $ 144,900 | $ 150,350 |
Long term bank loans, net of current portion and unamortized loan issuance costs | 938,699 | $ 960,589 |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
December 31, 2021 | 144,900 | |
December 31, 2022 | 169,196 | |
December 31, 2023 | 326,911 | |
December 31, 2024 | 144,741 | |
December 31, 2025 | 184,902 | |
December 31, 2026 and thereafter | 126,710 | |
Total Long term bank loans | 1,097,360 | |
Unamortized loan issuance costs | (13,761) | |
Total Long term bank loans, net | 1,083,599 | |
Current portion of long term bank loans | 144,900 | |
Long term bank loans, net of current portion and unamortized loan issuance costs | $ 938,699 |
Long-term bank loans - Interest
Long-term bank loans - Interest and finance costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |||
Interest on financing agreements | $ 58,379 | $ 81,393 | $ 69,977 |
Less: Interest capitalized | 0 | (1,018) | (1,753) |
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 20) | 848 | 0 | (3) |
Amortization of debt (loan, lease & notes) issuance costs | 7,815 | 5,590 | 3,253 |
Other bank and finance charges | 2,513 | 1,652 | 2,241 |
Interest and finance costs | $ 69,555 | $ 87,617 | $ 73,715 |
Long-term bank loans (Details N
Long-term bank loans (Details Narrative) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | 13 Months Ended | ||||||||||||||||
Jan. 31, 2019USD ($) | Jan. 30, 2019USD ($) | Mar. 01, 2019USD ($) | Mar. 31, 2020USD ($) | Mar. 30, 2020USD ($) | Mar. 31, 2019USD ($) | Apr. 30, 2019USD ($) | May 03, 2018USD ($) | May 31, 2019USD ($) | Jul. 06, 2020USD ($) | Jul. 31, 2020USD ($) | Jul. 20, 2020USD ($) | Jul. 31, 2019USD ($) | Aug. 31, 2019USD ($) | Aug. 23, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 28, 2018USD ($) | Sep. 26, 2018USD ($) | Nov. 05, 2018USD ($) | Oct. 31, 2018USD ($) | Oct. 23, 2018USD ($) | Oct. 18, 2018USD ($) | Nov. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 20, 2018USD ($) | Jan. 31, 2020USD ($) | Aug. 03, 2018USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Loan reference interest rate | LIBOR | ||||||||||||||||||||||||||||
Repayment of debt | $ 708,910 | $ 623,892 | $ 875,037 | ||||||||||||||||||||||||||
Cash and cash equivalents | 183,211 | 117,819 | $ 204,921 | ||||||||||||||||||||||||||
Restricted cash | $ 7,299 | $ 7,422 | |||||||||||||||||||||||||||
Debt Instrument, Covenant Compliance | As of December 31, 2020, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements, including the 2022 Notes and lease financings described in Note 7. | ||||||||||||||||||||||||||||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.63% | 5.28% | 5.59% | ||||||||||||||||||||||||||
Debt Instrument, Unused Borrowing Capacity, Fee | $ 65 | $ 806 | $ 1,049 | ||||||||||||||||||||||||||
Not Legally Restricted [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Cash and cash equivalents | 58,000 | 58,000 | |||||||||||||||||||||||||||
Legally restricted [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Restricted cash | $ 12,320 | 8,443 | |||||||||||||||||||||||||||
8.30% 2022 Notes [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Interest rate | 8.30% | ||||||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly in arrears on the 15th day of February, May, August and November commencing on February 15, 2018 | ||||||||||||||||||||||||||||
Face amount | $ 50,000 | ||||||||||||||||||||||||||||
Debt Instrument, Maturity Date | Nov. 15, 2022 | ||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||||||||||||||||
Unamortized debt issuance costs | $ 768 | 1,179 | |||||||||||||||||||||||||||
Long-term Debt [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Outstanding amount | 1,097,360 | ||||||||||||||||||||||||||||
Unamortized debt issuance costs | 13,761 | 15,098 | |||||||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | 3,701 | 1,229 | 2,383 | ||||||||||||||||||||||||||
Expenses on debt prepayments | $ 1,223 | 2,297 | |||||||||||||||||||||||||||
Augustea Vessels [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Debt assumed | 308,279 | ||||||||||||||||||||||||||||
Capital lease obligations recognised | 127,101 | ||||||||||||||||||||||||||||
HSBC Working Capital Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Feb. 6, 2020 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 30,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The agreement is secured by second priority mortgage on the eight vessels which secure the HSBC $80,000 Facility. | ||||||||||||||||||||||||||||
DSF $55.0 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Mar. 26, 2020 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 55,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The DSF $55,000 Facility is secured by a first priority mortgage on the two vessels. | ||||||||||||||||||||||||||||
Number of loan tranches | 2 | ||||||||||||||||||||||||||||
Loan reference interest rate | US LIBOR | ||||||||||||||||||||||||||||
DSF $55.0 Facility [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Interest rate | 0.581% | ||||||||||||||||||||||||||||
Derivative, Term of Contract | 3 years | ||||||||||||||||||||||||||||
Initiation date | July 1, 2020 | ||||||||||||||||||||||||||||
DSF $55.0 Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 27,500 | ||||||||||||||||||||||||||||
Number of installments | 10 | ||||||||||||||||||||||||||||
Frequency of payments | semi-annual | ||||||||||||||||||||||||||||
Repayment installment | $ 1,058 | ||||||||||||||||||||||||||||
Balloon installment | $ 16,923 | ||||||||||||||||||||||||||||
DSF $55.0 Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 27,500 | ||||||||||||||||||||||||||||
Number of installments | 10 | ||||||||||||||||||||||||||||
Frequency of payments | semi-annual | ||||||||||||||||||||||||||||
Repayment installment | $ 1,058 | ||||||||||||||||||||||||||||
Balloon installment | $ 16,923 | ||||||||||||||||||||||||||||
ING $170,600 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Jul. 1, 2020 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The ING $170,600 Facility is secured also by a first priority mortgage on the aforementioned additional vessels. | ||||||||||||||||||||||||||||
Number of loan tranches | 6 | ||||||||||||||||||||||||||||
Amount drawn down | $ 70,000 | ||||||||||||||||||||||||||||
Number of installments | 24 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Increase in borrowing capacity | $ 70,000 | ||||||||||||||||||||||||||||
Alpha Bank [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Jul. 2, 2020 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 35,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The Alpha Bank $ 35,000 Facility is secured by first priority mortgages on the aforementioned vessels. | ||||||||||||||||||||||||||||
Number of loan tranches | 3 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Alpha Bank [Member] | Minimum [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | $ 260 | ||||||||||||||||||||||||||||
Balloon installment | 3,800 | ||||||||||||||||||||||||||||
