Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | SAFE BULKERS, INC. |
Entity Address, Address Line One | Apt. D11 |
Entity Address, Address Line Two | Les Acanthes |
Entity Address, Address Line Three | 6, Avenue des Citronniers |
Entity Address, Postal Zip Code | MC98000 |
Entity Address, City or Town | Monaco |
Entity Address, Country | MC |
Document Period End Date | Sep. 30, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0001434754 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 94,500 | $ 90,038 |
Time deposits | 1,230 | 11,780 |
Accounts receivable | 4,521 | 4,884 |
Assets held for sale | 25,701 | 8,057 |
Due from Manager | 0 | 48 |
Inventories | 7,213 | 12,036 |
Derivatives assets current | 0 | 99 |
Accrued revenue | 1,659 | 557 |
Restricted cash | 1,614 | 3,400 |
Prepaid expenses and other current assets | 3,379 | 3,835 |
Total current assets | 139,817 | 134,734 |
FIXED ASSETS: | ||
Vessels, net | 851,549 | 942,164 |
Advances for vessels | 57,852 | 9,126 |
Total fixed assets | 909,401 | 951,290 |
OTHER NON CURRENT ASSETS: | ||
Deferred financing costs | 198 | 160 |
Restricted cash | 11,276 | 18,754 |
Derivative assets – Long-term | 2,771 | 54 |
Accrued revenue - Long-term | 230 | 75 |
Other non current assets | 115 | 562 |
Total assets | 1,063,808 | 1,105,629 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net | 34,394 | 75,784 |
Liability directly associated with assets held for sale | 8,046 | 3,983 |
Unearned revenue | 11,610 | 6,223 |
Trade accounts payable | 7,500 | 13,480 |
Accrued liabilities | 4,260 | 4,663 |
Derivative liabilities | 362 | 582 |
Due to Manager | 47 | 0 |
Total current liabilities | 66,219 | 104,715 |
LONG-TERM LIABILITIES | ||
Long-term debt, net | 371,311 | 531,883 |
Unearned revenue - Long-term | 6,978 | 3,536 |
Derivative liabilities – Long-term | 295 | 1,396 |
Other non-current liabilities | 2,216 | 1,240 |
Total liabilities | 447,019 | 642,770 |
COMMITMENTS AND CONTINGENCIES | ||
MEZZANINE EQUITY - Redeemable non-controlling interest | 0 | 18,112 |
SHAREHOLDERS’ EQUITY: | ||
Common stock, $0.001 par value; 200,000,000 authorized, 102,174,594 and 121,634,602 issued and outstanding at December 31, 2020 and September 30, 2021, respectively | 122 | 102 |
Preferred stock, $0.01 par value; 20,000,000 authorized, 2,297,504 and 2,297,504 Series C Preferred Shares, 3,195,050 and 3,195,050 Series D Preferred Shares, issued and outstanding at December 31, 2020 and September 30, 2021, respectively | 55 | 55 |
Additional paid in capital | 425,210 | 354,284 |
Retained earnings | 191,402 | 90,306 |
Total shareholders’ equity | 616,789 | 444,747 |
Total liabilities, mezzanine equity and shareholders’ equity | $ 1,063,808 | $ 1,105,629 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 121,634,602 | 102,174,594 |
Common stock, shares outstanding (in shares) | 121,634,602 | 102,174,594 |
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, issued (in shares) | 2,297,504 | 2,297,504 |
Preferred stock, shares outstanding (in shares) | 2,297,504 | 2,297,504 |
Series D Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, issued (in shares) | 3,195,050 | 3,195,050 |
Preferred stock, shares outstanding (in shares) | 3,195,050 | 3,195,050 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES: | ||
Revenues | $ 247,032 | $ 151,632 |
Commissions | (10,442) | (5,703) |
Net revenues | 236,590 | 145,929 |
EXPENSES: | ||
Voyage expenses | (9,284) | (36,866) |
Vessel operating expenses | (53,467) | (54,716) |
Depreciation | (39,153) | (40,395) |
General and administrative expenses | ||
Management fee to related parties | (14,636) | (13,849) |
Company administration expenses | (2,388) | (1,976) |
Early redelivery income | 7,470 | 0 |
Gain on sale of vessels | 632 | 0 |
Operating (loss)/income | 125,764 | (1,873) |
OTHER (EXPENSE)/INCOME: | ||
Interest expense | (11,826) | (16,900) |
Other finance cost | (462) | (467) |
Interest income | 63 | 563 |
Loss on derivatives | (1,977) | (1,009) |
Foreign currency gain/(loss) | (611) | 491 |
Amortization and write-off of deferred finance charges | (1,808) | (1,324) |
Net (loss)/income | 109,143 | (20,519) |
Less Preferred dividend | 8,318 | 8,622 |
Less/(plus) Mezzanine equity measurement | (271) | 495 |
Net (loss)/income available to common shareholders, basic | 101,096 | (29,636) |
Net (loss)/income available to common shareholders, diluted | $ 101,096 | $ (29,636) |
(Loss)/earnings per share in U.S. Dollars, basic (in USD per share) | $ 0.91 | $ (0.29) |
(Loss)/earnings per share in U.S. Dollars, diluted (in USD per share) | $ 0.91 | $ (0.29) |
Weighted average number of shares, basic (in shares) | 111,044,439 | 102,762,932 |
Weighted average number of shares, diluted (in shares) | 111,044,439 | 102,762,932 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Common Stock | Common StockCommon Stock | Treasury Stock | Preferred Stock | Additional Paid in Capital | Additional Paid in CapitalCommon Stock | Additional Paid in CapitalPreferred Stock | Retained Earnings |
Beginning Balance at Dec. 31, 2019 | $ 472,742 | $ 104 | $ 0 | $ 55 | $ 356,963 | $ 115,620 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net (loss)/income | (20,519) | (20,519) | |||||||||
Mezzanine equity measurement | (495) | (495) | |||||||||
Issuance of common stock | 3,300 | 3 | 3,297 | ||||||||
Repurchase and cancellation of common and preferred stock | $ (6,012) | $ (89) | $ (5) | $ (6,007) | $ (89) | ||||||
Share based compensation | 90 | 90 | |||||||||
Preferred share dividends declared | (8,624) | (8,624) | |||||||||
Ending Balance at Sep. 30, 2020 | 440,393 | 102 | 0 | 55 | 354,254 | 85,982 | |||||
Beginning Balance at Dec. 31, 2020 | 444,747 | 102 | 0 | 55 | 354,284 | 90,306 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net (loss)/income | 109,143 | 109,143 | |||||||||
Issuance of common stock | 71,537 | 20 | 71,517 | ||||||||
Share based compensation | 90 | 90 | |||||||||
Preferred share dividends declared | (8,318) | (8,318) | |||||||||
Mezzanine equity measurement | 271 | 271 | |||||||||
Offering expenses | (681) | (681) | |||||||||
Ending Balance at Sep. 30, 2021 | $ 616,789 | $ 122 | $ 0 | $ 55 | $ 425,210 | $ 191,402 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net (loss)/income | $ 109,143 | $ (20,519) |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||
Depreciation | 39,153 | 40,395 |
Gain on sale of vessels | (632) | 0 |
Amortization and write-off of deferred finance charges | 1,808 | 1,324 |
Unrealized loss/(gain) on derivatives | (3,939) | 1,452 |
Unrealized foreign exchange (gain)/loss | 539 | (5) |
Share based compensation | 90 | 90 |
Change in: | ||
Accounts receivable | 363 | 8,048 |
Due from Manager | 48 | 477 |
Inventories | 5,130 | (1,178) |
Accrued revenue | (1,257) | (245) |
Prepaid expenses and other current assets | 456 | 366 |
Due to Manager | 47 | (9) |
Trade accounts payable | (6,019) | 179 |
Accrued liabilities | (774) | 1,288 |
Other non-current liabilities | 1,029 | 780 |
Unearned revenue | 8,829 | 1,763 |
Net Cash Provided by Operating Activities | 154,014 | 34,206 |
Cash Flows from Investing Activities: | ||
Vessel advances | (85,030) | (39,458) |
Proceeds from sale of vessels | 70,648 | 0 |
Increase in bank time deposits | (1,230) | (82,013) |
Maturity of bank time deposits | 11,780 | 85,940 |
Net Used in Investing Activities | (3,832) | (35,531) |
Cash Flows from Financing Activities: | ||
Proceeds from long-term debt | 128,800 | 78,400 |
Principal payments of long-term debt | (326,251) | (70,513) |
Dividends paid | (8,452) | (8,752) |
Payment of deferred financing costs | (2,029) | (1,177) |
Proceeds on issuance of common stock | 71,537 | 0 |
Repurchase of common stock | 0 | (6,012) |
Payment of common stock offering expenses | (343) | 0 |
Repurchase/redemption of preferred stock | (17,707) | (89) |
Net Cash Used in Financing Activities | (154,445) | (8,143) |
Net decrease in cash, cash equivalents and restricted cash | (4,263) | (9,468) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (539) | 5 |
Cash, cash equivalents and restricted cash at beginning of year | 112,192 | 92,639 |
Cash, cash equivalents and restricted cash at end of year | 107,390 | 83,176 |
Supplemental cash flow information: | ||
Cash paid for interest (excluding capitalized interest): | 11,170 | 14,162 |
Non Cash Investing and Financing Activities: | ||
Unpaid financing fees | 374 | 412 |
Part payment of vessel advances through issuance of common stock and preferred stock | 0 | 3,300 |
Unpaid capital expenditures | 1,166 | 2,543 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||
Cash and cash equivalents | 94,500 | 64,022 |
Restricted cash – Current assets | 1,614 | 2,000 |
Restricted cash – Non current assets | 11,276 | 17,154 |
Cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 107,390 | $ 83,176 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | Basis of Presentation and General Information Safe Bulkers, Inc., (“Safe Bulkers”) was formed on December 11, 2007, under the laws of the Republic of the Marshall Islands. Safe Bulkers’ common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “SB.” Polys Hajioannou and his family, by virtue of shares owned indirectly through various private entities are the controlling shareholders of Safe Bulkers, being the largest shareholders and as a result control the outcome of matters on which shareholders are entitled to vote, including the election of the entire board of directors and other significant corporate actions. As of September 30, 2021, Safe Bulkers held 56 wh olly-owned companies (which are referred to herein as “Subsidiaries”) which together owned and operated a fleet of 39 drybulk vessels. Safe Bulkers and its Subsidiaries are collectively referred to in the notes to the consolidated financial statements as the “Company.” The Company’s principal business is the ownership and operation of drybulk vessels. The Company’s vessels operate worldwide, carrying drybulk cargo for the world’s largest consumers of marine drybulk transportation services. Safety Management Overseas S.A., a company incorporated under the laws of the Republic of Panama (“Safety Management”) and Safe Bulkers Management Limited, a company incorporated under the laws of the Republic of Cyprus (“Safe Bulkers Management,” and, together with Safety Management, the “Managers,” and either of them “the Manager”), related parties both controlled by Polys Hajioannou, provide technical, commercial and administrative management services to the Company. The accompanying consolidated financial statements include the operations, assets and liabilities of the Company, and of its Subsidiaries listed below: Subsidiary Vessel Name Type Built Maxeikosiexi Shipping Corporation (“Maxeikosiexi”) (1)(3) Koulitsa Panamax April 2003 Kerasies Shipping Corporation (“Kerasies”) (1) Katerina Panamax May 2004 Marathassa Shipping Corporation (“Marathassa”) (1) Maritsa Panamax January 2005 Kyotofriendo One Shipping Corporation (“Kyotofriendo One”) (2)(10) Paraskevi 2 Panamax April 2011 Maxeikositessera Shipping Corporation (“Maxeikositessera”) (2) Efrossini Panamax February 2012 Glovertwo Shipping Corporation (“Glovertwo”) (2) Zoe Panamax July 2013 Kyotofriendo Two Shipping Corporation (“Kyotofriendo