Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [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, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
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 |
Title of 12(b) Security | Common Shares, par value $0.01 per share |
Trading Symbol | SBLK |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 102,857,416 |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1163 |
Auditor Name | Deloitte Certified Public Accountants S.A. |
Auditor Location | Athens, Greece |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 40 Agiou Konstantinou Str. |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 15124 |
City Area Code | 011 30 |
Local Phone Number | 210 617 8400 |
Contact Personnel Name | Petros Pappas |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 269,754 | $ 450,285 |
Restricted cash, current (Notes 8 and 18) | 14,569 | 20,965 |
Trade accounts receivable, net | 84,034 | 81,061 |
Inventories (Note 4) | 67,162 | 75,077 |
Due from managers | 84 | 9,422 |
Due from related parties (Note 3) | 324 | 242 |
Prepaid expenses and other receivables | 25,667 | 28,659 |
Derivatives, current asset portion (Note 18) | 25,585 | 1,996 |
Other current assets (Note 16) | 14,913 | 15,217 |
Total Current Assets | 502,092 | 682,924 |
FIXED ASSETS | ||
Vessels and other fixed assets, net (Note 5) | 2,881,551 | 3,013,038 |
Total Fixed Assets | 2,881,551 | 3,013,038 |
OTHER NON-CURRENT ASSETS | ||
Long term investment (Note 3) | 1,676 | 1,567 |
Restricted cash, non-current (Notes 8 and 18) | 2,021 | 2,021 |
Operating leases, right-of-use assets (Note 6) | 37,618 | 48,256 |
Derivatives, non-current asset portion (Note 18) | 8,666 | 6,913 |
TOTAL ASSETS | 3,433,624 | 3,754,719 |
CURRENT LIABILITIES | ||
Current portion of long-term bank loans (Note 8) | 166,586 | 156,701 |
Lease financing short term (Note 7) | 15,361 | 50,434 |
Accounts payable | 32,140 | 21,837 |
Due to managers | 6,344 | 3,885 |
Due to related parties (Note 3) | 1,501 | 1,426 |
Accrued liabilities (Note 13) | 33,984 | 30,810 |
Derivatives, current liability portion (Note 18) | 0 | 743 |
Operating lease liabilities, current (Note 6) | 9,955 | 0 |
Deferred revenue | 16,684 | 24,960 |
Total Current Liabilities | 282,555 | 290,796 |
NON-CURRENT LIABILITIES | ||
Long-term bank loans, net of current portion and unamortized loan issuance costs of $10,853 and $9,013, as of December 31, 2021 and 2022, respectively (Note 8) | 927,995 | 932,554 |
Lease financing long term, net of unamortized lease issuance costs of $5,318 and $2,681, as of December 31, 2021 and 2022, respectively (Note 7) | 175,238 | 402,039 |
Operating lease liabilities, non-current (Note 6) | 27,663 | 48,256 |
Other non-current liabilities | 831 | 1,056 |
TOTAL LIABILITIES | 1,414,282 | 1,674,701 |
SHAREHOLDERS' EQUITY | ||
Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2021 and 2022, respectively (Note 9) | 0 | 0 |
Common Shares, $0.01 par value, 300,000,000 shares authorized; 102,294,758 shares issued and outstanding as of December 31, 2021; 102,857,416 shares issued and outstanding as of December 31, 2022 (Note 9) | 1,029 | 1,023 |
Additional paid in capital | 2,646,073 | 2,618,319 |
Accumulated other comprehensive income/(loss) | 20,962 | 6,933 |
Accumulated deficit | (648,722) | (546,257) |
Total Shareholders' Equity | 2,019,342 | 2,080,018 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,433,624 | $ 3,754,719 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 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] | ||
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, Outstanding | 102,857,416 | 102,294,758 |
Common Stock, Shares, Issued | 102,857,416 | 102,294,758 |
Long-Term Debt [Member] | ||
Debt Issuance Costs, Net | $ 9,013 | $ 10,853 |
Capital Lease Obligations [Member] | ||
Debt Issuance Costs, Net | $ 2,681 | $ 5,318 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Voyage revenues (Note 16) | $ 1,437,156 | $ 1,427,423 | $ 693,241 |
Expenses/(Income) | |||
Voyage expenses (Notes 3 and 17) | 286,534 | 226,111 | 200,058 |
Charter-in hire expenses (Note 3) | 21,020 | 14,565 | 32,055 |
Vessel operating expenses (Note 17) | 228,616 | 208,661 | 178,543 |
Dry docking expenses | 47,718 | 30,986 | 23,519 |
Depreciation (Note 5) | 156,733 | 152,640 | 142,293 |
Management fees (Notes 3 and 10) | 19,071 | 19,489 | 18,405 |
General and administrative expenses (Note 3) | 56,826 | 39,500 | 31,881 |
Loss on write-down of inventory (Note 2j) | 17,326 | 0 | 0 |
(Gain)/Loss on time charter agreement termination | 0 | (1,102) | 0 |
Other operational loss | 2,380 | 2,214 | 1,513 |
Other operational gain | (8,794) | (2,110) | (3,231) |
Loss on bad debt | 677 | 629 | 373 |
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 18) | 1,451 | (3,564) | (16,156) |
Total operating expenses, net | 829,558 | 688,019 | 609,253 |
Operating income / (loss) | 607,598 | 739,404 | 83,988 |
Other Income/ (Expenses): | |||
Interest and finance costs (Note 8) | (52,578) | (56,036) | (69,555) |
Interest income and other income/(loss) | 7,050 | 315 | 267 |
Gain/(Loss) on debt extinguishment, net (Note 8) | 4,064 | (3,257) | (4,924) |
Total other expenses, net | (41,464) | (58,978) | (74,212) |
Income / (loss) before taxes and equity in income of investee | 566,134 | 680,426 | 9,776 |
Income taxes (Note 14) | (244) | (16) | (152) |
Income/(Loss) before equity in income of investee | 565,890 | 680,410 | 9,624 |
Equity in income / (loss) of investee | 109 | 120 | 36 |
Net income/(loss) | $ 565,999 | $ 680,530 | $ 9,660 |
Earnings / (Loss) per share, basic | $ 5.54 | $ 6.73 | $ 0.10 |
Earnings / (Loss) per share, diluted | $ 5.52 | $ 6.71 | $ 0.10 |
Weighted average number of shares outstanding, basic (Note 12) | 102,153,255 | 101,183,829 | 96,128,173 |
Weighted average number of shares outstanding, diluted (Note 12) | 102,536,966 | 101,479,072 | 96,281,389 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/ (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Net income / (loss) | $ 565,999 | $ 680,530 | $ 9,660 |
Other comprehensive income / (loss): | |||
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications | 24,073 | 8,575 | (4,841) |
Less: | |||
Reclassification adjustments of interest rate swap gain/(loss) (Note 18) | (10,044) | 2,351 | 848 |
Other comprehensive income / (loss) | 14,029 | 10,926 | (3,993) |
Total comprehensive income / (loss) | $ 580,028 | $ 691,456 | $ 5,667 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Common Stock [Member] Eneti Vessels [Member] | Common Stock [Member] E.R. Vessels [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Eneti Vessels [Member] | Additional Paid-in Capital [Member] E.R. Vessels [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total | Eneti Vessels [Member] | E.R. Vessels [Member] |
Beginning balance, value at Dec. 31, 2019 | $ 961 | $ 2,544,342 | $ 0 | $ (1,001,170) | $ (93) | $ 1,544,040 | ||||||
Beginning balance, shares at Dec. 31, 2019 | 96,073,197 | |||||||||||
Net income / (loss) | $ 0 | 0 | 0 | 9,660 | 0 | 9,660 | ||||||
Other comprehensive income / (loss) | (3,993) | (3,993) | ||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 11), shares | 1,073,490 | |||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 11) | $ 10 | 4,614 | 4,624 | |||||||||
Dividends declared ($0.5, $2.25 and $6.5 per share for the years 2020, 2021 and 2022) (Note 9) | $ 0 | 0 | 0 | (4,804) | 0 | (4,804) | ||||||
Ending balance, shares at Dec. 31, 2020 | 97,146,687 | |||||||||||
Ending balance, value at Dec. 31, 2020 | $ 971 | 2,548,956 | (3,993) | (996,314) | (93) | 1,549,527 | ||||||
Net income / (loss) | $ 0 | 0 | 0 | 680,530 | 0 | 680,530 | ||||||
Other comprehensive income / (loss) | 10,926 | 10,926 | ||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 11), shares | 521,310 | |||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 11) | $ 5 | 10,330 | 10,335 | |||||||||
Dividends declared ($0.5, $2.25 and $6.5 per share for the years 2020, 2021 and 2022) (Note 9) | 0 | 0 | 0 | (230,473) | 0 | (230,473) | ||||||
Stock Issued During Period, Value, Acquisitions | $ 30 | $ 21 | $ 47,545 | $ 22,147 | $ 47,575 | $ 22,168 | ||||||
Stock Issued During Period, Shares, Acquisitions | 3,000,000 | 2,100,000 | ||||||||||
Offering Expenses | 0 | (292) | 0 | 0 | 0 | (292) | ||||||
Cancellation of treasury stock (Note 9) | $ 0 | (93) | 0 | 0 | 93 | 0 | ||||||
Cancellation of treasury stock (Note 9), shares | (6,971) | |||||||||||
Repurchase of common shares (Note 9), shares | (466,268) | |||||||||||
Repurchase of common shares (Note 9) | $ (4) | (10,274) | (10,278) | |||||||||
Ending balance, shares at Dec. 31, 2021 | 102,294,758 | |||||||||||
Ending balance, value at Dec. 31, 2021 | $ 1,023 | 2,618,319 | 6,933 | (546,257) | 0 | 2,080,018 | ||||||
Net income / (loss) | $ 0 | 0 | 0 | 565,999 | 0 | 565,999 | ||||||
Other comprehensive income / (loss) | 14,029 | 14,029 | ||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 11), shares | 697,979 | |||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 11) | $ 7 | 28,474 | 28,481 | |||||||||
Dividends declared ($0.5, $2.25 and $6.5 per share for the years 2020, 2021 and 2022) (Note 9) | $ 0 | 0 | 0 | (668,464) | 0 | (668,464) | ||||||
Repurchase of common shares (Note 9), shares | (790,011) | |||||||||||
Repurchase of common shares (Note 9) | $ (8) | (20,060) | (20,068) | |||||||||
Equity offerings, net (Note 9) | $ 7 | 19,340 | 0 | 0 | 0 | 19,347 | ||||||
Equity offerings, net (Note 9), shares | 654,690 | |||||||||||
Ending balance, shares at Dec. 31, 2022 | 102,857,416 | |||||||||||
Ending balance, value at Dec. 31, 2022 | $ 1,029 | $ 2,646,073 | $ 20,962 | $ (648,722) | $ 0 | $ 2,019,342 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock, Dividends, Per Share, Declared | $ 6.5 | $ 2.25 | $ 0.05 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net income / (loss) | $ 565,999 | $ 680,530 | $ 9,660 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation (Note 5) | 156,733 | 152,640 | 142,293 |
Amortisation of fair value of below market time charters | 0 | (187) | (1,184) |
Amortization of debt (loan, lease & notes) issuance costs (Note 8) | 4,918 | 6,511 | 7,815 |
Amortization of operating lease right-of-use assets (Note 6) | 10,638 | 0 | 0 |
Gain/(Loss) on debt extinguishment, net (Note 8) | (4,064) | 3,257 | 4,924 |
Loss on bad debt | 677 | 629 | 373 |
Share-based compensation (Note 11) | 28,481 | 10,335 | 4,624 |
(Gain)/Loss on time charter agreement termination | 0 | (1,102) | 0 |
Loss on write-down of inventory (Note 4) | 17,326 | 0 | 0 |
Change in fair value of forward freight derivatives and bunker swaps (Note 18) | (2,583) | (1,508) | (1,295) |
Other non-cash charges | (225) | (116) | 276 |
Write-off of current assets | 607 | 0 | 0 |
Gain on hull and machinery claims | 0 | (192) | (2,154) |
Equity in income / (loss) of investee | (109) | (120) | (36) |
(Increase)/Decrease in: | |||
Trade accounts receivable | (3,650) | (43,600) | 20,322 |
Inventories | (9,411) | (27,783) | 3,859 |
Prepaid expenses and other receivables | (3,818) | (19,012) | (2,211) |
Derivatives asset | (91) | 500 | (2) |
Due from related parties | (82) | 239 | 109 |
Due from managers | 9,338 | (9,064) | 541 |
Other non-current assets | 0 | 0 | (1) |
Increase/(Decrease) in: | |||
Accounts payable | 11,563 | (8,040) | (3,052) |
Operating lease liability (Note 6) | (10,638) | 0 | 0 |
Due to related parties | 75 | (13) | (2,578) |
Accrued liabilities | 4,031 | 13,810 | (18,064) |
Due to managers | 2,459 | (3,928) | 2,032 |
Deferred revenue | (8,276) | 13,285 | 4,301 |
Net cash provided by / (used in) Operating Activities | 769,898 | 767,071 | 170,552 |
Cash Flows from Investing Activities: | |||
Advances for vessels & vessel upgrades and other fixed assets | (25,403) | (130,147) | (72,059) |
Hull and machinery insurance proceeds | 4,531 | 8,884 | 5,725 |
Net cash provided by / (used in) Investing Activities | (20,872) | (121,263) | (66,334) |
Cash Flows from Financing Activities: | |||
Proceeds from bank loans, leases and notes | 315,000 | 470,650 | 687,792 |
Loan and lease prepayments and repayments | (576,025) | (593,183) | (708,910) |
Financing and debt extinguishment fees paid | (5,543) | (4,584) | (9,027) |
Dividends paid (Note 9) | (668,697) | (230,240) | (4,804) |
Proceeds from issuance of common stock | 19,792 | 0 | 0 |
Offering expenses paid related to the issuance of common stock | (412) | (433) | 0 |
Repurchase of common shares | (20,068) | (10,278) | 0 |
Net cash provided by / (used in) Financing Activities | (935,953) | (368,068) | (34,949) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (186,927) | 277,740 | 69,269 |
Cash and cash equivalents and restricted cash at beginning of period | 473,271 | 195,531 | 126,262 |
Cash and cash equivalents and restricted cash at end of period | 286,344 | 473,271 | 195,531 |
Cash paid during the period for: | |||
Interest | 49,598 | 49,658 | 61,557 |
Non-cash investing and financing activities: | |||
Shares issued in connection with vessel acquisitions | 0 | 69,884 | 0 |
Vessel upgrades | 0 | 0 | 9,674 |
Assumed debt upon acquisition | 0 | 99,601 | 0 |
Right-of-use assets and lease obligations for charter-in contracts | 0 | 48,796 | 0 |
Unpaid offering expenses | 33 | 0 | 0 |
Dividends declared but not paid | 0 | (233) | 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 | 269,754 | 450,285 | 183,211 |
Restricted cash, current (Note 8) | 14,569 | 20,965 | 7,299 |
Restricted cash, non-current (Note 8) | 2,021 | 2,021 | 5,021 |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 286,344 | $ 473,271 | $ 195,531 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 and 2022 and for the years ended December 31, 2020, 2021 and 2022, 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 As of December 31, 2022, the Company owned a modern fleet of 128 sting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with a carrying capacity between 52,425 and 209,529 14.1 charters-in a number of third-party vessels to increase its operating capacity in order to satisfy its clients’ needs. 1. Basis of Presentation and General Information – (continued): Below is the list of the Company’s wholly owned subsidiaries as of December 31, 2022: Subsidiaries owning vessels in operation: Basis of Presentation and General Information - List of subsidiaries (Table) Date Wholly Owned Subsidiaries Vessel Name DWT Delivered to Star Bulk Year Built 1 Pearl Shiptrade LLC Gargantua (1) 209,529 April 2, 2015 2015 2 Star Ennea LLC Star Gina 2GR 209,475 February 26, 2016 2016 3 Coral Cape Shipping LLC Maharaj (1) 209,472 July 15, 2015 2015 4 Sea Diamond Shipping LLC Goliath (1) 207,999 July 15, 2015 2015 5 Star Castle II LLC Star Leo 207,939 May 14, 2018 2018 6 ABY Eleven LLC Star Laetitia 207,896 August 3, 2018 2017 7 Domus Shipping LLC Star Ariadne 207,774 March 28, 2017 2017 8 Star Breezer LLC Star Virgo 207,774 March 1, 2017 2017 9 Star Seeker LLC Star Libra 207,727 June 6, 2016 2016 10 ABY Nine LLC Star Sienna 207,721 August 3, 2018 2017 11 Clearwater Shipping LLC Star Marisa 207,671 March 11 2016 2016 12 ABY Ten LLC Star Karlie 207,566 August 3, 2018 2016 13 Star Castle I LLC Star Eleni 207,517 January 3, 2018 2018 14 Festive Shipping LLC Star Magnanimus 207,490 March 26, 2018 2018 15 New Era II Shipping LLC Debbie H 206,823 May 28, 2019 2019 16 New Era III Shipping LLC Star Ayesha 206,814 July 15, 2019 2019 17 New Era I Shipping LLC Katie K 206,803 April 16, 2019 2019 18 Cape Ocean Maritime LLC Leviathan 182,466 September 19, 2014 2014 19 Cape Horizon Shipping LLC Peloreus 182,451 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 Sandra Shipco LLC Star Pauline 180,233 December 29, 2014 2008 23 Christine Shipco LLC Star Martha 180,231 October 31, 2014 2010 24 Pacific Cape Shipping LLC Pantagruel 180,140 July 11, 2014 2004 25 Star Polaris LLC Star Polaris 179,648 November 14, 2011 2011 26 Star Borealis LLC Star Borealis 179,601 September 9, 2011 2011 27 Star Nor III LLC Star Lyra 179,147 July 6, 2018 2009 28 Star Regg V LLC Star Borneo 178,978 January 26, 2021 2010 29 Star Regg VI LLC Star Bueno 178,978 January 26, 2021 2010 30 Star Regg IV LLC Star Marilena 178,977 January 26, 2021 2010 31 Star Regg I LLC Star Marianne 178,841 January 14, 2019 2010 32 Star Regg II LLC Star Janni 177,939 January 7, 2019 2010 33 Star Trident V LLC Star Angie 177,931 October 29, 2014 2007 34 Sky Cape Shipping LLC Big Fish 177,620 July 11, 2014 2004 35 Global Cape Shipping LLC Kymopolia 176,948 July 11, 2014 2006 36 Star Trident XXV LLC Star Triumph 176,274 December 8, 2017 2004 37 ABY Fourteen LLC Star Scarlett 175,800 August 3, 2018 2014 38 ABY Fifteen LLC Star Audrey 175,125 August 3, 2018 2011 39 Sea Cape Shipping LLC Big Bang 174,109 July 11, 2014 2007 40 ABY I LLC Star Paola 115,259 August 3, 2018 2011 1. Basis of Presentation and General Information – (continued): Subsidiaries owning vessels in operation: Date Wholly Owned Subsidiaries Vessel Name DWT Delivered to Star Bulk Year Built 41 ABM One LLC Star Eva 106,659 August 3, 2018 2012 42 Nautical Shipping LLC Amami 98,648 July 11, 2014 2011 43 Majestic Shipping LLC Madredeus 98,648 July 11, 2014 2011 44 Star Sirius LLC Star Sirius 98,648 March 7, 2014 2011 45 Star Vega LLC Star Vega 98,648 February 13, 2014 2011 46 ABY II LLC Star Aphrodite 92,006 August 3, 2018 2011 47 Augustea Bulk Carrier LLC Star Piera 91,952 August 3, 2018 2010 48 Augustea Bulk Carrier LLC Star Despoina 91,945 August 3, 2018 2010 49 Star Trident I LLC Star Kamila 87,001 September 3, 2014 2005 50 Star Nor IV LLC Star Electra 83,494 July 6, 2018 2011 51 Star Alta I LLC Star Angelina 82,953 December 5, 2014 2006 52 Star Alta II LLC Star Gwyneth 82,703 December 5, 2014 2006 53 Star Nor VI LLC Star Luna 82,687 July 6, 2018 2008 54 Star Nor V LLC Star Bianca 82,672 July 6, 2018 2008 55 Grain Shipping LLC Pendulum 82,578 July 11, 2014 2006 56 Star Trident XIX LLC Star Maria 82,578 November 5, 2014 2007 57 Star Trident XII LLC Star Markella 82,574 September 29, 2014 2007 58 ABY Seven LLC Star Jeanette 82,567 August 3, 2018 2014 59 Star Trident IX LLC Star Danai 82,554 October 21, 2014 2006 60 Star Sun I LLC Star Elizabeth 82,430 May 25, 2021 2021 61 Star Sun II LLC Star Pavlina 82,361 June 16, 2021 2021 62 Star Trident XI LLC Star Georgia 82,281 October 14, 2014 2006 63 Star Trident VIII LLC Star Sophia 82,252 October 31, 2014 2007 64 Star Trident XVI LLC Star Mariella 82,249 September 19, 2014 2006 65 Star Trident XIV LLC Star Moira 82,220 November 19, 2014 2006 66 Star Trident X LLC Star Renee 82,204 December 18, 2014 2006 67 Star Trident XIII LLC Star Laura 82,192 December 8, 2014 2006 68 Star Trident XV LLC Star Jennifer 82,192 April 15, 2015 2006 69 Star Nor VIII LLC Star Mona 82,188 July 6, 2018 2012 70 Star Trident II LLC Star Nasia 82,183 August 29, 2014 2006 71 Star Nor VII LLC Star Astrid 82,158 July 6, 2018 2012 72 Star Trident XVII LLC Star Helena 82,150 December 29, 2014 2006 73 Star Trident XVIII LLC Star Nina 82,145 January 5, 2015 2006 74 Waterfront Two LLC Star Alessia 81,944 August 3, 2018 2017 75 Star Nor IX LLC Star Calypso 81,918 July 6, 2018 2014 76 Star Elpis LLC Star Suzanna 81,644 May 15, 2017 2013 77 Star Gaia LLC Star Charis 81,643 March 22, 2017 2013 78 Mineral Shipping LLC Mercurial Virgo 81,502 July 11, 2014 2013 79 Star Nor X LLC Stardust 81,502 July 6, 2018 2011 80 Star Nor XI LLC Star Sky 81,466 July 6, 2018 2010 81 Star Zeus VI LLC Star Lambada 81,272 March 16, 2021 2016 82 Star Zeus I LLC Star Capoeira 81,253 March 16, 2021 2015 83 Star Zeus II LLC Star Carioca 81,199 March 16, 2021 2015 84 Star Zeus VII LLC Star Macarena 81,198 March 6, 2021 2016 85 ABY III LLC Star Lydia 81,187 August 3, 2018 2013 86 ABY IV LLC Star Nicole 81,120 August 3, 2018 2013 87 ABY Three LLC Star Virginia 81,061 August 3, 2018 2015 88 Star Nor XII LLC Star Genesis 80,705 July 6, 2018 2010 89 Star Nor XIII LLC Star Flame 80,448 July 6, 2018 2011 1. Basis of Presentation and General Information – (continued): Subsidiaries owning vessels in operation: Date Wholly Owned Subsidiaries Vessel Name DWT Delivered to Star Bulk Year Built 90 Star Trident III LLC Star Iris 76,390 September 8, 2014 2004 91 Star Trident XX LLC Star Emily 76,339 September 16, 2014 2004 92 Orion Maritime LLC Idee Fixe 63,437 March 25, 2015 2015 93 Primavera Shipping LLC Roberta 63,404 March 31, 2015 2015 94 Success Maritime LLC Laura 63,377 April 7, 2015 2015 95 Star Zeus III LLC Star Athena 63,371 May 19, 2021 2015 96 Ultra Shipping LLC Kaley 63,261 June 26, 2015 2015 97 Blooming Navigation LLC Kennadi (1) 63,240 January 8, 2016 2016 98 Jasmine Shipping LLC Mackenzie (1) 63,204 March 2, 2016 2016 99 Star Lida I Shipping LLC Star Apus 63,123 July 16, 2019 2014 100 Star Zeus V LLC Star Bovarius 61,571 March 16, 2021 2015 101 Star Zeus IV LLC Star Subaru 61,521 March 16, 2021 2015 102 Star Nor XV LLC Star Wave 61,491 July 6, 2018 2017 103 Star Challenger I LLC Star Challenger (1) 61,462 December 12, 2013 2012 104 Star Challenger II LLC Star Fighter (1) 61,455 December 30, 2013 2013 105 Aurelia Shipping LLC Honey Badger (1) 61,324 February 27, 2015 2015 106 Star Axe II LLC Star Lutas (1) 61,323 January 6, 2016 2016 107 Rainbow Maritime LLC Wolverine (1) 61,268 February 27, 2015 2015 108 Star Axe I LLC Star Antares (1) 61,234 October 9, 2015 2015 109 ABY Five Ltd Star Monica 60,935 August 3, 2018 2015 110 Star Asia I LLC Star Aquarius 60,873 July 22, 2015 2015 111 Star Asia II LLC Star Pisces (1) 60,873 August 7, 2015 2015 112 Star Nor XIV LLC Star Glory 58,680 July 6, 2018 2012 113 Star Lida XI Shipping LLC Star Pyxis 56,615 August 19, 2019 2013 114 Star Lida VIII Shipping LLC Star Hydrus 56,604 August 8, 2019 2013 115 Star Lida IX Shipping LLC Star Cleo 56,582 July 15, 2019 2013 116 Star Trident VII LLC Diva 56,582 July 24, 2017 2011 117 Star Lida VI Shipping LLC Star Centaurus 56,559 September 18, 2019 2012 118 Star Lida VII Shipping LLC Star Hercules 56,545 July 16, 2019 2012 119 Star Lida X Shipping LLC Star Pegasus 56,540 July 15, 2019 2013 120 Star Lida III Shipping LLC Star Cepheus 56,539 July 16, 2019 2012 121 Star Lida IV Shipping LLC Star Columba 56,530 July 23, 2019 2012 122 Star Lida V Shipping LLC Star Dorado 56,507 July 16, 2019 2013 123 Star Lida II Shipping LLC Star Aquila 56,506 July 15, 2019 2012 124 Star Regg III LLC Star Bright 55,783 October 10, 2018 2010 125 Glory Supra Shipping LLC Strange Attractor 55,715 July 11, 2014 2006 126 Star Omicron LLC Star Omicron 53,444 April 17, 2008 2005 127 Star Zeta LLC Star Zeta 52,994 January 2, 2008 2003 128 Star Theta LLC Star Theta 52,425 December 6, 2007 2003 Total dwt 14,072,068 (1) Subject to sale and lease back financing transaction (Note 7) 1. Basis of Presentation and General Information – (continued): Non-vessel owning subsidiaries at December 31, 2022 Basis of Pesentation and General Information - List of Non-vessel owning companies (Table) Wholly Owned Subsidiaries 1 Star Bulk Management Inc. 19 Star Aurora LLC 2 Starbulk S.A. 20 Star Epsilon LLC 3 Star Bulk Manning LLC 21 Star ABY LLC 4 Star Bulk Shipmanagement Company (Cyprus) Limited 22 ABY Group Holding LLC 5 Candia Shipping Limited (ex Optima Shipping Limited) 23 Star Regina LLC 6 Star Omas LLC 24 Star Bulk (Singapore) Pte. Ltd. 7 Star Synergy LLC 25 Star Bulk Germany GmbH 8 Oceanbulk Shipping LLC 26 Star Mare LLC 9 Oceanbulk Carriers LLC 27 Star Sege Ltd 10 Star Bulk Finance (Cyprus) Limited 28 Star Regg VII LLC 11 Star Ventures LLC 29 Star Cosmo LLC 12 Star Logistics LLC (ex Dry Ventures LLC) 30 Star Delta LLC 13 Unity Holding LLC 31 Star Kappa LLC 14 Star Bulk (USA) LLC 32 Star Trident VI LLC 15 Star Bulk Norway AS (1) 33 Star Uranus LLC 16 Star New Era LLC 34 Star Zeus LLC 17 Star Thor LLC 18 Star Gamma LLC (1) Under liquidation. 1. Basis of Presentation and General Information - (continued): Charterers who individually accounted for more than 10% of the Company’s voyage revenues during the years ended December 31, 2020, 2021 and 2022 are as follows: Basis of Presentation and General Information - Charter Revenue Percentage (Table) Charterer 2020 A 11 No charterer accounted for more than 10 Principles of consolidation |