Alpha Bank [Member] | Maximum [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | 425 | ||||||||||||||||||||||||||||
Balloon installment | 6,500 | ||||||||||||||||||||||||||||
Alpha Bank [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | 11,000 | ||||||||||||||||||||||||||||
Alpha Bank [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | 9,000 | ||||||||||||||||||||||||||||
Alpha Bank [Member] | Tranche C [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 15,000 | ||||||||||||||||||||||||||||
DVB Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 13,050 | ||||||||||||||||||||||||||||
Piraeus Bank [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Jul. 3, 2020 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 50,350 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The Piraeus Bank $50,350 Facility is secured by first priority mortgages on the five aforementioned vessels. | ||||||||||||||||||||||||||||
Amount drawn down | $ 50,350 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Balloon installment | $ 25,150 | ||||||||||||||||||||||||||||
Piraeus Bank [Member] | First Four Quarters [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | 1,100 | ||||||||||||||||||||||||||||
Piraeus Bank [Member] | Remaining 16 Quarters [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | $ 1,300 | ||||||||||||||||||||||||||||
NTT Facility $17,600 [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Jul. 10, 2020 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 17,600 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The NTT $17,600 Facility is secured by first priority mortgage on the aforementioned vessel | ||||||||||||||||||||||||||||
Amount drawn down | $ 17,600 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 476 | ||||||||||||||||||||||||||||
Balloon installment | $ 8,086 | ||||||||||||||||||||||||||||
CEXIM [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Dec. 1, 2020 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 57,564 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The facility matures in January 2029 and is secured by first priority mortgages on the four aforementioned vessels. | ||||||||||||||||||||||||||||
Number of loan tranches | 4 | ||||||||||||||||||||||||||||
CEXIM [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 13,209 | ||||||||||||||||||||||||||||
Number of installments | 32 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 330 | ||||||||||||||||||||||||||||
Balloon installment | 2,642 | ||||||||||||||||||||||||||||
CEXIM [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 26,175 | ||||||||||||||||||||||||||||
Number of installments | 32 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 654 | ||||||||||||||||||||||||||||
Balloon installment | 5,235 | ||||||||||||||||||||||||||||
CEXIM [Member] | Remaining Two Tranches [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 9,090 | ||||||||||||||||||||||||||||
Number of installments | 32 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
DNB $310,000 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Sep. 27, 2018 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 310,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | As of December 31, 2020, the DNB $310,000 Facility is secured by a first priority mortgage on the vessels Big Bang, Strange Attractor, Big Fish, Pantagruel, Star Nasia, Star Danai, Star Renee, Star Markella, Star Laura, Star Moira, Star Jennifer, Star Mariella, Star Helena, Star Maria, Star Triumph, Star Angelina and Star Gwyneth. | ||||||||||||||||||||||||||||
Number of loan tranches | 2 | ||||||||||||||||||||||||||||
Repayment of debt | $ 41,982 | ||||||||||||||||||||||||||||
DNB $310,000 Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 240,000 | ||||||||||||||||||||||||||||
DNB $310,000 Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maximum borrowing capacity | 70,000 | ||||||||||||||||||||||||||||
Amount drawn down | 18,798 | 51,202 | |||||||||||||||||||||||||||
DNB $310,000 Facility [Member] | Tranche A and Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Prepayment amount | 131,091 | ||||||||||||||||||||||||||||
DNB $310,000 Facility [Member] | Amendment Of 1st Tranche [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | 3,979 | ||||||||||||||||||||||||||||
Balloon installment | 30,240 | ||||||||||||||||||||||||||||
DNB $310,000 Facility [Member] | Amendment Of 2nd Tranche [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | 1,778 | ||||||||||||||||||||||||||||
Balloon installment | $ 10,698 | ||||||||||||||||||||||||||||
SEB Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Jan. 28, 2019 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 71,420 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The SEB Facility is secured by a first priority mortgage on the two vessels. | ||||||||||||||||||||||||||||
Number of loan tranches | 4 | ||||||||||||||||||||||||||||
SEB Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 32,825 | ||||||||||||||||||||||||||||
Number of installments | 24 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Balloon installment | $ 18,723 | ||||||||||||||||||||||||||||
SEB Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 32,825 | ||||||||||||||||||||||||||||
Number of installments | 24 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Balloon installment | $ 18,723 | ||||||||||||||||||||||||||||
SEB Facility [Member] | Tranche C [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 1,260 | ||||||||||||||||||||||||||||
SEB Facility [Member] | First Two Tranches [Member] | First 10 Quarters [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | 677 | ||||||||||||||||||||||||||||
SEB Facility [Member] | First Two Tranches [Member] | Remaining 14 Quarters [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | $ 524 | ||||||||||||||||||||||||||||
SEB Facility [Member] | Tranche D [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 1,260 | ||||||||||||||||||||||||||||
SEB Facility [Member] | Remaining two tranches [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Number of installments | 12 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment of debt | were used to finance the acquisition and installation of scrubber equipment for the respective vessels. | ||||||||||||||||||||||||||||
E SUN Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Jan. 31, 2019 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 37,100 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The E.SUN Facility is secured by a first priority mortgage on the vessel Star Ariadne | ||||||||||||||||||||||||||||
Amount drawn down | $ 37,100 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 618 | ||||||||||||||||||||||||||||
Balloon installment | $ 24,733 | ||||||||||||||||||||||||||||
Repayment of debt | was used to refinance the outstanding amount under the then existing lease agreement of the vessel Star Ariadne. | ||||||||||||||||||||||||||||
Atradius Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Feb. 28, 2019 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 36,645 | ||||||||||||||||||||||||||||
