Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Entity Listings [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Entity File Number | 001-34848 | |
Entity Registrant Name | SEANERGY MARITIME HOLDINGS CORP. | |
Entity Central Index Key | 0001448397 | |
Entity Incorporation, State or Country Code | 1T | |
Entity Address, Address Line One | 154 Vouliagmenis Avenue | |
Entity Address, Postal Zip Code | 166 74 | |
Entity Address, City or Town | Glyfada | |
Entity Address, Country | GR | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | true | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Auditor Firm ID | 1457 | 1163 |
Auditor Name | Deloitte Certified Public Accountants S.A. | Ernst & Young (Hellas) Certified Auditors Accountants S.A. |
Auditor Location | Athens, Greece | Athens, Greece |
Business Contact [Member] | ||
Entity Listings [Line Items] | ||
Contact Personnel Name | Stamatios Tsantanis | |
Entity Address, Address Line One | 154 Vouliagmenis Avenue | |
Entity Address, Postal Zip Code | 10004 | |
Entity Address, City or Town | Glyfada | |
Entity Address, Country | GR | |
Country Region | 30 | |
City Area Code | 213 | |
Local Phone Number | 0181507 | |
Contact Personnel Fax Number | 9638404 | |
Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Shares of common stock, par value $0.0001 per share | |
Trading Symbol | SHIP | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 18,191,614 | |
Preferred Stock Purchase Rights [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
Series B Preferred Stock [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 20,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 26,027 | $ 41,496 |
Term deposits | 0 | 1,500 |
Restricted cash | 1,650 | 1,180 |
Accounts receivable trade, net | 720 | 0 |
Inventories | 1,995 | 1,448 |
Prepaid expenses | 1,096 | 1,118 |
Due from related parties | 829 | 0 |
Assets held for sale | 28,252 | 0 |
Other current assets | 1,075 | 434 |
Total current assets | 61,644 | 47,176 |
Fixed assets: | ||
Vessels, net | 434,133 | 426,062 |
Other fixed assets, net | 412 | 405 |
Total fixed assets | 434,545 | 426,467 |
Other non-current assets: | ||
Deposits assets, non-current | 1,325 | 1,325 |
Deferred charges and other investments, non-current | 10,759 | 8,613 |
Restricted cash, non-current | 4,800 | 2,950 |
Operating lease, right-of-use asset | 499 | 650 |
Other non-current assets | 28 | 30 |
TOTAL ASSETS | 513,600 | 487,211 |
Current liabilities: | ||
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $1,856 and $1,347, respectively | 35,051 | 68,473 |
Debt related to assets held for sale, net of deferred finance costs of $110 and $NIL, respectively | 12,990 | 0 |
Current portion of convertible notes, net of deferred finance costs and debt discounts of $332 and $1,046, respectively | 10,833 | 769 |
Liability from contract with related party | 12,688 | 0 |
Trade accounts and other payables | 7,826 | 5,762 |
Accrued liabilities | 8,374 | 5,173 |
Operating lease liability | 108 | 121 |
Deferred revenue | 2,232 | 7,735 |
Other current liabilities | 4,548 | 0 |
Total current liabilities | 94,650 | 88,033 |
Non-current liabilities: | ||
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $1,871 and $2,030, respectively | 196,825 | 146,701 |
Convertible notes, non-current, net of current portion and deferred finance costs and debt discounts of $NIL and $1,597, respectively | 0 | 6,804 |
Operating lease liability, non-current | 391 | 529 |
Deferred revenue, non-current | 35 | 538 |
Other liabilities, non-current | 0 | 130 |
Total liabilities | 291,901 | 242,735 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.0001 par value; 25,000,000 shares authorized; 20,000 and NIL shares issued and outstanding as at December 31, 2022 and 2021, respectively | 0 | 0 |
Common stock, $0.0001 par value; 500,000,000 authorized shares as at December 31, 2022 and 2021; 18,191,614 and 17,298,613 shares issued and outstanding as at December 31, 2022 and 2021, respectively | 2 | 2 |
Additional paid-in capital | 583,691 | 597,723 |
Accumulated deficit | (361,994) | (353,249) |
Total stockholders' equity | 221,699 | 244,476 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 513,600 | $ 487,211 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current liabilities: | ||
Deferred finance costs, current | $ 110 | $ 0 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 20,000 | 0 |
Preferred stock, shares outstanding (in shares) | 20,000 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 18,191,614 | 17,298,613 |
Common stock, shares outstanding (in shares) | 18,191,614 | 17,298,613 |
Long-Term Debt and Other Financial Liabilities [Member] | ||
Current liabilities: | ||
Deferred finance costs and debt discounts, current | $ 1,856 | $ 1,347 |
Non-current liabilities: | ||
Deferred finance costs and debt discounts, noncurrent | 1,871 | 2,030 |
Convertible Notes [Member] | ||
Current liabilities: | ||
Deferred finance costs and debt discounts, current | 332 | 1,046 |
Non-current liabilities: | ||
Deferred finance costs and debt discounts, noncurrent | $ 0 | $ 1,597 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Operations [Abstract] | |||
Vessel revenue, net | $ 122,629 | $ 153,108 | $ 63,345 |
Fees from related parties | 2,391 | 0 | 0 |
Revenue, net | 125,020 | 153,108 | 63,345 |
Expenses: | |||
Voyage expenses | (4,293) | (16,469) | (18,567) |
Vessel operating expenses | (43,550) | (36,332) | (22,347) |
Management fees | (1,368) | (1,435) | (1,052) |
General and administration expenses | (17,412) | (13,739) | (6,607) |
Amortization of deferred dry-docking costs | (4,880) | (2,793) | (2,319) |
Depreciation | (23,417) | (17,151) | (12,721) |
Gain on sale of vessel, net | 0 | 697 | 0 |
(Loss) / gain on forward freight agreements, net | (417) | 24 | 0 |
Operating income / (loss) | 29,683 | 65,910 | (268) |
Other income / (expenses), net: | |||
Interest and finance costs | (15,332) | (17,779) | (12,342) |
Interest and finance costs - related party | 0 | 0 | (11,083) |
Loss on extinguishment of debt | (1,291) | (6,863) | 0 |
Gain on debt refinancing | 0 | 0 | 5,144 |
Gain on spin-off of United Maritime Corporation | 2,800 | 0 | 0 |
Interest and other income | 1,361 | 161 | 208 |
Foreign currency exchange losses, net | (10) | (81) | (15) |
Total other expenses, net | (12,472) | (24,562) | (18,088) |
Net income / (loss) before income taxes | 17,211 | 41,348 | (18,356) |
Income taxes | 28 | 0 | 0 |
Net income / (loss) | $ 17,239 | $ 41,348 | $ (18,356) |
Net income / (loss) per common share, basic (in dollars per share) | $ 0.97 | $ 2.7 | $ (5.49) |
Net income / (loss) per common share, diluted (in dollars per share) | $ 0.96 | $ 2.5 | $ (5.49) |
Weighted average common shares outstanding, basic (in shares) | 17,439,033 | 15,332,191 | 3,343,628 |
Weighted average common shares outstanding, diluted (in shares) | 17,684,048 | 19,133,753 | 3,343,628 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Preferred Stock [Member] Series B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total | Cumulative Adjustment [Member] Preferred Stock [Member] Series B [Member] | Cumulative Adjustment [Member] Common Stock [Member] | Cumulative Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Adjustment [Member] Accumulated Deficit [Member] | Cumulative Adjustment [Member] |
Balance at Dec. 31, 2019 | $ 0 | $ 0 | $ 406,099 | $ (376,241) | $ 29,858 | |||||
Balance (in shares) at Dec. 31, 2019 | 0 | 168,125 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock (including the exercise of warrants) (Note 11) | $ 0 | $ 1 | 71,834 | 0 | 71,835 | |||||
Issuance of common stock (including the exercise of warrants) (Note 11) (in shares) | 0 | 6,647,749 | ||||||||
Change in fair value of conversion option (Note 9) | $ 0 | $ 0 | 4,924 | 0 | 4,924 | |||||
Issuance of options for units (Note 9) | 0 | 0 | 543 | 0 | 543 | |||||
Stock based compensation (Note 15) | $ 0 | $ 0 | 869 | 0 | 869 | |||||
Stock based compensation (Note 15) (in shares) | 0 | 15,625 | ||||||||
Issuable units (Note 7, 8 & 9) | $ 0 | $ 0 | 6,021 | 0 | 6,021 | |||||
Net income (loss) | 0 | 0 | 0 | (18,356) | (18,356) | |||||
Balance at Dec. 31, 2020 | $ 0 | $ 1 | 490,290 | (394,597) | 95,694 | |||||
Balance (in shares) at Dec. 31, 2020 | 0 | 6,831,499 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock (including the exercise of warrants) (Note 11) | $ 0 | $ 1 | 98,217 | 0 | 98,218 | |||||
Issuance of common stock (including the exercise of warrants) (Note 11) (in shares) | 0 | 9,238,754 | ||||||||
Issuance of common stock and warrants for repayment of subordinated long-term debt (Note 7) | $ 0 | $ 0 | 3,000 | 0 | 3,000 | |||||
Issuance of common stock and warrants for repayment of subordinated long-term debt (Note 7) (in shares) | 0 | 428,571 | ||||||||
Issuance of common stock upon conversion of convertible notes (Note 8) | $ 0 | $ 0 | 3,600 | 0 | 3,600 | |||||
Issuance of common stock upon conversion of convertible notes (Note 8) (in shares) | 0 | 300,000 | ||||||||
Issuance of preferred shares to related party (Note 11) | $ 0 | $ 0 | 250 | 0 | 250 | |||||
Issuance of preferred shares to related party (Note 11) (in shares) | 20,000 | 0 | ||||||||
Stock based compensation (Note 15) | $ 0 | $ 0 | 5,097 | 0 | 5,097 | |||||
Stock based compensation (Note 15) (in shares) | 0 | 670,000 | ||||||||
Repurchase of common stock (Note 11) | $ 0 | $ 0 | (1,708) | 0 | (1,708) | |||||
Repurchase of common stock (Note 11) (in shares) | 0 | (170,210) | ||||||||
Repurchase of warrants (Note 11) | $ 0 | $ 0 | (1,023) | 0 | (1,023) | |||||
Net income (loss) | 0 | 0 | 0 | 41,348 | 41,348 | |||||
Balance at Dec. 31, 2021 | $ 0 | $ 2 | 597,723 | (353,249) | 244,476 | |||||
Balance (ASU 2020-06 [Member]) at Dec. 31, 2021 | $ 0 | $ 0 | $ (21,165) | $ 10,216 | $ (10,949) | |||||
Balance (in shares) at Dec. 31, 2021 | 20,000 | 17,298,614 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Issuance of common stock (including the exercise of warrants) (Note 11) | $ 0 | $ 0 | 70 | 0 | $ 70 | |||||
Issuance of common stock (including the exercise of warrants) (Note 11) (in shares) | 0 | 10,000 | 10,000 | |||||||
Stock based compensation (Note 15) | $ 0 | $ 0 | 7,185 | 0 | $ 7,185 | |||||
Stock based compensation (Note 15) (in shares) | 0 | 883,000 | ||||||||
Repurchase of warrants (Note 11) | $ 0 | $ 0 | (122) | 0 | (122) | |||||
Dividends ($1.25 per share) (Note 11) | 0 | 0 | 0 | (22,472) | (22,472) | |||||
United Maritime Corporation spin-off (Note 3) | 0 | 0 | 0 | (13,728) | (13,728) | |||||
Net income (loss) | 0 | 0 | 0 | 17,239 | 17,239 | |||||
Balance at Dec. 31, 2022 | $ 0 | $ 2 | $ 583,691 | $ (361,994) | $ 221,699 | |||||
Balance (in shares) at Dec. 31, 2022 | 20,000 | 18,191,614 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |
Dividends paid (in dollars per share) | $ 1.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income / (loss) | $ 17,239 | $ 41,348 | $ (18,356) |
Adjustments to reconcile net income (loss) to net cash provided by / (used in) operating activities: | |||
Depreciation | 23,417 | 17,151 | 12,721 |
Amortization of deferred dry-docking costs | 4,880 | 2,793 | 2,319 |
Amortization of deferred finance costs and debt discounts | 2,859 | 3,659 | 1,107 |
Amortization of convertible note beneficial conversion feature | 0 | 2,887 | 5,518 |
Stock based compensation | 7,185 | 5,097 | 869 |
Amortization of deferred finance costs and debt discounts - related party | 0 | 0 | 201 |
Loss on extinguishment of debt | 1,291 | 6,863 | 0 |
Gain on spin-off of United Maritime Corporation | (2,800) | 0 | 0 |
Gain on sale of vessel, net | 0 | (697) | 0 |
Gain on debt refinancing, gross of deferred financing fees and expenses | 0 | 0 | (5,556) |
Fair value measurement of units issued to former related party | 0 | 0 | 596 |
Restructuring expenses | 0 | 0 | 1,015 |
Changes in operating assets and liabilities: | |||
Accounts receivable trade, net | (839) | 801 | 962 |
Inventories | (840) | 3,202 | (788) |
Prepaid expenses | 22 | 22 | (740) |
Other current assets | (641) | 240 | 579 |
Deferred voyage expenses | 0 | 621 | (525) |
Deferred charges, non-current | (9,494) | (6,433) | (1,145) |
Other non-current assets | 2 | 2 | (3) |
Trade accounts and other payables | (589) | 348 | (12,398) |
Accrued liabilities | 2,155 | 2,187 | 3,526 |
Due from related parties | (595) | 0 | 0 |
Deferred revenue | (5,463) | 3,225 | 214 |
Deferred revenue, non-current | (503) | (2,236) | (301) |
Other liabilities, non-current | 0 | (320) | 450 |
Net cash provided by / (used in) operating activities | 37,286 | 80,760 | (9,735) |
Cash flows from investing activities: | |||
Vessels acquisitions and improvements | (70,321) | (197,214) | (20,189) |
Advances from related party from sale of vessels | 12,688 | 12,600 | 0 |
Investment in Series C preferred shares | (10,000) | 0 | 0 |
Proceeds from redemption of Series C preferred shares | 10,000 | 0 | 0 |
Term deposits | 1,500 | 100 | (1,600) |
Purchase of other fixed assets | (130) | (106) | (75) |
Net cash used in investing activities | (56,263) | (184,620) | (21,864) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions | 70 | 98,302 | 73,750 |
Proceeds from issuance of preferred stock | 0 | 250 | 0 |
Payments for repurchase of common stock | 0 | (1,708) | 0 |
Payments for repurchase of warrants | 0 | (1,023) | 0 |
Proceeds from long-term debt and other financial liabilities | 124,800 | 180,320 | 22,500 |
Dividends paid | (17,924) | 0 | 0 |
Payments of financing and stock issuance costs | (1,420) | (2,698) | (3,640) |
Repayments of long-term debt and other financial liabilities | (89,698) | (132,058) | (52,514) |
Repayments of convertible notes | (10,000) | (13,950) | 0 |
Repayments of related party debt | 0 | 0 | (1,000) |
Net cash provided by financing activities | 5,828 | 127,435 | 39,096 |
Net (decrease) / increase in cash and cash equivalents and restricted cash | (13,149) | 23,575 | 7,497 |
Cash and cash equivalents and restricted cash at beginning of period | 45,626 | 22,051 | 14,554 |
Cash and cash equivalents and restricted cash at end of period | 32,477 | 45,626 | 22,051 |
Cash paid during the period for: | |||
Interest | 11,710 | 11,166 | 10,270 |
Noncash investing activities: | |||
Vessels acquisitions and improvements | 1,015 | 837 | 0 |
Noncash financing activities: | |||
Dividends declared but not paid (Note 11) | 4,548 | 0 | 0 |
Units issued for repayment of subordinated long-term debt (Note 7) | 0 | 3,000 | 0 |
Repayment of subordinated long-term debt by issuance of units (Note 7) | 0 | (3,000) | 0 |
Common shares issued by conversion of notes (Note 8) | 0 | 3,600 | 0 |
Notes reduction via conversion (Note 8) | 0 | (3,600) | 0 |
Units / shares issued to settle unpaid interest in connection with financing - former related party (Note 7, 8 & 9) | 0 | 0 | 4,814 |
Units / shares issued to settle deferred finance cost in connection with financing - former related party (Note 7 & 8) | 0 | 0 | 1,374 |
Change in fair value of conversion option (Note 9) | 0 | 0 | 4,924 |