Significant Accounting policies
Significant Accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
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 2020, 2021 and 2022. b) Equity method investments : c) Use of estimates : 2. Significant Accounting policies - (continued): d) Comprehensive income/(loss) : e) Concentration of credit risk : Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and restricted cash, trade accounts receivable and derivative contracts (including freight derivatives, bunker derivatives and interest rate swaps). The Company’s policy is to place its cash with financial institutions evaluated as being creditworthy and are therefore exposed to minimal credit risk. The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative contracts. To manage this risk, the Company mainly selects freight derivatives and bunker swaps that clear through reputable clearing houses, such as European Energy Exchange (“EEX”), Singapore Exchange (“SGX”) or Intercontinental Exchange (“ICE”), as the case may be, and limits its exposure in over the counter transactions. The Company performs periodic evaluations of the relative credit standing of those financial institutions with which the Company transacts. In addition, the Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition. f) Foreign currency transactions : The functional currency of the Company is the U.S. Dollar since its vessels operate in the international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company’s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates. Resulting gains/(losses) are included in “Interest income and other income/(loss)” in the consolidated statements of operations. g) Cash and cash equivalents : The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less or from which cash is readily available without penalty, to be cash equivalents. h) Restricted cash : Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company’s borrowing arrangements or derivative contracts, which are legally restricted as to withdrawal or use. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets. 2. Significant Accounting policies - (continued): i) Trade accounts receivable, net : Financial Instruments - Credit Losses 373 629 677 j) Inventories 17,326 0 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 years 0.3 l) Advances for vessels under construction and acquisition of vessels : 2. Significant Accounting policies - (continued): 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 : 2. Significant Accounting policies - (continued): 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 : . 2. Significant Accounting policies - (continued): 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 option 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 : 2. Significant Accounting policies - (continued): 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, 2020, 2021 and 2022 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 2021 and 2022 the majority of 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 basis over the term of the respective time charter agreement for which the performance obligations are satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. Time charter agreements may 26,758 47,824 99,104 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. The time charter hire rate received includes 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. 2. Significant Accounting policies - (continued): 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 basis over the voyage days from the loading of cargo to its discharge. 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, 2020, 2021 and 2022 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 later 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 measurement s: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” that defines and provides guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 18). 2. Significant Accounting policies - (continued): v) Earnings / (loss) per share : w) Segment reporting : x) Leases : The Company, as lessee, recognizes assets and liabilities on the balance sheet for the rights and obligations created by all leases with a term of more than 12 months. For lessees, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition on the income statement. ASC 842 requires lessors to classify leases as a sales-type, direct financing, or operating leases. All leases that are not sales-type leases or direct financing leases (i.e that in effect neither transfer control of the underlying asset to the lessee nor transfer substantially all of the risks and benefits of the underlying asset to the lessee) are operating leases. Refer to Note 2(t) for the lease arrangements with the Company acting as lessor. 2. Significant Accounting policies - (continued): The following are types of contracts with the Company acting as lessee: A) Time 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 under ASC 842. 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, 2021 and 2022 were of this type. 2. Significant Accounting policies - (continued): 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, 2021 and 2022. D) Office rental arrangements that the Company enters into, which it has determined to be operating leases. The office spaces that the Company leases are mostly located in Greece, Cyprus and Singapore. Payments under these arrangements are fixed with no variable payments. The assets and liabilities recognized in respect of these agreements that correspond to the underlying rights and obligations are presented within “Operating leases, right-of-use assets” and “Operating lease liabilities” in the consolidated balance sheets (Note 6). The lease expenses attributable to these leases are recognized on a straight line basis over the lease term and are recorded in “General and administrative expenses” in the consolidated statements of operations. 2. Significant Accounting policies - (continued): y) Derivatives & Hedging : i) Interest rate swaps and foreign currency exchange rates swaps: The Company enters into derivative and from time to time into non-derivative financial instruments to manage risks related to fluctuations of interest rates (Note 18) 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. 2. Significant Accounting policies - (continued): 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” in the consolidated statements of operations (Note 18). Discontinuation of hedge relationships The Company discontinues prospectively cash flow or fair value 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, when deemed appropriate from a risk management perspective, the Company takes 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 EEX or SGX. 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” (Note 18). Also, when deemed appropriate from a risk management perspective, 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, such as ICE. The Company measures the fair value of all open positions at each reporting date which 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” (Note 18). 2. Significant accounting policies – (continued): z) Taxation : aa) Offering costs : ab) Share repurchases : Recent accounting pronouncements – not yet adopted In 2020, the Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The date of adoption of this optional guidance and the effect on its consolidated financial statements and accompanying notes is currently under evaluation by the Company. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
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, 2021 December 31, 2022 Due from related parties Oceanbulk Maritime and its affiliates (d) $ 133 $ 287 Interchart (a) 3 3 AOM (j) 52 - Starocean (i) 34 34 Product Shipping & Trading S.A. 20 - Due from related parties $ 242 $ 324 Due to related parties Combine Marine Ltd. (c ) $ 18 $ - Management and Directors Fees (b) 159 114 Augustea Technoservices Ltd. and affiliates (f) 877 - Iblea Ship Management Limited (g) 372 1,387 Due to related parties $ 1,426 $ 1,501 Transactions with Related Parties - Statements of Operations (Table) Statements of Operations Years ended December 31, 2020 2021 2022 Voyage expenses: Voyage expenses-Interchart (a) $ (3,780) $ (3,870) $ (4,140) Voyage expenses- Augustea Technoservices Ltd. and affiliates (f) (95) - - General and administrative expenses: Consultancy fees (b) $ (598) $ (535) $ (543) Directors compensation (b) (179) (183) (185) Office rent - Combine Marine Ltd. & Alma Properties (c ) (40) (41) (37) General and administrative expenses - Oceanbulk Maritime and its affiliates (d) (268) (252) (179) Management fees: Management fees- Augustea Technoservices Ltd. and affiliates (f) $ (6,588) $ (6,472) $ (1,250) Management fees- Iblea Ship Management Limited (g) - (79) (3,264) Charter-in hire expenses: Charter - in hire expenses - AOM (j) $ (5,442) $ (4,069) $ - Charter - in hire expenses - Sydelle (h) (540) - - Charter - in hire expenses - Coromel (k) (249) - - 3. Transactions with Related Parties – (continued): a) Interchart Shipping Inc. (or “Interchart”): 33 315 325 345 December 31, 2022 b) Management and Directors Fees: 541 15 15 7.5 5 c) Office rent: 2,500 2.7 1.07 January 2024 300 0.3 1.07 d) Oceanbulk Maritime S.A. (or “Oceanbulk Maritime”): e) Oaktree Shareholder Agreement: four nine three two one The three f) Augustea Technoservices Ltd. and affiliates : 16 on August 3, 2018, the Company appointed Augustea Technoservices Ltd., an entity affiliated with certain of the sellers of the corresponding transaction and specifically with one of the Company’s directors, Mr. Zagari, as the technical manager of certain of its vessels. Up until June 2022 3. Transactions with Related Parties - (continued): g) Iblea Ship Management Limited: h) Sydelle Marine Limited (or “Sydelle”) – Charter in Agreement: i) StarOcean Manning Philippines Inc. (or “Starocean”) 25 75 j) Augustea Oceanbulk Maritime Malta Ltd (or “AOM”): AOM Marta AOM Marta k) Coromel Maritime Limited (or “Coromel”): l) Short Pool: During the second quarter of 2020, the Company together with Golden Ocean Group, Bocimar International NV and Oceanbulk International S.A (collectively the “Short Pool Members”) have agreed to enter into Contracts of Affreightment (“COAs”) with major miners and commodity traders to transport dry bulk commodities at fixed freight rates (the “Short Pool”). The Short Pool Members may use their own vessels or charter-in from the market to perform the COAs. m) Piraeus Bank S.A. (“Piraeus Bank”): 50,350 swap agreement with Piraeus Bank were early terminated in September 2021 n) Capesize Chartering Ltd. (or “CCL Pool”): 125 25 33 125 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts shown in the consolidated balance sheets are analyzed as follows: Inventories (Table) December 31, 2021 December 31, 2022 Lubricants $ 12,522 $ 15,863 Bunkers 62,555 51,299 Total $ 75,077 $ 67,162 |
Vessels and other fixed assets,
Vessels and other fixed assets, net | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020 $ 3,529,881 $ (652,762) $ 2,877,119 - Acquisition of other fixed assets, vessel improvements and other vessel costs 288,559 - 288,559 - Depreciation for the period - (152,640) (152,640) Balance, December 31, 2021 $ 3,818,440 $ (805,402) $ 3,013,038 - Acquisition of other fixed assets, vessel improvements and other vessel costs 25,246 - 25,246 - Depreciation for the period - (156,733) (156,733) Balance, December 31, 2022 $ 3,843,686 $ (962,135) $ 2,881,551 As of December 31, 2022, 88 101 2,282,431 Title of ownership is held by the relevant lenders for another 12 vessels with a carrying value of $ 345,432 to secure the relevant sale and lease back financing transactions 360,397 5. Vessels and other fixed assets, net - (continued): Vessels acquired/delivered during the year ended December 31, 2021 and 2022: 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 to acquire three Star Marilena Star Bueno Star Borneo to the Company on January 26, 2021 39,000 2,100,000 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 Star Athena Star Bovarius Star Subaru Star Capoeira Star Carioca Star Lambada Macarena 3,000,000 0.01 March 16, 2021 2,649,203 Star Athena , May 19, 2021 350,797 Lastly on March 3, 2021 the Company entered into a definitive agreement with a third party to acquire two 55,000 May 25, 2021 June 16, 2021 Star Elizabeth Star Pavlina No vessel acquisitions or disposals took place during the year ended December 31, 2022. The amounts reported under “Acquisition of other fixed assets, vessel improvements and other vessel costs” in the table above which were incurred during the year ended December 31, 2022 were made mainly in connection with the Company’s continued technical upgrades to its fleet, such as the installation of ballast water management systems (“BWTS”) and Energy Saving Devices (“ESD”). 0 Impairment Analysis In light of the economic downturn and the prevailing conditions in the shipping industry, as of December 31, 2020, 2021 and 2022, as part of the Company’s annual impairment analysis, the Company examined its operating vessels whose carrying value was above its market value. These analyses did not result in any impairment charges for the years 2020, 2021 and 2022. 0 |
Operating leases
Operating leases | 12 Months Ended |
Dec. 31, 2022 | |
Operating Leases | |
Operating leases | 6. Operating leases a) Time charter-in vessel agreements The carrying value of the assets and liabilities recognized in connection with the time charter-in vessel arrangements as of December 31, 2021 and 2022 amounted to $ 47,704 37,191 3 Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) Twelve month periods ending Amount December 31, 2023 $ 10,769 December 31, 2024 5,917 December 31, 2025 6,242 December 31, 2026 5,900 December 31, 2027 6,242 December 31, 2028 and thereafter 5,763 Total undiscounted lease payments $ 40,833 Discount based on incremental borrowing rate (3,642) Present value of lease liability 37,191 The weighted average remaining lease term of these charter-in vessels arrangements as of December 31, 2022 is 5.35 b) The carrying value of the assets and liabilities recognized in connection with the office rental arrangements as of December 31, 2021 and 2022 amounted to $ 552 427 4.8 Operating leases - Operating lease liabilities of office rental agreements (Table) Twelve month periods ending Amount December 31, 2023 $ 309 December 31, 2024 119 December 31, 2025 - December 31, 2026 - December 31, 2027 - December 31, 2028 and thereafter - Total undiscounted lease payments $ 428 Discount based on incremental borrowing rate (1) Present value of lease liability 427 The weighted average remaining lease term of these office rent arrangements as of December 31, 2022 is 1.49 The lease expenses for the office rental arrangements of the Company’s for the years ended December 31, 2020, 2021 and 2022, were $ 461 501 503 |
Lease financing
Lease financing | 12 Months Ended |
Dec. 31, 2022 | |
Lease Financing | |
Lease financing | 7. Lease financing Financing through bareboat leases: During 2021, on the delivery date of each Eneti Acquisition Vessel to the Company (Note 5), a tripartite novation agreement between China Merchants Bank Leasing (“CMBL”), Eneti Inc. and the Company was executed, which resulted in an increase of the Company’s lease financing obligations by $ 96,101 500 May 2022 On August 27, 2020 Laura Idee Fixe Roberta Kaley Diva Star Sirius Star Vega August 28 and August 31, 2020 82,764 Diva November 17, 2020 7,236 June 2022 On September 3, 2020 Star Lutas seven-year 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 September 18, 2020 to pay the vessel’s remaining amount under the then existing loan agreement. On September 21, 2020 Mackenzie Kennadi Honey Badger Wolverine Star Antares September 2020 76,500 to pay the remaining amount under the then existing loan agreement eight years 7,776 7,916 On September 25, 2020 Gargantua Goliath Maharaj 93,150 September 29, 2020 to pay the remaining amount under the then existing loan agreement 10 years at a purchase price of $ 14,000 7. Lease financing-(continued): Financing through bareboat leases-(continued): On March 29, 2019 Star Pisces seven-year 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 April 2019 to pay the remaining amount under the then existing loan agreement. On May 22, 2019 Star Libra seven-year 33,950 July 2019 to pay the remaining amount under the then existing lease agreement for Star Libra . October 2022 On July 10, 2019 Star Challenger eleven-year 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 to pay the remaining amount under the then existing loan agreement In order to finance the cash portion of the consideration for the acquisition of 11 vessels July 2019 seven-year 91,431 15,000 during the year 2020 to finance the acquisition and installation of scrubber equipment for the respective vessels. December 2021 19,222 August 2022 In December 2018 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 to pay the remaining amount under the then existing loan agreement 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 8 below. 7. Lease financing – (continued): All of the Company’s lease financing 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, at the time of recognition were 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 presents the corresponding leased vessels at their net book values on its consolidated balance sheets in “Vessels and other fixed assets, net”, while the financing liability is The principal payments required to be made after December 31, 2022, 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, 2023 $ 15,361 December 31, 2024 15,361 December 31, 2025 15,361 December 31, 2026 21,757 December 31, 2027 20,752 December 31, 2028 and thereafter 104,688 Total bareboat lease minimum payments $ 193,280 Unamortized lease issuance costs (2,681) Total bareboat lease minimum payments, net $ 190,599 Lease financing short term 15,361 Lease financing long term, net of unamortized lease issuance costs 175,238 |
Long-term bank loans
Long-term bank loans | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term bank loans | 8. Long-term bank loans New Financing Activities during the year ended December 31, 2022 (i) Increased financing by $100,000 - ING $310,600 Facility: On June 28, 2022 in order to increase the financing by $100,000 and to include additional borrowers under the existing agreement 100,000 nine 9,895 12,368 June 30, 2022 Star Vega Madredeus 20 quarterly 261 412 1,649 6,746 (ii) Citi $100,000 Facility: On July 5, 2022 100,000 two 48,341 July 18, 2022 to replenish the funds used in June for the extinguishment of the outstanding amounts under the lease agreements with CMBL for the vessels Star Sirius, Laura, Idee Fixe, Kaley Roberta 51,659 August 29, 2022 to refinance the aggregate outstanding amount under the lease agreements with CMBL of the vessels Star Apus, Star Cleo, Star Columba, Star Dorado, Star Hydrus, Star Pegasus Star Pyxis (Note 7) 20 quarterly 1,257 1,343 23,203 24,796 July 2027 secured by the 12 aforementioned vessels. (iii) SEB $42,000 Facility: On August 3, 2022 42,000 three 12,800 13,500 to refinance the aggregate outstanding amount of $29,295 under the then existing loan facility with HSBC France (the “HSBC 80,000 Facility”) 15,700 to refinance the outstanding amount of $13,795 under the then existing loan facility with a wholly owned subsidiary of NTT Finance Corporation (the “NTT $17,600 Facility”) 20 quarterly 354 434 5,730 7,028 August 2027 secured by the vessels Amami Mercurial Virgo Star Calypso (iv) CTBC $25,000 Facility: On November 22, 2022 25,000 November 30, 2022 to refinance the outstanding amount under the then existing lease agreement of the vessel Star Libra (Note 7) 20 quarterly 563 13,750 November 2027 is secured by the vessel Star Libra (v) NTT $24,000 Facility: On December 8, 2022 24,000 December 16, 2022 to refinance the outstanding amount of the Star Virgo 20 quarterly 600 12,000 December 2027 is secured by the vessel Star Virgo (vi) ABN AMRO $24,000 Facility: On December 19, 2022 24,000 December 22, 2022 to refinance the outstanding amount under the loan facility with SEB of the vessel Star Sienna 20 quarterly 500 14,000 December 2027 is secured by the vessel Star Sienna . 