Vessels provided as collateral | is secured by a second-priority mortgage on 22 vessels of the Company’s fleet. | ||||||||||||||||||||||||||||
Number of installments | 10 | ||||||||||||||||||||||||||||
Frequency of payments | semi-annual | ||||||||||||||||||||||||||||
Repayment installment | $ 3,664 | ||||||||||||||||||||||||||||
Repayment of debt | was used to finance the acquisition and installation of scrubber equipment for 42 vessels | ||||||||||||||||||||||||||||
Number of vessels financed by debt instrument | 42 | ||||||||||||||||||||||||||||
Atradius Facility [Member] | Three Tranches [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | 33,311 | ||||||||||||||||||||||||||||
Atradius Facility [Member] | Last Tranche [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 3,331 | ||||||||||||||||||||||||||||
ING $100,600 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Mar. 28, 2019 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The ING $100,600 Facility is secured by a first priority mortgage on the vessels Peloreus, Leviathan, Star Magnanimus and Star Alessia | ||||||||||||||||||||||||||||
Number of loan tranches | 4 | ||||||||||||||||||||||||||||
Increase in borrowing capacity | $ 52,800 | ||||||||||||||||||||||||||||
ING $100,600 Facility [Member] | Tranche C [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 1,400 | ||||||||||||||||||||||||||||
Number of installments | 16 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 88 | ||||||||||||||||||||||||||||
ING $100,600 Facility [Member] | Tranche D [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 1,400 | ||||||||||||||||||||||||||||
Number of installments | 16 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 88 | ||||||||||||||||||||||||||||
ING $100,600 Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 32,100 | ||||||||||||||||||||||||||||
Number of installments | 28 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 535 | ||||||||||||||||||||||||||||
Balloon installment | $ 17,120 | ||||||||||||||||||||||||||||
ING $100,600 Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 17,400 | ||||||||||||||||||||||||||||
Number of installments | 28 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 311 | ||||||||||||||||||||||||||||
Balloon installment | $ 8,700 | ||||||||||||||||||||||||||||
ING $100,600 Facility [Member] | First Two Tranches [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | used to refinance the outstanding amounts under the then existing lease agreements of the vessels Star Magnanimus and Star Alessia | ||||||||||||||||||||||||||||
ING $100,600 Facility [Member] | Remaining Two Tranches [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | were used to finance the acquisition and installation of scrubber equipment for the aforementioned vessels. | ||||||||||||||||||||||||||||
ING $47,800 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 47,800 | ||||||||||||||||||||||||||||
ING $47,800 Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 22,500 | ||||||||||||||||||||||||||||
Number of installments | 28 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 469 | ||||||||||||||||||||||||||||
Balloon installment | $ 9,375 | ||||||||||||||||||||||||||||
ING $47,800 Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 22,500 | ||||||||||||||||||||||||||||
Number of installments | 28 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 469 | ||||||||||||||||||||||||||||
Balloon installment | $ 9,375 | ||||||||||||||||||||||||||||
ING $47,800 Facility [Member] | Tranche C [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 1,400 | ||||||||||||||||||||||||||||
Number of installments | 16 | ||||||||||||||||||||||||||||
Repayment installment | $ 88 | ||||||||||||||||||||||||||||
ING $47,800 Facility [Member] | Tranche D [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 1,400 | ||||||||||||||||||||||||||||
Number of installments | 16 | ||||||||||||||||||||||||||||
Repayment installment | $ 88 | ||||||||||||||||||||||||||||
ING $47,800 Facility [Member] | First Two Tranches [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | used to refinance the outstanding amount under the then existing agreement with Deutsche Bank (the “Deutsche Bank $85,000 Facility”) of the vessels Peloreus and Leviathan | ||||||||||||||||||||||||||||
ING $47,800 Facility [Member] | Remaining two tranches [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | used to finance the acquisition and installation of scrubber equipment for the vessels Peloreus and Leviathan | ||||||||||||||||||||||||||||
Citibank $62.600 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | May 8, 2019 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The Citibank $62,600 Facility is secured by a first priority mortgage on the aforementioned vessels. | ||||||||||||||||||||||||||||
Amount drawn down | 62,563 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 1,298 | ||||||||||||||||||||||||||||
Balloon installment | $ 36,611 | ||||||||||||||||||||||||||||
Repayment of debt | was used, together with cash on hand, to refinance the outstanding amounts under the then existing lease agreements of the vessels Star Virgo and Star Marisa | ||||||||||||||||||||||||||||
CTBC Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | May 24, 2019 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 35,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The CTBC Facility is secured by first priority mortgage on the aforementioned vessel | ||||||||||||||||||||||||||||
Amount drawn down | $ 35,000 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 730 | ||||||||||||||||||||||||||||
Balloon installment | $ 20,400 | ||||||||||||||||||||||||||||
Repayment of debt | was used to refinance the outstanding amount under the then existing lease agreement of the vessel Star Karlie | ||||||||||||||||||||||||||||
NTT Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Jul. 31, 2019 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 17,500 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The NTT Facility is secured by first priority mortgage on the vessel Star Aquarius | ||||||||||||||||||||||||||||
Amount drawn down | $ 17,500 | ||||||||||||||||||||||||||||
Number of installments | 27 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 313 | ||||||||||||||||||||||||||||
Balloon installment | $ 9,063 | ||||||||||||||||||||||||||||
Repayment of debt | was used to refinance the outstanding amount of $11,161 of the vessel Star Aquarius under the then existing loan with NIBC (the “NIBC $32,000 Facility”). | ||||||||||||||||||||||||||||
NIBC $32,000 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 11,161 | ||||||||||||||||||||||||||||
CEXIM $106,470 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Sep. 23, 2019 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 106,470 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The CEXIM $106,470 Facility is secured by first priority mortgages on the three aforementioned vessels. | ||||||||||||||||||||||||||||