Issuance of option for units (Note 9) | $ 0 | $ 0 | $ 543 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation and General Information [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information: Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) was formed under the laws of the Republic of the Marshall Islands on January 4, 2008, with executive offices located in Glyfada, Greece. The Company provides global transportation solutions in the dry bulk shipping sector through its subsidiaries. The accompanying consolidated financial statements include the accounts of Seanergy Maritime Holdings Corp. and its subsidiaries (collectively, the “Company” or “Seanergy”). On January 20, 2022, United Maritime Corporation (“United”) was incorporated by Seanergy (the “Parent”), under the laws of the Republic of the Marshall Islands to serve as the holding company of the vessel-owning subsidiary of the Gloriuship On June 30, 2020, the Company’s common stock began trading on a split-adjusted basis, following a June 25, 2020 approval from the Company’s board of directors to reverse split the Company’s common stock at a ratio of one-for-sixteen . On February 16, 2023, the Company’s common stock began trading on a split-adjusted basis, following a February 9, 2023 approval from the Company’s board of directors to reverse split the Company’s common stock at a ratio of one-for-ten a. Subsidiaries in Consolidation: Seanergy’s subsidiaries included in these consolidated financial statements as of December 31, 2022: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal /Sale and leaseback Seanergy Management Corp. (1)(2) Marshall Islands N/A N/A N/A Seanergy Shipmanagement Corp. (1)(2) Marshall Islands N/A N/A N/A Emperor Holding Ltd. (1) Marshall Islands N/A N/A N/A Pembroke Chartering Services Limited (1)(3)(4) Malta N/A N/A N/A Maritime Capital Shipping Limited (1)(4) Bermuda N/A N/A N/A Sea Genius Shipping Co. (1) Marshall Islands Geniuship October 13, 2015 N/A Premier Marine Co. (1) Marshall Islands Premiership September 11, 2015 N/A Squire Ocean Navigation Co. (1) Liberia Squireship November 10, 2015 N/A Lord Ocean Navigation Co. (1) Liberia Lordship November 30, 2016 N/A Champion Marine Co. (1)(5) Marshall Islands Championship November 7, 2018 N/A Fellow Shipping Co. (1) Marshall Islands Fellowship November 22, 2018 N/A Friend Ocean Navigation Co. (1) Liberia Friendship July 27, 2021 N/A World Shipping Co. (1) Marshall Islands Worldship August 30, 2021 N/A Duke Shipping Co. (1) Marshall Islands Dukeship November 26, 2021 N/A Partner Marine Co. (1)(5) Marshall Islands Partnership March 9, 2022 N/A Honor Shipping Co. (1) Marshall Islands Honorship June 27, 2022 N/A Paros Ocean Navigation Co. (1) Liberia Paroship December 27, 2022 N/A Knight Ocean Navigation Co. (1)(5) Liberia Knightship December 13, 2016 June 29, 2018 Flag Marine Co. (1)(5) Marshall Islands Flagship May 6, 2021 May 11, 2021 Hellas Ocean Navigation Co. (1)(5) Liberia Hellasship May 6, 2021 June 28, 2021 Patriot Shipping Co. (1)(5) Marshall Islands Patriotship June 1, 2021 June 28, 2021 Good Ocean Navigation Co. (1)(Note 6) Liberia Goodship August 7, 2020 February 10, 2023 Traders Shipping Co. (1)(Note 6) Marshall Islands Tradership June 9, 2021 February 28, 2023 Gladiator Shipping Co. (1)(4) Marshall Islands Gladiatorship September 29, 2015 October 11, 2018 Leader Shipping Co. (1)(4) Marshall Islands Leadership March 19, 2015 September 30, 2021 Partner Shipping Co. Limited (1)(4) Malta Partnership May 31, 2017 March 9, 2022 Martinique International Corp. (1)(4) British Virgin Islands Bremen Max September 11, 2008 March 7, 2014 Harbour Business International Corp. (1)(4) British Virgin Islands Hamburg Max September 25, 2008 March 10, 2014 (1) Subsidiaries wholly owned (2) Management companies (3) Chartering services company (4) Dormant companies (5) Bareboat charters |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies: (a) Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and include the accounts and operating results of Seanergy and its wholly-owned subsidiaries where Seanergy has control. Control is presumed to exist when Seanergy, through direct or indirect ownership, retains the majority of the voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company applies the equity method of accounting. All intercompany balances and transactions have been eliminated on consolidation. The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets specified in Accounting Standards Codification (ASC or Codification) 810-10-40-3A. When control is lost, the Company derecognizes the assets and liabilities of the qualifying subsidiary or group of assets. (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates could include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of purchase price in a business combination, determination of vessels’ impairment and determination of goodwill impairment. (c) Foreign Currency Translation Seanergy’s functional currency is the United States dollar since the Company’s vessels operate in international shipping markets and therefore primarily transact business in U.S. Dollars. The Company’s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates that are in effect at the time of the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from foreign currency translation are reflected in the consolidated statement of operations. (d) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of the financial condition of its customers, receives charter hires in advance and generally does not require collateral for its accounts receivable. (e) Cash and Cash Equivalents Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents. (f) Term Deposits Seanergy classifies time deposits and all highly liquid investments with an original maturity of more than three months as Term Deposits. (g) Restricted Cash Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company, which are legally restricted as to withdrawal or use. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets. (h) Accounts Receivable Trade, Net Accounts receivable trade, net at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. Receivables related to spot voyages are determined to be unconditional and are included in “Accounts Receivable Trade, Net”. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Pursuant to the provisions of ASC 326, Financial Instruments—Credit Losses, the Company assesses the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s financial statements as of December 31, 2022 and 2021. No provision for doubtful accounts was established as of December 31, 2022 and 2021. (i) Inventories I nventories consist of lubricants and bunkers, which are (j) Insurance Claims The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors’ and officers’ liability insurance. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is based on management’s expectations as to their collection dates. No provision for credit losses was recorded as of December 31, 2022 and 2021 pursuant to the provisions of ASC 326 . (k) Vessels Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel’s initial voyage). Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred. In addition, other long-term investments, relating to vessels’ equipment not yet installed, are included in “Deferred charges and other-long term investments, non-current” in the consolidated balance sheets. Amounts paid for this equipment are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the consolidated statements of cash flows. (l) Vessel Depreciation Depreciation is computed using the straight-line method over the estimated useful life of the vessels (25 years), after considering the estimated salvage value. Salvage value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight ton. Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods. (m) Impairment of Long-Lived Assets (Vessels) The Company reviews its long-lived assets for impairment whenever events or changes in circumstances, such as prevailing market conditions, obsolesce or damage to the asset, business plans to dispose a vessel earlier than the end of its useful life and other business plans, indicate that the carrying amount of the assets, plus any unamortized dry-docking costs, may not be recoverable. The volatile market conditions in the dry bulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers to be indicators of a potential impairment for its vessels. The Company determines undiscounted projected operating cash flows for each vessel and compares it to the vessel’s carrying value, plus any unamortized dry-docking costs. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and/or its eventual disposition are less than the vessel’s carrying value, plus any unamortized dry-docking costs, the Company impairs the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators and use of available market data. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one year charter rates estimates and the average of the trailing 10-year historical charter rates, excluding outliers) adjusted for commissions, expected off hires due to scheduled maintenance and estimated unexpected breakdown off hires, along with an estimate of an additional daily revenue for each scrubber-fitted vessel, as applicable. The undiscounted projected operating cash outflows are determined by applying various assumptions regarding vessel operating expenses and scheduled maintenance. For the year ended December 31, 2022, indicators of impairment existed for eleven of the Company’s vessels as their carrying value plus any unamortized dry-docking costs was higher than their market value. The carrying value of the Company’s vessels plus any unamortized dry-docking costs for which impairment indicators existed as at December 31, 2022, was $328,857. From the impairment exercise performed, the undiscounted projected operating cash flows expected to be generated by the use of these eleven vessels were higher than the vessels’ carrying value, plus any unamortized dry-docking costs, and thus the Company concluded that no impairment charge should be recorded. (n) Assets held for sale The Company classifies a vessel along with associated inventories as being held for sale when all of the criteria under ASC 360, Property, Plant and Equipment, are met: (i) management has committed to a plan to sell the vessel; (ii) the vessel is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; (iv) the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdra Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under “Impairment loss” in the consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale. (o) Dry-Docking and Special Survey Costs The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed. Amounts are included in “Deferred charges and other long-term investments, non-current”. (p) Commitments and Contingencies Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. (q) Revenue Recognition Revenues are generated from time charters, bareboat charters and spot charters. A time charter is a contract for the use of a vessel as well as vessel operations for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Spot charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo. Time charter revenue, including bareboat charter revenue, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is not recognized for a vessel’s off hire days due to major repairs, dry dockings or special or intermediate surveys. The Company accounts for its time charter contracts as operating leases pursuant to ASC 842 “Leases”. The Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage from loading to discharge, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured. For spot charters, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. The Company has taken the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements. Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. (r) Leases Office lease In April 2018, the Company moved into new office spaces. Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet. The monthly rent expense is recorded in general and administration expenses. The Company has assessed the right-of-use asset (s) Sale and Leaseback Transactions In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale and the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. (t) Commissions Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions to third parties are included in “Vessel revenue, net” while brokerage commissions to third parties are included in “Voyage expenses”. (u) Vessel Voyage Expenses Vessel voyage expenses primarily consist of port, canal, bunker expenses, brokerage commissions and other non-specified voyage expenses that are unique to a particular charter and are paid for by the charterer under time charter agreements, bareboat charters. Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of bunkers consumption, brokerage commissions, port and canal costs. Under ASC 606 and after implementation of ASC 340-40 “Other assets and deferred costs” for contract costs, incremental costs of obtaining a contract with a customer, and contract fulfillment costs, are capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. The Company has adopted the practical expedient not to capitalize incremental costs when the amortization period (voyage period) is less than one year. Costs to fulfill the contract prior to arriving at the load port primarily consist of bunkers which are deferred and amortized during the voyage period. Voyage costs arising as performance obligation are expensed as incurred. (v) Repairs and Maintenance All repair and maintenance expenses, including major overhauling and underwater inspection expenses are expensed in the year incurred. Such costs are included in “Vessel operating expenses”. (w) Financing Costs Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt or convertible notes are deferred and amortized to interest expense over the life of the related debt using the effective interest method. The Company presents unamortized deferred financing costs as a reduction of long-term debt in the accompanying balance sheets. For the accounting of the unamortized deferred financing costs following debt extinguishment, see below (Note 2(ac)). (x) Income Taxes Income taxes are accounted for under the asset and liability method. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administration expenses. Maritime Capital Shipping (HK) Limited, the Company’s former management company, is subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the year. The estimated profits tax for the year ended December 31, 2022 is $ NIL Seanergy Management Corp. (“Seanergy Management”), the Company’s management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2023 by Seanergy Management for 2022 is estimated at $110 and is included in “General and administration expenses”. The contribution paid in the years ended December 2022 and 2021 was $97 and $93, respectively. Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”), the Company’s second management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2023 by Seanergy Shipmanagement for 2022 is estimated at $ NIL NIL NIL Two of the Company’s subsidiaries are registered in Malta since May 23, 2018. These subsidiaries are subject to a corporate flat tax in Malta and could be subject to additional taxation in the future in Malta or other jurisdictions where the subsidiaries are incorporated or do business. The amount of any such tax imposed upon the Company’s operations or on the Company’s subsidiaries’ operations may be material and could have an adverse effect on earnings. No tax expense has been recognized for the years presented in these financial statements. Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company’s stock is owned, directly or indirectly, by individuals who are “residents” of the Company’s country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (50% Ownership Test) or (ii) the Company’s stock is “primarily and regularly traded on an established securities market” in its country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States (Publicly-Traded Test). Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company’s stock will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company’s outstanding stock (“5 Percent Override Rule”). Based on the Company’s analysis of its shareholdings during 2022, the Publicly-Traded Test for the entire 2022 year has been satisfied in that less than 50% of the Company’s issued and outstanding shares were held by persons who each own directly or indirectly 5% or more of the vote and value of such class of stock for more than half the days during the 2022 taxable year. Effectively, the Company and each of its subsidiaries qualify for this statutory tax exemption for the 2022 taxable year. Certain charterparties of the Company contain clauses that permit the Company to seek reimbursement from charterers of any U.S. tax paid. The Company has in the past sought reimbursement and has secured payment from most of its charterers. The Company’s U.S. federal income tax based on its U.S. source shipping income for 2022, 2021 and 2020, taking into consideration charterers’ reimbursement, was $ NIL NIL NIL (y) Stock-based Compensation Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services as well as to non-employees. The Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. The Company assumes that all non-vested shares will vest. The Company accounts for forfeitures when incurred. (z) Earnings (Losses) per Share Basic earnings (losses) per common share are computed by dividing net income (loss) available to Seanergy’s shareholders by the weighted average number of common shares outstanding during the period. Unvested shares granted under the Company’s incentive plan, or other, are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are considered participating securities for basic earnings per share calculation purposes, using the two-class method. Diluted earnings (losses) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Equity Incentive Plan. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the convertible notes. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. (aa) Segment Reporting Seanergy reports financial information and evaluates its operations by total charter revenues and not by the length of vessel employment, customer, or type of charter. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus, Seanergy has determined that it operates under one reportable segment. Furthermore, when Seanergy charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, disclosure of geographic information is impracticable. (ab) Fair Value Measurements The Company follows the provisions of ASC 820, Fair Value Measurement • Level 1: Quoted market prices in active markets for identical assets or liabilities; • Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; • Level 3: Unobservable inputs that are not corroborated by market data. (ac) Debt Modifications and Extinguishments Costs associated with new loans or debt modifications, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as deferred charges. Costs paid directly to third parties are expensed as incurred. Deferred financing costs are presented as a deduction from the corresponding liability. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made. In particular, ASC 470-50-40-2 indicates that for extinguishments of debt, the difference between the reacquisition price and the net carrying amount of the extinguished debt (which includes any deferred debt issuance costs) should be recognized as a gain or loss when the debt is extinguished and identified as a separate item. (ad) Convertible Notes and related Beneficial Conversion Features The convertible notes were accounted for in accordance with ASC 470-20 “Debt with Conversion and Other Options” until December 31, 2021. Under the provisions of ASC 470-20, the terms of each convertible note included an embedded conversion feature which provided for a conversion at the option of the holder into shares of common stock at a predetermined rate. The Company determined that the conversion features were beneficial conversion features (“BCF”) pursuant to ASC 470-20. The Company considered the BCF guidance only after determining that the features did not need to be bifurcated under ASC 815 “Derivatives and Hedging” or separately accounted for under the cash conversion literature of ASC 470-20. Accounting for an embedded BCF in a convertible instrument under ASC 470-20 required that the BCF be recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of the BCF to additional paid-in capital, resulting in a discount on the convertible instrument. As from January, 1, 2022, the Company follows the provisions of No. 2020-06 (see below under Recent Accounting Pronouncements Adopted). (ae) Going Concern In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern At December 31, 2022, the Company had a working capital deficit of $ 33,006 which include liabilities amounting to $12,688 relating to cash deposit received from United for sale of vessels and an amount of $2,232 relating to pre-collected revenue and are included in liability from contract with related party and deferred revenue, respectively, in the accompanying consolidated balance sheets. Those amounts represent current liabilities that do not require future cash settlement. For the year ended December 31, 2022, the Company realized a net income of $ 17,239 37,286 twelve months Consequently, the consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. (af) Derivatives - Forward Freight Agreements From time to time, the Company may take positions in derivative instruments including forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge a vessel owner’s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. The FFAs are not intended to serve as an economic hedge for the Company’s vessels that are being chartered in the spot market, but are assumed across all dry bulk vessel sectors based on the Company’s views of the underlying markets and short-term outlook. The Company measures the fair value of all open positions at each reporting date on this basis (Level 1). There were no open positions as of December 31, 2022 and 2021. The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of operations under “Gain on forward freight agreements, net” and in the consolidated statements of cash flows in changes in operating assets and liabilities. (ag) Share and warrant repurchases The Company records the repurchase of its common shares and warrants at cost. The Company’s common shares repurchased for retirement are immediately cancelled and the Company’s common stock is accordingly reduced. Any excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock. For warrants repurchased, if the instrument is classified as equity, any cash paid in the settlement is recorded as an offset to additional paid-in capital. The Company’s warrants are all classified as equity. (ah) Non-monetary transactions Under ASC “845-10-30-10 Nonmonetary Transactions, Nonreciprocal Transfers with Owners” and ASC 505-60 “Spinoffs and Reverse |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties On July 6, 2022, the Company announced that it completed the spin-off of its previously wholly-owned subsidiary, United, effective July 5, 2022 (the “Spin-Off”). The Company’s shareholders received one United common share for every 11.8 common shares of Seanergy held at the close of business on June 28, 2022, so that such holders maintained the same proportionate interest in the Parent and in United both immediately before and immediately after the Spin-Off. In addition, the holder of all of Seanergy’s issued and outstanding Series B preferred shares received 40,000 of United’s Series B Preferred Shares par value $0.0001 (the “Series B Preferred Shares”). On July 5, 2022, Seanergy entered into a Contribution and Conveyance Agreement with United. Pursuant to the Contribution and Conveyance Agreement, Seanergy, immediately prior to the Spin-Off, contributed (i) all of the Predecessor’s shares to United as a capital contribution, and (ii) an aggregate of $5,000 in cash as working capital, in exchange for the issuance of 5,000 of United’s 6.5% Series C Cumulative Convertible Preferred Shares (“Series C Preferred Shares”) to Seanergy, the cancellation of the 500 registered shares of United, then outstanding, and the issuance of 1,512,004 common shares of United to Seanergy and 40,000 of United’s Series B Preferred Shares to the holder of all Seanergy’s issued and outstanding Series B preferred shares (together, the “Distribution Shares”). Seanergy distributed the Distribution Shares to its shareholders on a pro rata basis as a special dividend. Additionally, Seanergy agreed to indemnify United for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the Gloriuship prior to the effective date of the Spin-Off. On July 5, 2022, Seanergy entered into a Right of First Refusal Agreement with United. Pursuant to the agreement, Seanergy has a right of first refusal with respect to any opportunity available to United to sell, acquire or charter-in any Capesize vessel as well as with respect to chartering opportunities, other than short-term charters with a term of 13 months or less, available to United for Capesize vessels. In addition, United has a right of first offer with respect to any vessel sales by Seanergy. Upon a change of control of United or Seanergy occurring, such rights terminate immediately. As detailed in Note 2(ah), the Company evaluated the Spin-Off under ASC 505-60 Spinoffs and Reverse Spinoffs, ASC 805 Business Combinations, referring to the definition of a business, and ASC 845-10-30-10 Nonreciprocal Transfers with Owners and concluded that the transaction is a pro rata spin-off of a consolidated subsidiary that does not meet the definition of a business under ASC 805, thus the transaction was accounted as a nonreciprocal transfer with owners at fair value, since the criteria imposed by ASC 845 were met. The aggregate fair value of $18,500 of the vessel contributed to the United was determined through Level 2 inputs of the fair value hierarchy by taking into consideration two third party valuations obtained for the vessel. The fair value of other assets contributed to the United, comprising the value of the time charter attached amounted to $308 for the Gloriuship which was accounted for, using the current time charter rates at the time of the Spin-off. The fair value of liabilities assumed, comprised loan and loan related fees amounted to $5,080. The net assets of $13,728 have been recorded as dividends in the accompanying consolidated balance sheets. During the year ended December 31, 2022, “Gain on Spin-off of United Maritime Corporation” amounted to $2,800 represents the difference between the fair value of the assets contributed (i.e., the vessel and the attached time charter) and their carrying value. Carrying value consisting of vessel cost amounted to $12,902, unamortized deferred charges amounted to $3,058 and other costs amounted to $48. On July 26, 2022, United issued 5,000 additional Series C Preferred Shares to Seanergy in exchange for $5,000 cash. On November 28, 2022, United redeemed its outstanding 10,000 Series C Preferred Shares held by Seanergy at a price equal to 105% of the original issue price, resulting in a cash inflow of $10,500. Dividends received in respect with the Series C Preferred Shares amounted to $243 and the difference between the redemption price and the original price of Series C preferred Shares amounted to $500 and are included in “Interest and other income” in the accompanying statement of operations. Management Agreements: On July 5, 2022, Seanergy entered into a master management agreement with United for the provision of technical, administrative, commercial, brokerage and certain other services. Certain of these services are being subcontracted to or contracted directly with Seanergy’s wholly owned subsidiaries, Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”) and Seanergy Management Corp. (“Seanergy Management”). In consideration of Seanergy providing such services, United pays a fixed administration fee of $0.3 per vessel per day to Seanergy. Seanergy Shipmanagement entered into an agreement with the Predecessor for arranging (directly or by subcontracting) for the crewing of the Gloriuship, the day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling for the vessel. Pursuant to the management agreement, a fixed management fee of $14 per month is payable to Seanergy Shipmanagement for such services. Seanergy Management entered into a commercial management agreement with United pursuant to which Seanergy Management acts as agent for United’s subsidiaries (directly or through subcontracting) for the commercial management of their vessels, including chartering, monitoring thereof, freight collection, and sale and purchase and has agreed to pay to Seanergy Management a fee equal to 1.25% of the gross freight, demurrage and charter hire collected from the employment of United’s vessels, except for any vessels that are chartered-out to Seanergy. Seanergy Management also earns a fee equal to 1% of the contract price of any vessel bought or sold by them on United’s behalf, except for any vessels bought or sold from or to Seanergy, or in respect of any vessel sale relating to a sale and leaseback transaction. During the year ended December 31, 2022, fees charged from Seanergy to United in relation to the above-mentioned services amounted to $2,391 and are included in “Fees from related parties” in the accompanying statement of operations. As of December 31, 2022, balance due from United amounted to $829 and is included in “Due from related parties” in the accompanying consolidated balance sheet. On December 27, 2022, Seanergy entered into two memoranda of agreement to sell two Capesize vessels to United for an aggregate purchase price of $36,250 (Notes 6 and 16). On December 28, 2022, the company received an advance of $12,688 in cash, according to the terms of the agreements, which is separately presented as “Liability from contract with related party” in the accompanying consolidated balance sheet. |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | 4. Cash and Cash Equivalents and Restricted Cash: The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, 2022 December 31, 2021 Cash and cash equivalents 26,027 41,496 Restricted cash 1,650 1,180 Restricted cash, non-current 4,800 2,950 Cash and cash equivalents and restricted cash 32,477 45,626 Restricted cash as of December 31, 2022 includes $2,000 of minimum liquidity requirements as per the June 2022 Piraeus Bank Loan Facility (Note 7), $1,300 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility, $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility (Note 7), $1,600 of minimum liquidity requirement as per the Championship Cargill Sale and Leaseback (Note 7) and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. Minimum liquidity, not legally restricted, as of December 31, 2022, of $10,700 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents”. Restricted cash as of December 31, 2021 includes $850 of minimum liquidity requirements as per the Piraeus Bank Loan Facility (Note 7), $500 of minimum liquidity requirements as per the February 2019 ATB Loan Facility (Note 7), $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 7), $1,600 of minimum liquidity requirement as per the Championship Cargill Sale and Leaseback (Note 7), $630 in a dry-docking reserve account as per the February 2019 ATB Loan Facility and $50 of restricted deposits pledged as collateral regarding credit cards balances with one of the Company’s financial institutions. . Minimum liquidity, not legally restricted, as of December 31, 2021, of $7,100 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents” . |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Inventories | 5. Inventories: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2022 December 31, 2021 Bunkers 392 - Lubricants 1,603 1,448 Total 1,995 1,448 |
Vessels, Net
Vessels, Net | 12 Months Ended |
Dec. 31, 2022 | |
Vessels, Net [Abstract] | |
Vessels, Net | 6. Vessels, Net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2022 December 31, 2021 Cost: Beginning balance 488,049 307,870 - Additions 71,224 197,306 - Vessel contributed to United Maritime Corporation (17,948 ) - - Transfer to “Assets held for Sale” (29,809 ) - - Disposals - (17,127 ) Ending balance 511,516 488,049 Accumulated depreciation: Beginning balance (61,987 ) (51,133 ) - Depreciation for the period (23,294 ) (17,076 ) - Vessel contributed to United Maritime Corporation 5,046 - - Transfer to “Asset held for Sale” 2,852 - - Disposals - 6,222 Ending balance (77,383 ) (61,987 ) Net book value 434,133 426,062 Vessel contribution On July 6, 2022, the Company contributed the Predecessor and the Gloriuship Acquisitions On November 9, 2022, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the Paroship On May 25, 2022, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the Honorship On October 5, 2021, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the Dukeship Friendship Worldship On March 19, 2021, the Company entered into an agreement with an unaffiliated third party for the purchase of a secondhand Capesize vessel, the Hellasship Patriotship Flagship Tradership Knightship Championship Flagship Partnership Hellasship Patriotship Assets held for sale On December 27, 2022, the Company entered into an agreement with United for the sale of a secondhand Capesize vessel, the Goodship On December 27, 2022, the Company entered into an agreement with United for the sale of a secondhand Capesize vessel, the Tradership Gain on sale of vessel, net On June 30, 2021, the Company entered into an agreement with an unaffiliated third party for the sale of the Leadership |