8. Long-term bank loans- (continued): New Financing Activities during the year ended December 31, 2022 – (continued) (vii) Standard Chartered $47,000 Facility: On December 29, 2022 47,000 two 22,829 24,171 January 2023 to replenish the funds used in November for the extinguishment of the outstanding amounts of the vessels i) Star Marisa Star Laetitia 20 quarterly 476 465 13,317 14,874 December 2027 is secured by the two aforementioned vessels Pre - Existing Loan Facilities (i) SEB $39,000 Facility: On January 22, 2021 39,000 January 25, 2021 to finance the cash consideration for the E.R. Acquisition Vessels 20 quarterly 1,950 January 2026 is secured by a first priority mortgage on the vessels Star Bueno, Star Borneo Star Marilena (ii) NBG $125,000 Facility: On June 24, 2021 125,000 June 28, 2021 125,000 to refinance the outstanding amount under the then existing facility with DNB Bank ASA (DNB) 20 quarterly 3,750 50,000 June 2026 September 2022 5,511 Strange Attractor, 3,585 46,969 is secured by first priority mortgages on vessels Big Bang, 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 Star Gwyneth (iii) ING $210,600 Facility- increased financing by $100,000 - ING $310,600 Facility: Under the ING $310,600 Facility as last amended and restated on June 28, 2022, the following financing amounts have also been drawn: i) in October 2018, two 22,500 28 quarterly 469 9,375 to refinance the outstanding amount under the then existing loan agreement of the vessels Peloreus Leviathan, two 1,400 16 quarterly 88 to finance the acquisition and installation of scrubber equipment for the vessels Peloreus Leviathan two 32,100 17,400 28 quarterly 535 311 17,120 8,700 to refinance the outstanding amounts under the then existing lease agreements of the vessels Star Magnanimus Star Alessia, two 1,400 16 quarterly 88 to finance the acquisition and installation of scrubber equipment for the vessels Star Magnanimus Star Alessia, July 2020 six 70,000 24 quarterly to refinance all outstanding amounts under the then existing lease agreements with CMBL of the vessels Star Claudine Star Ophelia Star Lyra Star Bianca Star Flame Star Mona, August 2021 two 20,000 20 quarterly 294 14,118 to finance part of the acquisition cost of the vessels Star Elizabeth Star Pavlina. is secured by the vessels Peloreus, Leviathan, Star Magnanimus, Star Alessia, Star Claudine, Star Ophelia, Star Lyra, Star Bianca, Star Flame, Star Mona, Star Elizabeth, Star Pavlina, Madredeus, Star Vega, Star Capoeira, Star Carioca, Star Athena, Star Subaru, Star Bovarius, Star Lambada Star Macarena. 8. Long-term bank loans- (continued): Pre - Existing Loan Facilities – (continued) (iv) DNB $107,500 Facility: On September 28, 2021 107,500 September 29, 2021 to refinance the aggregate outstanding amount of the financed vessels under the then existing facilities with (i) Credit Agricole Corporate and Investment Bank), (ii) Piraeus Bank and (iii) Bank of Tokyo 20 quarterly 3,707 33,362 September 2026 is secured by first priority mortgages on the vessels Star Luna, Star Astrid, Star Genesis, Star Electra, Star Glory Star Monica, Star Borealis Star Polaris (v) ABN AMRO $97,150 Facility: On October 27, 2021 97,150 97,150 October 29, 2021 to refinance the outstanding amount under the then existing facility with Citibank two 68,950 20 quarterly 2,250 23,950 October 2026 28,200 12 quarterly 2,350 October 2024 is secured by a first priority mortgage on the vessels Star Pauline, Star Angie, Star Sophia, Star Georgia, Star Kamila, Star Nina, Star Eva, Star Paola, Star Aphrodite, Star Lydia Star Nicole (vi) Credit Agricole $62,000 Facility: On October 29, 2021 62,000 to refinance the aggregate outstanding amount under the then existing loan agreements with Alpha Bank S.A. and BNP Paribas and to prepay an amount of $1,999 under the Atradius Facility (discussed below), in connection with the vessels Star Despoina Star Piera 62,000 November 2, 2021 20 quarterly 3,000 2,600 8,800 November 2026 is secured by the vessels Star Martha, Star Sky, Stardust, Star Despoina Star Piera. 8. Long-term bank loans- (continued): Pre - Existing Loan Facilities – (continued) vii) HSBC Working Capital Facility: On February 6, 2020 30,000 in order to finance working capital requirements The facility was subject to annual renewals from the lender with the last being effective until February 2022 no viii) DSF $55,000 Facility On March 26, 2020 55,000 two 27,500 March 30, 2020 used to refinance the outstanding amounts under the then existing lease agreements of the vessels Star Eleni Star Leo 10 semi-annual 1,058 16,923 April 2025 is secured by a first priority mortgage on the two vessels fixed rate of 0.581% per annum ix) CEXIM $57,564 Facility On December 1, 2020 57,564 four December 2020 to refinance (i) the outstanding amount of the vessels 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 December 2028 9,090 Star Charis Star Suzanna, 32 quarterly December 2028 is secured by first priority mortgages on the four aforementioned vessels x) E SUN Facility: On January 31, 2019 37,100 to refinance the outstanding amount under the then existing lease agreement of the vessel Star Ariadne March 1, 2019 37,100 20 quarterly 618 24,733 March 2024 is secured by a first priority mortgage on the vessel Star Ariadne 8. Long-term bank loans- (continued): Pre - Existing Loan Facilities – (continued) xi) Atradius Facility: On February 28, 2019 36,645 to finance the acquisition and installation of scrubber equipment for 42 vessels During 2019 33,311 3,331 January 2020 September 2021 1,999 Star Despoina Star Piera semi-annual 3,331 June 2024 is secured by a second-priority mortgage on 18 vessels of the Company’s fleet xii) CTBC Facility: On May 24, 2019 35,000 to refinance the outstanding amount under the then existing lease agreement of the vessel Star Karlie 20 quarterly 730 20,400 May 2024 is secured by first priority mortgage on the aforementioned vessel. xiii) NTT Facility: On July 31, 2019 17,500 August 2019 to refinance the outstanding amount of the vessel Star Aquarius 27 quarterly 313 9,063 August 2026 is secured by first priority mortgage on the vessel Star Aquarius xiv) CEXIM $106,470 Facility: On September 23, 2019 106,470 to refinance the outstanding amounts under the then existing lease agreements of the vessels Katie K, Debbie H Star Ayesha . three 35,490 November 2019 40 quarterly 739 5,915 is secured by first priority mortgages on the three aforementioned vessels. xv) ABN $115,000 Facility - ABN $67,897: On December 17, 2018 115,000 four 69,525 7,900 December 20, 2018 to refinance the then existing indebtedness of the vessels Star Virginia, Star Scarlett, Star Jeannette Star Audrey to partially finance the acquisition cost of Star Bright 20 quarterly 1,705 282 December 2023 35,428 2,260 17,875 January 2019 to partially finance the acquisition cost of Star Marianne Star Janni 19 quarterly 672 December 2023 5,114 August 4, 2022 lower margin above SOFR June 2027 is secured by a first priority mortgage on the vessels Star Virginia, Star Scarlett, Star Jeannette, Star Audrey, Star Bright, Star Marianne Star Janni 20 quarterly 1,705 2,218 3,330 4,626 June 2027 13 quarterly 282 286 December 2025 13 quarterly 672 413 December 2025 8. Long-term bank loans - (continued): All of the Company’s aforementioned facilities are secured by a first-priority ship mortgage on the financed vessels under each facility (one of the facilities is secured by second-priority ship mortgage) and general and specific assignments and guaranteed by Star Bulk Carriers Corp. Credit Facilities Covenants: The Company’s outstanding credit facilities 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 Company’s credit facilities; · incur additional indebtedness, including the issuance of guarantees, refinance or prepay any indebtedness, unless certain conditions exist; · create liens on Company’s assets, unless otherwise permitted under Company’s credit facilities; · change the flag, class or management of Company’s 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 Company’s assets to, another person; or · enter into a new line of business. Furthermore, the Company’s credit facilities contain financial covenants requiring the Company to maintain various financial ratios, including among others: · a minimum percentage of vessel value to secured loan amount (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, 2021 and 2022, the Company was required to maintain minimum liquidity, not legally restricted, of $ 64,000 22,986 16,590 As of December 31, 2022, the Company was in compliance with the applicable financial and other covenants contained in its bank loan agreements and lease financings described in Note 6. The weighted average interest rate (including the margin) related to the Company’s debt including lease financings (Note 7) , following a number of interest rates swaps the Company has entered into (Note 18), for the years ended December 31, 2020, 2021 and 2022 was 3.63 2.94 3.21 65 93 7 47,000 Long-term bank loans - Principal repayments (Table) Twelve month periods ending Amount December 31, 2023 $ 166,586 December 31, 2024 204,023 December 31, 2025 194,561 December 31, 2026 289,216 December 31, 2027 198,078 December 31, 2028 and thereafter 51,130 Total Long-term bank loans $ 1,103,594 Unamortized loan issuance costs (9,013) Total Long-term bank loans, net $ 1,094,581 Current portion of long-term bank loans 166,586 Long-term bank loans, net of current portion and unamortized loan issuance costs 927,995 8. Long-term bank loans - (continued): All of the Company’s bank loans and applicable lease financings (Note 7) bear interest at LIBOR or SOFR plus a margin, except for DSF $55,000 Facility described above. The amounts of “Interest and finance costs” included in the consolidated statements of operations are analyzed as follows: Long-term bank loans - Interest and finance costs (Table) Years ended December 31, 2020 2021 2022 Interest on financing agreements $ 58,379 $ 45,453 $ 56,537 Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 12) 848 2,351 (10,044) Amortization of debt (loan, lease & notes) issuance costs 7,815 6,511 4,918 Other bank and finance charges 2,513 1,721 1,167 Interest and finance costs $ 69,555 $ 56,036 $ 52,578 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, 2020, 2021 and 2022, $ 3,701 3,612 2,192 1,223 388 3,218 Also during the year 2021, in connection with the prepayments made during 2021, the Company early terminated certain of its interest rate swaps and the Company received an amount of $ 307 for the year ended December 31, 2021. Lastly, upon the an amount of $ 436 9,474 was written off, provided that the forecasted transactions associated with this hedge were no longer probable since the corresponding loan was fully prepaid. Both aforementioned amounts are included under for the years ended December 31, 2021 and 2022. |
Preferred, Common Shares and Ad
Preferred, Common Shares and Additional paid in capital | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Preferred, Common Shares and Additional paid in capital | 9. 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. During the year ended December 31, 2020, the Company issued 1,073,490 the Company paid a cash dividend of $ 4,804 0.05 On August 5, 2021, the Board of Directors authorized a share repurchase program of up to an aggregate of $ 50 466,268 790,011 22.01 25.37 10,278 20,068 As further discussed in Note 5, during the year ended December 31, 2021 the Company issued 2,100,000 3,000,000 6,971 On June 24, 2021, OCM XL Holdings, L.P., a special purpose holding vehicle owned indirectly by certain funds and accounts managed by Oaktree Capital Management, L.P., the Company’s largest shareholder, completed an underwritten secondary sale of 2,382,775 22.00 9. Preferred, Common Shares and Additional paid in capital – (continued): On July 1, 2021, the Company entered into two 75,000 . During the year ended December 31, 2022, the Company issued and sold 654,690 19,792 0 During the years ended December 31, 2021 and 2022, the Company issued 521,310 697,979 Pursuant to its existing dividend policy, the Company during the year ended December 31, 2021 declared a cash dividend of $ 230,473 0.30 0.70 1.25 233 668,464 2.00 1.65 1.65 1.20 |
Management fees
Management fees | 12 Months Ended |
Dec. 31, 2022 | |
Management Fees | |
Management fees | 10. Management fees The Company has engaged Ship Procurement Services S.A. (“SPS”), a third party company, to provide to its fleet certain procurement services. In 2018, the Company had entered into management agreements with Augustea Technoservices Ltd to provide technical management to certain of its vessels, all of which were gradually terminated by June 2022 18,405 19,489 19,071 |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 11. Equity Incentive Plans On June 7, 2021, the Company’s Board of Directors amended an incentive program that had been previously announced in January 2019 (the “Performance Incentive Program”) which provides for the issuance of shares pursuant to performance conditions being met. In particular, the amended program is triggered when the Company’s cumulative fuel cost savings, beginning from November 2019, exceed the threshold of $ 250 ,000 (“Excess Savings”). The program expires on December 31, 2024. Upon the satisfaction of the above threshold, the Board of Directors shall award a percentage ranging between 5 %- 10 %, at its discretion, of the annual Excess Savings, the value of which will be reflected in actual shares to key employees. For the years ended December 31, 2021 and 2022, the Company estimated the intrinsic value of the award based on the fuel market prices at each year end and assumed, based on its best estimate, 5 % and 7.5 %, respectively, of Excess Savings to be awarded by the Board of Directors for the first year and 5 % for the following two years of the program, and as a result an amount of $ 1,190 and $ 9,570 , respectively, was recognized and is included under “General and administrative expenses” in the consolidated statement of operations for the years ended December 31, 2021 and 2022. In addition, based on 7.5% of the actual Excess Savings as of December 31, 2022, and the closing price of the Company’s common stock as of that date of $19.23, 450,000 common shares were awarded to key employees upon the approval of the Board of Directors, which vested and were issued on February 27, 2023. During the year ended December 31, 2020 an amount of $ 1,235 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 On June 7, 2021, the Company’s Board of Directors adopted the 2021 Equity Incentive Plan (the “2021 Plan”) and reserved for issuance 515,000 515,000 401,750 56,625 56,625 18.88 On April 11, 2022, the Company's Board of Directors adopted the 2022 Equity Incentive Plan (the “2022 Plan”) and reserved for issuance 810,000 810,000 528,745 193,405 87,850 25.69 Pursuant to the aforementioned equity incentive plans, during the years ended December 31, 2020, 2021 and 2022 the Company issued 1,073,490 521,310 697,979 All non-vested shares and options, if any, 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 years ended December 31, 2020, 2021 and 2022 the Company paid $ 14 875 4,651 11. Equity Incentive Plans - (continued): 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, 2020, 2021 and 2022, the share based compensation cost was $ 4,624 10,335 28,481 A summary of the status of the Company’s non-vested restricted shares as of December 31, 2020, 2021 and 2022, 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, 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 Unvested as at January 1, 2021 415,889 $ 7.09 Granted 515,000 18.88 Vested (595,560) 15.28 Unvested as at December 31, 2021 335,329 $ 10.65 Unvested as at January 1, 2022 335,329 $ 10.65 Granted 810,000 25.69 Vested (685,139) 22.57 Unvested as at December 31, 2022 460,190 $ 19.38 As of December 31, 2022, the estimated compensation cost relating to non-vested restricted share awards (including cost for the Performance Incentive Program) not yet recognized was $ 10,876 1.50 6,681 13,104 15,464 |
Earnings _ (Loss) per share
Earnings / (Loss) per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings / (Loss) per share | 12. Earnings / (Loss) per share All common shares issued (including the restricted shares issued under the Company’s equity incentive plans) 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, 2020, 2021 and 2022 the denominator of the diluted earnings per share calculation includes 153,216 295,243 383,711 The Company calculates basic and diluted loss per share as follows: Earnings/ (Loss) per Share (Table) Years ended December 31, 2020 2021 2022 Income / (Loss) : Net income / (loss) $ 9,660 $ 680,530 $ 565,999 Basic earnings / (loss) per share: Weighted average common shares outstanding, basic 96,128,173 101,183,829 102,153,255 Basic earnings / (loss) per share $ 0.10 $ 6.73 $ 5.54 Effect of dilutive securities: Dillutive effect of non vested shares 153,216 295,243 383,711 Weighted average common shares outstanding, diluted 96,281,389 101,479,072 102,536,966 Diluted earnings / (loss) per share $ 0.10 $ 6.71 $ 5.52 |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | 13. Accrued liabilities The amounts shown in the consolidated balance sheets are analyzed as follows: Accrued liabilities (Table) December 31, 2021 December 31, 2022 Audit fees $ 400 $ 350 Legal fees 122 136 Other professional fees 1,739 1,686 Vessel operating and voyage expenses 24,406 23,992 Loan and interest rate swaps interest and financing fees 4,083 7,570 Income tax 60 250 Total Accrued Liabilities $ 30,810 $ 33,984 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 14. 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 of 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 2020, 2021 and 2022 were $ 2,103 2,634 3,838 14. Income taxes- (continued): 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 2020, 2021 and 2022 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 and Singapore, where the Company conducts activities through certain of its subsidiaries. The Company believes that its tax exposure for years ended December 31, 2020, 2021 and 2022 in the above jurisdictions is immaterial. The amount of income taxes recognized with respect to these jurisdictions for the years ended December 31, 2020, 2021 and 2022 was $ 152 16 244 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. 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 b) Other contingencies: 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. Vessels in Ukraine The geopolitical situation in Eastern Europe intensified in late February 2022, with the commencement of Russia’s military action against Ukraine. Three of the Company’s vessels, the Star Pavlina Star Helena Star Laura Star Helena Star Laura Star Pavlina 15. Commitments and Contingencies - (continued): 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, 2022. Charter party agreements Commitments and Contingencies - Charter party agreements (Table) Twelve month periods ending December 31, + inflows/ - outflows Total 2023 2024 2025 2026 2027 2028 and thereafter Future, minimum, non-cancellable charter revenue (1) $ 69,438 $ 49,188 $ 18,600 $ 1,650 $ - $ - $ - Total $ 69,438 $ 49,188 $ 18,600 $ 1,650 $ - $ - $ - (1) The amounts represent the minimum contractual charter revenues to be generated from the existing, as of December 31, 2022, 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. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of each agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of December 31, 2022 and ii) the remaining minimum duration of each contract. Other commitments: Commitments and Contingencies - Other commitments (Table) Twelve month periods ending December 31, + inflows/ - outflows Total 2023 2024 2025 2026 2027 2028 and thereafter Charter-in expense newbuilding vessels (1) $ (212,833) $ - $ (17,323) $ (30,204) $ (30,204) $ (30,204) $ (104,898) Vessel BWTS and ESD (2) (14,133) (14,133) - - - - - Total $ (226,966) $ (14,133) $ (17,323) $ (30,204) $ (30,204) $ (30,204) $ (104,898) (1) The amounts represent minimum contractual charter-in commitments to be incurred with respect to four newbuilding Kamsarmax and two newbuilding Ultramax vessels which are expected to be delivered during 2024 and the charter-in contracts have a minimum duration of 84 months per vessel. (2) The amounts represent the Company’s commitments as of December 31, 2022, for installation of BWTS and ESD on its vessels, so as to comply with environmental regulations. |
Voyage revenues
Voyage revenues | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Voyage revenues | 16. Voyage revenues The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the years ended December 31, 2020, 2021 and 2022, as presented in the consolidated statements of operation: Voyage revenues (Table) Years ended December 31, 2020 2021 2022 Time charters $ 309,503 $ 745,442 $ 841,057 Voyage charters 385,482 683,146 591,479 Pool revenues (1,744) (1,165) 4,620 $ 693,241 $ 1,427,423 $ 1,437,156 16. Voyage revenues - (continued): As of December 31, 2022 and 2021, trade accounts receivable from voyage charter agreements amounted to $ 24,144 and $ 44,647 respectively. This decrease was attributable to the timing of collections and lower rates prevailing at each year-end. No write-off was recorded in both years in connection with the voyage charter agreements. Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $ 10,289 unearned revenue related to voyage charter agreements in progress as of December 31, 2021, which was recognized in earnings during the year ended December 31, 2022 as the performance obligations were satisfied in that period. In addition, the Company recorde 9,215 unearned revenue related to voyage charter agreements in progress as of December 31, 2022, which will be recognized in earnings during the year ending December 31, 2023 as the performance obligations will be satisfied in that period. This decrease of 1,074 was mainly attributable to the weaker market conditions prevailing at year end of 2022 compared to the same period in 2021 while it is also affected by the timing of collections. Further, as of December 31, 2022, amounting of $ 4,366 , remaining almost at the same level compared to $ 4,923 as of December 31, 2021. Demurrage income for the years ended December 31, 2020, 2021 and 2022 amounted to $ 22,425 59,032 32,435 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, 2020, 2021 and 2022 ($3,695) ($4,188) 4,965 respectively, while the years ended December 31, 2020, 2021 and 2022 was $ 1,922 ($328) 147 29 3,351 ($492) As discussed in Note 1, during 2020, 2021 and 2022 the Company chartered-in a number of third-party vessels, to increase its operating capacity in order to satisfy its clients’ needs. 36,234 20,215 35,420 243 1,212 10,208 |
Voyage and Vessel operating exp
Voyage and Vessel operating expenses | 12 Months Ended |
Dec. 31, 2022 | |
Voyage And Vessel Operating Expenses | |
Voyage and Vessel operating expenses | 17. 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, 2020 2021 2022 Voyage expenses Port charges $ 55,738 $ 63,027 $ 70,433 Bunkers 130,800 139,252 189,424 Commissions – third parties 6,134 13,955 14,516 Commissions – related parties (Note 3) 3,780 3,870 4,140 Miscellaneous 3,606 6,007 8,021 Total voyage expenses $ 200,058 $ 226,111 $ 286,534 Voyage and Vessel operating expenses - Vessel operating expenses (Table) Vessel operating expenses Crew wages and related costs $ 109,311 $ 126,180 $ 133,769 Insurances 13,002 14,981 18,753 Maintenance, repairs, spares and stores 37,947 44,646 51,210 Lubricants 10,669 11,823 14,625 Tonnage taxes (Note 14) 2,103 2,634 3,838 Pre-delivery and Pre-joining expenses - 3,104 174 Miscellaneous 5,511 5,293 6,247 Total vessel operating expenses $ 178,543 $ 208,661 $ 228,616 |
Fair Value Measurements and Hed