Number of loan tranches | 3 | ||||||||||||||||||||||||||||
Repayment of debt | was used to refinance the outstanding amounts under the then existing lease agreements of the vessels Katie K, Debbie H and Star Ayesha | ||||||||||||||||||||||||||||
CEXIM $106,470 Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 35,490 | ||||||||||||||||||||||||||||
Amount drawn down | 35,490 | ||||||||||||||||||||||||||||
Number of installments | 40 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 739 | ||||||||||||||||||||||||||||
Balloon installment | 5,915 | ||||||||||||||||||||||||||||
CEXIM $106,470 Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 35,490 | ||||||||||||||||||||||||||||
Amount drawn down | 35,490 | ||||||||||||||||||||||||||||
Number of installments | 40 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 739 | ||||||||||||||||||||||||||||
Balloon installment | 5,915 | ||||||||||||||||||||||||||||
CEXIM $106,470 Facility [Member] | Tranche C [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 35,490 | ||||||||||||||||||||||||||||
Amount drawn down | $ 35,490 | ||||||||||||||||||||||||||||
Number of installments | 40 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 739 | ||||||||||||||||||||||||||||
Balloon installment | $ 5,915 | ||||||||||||||||||||||||||||
NBG $30,000 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Apr. 19, 2018 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 30,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | As of December 31, 2020, the NBG $30,000 Facility is secured by a first priority mortgage on the vessels Star Theta and Star Iris. | ||||||||||||||||||||||||||||
Amount drawn down | $ 30,000 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 359 | ||||||||||||||||||||||||||||
Balloon installment | $ 4,516 | ||||||||||||||||||||||||||||
Repayment of debt | was used along with cash on hand to fully repay the outstanding amount of $34,726 under the Commerzbank $120,000 Facility | ||||||||||||||||||||||||||||
Prepayment amount | 16,326 | ||||||||||||||||||||||||||||
Commerzbank $120,000 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 34,726 | ||||||||||||||||||||||||||||
Credit Agricole $43,000 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Aug. 21, 2018 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 43,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The facility is secured by the vessels Star Borealis and Star Polaris | ||||||||||||||||||||||||||||
Number of loan tranches | 2 | ||||||||||||||||||||||||||||
Repayment of debt | to refinance the outstanding amount of $44,100 under the then existing agreement with Credit Agricole (the “Credit Agricole $70,000 Facility”). | ||||||||||||||||||||||||||||
Credit Agricole $43,000 Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 21,500 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 625 | ||||||||||||||||||||||||||||
Balloon installment | $ 9,000 | ||||||||||||||||||||||||||||
Credit Agricole $43,000 Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 21,500 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 625 | ||||||||||||||||||||||||||||
Balloon installment | $ 9,000 | ||||||||||||||||||||||||||||
HSBC $80,000 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Sep. 26, 2018 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 80,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | As of December 31, 2020, the facility is secured by the vessels Kymopolia, Mercurial Virgo, Pendulum, Amami, Madredeus, Star Emily, Star Omicron, and Star Zeta. | ||||||||||||||||||||||||||||
Amount drawn down | 80,000 | ||||||||||||||||||||||||||||
Repayment installment | $ 2,140 | ||||||||||||||||||||||||||||
Balloon installment | $ 29,095 | ||||||||||||||||||||||||||||
Repayment of debt | to refinance the aggregate outstanding amount of $74,647 under the then existing agreement with HSH Nordbank (the “HSH Nordbank $64,500 Facility”) and with HSBC Bank plc (the “HSBC $86,600 Facility”). | ||||||||||||||||||||||||||||
Prepayment amount | $ 7,505 | ||||||||||||||||||||||||||||
HSH Nordbank $64,500 Facility and HSBC $86,600 Facility | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 74,647 | ||||||||||||||||||||||||||||
ABN AMRO (the ABN $87,458 Facility), (ii) DNB, SEB and CEXIM (the DNB-SEB-CEXIM $227,500 Facility), (iii) DNB (the DNB $120,000 Facility), (iv) Deutsche Bank AG (the Deutsche Bank AG $39,000 Facility) and (v) ABN AMRO Bank N.V.(the ABN AMRO Bank N.V $30,844 Facility) [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 240,440 | ||||||||||||||||||||||||||||
Citi $130,000 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Oct. 18, 2018 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 130,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The Citi $130,000 Facility is secured by a first priority mortgage on the vessels Star Pauline, Star Angie, Star Sophia, Star Georgia, Star Kamila and Star Nina and five of the Augustea Vessels Star Eva, Star Paola, Star Aphrodite, Star Lydia and Star Nicole. | ||||||||||||||||||||||||||||
Number of loan tranches | 2 | ||||||||||||||||||||||||||||
Citi $130,000 Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 65,000 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 1,825 | ||||||||||||||||||||||||||||
Balloon installment | $ 28,500 | ||||||||||||||||||||||||||||
Citi $130,000 Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 65,000 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 1,825 | ||||||||||||||||||||||||||||
Balloon installment | $ 28,500 | ||||||||||||||||||||||||||||
Citi Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 100,075 | ||||||||||||||||||||||||||||
ABN $115,000 Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Initiation date | Dec. 17, 2018 | ||||||||||||||||||||||||||||
Maximum borrowing capacity | $ 115,000 | ||||||||||||||||||||||||||||
Vessels provided as collateral | The loan is secured by a first priority mortgage on the vessels Star Virginia, Star Scarlett, Star Jeannette, Star Audrey, Star Bright, Star Marianne and Star Janni | ||||||||||||||||||||||||||||
Number of loan tranches | 4 | ||||||||||||||||||||||||||||
ABN $115,000 Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 69,525 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 1,705 | ||||||||||||||||||||||||||||
Balloon installment | $ 35,428 | ||||||||||||||||||||||||||||
ABN $115,000 Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 7,900 | ||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 282 | ||||||||||||||||||||||||||||
Balloon installment | $ 2,260 | ||||||||||||||||||||||||||||
ABN $115,000 Facility [Member] | Remaining Two Tranches [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Amount drawn down | $ 17,875 | ||||||||||||||||||||||||||||
Number of installments | 19 | ||||||||||||||||||||||||||||
Frequency of payments | quarterly | ||||||||||||||||||||||||||||
Repayment installment | $ 672 | ||||||||||||||||||||||||||||
Balloon installment | $ 5,114 | ||||||||||||||||||||||||||||
Credit Suisse [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | 60,790 | ||||||||||||||||||||||||||||