Long-Term Debt and Other Financ
Long-Term Debt and Other Financial Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Long-Term Debt and Other Financial Liabilities | 7. Long-Term Debt and Other Financial Liabilities: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2022 December 31, 2021 Long-term debt and other financial liabilities 235,603 218,551 Less: Deferred financing costs and debt discounts (3,727 ) (3,377 ) Total 231,876 215,174 Less - current portion (35,051 ) (68,473 ) Long-term portion 196,825 146,701 Debt related to assets held for sale 13,100 - Less: Deferred financing costs (110 ) - Total 12,990 - Total debt net of deferred financing costs and debt discounts 244,866 215,174 Senior long-term debt New Loan Facilities during the year ended December 31, 2022 June 2022 Alpha Bank Loan Facility On June 21, 2022, the Company entered into a facility agreement with Alpha Bank S.A. for a $21,000 term loan secured by the Dukeship June 2022 Piraeus Bank Loan Facility On June 22, 2022, the Company entered into a facility agreement with Piraeus Bank S.A. for a $38,000 sustainability-linked loan for the purpose of (i) refinancing the existing November 2021 Piraeus Bank Loan Facility, which was secured by the Worldship Honorship October 2022 Danish Ship Finance Loan Facility On October 10, 2022, the Company entered into a facility agreement with Danish Shipping Finance A/S for a $28,000 term loan for the purpose of refinancing the existing UniCredit Bank Loan Facility, which was secured by the Premiership Fellowship Each borrower is required to maintain minimum liquidity of $650 in its retention account. As of December 31, 2022, the amount outstanding under the facility was $28,000. December 2022 Alpha Bank Loan Facility On December 15, 2022, the Company entered into a facility agreement with Alpha Bank S.A. for a $16,500 term loan for the purpose of partly financing the acquisition cost of the Paroship Loan Facilities amended during the year ended December 31, 2022 August 2021 Alpha Bank Loan Facility On August 9, 2021, the Company entered into a facility agreement with Alpha Bank S.A. for a $44,120 term loan for the purpose of (i) refinancing the May 2021 Alpha Bank loan facility which was secured by the Leadership Squireship Lordship Friendship Squireship Lordship Friendship Squireship Lordship Friendship Pre - Existing Loan Facilities ABB Loan Facility On April 22, 2021, the Company entered into a facility agreement with Aegean Baltic Bank S.A. for a $15,500 term loan for the financing of the Goodship Tradership Goodship, Tradership Goodship Tradership Sinopac Loan Facility On December 20, 2021, the Company entered into a $15,000 loan facility with Sinopac Capital International (HK) Limited to refinance the Tranche B of the July 2020 Entrust Facility secured by, inter alia, the Geniuship As of December 31, 2022, each of the facilities mentioned above was secured by a first priority mortgage over the respective vessel, general assignments covering the respective vessel’s earnings, charter parties, insurances and requisition compensation, account pledge agreements covering the vessel’s earnings accounts, technical and commercial managers’ undertakings, pledge agreements covering the shares of the applicable vessel-owning subsidiaries and a corporate guarantee by the Company. In addition, certain of these loan facilities were secured by specific charterparty assignments, for charterparties exceeding 12 or 13 months in duration and hedging assignment agreements. Loan Facilities repaid during the years ended December 31, 2022, 2021 and 2020 November 2021 Piraeus Bank Loan Facility On November 12, 2021, the Company entered into a $16,850 sustainability-linked loan facility with Piraeus Bank S.A. to finance part of the acquisition cost of the Worldship L eader On March 6, 2015, the Company entered into a loan agreement with Alpha Bank S.A., for a secured loan facility in an amount of $8,750. The loan was used to partially finance the acquisition of the Leadership using part of the proceeds from the May 2021 Alpha Bank Loan Facility HCOB Loan Facility On September 1, 2015, the Company entered into a loan agreement with Hamburg Commercial Bank AG (formerly HSH Nordbank AG), or HCOB, for a secured loan facility of $44,430. The loan was fully drawn down in 2015, was used to partially finance the acquisition of the Geniuship Gloriuship Squire Alpha Bank Loan Facility On November 4, 2015, the Company entered into a loan agreement with Alpha Bank S.A., for a secured loan facility of $33,750. The loan was used to partially finance the acquisition of the Squireship using part of the proceeds from the May 2021 Alpha Bank Loan Facility Entrust Loan Facility On June 11, 2018, the Company entered into a $24,500 loan agreement with certain Blue Ocean maritime lending funds managed by EnTrust Permal as lenders and Wilmington Trust, National Association as facility and security agent, respectively, for the purpose of refinancing the outstanding indebtedness under a previous loan facility with Northern Shipping Fund, of NSF. The facility was expiring on June 13, 2023, or on June 13, 2025, subject to certain conditions, and had a balloon installment of $15,300 or $9,500 due at maturity, assuming a maturity date in June 2023 or in June 2025, respectively. The weighted average all-in interest rate was equal to 11.4% or 11.2% assuming a maturity date in June 2023 or in June 2025, respectively. On July 15, 2020, the Company entered into an amendment and restatement of the $24,500 loan agreement mentioned above. The amended and restated facility is hereunder referred to as the “Entrust Loan Facility”. Pursuant to the terms of the Entrust Loan Facility (i) Wilmington Trust, National Association resigned as facility agent and security agent and Lucid Agency Services Limited and Lucid Trustee Services Limited were appointed as successor facility agent and security agent, respectively and (ii) the facility was cross-collateralized with the July 2020 Entrust Facility. The original terms and securities of the subject facility agreement were not otherwise altered by the amendment and restatement. The amendment and restatement of the agreement was assessed based on provisions of ASC 470-50 and was treated as debt modification. On March 5, 2021, the Company repaid the full balance of the Entrust Loan Facility and all securities created to cross-collateralize the Entrust Loan Facility with the July 2020 Entrust Facility were irrevocably and unconditionally released. As of December 31, 2021, an amount of $438 was recognized as loss on debt extinguishment according to the debt extinguishment guidance of ASC 470-50 “Debt Modifications and Extinguishments” UniCredit Bank Loan Facility On September 11, 2015, the Company entered into a facility agreement with UniCredit Bank AG, for a secured loan facility of $52,705 to partially finance the acquisition of the Premiership Gladiatorship Guardianship Gladiatorship Guardianship Gladiatorship Guardianship Fellowship the Company entered into a supplemental agreement to the facility pursuant to which: (i) the February 2019 ATB Loan Facility On February 13, 2019, the Company entered into a new loan facility with ATB, or the February 2019 ATB Loan Facility, in order to (i) refinancing the existing indebtedness over the Partnership Squireship Premiership Partnership Squireship Premiership to amend several of its financial covenants. On December 9, 2021, the Company entered into a supplemental letter to the facility pursuant to which: the lender (i) provided its consent for the prepayment of the Third JDH Note secured by the Partnership which was 15,129 July 2020 Entrust Facility On July 15, 2020, the Company entered into a secured loan facility of $22,500 with Lucid Agency Services Limited and Lucid Trustee Services Limited, as facility agent and security agent, respectively, and certain nominees of EnTrust Global as lenders, the proceeds of which were used for the settlement of the HCOB Loan Facility. The interest rate of the facility was equal to a fixed rate of 10.50% The Company drew down the $22,500 on July 16, 2020. In addition, the July 2020 Entrust Facility was cross collateralized with an existing loan facility which was then secured by the Lordship Geniuship May 2021 Alpha Bank Loan Facility On May 20, 2021, the Company entered into a facility agreement with Alpha Bank S.A. for a $37,450 term loan for (i) the refinancing of the Leader Alpha Bank Loan Facility and the Squire Alpha Bank Loan Facility with an aggregate outstanding of $25,459, and (ii) partial financing of the previously unencumbered Lordship Other Financial Liabilities - Sale and Leaseback Transactions New Sale and Leaseback Activities during the year ended December 31, 2022 Chugoku Bank Sale and Leaseback On February 25, 2022, the Company entered into a sale and leaseback transaction with Chugoku Bank, Ltd. to refinance the Partnership Partnership Existing Sale and Leaseback Agreements Flagship Cargill Sale and Leaseback On May 11, 2021, the Company entered into a $20,500 sale and leaseback agreement with Cargill for the purpose of financing part of the acquisition cost of the Flagship CMB Financial Leasing Co., Ltd. (“CMBFL”) Sale and Leaseback On June 22, 2021, the Company entered into sale and leaseback agreements for the Hellasship Patriotship vessels between the end of the second year until the end of the fifth year at predetermined prices as defined in the agreement. Under ASC 842-40, the transaction was accounted for as a financial liability as it was determined that the Company’s exercise of the option to buy back the vessels was highly probable considering the Company’s significant equity participation in the project, and as a result, the expiry cost of each vessel will be considerably lower than the respective net book value at such time. The charterhire principal amortizes in twenty quarterly installments of $780 each along with a balloon payment of $15,300, at maturity on June 28, 2026. The charterhire principal as of December 31, 2022, was $26,220. Hanchen Sale and Leaseback On June 28, 2018, the Company entered into a $26,500 sale and leaseback agreement for the Knightship Knightship Championship Cargill Sale and Leaseback On November 7, 2018, the Company entered into a $23,500 sale and leaseback agreement for the Championship Championship Championship Championship Championship All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear either floating interest at LIBOR or SOFR plus a margin or fixed interest. Certain of the Company’s long-term debt and other financial liabilities contain financial covenants and undertakings requiring the Company to maintain various financial ratios, including: • a minimum borrower’s liquidity; • a minimum guarantor’s liquidity; • a security coverage requirement; and • a leverage ratio. As of December 31, 2022, the Company was in compliance with all covenants relating to its loan facilities as at that date. As of December 31, 2022, ten of the Company’s owned vessels (excluding assets held for sale), having a net carrying value of $271,863, were subject to first and second priority mortgages as collaterals to their long-term debt facilities. In addition, the Company’s six bareboat chartered vessels, having a net carrying value of $162,270 as of December 31, 2022, have been financed through sale and leaseback agreements. As is in typical leaseback agreements, the title of ownership is held by the relevant lenders. Subordinated long-term debt The Company refers to the First JDH Loan, the Second JDH Loan and the Fourth JDH Loan (all mentioned below) as the “JDH Loans”. Securities Purchase Agreements and Omnibus Supplemental Agreements: In December 2020, the Company and Jelco Delta Holding Corp., or JDH, the Company’s creditor and a former affiliate and former related party, entered into a securities purchase agreement, or SPA, an omnibus supplemental agreement with respect to the JDH Loans (as mentioned below), or Omnibus Loans Agreement, and an omnibus supplemental agreement with respect to the JDH Notes (as mentioned below), or Omnibus Notes Agreement, which set forth the terms of the amendments of the outstanding loan facilities and convertible notes between the Company and JDH. Pursuant to these agreements, all maturities under the JDH Loans and the JDH Notes (as mentioned below) were extended to December 2024 and the interest rate was set at 5.5% until maturity. The conversion price under the JDH Notes was set to $12.0 per common share. In connection with this transaction, the Company prepaid $6,500 of the principal amount of the Second JDH Loan on December 31, 2020. In exchange for the settlement of all accrued and unpaid interest under the JDH Loans and JDH Notes through December 31, 2020, in an aggregate amount of $4,350, and an amendment fee of $1,241, the Company issued, on January 8, 2021, 798,691 units at a price of $7.0 per unit, with each unit consisting of one common share of the Company (or, at JDH’s option, one pre-funded warrant in lieu of such common share) and ten warrants to purchase one common share at an exercise price of $7.0 per share. Furthermore, the Company granted to JDH an option, to purchase up to 428,571 additional Units at a price of $7.0 per Unit in exchange for the settlement of principal under the Second JDH Loan in an amount equal to the aggregate purchase price of the units. In addition, pursuant to the terms of the Omnibus Loans Agreement, in 2022 and 2023, two mandatory repayments of $8,000 would be made, which would be applied to the JDH Loans on a pro rata basis based upon the principal amounts outstanding at that time. Any amounts outstanding after the two mandatory repayments would be repaid at the maturity date. Furthermore, the Omnibus Loans Agreement provided for certain prepayment provisions through a cash sweep mechanism, capturing (i) corporate liquidity in excess of $25,000 or (ii) Time Charter Equivalent revenues in excess of $18,000 and up to $21,000. Lastly the JDH Loans were mandatorily prepaid on a pro rata basis from 25% of the net proceeds from any future equity offerings and warrant exercises. Pursuant to the terms of the Omnibus Loans Agreement, the total repayments on the JDH Loans (including the mandatory repayments and any prepayments) shall not exceed $12,000 in any twelve-month period ending on December 31. The Company considered the troubled debt restructuring guidance regarding the December 31, 2020 JDH amendments and concluded that it was not met. The Company further considered the modification and extinguishment accounting guidance under ASC 470-50 and concluded that modification accounting was appropriate. The Company concluded: (i) amount of $1,015 was expensed as incurred in 2020, since it concerned amounts paid to third parties in relation to the JDH amendments, whereas the remaining amount of $166 was included in additional paid-in capital, since these costs related to the issuance of units; (ii) the amendment fee of $1,241 was accounted for as a debt deferred cost and is amortized to each facility’s maturity; (iii) the fair value of the option granted to JDH to purchase up to 428,571 additional units was recorded as debt discount and was amortized to Second JDH Loan’s maturity (Note 8); (iv) for the accounting treatment of the fair value of the units issued to JDH and the change in the fair value of the conversion option, refer to Note 8. All amounts regarding the JDH amendments discussed above were recorded as of December 31, 2020, the date of the closing of the transaction. First JDH Loan originally entered into on October 4, 2016 Pursuant to the terms of the SPA, the fiscal year 2020 accrued and unpaid interest of $630 under the First JDH Loan was deemed fully and finally settled. In February 2021, the Company fully repaid the outstanding balance of $5,900 of the First JDH Loan using proceeds from (i) Class E warrants exercises during 2021 (Note 11) and (ii) its February 2021 registered direct offering (Note 11), pursuant to the mandatory prepayment terms of the SPA and Omnibus Loans Agreement. On the date of repayment, $111 of unamortized debt discounts were written off according to the debt extinguishment guidance of ASC 470-50 Second JDH Loan originally entered into on May 24, 2017 Pursuant to the terms of the SPA, the fiscal year 2020 accrued and unpaid interest of $841 under the Second JDH Loan was deemed fully and finally settled. The unamortized deferred financing costs as of December 31, 2020, include an amount of $543, being the fair value of the option granted to JDH to purchase additional securities (Note 9). In February 2021, the Company prepaid $100 of the outstanding balance of the Second JDH Loan, using proceeds from (i) Class E warrants exercises during 2021 (Note 11) and (ii) its February 2021 registered direct offering (Note 11). On April 26, 2021, JDH exercised its option to purchase 428,571 additional Units (with each unit consisting of one common share of the Company, or, at JDH’s option, one pre-funded warrant in lieu of such common share, and ten warrants to purchase one common share at an exercise price of $7.0 per share) at a price of $7.0 per Unit in exchange for the settlement of principal under the Second JDH Loan in an amount of $3,000 (i.e., an amount equal to the aggregate purchase price of the units). The issuance of units to JDH and associated reduction in debt balance took place on May 6, 2021. On the same date, the Company fully amortized the unamortized balance of $424 of the fair value of the option to purchase the 428,571 Units, in accordance with its original conversion terms and recognized such amount in “Interest and Finance costs”. On February 28, 2022, the Company voluntarily prepaid the remaining balance of $1,850 of the Second JDH Loan using cash on hand. All obligations under the Second JDH Loan were irrevocably and unconditionally discharged pursuant to the deed of release dated February 28, 2022. Fourth JDH Loan originally entered into on March 26, 2019 Pursuant to the terms of the SPA, the fiscal year 2020 accrued and unpaid interest of $454 under the Fourth JDH Loan was deemed fully and finally settled. In February 2021, the Company fully repaid the outstanding balance of $6,000 of the Fourth JDH Loan using proceeds from (i) Class E warrants exercises during 2021 (Note 11) and (ii) its February 2021 registered direct offering (Note 11), pursuant to the mandatory prepayment terms of the SPA and Omnibus Loans Agreement. On the date of repayment, $113 of unamortized debt discounts were written off according to the debt extinguishment guidance of ASC 470-50 and was included in “Loss in extinguishment of debt” in the consolidated statement of operations. The annual principal payments required to be made after December 31, 2022 for all long-term debt and other financial liabilities, are as follows: Twelve-month periods ending December 31, Amount 2023 50,006 2024 30,633 2025 47,911 2026 77,296 Thereafter 42,857 Total 248,703 |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Notes [Abstract] | |
Convertible Notes | 8. Convertible Notes: The Company refers to the First JDH Note, the Second JDH Note and the Third JDH Note (mentioned below) as the “JDH Notes”. The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2022 December 31, 2021 Convertible notes 11,165 21,165 Less: beneficial conversion feature - (10,949 ) Convertible notes, net of beneficial conversion feature 11,165 10,216 Less: Deferred financing costs (9 ) (75 ) Less: Change in fair value of conversion option (323 ) (2,568 ) Total 10,833 7,573 Less – current portion (10,833 ) (769 ) Long-term portion - 6,804 On December 31, 2020, the Company entered into the Omnibus Notes Agreement pursuant to which the maturity of the JDH Notes were extended to December 31, 2024, the interest rate was set at a fixed rate of 5.5% and the conversion price was adjusted to $12.0. In addition, pursuant to the terms of the Omnibus Notes Agreement, in 2022 and 2023, two mandatory repayments would be made towards the JDH Notes in an amount equal to the difference between $8,000 and any repayments made towards the First, Second and Fourth JDH Loans under the Omnibus Loans Agreement. Amounts repaid would be applied to the JDH Notes on a pro rata basis based upon the principal amounts outstanding. Any amounts outstanding after the two mandatory repayments would be repaid at the maturity date. Furthermore, the Omnibus Notes Agreement provided for certain prepayment provisions through a cash sweep mechanism, capturing (i) corporate liquidity in excess of $25,000 or (ii) Time Charter Equivalent revenues in excess of $18,000 and up to $21,000. The total amount to be repaid on the JDH Notes (including the mandatory repayments and any prepayments) and on the JDH Loans shall not exceed $12,000 in any twelve-month period ending on December 31. Additionally, pursuant to the terms of the SPA, all unpaid interest accrued under the JDH Notes through December 31, 2020 of $2,425 was deemed fully and finally settled. March 12, 2015 - $4,000 Convertible Note (First JDH Note) Pursuant to the terms of the SPA, the fiscal year 2020 accrued and unpaid interest of $238 under the First JDH Note was deemed fully and finally settled. On October 5, 2021, JDH elected to convert $120 of the principal amount of the First JDH Note into 10,000 fully paid and non-assessable shares. On the date of conversion, $19 of unamortized debt discounts were expensed as interest according to the debt conversion guidance of ASC 470-20-40-1. On October 8, 2021, JDH elected to convert an additional $3,480 of the principal amount of the First JDH Note into 290,000 fully paid and non-assessable shares. On the date of conversion, $543 of unamortized debt discounts were expensed as interest according to the debt conversion guidance of ASC 470-20-40-1. On December 10, 2021, the Company redeemed at par the $200 outstanding balance of the First JDH Note with cash on hand by utilizing the note’s voluntary prepayment provisions (as described therein). On the date of prepayment, $30 of unamortized debt discounts were written off according to the debt extinguishment guidance of ASC 470-20-40-3 and was included in “Loss in extinguishment of debt” in the consolidated statement of operations. September 27, 2017 - $13,750 Convertible Note (Third JDH Note) Pursuant to the terms of the SPA, the fiscal year 2020 accrued and unpaid interest of $861 under the Third JDH Note was deemed fully and finally settled. On December 10, 2021, the Company redeemed at par the $13,750 outstanding balance of the Third JDH Note with cash on hand by utilizing the note’s voluntary prepayment provisions (as described therein). On the date of prepayment, $6,171 of unamortized debt discounts, which included BCF, The net debt at inception (i.e. initial applicable limit minus debt discount related to BCF), accumulated deficit and debt movement of the First and Third JDH Notes is presented below: Net debt at inception Accumulated deficit Debt Balance, December 31, 2020 3,361 8,670 12,031 Repayments / Conversions (17,550 ) - (17,550 ) Amortization (Note 11) - 995 995 Loss on extinguishment - 4,524 4,524 Balance, December 31, 2021 (14,189 ) 14,189 - September 7, 2015 - $21,165 Revolving Convertible Note (Second JDH Note) Pursuant to the terms of the SPA, the fiscal year 2020 accrued and unpaid interest of $1,326 under the Second JDH Note was deemed fully and finally settled. The unamortized balance of the change in the fair value of the conversion option of the Second JDH Note amounted to $323 and $2,549, respectively, as of December 31, 2022 and 2021 and will be amortized through the effective interest rate method to the note’s maturity. On January 26, 2022, the Company voluntarily prepaid $5,000 of the outstanding balance of the Second JDH Note using cash on hand (Note 8). In connection with this prepayment the Company’s cash sweep obligations for 2022 under the JDH Loans and JDH Notes were waived pursuant to a waiver letter signed on January 19, 2022. On March 10, 2022, the Company voluntarily prepaid another $5,000 of the outstanding balance of the Second JDH Note using cash on hand (Note 8). As of December 31, 2022, $11,165 was outstanding under the Second JDH Note. Upon adoption of ASU No. 2020-06 on January 1, 2022, the Second JDH Note increased by $10,949, representing the net impact of two adjustments: (1) the $21,165 value of beneficial conversion feature (“BCF”), previously classified in additional paid-in-capital in stockholders’ equity, and (2) a $10,216 decrease to accumulated deficit for the cumulative effect of adoption related to the recorded amortization expense of BCF (Note 2). The Company may, by giving five |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments [Abstract] | |
Financial Instruments | 9. Financial Instruments: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: • Level 1: Quoted market prices in active markets for identical assets or liabilities; • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data; • Level 3: Unobservable inputs that are not corroborated by market data. (a) Significant Risks and Uncertainties, including Business and Credit Concentration The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. (b) Fair Value of Financial Instruments The fair values of the financial instruments shown in the consolidated balance sheets as of December 31, 2022 and 2021, represent management’s best estimate of the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: a. Cash and cash equivalents, restricted cash, accounts receivable trade, other current assets and trade accounts and other payables: the carrying amounts approximate fair value because of the short maturity of these instruments. Cash and cash equivalents and restricted cash, current are considered Level 1 items as they represent liquid assets with short-term maturities. The carrying value approximates the fair market value for interest bearing cash classified as restricted cash, non-current and are considered Level 1 item of the fair value hierarchy. b. Long-term debt and other financial liabilities: The carrying value of long-term debt and other financial liabilities with variable interest rates approximates the fair market value as the long-term debt and other financial liabilities bear interest at floating interest rate. The fair value of fixed interest long-term debt is estimated using prevailing market rates as of the period end. The Company believes the terms of its fixed interest long-term debt are similar to those that could be procured as of December 31, 2022, and the carrying value of $33,890 is 5% higher than the fair market value of $32,332. The fair value of the fixed interest long-term debt has been obtained through Level 2 inputs of the fair value hierarchy. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies: Contingencies Various claims, lawsuits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. As of December 31, 2022, management is not aware of any material claims or contingent liabilities, which have not been disclosed, or for which a provision has not been 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. Currently, management is not aware of any such claims or contingent liabilities that should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company is covered for liabilities associated with the individual vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs. Commitments The Company operates certain of its vessels under lease agreements. Time charters typically may provide for charterers’ options to extend the lease terms and termination clauses. The Company’s time charters range from 9 to 60 months and extension periods vary from 11 to 27 months. In addition, the time charters contain termination clauses which protect either the Company or the charterers from material adverse events. Variable lease payments in the Company’s time charters vary based on changes in the freight market index. The Company has the option to convert some of these variable lease payments to fixed based on the prevailing Capesize forward freight agreement rates. The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at December 31, 2022. For index-linked time charter contracts the calculation was made using the initial charter rates (these amounts do not include any assumed off-hire). Twelve-month periods ending December 31, Amount 2023 114,441 2024 25,862 2025 15,056 2026 5,321 Total 160,680 In April 2018, the Company moved into its new office spaces under a five-year lease term, with a Company’s option to extend the lease term for another five-year term. On September 16, 2020, the lease term was amended and set for ten years (i.e., April 2028), with a Company’s option to extend the lease term for two consecutive five-year terms thereafter. The monthly rent was set at Euro 12,747 and after the prepayment of Euro 250,000, on September 22, 2020 resulted in a reduced monthly rent of Euro 10,000 or ($10.7 based on the Euro/U.S. dollar exchange rate of €1.0000: $1.0666 as of December 31, 2022). Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet. The monthly rent expense is recorded in general and administration expenses. The rent expense for the years ended December 31, 2022, 2021 and 2020 was $161, $179 and $180, respectively. The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2022: Twelve-month periods ending December 31, Amount 2023 128 2024 128 2025 128 2026 128 2027 128 Thereafter 32 Total 672 Less: imputed interest (173 ) Present value of lease liabilities 499 Lease liabilities, current 108 Lease liabilities, non-current 391 Present value of lease liabilities 499 |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2022 | |
Capital Structure [Abstract] | |