Fair Value Measurements and Hedging | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Hedging | 18. 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. 18. Fair Value Measurements and Hedging - (continued): During the year ended December 31, 2020, the Company entered into various interest rate swaps with ING, DNB Bank ASA (“DNB”), SEB, Citibank Europe PLC (“Citi”), Piraeus Bank and Alpha Bank S.A. the Company early terminated certain of those interest rate swaps that were in effect as of December 31, 2020 and entered into a new interest rate swap agreement with the National Bank of Greece (“NBG”), SEB and . Fair Value Measurements and Hedging - Schedule of Derivative Instrument Counterparty Trading Date Inception Expiry Fixed Rate Initial Notional Current Notional ING Mar-20 Mar-20 Mar-26 0.7000% $ 29,960 $ 24,075 ING Mar-20 Apr-20 Oct-25 0.7000% $ 39,375 $ 30,000 ING Mar-20 Apr-20 Apr-23 0.6750% $ 16,157 $ 13,050 SEB Mar-20 Apr-20 Jan-25 0.7270% $ 58,885 $ 46,879 Citi Jun-20 Jul-20 Oct-23 0.3300% $ 104,450 $ 71,600 Citi Jun-20 Aug-20 May-24 0.3510% $ 56,075 $ 44,396 Citi Jun-20 Jun-20 Dec-23 0.3380% $ 94,538 $ 61,237 Citi Jun-20 Jun-20 Aug-23 0.3280% $ 56,915 $ 35,515 Citi Jun-20 Jul-20 Jul-23 0.3250% $ 99,816 $ 79,853 Citi Jun-20 Aug-20 May-24 0.3520% $ 31,350 $ 24,780 Citi Jun-20 Sep-20 Mar-24 0.3430% $ 33,390 $ 27,825 ING July 20 Jul-20 Jul-20 Jul-26 0.3700% $ 70,000 $ 43,750 SEB Feb-21 Apr-21 Jan-26 0.4525% $ 37,050 $ 25,350 ABN Feb-21 Mar-21 Dec-23 0.3120% $ 84,548 $ 61,237 NBG Jun-21 Jun-21 Jun-23 0.6500% $ 125,000 $102,500 The above interest rate swaps were designated and qualified as cash flow hedges while they are in effect, with the exception of one of the swaps that have been entered with Citi (the swap with current notional amount of $ 44,396 A gain of approximately $ 15,867 Forward Freight Agreements (“FFAs”) and Bunker Swaps: During the years ended December 31, 2020, 2021 and 2022, 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, 2020, 2021 and 2022 and the valuation of the Company’s open position as at December 31, 2021 and 2022 are presented in the tables below. During the years ended December 31, 2020, 2021 and 2022, the Company entered into a certain number of bunker swaps. The results of the Company’s bunker swaps during the years ended December 31, 2020, 2021 and 2022 and the valuation of the Company’s open position as at December 31, 2021 and 2022 are presented in the tables below. 18. Fair Value Measurements and Hedging - (continued): The amount of Gain/(loss) on forward freight agreements and bunker swaps, net and on interest rate swaps recognized in the consolidated statements of operations are analyzed as follows: Fair Value Measurements and Hedging - Derivative instruments effect on statements of operations (Table) Years ended December 31, 2020 2021 2022 Consolidated Statement of Operations Interest and finance costs Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) (848) (2,351) 10,044 Total Gain/(loss) recognized $ (848) $ (2,351) $ 10,044 Gain/(loss) on forward freight agreements and bunker swaps, net Realized gain/(loss) on forward freight agreements and freight options (5,995) 1,308 1,165 Realized gain/(loss) on bunker swaps 20,856 748 (5,198) Unrealized gain/(loss) on forward freight agreements and freight options (430) 1,802 (1,398) Unrealized gain/(loss) on bunker swaps 1,725 (294) 3,980 Total Gain/(loss) recognized $ 16,156 $ 3,564 $ (1,451) The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2021 and 2022, 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) Significant Other Observable Inputs (Level 2) December 31, 2021 December 31, 2022 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 Forward freight agreements - current Derivatives, current asset portion $ 1,440 $ - $ 191 $ - Bunker swaps - current Derivatives, current asset portion $ 7 $ - $ 3,688 $ - Forward freight agreements - non-current Derivatives, non-current asset portion $ 150 $ - $ - $ - Total $ 1,597 $ - $ 3,879 $ - LIABILITIES Bunker swaps - current Derivatives, current asset portion $ 300 $ - $ - $ - Total $ 300 $ - $ - $ - 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, 2021 and 2022 amounted to $ 10,128 2,199 18. Fair Value Measurements and Hedging - (continued): 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, 2022, 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 $ 43,598 825 44,423 The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2021 and 2022, 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, 2021 December 31, 2022 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 Interest rate swaps - current Derivatives, current asset portion $ - $ 549 $ 1,665 $ 20,041 Interest rate swaps - non-current Derivatives, non-current asset portion $ - $ 6,763 $ 798 $ 7,868 Total $ - $ 7,312 $ 2,463 $ 27,909 LIABILITIES Interest rate swaps - current Derivatives, current liability portion $ - $ 443 $ - $ - Total $ - $ 443 $ - $ - |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events (a) On January 13, 2023, the Company drew down the amounts of $ 22,829 and $ 24,171 , under the two tranches available of the “Standard Chartered $47,000 Facility” (Note 8). (b) On 0.60 March 14, 2023 February 28, 2023 (c) 55,000 26,119 |
Significant Accounting polici_2
Significant Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 2020, 2021 and 2022. |
Equity method investments | b) Equity method investments : |
Use of estimates | c) Use of estimates : 2. Significant Accounting policies - (continued): |
Comprehensive income/(loss) | d) Comprehensive income/(loss) : |
Concentration of credit risk | e) Concentration of credit risk : Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and restricted cash, trade accounts receivable and derivative contracts (including freight derivatives, bunker derivatives and interest rate swaps). The Company’s policy is to place its cash with financial institutions evaluated as being creditworthy and are therefore exposed to minimal credit risk. The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative contracts. To manage this risk, the Company mainly selects freight derivatives and bunker swaps that clear through reputable clearing houses, such as European Energy Exchange (“EEX”), Singapore Exchange (“SGX”) or Intercontinental Exchange (“ICE”), as the case may be, and limits its exposure in over the counter transactions. The Company performs periodic evaluations of the relative credit standing of those financial institutions with which the Company transacts. In addition, the Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition. |
Foreign currency transactions | f) Foreign currency transactions : The functional currency of the Company is the U.S. Dollar since its vessels operate in the international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company’s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the period are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the period-end exchange rates. Resulting gains/(losses) are included in “Interest income and other income/(loss)” in the consolidated statements of operations. |
Cash and cash equivalents | g) Cash and cash equivalents : The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less or from which cash is readily available without penalty, to be cash equivalents. |
Restricted cash | h) Restricted cash : Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company’s borrowing arrangements or derivative contracts, which are legally restricted as to withdrawal or use. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets. Otherwise, they are classified as non-current assets. 2. Significant Accounting policies - (continued): |
Trade accounts receivable, net | i) Trade accounts receivable, net : Financial Instruments - Credit Losses 373 629 677 |
Inventories | j) Inventories 17,326 0 |
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 years 0.3 |
Advances for vessels under construction and acquisition of vessels | l) Advances for vessels under construction and acquisition of vessels : 2. Significant Accounting policies - (continued): |
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 : 2. Significant Accounting policies - (continued): |
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 : . 2. Significant Accounting policies - (continued): |
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 option 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 : 2. Significant Accounting policies - (continued): |
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, 2020, 2021 and 2022 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 2021 and 2022 the majority of 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 basis over the term of the respective time charter agreement for which the performance obligations are satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. Time charter agreements may 26,758 47,824 99,104 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. The time charter hire rate received includes 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. 2. Significant Accounting policies - (continued): 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 basis over the voyage days from the loading of cargo to its discharge. 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, 2020, 2021 and 2022 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 later 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 measurement | u) Fair value measurement s: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” that defines and provides guidance as to the measurement of fair value. ASC 820 creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable data, for example, the reporting entity’s own data. Under the standard, fair value measurements are separately disclosed by level within the fair value hierarchy (Note 18). 2. Significant Accounting policies - (continued): |
Earnings / (loss) per share | v) Earnings / (loss) per share : |
Segment reporting | w) Segment reporting : |
Leases | x) Leases : The Company, as lessee, recognizes assets and liabilities on the balance sheet for the rights and obligations created by all leases with a term of more than 12 months. For lessees, leases are classified as either finance or operating, with classification affecting the pattern of expense recognition on the income statement. ASC 842 requires lessors to classify leases as a sales-type, direct financing, or operating leases. All leases that are not sales-type leases or direct financing leases (i.e that in effect neither transfer control of the underlying asset to the lessee nor transfer substantially all of the risks and benefits of the underlying asset to the lessee) are operating leases. Refer to Note 2(t) for the lease arrangements with the Company acting as lessor. 2. Significant Accounting policies - (continued): The following are types of contracts with the Company acting as lessee: A) Time 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 under ASC 842. 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, 2021 and 2022 were of this type. 2. Significant Accounting policies - (continued): 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, 2021 and 2022. D) Office rental arrangements that the Company enters into, which it has determined to be operating leases. The office spaces that the Company leases are mostly located in Greece, Cyprus and Singapore. Payments under these arrangements are fixed with no variable payments. The assets and liabilities recognized in respect of these agreements that correspond to the underlying rights and obligations are presented within “Operating leases, right-of-use assets” and “Operating lease liabilities” in the consolidated balance sheets (Note 6). The lease expenses attributable to these leases are recognized on a straight line basis over the lease term and are recorded in “General and administrative expenses” in the consolidated statements of operations. 2. Significant Accounting policies - (continued): |
Derivatives & Hedging | y) Derivatives & Hedging : i) Interest rate swaps and foreign currency exchange rates swaps: The Company enters into derivative and from time to time into non-derivative financial instruments to manage risks related to fluctuations of interest rates (Note 18) 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. 2. Significant Accounting policies - (continued): 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” in the consolidated statements of operations (Note 18). Discontinuation of hedge relationships The Company discontinues prospectively cash flow or fair value 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, when deemed appropriate from a risk management perspective, the Company takes 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 EEX or SGX. 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” (Note 18). Also, when deemed appropriate from a risk management perspective, 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, such as ICE. The Company measures the fair value of all open positions at each reporting date which 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” (Note 18). 2. Significant accounting policies – (continued): |
Taxation | z) Taxation : |
Offering costs | aa) Offering costs : |
Share repurchases | ab) Share repurchases : Recent accounting pronouncements – not yet adopted In 2020, the Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place, the amendments in this Update defer the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The date of adoption of this optional guidance and the effect on its consolidated financial statements and accompanying notes is currently under evaluation by the Company. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Pearl Shiptrade LLC Gargantua (1) 209,529 April 2, 2015 2015 2 Star Ennea LLC Star Gina 2GR 209,475 February 26, 2016 2016 3 Coral Cape Shipping LLC Maharaj (1) 209,472 July 15, 2015 2015 4 Sea Diamond Shipping LLC Goliath (1) 207,999 July 15, 2015 2015 5 Star Castle II LLC Star Leo 207,939 May 14, 2018 2018 6 ABY Eleven LLC Star Laetitia 207,896 August 3, 2018 2017 7 Domus Shipping LLC Star Ariadne 207,774 March 28, 2017 2017 8 Star Breezer LLC Star Virgo 207,774 March 1, 2017 2017 9 Star Seeker LLC Star Libra 207,727 June 6, 2016 2016 10 ABY Nine LLC Star Sienna 207,721 August 3, 2018 2017 11 Clearwater Shipping LLC Star Marisa 207,671 March 11 2016 2016 12 ABY Ten LLC Star Karlie 207,566 August 3, 2018 2016 13 Star Castle I LLC Star Eleni 207,517 January 3, 2018 2018 14 Festive Shipping LLC Star Magnanimus 207,490 March 26, 2018 2018 15 New Era II Shipping LLC Debbie H 206,823 May 28, 2019 2019 16 New Era III Shipping LLC Star Ayesha 206,814 July 15, 2019 2019 17 New Era I Shipping LLC Katie K 206,803 April 16, 2019 2019 18 Cape Ocean Maritime LLC Leviathan 182,466 September 19, 2014 2014 19 Cape Horizon Shipping LLC Peloreus 182,451 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 Sandra Shipco LLC Star Pauline 180,233 December 29, 2014 2008 23 Christine Shipco LLC Star Martha 180,231 October 31, 2014 2010 24 Pacific Cape Shipping LLC Pantagruel 180,140 July 11, 2014 2004 25 Star Polaris LLC Star Polaris 179,648 November 14, 2011 2011 26 Star Borealis LLC Star Borealis 179,601 September 9, 2011 2011 27 Star Nor III LLC Star Lyra 179,147 July 6, 2018 2009 28 Star Regg V LLC Star Borneo 178,978 January 26, 2021 2010 29 Star Regg VI LLC Star Bueno 178,978 January 26, 2021 2010 30 Star Regg IV LLC Star Marilena 178,977 January 26, 2021 2010 31 Star Regg I LLC Star Marianne 178,841 January 14, 2019 2010 32 Star Regg II LLC Star Janni 177,939 January 7, 2019 2010 33 Star Trident V LLC Star Angie 177,931 October 29, 2014 2007 34 Sky Cape Shipping LLC Big Fish 177,620 July 11, 2014 2004 35 Global Cape Shipping LLC Kymopolia 176,948 July 11, 2014 2006 36 Star Trident XXV LLC Star Triumph 176,274 December 8, 2017 2004 37 ABY Fourteen LLC Star Scarlett 175,800 August 3, 2018 2014 38 ABY Fifteen LLC Star Audrey 175,125 August 3, 2018 2011 39 Sea Cape Shipping LLC Big Bang 174,109 July 11, 2014 2007 40 ABY I LLC Star Paola 115,259 August 3, 2018 2011 1. Basis of Presentation and General Information – (continued): Subsidiaries owning vessels in operation: Date Wholly Owned Subsidiaries Vessel Name DWT Delivered to Star Bulk Year Built 41 ABM One LLC Star Eva 106,659 August 3, 2018 2012 42 Nautical Shipping LLC Amami 98,648 July 11, 2014 2011 43 Majestic Shipping LLC Madredeus 98,648 July 11, 2014 2011 44 Star Sirius LLC Star Sirius 98,648 March 7, 2014 2011 45 Star Vega LLC Star Vega 98,648 February 13, 2014 2011 46 ABY II LLC Star Aphrodite 92,006 August 3, 2018 2011 47 Augustea Bulk Carrier LLC Star Piera 91,952 August 3, 2018 2010 48 Augustea Bulk Carrier LLC Star Despoina 91,945 August 3, 2018 2010 49 Star Trident I LLC Star Kamila 87,001 September 3, 2014 2005 50 Star Nor IV LLC Star Electra 83,494 July 6, 2018 2011 51 Star Alta I LLC Star Angelina 82,953 December 5, 2014 2006 52 Star Alta II LLC Star Gwyneth 82,703 December 5, 2014 2006 53 Star Nor VI LLC Star Luna 82,687 July 6, 2018 2008 54 Star Nor V LLC Star Bianca 82,672 July 6, 2018 2008 55 Grain Shipping LLC Pendulum 82,578 July 11, 2014 2006 56 Star Trident XIX LLC Star Maria 82,578 November 5, 2014 2007 57 Star Trident XII LLC Star Markella 82,574 September 29, 2014 2007 58 ABY Seven LLC Star Jeanette 82,567 August 3, 2018 2014 59 Star Trident IX LLC Star Danai 82,554 October 21, 2014 2006 60 Star Sun I LLC Star Elizabeth 82,430 May 25, 2021 2021 61 Star Sun II LLC Star Pavlina 82,361 June 16, 2021 2021 62 Star Trident XI LLC Star Georgia 82,281 October 14, 2014 2006 63 Star Trident VIII LLC Star Sophia 82,252 October 31, 2014 2007 64 Star Trident XVI LLC Star Mariella 82,249 September 19, 2014 2006 65 Star Trident XIV LLC Star Moira 82,220 November 19, 2014 2006 66 Star Trident X LLC Star Renee 82,204 December 18, 2014 2006 67 Star Trident XIII LLC Star Laura 82,192 December 8, 2014 2006 68 Star Trident XV LLC Star Jennifer 82,192 April 15, 2015 2006 69 Star Nor VIII LLC Star Mona 82,188 July 6, 2018 2012 70 Star Trident II LLC Star Nasia 82,183 August 29, 2014 2006 71 Star Nor VII LLC Star Astrid 82,158 July 6, 2018 2012 72 Star Trident XVII LLC Star Helena 82,150 December 29, 2014 2006 73 Star Trident XVIII LLC Star Nina 82,145 January 5, 2015 2006 74 Waterfront Two LLC Star Alessia 81,944 August 3, 2018 2017 75 Star Nor IX LLC Star Calypso 81,918 July 6, 2018 2014 76 Star Elpis LLC Star Suzanna 81,644 May 15, 2017 2013 77 Star Gaia LLC Star Charis 81,643 March 22, 2017 2013 78 Mineral Shipping LLC Mercurial Virgo 81,502 July 11, 2014 2013 79 Star Nor X LLC Stardust 81,502 July 6, 2018 2011 80 Star Nor XI LLC Star Sky 81,466 July 6, 2018 2010 81 Star Zeus VI LLC Star Lambada 81,272 March 16, 2021 2016 82 Star Zeus I LLC Star Capoeira 81,253 March 16, 2021 2015 83 Star Zeus II LLC Star Carioca 81,199 March 16, 2021 2015 84 Star Zeus VII LLC Star Macarena 81,198 March 6, 2021 2016 85 ABY III LLC Star Lydia 81,187 August 3, 2018 2013 86 ABY IV LLC Star Nicole 81,120 August 3, 2018 2013 87 ABY Three LLC Star Virginia 81,061 August 3, 2018 2015 88 Star Nor XII LLC Star Genesis 80,705 July 6, 2018 2010 89 Star Nor XIII LLC Star Flame 80,448 July 6, 2018 2011 1. Basis of Presentation and General Information – (continued): Subsidiaries owning vessels in operation: Date Wholly Owned Subsidiaries Vessel Name DWT Delivered to Star Bulk Year Built 90 Star Trident III LLC Star Iris 76,390 September 8, 2014 2004 91 Star Trident XX LLC Star Emily 76,339 September 16, 2014 2004 92 Orion Maritime LLC Idee Fixe 63,437 March 25, 2015 2015 93 Primavera Shipping LLC Roberta 63,404 March 31, 2015 2015 94 Success Maritime LLC Laura 63,377 April 7, 2015 2015 95 Star Zeus III LLC Star Athena 63,371 May 19, 2021 2015 96 Ultra Shipping LLC Kaley 63,261 June 26, 2015 2015 97 Blooming Navigation LLC Kennadi (1) 63,240 January 8, 2016 2016 98 Jasmine Shipping LLC Mackenzie (1) 63,204 March 2, 2016 2016 99 Star Lida I Shipping LLC Star Apus 63,123 July 16, 2019 2014 100 Star Zeus V LLC Star Bovarius 61,571 March 16, 2021 2015 101 Star Zeus IV LLC Star Subaru 61,521 March 16, 2021 2015 102 Star Nor XV LLC Star Wave 61,491 July 6, 2018 2017 103 Star Challenger I LLC Star Challenger (1) 61,462 December 12, 2013 2012 104 Star Challenger II LLC Star Fighter (1) 61,455 December 30, 2013 2013 105 Aurelia Shipping LLC Honey Badger (1) 61,324 February 27, 2015 2015 106 Star Axe II LLC Star Lutas (1) 61,323 January 6, 2016 2016 107 Rainbow Maritime LLC Wolverine (1) 61,268 February 27, 2015 2015 108 Star Axe I LLC Star Antares (1) 61,234 October 9, 2015 2015 109 ABY Five Ltd Star Monica 60,935 August 3, 2018 2015 110 Star Asia I LLC Star Aquarius 60,873 July 22, 2015 2015 111 Star Asia II LLC Star Pisces (1) 60,873 August 7, 2015 2015 112 Star Nor XIV LLC Star Glory 58,680 July 6, 2018 2012 113 Star Lida XI Shipping LLC Star Pyxis 56,615 August 19, 2019 2013 114 Star Lida VIII Shipping LLC Star Hydrus 56,604 August 8, 2019 2013 115 Star Lida IX Shipping LLC Star Cleo 56,582 July 15, 2019 2013 116 Star Trident VII LLC Diva 56,582 July 24, 2017 2011 117 Star Lida VI Shipping LLC Star Centaurus 56,559 September 18, 2019 2012 118 Star Lida VII Shipping LLC Star Hercules 56,545 July 16, 2019 2012 119 Star Lida X Shipping LLC Star Pegasus 56,540 July 15, 2019 2013 120 Star Lida III Shipping LLC Star Cepheus 56,539 July 16, 2019 2012 121 Star Lida IV Shipping LLC Star Columba 56,530 July 23, 2019 2012 122 Star Lida V Shipping LLC Star Dorado 56,507 July 16, 2019 2013 123 Star Lida II Shipping LLC Star Aquila 56,506 July 15, 2019 2012 124 Star Regg III LLC Star Bright 55,783 October 10, 2018 2010 125 Glory Supra Shipping LLC Strange Attractor 55,715 July 11, 2014 2006 126 Star Omicron LLC Star Omicron 53,444 April 17, 2008 2005 127 Star Zeta LLC Star Zeta 52,994 January 2, 2008 2003 128 Star Theta LLC Star Theta 52,425 December 6, 2007 2003 Total dwt 14,072,068 (1) Subject to sale and lease back financing transaction (Note 7) |
Basis of Pesentation and General Information - List of Non-vessel owning companies (Table) | Non-vessel owning subsidiaries at December 31, 2022 Basis of Pesentation and General Information - List of Non-vessel owning companies (Table) Wholly Owned Subsidiaries 1 Star Bulk Management Inc. 19 Star Aurora LLC 2 Starbulk S.A. 20 Star Epsilon LLC 3 Star Bulk Manning LLC 21 Star ABY LLC 4 Star Bulk Shipmanagement Company (Cyprus) Limited 22 ABY Group Holding LLC 5 Candia Shipping Limited (ex Optima Shipping Limited) 23 Star Regina LLC 6 Star Omas LLC 24 Star Bulk (Singapore) Pte. Ltd. 7 Star Synergy LLC 25 Star Bulk Germany GmbH 8 Oceanbulk Shipping LLC 26 Star Mare LLC 9 Oceanbulk Carriers LLC 27 Star Sege Ltd 10 Star Bulk Finance (Cyprus) Limited 28 Star Regg VII LLC 11 Star Ventures LLC 29 Star Cosmo LLC 12 Star Logistics LLC (ex Dry Ventures LLC) 30 Star Delta LLC 13 Unity Holding LLC 31 Star Kappa LLC 14 Star Bulk (USA) LLC 32 Star Trident VI LLC 15 Star Bulk Norway AS (1) 33 Star Uranus LLC 16 Star New Era LLC 34 Star Zeus LLC 17 Star Thor LLC 18 Star Gamma 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 2020 A 11 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties - Balance Sheets (Table) | Transactions with Related Parties - Balance Sheets (Table) Balance Sheet December 31, 2021 December 31, 2022 Due from related parties Oceanbulk Maritime and its affiliates (d) $ 133 $ 287 Interchart (a) 3 3 AOM (j) 52 - Starocean (i) 34 34 Product Shipping & Trading S.A. 20 - Due from related parties $ 242 $ 324 Due to related parties Combine Marine Ltd. (c ) $ 18 $ - Management and Directors Fees (b) 159 114 Augustea Technoservices Ltd. and affiliates (f) 877 - Iblea Ship Management Limited (g) 372 1,387 Due to related parties $ 1,426 $ 1,501 |