ABN Amro [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment of debt | $ 69,907 | ||||||||||||||||||||||||||||
BNP Facility [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Vessels provided as collateral | The loan is secured by a first priority mortgage on the two Augustea vessels. | ||||||||||||||||||||||||||||
BNP Facility [Member] | Tranche A [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Number of installments | 16 | ||||||||||||||||||||||||||||
Outstanding amount | $ 15,914 | ||||||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||||||||||||||||||||||||
BNP Facility [Member] | Tranche B [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Number of installments | 17 | ||||||||||||||||||||||||||||
Outstanding amount | 14,977 | ||||||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||||||||||||||||||||||||
BNP Facility [Member] | Tranche A First 15 Installments [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | $ 500 | ||||||||||||||||||||||||||||
BNP Facility [Member] | Tranche A Sixteenth Installment [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | 8,414 | ||||||||||||||||||||||||||||
BNP Facility [Member] | Tranche B First 16 Installments [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | 500 | ||||||||||||||||||||||||||||
BNP Facility [Member] | Tranche B Seventeenth Installment [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | $ 6,977 | ||||||||||||||||||||||||||||
Bank Tokyo [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Vessels provided as collateral | The loan is secured by a first priority mortgage on the vessel Star Monica. | ||||||||||||||||||||||||||||
Number of installments | 17 | ||||||||||||||||||||||||||||
Outstanding amount | $ 16,000 | ||||||||||||||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | quarterly | ||||||||||||||||||||||||||||
Bank Tokyo [Member] | First 16 Installments [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | $ 346 | ||||||||||||||||||||||||||||
Bank Tokyo [Member] | Seventeenth Installment [Member] | |||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Repayment installment | $ 10,464 |
Preferred, Common Shares and _2
Preferred, Common Shares and Additional paid in capital (Details Narrative) - USD ($) | Jan. 14, 2019 | Jul. 06, 2018 | Jun. 29, 2018 | Jun. 28, 2018 | Aug. 03, 2018 | Oct. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 29, 2018 |
Offering expenses | $ 2,032,000 | |||||||||
Purchase of treasury stock | $ 20,430,000 | $ 3,145,000 | ||||||||
Cash dividend | $ 4,804,000 | $ 4,804,000 | ||||||||
Dividend per share | $ 0.05 | $ 0.05 | ||||||||
Share Repurchase Program [Member] | ||||||||||
Stock repurchase program, authorized amount | $ 50,000,000 | |||||||||
OCC Vessels [Member] | ||||||||||
Number of shares issued as part of the final consideration | shares | shares | 3,304,735 | |||||||||
Songa Vessels [Member] | ||||||||||
Number of shares issued as part of the final consideration | shares | shares | 13,725,000 | |||||||||
Augustea Vessels [Member] | ||||||||||
Number of shares issued as part of the final consideration | shares | shares | 10,277,335 | |||||||||
Augustea Vessels [Member] | Common Stock [Member] | ||||||||||
Shares cancelled | 53,978 | |||||||||
Augustea Vessels [Member] | Initially Issued [Member] | ||||||||||
Number of shares issued as part of the final consideration | shares | shares | 10,331,313 | |||||||||
Star Marianne And Star Janni [Member] | ||||||||||
Number of shares issued as part of the final consideration | shares | shares | 999,336 | |||||||||
Delphin Vessels [Member] | ||||||||||
Number of shares issued as part of the final consideration | shares | shares | 4,503,370 | |||||||||
Secondary Offering [Member] | ||||||||||
Offering expenses | $ 2,032,000 | |||||||||
Secondary Offering [Member] | Oaktree Capital Management L.P. [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | 5,000,000 | |||||||||
Open Market Transactions [Member] | Share Repurchase Program [Member] | ||||||||||
Shares cancelled | 1,579,195 | |||||||||
Common shares repurchased | 1,579,195 | 341,363 | ||||||||
Common shares repurchased, Average price per Share | $ 7.49 | $ 9.17 | ||||||||
Purchase of treasury stock | $ 11,831,000 | $ 3,145,000 | ||||||||
Private Transaction [Member] | Share Repurchase Program [Member] | ||||||||||
Shares cancelled | 1,020,000 | |||||||||
Common shares repurchased | 1,020,000 | |||||||||
Common shares repurchased, Average price per Share | $ 8.40 | |||||||||
Purchase of treasury stock | $ 8,600,000 | |||||||||
Preferred Stock [Member] | ||||||||||
Preferred Shares - Shares Authorized | 25,000,000 | 25,000,000 | ||||||||
Preferred Shares - Par Value | $ 0.01 | $ 0.01 | ||||||||
Common Stock [Member] | ||||||||||
Common Shares - Shares Authorized | 300,000,000 | 300,000,000 | ||||||||
Common Shares - Par Value | $ 0.01 | $ 0.01 | ||||||||
Shares cancelled | (2,940,558) | |||||||||
Stock issued during period, share based compensation | 1,073,490 | 883,700 | 868,975 | |||||||
Purchase of treasury stock | $ 29,000 |
Other operational gain (Details
Other operational gain (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Operational Gain | |||
Other operational gain | $ 3,231 | $ 2,423 | $ 0 |
Management fees (Details Narrat
Management fees (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Management Fees | |||
Management fees | $ 18,405 | $ 17,500 | $ 11,321 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of non-vested restricted share options (Table) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Unvested at beginning of period | 271,038 | 143,000 | 280,000 |
Unvested at beginning of period | $ 9.28 | $ 12.49 | $ 8.09 |
Granted | 1,100,000 | 885,000 | 672,500 |
Granted | $ 5.09 | $ 8.13 | $ 11.68 |
Vested | (955,149) | (756,962) | (809,500) |
Vested | $ 5.41 | $ 8.54 | $ 10.29 |
Unvested at end of period | 415,889 | 271,038 | 143,000 |
Unvested at end of period | $ 7.09 | $ 9.28 | $ 12.49 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of non-vested share options (Table) (Details) - $ / shares shares in Thousands | Apr. 13, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Payment Arrangement [Abstract] | |||
Number of options - balance | 104,250 | 104,250 | 104,250 |
Weighted average exercise price - balance | $ 27.5 | $ 27.5 | $ 27.5 |
Weighted Average Grant Date Fair Value - balance | $ 7.0605 | $ 7.0605 | $ 7.0605 |
Equity Incentive Plans (Details
Equity Incentive Plans (Details Narrative) $ / shares in Units, $ in Thousands | Jan. 07, 2019shares | Feb. 27, 2021shares | Feb. 27, 2019shares | Feb. 27, 2018shares | Apr. 09, 2018shares | Apr. 13, 2015$ / sharesshares | May 25, 2020$ / sharesshares | May 22, 2019shares | Aug. 31, 2020shares | Aug. 31, 2019shares | Aug. 27, 2018shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares granted | 1,100,000,000 | 885,000,000 | 672,500,000 | |||||||||||
Number of shares vested during the period | 955,149,000 | 756,962,000 | 809,500,000 | |||||||||||