Capital Structure | 11. Capital Structure: (a) Preferred Stock The Company is authorized to issue up to 25,000,000 registered shares of preferred stock with a par value of $0.0001. The board of directors of the Company is expressly granted the authority to issue preferred shares and to establish such series of preferred shares with such designations, preferences and relative participating, rights, qualifications, limitations or restrictions as it determines. The series B preferred shares were issued on December 10, 2021, to the Company’s Chief Executive Officer, considered a related party, for a total cash consideration of $250. The issuance of the Series B preferred shares was approved by a special independent committee of the board of directors of the Company which obtained a fairness opinion from an independent financial advisor regarding the value of the preferred shares. Each series B preferred shares entitle the holder to 25,000 votes per share on all matters submitted to a vote of the shareholders of the Company, provided however, that no holder of series B preferred shares may exercise voting rights pursuant to series B preferred shares that would result in the aggregate voting power of any beneficial owner of such shares and its affiliates to exceed 49.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders of the Company. The holder of series B preferred shares shall have no special voting or consent rights and shall vote together as one class with the holders of the common shares on all matters put before the shareholders. The series B preferred shares are not convertible into common shares or any other security, are not redeemable, are not transferable and have no dividend rights. Upon any liquidation, dissolution or winding up of the Company, the series B preferred shares will rank pari-passu with the common shareholders and shall be entitled to receive a payment equal to the par value of $0.0001 per share. The Series B preferred holder has no other rights to distributions upon any liquidation, dissolution or winding up of the Company. (b) Common Stock i) NASDAQ Notifications – Effect of reverse stock split On August 1, 2022, the Company received written notification from The Nasdaq Stock Market (“Nasdaq”), indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from June 16, 2022, to July 29, 2022, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance was 180 days, or until January 30, 2023. The Company could cure this deficiency if the closing bid price of its common stock was $1.00 per share or higher for at least ten consecutive business days during the grace period (Note 16). On January 26, 2022, the Company received written notification from Nasdaq, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from December 13, 2021 to January 25, 2022, was below the minimum, $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). On February 14, 2022, the Company received written notification from Nasdaq that the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock. On September 30, 2020, the Company received written notification from The Nasdaq Stock Market (“Nasdaq”), indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from August 18, 2020 to September 29, 2020, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). On February 11, 2021, the Company received written notification from Nasdaq that the Company regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock. On June 30, 2020, the Company’s common stock began trading on a split-adjusted basis, following a June 25, 2020 approval from the Company’s board of directors to reverse split the Company’s common stock at a ratio of one-for-sixteen ii) Dividends On March 10, 2022, the Company announced a regular quarterly dividend of $0.25 per share as well as a special dividend of $0.25 per share for the fourth quarter of 2021which were paid on April 5, 2022 to all shareholders of record as of March 25, 2022. On May 31, 2022, the Company announced a regular quarterly dividend of $0.25 per share for the first quarter of 2022 which was paid on July 14, 2022 to the shareholders of record as of June 28, 2022. On August 4, 2022, the Company announced a regular quarterly dividend of $0.25 per share for the second quarter of 2022 which was paid on October 11, 2022 to the shareholders of record as of September 25, 2022. On November 30, 2022, the Company announced a regular quarterly dividend of $0.25 per share for the third quarter of 2022 which was paid on January 30, 2023 to the shareholders of record as of December 28, 2022 (Note 16). The dividend declared on November 30, 2022 amounting to $4,548 is included in “Other current liabilities” as of December 31, 2022 in the accompanying consolidated balance sheet and were paid to the shareholders of record on January 30, 2023 (Note 16). The total dividends declared in 2022 amounted to $22,472. iii) Common stock issuances and buybacks In June 2022, the Board of Directors of the Company authorized a share repurchase plan under which the Company may repurchase up to $5,000 of its outstanding common shares, convertible note or warrants. No repurchases have been made as of December 31, 2022. During the fourth quarter of 2021, the Company repurchased 170,210 of its outstanding common shares at an average price of approximately $9.93 pursuant to its share repurchase program for a total of $1,708, inclusive of commissions and fees. All the repurchased shares were cancelled as of December 31, 2021. On July 2, 2021, the Company’s board of directors declared a dividend of one preferred share purchase right (a “Right”) for each of the Company’s outstanding common shares and adopted a shareholder rights plan (the “Shareholders Rights Agreement”). The dividend was payable on July 19, 2021 to the shareholders of record on July 2, 2021. Each Right will allow its holder to purchase from the Company one one-thousandth one one-thousandth On April 26, 2021, JDH exercised its option to purchase 428,571 additional Units (with each unit consisting of one common share of the Company, or, at JDH’s option, one pre-funded warrant in lieu of such common share, and ten warrants to purchase one common share at an exercise price of $7.00 per share) at a price of $7.00 per Unit in exchange for the settlement of principal under the Second JDH Loan in an amount of $3,000 (i.e., an amount equal to the aggregate purchase price of the units On October 5, 2021, JDH elected to convert $120 of the principal amount of the First JDH Note into 10,000 fully paid and non-assessable shares (Note 8). On October 8, 2021, JDH elected to convert an additional $3,480 of the principal amount of the First JDH Note into 290,000 fully paid and non-assessable shares (Note 8). iv) Equity Offerings On February 19, 2021, the Company sold 4,415,000 common shares under a registered direct offering at a price of $17 per common share, in exchange for gross proceeds of $75,055, or net proceeds of approximately $69,971. During April through August 2020, the Company raised $73,750 in proceeds net of underwriters fees and commissions or $71,835 in proceeds net of underwriters fees, commissions and other expenses, from two follow-on public offering, four registered direct offerings, and from the partial exercises of Class D warrants issued in the follow-on public offering as well as the full exercise of all warrants issued in four private placements that took place concurrently with the registered direct offerings (see below). On April 2, 2020, the Company completed a follow-on public offering of 253,646 units (including the full exercise of the over-allotment option of 33,084 units granted to the underwriters), each unit consisting of one common share or pre-funded warrants in lieu of common shares and 160 Class D warrants to purchase one common share of the Company, at a combined price of $27.20 per unit. On April 22, 2020, the exercise price of the Class D warrants was lowered from $27.2 per share initially to $19.20 per share and on June 8, 2020 was further reduced to $16.00 per share. The gross proceeds from the follow-on public offering were $6,899. Each Class D warrant has an exercise price of $16.00, is exercisable upon issuance and expires in April 2025. On August 20, 2020, the Company completed an underwritten public offering of (i) 3,571,428 units, each unit consisting of one common share or pre-funded warrant in lieu of common shares and ten Class E Warrants to purchase one common share of the Company, at a combined price of $7.00 per Unit and (ii) 5,182,142 Class E Warrants purchased by the underwriters under their over-allotment option at a price of $0.01. The gross proceeds from the public offering were $25,000. On September 1, 2020, 258,214 common shares were issued following the partial exercise of the overallotment option granted to the underwriters related to the underwritten public offering which closed on August 20, 2020, in exchange for gross proceeds of $1,782. In October 2020, 200,000 common shares were issued following the partial exercise of the remaining outstanding pre-funded warrants related to the underwritten public offering which closed on August 20, 2020, in exchange for gross proceeds of $20. (c) Warrants All warrants are classified in equity, according to the Company’s accounting policy (Note 2). During the year ended December 31, 2022, 10,000 shares were issued from 100,000 Class E warrants exercised, for proceeds of $70. As of December 31, 2022, 8,532,713 of Class E warrants remain outstanding. In connection with the public offering which closed on April 2, 2020, the Company granted to the representative of the underwriters one representative warrant to purchase 11,028 common shares, at an exercise price of $34.0 per share. The warrants expire in April 2023. On June 8, 2020, the company entered into a warrant exercise agreement with each holder of Class D warrants pursuant to which public warrants were exercised to purchase 61,404 shares at a price of $16.0 per share. The Company’s gross proceeds were $982. As of December 31, 2020, out of the 40,583,500 Class D Warrants from the April 2020 follow-on public offering, the Company has issued 226,342 common shares in exchange for gross proceeds of $4,100, including the $982 received under the June 8, 2020 Class D warrant exercise agreement. 4,368,750 Class D Warrants remained unexercised as of December 31, 2021 and 2020, for the issuance of 27,304 shares at an exercise price of $16.0 per share. On August 20, 2020, the Company completed an underwritten public offering of (i) 3,571,428 units, each unit consisting of one common share or pre-funded warrant in lieu of common shares and ten Class E Warrants to purchase one common share of the Company, at a combined price of $7.0 per unit and (ii) 5,182,142 Class E Warrants purchased by the underwriters under their over-allotment option. Each common share issuable under Class E warrants has an exercise price of $7.0, is exercisable upon issuance and expires in August 2025. All pre-funded warrants have been exercised as of December 31, 2020. No Class E warrants were exercised within 2020. During the year ended December 31, 2021, 3,226,371 shares were issued from Class E warrants’ exercises, for proceeds of $22,585. On December 31, 2020, the Company agreed to issue to JDH (i) 7,986,913 warrants to purchase common shares at an exercise price of $7.0 per share and (ii) 95,573 pre-funded warrants with an exercise price of $0.001 in lieu of such common shares as part of the December 2020 JDH amendments. The Company’s previously issued Class B Warrants, trading under the symbol SHIPZ, expired according to their terms on May 13, 2022. Pursuant to such expiration trading of the Class B Warrants was terminated. The Class B Warrants were the last class of the Company’s warrants that were listed for trading. As of December 31, 2022, the number of common shares that can potentially be issued under each outstanding warrant are: Warrant Shares to be issued upon exercise of remaining warrants Class D 27,304 Class E 853,271 Representative Warrants 11,028 Total 891,603 |
Vessel Revenue and Voyage Expen
Vessel Revenue and Voyage Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Vessel Revenue and Voyage Expenses [Abstract] | |
Vessel Revenue and Voyage Expenses | 12. Vessel Revenue and Voyage Expenses Revenue Recognition Demurrage income for the years ended December 31, 2022, 2021 and 2020 was $ NIL Despatch expense for the years ended December 31, 2022, 2021 and 2020 was $ NIL Disaggregation of Revenue The following table presents the Company’s income statement figures derived from spot charters and time charters for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 2021 2020 Vessel revenues from spot charters, net of commissions - 28,264 27,033 Vessel revenues from time charters, net of commissions 122,629 124,844 36,312 Total 122,629 153,108 63,345 The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). The trade accounts receivable of $720 as of December 31, 2022 relates to time charters. There was no trade accounts receivable balance as of December 31, 2021. The current portion of Deferred revenue as of December 31, 2022 was $2,232 and relates entirely to operating leases. The non-current portion of Deferred revenue as of December 31, 2022 was $35 and relates entirely to operating leases and is related to premiums for energy devices (i.e. increased daily hire rates provided for by the chartering agreements) for specific equipment installed in the vessels. The Deferred revenue is allocated on a straight-line basis over the minimum duration of each charter party, except for unearned revenue, which represents cash received in advance of services which have not yet been provided. Revenue recognized in 2022 from amounts included in Deferred revenue at the beginning of the period was $7,735. Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2022, 2021 and 2020 were: Customer 2022 2021 2020 A 24 % 15 % - B 18 % 13 % - C 17 % 23 % 23 % D 15 % 11 % 18 % E - 10 % - Total 74 % 72 % 41 % Voyage Expenses The following table presents the Company’s income statement figures derived from spot charters and time charters for the years ended December 31, 2022, 2021 and 2020 : Year ended December 31, 2022 2021 2020 Voyage expenses from spot charters - 13,465 17,099 Voyage expenses from time charters 4,293 3,004 1,468 Total 4,293 16,469 18,567 |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 13. Interest and Finance Costs: Interest and finance costs are analyzed as follows: Year ended December 31, 2022 2021 2020 Interest on long-term debt and other financial liabilities 11,609 8,766 10,279 Convertible notes interest expense 694 2,067 - Amortization of deferred finance costs and debt discounts 2,575 3,333 757 A mortization of deferred finance costs and debt discounts (shares issued to party - non-cash) 284 326 350 Amortization of convertible note beneficial conversion feature (non-cash) - 2,887 - Fair value measurement of units issued to former related party - - 596 Other 170 400 360 Total 15,332 17,779 12,342 Interest and finance costs, related party, are analyzed as follows: Year ended December 31, 2022 2021 2020 Interest expense long term debt related party - - 1,924 Convertible notes interest expense - - 2,425 Amortization of convertible note beneficial conversion feature (non-cash) - - 5,518 Amortization of deferred finance costs and debt discounts (shares issued to JDH - non-cash) - - 201 Restructuring expenses - - 1,015 Total - - 11,083 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per Share [Abstract] | |
Earnings per Share | 14. Earnings per Share: The calculation of net income per common share is summarized below: For the years ended December 31, 2022 2021 2020 Net income / (loss) $ 17,239 $ 41,348 $ (18,356 ) Less: Dividends to non-vested participating securities (227 ) - - Less: Undistributed earnings to non-vested participating securities (105 ) - - Net income / (loss) attributable to common shareholders, basic $ 16,907 $ 41,348 $ (18,356 ) Undistributed earnings to non-vested participating securities $ 105 $ - $ - Undistributed earnings reallocated to non-vested participating securities (51 ) - - Interest effect of convertible notes - 6,473 - Net income / (loss) attributable to common shareholders, diluted $ 16,961 $ 47,821 $ (18,356 ) Weighted average common shares outstanding, basic 17,439,033 15,332,191 3,343,628 Effect of dilutive securities: Warrants 245,015 541,009 - Non-vested participating securities - 169,522 - Convertible notes shares - 3,091,031 - Weighted average common shares outstanding, diluted 17,684,048 19,133,753 3,343,628 Net income / (loss) per share attributable to common shareholders, basic $ 0.97 $ 2.70 $ (5.49 ) Net income / (loss) per share attributable to common shareholders, diluted $ 0.96 $ 2.50 $ (5.49 ) As of December 31, 2022, non-vested participating shares under the Company's equity incentive plan of 294,232 were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above (Note 15). As of December 31, 2022, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, are 38,332 incremental shares of unexercised warrants that are out-of-the money as of the reporting date (Note 11), calculated with the treasury stock method, as well as 930,416 shares assumed to be converted with respect to the convertible notes (Note 8) calculated with the if-converted method. As of December 31, 2021, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, were 81,230 potentially issuable shares of unexercised warrants that were out-of-the money as of December 31, 2021. As of December 31, 2020, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS, because to do so would have anti-dilutive effect, were 5,069,928 incremental shares of unexercised warrants that were out-of-the money as of December 31, 2020, as well as 3,226,250 shares assumed to be converted with respect to the convertible notes (Note 8) calculated with the if-converted method. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Equity Incentive Plan [Abstract] | |