Two”) (2)(11) Koulitsa 2 Panamax February 2013 Shikokutessera Shipping Inc. (“Shikokutessera”) (2) Kypros Land Panamax January 2014 Shikokupente Shipping Inc. (“Shikokupente”) (2) Kypros Sea Panamax March 2014 Gloverfour Shipping Corporation (“Gloverfour”) (2) Kypros Bravery Panamax January 2015 Shikokuokto Shipping Corporation (“Shikokuokto”) (2) Kypros Sky Panamax March 2015 Subsidiary Vessel Name Type Built Gloverfive Shipping Corporation (“Gloverfive”) (2) Kypros Loyalty Panamax June 2015 Gloversix Shipping Corporation (“Gloversix”) (2) Kypros Spirit Panamax July 2016 Pemer Shipping Ltd. (“Pemer”) (1) Pedhoulas Merchant Kamsarmax March 2006 Petra Shipping Ltd. (“Petra”) (1) Pedhoulas Trader Kamsarmax May 2006 Pelea Shipping Ltd. (“Pelea”) (1) Pedhoulas Leader Kamsarmax March 2007 Vassone Shipping Corporation (“Vassone”) (2) Pedhoulas Commander Kamsarmax May 2008 Maxeikositria Shipping Corporation (“Maxeikositria”) (1)(4) Pedhoulas Fighter Kamsarmax August 2012 Youngone Shipping Corporation (“Youngone”) (2) Pedhoulas Cherry Kamsarmax July 2015 Youngtwo Shipping Corporation (“Youngtwo”) (2) Pedhoulas Rose Kamsarmax January 2017 Pinewood Shipping Corporation (“Pinewood”) (2)(5) Pedhoulas Cedrus Kamsarmax June 2018 Marinouki Shipping Corporation (“Marinouki”) (1) Marina Post-Panamax January 2006 Soffive Shipping Corporation (“Soffive”) (1) Sophia Post-Panamax June 2007 Vasstwo Shipping Corporation (“Vasstwo”) (1) Xenia Post-Panamax August 2006 Eniaprohi Shipping Corporation (“Eniaprohi”) (1) Eleni Post-Panamax November 2008 Eniadefhi Shipping Corporation (“Eniadefhi”) (1) Martine Post-Panamax February 2009 Maxdodeka Shipping Corporation (“Maxdodeka”) (1) Andreas K Post-Panamax September 2009 Pentakomo Shipping Corporation (“Pentakomo”) (2) Agios Spyridonas Post-Panamax January 2010 Maxdekatria Shipping Corporation (“Maxdekatria”) (1) Panayiota K Post-Panamax April 2010 Maxdeka Shipping Corporation (“Maxdeka”) (2) Venus Heritage Post-Panamax December 2010 Shikoku Friendship Shipping Company (“Shikoku”) (2) Venus History Post-Panamax September 2011 Maxenteka Shipping Corporation (“Maxenteka”) (2) Venus Horizon Post-Panamax February 2012 Shikokuepta Shipping Inc. (“Shikokuepta”) (2) Troodos Sun Post-Panamax January 2016 Shikokuexi Shipping Inc. (“Shikokuexi”) (2) Troodos Air Post-Panamax March 2016 Monagrouli Shipping Corporation (“Monagrouli”) (2) Troodos Oak Post-Panamax April 2020 Maxpente Shipping Corporation (“Maxpente”) (1) Kanaris Capesize March 2010 Eptaprohi Shipping Corporation (“Eptaprohi”) (1) Pelopidas Capesize November 2011 Maxtessera Shipping Corporation (“Maxtessera”) (2) Lake Despina Capesize January 2014 Shikokuennia Shipping Corporation (“Shikokuennia”) (2) Mount Troodos Capesize November 2009 Agros Shipping Corporation (“Agros”) (2) TBN H1381 Kamsarmax Q2 2022 Lofou Shipping Corporation (“Lofou”) (2) TBN H11013 Post-Panamax Q3 2022 Yasudyo Shipping Corporation (“Yasudyo”) (2) TBN H1392 Kamsarmax Q4 2023 Shimafive Shipping Corporation (“Shimafive”) (2) TBN H11064 Kamsarmax Q4 2023 Shimasix Shipping Corporation (“Shimasix”) (2) TBN H11065 Kamsarmax Q1 2024 Shimaseven Shipping Corporation (“Shimaseven”) (2) TBN H11067 Kamsarmax Q1 2024 Gloverthree Shipping Corporation (“Gloverthree”) (2) TBN H11042 Post-Panamax Q1 2023 Gloverseven Shipping Corporation (“Gloverseven”) (2) TBN H11043 Post-Panamax Q2 2023 Maxeikosiepta Shipping Corporation (“Maxeikosiepta”) (1)(6) Paraskevi Panamax January 2003 Avstes Shipping Corporation (“Avstes”) (1)(7) Vassos Panamax February 2004 Maxeikosi Shipping Corporation (“Maxeikosi”) (1)(8) Pedhoulas Builder Kamsarmax May 2012 Marindou Shipping Corporation (“Marindou”) (1)(9) Maria Panamax April 2003 Maxeikosiena Shipping Corporation (“Maxeikosiena”) (1)(9) Pedhoulas Farmer Kamsarmax September 2012 Maxeikosipente Shipping Corporation (“Maxeikosipente”) (1) — — — Staloudi Shipping Corporation (“Staloudi”) (1) — — — Metamou Shipping Corporation (“Metamou”) (2)(12) — — — Armonikos Shipping Corporation ("Armonikos") (2)(13) — — — (1) Incorporated under the laws of the Republic of Liberia. (2) Incorporated under the laws of the Republic of the Marshall Islands. (3) In June 2021, the Company entered into an agreement for the sale of MV Koulitsa . The vessel was delivered to her new owners in November 2021. (4) In September 2021, the Company entered into an agreement for the sale of MV Pedhoulas Fighter . The sale is expected to be consummated in December 2021. (5) On July 29, 2016, the Shipsales Contract relating to a newbuild vessel initially contracted by Kyotofriendo Two, was novated to Pinewood. Under an agreement with an unaffiliated third party, upon delivery of the vessel, named Pedhoulas Cedrus , to Pinewood in June 2018, 100 shares of Series A Preferred Stock of Pinewood were issued to the unaffiliated third party for proceeds in the equivalent of $16,875 at the time of issuance, which were used to finance part of the cost of such vessel. All Series A Preferred Stock were redeemed by Pinewood in February 2021. (6) Vessel sold in January 2021 and delivered to her new owners in April 2021. (7) Vessel sold in January 2021 and delivered to her new owners in May 2021. (8) Vessel sold in May 2021 and delivered to her new owners in June 2021. (9) Vessel sold in May 2021 and delivered to her new owners in September 2021. (10) Vessel acquired in March 2021. (11) Vessel acquired in July 2021. (12) In July 2021, the Company entered into an agreement for the acquisition of a 2012-built Japanese Capesize class vessel to be named Stelios Y . The vessel is expected to be delivered in November 2021 (13) In July 2021, the Company entered into an agreement for the acquisition of a 2013-built Japanese Post-Panamax class vessel Venus Harmony, which was delivered to us in October 20, 2021. Refer to Note 15. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the management of Safe Bulkers, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows have been included in the statements. Interim results are not necessarily indicative of results that may be expected for the year ended December 31, 2021. These financial statements should be read in conjunction with the consolidated financial statements and footnotes for the year ended December 31, 2020 included in the Company’s Annual Report on Form 20-F. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies A summary of the Company’s other significant accounting policies is identified in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 20-F. The same accounting policies have been followed in these unaudited interim consolidated condensed financial statements as were applied in the preparation of the Company’s consolidated financial statements for the year end December 31, 2019. Recent Accounting Pronouncements: There are no recent accounting pronouncements the adoption of which are expected to have a material effect on the Company’s unaudited interim consolidated condensed financial statements in the current period. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | Transactions with Related Parties Services and agreements entered into with related partied are described in the Company’s consolidated financial statements for the year ended December 31, 2020 refer note 3. The following changes were agreed during the nine months ended September 30, 2021. A. The Managers On expiration of the initial term of three years on May 28, 2021, of the management agreements ( the “Management Agreements”), the Management Agreements were renewed for a further three year period ending May 28, 2024 on the same terms and conditions except for the annual ship management fee payable to Safe Bulkers Management of €3.0 million which was amended as of May 29, 2021, to €3.5 million. Amounts due from Manager under the management agreements w ere $48 and $0 as of December 31, 2020 and September 30, 2021, respectively. Amounts due to Manager under the management agreements were $0 and $47 as of December 31, 2020 and September 30, 2021, respectively. The Fees charged by our Managers comprised the following: Nine -month period ended September 30, 2020 2021 Ship Management Fees $ 13,849 $ 14,636 Supervision Fees 275 275 Commissions 330 1,085 B. Credit Facility In June 2021, the Company entered into a credit facility of $70.0 million with a five-year tenor, comprising of a term loan tranche of $30.0 million and a reducing revolving credit facility tranche providing for a draw down capacity of up to $40.0 million, with respect to seven vessels. The agreement contained financial covenants in line with the existing loan and credit facilities of the Company. The proceeds from the credit facility refinanced loan facilities of $64.3 million maturing in 2023, in respect of eight vessels, seven of which secure the new credit facility and one of which remained debt free. The refinancing transaction was evaluated and approved by the Board of Directors of the Company, excluding the independent member of the Board of the Company, who serves as the Chief Executive Officer of the financial institution that is the lender in the transaction . |
Vessels, Net
Vessels, Net | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels, Net | Vessels, Net Vessels, net are comprised of the following: Vessel Accumulated Net Book Balance, December 31, 2020 $ 1,357,460 $ (415,296) $ 942,164 Transfer from Advances for vessels (Note 5) 36,505 — 36,505 Transfer to Assets Held for Sale (Note 6) (152,174) 64,207 (87,967) Depreciation expense — (39,153) (39,153) Balance, September 30, 2021 $ 1,241,791 $ (390,242) $ 851,549 Transfer from Advances for vessels represent advances paid for vessels under construction and vessels acquisitions which were delivered to the Company, completed vessel improvements in respect of ballast water treatment systems (“BWTS”) and sulfur oxide exhaust gas cleaning systems (“Scrubbers”). • During the nine-month period ended September 30, 2021 the Company accepted delivery of Paraskevi 2 and Koulitsa 2. Consistent with prior practices, we reviewed all our vessels for impairment and none were found to be impaired as at December 31, 2020 and September 30, 2021. As of September 30, 2021, 23 vessels owned by the Company, including vessels held for sale, with a carrying value of $499,138 had been provided as collateral to secure, through first priority mortgages, certain of the Company’s loans and credit facilities while for 12 vessels with a carrying value of $305,346, title of ownership is held by the relevant lender to secure the relevant sale and lease back financing transactions. |
Advances for Vessels
Advances for Vessels | 9 Months Ended |
Sep. 30, 2021 | |
Advances For Assets Acquisitions And Assets Under Construction [Abstract] | |
Advances for Vessels | Advances for Vessels Advances for vessels are comprised of the following: Balance, December 31, 2020 9,126 Additions for advances, including capitalized expenses and interest 85,231 Transferred to vessel cost (refer to Note 4) (36,505) Balance, September 30, 2021 $ 57,852 Advances paid for vessels • During the nine-month period ended September 30, 2021, represent advances for the acquisition and construction of the vessels Paraskevi 2, Koulitsa 2, Venus Harmony, Stelios Y and for Hull 11013, Hull 1381, Hull 1392 , Hull 11042, Hull 11043, Hull 11064, Hull 11065 and Hull 11067 and BWTS and Scrubbers retrofitting and improvements of several vessels. |