Amortization expense reversed, included in General and administrative expenses | $ | $ 31,881 | $ 34,819 | $ 33,972 | |||||||||||
Grant date fair value | $ / shares | $ 5.09 | $ 8.13 | $ 11.68 | |||||||||||
Dividends on non-vested shares | $ | $ | $ 14 | $ 14 | ||||||||||||
Share based compensation | $ | 4,624 | 7,943 | $ 8,072 | |||||||||||
Total unrecognised compensation cost relating to restricted share awards | $ | $ 1,200 | |||||||||||||
Weighted average remaining term for non-vested restricted share awards | 1 year 7 months 20 days | |||||||||||||
Total fair value of shares vested during the period | $ | $ | $ 6,681 | $ 7,703 | $ 10,745 | |||||||||||
Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 1,073,490 | 883,700 | 868,975 | |||||||||||
Employees [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares granted | 276,000 | |||||||||||||
Number of shares vested during the period | 276,000 | |||||||||||||
2018 Equity Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares reserved for issuance | 700,000 | |||||||||||||
Number of shares granted | 396,500 | |||||||||||||
Number of shares vested during the period | 71,500 | 71,500 | 253,500 | |||||||||||
2019 Equity Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares reserved for issuance | 900,000 | |||||||||||||
Number of shares granted | 885,000 | |||||||||||||
Number of shares vested during the period | 99,769 | 685,462 | ||||||||||||
2019 Equity Incentive Plan [Member] | Vest in August 2022 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted common shares expected to vest | 99,769 | |||||||||||||
2020 Equity Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares reserved for issuance | 1,100,000 | |||||||||||||
Number of shares granted | 1,100,000 | |||||||||||||
Number of shares vested during the period | 855,380 | |||||||||||||
Grant date fair value | $ / shares | $ 5.09 | |||||||||||||
2020 Equity Incentive Plan [Member] | Vest in May 2021 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted common shares expected to vest | 122,310 | |||||||||||||
2020 Equity Incentive Plan [Member] | Vest in May 2023 [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted common shares expected to vest | 122,310 | |||||||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of options granted | 104,250 | |||||||||||||
Option exercise price | $ / shares | $ / shares | $ 27.50 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Total shares authorized | 4,000,000 | |||||||||||||
Number of tranches | 10 | |||||||||||||
Restricted common shares expected to vest | 400,000 | |||||||||||||
Vesting rights | Each RSU represents, upon vesting, a right for the beneficiary to receive one common share of the Company. | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Tranche A [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting date | Apr. 30, 2021 | |||||||||||||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsSubjectToVestNumber-0] | 2,000,000 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Tranche B [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Restricted common shares expected to vest | 400,000 | |||||||||||||
Vesting date | Apr. 30, 2022 | |||||||||||||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsSubjectToVestNumber-0] | 2,000,000 | |||||||||||||
Amortization expense for RSUs expected to vest | $ | $ | $ 1,235 | |||||||||||||
Amortization expense reversed, included in General and administrative expenses | $ | $ 1,235 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Fleet performance indices | $ | $ | 120,000 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Fleet performance indices | $ | $ | $ 300,000 |
Earnings _ (Loss) per share (_2
Earnings / (Loss) per share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Net income / (loss) | $ 9,660 | $ (16,201) | $ 58,397 |
Weighted average common shares outstanding, basic | 96,128,173 | 93,735,549 | 77,061,227 |
Basic earnings / (loss) per share | $ 0.10 | $ (0.17) | $ 0.76 |
Dillutive effect of non vested shares | 153,216 | 0 | 264,884 |
Weighted average common shares outstanding, diluted | 96,281,389 | 93,735,549 | 77,326,111 |
Diluted earnings / (loss) per share | $ 0.10 | $ (0.17) | $ 0.76 |
Earnings _ (Loss) per share (De
Earnings / (Loss) per share (Details Narrative) - shares | 3 Months Ended | 12 Months Ended | |
Apr. 13, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of anti-dilutive shares | 271,038 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of anti-dilutive shares | 104,250 | 104,250 | 104,250 |
Accrued liabilities (Table) (De
Accrued liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Audit fees | $ 341 | $ 232 |
Legal fees | 137 | 40 |
Other professional fees | 2,300 | 1,540 |
Vessel Operating and voyage expenses | 12,481 | 37,555 |
Loan and interest rate swaps interest and financing fees | 5,547 | 7,394 |
Income tax | 134 | 0 |
Total Accrued Liabilities | $ 20,940 | $ 46,761 |
Income taxes (Details Narrative
Income taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
TonnageTaxes | $ 2,103 | $ 2,087 | $ 1,506 |
Income tax | $ 152 | $ 109 | $ 61 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual obligations (Table) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Other Commitments [Line Items] | |
Total | $ (49,771) |
2021 | (49,159) |
2022 | (337) |
2023 | (228) |
2024 | (47) |
Future, minimum, non-cancellable charter revenue (1) [Member] | |
Other Commitments [Line Items] | |
Total | 35,636 |
2021 | 35,636 |
Acquisition of second hand vessels [Member] (2) | |
Other Commitments [Line Items] | |
Total | (61,239) |
2021 | (61,239) |
Vessel BWTS (3) [Member] | |
Other Commitments [Line Items] | |
Total | (23,205) |
2021 | (23,205) |
Office Rent (4) [Member] | |
Other Commitments [Line Items] | |
Total | (963) |
2021 | (351) |
2022 | (337) |
2023 | (228) |
2024 | $ (47) |
Voyage revenues (Table) (Detail
Voyage revenues (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ 693,241 | $ 821,365 | $ 651,561 |
Time charters [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | 309,503 | 373,927 | 397,499 |
Voyage charters [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | 385,482 | 437,779 | 253,812 |
Pool adjustment [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ (1,744) | $ 9,659 | $ 250 |
Voyage revenues (Details Narrat
Voyage revenues (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Decrease / (Increase) in trade accounts receivable | $ 20,322 | $ (20,383) | $ (22,266) |
Decrease / (Increase) in deferred revenue | (4,301) | 3,481 | (2,489) |
Decrease in deferred assets | (2,211) | (14,940) | (7,545) |
Other Assets, Current | 12,991 | 11,413 | |
Deferred Revenue, Current | 11,675 | 7,374 | |
Voyage revenues | 693,241 | 821,365 | 651,561 |
Revenues | 693,241 | 821,365 | 651,561 |
Charter In Vessels [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 36,234 | 185,311 | 127,618 |
Sublease income | 243 | 15,253 | 18,661 |
Revenue Contracts [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Decrease in deferred assets | 672 | ||
Other Assets, Current | 2,187 | 2,859 | |