Equity Incentive Plan | 15. Equity Incentive Plan: On February 24, 2020, the Compensation Committee granted an aggregate of 15,625 restricted shares of common stock pursuant to the Company’s Equity Incentive Plan (as amended, the “Plan”). Of the total 15,625 shares issued, 4,500 shares were granted to the non-executive members of the board of directors, 4,281 were granted to the executive officers, 6,063 shares were granted to certain of the Company’s non-executive employees and 781 shares were granted to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $51.20. All the shares vested over a period of two years. 5,209 shares vested on February 24, 2020, 5,208 shares vested on October 1, 2020 and 5,208 shares vested on October 1, 2021. On January 18, 2021, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 400,000 shares. The same date, the Compensation Committee granted an aggregate of 360,000 restricted shares of common stock pursuant to the Equity Incentive Plan. Of the total 360,000 shares issued, 140,000 shares were granted to the non-executive members of the board of directors, 95,000 were granted to the executive officers, 110,000 shares were granted to certain of the Company’s non-executive employees and 15,000 shares were granted to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $8.10. 120,003 shares vested on the grant date, 119,999 shares vested on October 1, 2021 and 119,998 shares vested on October 1, 2022. On August 2, 2021, the Company’s Equity Incentive Plan was amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 350,000 shares. The same date, the Compensation Committee granted an aggregate of 310,000 restricted shares of common stock pursuant to the Equity Incentive Plan. Of the total 310,000 shares issued, 130,000 shares were granted to the non-executive members of the board of directors, 88,500 were granted to the executive officers, 79,000 shares were granted to certain of the Company’s non-executive employees and 12,500 shares were granted to the sole director of the Company’s commercial manager, a non-employee and another non-employee. The fair value of each share on the grant date was $10.20. 103,335 shares vested on the grant date, 103,333 shares vested on October 1, 2021 and 103,332 shares vested on October 1, 2022. On January 12, 2022, the Company’s Equity Incentive Plan, as previously amended, was further amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 550,000 shares. The same date, the Compensation Committee granted an aggregate of 533,700 restricted shares of common stock pursuant to the Equity Incentive Plan. Of the total 533,700 shares issued, 160,000 shares were granted to the non-executive members of the board of directors, 170,000 were granted to the executive officers, 188,700 shares were granted to certain of the Company’s non-executive employees and 15,000 shares were granted to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $9.10. 177,902 shares vested on the grant date, 177,899 shares vested on October 1, 2022 and 177,899 shares will vest on October 1, 2023 . On July 8, 2022, the Company’s Equity Incentive Plan, as previously amended, was further amended and restated to increase the aggregate number of shares of the common stock reserved for issuance under the Plan to 400,000 shares. The same date, the Compensation Committee granted an aggregate of 350,000 restricted shares of common stock pursuant to the Equity Incentive Plan. Of the total 350,000 shares issued on July 12, 2022, 140,000 shares were granted to the non-executive members of the board of directors, 105,000 were granted to the executive officers, 95,000 shares were granted to certain of the Company’s non-executive employees and 10,000 shares were granted to the sole director of the Company’s commercial manager, a non-employee. The fair value of each share on the grant date was $6.90. 116,670 shares vested on the date of the issuance, July 12, 2022, 116,665 shares vested on October 1, 2022 and 116,665 shares will vest on October 1, 2023 . The related expense for shares granted to the Company’s board of directors and certain of its employees for the years ended December 31, 2022, 2021 and 2020, amounted to $6,973, $4,907 and $826, respectively, and is included under general and administration expenses. The related expense for shares granted to non-employees for the years ended December 31, 2022, 2021 and 2020, amounted to $212, $190 and $43, respectively, and is included under voyage Restricted shares during 2022, 2021 and 2020 are analyzed as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2020 5,208 $ 24.80 Granted 670,000 9.10 Vested (451,877 ) 9.60 Outstanding at December 31, 2021 223,331 $ 7.88 Granted 883,700 8.25 Vested (812,133 ) 8.47 Forfeited (666 ) 9.13 Outstanding at December 31, 2022 294,232 $ 7.34 The unrecognized cost for the non-vested shares granted to the Company’s board of directors and certain of its employees as of December 31, 2022 and 2021 amounted to $1,200 and $1,106, respectively. On December 31, 2022, the weighted-average period over which the total compensation cost related to non-vested awards granted to the Company’s board of directors and its other employees not yet recognized is expected to be recognized is 0.75 years. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events On January the Company repaid of the JDH Note at its face value, without any prepayment cost or additional consideration in accordance with the terms of the JDH Note. On January the Company completed its tender offer to purchase all outstanding Class E Warrants at a price of per warrant. The total number of warrants tendered was 4,038,114 warrants, representing approximately 47% of the outstanding Class E Warrants. The number of remaining Class E Warrants outstanding is (Note . On the Company paid a regular quarterly dividend of per share for the quarter of to all shareholders of record as of (Note . On January 31, 2023, the Company received written notification from NASDAQ, indicating that the Company was granted an additional -day grace period, until July 31, 2023, to cure its non-compliance with Nasdaq Listing Rule 5550 (a) (2) . At the opening of trading on February 16, 2022, following a February 9, 2023 approval from the Company’s board of directors, the Company effected a one-for-ten reverse stock split of the Company’s common stock. On March 3, 2023, the Company received written notification from Nasdaq that the Company regained compliance with Nasdaq Listing Rule 5550 (a) (2) concerning the minimum bid price of the Company’s common stock (Note 1) . On February the Company delivered the Goodship to her new owners. On February in connection with the disposal of the vessel, the company fully prepaid the outstanding loan amount of under the ABB Loan Facility. On February the Company delivered the Tradership to her new owners. On February in connection with the disposal of the vessel, the company fully prepaid the outstanding loan amount of under the ABB Loan Facility. On March 2, 2023, the Company obtained a commitment letter from Danish Ship Finance for a loan facility of up to $15,750, in order to refinance the Championship Cargill Sale and Leaseback. The interest rate will be 2.65% plus 3-month Term SOFR per annum, which can be increased or decreased by 0.05% based on certain emission reduction thresholds, and the term of the agreement will be five years . The facility will be repaid through eight quarterly installments of followed by quarterly installments of and a balloon of payable together with the last instalment. The transaction is subject to completion of definitive documentation. On the Company announced a regular quarterly dividend of per share for the quarter of payable on or about April 25, 2023 to all shareholders of record as of On March 27, 2023, the Compensation Committee granted an On March 29, 2023, the Company entered into a $ 19,000 Knightship to the lessor. The charterhire principal will amortize in seventy-two consecutive monthly installments of $ 264 3 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant Accounting Policies [Abstract] | |
Principles of Consolidation | (a) Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (U.S. GAAP) and include the accounts and operating results of Seanergy and its wholly-owned subsidiaries where Seanergy has control. Control is presumed to exist when Seanergy, through direct or indirect ownership, retains the majority of the voting interest. In addition, Seanergy evaluates its relationships with other entities to identify whether they are variable interest entities and to assess whether it is the primary beneficiary of such entities. If the determination is made that the Company is the primary beneficiary, then that entity is included in the consolidated financial statements. When the Company does not have a controlling interest in an entity, but exerts a significant influence over the entity, the Company applies the equity method of accounting. All intercompany balances and transactions have been eliminated on consolidation. The Company deconsolidates a subsidiary or derecognizes a group of assets when the Company no longer controls the subsidiary or group of assets specified in Accounting Standards Codification (ASC or Codification) 810-10-40-3A. When control is lost, the Company derecognizes the assets and liabilities of the qualifying subsidiary or group of assets. |
Use of Estimates | (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates could include evaluation of relationships with other entities to identify whether they are variable interest entities, determination of vessel useful lives, allocation of purchase price in a business combination, determination of vessels’ impairment and determination of goodwill impairment. |
Foreign Currency Translation | (c) Foreign Currency Translation Seanergy’s functional currency is the United States dollar since the Company’s vessels operate in international shipping markets and therefore primarily transact business in U.S. Dollars. The Company’s books of accounts are maintained in U.S. Dollars. Transactions involving other currencies are translated into the United States dollar using exchange rates that are in effect at the time of the transaction. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to United States dollars at the foreign exchange rate prevailing at year-end. Gains or losses resulting from foreign currency translation are reflected in the consolidated statement of operations. |
Concentration of Credit Risk | (d) Concentration of Credit Risk Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of the financial institutions in which it places its deposits. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of the financial condition of its customers, receives charter hires in advance and generally does not require collateral for its accounts receivable. |
Cash and Cash Equivalents | (e) Cash and Cash Equivalents Seanergy considers time deposits and all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Term Deposits | (f) Term Deposits Seanergy classifies time deposits and all highly liquid investments with an original maturity of more than three months as Term Deposits. |
Restricted Cash | (g) Restricted Cash Restricted cash is excluded from cash and cash equivalents. Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company, which are legally restricted as to withdrawal or use. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets. |
Accounts Receivable Trade, Net | (h) Accounts Receivable Trade, Net Accounts receivable trade, net at each balance sheet date, includes receivables from charterers for hire, freight and demurrage billings, net of a provision for doubtful accounts. Receivables related to spot voyages are determined to be unconditional and are included in “Accounts Receivable Trade, Net”. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Pursuant to the provisions of ASC 326, Financial Instruments—Credit Losses, the Company assesses the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s financial statements as of December 31, 2022 and 2021. No provision for doubtful accounts was established as of December 31, 2022 and 2021. |
Inventories | (i) Inventories I nventories consist of lubricants and bunkers, which are |
Insurance Claims | (j) Insurance Claims The Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses and for legal fees covered by directors’ and officers’ liability insurance. Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies, the claim is not subject to litigation and the Company can make an estimate of the amount to be reimbursed. The classification of the insurance claims into current and non-current assets is based on management’s expectations as to their collection dates. No provision for credit losses was recorded as of December 31, 2022 and 2021 pursuant to the provisions of ASC 326 . |
Vessels | (k) Vessels Vessels acquired as a part of a business combination are recorded at fair market value on the date of acquisition. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel’s initial voyage). Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Expenditures for routine maintenance and repairs are expensed as incurred. In addition, other long-term investments, relating to vessels’ equipment not yet installed, are included in “Deferred charges and other-long term investments, non-current” in the consolidated balance sheets. Amounts paid for this equipment are included in “Vessels acquisitions and improvements” under “Cash flows from investing activities” in the consolidated statements of cash flows. |
Vessel Depreciation | (l) Vessel Depreciation Depreciation is computed using the straight-line method over the estimated useful life of the vessels (25 years), after considering the estimated salvage value. Salvage value is estimated by the Company by taking the cost of steel times the weight of the ship noted in lightweight ton. Salvage values are periodically reviewed and revised to recognize changes in conditions, new regulations or for other reasons. Revisions of salvage values affect the depreciable amount of the vessels and affect depreciation expense in the period of the revision and future periods. |
Impairment of Long-Lived Assets (Vessels) | (m) Impairment of Long-Lived Assets (Vessels) The Company reviews its long-lived assets for impairment whenever events or changes in circumstances, such as prevailing market conditions, obsolesce or damage to the asset, business plans to dispose a vessel earlier than the end of its useful life and other business plans, indicate that the carrying amount of the assets, plus any unamortized dry-docking costs, may not be recoverable. The volatile market conditions in the dry bulk market with decreased charter rates and decreased vessel market values are conditions that the Company considers to be indicators of a potential impairment for its vessels. The Company determines undiscounted projected operating cash flows for each vessel and compares it to the vessel’s carrying value, plus any unamortized dry-docking costs. When the undiscounted projected operating cash flows expected to be generated by the use of the vessel and/or its eventual disposition are less than the vessel’s carrying value, plus any unamortized dry-docking costs, the Company impairs the carrying amount of the vessel. Measurement of the impairment loss is based on the fair value of the asset as determined by independent valuators and use of available market data. The undiscounted projected operating cash inflows are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the non-fixed days (based on a combination of one year charter rates estimates and the average of the trailing 10-year historical charter rates, excluding outliers) adjusted for commissions, expected off hires due to scheduled maintenance and estimated unexpected breakdown off hires, along with an estimate of an additional daily revenue for each scrubber-fitted vessel, as applicable. The undiscounted projected operating cash outflows are determined by applying various assumptions regarding vessel operating expenses and scheduled maintenance. For the year ended December 31, 2022, indicators of impairment existed for eleven of the Company’s vessels as their carrying value plus any unamortized dry-docking costs was higher than their market value. The carrying value of the Company’s vessels plus any unamortized dry-docking costs for which impairment indicators existed as at December 31, 2022, was $328,857. From the impairment exercise performed, the undiscounted projected operating cash flows expected to be generated by the use of these eleven vessels were higher than the vessels’ carrying value, plus any unamortized dry-docking costs, and thus the Company concluded that no impairment charge should be recorded. |