Assets Held for Sale
Assets Held for Sale | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | Assets Held for Sale Assets held for sale of $25,701, as of September 30, 2021, represent the carrying value of the vessels MV Koulitsa and MV Pedhoulas Fighter of $7,643, and $17,846 respectively, plus the value of bunkers and lubricants onboard on the same date of $109 and of $103, respectively. Two separate Memoranda of Agreement ('MoA's') were entered into with unrelated third parties in June and September, 2021, for the sale of MV Koulitsa and MV Pedhoulas Fighter at a price of $13,600 and $23,700, respectively. The sale of vessel MV Koulitsa was consummated in November 2021 and the sale of MV Pedhoulas Fighter is expected to be consummated upon delivery to her new owners in December 2021. |
Long Term Debt
Long Term Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long Term Debt | Long Term Debt Long term debt is comprised of the following borrowings: Borrower Commencement Maturity December 31, 2020 September 30, 2021 Maxeikosiepta 1 December 2018 February 2021 4,000 — Maxtessera 1 November 2018 April 2021 22,000 — Avstes 1 June 2019 April 2021 5,985 — Maxeikosi 1 September 2017 May 2021 10,893 — Maxeikosiexi 1 September 2015 June 2021 4,432 — Marathassa 1 September 2015 June 2021 4,820 — Marinouki 1 September 2015 June 2021 7,263 — Kerasies 1 September 2015 June 2021 5,097 — Soffive 1 September 2015 June 2021 7,853 — Eptaprohi 1 September 2015 June 2021 37,053 — Petra 1 November 2018 June 2021 6,135 — Pemer 1 November 2018 June 2021 6,135 — Safe Bulkers 2 December 2019 June 2021 29,000 — Shikokuepta 1 February 2016 August 2021 17,150 — Safe Bulkers 1 November 2014 September 2021 79,758 — Maxeikosiena 3 September 2015 September 2021 18,058 — Safe Bulkers 1 April 2019 June 2022 8,000 — Shikokupente - Shikokuennia - Pemer - Petra 1 July 2019 January 2023 8,510 870 Shikokupente 1 August 2018 August 2023 12,927 10,210 Shikokuennia 1 October 2018 October 2023 14,385 8,668 Maxeikositria 1 September 2017 August 2024 10,893 8,077 Maxpente 1 September 2017 August 2024 16,100 11,450 Maxeikositessera 1 September 2017 August 2024 11,310 8,134 Maxenteka 1 September 2017 August 2024 13,536 10,294 Safe Bulkers 1 November 2018 August 2024 22,250 9,750 Pelea - Vasstwo - Eniaprohi - Vassone 1 December 2018 December 2024 43,250 31,250 Maxdeka 3 November 2019 August 2025 19,076 17,572 Shikoku Friendship 3 November 2019 August 2025 20,066 18,484 Shikokutessera 3 November 2019 August 2025 19,502 17,990 Glovertwo 3 November 2019 August 2025 18,344 16,900 Pentakomo 3 January 2020 January 2026 14,500 13,000 Maxdekatria 3 January 2020 January 2026 14,500 13,000 Eptaprohi - Kerasies - Marathassa - Marinouki -Soffive - Pemer - Petra 1 June 2021 June 2026 — 29,137 Eptaprohi - Kerasies - Marathassa - Marinouki -Soffive - Pemer - Petra 2 June 2021 June 2026 — 10,000 Safe Bulkers 1 September 2021 September 2026 — 30,000 Maxtessera 3 April 2021 October 2026 — 28,933 Youngtwo 3 January 2017 January 2027 21,203 20,491 Monagrouli 1 April 2020 April 2027 25,520 24,200 Shikokuokto 3 December 2019 December 2027 18,000 16,500 Gloversix 3 December 2019 December 2027 18,720 17,160 Pinewood 3 February 2021 February 2031 — 23,035 Shikokuepta 3 August 2021 August 2031 — 23,667 Total 616,224 418,772 Current portion of Long-term debt 77,284 35,767 Liability directly associated with asset held for sale 4,000 8,077 Long-term debt 534,940 374,928 Total debt 616,224 418,772 Current portion of deferred financing costs 1,500 1,373 Financing cost, directly associated with asset held for sale 17 31 Deferred financing costs non-current 3,057 3,617 Total deferred financing costs 4,574 5,021 Total debt 616,224 418,772 Less: Total deferred financing costs 4,574 5,021 Total debt, net of deferred financing costs 611,650 413,751 Less: Current portion of long-term debt, net of current portion of deferred financing costs 75,784 34,394 Less: Liability directly associated with asset held for sale net of deferred financing cost 3,983 8,046 Long-term debt, net of deferred financing costs, non-current 531,883 371,311 1. Credit facility 2. Revolving credit facility 3. Sale and lease back financing transaction. Details of the loans and credit facilities are included in Note 7 of the Company’s consolidated financial statements for the year ended December 31, 2020, included in the Company’s Annual Report on Form 20-F. No change has been made to the debt covenants of our loan and credit facilities. During the nine months ended September 30, 2021 , we prepaid debt in relation to vessels sales or debt refinancing in the aggregate amount of $282,408, made scheduled principal payments of $43,844 and had loan drawdowns of $128,800. In June 2021, the Company entered into a credit facility of $70.0 million with a financial institution, as disclosed in Note 3B. In August 2021, Shikokuepta entered into a sale and leaseback agreement, with an unrelated third party for $24,000, regarding the vessel owned by Shikokuepta. The sale and leaseback agreement bears interest at LIBOR plus a margin. This transaction was consummated in August 2021 and the proceeds were used to fully prepay the amount outstanding under previous credit facility secured by the respective vessel and for general corporate purposes. Under the agreement, the vessel was sold and leased back on a bareboat charter basis for a period of 10 years, with a purchase obligation at the end of the 10th year. Furthermore, Shikokuepta holds an option to purchase back the vessel after the third year of the bareboat charter, at predetermined purchase prices. In view of the obligation of Shikokuepta to purchase the vessel at the end of the bareboat charter, the Company has assessed that this transaction be recorded as financing transaction. In September 2021, the Company entered into a new credit facility of $60.0 million with a five-year tenor secured by five vessels, comprising of a term loan tranche of $30.0 million, repayable over five years through quarterly principal instalments and a balloon payable on maturity, and a revolving credit facility tranche providing for a draw down capacity of up to $30.0 million reducing from its fourth year onwards. Both the term loan tranche and the revolving credit facility tranche bear interest at LIBOR plus a margin. The proceeds from the credit facility were used to refinance loan facilities with the same financial institution secured by six vessels, five of which secure the new credit facility and one has remained debt free. The agreement contains financial covenants in line with the existing loan and credit facilities of the Company. The fair value of debt outstanding on September 30, 2021 amounted to $421,867 when valuing the Youngtwo, Shikokutessera, Maxdeka, Shikoku, Glovertwo and Maxtessera loan facilities on the basis of the deemed equivalent fixed rate, as applicable on September 30, 2021, which is considered to be a Level 2 item in accordance with the fair value hierarchy. As of September 30, 2021, an amount of $88.9 million was available for drawdown under the above loans and credit facilities. The estimated minimum annual principal payments required to be made after September 30, 2021, based on the loan and credit facility agreements as amended, are as follows: To September 30, 2022 $ 43,843 2023 51,893 2024 86,592 2025 98,095 2026 55,982 2027 and thereafter 82,367 Total $ 418,772 As of September 30, 2021, the Company was in compliance with all debt covenants in effect, with respect to its loans and credit facilities. |
Share Capital
Share Capital | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Share Capital | Share capital As of December 31, 2020, and as of September 30, 2021 the Company had 200,000,000 shares of authorized common stock of $0.001 par value, of which 102,174,594 and 121,634,602 were issued and outstanding respectively. In May 2021, the Company filed a supplement to its prospectus supplement to increase the capacity under its at-the-market offering (''ATM Program") to allow for sales of the Company’s common stock for aggregate gross offering proceeds of up to $100.0 million under the ATM Program entered into in August 2020. As of September 30, 2021 , the Company had sold 19,417,280 shares of common stock under the ATM Program with aggregate gross offering proceeds to the Company of $73.0 million. As of September 30, 2021 , shares of common stock with aggregate sales proceeds of up to approximately $27.0 million remain available for sale. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Capital expenditure commitments relating to vessels under construction, second-hand vessels agreed to be acquired and the purchase of BWTS and Scrubbers to be installed on certain of our vessels are as follows: Year end September 30, Due to Shipyards/Sellers Due to Manager 1 Other Commitments Total 2022 $ 81,307 $ 1,922 $ 760 $ 83,989 2023 79,600 2,888 — 82,488 2024 95,320 2,415 — 97,735 Total $ 256,227 $ 7,225 $ 760 $ 264,212 1. Represents the amounts payable to our Managers under the Management Agreements in respect of the commissions for contracted newbuilds and second hand vessels to be acquired and the supervision fee for the contracted newbuild vessels. (b) Other contingent liabilities The Company and its Subsidiaries have not been involved in any legal proceedings, that may have, or have had, a significant effect on their business, financial position, results of operations or liquidity, nor is the Company aware of any proceedings that are pending or threatened that may have a significant effect on its business, financial position, results of operations or liquidity. From time to time 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, shipyards, insurance providers and other claims relating to the operation of the Company’s vessels. Management is not aware of any material claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Management is not aware of any such claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. A maximum of $1,000,000 of the liabilities associated with the individual vessel actions, mainly for sea pollution, is covered by P&I Club insurance. |
Revenues
Revenues | 9 Months Ended |
Sep. 30, 2021 | |
Revenues [Abstract] | |
Revenues | Revenues Revenues are comprised of the following: Nine Month Periods Ended September 30, 2020 September 30, 2021 Time charter revenue $ 146,499 $ 235,129 Voyage charter revenue 1,692 $ 5,156 Other income 3,441 $ 6,747 Total 151,632 $ 247,032 The Company generates its revenues from time charters or infrequently under voyage contracts. Time charter agreements may have renewal options for one During the nine -month period ended September 30, 2020 and 2021, the Company generated revenue from its time charters of $146,499, and $235,129 , res pectively. Scrubber fitted vessels are able to earn a premium attributable to the use of the scrubbers installed on board the vessels, to reduce the sulfur content of fuels due to new legislation effective January 1, 2020. This premium may be either incorporated in the daily hire rate or be variable consideration earned on the actual consumption on the basis of the price differential between 0.5% sulfur content compliant fuels and high sulfur fuel oil with 3.5% sulfur content. Scrubber premium earned as variable consideration is included in time charter revenue and amounted to $10,071 for the nine months ended September 30, 2021, compared to $13,929 for the nine months ended September 30, 2020. As of September 30, 2021, no vessel was employed under a voyage charter. |