Vessels Operating in CCL Pool [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | (3,695) | $ 9,524 | $ 1,126 |
Vessels Operating In Short Pool [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ 1,923 |
Voyage and Vessel operating e_3
Voyage and Vessel operating expenses - Voyage expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Voyage And Vessel Operating Expenses | |||
Port charges | $ 55,738 | $ 63,576 | $ 37,215 |
Bunkers | 130,800 | 146,089 | 72,287 |
Commissions – third parties | 6,134 | 6,828 | 6,179 |
Commissions – related parties (Note 3) | 3,780 | 3,850 | 3,400 |
Miscellaneous | 3,606 | 2,619 | 2,515 |
Total voyage expenses | $ 200,058 | $ 222,962 | $ 121,596 |
Voyage and Vessel operating e_4
Voyage and Vessel operating expenses - Vessel operating expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Voyage And Vessel Operating Expenses | |||
Crew wages and related costs | $ 109,311 | $ 103,701 | $ 80,360 |
Insurances | 13,002 | 10,311 | 7,544 |
Maintenance, repairs, spares and stores | 37,947 | 25,675 | 26,368 |
Lubricants | 10,669 | 9,833 | 8,494 |
Tonnage taxes (Note 16) | 2,103 | 2,087 | 1,506 |
Pre-delivery and Pre-joining expenses | 0 | 1,507 | 1,234 |
Miscellaneous | 5,511 | 6,948 | 3,366 |
Total vessel operating expenses | $ 178,543 | $ 160,062 | $ 128,872 |
Schedule of Derivative Instrume
Schedule of Derivative Instruments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
ING [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Mar. 29, 2020 |
Derivative, Maturity Date | Mar. 29, 2026 |
Fixed Rate | 0.70% |
ING [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 29,960 |
ING [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 28,355 |
DNB [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Mar. 30, 2020 |
Derivative, Maturity Date | Sep. 28, 2023 |
Fixed Rate | 0.637% |
DNB [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 128,913 |
DNB [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 74,442 |
SEB 1 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Mar. 30, 2020 |
Derivative, Maturity Date | Sep. 28, 2023 |
Fixed Rate | 0.632% |
SEB 1 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 51,565 |
SEB 1 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 29,819 |
ING 2 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Apr. 2, 2020 |
Derivative, Maturity Date | Oct. 2, 2025 |
Fixed Rate | 0.70% |
ING 2 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 39,375 |
ING 2 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 37,500 |
ING 3 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Apr. 3, 2020 |
Derivative, Maturity Date | Apr. 3, 2023 |
Fixed Rate | 0.675% |
ING 3 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 16,157 |
ING 3 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 15,536 |
SEB 2 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Apr. 30, 2020 |
Derivative, Maturity Date | Jan. 30, 2025 |
Fixed Rate | 0.727% |
SEB 2 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 58,885 |
SEB 2 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 56,179 |
Citi 1 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Jul. 30, 2020 |
Derivative, Maturity Date | Oct. 18, 2023 |
Fixed Rate | 0.33% |
Citi 1 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 104,450 |
Citi 1 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 100,800 |
Citi 2 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Aug. 10, 2020 |
Derivative, Maturity Date | May 10, 2024 |
Fixed Rate | 0.351% |
Citi 2 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 56,075 |
Citi 2 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 54,777 |
Citi 3 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Jun. 22, 2020 |
Derivative, Maturity Date | Dec. 20, 2023 |
Fixed Rate | 0.338% |
Citi 3 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 94,538 |
Citi 3 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 87,878 |
Citi 4 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Jun. 29, 2020 |
Derivative, Maturity Date | Aug. 28, 2023 |
Fixed Rate | 0.328% |
Citi 4 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 56,915 |
Citi 4 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 52,635 |
Citi 5 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Jul. 21, 2020 |
Derivative, Maturity Date | Jul. 21, 2023 |
Fixed Rate | 0.325% |
Citi 5 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 99,816 |
Citi 5 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 97,598 |
Citi 6 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Aug. 28, 2020 |
Derivative, Maturity Date | May 28, 2024 |
Fixed Rate | 0.352% |
Citi 6 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 31,350 |
Citi 6 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 30,620 |
Citi 7 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Sep. 1, 2020 |
Derivative, Maturity Date | Mar. 1, 2024 |
Fixed Rate | 0.343% |
Citi 7 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 33,390 |
Citi 7 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 32,772 |
ING July 20 [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Jul. 6, 2020 |
Derivative, Maturity Date | Jul. 6, 2026 |
Fixed Rate | 0.37% |
ING July 20 [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 70,000 |
ING July 20 [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 67,083 |
Piraeus Bank [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Jul. 6, 2020 |
Derivative, Maturity Date | Jul. 6, 2025 |
Fixed Rate | 0.388% |
Piraeus Bank [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 50,350 |
Piraeus Bank [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 49,250 |
Alpha Bank [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Inception date | Jul. 6, 2020 |
Derivative, Maturity Date | Jul. 7, 2025 |
Fixed Rate | 0.32% |
Alpha Bank [Member] | Initial Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 35,000 |
Alpha Bank [Member] | Current Notional [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Initial Notional Amount | $ 34,000 |
Fair Value Measurements and H_3
Fair Value Measurements and Hedging - Derivative instruments effect on statement of operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gain/(loss) on interest rate swaps, net | |||
Unrealized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) | $ 0 | $ 0 | $ 140 |
Realized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) | 0 | 0 | (141) |
Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss) | 0 | 0 | 708 |
Total Gain/(loss) on interest rate swaps, net | 0 | 0 | 707 |
Interest and finance costs | |||
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 9) | (848) | 0 | 3 |
Total Gain/(loss) recognized | (848) | 0 | 3 |
Gain/(loss) on forward freight agreements and bunker swaps, net | |||
Total Gain/(loss) recognized | 16,156 | 4,411 | (447) |
Forward Freight Agreements [Member] | |||
Gain/(loss) on forward freight agreements and bunker swaps, net | |||
Realized gain/(loss) on forward freight agreements and freight options | (5,995) | 6,043 | (599) |
Unrealized gain/(loss) on forward freight agreements and freight options | (430) | (321) | 520 |