Transactions with Related Parties - Statements of Operations (Table) | Transactions with Related Parties - Statements of Operations (Table) Statements of Operations Years ended December 31, 2020 2021 2022 Voyage expenses: Voyage expenses-Interchart (a) $ (3,780) $ (3,870) $ (4,140) Voyage expenses- Augustea Technoservices Ltd. and affiliates (f) (95) - - General and administrative expenses: Consultancy fees (b) $ (598) $ (535) $ (543) Directors compensation (b) (179) (183) (185) Office rent - Combine Marine Ltd. & Alma Properties (c ) (40) (41) (37) General and administrative expenses - Oceanbulk Maritime and its affiliates (d) (268) (252) (179) Management fees: Management fees- Augustea Technoservices Ltd. and affiliates (f) $ (6,588) $ (6,472) $ (1,250) Management fees- Iblea Ship Management Limited (g) - (79) (3,264) Charter-in hire expenses: Charter - in hire expenses - AOM (j) $ (5,442) $ (4,069) $ - Charter - in hire expenses - Sydelle (h) (540) - - Charter - in hire expenses - Coromel (k) (249) - - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories (Table) | Inventories (Table) December 31, 2021 December 31, 2022 Lubricants $ 12,522 $ 15,863 Bunkers 62,555 51,299 Total $ 75,077 $ 67,162 |
Vessels and other fixed asset_2
Vessels and other fixed assets, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020 $ 3,529,881 $ (652,762) $ 2,877,119 - Acquisition of other fixed assets, vessel improvements and other vessel costs 288,559 - 288,559 - Depreciation for the period - (152,640) (152,640) Balance, December 31, 2021 $ 3,818,440 $ (805,402) $ 3,013,038 - Acquisition of other fixed assets, vessel improvements and other vessel costs 25,246 - 25,246 - Depreciation for the period - (156,733) (156,733) Balance, December 31, 2022 $ 3,843,686 $ (962,135) $ 2,881,551 |
Operating leases (Tables)
Operating leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Leases | |
Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) | Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) Twelve month periods ending Amount December 31, 2023 $ 10,769 December 31, 2024 5,917 December 31, 2025 6,242 December 31, 2026 5,900 December 31, 2027 6,242 December 31, 2028 and thereafter 5,763 Total undiscounted lease payments $ 40,833 Discount based on incremental borrowing rate (3,642) Present value of lease liability 37,191 |
Operating leases - Operating lease liabilities of office rental agreements (Table) | Operating leases - Operating lease liabilities of office rental agreements (Table) Twelve month periods ending Amount December 31, 2023 $ 309 December 31, 2024 119 December 31, 2025 - December 31, 2026 - December 31, 2027 - December 31, 2028 and thereafter - Total undiscounted lease payments $ 428 Discount based on incremental borrowing rate (1) Present value of lease liability 427 |
Lease financing (Tables)
Lease financing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease Financing | |
Lease financing - Capital lease obligations, Principal payments (Table) | Lease financing - Capital lease obligations, Principal payments (Table) Twelve month periods ending Amount December 31, 2023 $ 15,361 December 31, 2024 15,361 December 31, 2025 15,361 December 31, 2026 21,757 December 31, 2027 20,752 December 31, 2028 and thereafter 104,688 Total bareboat lease minimum payments $ 193,280 Unamortized lease issuance costs (2,681) Total bareboat lease minimum payments, net $ 190,599 Lease financing short term 15,361 Lease financing long term, net of unamortized lease issuance costs 175,238 |
Long-term bank loans (Tables)
Long-term bank loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term bank loans - Principal repayments (Table) | Long-term bank loans - Principal repayments (Table) Twelve month periods ending Amount December 31, 2023 $ 166,586 December 31, 2024 204,023 December 31, 2025 194,561 December 31, 2026 289,216 December 31, 2027 198,078 December 31, 2028 and thereafter 51,130 Total Long-term bank loans $ 1,103,594 Unamortized loan issuance costs (9,013) Total Long-term bank loans, net $ 1,094,581 Current portion of long-term bank loans 166,586 Long-term bank loans, net of current portion and unamortized loan issuance costs 927,995 |
Long-term bank loans - Interest and finance costs (Table) | Long-term bank loans - Interest and finance costs (Table) Years ended December 31, 2020 2021 2022 Interest on financing agreements $ 58,379 $ 45,453 $ 56,537 Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 12) 848 2,351 (10,044) Amortization of debt (loan, lease & notes) issuance costs 7,815 6,511 4,918 Other bank and finance charges 2,513 1,721 1,167 Interest and finance costs $ 69,555 $ 56,036 $ 52,578 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 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 Unvested as at January 1, 2021 415,889 $ 7.09 Granted 515,000 18.88 Vested (595,560) 15.28 Unvested as at December 31, 2021 335,329 $ 10.65 Unvested as at January 1, 2022 335,329 $ 10.65 Granted 810,000 25.69 Vested (685,139) 22.57 Unvested as at December 31, 2022 460,190 $ 19.38 |
Earnings _ (Loss) per share (Ta
Earnings / (Loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings/ (Loss) per Share (Table) | Earnings/ (Loss) per Share (Table) Years ended December 31, 2020 2021 2022 Income / (Loss) : Net income / (loss) $ 9,660 $ 680,530 $ 565,999 Basic earnings / (loss) per share: Weighted average common shares outstanding, basic 96,128,173 101,183,829 102,153,255 Basic earnings / (loss) per share $ 0.10 $ 6.73 $ 5.54 Effect of dilutive securities: Dillutive effect of non vested shares 153,216 295,243 383,711 Weighted average common shares outstanding, diluted 96,281,389 101,479,072 102,536,966 Diluted earnings / (loss) per share $ 0.10 $ 6.71 $ 5.52 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued liabilities (Table) | Accrued liabilities (Table) December 31, 2021 December 31, 2022 Audit fees $ 400 $ 350 Legal fees 122 136 Other professional fees 1,739 1,686 Vessel operating and voyage expenses 24,406 23,992 Loan and interest rate swaps interest and financing fees 4,083 7,570 Income tax 60 250 Total Accrued Liabilities $ 30,810 $ 33,984 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Charter party agreements (Table) | Commitments and Contingencies - Charter party agreements (Table) Twelve month periods ending December 31, + inflows/ - outflows Total 2023 2024 2025 2026 2027 2028 and thereafter Future, minimum, non-cancellable charter revenue (1) $ 69,438 $ 49,188 $ 18,600 $ 1,650 $ - $ - $ - Total $ 69,438 $ 49,188 $ 18,600 $ 1,650 $ - $ - $ - (1) The amounts represent the minimum contractual charter revenues to be generated from the existing, as of December 31, 2022, 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. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of each agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of December 31, 2022 and ii) the remaining minimum duration of each contract. |
Commitments and Contingencies - Other commitments (Table) | Commitments and Contingencies - Other commitments (Table) Twelve month periods ending December 31, + inflows/ - outflows Total 2023 2024 2025 2026 2027 2028 and thereafter Charter-in expense newbuilding vessels (1) $ (212,833) $ - $ (17,323) $ (30,204) $ (30,204) $ (30,204) $ (104,898) Vessel BWTS and ESD (2) (14,133) (14,133) - - - - - Total $ (226,966) $ (14,133) $ (17,323) $ (30,204) $ (30,204) $ (30,204) $ (104,898) (1) The amounts represent minimum contractual charter-in commitments to be incurred with respect to four newbuilding Kamsarmax and two newbuilding Ultramax vessels which are expected to be delivered during 2024 and the charter-in contracts have a minimum duration of 84 months per vessel. (2) The amounts represent the Company’s commitments as of December 31, 2022, for installation of BWTS and ESD on its vessels, so as to comply with environmental regulations. |
Voyage revenues (Tables)
Voyage revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Voyage revenues (Table) | Voyage revenues (Table) Years ended December 31, 2020 2021 2022 Time charters $ 309,503 $ 745,442 $ 841,057 Voyage charters 385,482 683,146 591,479 Pool revenues (1,744) (1,165) 4,620 $ 693,241 $ 1,427,423 $ 1,437,156 |
Voyage and Vessel operating e_2
Voyage and Vessel operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020 2021 2022 Voyage expenses Port charges $ 55,738 $ 63,027 $ 70,433 Bunkers 130,800 139,252 189,424 Commissions – third parties 6,134 13,955 14,516 Commissions – related parties (Note 3) 3,780 3,870 4,140 Miscellaneous 3,606 6,007 8,021 Total voyage expenses $ 200,058 $ 226,111 $ 286,534 |
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 $ 109,311 $ 126,180 $ 133,769 Insurances 13,002 14,981 18,753 Maintenance, repairs, spares and stores 37,947 44,646 51,210 Lubricants 10,669 11,823 14,625 Tonnage taxes (Note 14) 2,103 2,634 3,838 Pre-delivery and Pre-joining expenses - 3,104 174 Miscellaneous 5,511 5,293 6,247 Total vessel operating expenses $ 178,543 $ 208,661 $ 228,616 |
Fair Value Measurements and H_2
Fair Value Measurements and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Hedging - Schedule of Derivative Instrument | Fair Value Measurements and Hedging - Schedule of Derivative Instrument Counterparty Trading Date Inception Expiry Fixed Rate Initial Notional Current Notional ING Mar-20 Mar-20 Mar-26 0.7000% $ 29,960 $ 24,075 ING Mar-20 Apr-20 Oct-25 0.7000% $ 39,375 $ 30,000 ING Mar-20 Apr-20 Apr-23 0.6750% $ 16,157 $ 13,050 SEB Mar-20 Apr-20 Jan-25 0.7270% $ 58,885 $ 46,879 Citi Jun-20 Jul-20 Oct-23 0.3300% $ 104,450 $ 71,600 Citi Jun-20 Aug-20 May-24 0.3510% $ 56,075 $ 44,396 Citi Jun-20 Jun-20 Dec-23 0.3380% $ 94,538 $ 61,237 Citi Jun-20 Jun-20 Aug-23 0.3280% $ 56,915 $ 35,515 Citi Jun-20 Jul-20 Jul-23 0.3250% $ 99,816 $ 79,853 Citi Jun-20 Aug-20 May-24 0.3520% $ 31,350 $ 24,780 Citi Jun-20 Sep-20 Mar-24 0.3430% $ 33,390 $ 27,825 ING July 20 Jul-20 Jul-20 Jul-26 0.3700% $ 70,000 $ 43,750 SEB Feb-21 Apr-21 Jan-26 0.4525% $ 37,050 $ 25,350 ABN Feb-21 Mar-21 Dec-23 0.3120% $ 84,548 $ 61,237 NBG Jun-21 Jun-21 Jun-23 0.6500% $ 125,000 $102,500 |
Fair Value Measurements and Hedging - Derivative instruments effect on statements of operations (Table) | Fair Value Measurements and Hedging - Derivative instruments effect on statements of operations (Table) Years ended December 31, 2020 2021 2022 Consolidated Statement of Operations Interest and finance costs Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) (848) (2,351) 10,044 Total Gain/(loss) recognized $ (848) $ (2,351) $ 10,044 Gain/(loss) on forward freight agreements and bunker swaps, net Realized gain/(loss) on forward freight agreements and freight options (5,995) 1,308 1,165 Realized gain/(loss) on bunker swaps 20,856 748 (5,198) Unrealized gain/(loss) on forward freight agreements and freight options (430) 1,802 (1,398) Unrealized gain/(loss) on bunker swaps 1,725 (294) 3,980 Total Gain/(loss) recognized $ 16,156 $ 3,564 $ (1,451) |
Fair Value Measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) | Fair Value Measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) Significant Other Observable Inputs (Level 2) December 31, 2021 December 31, 2022 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 Forward freight agreements - current Derivatives, current asset portion $ 1,440 $ - $ 191 $ - Bunker swaps - current Derivatives, current asset portion $ 7 $ - $ 3,688 $ - Forward freight agreements - non-current Derivatives, non-current asset portion $ 150 $ - $ - $ - Total $ 1,597 $ - $ 3,879 $ - LIABILITIES Bunker swaps - current Derivatives, current asset portion $ 300 $ - $ - $ - Total $ 300 $ - $ - $ - |
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, 2021 December 31, 2022 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 Interest rate swaps - current Derivatives, current asset portion $ - $ 549 $ 1,665 $ 20,041 Interest rate swaps - non-current Derivatives, non-current asset portion $ - $ 6,763 $ 798 $ 7,868 Total $ - $ 7,312 $ 2,463 $ 27,909 LIABILITIES Interest rate swaps - current Derivatives, current liability portion $ - $ 443 $ - $ - Total $ - $ 443 $ - $ - |
Basis of Presentation and Gen_3
Basis of Presentation and General Information - List of subsidiaries (Table) (Details) | 12 Months Ended | |
Dec. 31, 2022 | ||
Gargantua [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 209,529 | [1] |
Delivery Date | April 2, 2015 | [1] |
Year Built | 2015 | [1] |
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 | [1] |
Delivery Date | July 15, 2015 | [1] |
Year Built | 2015 | [1] |
Goliath [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 207,999 | [1] |
Delivery Date | July 15, 2015 | [1] |
Year Built | 2015 | [1] |
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 | 207,774 | |
Delivery Date | March 28, 2017 | |
Year Built | 2017 | |
Star Virgo [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 207,774 | |
Delivery Date | March 1, 2017 | |
Year Built | 2017 | |
Star Libra [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 207,727 | |
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 | 207,671 | |
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 | 207,517 | |
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 | 206,823 | |
Delivery Date | May 28, 2019 | |
Year Built | 2019 | |
Star Ayesha [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 206,814 | |
Delivery Date | July 15, 2019 | |
Year Built | 2019 | |
Katie K [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 206,803 | |
Delivery Date | April 16, 2019 | |
Year Built | 2019 | |
Leviathan [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 182,466 | |
Delivery Date | September 19, 2014 | |
Year Built | 2014 | |
Peloreus [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 182,451 | |
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 Pauline [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 180,233 | |
Delivery Date | December 29, 2014 | |
Year Built | 2008 | |
Star Martha [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 180,231 | |
Delivery Date | October 31, 2014 | |
Year Built | 2010 | |
Pantagruel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 180,140 | |
Delivery Date | July 11, 2014 | |
Year Built | 2004 | |
Star Polaris [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 179,648 | |
Delivery Date | November 14, 2011 | |
Year Built | 2011 | |
Star Borealis [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 179,601 | |
Delivery Date | September 9, 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 Bueno [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 178,978 | |
Delivery Date | January 26, 2021 | |
Year Built | 2010 | |
Star Borneo [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 178,978 | |
Delivery Date | January 26, 2021 | |
Year Built | 2010 | |
Star Marilena [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 178,977 | |
Delivery Date | January 26, 2021 | |
Year Built | 2010 | |
Star Marianne [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 178,841 | |
Delivery Date | January 14, 2019 | |
Year Built | 2010 | |
Star Janni [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 177,939 | |
Delivery Date | January 7, 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 | 177,620 | |
Delivery Date | July 11, 2014 | |
Year Built | 2004 | |
Kymopolia [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 176,948 | |
Delivery Date | July 11, 2014 | |
Year Built | 2006 | |
Star Triumph [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 176,274 | |
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 | 98,648 | |
Delivery Date | July 11, 2014 | |
Year Built | 2011 | |
Madredeus [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 98,648 | |
Delivery Date | July 11, 2014 | |
Year Built | 2011 | |
Star Sirius [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 98,648 | |
Delivery Date | March 7, 2014 | |
Year Built | 2011 | |
Star Vega [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 98,648 | |
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 Kamila [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 87,001 | |
Delivery Date | September 3, 2014 | |
Year Built | 2005 | |
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 | 82,953 | |
Delivery Date | December 5, 2014 | |
Year Built | 2006 | |
Star Gwyneth [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,703 | |
Delivery Date | December 5, 2014 | |
Year Built | 2006 | |
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 | 82,578 | |
Delivery Date | July 11, 2014 | |
Year Built | 2006 | |
Star Maria [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,578 | |
Delivery Date | November 5, 2014 | |
Year Built | 2007 | |
Star Markella [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,574 | |
Delivery Date | September 29, 2014 | |
Year Built | 2007 | |
Star Jeanette [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,567 | |
Delivery Date | August 3, 2018 | |
Year Built | 2014 | |
Star Danai [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,554 | |
Delivery Date | October 21, 2014 | |
Year Built | 2006 | |
Star Elizabeth [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,430 | |
Delivery Date | May 25, 2021 | |
Year Built | 2021 | |
Star Pavlina [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,361 | |
Delivery Date | June 16, 2021 | |
Year Built | 2021 | |
Star Georgia [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,281 | |
Delivery Date | October 14, 2014 | |
Year Built | 2006 | |
Star Sophia [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,252 | |
Delivery Date | October 31, 2014 | |
Year Built | 2007 | |
Star Mariella [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,249 | |
Delivery Date | September 19, 2014 | |
Year Built | 2006 | |
Star Moira [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,220 | |
Delivery Date | November 19, 2014 | |
Year Built | 2006 | |
Star Renee [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,204 | |
Delivery Date | December 18, 2014 | |
Year Built | 2006 | |
Star Laura [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,192 | |
Delivery Date | December 8, 2014 | |
Year Built | 2006 | |
Star Jennifer [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,192 | |
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 Nasia [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,183 | |
Delivery Date | August 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 Helena [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,150 | |
Delivery Date | December 29, 2014 | |
Year Built | 2006 | |
Star Nina [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 82,145 | |
Delivery Date | January 5, 2015 | |
Year Built | 2006 | |
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 Suzanna [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 81,644 | |
Delivery Date | May 15, 2017 | |
Year Built | 2013 | |
Star Charis [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 81,643 | |
Delivery Date | March 22, 2017 | |
Year Built | 2013 | |
Mercurial Virgo [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 81,502 | |
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 Lambada [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 81,272 | |
Delivery Date | March 16, 2021 | |
Year Built | 2016 | |
Star Capoeira [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 81,253 | |
Delivery Date | March 16, 2021 | |
Year Built | 2015 | |
Star Carioca [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 81,199 | |
Delivery Date | March 16, 2021 | |
Year Built | 2015 | |
Star Macarena [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 81,198 | |
Delivery Date | March 6, 2021 | |
Year Built | 2016 | |
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 | 76,390 | |
Delivery Date | September 8, 2014 | |
Year Built | 2004 | |
Star Emily [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 76,339 | |
Delivery Date | September 16, 2014 | |
Year Built | 2004 | |
Idee Fixe [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 63,437 | |
Delivery Date | March 25, 2015 | |
Year Built | 2015 | |
Roberta [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 63,404 | |
Delivery Date | March 31, 2015 | |
Year Built | 2015 | |
Laura [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 63,377 | |
Delivery Date | April 7, 2015 | |
Year Built | 2015 | |
Star Athena [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 63,371 | |
Delivery Date | May 19, 2021 | |
Year Built | 2015 | |
Kaley [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 63,261 | |
Delivery Date | June 26, 2015 | |
Year Built | 2015 | |
Kennadi [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 63,240 | [1] |
Delivery Date | January 8, 2016 | [1] |
Year Built | 2016 | [1] |
Mackenzie [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 63,204 | [1] |
Delivery Date | March 2, 2016 | [1] |
Year Built | 2016 | [1] |
Star Apus [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 63,123 | |
Delivery Date | July 16, 2019 | |
Year Built | 2014 | |
Star Bovarius [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 61,571 | |
Delivery Date | March 16, 2021 | |
Year Built | 2015 | |
Star Subaru [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 61,521 | |
Delivery Date | March 16, 2021 | |
Year Built | 2015 | |
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 | [1] |
Delivery Date | December 12, 2013 | [1] |
Year Built | 2012 | [1] |
Star Fighter [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 61,455 | [1] |
Delivery Date | December 30, 2013 | [1] |
Year Built | 2013 | [1] |
Honey Badger [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 61,324 | [1] |
Delivery Date | February 27, 2015 | [1] |
Year Built | 2015 | [1] |
Star Lutas [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 61,323 | [1] |
Delivery Date | January 6, 2016 | [1] |
Year Built | 2016 | [1] |
Wolverine [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 61,268 | [1] |
Delivery Date | February 27, 2015 | [1] |
Year Built | 2015 | [1] |