Vessel Operating Expenses
Vessel Operating Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Operating Expenses [Abstract] | |
Vessel Operating Expenses | Vessel Operating Expenses Vessel operating expenses are comprised of the following: Nine -month period ended September 30, 2020 2021 Crew wages and related costs $ 25,224 $ 28,004 Insurance 2,525 2,682 Repairs, maintenance and drydocking costs 9,315 5,492 Spares, stores and provisions 12,030 11,728 Lubricants 3,130 2,952 Taxes 479 533 Miscellaneous 2,013 2,076 Total $ 54,716 $ 53,467 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Derivatives Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Financial Instruments And Derivative Instruments | |
Fair Value of Financial Instruments and Derivatives Instruments | Fair Value of Financial Instruments and Derivatives Instruments Cash and cash equivalents and restricted cash and interest rate, bunker price and freight derivatives are recorded at fair value. The carrying values of the current financial assets and current financial liabilities are reasonable estimates of their fair value due to the short-term nature of these financial instruments. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. The fair values of the variable interest long-term debt approximate the recorded values, due to their variable interest rates. The fair value of the fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its loans are similar to those that could be procured as of September 30, 2021. The fair value of the long term debt is determined using observable market-based inputs hence it is considered Level 2 per the value hierarchy. The fair value of the long-term debt is disclosed in Note 7. Derivative instruments 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. Details of interest rate swap transactions entered into as of September 30, 2021 are presented in the table below: Notional amount Counterparty (1) Inception Expiry Fixed Rate December 31, 2020 September 30, 2021 SHIKOKUPENTE (2) August 3, 2020 August 1, 2023 0.275% $ 12,927 $ 12,288 SHIKOKUENNIA (2) July 20, 2020 October 20, 2023 0.350% 14,385 12,998 MAXPENTE September 21, 2020 August 27, 2024 0.322% 10,150 10,150 MAXENTEKA September 21, 2020 August 27, 2024 0.322% 9,500 9,500 MAXEIKOSITESSERA September 21, 2020 August 27, 2024 0.322% 7,350 7,350 SAFE BULKERS March 4, 2020 September 30, 2024 0.990% 10,000 10,000 SAFE BULKERS March 4, 2020 September 30, 2024 0.900% 10,000 10,000 SAFE BULKERS March 9, 2020 September 30, 2024 0.800% 10,000 10,000 SAFE BULKERS March 10, 2020 September 30, 2024 0.650% 20,000 20,000 SAFE BULKERS March 30, 2020 September 30, 2024 0.600% 10,000 10,000 SAFE BULKERS May 5, 2020 May 5, 2025 0.400% 10,000 10,000 SAFE BULKERS July 10, 2020 May 5, 2025 0.400% 10,000 10,000 SAFE BULKERS July 10, 2020 May 5, 2025 0.380% 10,000 10,000 SAFE BULKERS July 14, 2020 May 5, 2025 0.380% 10,000 10,000 SAFE BULKERS June 4, 2020 June 4, 2025 0.500% 10,000 10,000 SAFE BULKERS June 11, 2020 June 11, 2025 0.450% 10,000 10,000 SAFE BULKERS June 15, 2020 June 15, 2025 0.400% 10,000 10,000 SAFE BULKERS June 30, 2020 June 30, 2025 0.425% 10,000 10,000 SAFE BULKERS July 1, 2020 July 1, 2025 0.380% 10,000 10,000 SAFE BULKERS July 9, 2020 July 9, 2025 0.360% 10,000 10,000 SAFE BULKERS July 16, 2020 July 16, 2025 0.350% 10,000 10,000 SAFE BULKERS July 30, 2020 July 30, 2025 0.330% 10,000 10,000 SAFE BULKERS August 3, 2020 August 3, 2025 0.370% 10,000 10,000 SAFE BULKERS February 22, 2021 December 31, 2025 0.745% — 30,000 SAFE BULKERS May 10, 2021 May 10, 2026 0.950% — 50,000 SAFE BULKERS July 21, 2021 July 21, 2026 0.829% — 10,000 SAFE BULKERS July 22, 2021 July 22, 2026 0.770% — 20,000 Total $ 244,312 $ 352,286 (1) Under all above swap transactions, the bank effects quarterly floating-rate payments to the Company for the relevant amount based on the three-month USD LIBOR, and the Company effects quarterly payments to the bank on the relevant amount at the respective fixed rates. (2) The notional amounts of the above transactions are reduced during the term of the swap transactions based on the expected principal outstanding under the respective facility. Bunker Price Swaps: In February 2021, the Company entered into a bunker fuel contract for an aggregate of 12,000 tonnes per annum or 1,000 tonnes per month for the period January 2022 to December 2022 to sell the spread differential between the price per ton of the 0.5% and 3.5% sulfur content fuel respectively. Forward Freight Agreements (“FFAs”): During the nine -month period ended September 30, 2021, the Company entered into six FFAs on the Panamax index for 90 days in aggregate for periods up to the end of 2022 with the objective of reducing the risk arising from the volatility in the vessel charter rates. The Company’s interest rate agreements, foreign exchange forward contracts, bunker fuel contracts and FFAs do not qualify for hedge accounting. The Company determines the fair market value of such derivative contracts at the end of every period and accordingly records the resulting unrealized loss/gain during the period in the consolidated statement of operations. Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains/losses in the consolidated statements of operations are shown below: Derivatives not designated as hedging instruments Asset Derivatives Fair Values Liability Derivatives Fair Values Type of Contract Balance sheet location December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 Foreign Currency Derivative assets / Current assets 99 — — — Interest Rate Derivative assets / Non-current assets 54 2,771 — Bunker Fuel Derivative liabilities / Current liabilities — 408 290 Forward Freight Derivative liabilities / Current liabilities — 174 72 Bunker Fuel Derivative liabilities / Non-current liabilities — — 116 60 Interest Rate Derivative liabilities / Non-current liabilities — — 1,280 235 Total Derivatives $ 153 $ 2,771 $ 1,978 $ 657 Amount of Gain/(Loss) Recognized on Derivatives Nine Months Period Ended September 30, 2020 September 30, 2021 Interest Rate Contracts $ (1,619) $ 2,935 Bunker Fuel Contracts $ 675 $ (529) Foreign Exchange Agreements $ — $ (99) Forward Freight Agreements $ (65) $ (4,284) Net Loss Recognized $ (1,009) $ (1,977) The gain or loss is recognized in the consolidated statement of operations and is presented in Other (Expense)/Income – Gain/(Loss) on derivatives. The Company’s interest rate derivative instruments are pay-fixed, receive-variable interest rate swaps based on the USD LIBOR swap rate. The fair value of the interest rate swaps is determined using a discounted cash flow approach based on expected forward LIBOR swap yield curves and takes into account the credit risk of the counterparty financial institutions. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. Differences in prices are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. The Company’s foreign exchange forward derivative instruments are agreements entered into with a bank to exchange, at a specified future date, currencies of different countries at a specific rate. The fair value of the foreign exchange forward derivative instruments is determined using mid-rates based on available market rates at the end of the period of the valuation and takes into account the credit risk of the counterparty financial institutions. Foreign exchange rates are observable at commonly quoted intervals for the full terms of the foreign exchange forward derivative instruments and therefore are considered Level 2 items in accordance with the fair value hierarchy. The Company’s FFA derivative instruments were receive-fixed, pay-variable swaps based on the earnings of the Panamax class dry bulk vessels as published by the Baltic Exchange. The fair value of the FFA derivatives is determined using a discounted cash flow approach based on the market rate of the earnings of the Panamax class dry bulk vessels as published by the Baltic Exchange at the time of such valuation and takes into account the credit risk of the counterparty financial institutions. Differences in prices are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. The Company’s bunker fuel derivative instruments were receive-fixed, pay-variable swaps based on the difference in price between various categories of bunker fuels. The fair value of the bunker fuel swaps is determined using a discounted cash flow approach based on the difference between the market rate of the relevant bunker fuel prices at the end of the period and the contracted fixed rate and takes into account the credit risk of the counterparty financial institutions. Differences in prices are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2020 and as of September 30, 2021. Significant Other Observable Inputs December 31, 2020 September 30, 2021 Derivative instruments – asset position $ 153 $ 2,771 Derivative instruments – liability position 1,978 657 As of December 31, 2020 and as of September 30, 2021 , no fair value measurements for assets or liabilities under Level 3 were recognized in the Company’s consolidated balance sheets. |
Dividends
Dividends | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Dividends | Dividends During the nine-month period ended September 30, 2021, the Company declared and paid 3 quarterly consecutive dividends of $0.50 per share for each of the Series C Preferred Shares, totaling $3,446, and Series D Preferred Shares, totaling $4,793. During the nine-month period ended September 30, 2021 , the Company's subsidiary Pinewood declared and paid 1 dividend of $78. |
(Loss)_Earnings Per Share
(Loss)/Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