Bunker Swaps [Member] | |||
Gain/(loss) on forward freight agreements and bunker swaps, net | |||
Realized gain/(loss) on bunker swaps | 20,856 | (1,386) | 1,491 |
Unrealized gain/(loss) on bunker swaps | 1,725 | 75 | (1,859) |
Forward Freight And Bunker Swaps [Member] | |||
Gain/(loss) on forward freight agreements and bunker swaps, net | |||
Total Gain/(loss) recognized | $ 16,156 | $ 4,411 | $ (447) |
Fair Value Measurements and H_4
Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Derivatives, current asset portion | $ 0 | $ 216 |
LIABILITIES | ||
Derivatives, current liability portion | 1,939 | 1,724 |
Derivatives, non-current liability portion | 2,265 | 0 |
Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | ||
ASSETS | ||
Total | 216 | |
LIABILITIES | ||
Total | 212 | 1,724 |
Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Forward Freight Agreements [Member] | ||
ASSETS | ||
Derivatives, current asset portion | 216 | |
LIABILITIES | ||
Derivatives, current liability portion | 212 | |
Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Bunker Swaps [Member] | ||
LIABILITIES | ||
Derivatives, current liability portion | $ 1,724 | |
Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
LIABILITIES | ||
Derivatives, current liability portion | 1,727 | |
Total | 3,992 | |
Derivatives, non-current liability portion | $ 2,265 |
Fair Value Measurements and H_5
Fair Value Measurements and Hedging - Fair value measurements on a nonrecurring basis (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | $ 3,411 | $ 17,784 | |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 3,411 | 17,784 | |
Fair Value, Nonrecurring [Member] | Held For Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Long-Lived Assets to be Disposed of | 1,606 | ||
Fair Value, Nonrecurring [Member] | Vessels Net [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | 3,411 | 16,178 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 24,475 | 20,842 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Held For Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | 5,949 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Vessels Net [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value Disclosure | $ 24,475 | $ 14,893 |
Fair Value Measurements and H_6
Fair Value Measurements and Hedging (Details Narrative) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Apr. 30, 2018EUR (€) | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Restricted Cash and Cash Equivalents, Current | $ 7,299 | $ 7,422 | |||||
Cash and Cash Equivalents, at Carrying Value | $ 204,921 | 183,211 | 117,819 | $ 204,921 | |||
Foreign exchange loss | 3,159 | ||||||
Fair value hedge gain/ (loss) | $ 1,609 | 0 | 0 | 1,609 | |||
Asset Impairment Charges | 3,411 | 17,784 | |||||
Fair Value Hedging [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Cash and Cash Equivalents, at Carrying Value | € | € 70,800,000 | ||||||
Fair value hedge gain/ (loss) | 1,609 | ||||||
Ineffective portion of fair value hedge | $ 39 | ||||||
Payments for Construction in Process | € | € 20,500,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | DSF $55.0 Facility [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Debt Instrument, Fair Value Disclosure | 53,973 | ||||||
Difference between book and fair value | 1,088 | ||||||
Loan's book value | 52,885 | ||||||
Fair Value, Inputs, Level 1 [Member] | 8.30% 2022 Notes [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Notes Payable, Fair Value Disclosure | 51,280 | 51,360 | |||||
Derivative [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Restricted Cash and Cash Equivalents, Current | $ 895 | $ 407 | |||||
Forecast [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 2,008 | ||||||
Fixed Orders [Member] | Fair Value Hedging [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Percentage of coverage through foreign currency hedging | 100.00% | ||||||
Cash and Cash Equivalents, at Carrying Value | € | € 20,500,000 | ||||||
Optional Orders [Member] | Fair Value Hedging [Member] | |||||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||||
Percentage of coverage through foreign currency hedging | 50.00% |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Derivative Instruments (Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
SEB Facility [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Derivative, Inception Date | Apr. 26, 2021 |
Derivative, Maturity Date | Jan. 26, 2026 |
Derivative, Fixed Interest Rate | 0.45% |
Derivative, Notional Amount | $ 37,050 |
ABN [Member] | |
Repurchase Agreement Counterparty [Line Items] | |
Derivative, Inception Date | Mar. 20, 2021 |
Derivative, Maturity Date | Dec. 20, 2023 |
Derivative, Fixed Interest Rate | 0.31% |
Derivative, Notional Amount | $ 84,548 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jan. 22, 2021USD ($) | Mar. 17, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 16, 2021USD ($)shares | Mar. 03, 2021 | Feb. 02, 2021$ / sharesshares | |
Subsequent Event [Line Items] | ||||||||
Payments to Acquire Property, Plant, and Equipment | $ 72,059,000 | $ 347,140,000 | $ 328,634,000 | |||||
Kamsarmax Vessels [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Property, Plant and Equipment, Additions | $ 55,000,000 | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 11,000,000 | |||||||
Subsequent Event [Member] | Eneti Warrant [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common Stock, Shares Authorized | shares | 3,000,000 | |||||||
Exercise price | $ / shares | $ 0.01 | |||||||
Common Stock, Shares, Issued | shares | 2,649,203 | |||||||
Subsequent Event [Member] | Eneti Warrant [Member] | Remaining Common Stock Shares To Be Issued [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common Stock, Shares, Issued | shares | 350,797 | |||||||
Subsequent Event [Member] | Eneti Acquisition Vessels [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of operating vessels | 7 | |||||||
Subsequent Event [Member] | Eneti Acquisition Vessels [Member] | Eneti Inc [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Lessee, Operating Lease, Term of Contract | 5 years | |||||||
Subsequent Event [Member] | Six Vessels [Member] | Eneti Warrant [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Finance Lease, Liability | $ 86,900,000 | |||||||
Subsequent Event [Member] | Six Vessels [Member] | Eneti Warrant [Member] | Remaining Common Stock Shares To Be Issued [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Finance Lease, Liability | $ 12,700,000 | |||||||
Subsequent Event [Member] | Kamsarmax Vessels [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Vessel capacity | 82,000 | |||||||
Subsequent Event [Member] | SEB $39,000 Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Line of Credit Facility, Initiation Date | Jan. 22, 2021 | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 39,000,000 | |||||||
Debt Instrument, Term | 5 years | |||||||
Line of Credit Facility, Collateral | is secured by first priority mortgages on the three aforementioned vessels |