Star Antares [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 61,234 | [1] |
Delivery Date | October 9, 2015 | [1] |
Year Built | 2015 | [1] |
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 | 60,873 | |
Delivery Date | July 22, 2015 | |
Year Built | 2015 | |
Star Pisces [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 60,873 | [1] |
Delivery Date | August 7, 2015 | [1] |
Year Built | 2015 | [1] |
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 | 55,715 | |
Delivery Date | July 11, 2014 | |
Year Built | 2006 | |
Star Omicron [Member] | ||
Property, Plant and Equipment [Line Items] | ||
DWT | 53,444 | |
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 | 14,072,068 | |
[1] Subject to sale and lease back financing transaction (Note 7) |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Charter Revenue Percentage (Table) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Charterer A [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 11% |
Basis of Presentation and Gen_5
Basis of Presentation and General Information (Details Narrative) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Date of Incorporation | December 13, 2006 | |
Number of vessels owned | 128 | |
Combined carrying capacity [Member] | ||
Vessel capacity DWT | 14,100,000 | |
Minimum [Member] | ||
Vessel capacity DWT | 52,425 | |
Maximum [Member] | ||
Vessel capacity DWT | 209,529 | |
Concentration Risk, Percentage | 10% | 10% |
Significant Accounting polici_3
Significant Accounting policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Provision for doubtful debt | $ 677,000 | $ 629,000 | $ 373,000 |
Loss on write-down of inventory | $ 17,326,000 | 0 | 0 |
Depreciation method | straight-line | ||
Useful life | 25 years | ||
Salvage value per light weight ton | $ 300 | 300 | |
Revenue For Scrubber Fitted Vessels [Member] | |||
Operating Lease, Variable Lease Income | $ 99,104,000 | $ 47,824,000 | $ 26,758,000 |
Transactions with Related Par_3
Transactions with Related Parties - Balance Sheets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Due from related parties | ||
Due from related parties | $ 324 | $ 242 |
Due to related parties | ||
Due to related parties | 1,501 | 1,426 |
Oceanbulk Maritime and its affiliates [Member] | ||
Due from related parties | ||
Due from related parties | 287 | 133 |
Interchart [Member] | ||
Due from related parties | ||
Due from related parties | 3 | 3 |
AOM [Member] | ||
Due from related parties | ||
Due from related parties | 0 | 52 |
Starocean [Member] | ||
Due from related parties | ||
Due from related parties | 34 | 34 |
Product Shipping and Trading S.A. [Member] | ||
Due from related parties | ||
Due from related parties | 0 | 20 |
Combine Marine Ltd. [Member] | ||
Due to related parties | ||
Due to related parties | 0 | 18 |
Management and Directors fees [Member] | ||
Due to related parties | ||
Due to related parties | 114 | 159 |
Augustea Technoservices Ltd. and affiliates [Member] | ||
Due to related parties | ||
Due to related parties | 0 | 877 |
Iblea Ship Management Limited [Member] | ||
Due to related parties | ||
Due to related parties | $ 1,387 | $ 372 |
Transactions with Related Par_4
Transactions with Related Parties - Statements of Operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Voyage expenses | $ (286,534) | $ (226,111) | $ (200,058) |
General and administrative expenses | (56,826) | (39,500) | (31,881) |
Management fees | (19,071) | (19,489) | (18,405) |
Charter - in hire expenses | (21,020) | (14,565) | (32,055) |
Interchart [Member] | |||
Related Party Transaction [Line Items] | |||
Voyage expenses | (4,140) | (3,870) | (3,780) |
Augustea Technoservices Ltd. and and affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Voyage expenses | 0 | 0 | (95) |
Management fees | (1,250) | (6,472) | (6,588) |
Management and Directors fees [Member] | |||
Related Party Transaction [Line Items] | |||
Consultancy fees | (543) | (535) | (598) |
Directors compensation | (185) | (183) | (179) |
Combine Marine Ltd. and Alma Properties [Member] | |||
Related Party Transaction [Line Items] | |||
Office rent | (37) | (41) | (40) |
Oceanbulk Maritime and its affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses | (179) | (252) | (268) |
Iblea Ship Management Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Management fees | (3,264) | (79) | 0 |
AOM [Member] | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | 0 | (4,069) | (5,442) |
Sydelle [Member] | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | 0 | 0 | (540) |
Coromel Maritime Limited [Member] | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | $ 0 | $ 0 | $ (249) |
Transactions with Related Par_5
Transactions with Related Parties (Details Narrative) | 6 Months Ended | 12 Months Ended | ||||||||
Jul. 03, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | Dec. 21, 2016 USD ($) | Dec. 31, 2021 USD ($) | Dec. 30, 2020 | Aug. 03, 2018 | Dec. 31, 2014 | |
Vessels acquired | 0 | |||||||||
Long-Term Investments | $ 1,676,000 | $ 1,567,000 | ||||||||
Augustea Technoservices Ltd. and affiliates [Member] | ||||||||||
Vessels acquired | 16 | |||||||||
Expiration date of agreement | June 2022 | June 2022 | ||||||||
Oaktree Capital Management L.P. [Member] | ||||||||||
Number of directors | 3 | 3 | ||||||||
Euro Member Countries, Euro | ||||||||||
Foreign Currency Exchange Rate, Translation | 1.07 | |||||||||
Management and Directors Fees [Member] | ||||||||||
Executive consultancy fees | $ 541,000 | |||||||||
Management and Directors Fees [Member] | Non - Employee Directors [Member] | ||||||||||
Executive consultancy fees | 15,000 | |||||||||
Management and Directors Fees [Member] | Chairman of Audit Committee [Member] | ||||||||||
Executive consultancy fees | 15,000 | |||||||||
Management and Directors Fees [Member] | Audit Committee Member [Member] | ||||||||||
Executive consultancy fees | 7,500 | |||||||||
Management and Directors Fees [Member] | Attendance Of Meetings [Member] | ||||||||||
Executive consultancy fees | 5,000 | |||||||||
Combine Marine Ltd [Member] | ||||||||||
Rent expense per month | $ 2,700 | € 2,500,000 | ||||||||
Lease expiration date | January 2024 | January 2024 | ||||||||
Alma Properties [Member] | ||||||||||
Rent expense per month | € 300 | $ 300 | ||||||||
Oaktree Shareholder Agreement [Member] | Oaktree Capital Management L.P. [Member] | ||||||||||
Number of directors | 9 | 9 | ||||||||
Oaktree Shareholder Agreement [Member] | Beneficial ownership of 40% ore more [Member] | Oaktree Capital Management L.P. [Member] | ||||||||||
Number of directors | 4 | 4 | ||||||||
Oaktree Shareholder Agreement [Member] | Beneficial Ownershio of 25% or more but less than 40% [Member] | Oaktree Capital Management L.P. [Member] | ||||||||||
Number of directors | 3 | 3 | ||||||||
Oaktree Shareholder Agreement [Member] | Beneficial Ownership of 15% or more but less than 25% [Member] | Oaktree Capital Management L.P. [Member] | ||||||||||
Number of directors | 2 | 2 | ||||||||
Oaktree Shareholder Agreement [Member] | Beneficial ownership of 5% or more but less than 15% [Member] | Oaktree Capital Management L.P. [Member] | ||||||||||
Number of directors | 1 | 1 | ||||||||
Piraeus Bank S. A. [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,350,000 | |||||||||
Maturity date | September 2021 | |||||||||
Interchart [Member] | ||||||||||
Ownership percentage | 33% | |||||||||
Monthly lump sum fee | $ 345,000 | $ 315,000 | $ 325,000 | |||||||
Expiration date of agreement | Dec. 31, 2022 | Dec. 31, 2022 | ||||||||
Starocean [Member] | ||||||||||
Ownership percentage | 25% | |||||||||
Starocean [Member] | Held By Local Entrepreneurs [Member] | ||||||||||
Ownership percentage | 75% | |||||||||
CCL Pool [Member] | ||||||||||
Ownership percentage | 33% | 25% | ||||||||
Long-Term Investments | $ 125,000 |
Inventories (Table) (Details)
Inventories (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Lubricants | $ 15,863 | $ 12,522 |
Bunkers | 51,299 | 62,555 |
Total | $ 67,162 | $ 75,077 |
Vessels and other fixed asset_3
Vessels and other fixed assets, net - Schedules of vessels and other fixed assets, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Balance, period start | $ 3,013,038 | ||
- Depreciation for the period | (156,733) | $ (152,640) | $ (142,293) |
Balance, period end | 2,881,551 | 3,013,038 | |
Cost [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance, period start | 3,818,440 | 3,529,881 | |
- Acquisitions, improvements and other vessel costs | 25,246 | 288,559 | |
Balance, period end | 3,843,686 | 3,818,440 | 3,529,881 |
Accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance, period start | (805,402) | (652,762) | |
- Depreciation for the period | (156,733) | (152,640) | |
Balance, period end | (962,135) | (805,402) | (652,762) |
Net Book Value [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance, period start | 3,013,038 | 2,877,119 | |
- Acquisitions, improvements and other vessel costs | 25,246 | 288,559 | |
- Depreciation for the period | (156,733) | (152,640) | |
Balance, period end | $ 2,881,551 | $ 3,013,038 | $ 2,877,119 |
Vessels and other fixed asset_4
Vessels and other fixed assets, net (Details Narrative) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | |||
Jan. 26, 2021 USD ($) shares | Mar. 03, 2021 USD ($) | Mar. 16, 2021 shares | May 19, 2021 shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 02, 2021 $ / shares shares | |
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels owned | 128 | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 25,403 | $ 130,147 | $ 72,059 | |||||
Number of vessels acquired | 0 | |||||||
Number of vessels disposed | 0 | |||||||
Asset Impairment Charges | $ 0 | $ 0 | $ 0 | |||||
Lease Agreements [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels owned | 12 | |||||||
Debt Instrument, Collateral Amount | $ 345,432 | |||||||
Star Marilena, Star Bueno and Star Borneo [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of operating vessels acquired | 3 | |||||||
Delivery Date | January 26, 2021 | |||||||
Payments to Acquire Property, Plant, and Equipment | $ 39,000 | |||||||
Number of shares issued as part of the consideration | shares | 2,100,000 | |||||||
Eneti Acquisition Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of operating vessels acquired | 7 | |||||||
Eneti Acquisition Vessels [Member] | Eneti Warrant [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Common Stock, Shares Authorized | shares | 3,000,000 | |||||||
Exercise price | $ / shares | $ 0.01 | |||||||
Eneti Acquisition Vessels [Member] | Star Bovarius, Star Subaru, Star Capoeira, Star Carioca, Star Lambada and Star Macarena [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery Date | March 16, 2021 | |||||||
Number of shares issued as part of the consideration | shares | 2,649,203 | |||||||
Eneti Acquisition Vessels [Member] | Star Athena [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery Date | May 19, 2021 | |||||||
Number of shares issued as part of the consideration | shares | 350,797 | |||||||
Kamsarmax Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels acquired | 2 | |||||||
Purchase price | $ 55,000 | |||||||
Kamsarmax Vessels [Member] | Star Elizabeth I [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery Date | May 25, 2021 | |||||||
Kamsarmax Vessels [Member] | Star Pavlina I [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery Date | June 16, 2021 | |||||||
First-priority mortgage [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels owned as collateral | 88 | |||||||
Number of vessels owned | 101 | |||||||
Debt Instrument, Collateral Amount | $ 2,282,431 | |||||||
Second-priority mortgage [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Debt Instrument, Collateral Amount | $ 360,397 |
Operating leases - Operating le
Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) (Details) - Time charter-in vessels [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Property, Plant and Equipment [Line Items] | |
December 31, 2023 | $ 10,769 |
December 31, 2024 | 5,917 |
December 31, 2025 | 6,242 |
December 31, 2026 | 5,900 |
December 31, 2027 | 6,242 |
December 31, 2028 and thereafter | 5,763 |
Total undiscounted lease payments | 40,833 |
Discount based on incremental borrowing rate | (3,642) |
Present value of lease liability | $ 37,191 |
Operating leases - Operating _2
Operating leases - Operating lease liabilities of office rental agreements (Table) (Details) - Office Rental [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Property, Plant and Equipment [Line Items] | |
December 31, 2023 | $ 309 |
December 31, 2024 | 119 |
December 31, 2025 | 0 |
December 31, 2026 | 0 |
December 31, 2027 | 0 |
December 31, 2028 and thereafter | 0 |
Total undiscounted lease payments | 428 |
Discount based on incremental borrowing rate | (1) |
Present value of lease liability | $ 427 |
Operating leases (Details Narra
Operating leases (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Liability, Noncurrent | $ 27,663 | $ 48,256 | |
Operating Lease, Right-of-Use Asset | 37,618 | 48,256 | |
Office Rental [Member] | |||
Operating Lease, Liability, Noncurrent | 427 | 552 | |
Operating Lease, Right-of-Use Asset | $ 427 | 552 | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.80% | ||
Operating Lease, Weighted Average Remaining Lease Term | 1 year 5 months 26 days | ||
Operating lease expense | $ 503 | 501 | $ 461 |
Charter In Vessels [Member] | |||
Operating Lease, Liability, Noncurrent | 37,191 | 47,704 | |
Operating Lease, Right-of-Use Asset | $ 37,191 | $ 47,704 | |
Operating Lease, Weighted Average Discount Rate, Percent | 3% | ||
Operating Lease, Weighted Average Remaining Lease Term | 5 years 4 months 6 days |
Lease financing - Capital lease
Lease financing - Capital lease obligations, Principal payments (Table) (Details) - Financing Lease [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
December 31, 2023 | $ 15,361 |
December 31, 2024 | 15,361 |
December 31, 2025 | 15,361 |
December 31, 2026 | 21,757 |
December 31, 2027 | 20,752 |
December 31, 2028 and thereafter | 104,688 |
Total bareboat lease minimum payments | 193,280 |
Unamortized lease issuance costs | (2,681) |
Total bareboat lease minimum payments, net | 190,599 |
Lease financing short term | 15,361 |
Lease financing long term, net of unamortized lease issuance costs | $ 175,238 |
Lease financing (Details Narrat
Lease financing (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Eneti Acquisition Vessels [Member] | ||
Debt Instrument [Line Items] | ||
Finance Lease, Liability | $ 96,101,000 | |
Finance lease payments per vessel | $ 500,000 | |
Repayment date | May 2022 | |
Laura, Idee Fixe, Roberta, Kaley, Star Sirius and Star Vega [Member] | CMBL [Member] | ||
Debt Instrument [Line Items] | ||
Repayment date | June 2022 | |
Sale Leaseback Transaction, Date | August 27, 2020 | |
Draw down date | August 28 and August 31, 2020 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 82,764,000 | |
Diva [Member] | CMBL [Member] | ||
Debt Instrument [Line Items] | ||
Repayment date | June 2022 | |
Draw down date | November 17, 2020 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 7,236,000 | |
Star Lutas [Member] | SK Shipholding S.A. [Member] | ||
Debt Instrument [Line Items] | ||
Sale Leaseback Transaction, Date | September 3, 2020 | |
Draw down date | September 18, 2020 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 16,000,000 | |
Sale Leaseback Transaction, Lease Terms | seven-year | |
Vessel purchase price obligation | $ 7,441,000 | |
Sale and Leaseback Transaction, Description | to pay the vessel’s remaining amount under the then existing loan agreement. | |
Mackenzie, Kennadi, Honey Badger, Wolverine and Star Antares [Member] | SPDB Financial Leasing Co. Ltd [Member] | ||
Debt Instrument [Line Items] | ||
Sale Leaseback Transaction, Date | September 21, 2020 | |
Draw down date | September 2020 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 76,500,000 | |
Sale Leaseback Transaction, Lease Terms | eight years | |
Sale and Leaseback Transaction, Description | to pay the remaining amount under the then existing loan agreement | |
Mackenzie, Kennadi, Honey Badger, Wolverine and Star Antares [Member] | SPDB Financial Leasing Co. Ltd [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Vessel purchase price obligation | $ 7,776,000 | |
Mackenzie, Kennadi, Honey Badger, Wolverine and Star Antares [Member] | SPDB Financial Leasing Co. Ltd [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Vessel purchase price obligation | $ 7,916,000 | |
Gargantua Goliath And Maharaj [Member] | ICBC Financial Leasing Co. Ltd [Member] | ||
Debt Instrument [Line Items] | ||
Sale Leaseback Transaction, Date | September 25, 2020 | |
Draw down date | September 29, 2020 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 93,150,000 | |
Sale Leaseback Transaction, Lease Terms | 10 years | |
Vessel purchase price obligation | $ 14,000,000 | |
Sale and Leaseback Transaction, Description | to pay the remaining amount under the then existing loan agreement | |
Star Pisces [Member] | SK Shipholding S.A. [Member] | ||
Debt Instrument [Line Items] | ||
Sale Leaseback Transaction, Date | March 29, 2019 | |
Draw down date | April 2019 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 19,125,000 | |
Sale Leaseback Transaction, Lease Terms | seven-year | |
Vessel purchase price obligation | $ 7,628,000 | |
Sale and Leaseback Transaction, Description | to pay the remaining amount under the then existing loan agreement. | |
Star Libra [Member] | Ocean Trust Co. Ltd. [Member] | ||
Debt Instrument [Line Items] | ||
Repayment date | October 2022 | |
Sale Leaseback Transaction, Date | May 22, 2019 | |
Draw down date | July 2019 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 33,950,000 | |
Sale Leaseback Transaction, Lease Terms | seven-year | |
Sale and Leaseback Transaction, Description | to pay the remaining amount under the then existing lease agreement for Star Libra | |
Star Challenger [Member] | Kyowa Sansho Co. Ltd. [Member] | ||
Debt Instrument [Line Items] | ||
Sale Leaseback Transaction, Date | July 10, 2019 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 15,000,000 | |
Sale Leaseback Transaction, Lease Terms | eleven-year | |
Sale and Leaseback Transaction, Description | to pay the remaining amount under the then existing loan agreement | |
Delphin Vessels [Member] | CMBL [Member] | ||
Debt Instrument [Line Items] | ||
Sale Leaseback Transaction, Date | July 2019 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 91,431,000 | |
Sale Leaseback Transaction, Lease Terms | seven-year | |
Sale and Leaseback Transaction, Description | to finance the cash portion of the consideration for the acquisition of 11 vessels | |
Delphin Vessels [Member] | CMBL [Member] | Three out of eleven vessels [Member] | ||
Debt Instrument [Line Items] | ||
Repayment date | December 2021 | |
Debt instrument, repayment amount | $ 19,222 | |
Delphin Vessels [Member] | CMBL [Member] | Repayment of remaining lease agreements [Member] | ||
Debt Instrument [Line Items] | ||
Repayment date | August 2022 | |
Delphin Scrubbers [Member] | CMBL [Member] | ||
Debt Instrument [Line Items] | ||
Draw down date | during the year 2020 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 15,000,000 | |
Sale and Leaseback Transaction, Description | to finance the acquisition and installation of scrubber equipment for the respective vessels. | |
Star Fighter [Member] | Affiliate of Kyowa Sansho [Member] | ||
Debt Instrument [Line Items] | ||
Sale Leaseback Transaction, Date | December 2018 | |
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 16,125,000 | |
Sale Leaseback Transaction, Lease Terms | ten years | |
Vessel purchase price obligation | $ 2,450,000 | |
Sale and Leaseback Transaction, Description | to pay the remaining amount under the then existing loan agreement |
Long-term bank loans - Principa
Long-term bank loans - Principal repayments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Current portion of long-term bank loans | $ 166,586 | $ 156,701 |
Long-term bank loans, net of current portion and unamortized loan issuance costs | 927,995 | $ 932,554 |
Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
December 31, 2023 | 166,586 | |
December 31, 2024 | 204,023 | |
December 31, 2025 | 194,561 | |
December 31, 2026 | 289,216 | |
December 31, 2027 | 198,078 | |
December 31, 2028 and thereafter | 51,130 | |
Total Long-term bank loans | 1,103,594 | |
Unamortized loan issuance costs | (9,013) | |
Total Long-term bank loans, net | 1,094,581 | |
Current portion of long-term bank loans | 166,586 | |
Long-term bank loans, net of current portion and unamortized loan issuance costs | $ 927,995 |
Long-term bank loans - Interest
Long-term bank loans - Interest and finance costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |||
Interest on financing agreements | $ 56,537 | $ 45,453 | $ 58,379 |
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 12) | (10,044) | 2,351 | 848 |
Amortization of debt (loan, lease & notes) issuance costs | 4,918 | 6,511 | 7,815 |
Other bank and finance charges | 1,167 | 1,721 | 2,513 |
Interest and finance costs | $ 52,578 | $ 56,036 | $ 69,555 |
Long-term bank loans (Details N
Long-term bank loans (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||
Cash and Cash Equivalents, at Carrying Value | $ 269,754 | $ 450,285 | $ 183,211 |
Debt Instrument, Covenant Compliance | As of December 31, 2022, the Company was in compliance with the applicable financial and other covenants contained in its bank loan agreements and lease financings described in Note 6. | ||
Long-Term Debt, Weighted Average Interest Rate, at Point in Time | 3.21% | 2.94% | 3.63% |
Debt Instrument, Unused Borrowing Capacity, Fee | $ 7 | $ 93 | $ 65 |
Gain amount from valuation instrument | 307 | ||
Gain on hedging instrument | 9,474 | 436 | |
Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-Term Debt, Gross | 1,103,594 | ||
Write off of Deferred Debt Issuance Cost | 2,192 | 3,612 | 3,701 |
Expenses on debt prepayments | 3,218 | 388 | $ 1,223 |
Minimum liquidity, not legally restricted [Member] | |||
Debt Instrument [Line Items] | |||
Cash and Cash Equivalents, at Carrying Value | 64,000 | 64,000 | |
Minimum liquidity, legally restricted [Member] | |||
Debt Instrument [Line Items] | |||
Restriced cash and cash equivalents, current and non-current | $ 16,590 | 22,986 | |
Amended and restated ING $210,600 Facility [Member] | Star Claudine, Star Ophelia, Star Lyra, Star Bianca, Star Flame and Star Mona [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to refinance all outstanding amounts under the then existing lease agreements with CMBL of the vessels | ||
Number of Loan Tranches | 6 | ||
Draw down date | July 2020 | ||