(Loss)/Earnings Per Share | (Loss)/Earnings Per Share The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period and includes the shares issuable to the audit committee chairman and the independent directors at the end of the period for services rendered. Diluted earnings per share are the same as basic earnings per share. There are no other potentially dilutive shares. The computation of basic earnings per share is calculated after deducting the preferred stock dividend from net (loss)/income. September 30, 2020 2021 Net (loss)/income $ (20,519) $ 109,143 Less preferred dividend 8,622 8,318 Less/(plus) mezzanine equity measurement 495 (271) Net (loss)/income available to common shareholders $ (29,636) $ 101,096 Weighted average number of shares, basic and diluted 102,762,932 111,044,439 (Loss)/earnings per share in U.S. Dollars, basic and diluted $ (0.29) $ 0.91 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events (a) Dividend declaration : On October 8, 2021 , the Board of Directors declared a dividend of $0.50 per share for all classes of preferred shares, totaling $2,746, payable to all shareholders of record as of October 22, 2021, which was paid on November 1, 2021. (b) Forward freight agreements: In October 2021, the Company entered into forward freight agreements on the Panamax index for 720 days in aggregate for the period to December 2022, with the objective of reducing the risk arising from the volatility in the charter rates. (c) Vessel delivery: On October 20, 2021, the Company took delivery of the 2013-built Japanese Post-Panamax class MV Venus Harmony . The acquisition was funded by the cash reserves of the Company. (d) New loan commitment: In October 2021, the Company signed a commitment letter for a new credit facility of $100.0 million with a five-year tenor to be secured by six vessels, which will comprise a term loan tranche of $50.0 million and a revolving credit facility tranche providing for a draw down capacity of up to $50.0 million reducing from its fourth year onwards. The anticipated proceeds from the credit facility will be used to refinance loan facilities of an aggregate outstanding amount of $50.0 million secured by the five vessels and maturing up to 2024 and the repurchase of one vessel under a sale and leaseback agreement for an amount of $20.7 million. The Company does not intend to utilize the full capacity of the reducing revolving credit facility tranche at this time. The agreement is expected to contain financial covenants in line with the existing loan and credit facilities of the Company. (e) Vessel sold: In June 2021, the Company entered into an agreement for the sale of the 2003-built Panamax class MV Koulitsa . The vessel was delivered to her new owners in November 2021. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: There are no recent accounting pronouncements the adoption of which are expected to have a material effect on the Company’s unaudited interim consolidated condensed financial statements in the current period. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Subsidiaries | The accompanying consolidated financial statements include the operations, assets and liabilities of the Company, and of its Subsidiaries listed below: Subsidiary Vessel Name Type Built Maxeikosiexi Shipping Corporation (“Maxeikosiexi”) (1)(3) Koulitsa Panamax April 2003 Kerasies Shipping Corporation (“Kerasies”) (1) Katerina Panamax May 2004 Marathassa Shipping Corporation (“Marathassa”) (1) Maritsa Panamax January 2005 Kyotofriendo One Shipping Corporation (“Kyotofriendo One”) (2)(10) Paraskevi 2 Panamax April 2011 Maxeikositessera Shipping Corporation (“Maxeikositessera”) (2) Efrossini Panamax February 2012 Glovertwo Shipping Corporation (“Glovertwo”) (2) Zoe Panamax July 2013 Kyotofriendo Two Shipping Corporation (“Kyotofriendo Two”) (2)(11) Koulitsa 2 Panamax February 2013 Shikokutessera Shipping Inc. (“Shikokutessera”) (2) Kypros Land Panamax January 2014 Shikokupente Shipping Inc. (“Shikokupente”) (2) Kypros Sea Panamax March 2014 Gloverfour Shipping Corporation (“Gloverfour”) (2) Kypros Bravery Panamax January 2015 Shikokuokto Shipping Corporation (“Shikokuokto”) (2) Kypros Sky Panamax March 2015 Subsidiary Vessel Name Type Built Gloverfive Shipping Corporation (“Gloverfive”) (2) Kypros Loyalty Panamax June 2015 Gloversix Shipping Corporation (“Gloversix”) (2) Kypros Spirit Panamax July 2016 Pemer Shipping Ltd. (“Pemer”) (1) Pedhoulas Merchant Kamsarmax March 2006 Petra Shipping Ltd. (“Petra”) (1) Pedhoulas Trader Kamsarmax May 2006 Pelea Shipping Ltd. (“Pelea”) (1) Pedhoulas Leader Kamsarmax March 2007 Vassone Shipping Corporation (“Vassone”) (2) Pedhoulas Commander Kamsarmax May 2008 Maxeikositria Shipping Corporation (“Maxeikositria”) (1)(4) Pedhoulas Fighter Kamsarmax August 2012 Youngone Shipping Corporation (“Youngone”) (2) Pedhoulas Cherry Kamsarmax July 2015 Youngtwo Shipping Corporation (“Youngtwo”) (2) Pedhoulas Rose Kamsarmax January 2017 Pinewood Shipping Corporation (“Pinewood”) (2)(5) Pedhoulas Cedrus Kamsarmax June 2018 Marinouki Shipping Corporation (“Marinouki”) (1) Marina Post-Panamax January 2006 Soffive Shipping Corporation (“Soffive”) (1) Sophia Post-Panamax June 2007 Vasstwo Shipping Corporation (“Vasstwo”) (1) Xenia Post-Panamax August 2006 Eniaprohi Shipping Corporation (“Eniaprohi”) (1) Eleni Post-Panamax November 2008 Eniadefhi Shipping Corporation (“Eniadefhi”) (1) Martine Post-Panamax February 2009 Maxdodeka Shipping Corporation (“Maxdodeka”) (1) Andreas K Post-Panamax September 2009 Pentakomo Shipping Corporation (“Pentakomo”) (2) Agios Spyridonas Post-Panamax January 2010 Maxdekatria Shipping Corporation (“Maxdekatria”) (1) Panayiota K Post-Panamax April 2010 Maxdeka Shipping Corporation (“Maxdeka”) (2) Venus Heritage Post-Panamax December 2010 Shikoku Friendship Shipping Company (“Shikoku”) (2) Venus History Post-Panamax September 2011 Maxenteka Shipping Corporation (“Maxenteka”) (2) Venus Horizon Post-Panamax February 2012 Shikokuepta Shipping Inc. (“Shikokuepta”) (2) Troodos Sun Post-Panamax January 2016 Shikokuexi Shipping Inc. (“Shikokuexi”) (2) Troodos Air Post-Panamax March 2016 Monagrouli Shipping Corporation (“Monagrouli”) (2) Troodos Oak Post-Panamax April 2020 Maxpente Shipping Corporation (“Maxpente”) (1) Kanaris Capesize March 2010 Eptaprohi Shipping Corporation (“Eptaprohi”) (1) Pelopidas Capesize November 2011 Maxtessera Shipping Corporation (“Maxtessera”) (2) Lake Despina Capesize January 2014 Shikokuennia Shipping Corporation (“Shikokuennia”) (2) Mount Troodos Capesize November 2009 Agros Shipping Corporation (“Agros”) (2) TBN H1381 Kamsarmax Q2 2022 Lofou Shipping Corporation (“Lofou”) (2) TBN H11013 Post-Panamax Q3 2022 Yasudyo Shipping Corporation (“Yasudyo”) (2) TBN H1392 Kamsarmax Q4 2023 Shimafive Shipping Corporation (“Shimafive”) (2) TBN H11064 Kamsarmax Q4 2023 Shimasix Shipping Corporation (“Shimasix”) (2) TBN H11065 Kamsarmax Q1 2024 Shimaseven Shipping Corporation (“Shimaseven”) (2) TBN H11067 Kamsarmax Q1 2024 Gloverthree Shipping Corporation (“Gloverthree”) (2) TBN H11042 Post-Panamax Q1 2023 Gloverseven Shipping Corporation (“Gloverseven”) (2) TBN H11043 Post-Panamax Q2 2023 Maxeikosiepta Shipping Corporation (“Maxeikosiepta”) (1)(6) Paraskevi Panamax January 2003 Avstes Shipping Corporation (“Avstes”) (1)(7) Vassos Panamax February 2004 Maxeikosi Shipping Corporation (“Maxeikosi”) (1)(8) Pedhoulas Builder Kamsarmax May 2012 Marindou Shipping Corporation (“Marindou”) (1)(9) Maria Panamax April 2003 Maxeikosiena Shipping Corporation (“Maxeikosiena”) (1)(9) Pedhoulas Farmer Kamsarmax September 2012 Maxeikosipente Shipping Corporation (“Maxeikosipente”) (1) — — — Staloudi Shipping Corporation (“Staloudi”) (1) — — — Metamou Shipping Corporation (“Metamou”) (2)(12) — — — Armonikos Shipping Corporation ("Armonikos") (2)(13) — — — (1) Incorporated under the laws of the Republic of Liberia. (2) Incorporated under the laws of the Republic of the Marshall Islands. (3) In June 2021, the Company entered into an agreement for the sale of MV Koulitsa . The vessel was delivered to her new owners in November 2021. (4) In September 2021, the Company entered into an agreement for the sale of MV Pedhoulas Fighter . The sale is expected to be consummated in December 2021. (5) On July 29, 2016, the Shipsales Contract relating to a newbuild vessel initially contracted by Kyotofriendo Two, was novated to Pinewood. Under an agreement with an unaffiliated third party, upon delivery of the vessel, named Pedhoulas Cedrus , to Pinewood in June 2018, 100 shares of Series A Preferred Stock of Pinewood were issued to the unaffiliated third party for proceeds in the equivalent of $16,875 at the time of issuance, which were used to finance part of the cost of such vessel. All Series A Preferred Stock were redeemed by Pinewood in February 2021. (6) Vessel sold in January 2021 and delivered to her new owners in April 2021. (7) Vessel sold in January 2021 and delivered to her new owners in May 2021. (8) Vessel sold in May 2021 and delivered to her new owners in June 2021. (9) Vessel sold in May 2021 and delivered to her new owners in September 2021. (10) Vessel acquired in March 2021. (11) Vessel acquired in July 2021. (12) In July 2021, the Company entered into an agreement for the acquisition of a 2012-built Japanese Capesize class vessel to be named Stelios Y . The vessel is expected to be delivered in November 2021 (13) In July 2021, the Company entered into an agreement for the acquisition of a 2013-built Japanese Post-Panamax class vessel Venus Harmony, which was delivered to us in October 20, 2021. Refer to Note 15. |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The Fees charged by our Managers comprised the following: Nine -month period ended September 30, 2020 2021 Ship Management Fees $ 13,849 $ 14,636 Supervision Fees 275 275 Commissions 330 1,085 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Vessels, Net | Vessels, net are comprised of the following: Vessel Accumulated Net Book Balance, December 31, 2020 $ 1,357,460 $ (415,296) $ 942,164 Transfer from Advances for vessels (Note 5) 36,505 — 36,505 Transfer to Assets Held for Sale (Note 6) (152,174) 64,207 (87,967) Depreciation expense — (39,153) (39,153) Balance, September 30, 2021 $ 1,241,791 $ (390,242) $ 851,549 |
Advances for Vessels (Tables)
Advances for Vessels (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Advances For Assets Acquisitions And Assets Under Construction [Abstract] | |
Advances for Vessel Acquisition and Vessels under Construction | Advances for vessels are comprised of the following: Balance, December 31, 2020 9,126 Additions for advances, including capitalized expenses and interest 85,231 Transferred to vessel cost (refer to Note 4) (36,505) Balance, September 30, 2021 $ 57,852 |
Long Term Debt (Tables)