Repayment installment | 24 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Proceeds from Lines of Credit | $ 70,000 | ||
Amended and restated ING $210,600 Facility [Member] | ING $310,600 Facility [member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Jun. 28, 2022 | ||
Description of scope, credit facility | in order to increase the financing by $100,000 and to include additional borrowers under the existing agreement | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||
Number of Loan Tranches | 9 | ||
Draw down date | June 30, 2022 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Collateral | is secured by the vessels Peloreus, Leviathan, Star Magnanimus, Star Alessia, Star Claudine, Star Ophelia, Star Lyra, Star Bianca, Star Flame, Star Mona, Star Elizabeth, Star Pavlina, Madredeus, Star Vega, Star Capoeira, Star Carioca, Star Athena, Star Subaru, Star Bovarius, Star Lambada and Star Macarena. | ||
Amended and restated ING $210,600 Facility [Member] | ING $310,600 Facility [member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,895 | ||
Line of Credit Facility, Periodic Payment | 261 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 1,649 | ||
Amended and restated ING $210,600 Facility [Member] | ING $310,600 Facility [member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 12,368 | ||
Line of Credit Facility, Periodic Payment | 412 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 6,746 | ||
Amended and restated ING $210,600 Facility [Member] | Tranche A and B [Member] | Star Elizabeth and Star Pavlina [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to finance part of the acquisition cost of the vessels | ||
Number of Loan Tranches | 2 | ||
Draw down date | August 2021 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 294 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 14,118 | ||
Proceeds from Lines of Credit | $ 20,000 | ||
Amended and restated ING $210,600 Facility [Member] | October 2018 [Member] | Peloreus and Leviathan [Member] | Tranche A and B [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to refinance the outstanding amount under the then existing loan agreement of the vessels | ||
Number of Loan Tranches | 2 | ||
Repayment installment | 28 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 469 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 9,375 | ||
Proceeds from Lines of Credit | $ 22,500 | ||
Amended and restated ING $210,600 Facility [Member] | July 2019 [Member] | Peloreus and Leviathan [Member] | Tranche A and B [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to finance the acquisition and installation of scrubber equipment for the vessels | ||
Number of Loan Tranches | 2 | ||
Repayment installment | 16 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 88 | ||
Proceeds from Lines of Credit | $ 1,400 | ||
Amended and restated ING $210,600 Facility [Member] | March and April 2019 [Member] | Star Magnanimus and Star Alessia [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to refinance the outstanding amounts under the then existing lease agreements of the vessels | ||
Number of Loan Tranches | 2 | ||
Repayment installment | 28 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Amended and restated ING $210,600 Facility [Member] | March 2019 [Member] | Star Magnanimus and Star Alessia [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | $ 535 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 17,120 | ||
Proceeds from Lines of Credit | 32,100 | ||
Amended and restated ING $210,600 Facility [Member] | April 2019 [Member] | Star Magnanimus and Star Alessia [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | 311 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 8,700 | ||
Proceeds from Lines of Credit | $ 17,400 | ||
Amended and restated ING $210,600 Facility [Member] | May and November 2019 [Member] | Star Magnanimus and Star Alessia [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to finance the acquisition and installation of scrubber equipment for the vessels | ||
Number of Loan Tranches | 2 | ||
Repayment installment | 16 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 88 | ||
Proceeds from Lines of Credit | $ 1,400 | ||
Citi $100,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Jul. 05, 2022 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | ||
Number of Loan Tranches | 2 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Maturity date | July 2027 | ||
Line of Credit Facility, Collateral | secured by the 12 aforementioned vessels. | ||
Citi $100,000 Facility [Member] | Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to replenish the funds used in June for the extinguishment of the outstanding amounts under the lease agreements with CMBL for the vessels Star Sirius, Laura, Idee Fixe, Kaley and Roberta | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 48,341 | ||
Draw down date | July 18, 2022 | ||
Line of Credit Facility, Periodic Payment | $ 1,257 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 23,203 | ||
Citi $100,000 Facility [Member] | Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to refinance the aggregate outstanding amount under the lease agreements with CMBL of the vessels Star Apus, Star Cleo, Star Columba, Star Dorado, Star Hydrus, Star Pegasus and Star Pyxis | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 51,659 | ||
Draw down date | August 29, 2022 | ||
Line of Credit Facility, Periodic Payment | $ 1,343 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 24,796 | ||
SEB $42,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Aug. 03, 2022 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 42,000 | ||
Number of Loan Tranches | 3 | ||
Draw down date | August 3, 2022 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Maturity date | August 2027 | ||
Line of Credit Facility, Collateral | secured by the vessels Amami, Mercurial Virgo and Star Calypso. | ||
SEB $42,000 Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | $ 354 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 5,730 | ||
SEB $42,000 Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | 434 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 7,028 | ||
SEB $42,000 Facility [Member] | Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 12,800 | ||
SEB $42,000 Facility [Member] | Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 13,500 | ||
SEB $42,000 Facility [Member] | Tranche A and B [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to refinance the aggregate outstanding amount of $29,295 under the then existing loan facility with HSBC France (the “HSBC 80,000 Facility”) | ||
SEB $42,000 Facility [Member] | Tranche C [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to refinance the outstanding amount of $13,795 under the then existing loan facility with a wholly owned subsidiary of NTT Finance Corporation (the “NTT $17,600 Facility”) | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,700 | ||
CTBC $25,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Nov. 22, 2022 | ||
Description of scope, credit facility | to refinance the outstanding amount under the then existing lease agreement of the vessel Star Libra | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | ||
Draw down date | November 30, 2022 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 563 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 13,750 | ||
Maturity date | November 2027 | ||
Line of Credit Facility, Collateral | is secured by the vessel Star Libra | ||
NTT $24,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Dec. 08, 2022 | ||
Description of scope, credit facility | to refinance the outstanding amount of the Star Virgo under the loan facility with Citibank (the “Citibank $62,600 Facility” | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 24,000 | ||
Draw down date | December 16, 2022 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 600 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 12,000 | ||
Maturity date | December 2027 | ||
Line of Credit Facility, Collateral | is secured by the vessel Star Virgo | ||
ABN AMRO $24,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Dec. 19, 2022 | ||
Description of scope, credit facility | to refinance the outstanding amount under the loan facility with SEB of the vessel Star Sienna | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 24,000 | ||
Draw down date | December 22, 2022 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 500 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 14,000 | ||
Maturity date | December 2027 | ||
Line of Credit Facility, Collateral | is secured by the vessel Star Sienna | ||
Standard Chartered $47,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Dec. 29, 2022 | ||
Description of scope, credit facility | to replenish the funds used in November for the extinguishment of the outstanding amounts of the vessels i) Star Marisa under the Citibank $62,600 Facility and ii) Star Laetitia under the loan facility with SEB, respectively | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 47,000 | ||
Number of Loan Tranches | 2 | ||
Draw down date | January 2023 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Maturity date | December 2027 | ||
Line of Credit Facility, Collateral | is secured by the two aforementioned vessels | ||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 47,000 | ||
Standard Chartered $47,000 Facility [Member] | Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 22,829 | ||
Line of Credit Facility, Periodic Payment | 476 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 13,317 | ||
Standard Chartered $47,000 Facility [Member] | Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 24,171 | ||
Line of Credit Facility, Periodic Payment | 465 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 14,874 | ||
SEB $39,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Jan. 22, 2021 | ||
Description of scope, credit facility | to finance the cash consideration for the E.R. Acquisition Vessels | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 39,000 | ||
Draw down date | January 25, 2021 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 1,950 | ||
Line of Credit Facility, Collateral | is secured by a first priority mortgage on the vessels Star Bueno, Star Borneo and Star Marilena | ||
Line of credit facility, maturity date | January 2026 | ||
NBG $125,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Jun. 24, 2021 | ||
Description of scope, credit facility | to refinance the outstanding amount under the then existing facility with DNB Bank ASA (DNB) | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125,000 | ||
Draw down date | June 28, 2021 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 3,750 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 50,000 | ||
Line of Credit Facility, Collateral | is secured by first priority mortgages on vessels Big Bang, 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. | ||
Line of credit facility, maturity date | June 2026 | ||
Proceeds from Lines of Credit | $ 125,000 | ||
NBG $125,000 Facility [Member] | Strange Attractor [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | 3,585 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 46,969 | ||
Prepayment date | September 2022 | ||
Debt instrument, prepayment amount | $ 5,511 | ||
DNB $107,500 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Sep. 28, 2021 | ||
Description of scope, credit facility | to refinance the aggregate outstanding amount of the financed vessels under the then existing facilities with (i) Credit Agricole Corporate and Investment Bank), (ii) Piraeus Bank and (iii) Bank of Tokyo | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 107,500 | ||
Draw down date | September 29, 2021 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 3,707 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 33,362 | ||
Line of Credit Facility, Collateral | is secured by first priority mortgages on the vessels Star Luna, Star Astrid, Star Genesis, Star Electra, Star Glory Star Monica, Star Borealis and Star Polaris. | ||
Line of credit facility, maturity date | September 2026 | ||
Proceeds from Lines of Credit | $ 107,500 | ||
ABN AMRO $97,150 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Oct. 27, 2021 | ||
Description of scope, credit facility | to refinance the outstanding amount under the then existing facility with Citibank | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 97,150 | ||
Number of Loan Tranches | 2 | ||
Draw down date | October 29, 2021 | ||
Line of Credit Facility, Collateral | is secured by a first priority mortgage on the vessels Star Pauline, Star Angie, Star Sophia, Star Georgia, Star Kamila, Star Nina, Star Eva, Star Paola, Star Aphrodite, Star Lydia and Star Nicole. | ||
Proceeds from Lines of Credit | $ 97,150 | ||
ABN AMRO $97,150 Facility [Member] | Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 68,950 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 2,250 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 23,950 | ||
Line of credit facility, maturity date | October 2026 | ||
ABN AMRO $97,150 Facility [Member] | Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 28,200 | ||
Repayment installment | 12 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 2,350 | ||
Line of credit facility, maturity date | October 2024 | ||
Credit Agricole $62,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Oct. 29, 2021 | ||
Description of scope, credit facility | to refinance the aggregate outstanding amount under the then existing loan agreements with Alpha Bank S.A. and BNP Paribas and to prepay an amount of $1,999 under the Atradius Facility (discussed below), in connection with the vessels Star Despoina and Star Piera | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 62,000 | ||
Draw down date | November 2, 2021 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 8,800 | ||
Line of Credit Facility, Collateral | is secured by the vessels Star Martha, Star Sky, Stardust, Star Despoina and Star Piera. | ||
Line of credit facility, maturity date | November 2026 | ||
Proceeds from Lines of Credit | $ 62,000 | ||
Credit Agricole $62,000 Facility [Member] | First 3 installments [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | 3,000 | ||
Credit Agricole $62,000 Facility [Member] | Remaining 17 installments [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | $ 2,600 | ||
HSBC Working Capital Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Feb. 06, 2020 | ||
Description of scope, credit facility | in order to finance working capital requirements | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | ||
Line of credit facility, maturity date | February 2022 | ||
Long-Term Debt, Gross | $ 0 | ||
DSF $55,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Mar. 26, 2020 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 55,000 | ||
Number of Loan Tranches | 2 | ||
Debt Instrument, Interest Rate Terms | fixed rate of 0.581% per annum | ||
DSF $55,000 Facility [Member] | Tranche A and B [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | used to refinance the outstanding amounts under the then existing lease agreements of the vessels Star Eleni and Star Leo | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 27,500 | ||
Draw down date | March 30, 2020 | ||
Repayment installment | 10 | ||
Line of Credit Facility, Frequency of Payments | semi-annual | ||
Line of Credit Facility, Periodic Payment | $ 1,058 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 16,923 | ||
Line of Credit Facility, Collateral | is secured by a first priority mortgage on the two vessels | ||
Line of credit facility, maturity date | April 2025 | ||
CEXIM $57,564 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Dec. 01, 2020 | ||
Description of scope, credit facility | to refinance (i) the outstanding amount of the vessels Star Gina 2GR, Star Charis and Star Suzanna under the then existing facility with DNB and (ii) the outstanding amount under the lease agreement with CMBL of the vessel Star Wave | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 57,564 | ||
Number of Loan Tranches | 4 | ||
Draw down date | December 2020 | ||
Line of Credit Facility, Collateral | is secured by first priority mortgages on the four aforementioned vessels | ||
Line of credit facility, maturity date | December 2028 | ||
CEXIM $57,564 Facility [Member] | Star Wave [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 13,209 | ||
Line of Credit Facility, Periodic Payment | 330 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,642 | ||
CEXIM $57,564 Facility [Member] | Star Gina [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 26,175 | ||
Line of Credit Facility, Periodic Payment | 654 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 5,235 | ||
CEXIM $57,564 Facility [Member] | Star Wave and Star Gina [Member] | |||
Debt Instrument [Line Items] | |||
Repayment installment | 32 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of credit facility, maturity date | December 2028 | ||
CEXIM $57,564 Facility [Member] | Star Suzanna [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,090 | ||
CEXIM $57,564 Facility [Member] | Star Charis [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,090 | ||
CEXIM $57,564 Facility [Member] | Star Charis and Star Suzanna [Member] | |||
Debt Instrument [Line Items] | |||
Repayment installment | 32 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
E SUN Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Jan. 31, 2019 | ||
Description of scope, credit facility | to refinance the outstanding amount under the then existing lease agreement of the vessel Star Ariadne | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 37,100 | ||
Draw down date | March 1, 2019 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 618 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 24,733 | ||
Line of Credit Facility, Collateral | is secured by a first priority mortgage on the vessel Star Ariadne. | ||
Line of credit facility, maturity date | March 2024 | ||
Proceeds from Lines of Credit | $ 37,100 | ||
Atradius Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Feb. 28, 2019 | ||
Description of scope, credit facility | to finance the acquisition and installation of scrubber equipment for 42 vessels | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 36,645 | ||
Line of Credit Facility, Frequency of Payments | semi-annual | ||
Line of Credit Facility, Periodic Payment | $ 3,331 | ||
Line of Credit Facility, Collateral | is secured by a second-priority mortgage on 18 vessels of the Company’s fleet | ||
Line of credit facility, maturity date | June 2024 | ||
Atradius Facility [Member] | Star Despoina and Star Piera [Member] | |||
Debt Instrument [Line Items] | |||
Prepayment date | September 2021 | ||
Debt instrument, prepayment amount | $ 1,999 | ||
Atradius Facility [Member] | First Three Tranches [Member] | |||
Debt Instrument [Line Items] | |||
Draw down date | During 2019 | ||
Proceeds from Lines of Credit | $ 33,311 | ||
Atradius Facility [Member] | Last Tranche [Member] | |||
Debt Instrument [Line Items] | |||
Draw down date | January 2020 | ||
Proceeds from Lines of Credit | $ 3,331 | ||
CTBC Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | May 24, 2019 | ||
Description of scope, credit facility | to refinance the outstanding amount under the then existing lease agreement of the vessel Star Karlie. | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 730 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 20,400 | ||
Line of Credit Facility, Collateral | is secured by first priority mortgage on the aforementioned vessel. | ||
Line of credit facility, maturity date | May 2024 | ||
NTT Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Jul. 31, 2019 | ||
Description of scope, credit facility | to refinance the outstanding amount of the vessel Star Aquarius under the then existing loan agreement. | ||
Draw down date | August 2019 | ||
Repayment installment | 27 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 313 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,063 | ||
Line of Credit Facility, Collateral | is secured by first priority mortgage on the vessel Star Aquarius | ||
Line of credit facility, maturity date | August 2026 | ||
Proceeds from Lines of Credit | $ 17,500 | ||
CEXIM $106,470 Facility [Member] | Tranche A, B and C [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Sep. 23, 2019 | ||
Description of scope, credit facility | to refinance the outstanding amounts under the then existing lease agreements of the vessels Katie K, Debbie H and Star Ayesha | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 106,470 | ||
Number of Loan Tranches | 3 | ||
Draw down date | November 2019 | ||
Repayment installment | 40 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 739 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 5,915 | ||
Line of Credit Facility, Collateral | is secured by first priority mortgages on the three aforementioned vessels. | ||
Proceeds from Lines of Credit | $ 35,490 | ||
ABN $115,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Dec. 17, 2018 | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 115,000 | ||
Number of Loan Tranches | 4 | ||
Line of Credit Facility, Collateral | 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. | ||
ABN $115,000 Facility [Member] | Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to refinance the then existing indebtedness of the vessels Star Virginia, Star Scarlett, Star Jeannette and Star Audrey | ||
Line of Credit Facility, Periodic Payment | $ 1,705 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 35,428 | ||
Proceeds from Lines of Credit | $ 69,525 | ||
ABN $115,000 Facility [Member] | Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to partially finance the acquisition cost of Star Bright. | ||
Line of Credit Facility, Periodic Payment | $ 282 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,260 | ||
Proceeds from Lines of Credit | $ 7,900 | ||
ABN $115,000 Facility [Member] | Tranche A and B [Member] | |||
Debt Instrument [Line Items] | |||
Draw down date | December 20, 2018 | ||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of credit facility, maturity date | December 2023 | ||
ABN $115,000 Facility [Member] | Remaining two tranches [Member] | Tranche C and D [Member] | |||
Debt Instrument [Line Items] | |||
Description of scope, credit facility | to partially finance the acquisition cost of Star Marianne and Star Janni | ||
Draw down date | January 2019 | ||
Repayment installment | 19 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 672 | ||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 5,114 | ||
Line of credit facility, maturity date | December 2023 | ||
Proceeds from Lines of Credit | $ 17,875 | ||
ABN $115,000 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | Tranche A [Member] | |||
Debt Instrument [Line Items] | |||
Repayment installment | 20 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of credit facility, maturity date | June 2027 | ||
ABN $115,000 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | Tranche A, First 13 Installments [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | $ 1,705 | ||
ABN $115,000 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | Tranche A, Fourteenth Installment [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | 2,218 | ||
ABN $115,000 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | Tranche A, Next Five Installments [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | 3,330 | ||
ABN $115,000 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | Tranche A, Last Installment [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | $ 4,626 | ||
ABN $115,000 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | Tranche B [Member] | |||
Debt Instrument [Line Items] | |||
Repayment installment | 13 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 282 | ||
Line of credit facility, maturity date | December 2025 | ||
ABN $115,000 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | Tranche B, Last Installment [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | $ 286 | ||
ABN $115,000 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | Tranche C and D [Member] | |||
Debt Instrument [Line Items] | |||
Repayment installment | 13 | ||
Line of Credit Facility, Frequency of Payments | quarterly | ||
Line of Credit Facility, Periodic Payment | $ 672 | ||
Line of credit facility, maturity date | December 2025 | ||
ABN $115,000 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | Tranche C and D last installment [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Periodic Payment | $ 413 | ||
ABN 67,897 Facility [Member] | Amended and Restated Agreement ABN $115,000 Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Initiation Date | Aug. 04, 2022 | ||
Line of credit facility, maturity date | June 2027 | ||
Debt Instrument, Interest Rate Terms | lower margin above SOFR |
Preferred, Common Shares and _2
Preferred, Common Shares and Additional paid in capital (Details Narrative) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2022 $ / shares | Mar. 31, 2021 $ / shares | Jun. 30, 2022 $ / shares | Jul. 01, 2021 USD ($) | Jun. 30, 2021 $ / shares | Jun. 24, 2021 $ / shares shares | Sep. 30, 2022 $ / shares | Sep. 30, 2021 $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Aug. 05, 2021 USD ($) | |
Cash dividend | $ | $ 668,464 | $ 230,473 | $ 4,804 | |||||||||
Dividend per share | $ / shares | $ 1.65 | $ 0.30 | $ 1.65 | $ 0.70 | $ 1.20 | $ 1.25 | $ 2 | $ 0.05 | ||||
Treasury Stock, Retired, Cost Method, Amount | $ | 20,068 | $ 10,278 | ||||||||||
Offering price per program | $ | 19,347 | |||||||||||
Proceeds from Issuance of Common Stock | $ | $ 19,792 | 0 | $ 0 | |||||||||
Payments of dividends outstanding | $ | $ 233 | |||||||||||
At-the-market equity offering programs [Member] | ||||||||||||
Number of shares sold | 654,690 | 0 | ||||||||||
Common Stock, Shares, Issued | 654,690 | 0 | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 19,792 | |||||||||||
Sales Agents [Member] | ||||||||||||
Number of offering programs | 2 | |||||||||||
Offering price per program | $ | $ 75,000 | |||||||||||
Eneti Acquisition Vessels [Member] | ||||||||||||
Number of shares issued as part of the consideration | 3,000,000 | |||||||||||
E.R. Acquisition Vessels [Member] | ||||||||||||
Number of shares issued as part of the consideration | 2,100,000 | |||||||||||
Secondary Offering [Member] | Oaktree Capital Management L.P. [Member] | ||||||||||||
Number of shares sold | 2,382,775 | |||||||||||
Price per share, sold | $ / shares | $ 22 | |||||||||||
Share Repurchase Program [Member] | ||||||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 50,000 | |||||||||||
Share Repurchase Program [Member] | Open Market Transactions [Member] | ||||||||||||
Treasury Stock, Shares, Acquired | 790,011 | 466,268 | ||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 25.37 | $ 22.01 | ||||||||||
Treasury Stock, Retired, Cost Method, Amount | $ | $ 20,068 | $ 10,278 | ||||||||||
Preferred Stock [Member] | ||||||||||||
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Common stock [Member] | ||||||||||||
Common Shares - Shares Authorized | 300,000,000 | |||||||||||
Common Shares - Par Value | $ / shares | $ 0.01 | |||||||||||
Stock issued during period, share based compensation | 697,979 | 521,310 | 1,073,490 | |||||||||
Treasury Stock, Shares, Retired | 6,971 |
Management fees (Details Narrat
Management fees (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Management Fees | |||
Professional and Contract Services Expense | $ 19,071 | $ 19,489 | $ 18,405 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of non-vested restricted share options (Table) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Unvested at the beginning of period | 335,329 | 415,889 | 271,038 |
Unvested at the beginning of period | $ 10.65 | $ 7.09 | $ 9.28 |
Granted | 810,000 | 515,000 | 1,100,000 |
Granted | $ 25.69 | $ 18.88 | $ 5.09 |
Vested | (685,139) | (595,560) | (955,149) |
Vested | $ 22.57 | $ 15.28 | $ 5.41 |
Unvested at the end of period | 460,190 | 335,329 | 415,889 |
Unvested at end of period | $ 19.38 | $ 10.65 | $ 7.09 |
Equity Incentive Plans (Details
Equity Incentive Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Apr. 11, 2022 | Jun. 07, 2021 | May 31, 2021 | May 25, 2020 | Jun. 30, 2022 | Aug. 31, 2020 | Sep. 30, 2021 | Oct. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share-Based Payment Arrangement, Expense | $ 9,570 | $ 1,190 | |||||||||
Reverse allocated sharebased compensation expense | $ 1,235 | ||||||||||
Number of shares granted | 810,000 | 515,000 | 1,100,000 | ||||||||
Number of shares vested during the period | 685,139 | 595,560 | 955,149 | ||||||||
Grant date fair value | $ 25.69 | $ 18.88 | $ 5.09 | ||||||||
Dividend, Share-Based Payment Arrangement, Cash | $ 4,651 | $ 875 | $ 14 | ||||||||
Share-Based Payment Arrangement, Noncash Expense | 28,481 | 10,335 | 4,624 | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 10,876 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 15,464 | $ 13,104 | $ 6,681 | ||||||||
Common Stock [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 697,979 | 521,310 | 1,073,490 | ||||||||
Awarded to key employees [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 450,000 | ||||||||||
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 | 122,310 | 855,380 | |||||||||
Grant date fair value | $ 5.09 | ||||||||||
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 | ||||||||||
Equity Incentive Plan 2021 [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Shares reserved for issuance | 515,000 | ||||||||||
Number of shares granted | 515,000 | ||||||||||
Number of shares vested during the period | 56,625 | 401,750 | |||||||||
Grant date fair value | $ 18.88 | ||||||||||
Equity Incentive Plan 2021 [Member] | Vest In June 2024 [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Restricted common shares expected to vest | 56,625 | ||||||||||
Equity Incentive Plan 2022 [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Shares reserved for issuance | 810,000 | ||||||||||
Number of shares granted | 810,000 | ||||||||||
Number of shares vested during the period | 528,745 | ||||||||||
Grant date fair value | $ 25.69 | ||||||||||
Equity Incentive Plan 2022 [Member] | Vest In April 2023 [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Restricted common shares expected to vest | 193,405 | ||||||||||
Equity Incentive Plan 2022 [Member] | Vest In April 2025 [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Restricted common shares expected to vest | 87,850 | ||||||||||
Minimum [Member] | First year [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Sharebased Compensation Arrangement Award Granted Percentage | 7.50% | 5% | |||||||||
Minimum [Member] | Following two years [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Sharebased Compensation Arrangement Award Granted Percentage | 5% | ||||||||||
Minimum [Member] | Performance Incentive Program [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
ShareBased Compensation Arrangement Cumulative Bunker Saving Threshold | $ 250,000 | ||||||||||
Sharebased Compensation Arrangement Award Granted Percentage | 5% | ||||||||||
Maximum [Member] | Performance Incentive Program [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||||
Sharebased Compensation Arrangement Award Granted Percentage | 10% |
Earnings_ (Loss) per Share (Tab
Earnings/ (Loss) per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income / (loss) | $ 565,999 | $ 680,530 | $ 9,660 |
Weighted average common shares outstanding, basic | 102,153,255 | 101,183,829 | 96,128,173 |
Basic earnings / (loss) per share | $ 5.54 | $ 6.73 | $ 0.10 |
Dillutive effect of non vested shares | 383,711 | 295,243 | 153,216 |
Weighted average common shares outstanding, diluted | 102,536,966 | 101,479,072 | 96,281,389 |
Diluted earnings / (loss) per share | $ 5.52 | $ 6.71 | $ 0.10 |
Earnings _ (Loss) per share (De
Earnings / (Loss) per share (Details Narrative) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Denominator of diluted earnings | 383,711 | 295,243 | 153,216 |
Accrued liabilities (Table) (De
Accrued liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Audit fees | $ 350 | $ 400 |
Legal fees | 136 | 122 |
Other professional fees | 1,686 | 1,739 |
Vessel operating and voyage expenses | 23,992 | 24,406 |
Loan and interest rate swaps interest and financing fees | 7,570 | 4,083 |
Income tax | 250 | 60 |
Total Accrued Liabilities | $ 33,984 | $ 30,810 |
Income taxes (Details Narrative
Income taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Tonnage taxes | $ 3,838 | $ 2,634 | $ 2,103 |
Income tax | $ 244 | $ 16 | $ 152 |
Commitments and Contingencies -
Commitments and Contingencies - Charter party agreements (Table) (Details) - Lease Agreements [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Other Commitments [Line Items] | |
Total | $ 69,438 |
2023 | 49,188 |
2024 | 18,600 |
2025 | 1,650 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Future, minimum, non-cancellable charter revenue (1) [Member] | |
Other Commitments [Line Items] | |
Total | 69,438 |
2023 | 49,188 |
2024 | 18,600 |
2025 | 1,650 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Other commitments (Table) (Details) - Commitments [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Other Commitments [Line Items] | |
Total | $ (226,966) |
2023 | (14,133) |
2024 | (17,323) |
2025 | (30,204) |
2026 | (30,204) |
2027 | (30,204) |
2028 and thereafter | (104,898) |
Charter-in expense newbuilding vessels [Member] | |
Other Commitments [Line Items] | |
Total | (212,833) |
2023 | 0 |
2024 | (17,323) |
2025 | (30,204) |
2026 | (30,204) |
2027 | (30,204) |
2028 and thereafter | (104,898) |
Vessel BWTS and ESD [Member] | |
Other Commitments [Line Items] | |
Total | (14,133) |
2023 | (14,133) |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | $ 0 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Narrative) | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Insurance coverage per vessel | $ 1,000,000,000 |
Voyage revenues (Table) (Detail
Voyage revenues (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ 1,437,156 | $ 1,427,423 | $ 693,241 |
Time charters [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | 841,057 | 745,442 | 309,503 |
Voyage charters [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | 591,479 | 683,146 | 385,482 |
Pool revenues [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ 4,620 | $ (1,165) | $ (1,744) |
Voyage revenues (Details Narrat
Voyage revenues (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 84,034 | $ 81,061 | |
Unrearned revenue | 16,684 | 24,960 | |
Other Assets, Current | 14,913 | 15,217 | |
Demurrage income | 32,435 | 59,032 | $ 22,425 |
Voyage revenues | 1,437,156 | 1,427,423 | 693,241 |
Revenues | 1,437,156 | 1,427,423 | 693,241 |
Charter In Vessels [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 35,420 | 20,215 | 36,234 |
Sublease Income | 10,208 | 1,212 | 243 |
Voyage Charter Agreements [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Accounts Receivable, after Allowance for Credit Loss, Current | 24,144 | 44,647 | |
Unrearned revenue | 9,215 | 10,289 | |
Decrease in unearned revenue | 1,074 | ||
Revenue Contracts [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Other Assets, Current | 4,366 | 4,923 | |
Vessels Operating in CCL Pool [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | 4,965 | (4,188) | (3,695) |
Vessels Operating In Short Pool [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | 147 | (328) | 1,922 |
Vessels Operating With Other Parties [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ (492) | $ 3,351 | $ 29 |
Voyage and Vessel operating e_3
Voyage and Vessel operating expenses - Voyage expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Voyage And Vessel Operating Expenses | |||
Port charges | $ 70,433 | $ 63,027 | $ 55,738 |
Bunkers | 189,424 | 139,252 | 130,800 |
Commissions – third parties | 14,516 | 13,955 | 6,134 |
Commissions – related parties (Note 3) | 4,140 | 3,870 | 3,780 |
Miscellaneous | 8,021 | 6,007 | 3,606 |
Total voyage expenses | $ 286,534 | $ 226,111 | $ 200,058 |
Voyage and Vessel operating e_4
Voyage and Vessel operating expenses - Vessel operating expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Voyage And Vessel Operating Expenses | |||
Crew wages and related costs | $ 133,769 | $ 126,180 | $ 109,311 |
Insurances | 18,753 | 14,981 | 13,002 |
Maintenance, repairs, spares and stores | 51,210 | 44,646 | 37,947 |
Lubricants | 14,625 | 11,823 | 10,669 |
Tonnage taxes (Note 14) | 3,838 | 2,634 | 2,103 |
Pre-delivery and Pre-joining expenses | 174 | 3,104 | 0 |
Miscellaneous | 6,247 | 5,293 | 5,511 |
Total vessel operating expenses | $ 228,616 | $ 208,661 | $ 178,543 |
Fair Value Measurements and H_3
Fair Value Measurements and Hedging - Schedule of Derivative Instrument (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
ING [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Mar-20 |
Inception | Mar-20 |
Expiry | Mar-26 |
Fixed Rate | 0.70% |
ING [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 29,960 |
ING [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 24,075 |
ING 2 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Mar-20 |
Inception | Apr-20 |
Expiry | Oct-25 |
Fixed Rate | 0.70% |
ING 2 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 39,375 |
ING 2 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 30,000 |
ING 3 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Mar-20 |
Inception | Apr-20 |
Expiry | Apr-23 |
Fixed Rate | 0.675% |
ING 3 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 16,157 |
ING 3 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 13,050 |
SEB [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Mar-20 |
Inception | Apr-20 |
Expiry | Jan-25 |
Fixed Rate | 0.727% |
SEB [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 58,885 |
SEB [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 46,879 |
Citi [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Jun-20 |
Inception | Jul-20 |
Expiry | Oct-23 |
Fixed Rate | 0.33% |
Citi [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 104,450 |
Citi [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 71,600 |
Citi 2 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Jun-20 |
Inception | Aug-20 |
Expiry | May-24 |
Fixed Rate | 0.351% |
Citi 2 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 56,075 |
Citi 2 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 44,396 |
Citi 3 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Jun-20 |
Inception | Jun-20 |
Expiry | Dec-23 |
Fixed Rate | 0.338% |
Citi 3 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 94,538 |
Citi 3 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 61,237 |
Citi 4 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Jun-20 |
Inception | Jun-20 |
Expiry | Aug-23 |
Fixed Rate | 0.328% |
Citi 4 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 56,915 |
Citi 4 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 35,515 |
Citi 5 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Jun-20 |
Inception | Jul-20 |
Expiry | Jul-23 |
Fixed Rate | 0.325% |
Citi 5 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 99,816 |
Citi 5 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 79,853 |
Citi 6 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Jun-20 |
Inception | Aug-20 |
Expiry | May-24 |
Fixed Rate | 0.352% |
Citi 6 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 31,350 |
Citi 6 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 24,780 |
Citi 7 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Jun-20 |
Inception | Sep-20 |
Expiry | Mar-24 |
Fixed Rate | 0.343% |
Citi 7 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 33,390 |
Citi 7 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 27,825 |
ING July 20 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Jul-20 |
Inception | Jul-20 |
Expiry | Jul-26 |
Fixed Rate | 0.37% |
ING July 20 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 70,000 |
ING July 20 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 43,750 |
SEB 3 [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Feb-21 |
Inception | Apr-21 |
Expiry | Jan-26 |
Fixed Rate | 0.4525% |
SEB 3 [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 37,050 |
SEB 3 [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 25,350 |
ABN [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Feb-21 |
Inception | Mar-21 |
Expiry | Dec-23 |
Fixed Rate | 0.312% |
ABN [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 84,548 |
ABN [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 61,237 |
NBG [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Trading date | Jun-21 |
Inception | Jun-21 |
Expiry | Jun-23 |
Fixed Rate | 0.65% |
NBG [Member] | Initial Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 125,000 |
NBG [Member] | Current Notional [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Notional amount | $ 102,500 |
Fair Value Measurements and H_4
Fair Value Measurements and Hedging - Derivative instruments effect on statements of operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and finance costs | |||
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) | $ 10,044 | $ (2,351) | $ (848) |
Total Gain/(loss) recognized | 10,044 | (2,351) | (848) |
Gain/(loss) on forward freight agreements and bunker swaps, net | |||
Total Gain/(loss) recognized | (1,451) | 3,564 | 16,156 |
Forward Freight Agreements [Member] | |||
Gain/(loss) on forward freight agreements and bunker swaps, net | |||
Realized gain/(loss) on forward freight agreements and freight options | 1,165 | 1,308 | (5,995) |
Unrealized gain/(loss) on forward freight agreements and freight options | (1,398) | 1,802 | (430) |
Bunker Swaps [Member] | |||
Gain/(loss) on forward freight agreements and bunker swaps, net | |||
Realized gain/(loss) on bunker swaps | (5,198) | 748 | 20,856 |
Unrealized gain/(loss) on bunker swaps | $ 3,980 | $ (294) | $ 1,725 |
Fair Value Measurements and H_5
Fair Value Measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Derivative Asset, Current | $ 25,585 | $ 1,996 |
Derivative Asset, Noncurrent | 8,666 | 6,913 |
LIABILITIES | ||
Derivative Liability, Current | 0 | 743 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Forward Freight Agreements [Member] | ||
ASSETS | ||
Derivative Asset, Current | 191 | 1,440 |
Derivative Asset, Noncurrent | 0 | 150 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Bunker Swaps [Member] | ||
ASSETS | ||
Derivative Asset, Current | 3,688 | 7 |
LIABILITIES | ||
Derivative Liability, Current | 0 | 300 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments [Member] | ||
ASSETS | ||
Derivative Asset | 3,879 | 1,597 |
LIABILITIES | ||
Derivative Liability | $ 0 | $ 300 |
Fair Value Measurements and H_6
Fair Value Measurements and Hedging - Fair value on a recurring basis - Significant Other Observable Inputs (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Derivative Asset, Current | $ 25,585 | $ 1,996 |
Derivative Asset, Noncurrent | 8,666 | 6,913 |
LIABILITIES | ||
Derivative Liability, Current | 0 | 743 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
ASSETS | ||
Derivative Asset, Current | 1,665 | 0 |
Derivative Asset, Noncurrent | 798 | 0 |
Total | 2,463 | 0 |
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
ASSETS | ||
Derivative Asset, Current | 20,041 | 549 |
Derivative Asset, Noncurrent | 7,868 | 6,763 |
Total | 27,909 | 7,312 |
LIABILITIES | ||
Derivative Liability, Current | 0 | 443 |
Total | $ 0 | $ 443 |
Fair Value Measurements and H_7
Fair Value Measurements and Hedging (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Restricted cash, current | $ 14,569 | $ 20,965 | |
DSF $55,000 Facility [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 43,598 | ||
Difference between book and fair value | 825 | ||
Loan's book value | 44,423 | ||
Derivative [Member] | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Restricted cash, current | 2,199 | $ 10,128 | |
Forecast [Member] | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 15,867 | ||
Citi 2 [Member] | Current Notional [Member] | |||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |||
Derivative, Notional Amount | $ 44,396 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) $ / shares in Units, $ in Thousands | 14 Months Ended | ||||
Jan. 13, 2023 USD ($) | Feb. 16, 2023 $ / shares | Feb. 24, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Subsequent Event [Line Items] | |||||
Property, Plant and Equipment, Net | $ 2,881,551 | $ 3,013,038 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends Payable, Amount Per Share | $ / shares | $ 0.60 | ||||
Dividends Payable, Date to be Paid | Mar. 14, 2023 | ||||
Dividends Payable, Date of Record | Feb. 28, 2023 | ||||
Vessels In Ukraine [Member] | Subsequent Event [Member] | Star Pavlina [Member] | |||||
Subsequent Event [Line Items] | |||||
Estimated Insurance Recoveries | $ 55,000 | ||||
Property, Plant and Equipment, Net | $ 26,119 | ||||
"Standard Chartered $47,000" [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of Loan Tranches | 2 | ||||
"Standard Chartered $47,000" [Member] | Tranche A [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Lines of Credit | $ 22,829 | ||||
"Standard Chartered $47,000" [Member] | Tranche B [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Proceeds from Lines of Credit | $ 24,171 |