Long Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long term debt is comprised of the following borrowings: Borrower Commencement Maturity December 31, 2020 September 30, 2021 Maxeikosiepta 1 December 2018 February 2021 4,000 — Maxtessera 1 November 2018 April 2021 22,000 — Avstes 1 June 2019 April 2021 5,985 — Maxeikosi 1 September 2017 May 2021 10,893 — Maxeikosiexi 1 September 2015 June 2021 4,432 — Marathassa 1 September 2015 June 2021 4,820 — Marinouki 1 September 2015 June 2021 7,263 — Kerasies 1 September 2015 June 2021 5,097 — Soffive 1 September 2015 June 2021 7,853 — Eptaprohi 1 September 2015 June 2021 37,053 — Petra 1 November 2018 June 2021 6,135 — Pemer 1 November 2018 June 2021 6,135 — Safe Bulkers 2 December 2019 June 2021 29,000 — Shikokuepta 1 February 2016 August 2021 17,150 — Safe Bulkers 1 November 2014 September 2021 79,758 — Maxeikosiena 3 September 2015 September 2021 18,058 — Safe Bulkers 1 April 2019 June 2022 8,000 — Shikokupente - Shikokuennia - Pemer - Petra 1 July 2019 January 2023 8,510 870 Shikokupente 1 August 2018 August 2023 12,927 10,210 Shikokuennia 1 October 2018 October 2023 14,385 8,668 Maxeikositria 1 September 2017 August 2024 10,893 8,077 Maxpente 1 September 2017 August 2024 16,100 11,450 Maxeikositessera 1 September 2017 August 2024 11,310 8,134 Maxenteka 1 September 2017 August 2024 13,536 10,294 Safe Bulkers 1 November 2018 August 2024 22,250 9,750 Pelea - Vasstwo - Eniaprohi - Vassone 1 December 2018 December 2024 43,250 31,250 Maxdeka 3 November 2019 August 2025 19,076 17,572 Shikoku Friendship 3 November 2019 August 2025 20,066 18,484 Shikokutessera 3 November 2019 August 2025 19,502 17,990 Glovertwo 3 November 2019 August 2025 18,344 16,900 Pentakomo 3 January 2020 January 2026 14,500 13,000 Maxdekatria 3 January 2020 January 2026 14,500 13,000 Eptaprohi - Kerasies - Marathassa - Marinouki -Soffive - Pemer - Petra 1 June 2021 June 2026 — 29,137 Eptaprohi - Kerasies - Marathassa - Marinouki -Soffive - Pemer - Petra 2 June 2021 June 2026 — 10,000 Safe Bulkers 1 September 2021 September 2026 — 30,000 Maxtessera 3 April 2021 October 2026 — 28,933 Youngtwo 3 January 2017 January 2027 21,203 20,491 Monagrouli 1 April 2020 April 2027 25,520 24,200 Shikokuokto 3 December 2019 December 2027 18,000 16,500 Gloversix 3 December 2019 December 2027 18,720 17,160 Pinewood 3 February 2021 February 2031 — 23,035 Shikokuepta 3 August 2021 August 2031 — 23,667 Total 616,224 418,772 Current portion of Long-term debt 77,284 35,767 Liability directly associated with asset held for sale 4,000 8,077 Long-term debt 534,940 374,928 Total debt 616,224 418,772 Current portion of deferred financing costs 1,500 1,373 Financing cost, directly associated with asset held for sale 17 31 Deferred financing costs non-current 3,057 3,617 Total deferred financing costs 4,574 5,021 Total debt 616,224 418,772 Less: Total deferred financing costs 4,574 5,021 Total debt, net of deferred financing costs 611,650 413,751 Less: Current portion of long-term debt, net of current portion of deferred financing costs 75,784 34,394 Less: Liability directly associated with asset held for sale net of deferred financing cost 3,983 8,046 Long-term debt, net of deferred financing costs, non-current 531,883 371,311 1. Credit facility 2. Revolving credit facility 3. Sale and lease back financing transaction. |
Schedule of Maturities of Long-term Debt | The estimated minimum annual principal payments required to be made after September 30, 2021, based on the loan and credit facility agreements as amended, are as follows: To September 30, 2022 $ 43,843 2023 51,893 2024 86,592 2025 98,095 2026 55,982 2027 and thereafter 82,367 Total $ 418,772 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments under Shipbuilding Contracts and Memorandums of Agreement | Capital expenditure commitments relating to vessels under construction, second-hand vessels agreed to be acquired and the purchase of BWTS and Scrubbers to be installed on certain of our vessels are as follows: Year end September 30, Due to Shipyards/Sellers Due to Manager 1 Other Commitments Total 2022 $ 81,307 $ 1,922 $ 760 $ 83,989 2023 79,600 2,888 — 82,488 2024 95,320 2,415 — 97,735 Total $ 256,227 $ 7,225 $ 760 $ 264,212 1. Represents the amounts payable to our Managers under the Management Agreements in respect of the commissions for contracted newbuilds and second hand vessels to be acquired and the supervision fee for the contracted newbuild vessels. |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenues [Abstract] | |
Revenues | Revenues are comprised of the following: Nine Month Periods Ended September 30, 2020 September 30, 2021 Time charter revenue $ 146,499 $ 235,129 Voyage charter revenue 1,692 $ 5,156 Other income 3,441 $ 6,747 Total 151,632 $ 247,032 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Operating Expenses [Abstract] | |
Vessel Operating Expenses | Vessel operating expenses are comprised of the following: Nine -month period ended September 30, 2020 2021 Crew wages and related costs $ 25,224 $ 28,004 Insurance 2,525 2,682 Repairs, maintenance and drydocking costs 9,315 5,492 Spares, stores and provisions 12,030 11,728 Lubricants 3,130 2,952 Taxes 479 533 Miscellaneous 2,013 2,076 Total $ 54,716 $ 53,467 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Derivatives Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Financial Instruments And Derivative Instruments | |
Schedule of Interest Rate Derivatives | Details of interest rate swap transactions entered into as of September 30, 2021 are presented in the table below: Notional amount Counterparty (1) Inception Expiry Fixed Rate December 31, 2020 September 30, 2021 SHIKOKUPENTE (2) August 3, 2020 August 1, 2023 0.275% $ 12,927 $ 12,288 SHIKOKUENNIA (2) July 20, 2020 October 20, 2023 0.350% 14,385 12,998 MAXPENTE September 21, 2020 August 27, 2024 0.322% 10,150 10,150 MAXENTEKA September 21, 2020 August 27, 2024 0.322% 9,500 9,500 MAXEIKOSITESSERA September 21, 2020 August 27, 2024 0.322% 7,350 7,350 SAFE BULKERS March 4, 2020 September 30, 2024 0.990% 10,000 10,000 SAFE BULKERS March 4, 2020 September 30, 2024 0.900% 10,000 10,000 SAFE BULKERS March 9, 2020 September 30, 2024 0.800% 10,000 10,000 SAFE BULKERS March 10, 2020 September 30, 2024 0.650% 20,000 20,000 SAFE BULKERS March 30, 2020 September 30, 2024 0.600% 10,000 10,000 SAFE BULKERS May 5, 2020 May 5, 2025 0.400% 10,000 10,000 SAFE BULKERS July 10, 2020 May 5, 2025 0.400% 10,000 10,000 SAFE BULKERS July 10, 2020 May 5, 2025 0.380% 10,000 10,000 SAFE BULKERS July 14, 2020 May 5, 2025 0.380% 10,000 10,000 SAFE BULKERS June 4, 2020 June 4, 2025 0.500% 10,000 10,000 SAFE BULKERS June 11, 2020 June 11, 2025 0.450% 10,000 10,000 SAFE BULKERS June 15, 2020 June 15, 2025 0.400% 10,000 10,000 SAFE BULKERS June 30, 2020 June 30, 2025 0.425% 10,000 10,000 SAFE BULKERS July 1, 2020 July 1, 2025 0.380% 10,000 10,000 SAFE BULKERS July 9, 2020 July 9, 2025 0.360% 10,000 10,000 SAFE BULKERS July 16, 2020 July 16, 2025 0.350% 10,000 10,000 SAFE BULKERS July 30, 2020 July 30, 2025 0.330% 10,000 10,000 SAFE BULKERS August 3, 2020 August 3, 2025 0.370% 10,000 10,000 SAFE BULKERS February 22, 2021 December 31, 2025 0.745% — 30,000 SAFE BULKERS May 10, 2021 May 10, 2026 0.950% — 50,000 SAFE BULKERS July 21, 2021 July 21, 2026 0.829% — 10,000 SAFE BULKERS July 22, 2021 July 22, 2026 0.770% — 20,000 Total $ 244,312 $ 352,286 (1) Under all above swap transactions, the bank effects quarterly floating-rate payments to the Company for the relevant amount based on the three-month USD LIBOR, and the Company effects quarterly payments to the bank on the relevant amount at the respective fixed rates. (2) The notional amounts of the above transactions are reduced during the term of the swap transactions based on the expected principal outstanding under the respective facility. |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains/losses in the consolidated statements of operations are shown below: Derivatives not designated as hedging instruments Asset Derivatives Fair Values Liability Derivatives Fair Values Type of Contract Balance sheet location December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 Foreign Currency Derivative assets / Current assets 99 — — — Interest Rate Derivative assets / Non-current assets 54 2,771 — Bunker Fuel Derivative liabilities / Current liabilities — 408 290 Forward Freight Derivative liabilities / Current liabilities — 174 72 Bunker Fuel Derivative liabilities / Non-current liabilities — — 116 60 Interest Rate Derivative liabilities / Non-current liabilities — — 1,280 235 Total Derivatives $ 153 $ 2,771 $ 1,978 $ 657 |
Derivative Instruments, Gain (Loss) | Amount of Gain/(Loss) Recognized on Derivatives Nine Months Period Ended September 30, 2020 September 30, 2021 Interest Rate Contracts $ (1,619) $ 2,935 Bunker Fuel Contracts $ 675 $ (529) Foreign Exchange Agreements $ — $ (99) Forward Freight Agreements $ (65) $ (4,284) Net Loss Recognized $ (1,009) $ (1,977) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the valuation of the Company’s derivative financial instruments as of December 31, 2020 and as of September 30, 2021. Significant Other Observable Inputs December 31, 2020 September 30, 2021 Derivative instruments – asset position $ 153 $ 2,771 Derivative instruments – liability position 1,978 657 |
(Loss)_Earnings Per Share (Tabl
(Loss)/Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Computation of Basic Earnings/(Loss) Per Share | The computation of basic earnings per share is calculated after deducting the preferred stock dividend from net (loss)/income. September 30, 2020 2021 Net (loss)/income $ (20,519) $ 109,143 Less preferred dividend 8,622 8,318 Less/(plus) mezzanine equity measurement 495 (271) Net (loss)/income available to common shareholders $ (29,636) $ 101,096 Weighted average number of shares, basic and diluted 102,762,932 111,044,439 (Loss)/earnings per share in U.S. Dollars, basic and diluted $ (0.29) $ 0.91 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information - Additional Information (Details) | Sep. 30, 2021subsidiaryvessel |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of subsidiaries | subsidiary | 56 |
Number of drybulk vessels | vessel | 39 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Schedule of Subsidiaries (Details) $ in Thousands | 1 Months Ended |
Jun. 30, 2018USD ($)shares | |
Subsidiary, Sale of Stock [Line Items] | |
Cumulative redeemable perpetual preferred equity | $ | $ 16,875 |
Series A Preferred Stock | Private Placement | |
Subsidiary, Sale of Stock [Line Items] | |
Number of shares issued in transaction (in shares) | shares | 100 |
Transactions with Related Par_3
Transactions with Related Parties - The Managers (Details) $ in Thousands, € in Millions | May 29, 2021EUR (€) | May 29, 2018EUR (€) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Related Party Transactions [Abstract] | ||||
Management agreement term | 3 years | 3 years | ||
Flat ship management fee | € | € 3.5 | € 3 | ||
Related Party Transaction, Due from (to) Related Party, Current [Abstract] | ||||
Due from manager | $ 0 | $ 48 | ||
Due to manager | $ 47 | $ 0 |
Transactions with Related Par_4
Transactions with Related Parties - Schedule of Fees Charged by Managers (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transactions [Abstract] | ||
Ship Management Fees | $ 14,636 | $ 13,849 |
Supervision Fees | 275 | 275 |
Commissions | $ 1,085 | $ 330 |
Transactions with Related Par_5
Transactions with Related Parties - Credit Facility (Details) | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2021USD ($)vessel | Sep. 30, 2021USD ($)vessel | Sep. 30, 2020USD ($) | |
Line of Credit Facility [Line Items] | |||
Number of vessels provided as collateral | vessel | 23 | ||
Proceeds from long-term debt | $ | $ 128,800,000 | $ 78,400,000 | |
Number of vessels debt free | vessel | 1 | ||
Line of credit | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | $ | $ 70,000,000 | $ 60,000,000 | |
Long-term debt, tenor | 5 years | 5 years | |
Number of vessels provided as collateral | vessel | 7 | ||
Proceeds from long-term debt | $ | $ 64,300,000 | ||
Number of vessels financed by credit facility | vessel | 8 | ||
Number of vessels debt free | vessel | 1 | ||
Line of credit | Secured debt | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | $ | $ 30,000,000 | $ 30,000,000 | |
Long-term debt, tenor | 5 years | ||
Line of credit | Revolving credit facility | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility | $ | $ 40,000,000 | $ 30,000,000 |
Vessels, Net - Schedule of Vess
Vessels, Net - Schedule of Vessels (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Vessel Cost | ||
Beginning Balance | $ 1,357,460 | |
Transfer from Advances for vessels (Note 5) | 36,505 | |
Transfer to Assets Held for Sale (Note 6) | (152,174) | |
Ending Balance | 1,241,791 | |
Accumulated Depreciation | ||
Beginning Balance | (415,296) | |
Transfer to Assets Held for Sale (Note 6) | 64,207 | |
Depreciation expense | (39,153) | $ (40,395) |
Ending Balance | (390,242) | |
Net Book Value | ||
Beginning Balance | 942,164 | |
Transfer from Advances for vessels (Note 5) | 36,505 | |
Transfer to Assets Held for Sale (Note 6) | (87,967) | |
Depreciation expense | (39,153) | $ (40,395) |
Ending Balance | $ 851,549 |
Vessels, Net - Additional Infor
Vessels, Net - Additional Information (Details) $ in Thousands | Sep. 30, 2021USD ($)vessel | Sep. 30, 2021USD ($)vessel | Dec. 31, 2020vessel |
Property, Plant and Equipment [Abstract] | |||
Number of impaired vessels | 0 | 0 | |
Number of vessels provided as collateral | 23 | 23 | |
Vessels provided as collateral | $ | $ 499,138 | $ 499,138 | |
Number of vessels sold and leased back | 12 | ||
Carrying value of vessels sold and leased back | $ | $ 305,346 | $ 305,346 |
Advances for Vessels - Schedule
Advances for Vessels - Schedule of Advances for Vessel Acquisition and Vessels under Construction (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Advances For Assets Acquisitions And Assets Under Construction [Abstract] | |
Advances for vessels, beginning balance | $ 9,126 |
Additions for advances, including capitalized expenses and interest | 85,231 |
Transferred to vessel cost | (36,505) |
Advances for vessels, ending balance | $ 57,852 |
Assets Held for Sale (Details)
Assets Held for Sale (Details) $ in Thousands | 4 Months Ended | ||
Sep. 30, 2021USD ($)agreement | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Assets held for sale | $ 25,701 | $ 8,057 | |
Number of Memoranda of Agreement entered with unrelated third parties | agreement | 2 | ||
MV Koulitsa | |||
Discontinued Operations and Disposal Groups [Abstract] | |||
Carrying value of the vessel | $ 7,643 | ||
Carrying value of bunkers and lubricants onboard | 109 | ||
Sale price of the vessel | $ 13,600 | ||
MV Pedhoulas Fighter | |||
Discontinued Operations and Disposal Groups [Abstract] | |||
Carrying value of the vessel | 17,846 | ||
Carrying value of bunkers and lubricants onboard | 103 | ||
Sale price of the vessel | $ 23,700 |
Long Term Debt - Schedule of De
Long Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total | $ 418,772 | $ 616,224 |
Current portion of Long-term debt | 35,767 | 77,284 |
Liability directly associated with asset held for sale | 8,077 | 4,000 |
Long-term debt | 374,928 | 534,940 |
Current portion of deferred financing costs | 1,373 | 1,500 |
Financing cost, directly associated with asset held for sale | 31 | 17 |
Deferred financing costs non-current | 3,617 | 3,057 |
Total deferred financing costs | 5,021 | 4,574 |
Less: Total deferred financing costs | 5,021 | 4,574 |
Total debt, net of deferred financing costs | 413,751 | 611,650 |
Less: Current portion of long-term debt, net of current portion of deferred financing costs | 34,394 | 75,784 |
Less: Liability directly associated with asset held for sale net of deferred financing cost | 8,046 | 3,983 |
Long-term debt, net of deferred financing costs, non-current | 371,311 | 531,883 |
November 2018 | ||
Debt Instrument [Line Items] | ||
Total | 9,750 | 22,250 |
December 2019 | ||
Debt Instrument [Line Items] | ||
Total | 0 | 29,000 |
November 2014 | ||
Debt Instrument [Line Items] | ||
Total | 0 | 79,758 |
April 2019 | ||
Debt Instrument [Line Items] | ||
Total | 0 | 8,000 |
September 2021 | ||
Debt Instrument [Line Items] | ||
Total | 30,000 | 0 |
Maxeikosiepta | ||
Debt Instrument [Line Items] | ||
Total | 0 | 4,000 |
Maxtessera | November 2018 | ||
Debt Instrument [Line Items] | ||
Total | 0 | 22,000 |
Maxtessera | April 2021 | ||
Debt Instrument [Line Items] | ||
Total | 28,933 | 0 |
Avstes | ||
Debt Instrument [Line Items] | ||
Total | 0 | 5,985 |
Maxeikosi | ||
Debt Instrument [Line Items] | ||
Total | 0 | 10,893 |
Maxeikosiexi | ||
Debt Instrument [Line Items] | ||
Total | 0 | 4,432 |
Marathassa | ||
Debt Instrument [Line Items] | ||
Total | 0 | 4,820 |
Marinouki | ||
Debt Instrument [Line Items] | ||
Total | 0 | 7,263 |
Kerasies | ||
Debt Instrument [Line Items] | ||
Total | 0 | 5,097 |
Soffive | ||
Debt Instrument [Line Items] | ||
Total | 0 | 7,853 |
Eptaprohi | ||
Debt Instrument [Line Items] | ||
Total | 0 | 37,053 |
Petra | ||
Debt Instrument [Line Items] | ||
Total | 0 | 6,135 |
Pemer | ||
Debt Instrument [Line Items] | ||
Total | 0 | 6,135 |
Shikokuepta | February 2016 | ||
Debt Instrument [Line Items] | ||
Total | 0 | 17,150 |
Shikokuepta | August 2021 | ||
Debt Instrument [Line Items] | ||
Total | 23,667 | 0 |
Maxeikosiena | ||
Debt Instrument [Line Items] | ||
Total | 0 | 18,058 |
Shikokupente, Shikokuennia, Penner, Petra | ||
Debt Instrument [Line Items] | ||
Total | 870 | 8,510 |
Shikokupente | ||
Debt Instrument [Line Items] | ||
Total | 10,210 | 12,927 |
Shikokuennia | ||
Debt Instrument [Line Items] | ||
Total | 8,668 | 14,385 |
Maxeikositria | ||
Debt Instrument [Line Items] | ||
Total | 8,077 | 10,893 |
Maxpente | ||
Debt Instrument [Line Items] | ||
Total | 11,450 | 16,100 |
Maxeikositessera | ||
Debt Instrument [Line Items] | ||
Total | 8,134 | 11,310 |
Maxenteka | ||
Debt Instrument [Line Items] | ||
Total | 10,294 | 13,536 |
Pelea, Vasstwo, Eniaprohi, Vassone | ||
Debt Instrument [Line Items] | ||
Total | 31,250 | 43,250 |
Maxdeka | ||
Debt Instrument [Line Items] | ||
Total | 17,572 | 19,076 |
Shikoku Friendship | ||
Debt Instrument [Line Items] | ||
Total | 18,484 | 20,066 |
Shikokutessera | ||
Debt Instrument [Line Items] | ||
Total | 17,990 | 19,502 |
Glovertwo | ||
Debt Instrument [Line Items] | ||
Total | 16,900 | 18,344 |
Pentakomo | ||
Debt Instrument [Line Items] | ||
Total | 13,000 | 14,500 |
Maxdekatria | ||
Debt Instrument [Line Items] | ||
Total | 13,000 | 14,500 |
Eptaprohi, Kerasies, Marathassa, Marinouki, Soffive, Pemer, Petra | June 2021 | ||
Debt Instrument [Line Items] | ||
Total | 29,137 | 0 |
Eptaprohi, Kerasies, Marathassa, Marinouki, Soffive, Pemer, Petra | June 2021, 2 | ||
Debt Instrument [Line Items] | ||
Total | 10,000 | 0 |
Youngtwo | ||
Debt Instrument [Line Items] | ||
Total | 20,491 | 21,203 |
Monagrouli | ||
Debt Instrument [Line Items] | ||
Total | 24,200 | 25,520 |
Shikokuokto | ||
Debt Instrument [Line Items] | ||
Total | 16,500 | 18,000 |
Gloversix | ||
Debt Instrument [Line Items] | ||
Total | 17,160 | 18,720 |
Pinewood | ||
Debt Instrument [Line Items] | ||
Total | $ 23,035 | $ 0 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Details) | 1 Months Ended | 9 Months Ended | ||
Aug. 31, 2021USD ($) | Jun. 30, 2021USD ($)vessel | Sep. 30, 2021USD ($)vessel | Sep. 30, 2020USD ($) | |
Debt Instrument [Line Items] | ||||
Repayment of long-term debt, amount prepaid | $ 282,408,000 | |||
Repayment of long-term debt, principle payments | 43,844,000 | |||
Proceeds from long-term debt | $ 128,800,000 | $ 78,400,000 | ||
Number of vessels provided as collateral, credit facility | vessel | 6 | |||
Number of vessels debt free | vessel | 1 | |||
Fair value of debt outstanding | $ 421,867,000 | |||
Borrowing capacity outstanding | 88,900,000 | |||
Shikokuepta | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility | $ 24,000,000 | |||
Sale and leaseback, lease term | 10 years | |||
Sale and leaseback, purchase obligation, period | 10 years | |||
Sale and leaseback, repurchase period | 3 years | |||
Line of credit | ||||
Debt Instrument [Line Items] | ||||
Proceeds from long-term debt | $ 64,300,000 | |||
Line of credit facility | $ 70,000,000 | $ 60,000,000 | ||
Long-term debt, tenor | 5 years | 5 years | ||
Number of vessels provided as collateral, credit facility | vessel | 5 | |||
Number of vessels debt free | vessel | 1 | |||
Line of credit | Secured debt | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility | $ 30,000,000 | $ 30,000,000 | ||
Long-term debt, tenor | 5 years | |||
Line of credit | Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility | $ 40,000,000 | $ 30,000,000 |
Long Term Debt - Annual Princip
Long Term Debt - Annual Principal Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 43,843 | |
2023 | 51,893 | |
2024 | 86,592 | |
2025 | 98,095 | |
2026 | 55,982 | |
2027 and thereafter | 82,367 | |
Total | $ 418,772 | $ 616,224 |
Share Capital (Details)
Share Capital (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 5 Months Ended | |
May 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||
Ordinary shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Ordinary shares par value (in USD per share) | $ 0.001 | $ 0.001 | |
Common stock, shares issued (in shares) | 121,634,602 | 102,174,594 | |
Common stock, shares outstanding (in shares) | 121,634,602 | 102,174,594 | |
Common Stock | 2020 August ATM Program | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock sale program, gross offering proceeds of shares authorized to be sold | $ 100 | ||
Number of shares issued in transaction (in shares) | 19,417,280 | ||
Consideration received on sale of stock | $ 73 | ||
Remaining consideration available on sale of stock | $ 27 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Capital Expenditure Commitments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2022 | $ 83,989 |
2023 | 82,488 |
2024 | 97,735 |
Total | 264,212 |
Due to Shipyards/Sellers | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2022 | 81,307 |
2023 | 79,600 |
2024 | 95,320 |
Total | 256,227 |
Due to Manager | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2022 | 1,922 |
2023 | 2,888 |
2024 | 2,415 |
Total | 7,225 |
Other Commitments | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2022 | 760 |
2023 | 0 |
2024 | 0 |
Total | $ 760 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Maximum covered by insurance | $ 1,000,000 |
Revenues - Revenues (Details)
Revenues - Revenues (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues [Abstract] | ||
Time charter revenue | $ 235,129 | $ 146,499 |
Voyage charter revenue | 5,156 | 1,692 |
Other income | 6,747 | 3,441 |
Total | $ 247,032 | $ 151,632 |
Revenues - Additional Informati
Revenues - Additional Information (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021USD ($)charter | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | |||
Time charter revenue | $ 235,129 | $ 146,499 | |
Revenue from premium for use of scrubbers | $ 10,071 | $ 13,929 | |
Number of vessels employed under voyage charter | charter | 0 | ||
Remaining performance obligation | $ 222 | ||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Charter contract renewal term | 1 month | ||
Charter contract typical term | 1 month | ||
Premium for use of scrubbers, sulfur content | 0.50% | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Charter contract renewal term | 12 months | ||
Charter contract typical term | 5 years | ||
Premium for use of scrubbers, sulfur content | 3.50% |
Vessel Operating Expenses - Sch
Vessel Operating Expenses - Schedule of Operating Expenses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Expenses [Abstract] | ||
Crew wages and related costs | $ 28,004 | $ 25,224 |
Insurance | 2,682 | 2,525 |
Repairs, maintenance and drydocking costs | 5,492 | 9,315 |
Spares, stores and provisions | 11,728 | 12,030 |
Lubricants | 2,952 | 3,130 |
Taxes | 533 | 479 |
Miscellaneous | 2,076 | 2,013 |
Total | $ 53,467 | $ 54,716 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Derivatives Instruments - Details of Interest Rate Swap Transactions (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.990% | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.99% | |
Interest rate swap, notional amount | $ 10,000 | $ 10,000 |
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.900% | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.90% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.800% | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.80% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.650% | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.65% | |
Interest rate swap, notional amount | $ 20,000 | 20,000 |
Interest Rate Swap, Expiring September 30, 2024, Fixed Rate 0.600% | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.60% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring May 5, 2025, Fixed Rate 0.400%, Inception May 5, 2020 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.40% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring May 5, 2025, Fixed Rate 0.400%, Inception July 10, 2020 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.40% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring May 5, 2025, Fixed Rate 0.380%, Inception July 10, 2020 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.38% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring May 5, 2025, Fixed Rate 0.380%, Inception July 14, 2020 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.38% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring June 4, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.50% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring June 11, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.45% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring June 15, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.40% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring June 30, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.425% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring July 1, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.38% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring July 9, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.36% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring July 16, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.35% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring July 30, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.33% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring August 3, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.37% | |
Interest rate swap, notional amount | $ 10,000 | 10,000 |
Interest Rate Swap, Expiring December 31, 2025 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.745% | |
Interest rate swap, notional amount | $ 30,000 | 0 |
Interest Rate Swap, Expiring May 10, 2026 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.95% | |
Interest rate swap, notional amount | $ 50,000 | 0 |
Interest Rate Swap, Expiring May 10, 2026, Fixed Rate 0.829% | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.829% | |
Interest rate swap, notional amount | $ 10,000 | 0 |
Interest Rate Swap, Expiring May 10, 2026, Fixed Rate 0.770% | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.77% | |
Interest rate swap, notional amount | $ 20,000 | 0 |
Interest Rate Swap | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Interest rate swap, notional amount | $ 352,286 | 244,312 |
Shikokupente | Interest Rate Swap, Expiring August 1, 2023 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.275% | |
Interest rate swap, notional amount | $ 12,288 | 12,927 |
Shikokuennia | Interest Rate Swap, Expiring October 20, 2023 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.35% | |
Interest rate swap, notional amount | $ 12,998 | 14,385 |
Maxpente | Interest Rate Swap, Expiring August 27, 2024 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.322% | |
Interest rate swap, notional amount | $ 10,150 | 10,150 |
Maxenteka | Interest Rate Swap, Expiring August 27, 2024 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.322% | |
Interest rate swap, notional amount | $ 9,500 | 9,500 |
Maxeikositessera | Interest Rate Swap, Expiring August 27, 2024 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Fixed interest rate | 0.322% | |
Interest rate swap, notional amount | $ 7,350 | $ 7,350 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Derivatives Instruments - Additional Information (Details) | 1 Months Ended | 9 Months Ended |
Feb. 28, 2021tonne | Sep. 30, 2021derivative | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bunker fuel, annual tonnes | 12,000 | |
Bunker fuel, monthly tonnes | 1,000 | |
Forward Freight Agreements | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of derivative contracts | derivative | 6 | |
Derivative, term | 90 days | |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bunker fuel, sulphur content | 0.50% | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Bunker fuel, sulphur content | 3.50% |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Derivatives Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative assets / Current assets | $ 0 | $ 99 |
Derivative assets / Non-current assets | 2,771 | 54 |
Derivative liabilities / Current liabilities | 362 | 582 |
Derivative liabilities / Non-current liabilities | 295 | 1,396 |
Not designated as hedging instrument | ||
Derivative [Line Items] | ||
Total derivative assets | 2,771 | 153 |
Total derivative liabilities | 657 | 1,978 |
Not designated as hedging instrument | Foreign Exchange Agreements | ||
Derivative [Line Items] | ||
Derivative assets / Current assets | 0 | 99 |
Not designated as hedging instrument | Interest Rate Contracts | ||
Derivative [Line Items] | ||
Derivative assets / Non-current assets | 2,771 | 54 |
Derivative liabilities / Non-current liabilities | 235 | 1,280 |
Not designated as hedging instrument | Bunker Fuel Contracts | ||
Derivative [Line Items] | ||
Derivative liabilities / Current liabilities | 290 | 408 |
Derivative liabilities / Non-current liabilities | 60 | 116 |
Not designated as hedging instrument | Forward Freight Agreements | ||
Derivative [Line Items] | ||
Derivative liabilities / Current liabilities | $ 72 | $ 174 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments and Derivatives Instruments - Amount of Gain / (Loss) Recognized on Derivatives (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Loss Recognized | $ (1,977) | $ (1,009) |
Interest Rate Contracts | Other expense income on derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Loss Recognized | 2,935 | (1,619) |
Bunker Fuel Contracts | Other expense income on derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Loss Recognized | (529) | 675 |
Foreign Exchange Agreements | Other expense income on derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Loss Recognized | (99) | 0 |
Forward Freight Agreements | Other expense income on derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Loss Recognized | $ (4,284) | $ (65) |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments and Derivatives Instruments - Valuation of Company's Financial Instruments (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative instruments – asset position | $ 2,771 | $ 153 |
Derivative instruments – liability position | $ 657 | $ 1,978 |
Dividends (Details)
Dividends (Details) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)dividend$ / shares | |
Series C Preferred Stock | |
Class of Stock [Line Items] | |
Number of dividends declared | 3 |
Number of quarters, dividend payments | 3 |
Preferred stock dividends, cash paid quarterly (in USD per share) | $ / shares | $ 0.50 |
Payments of ordinary dividends, preferred stock and preference stock | $ | $ 3,446 |
Series D Preferred Stock | |
Class of Stock [Line Items] | |
Number of dividends declared | 3 |
Number of quarters, dividend payments | 3 |
Preferred stock dividends, cash paid quarterly (in USD per share) | $ / shares | $ 0.50 |
Payments of ordinary dividends, preferred stock and preference stock | $ | $ 4,793 |
Pinewood | Series A Preferred Stock | |
Class of Stock [Line Items] | |
Number of dividends declared | 1 |
Number of quarters, dividend payments | 1 |
Payments of ordinary dividends, preferred stock and preference stock | $ | $ 78 |
(Loss)_Earnings Per Share - Sch
(Loss)/Earnings Per Share - Schedule of Computation of (Loss)/Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Net (loss)/income | $ 109,143 | $ (20,519) |
Less preferred dividend | 8,318 | 8,622 |
Less/(plus) mezzanine equity measurement | (271) | 495 |
Net (loss)/income available to common shareholders, basic | 101,096 | (29,636) |
Net (loss)/income available to common shareholders, diluted | $ 101,096 | $ (29,636) |
Weighted average number of shares, basic (in shares) | 111,044,439 | 102,762,932 |
Weighted average number of shares, diluted (in shares) | 111,044,439 | 102,762,932 |
(Loss)/earnings per share in U.S. Dollars, basic (in USD per share) | $ 0.91 | $ (0.29) |
(Loss)/earnings per share in U.S. Dollars, diluted (in USD per share) | $ 0.91 | $ (0.29) |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended | 9 Months Ended | |||
Oct. 31, 2021USD ($)vessel | Jun. 30, 2021USD ($)vessel | Sep. 30, 2021USD ($)vessel | Sep. 30, 2020USD ($) | Oct. 08, 2021USD ($)$ / shares | |
Dividend declaration | |||||
Number of vessels provided as collateral | vessel | 23 | ||||
Proceeds from long-term debt | $ 128,800,000 | $ 78,400,000 | |||
Line of credit | |||||
Dividend declaration | |||||
Line of credit facility | $ 70,000,000 | $ 60,000,000 | |||
Long-term debt, tenor | 5 years | 5 years | |||
Number of vessels provided as collateral | vessel | 7 | ||||
Proceeds from long-term debt | $ 64,300,000 | ||||
Line of credit | Secured debt | |||||
Dividend declaration | |||||
Line of credit facility | $ 30,000,000 | $ 30,000,000 | |||
Long-term debt, tenor | 5 years | ||||
Forward Freight Agreements | |||||
Dividend declaration | |||||
Derivative, term | 90 days | ||||
Subsequent event | Line of credit | |||||
Dividend declaration | |||||
Line of credit facility | $ 100,000,000 | ||||
Long-term debt, tenor | 5 years | ||||
Number of vessels provided as collateral | vessel | 6 | ||||
Number of vessel repurchased under the sale and leaseback agreement | vessel | 1 | ||||
Repurchase amount under the sale and leaseback agreement | $ 20,700,000 | ||||
Subsequent event | Line of credit | Secured debt | |||||
Dividend declaration | |||||
Line of credit facility | $ 50,000,000 | ||||
Number of vessels provided as collateral | vessel | 5 | ||||
Proceeds from long-term debt | $ 50,000,000 | ||||
Subsequent event | Line of credit | Long-term Debt | |||||
Dividend declaration | |||||
Line of credit facility | $ 50,000,000 | ||||
Subsequent event | Forward Freight Agreements | |||||
Dividend declaration | |||||
Derivative, term | 720 days | ||||
Subsequent event | Cumulative Preferred Stock | |||||
Dividend declaration | |||||
Dividends payable (in USD per share) | $ / shares | $ 0.50 | ||||
Dividends payable | $ 2,746,000 |