Assets held for sale | (n) Assets held for sale The Company classifies a vessel along with associated inventories as being held for sale when all of the criteria under ASC 360, Property, Plant and Equipment, are met: (i) management has committed to a plan to sell the vessel; (ii) the vessel is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the vessel have been initiated; (iv) the sale of the vessel is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the vessel is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdra Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under “Impairment loss” in the consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale. |
Dry-Docking and Special Survey Costs | (o) Dry-Docking and Special Survey Costs The Company follows the deferral method of accounting for dry-docking costs and special survey costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. Dry-docking costs which are not fully amortized by the next dry-docking period are expensed. Amounts are included in “Deferred charges and other long-term investments, non-current”. |
Commitments and Contingencies | (p) Commitments and Contingencies Liabilities for loss contingencies, arising from claims, assessments, litigation, fines and penalties, environmental and remediation obligations and other sources are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. |
Revenue Recognition | (q) Revenue Recognition Revenues are generated from time charters, bareboat charters and spot charters. A time charter is a contract for the use of a vessel as well as vessel operations for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A bareboat charter is a contract in which the vessel is provided to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance. Spot charter agreements are charter hires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate per ton of cargo. Time charter revenue, including bareboat charter revenue, is recorded over the term of the charter agreement as the service is provided and collection of the related revenue is reasonably assured. Under a time charter, revenue is not recognized for a vessel’s off hire days due to major repairs, dry dockings or special or intermediate surveys. The Company accounts for its time charter contracts as operating leases pursuant to ASC 842 “Leases”. The Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. Spot charter revenue is recognized on a pro-rata basis over the duration of the voyage from loading to discharge, when a voyage agreement exists, the price is fixed or determinable, service is provided and the collection of the related revenue is reasonably assured. For spot charters, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. The Company has taken the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Demurrage income, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Despatch expense, which is considered a form of variable consideration and is recognized as the performance obligation is satisfied, is included in voyage revenues, and represents payments to the charterer by the vessel owner when loading or discharging time is faster than the stipulated time in the voyage charter agreements. Deferred revenue represents cash received in advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. |
Leases | (r) Leases Office lease In April 2018, the Company moved into new office spaces. Under ASC 842, the lease is classified as an operating lease and a lease liability and right-of-use asset based on the present value of future minimum lease payments have been recognized on the balance sheet. The monthly rent expense is recorded in general and administration expenses. The Company has assessed the right-of-use asset |
Sale and Leaseback Transactions | (s) Sale and Leaseback Transactions In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606. The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace; and the classification of the leaseback as a finance lease or a sales-type lease, precludes the buyer-lessor from obtaining control of the asset. The existence of an obligation for the Company, as seller-lessee, to repurchase the asset precludes accounting for the transfer of the asset as sale and the transaction would be classified as a financing arrangement by the Company as it effectively retains control of the underlying asset. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest. |
Commissions | (t) Commissions Commissions, which include address and brokerage commissions, are recognized in the same period as the respective charter revenues. Address commissions to third parties are included in “Vessel revenue, net” while brokerage commissions to third parties are included in “Voyage expenses”. |
Vessel Voyage Expenses | (u) Vessel Voyage Expenses Vessel voyage expenses primarily consist of port, canal, bunker expenses, brokerage commissions and other non-specified voyage expenses that are unique to a particular charter and are paid for by the charterer under time charter agreements, bareboat charters. Under a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of bunkers consumption, brokerage commissions, port and canal costs. Under ASC 606 and after implementation of ASC 340-40 “Other assets and deferred costs” for contract costs, incremental costs of obtaining a contract with a customer, and contract fulfillment costs, are capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. The Company has adopted the practical expedient not to capitalize incremental costs when the amortization period (voyage period) is less than one year. Costs to fulfill the contract prior to arriving at the load port primarily consist of bunkers which are deferred and amortized during the voyage period. Voyage costs arising as performance obligation are expensed as incurred. |
Repairs and Maintenance | (v) Repairs and Maintenance All repair and maintenance expenses, including major overhauling and underwater inspection expenses are expensed in the year incurred. Such costs are included in “Vessel operating expenses”. |
Financing Costs | (w) Financing Costs Underwriting, legal and other direct costs incurred with the issuance of long-term debt or to refinance existing debt or convertible notes are deferred and amortized to interest expense over the life of the related debt using the effective interest method. The Company presents unamortized deferred financing costs as a reduction of long-term debt in the accompanying balance sheets. For the accounting of the unamortized deferred financing costs following debt extinguishment, see below (Note 2(ac)). |
Income Taxes | (x) Income Taxes Income taxes are accounted for under the asset and liability method. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administration expenses. Maritime Capital Shipping (HK) Limited, the Company’s former management company, is subject to Hong Kong profits tax at a rate of 16.5% on the estimated assessable profit for the year. The estimated profits tax for the year ended December 31, 2022 is $ NIL Seanergy Management Corp. (“Seanergy Management”), the Company’s management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2023 by Seanergy Management for 2022 is estimated at $110 and is included in “General and administration expenses”. The contribution paid in the years ended December 2022 and 2021 was $97 and $93, respectively. Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”), the Company’s second management company, established in Greece under Greek Law 89/67 (as amended to date), is subject to an annual contribution calculated on the total amount of foreign exchange annually imported and converted to Euros. The contribution to be paid in 2023 by Seanergy Shipmanagement for 2022 is estimated at $ NIL NIL NIL Two of the Company’s subsidiaries are registered in Malta since May 23, 2018. These subsidiaries are subject to a corporate flat tax in Malta and could be subject to additional taxation in the future in Malta or other jurisdictions where the subsidiaries are incorporated or do business. The amount of any such tax imposed upon the Company’s operations or on the Company’s subsidiaries’ operations may be material and could have an adverse effect on earnings. No tax expense has been recognized for the years presented in these financial statements. Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the company operating the ships meets both of the following requirements: (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (i) more than 50% of the value of the Company’s stock is owned, directly or indirectly, by individuals who are “residents” of the Company’s country of organization or of another foreign country that grants an “equivalent exemption” to corporations organized in the United States (50% Ownership Test) or (ii) the Company’s stock is “primarily and regularly traded on an established securities market” in its country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States (Publicly-Traded Test). Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company’s stock will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the value of such class of the Company’s outstanding stock (“5 Percent Override Rule”). Based on the Company’s analysis of its shareholdings during 2022, the Publicly-Traded Test for the entire 2022 year has been satisfied in that less than 50% of the Company’s issued and outstanding shares were held by persons who each own directly or indirectly 5% or more of the vote and value of such class of stock for more than half the days during the 2022 taxable year. Effectively, the Company and each of its subsidiaries qualify for this statutory tax exemption for the 2022 taxable year. Certain charterparties of the Company contain clauses that permit the Company to seek reimbursement from charterers of any U.S. tax paid. The Company has in the past sought reimbursement and has secured payment from most of its charterers. The Company’s U.S. federal income tax based on its U.S. source shipping income for 2022, 2021 and 2020, taking into consideration charterers’ reimbursement, was $ NIL NIL NIL |
Stock-based Compensation | (y) Stock-based Compensation Stock-based compensation represents vested and non-vested common stock granted to directors and employees for their services as well as to non-employees. The Company calculates stock-based compensation expense for the award based on its fair value on the grant date and recognizes it on an accelerated basis over the vesting period. The Company assumes that all non-vested shares will vest. The Company accounts for forfeitures when incurred. |
Earnings (Losses) per Share | (z) Earnings (Losses) per Share Basic earnings (losses) per common share are computed by dividing net income (loss) available to Seanergy’s shareholders by the weighted average number of common shares outstanding during the period. Unvested shares granted under the Company’s incentive plan, or other, are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are considered participating securities for basic earnings per share calculation purposes, using the two-class method. Diluted earnings (losses) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Equity Incentive Plan. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the convertible notes. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share. |
Segment Reporting | (aa) Segment Reporting Seanergy reports financial information and evaluates its operations by total charter revenues and not by the length of vessel employment, customer, or type of charter. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus, Seanergy has determined that it operates under one reportable segment. Furthermore, when Seanergy charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, disclosure of geographic information is impracticable. |
Fair Value Measurements | (ab) Fair Value Measurements The Company follows the provisions of ASC 820, Fair Value Measurement • Level 1: Quoted market prices in active markets for identical assets or liabilities; • Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; • Level 3: Unobservable inputs that are not corroborated by market data. |
Debt Modifications and Extinguishments | (ac) Debt Modifications and Extinguishments Costs associated with new loans or debt modifications, including fees paid to lenders or required to be paid to third parties on the lender’s behalf for obtaining new loans or refinancing existing loans, are recorded as deferred charges. Costs paid directly to third parties are expensed as incurred. Deferred financing costs are presented as a deduction from the corresponding liability. Such fees are deferred and amortized to interest and finance costs during the life of the related debt using the effective interest method. Unamortized fees relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made. In particular, ASC 470-50-40-2 indicates that for extinguishments of debt, the difference between the reacquisition price and the net carrying amount of the extinguished debt (which includes any deferred debt issuance costs) should be recognized as a gain or loss when the debt is extinguished and identified as a separate item. |
Convertible Notes and Related Beneficial Conversion Features | (ad) Convertible Notes and related Beneficial Conversion Features The convertible notes were accounted for in accordance with ASC 470-20 “Debt with Conversion and Other Options” until December 31, 2021. Under the provisions of ASC 470-20, the terms of each convertible note included an embedded conversion feature which provided for a conversion at the option of the holder into shares of common stock at a predetermined rate. The Company determined that the conversion features were beneficial conversion features (“BCF”) pursuant to ASC 470-20. The Company considered the BCF guidance only after determining that the features did not need to be bifurcated under ASC 815 “Derivatives and Hedging” or separately accounted for under the cash conversion literature of ASC 470-20. Accounting for an embedded BCF in a convertible instrument under ASC 470-20 required that the BCF be recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of the BCF to additional paid-in capital, resulting in a discount on the convertible instrument. As from January, 1, 2022, the Company follows the provisions of No. 2020-06 (see below under Recent Accounting Pronouncements Adopted). |
Going Concern | (ae) Going Concern In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern At December 31, 2022, the Company had a working capital deficit of $ 33,006 which include liabilities amounting to $12,688 relating to cash deposit received from United for sale of vessels and an amount of $2,232 relating to pre-collected revenue and are included in liability from contract with related party and deferred revenue, respectively, in the accompanying consolidated balance sheets. Those amounts represent current liabilities that do not require future cash settlement. For the year ended December 31, 2022, the Company realized a net income of $ 17,239 37,286 twelve months Consequently, the consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. |
Derivatives - Forward Freight Agreements | (af) Derivatives - Forward Freight Agreements From time to time, the Company may take positions in derivative instruments including forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge a vessel owner’s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. The FFAs are not intended to serve as an economic hedge for the Company’s vessels that are being chartered in the spot market, but are assumed across all dry bulk vessel sectors based on the Company’s views of the underlying markets and short-term outlook. The Company measures the fair value of all open positions at each reporting date on this basis (Level 1). There were no open positions as of December 31, 2022 and 2021. The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of operations under “Gain on forward freight agreements, net” and in the consolidated statements of cash flows in changes in operating assets and liabilities. |
Share and Warrant Repurchases | (ag) Share and warrant repurchases The Company records the repurchase of its common shares and warrants at cost. The Company’s common shares repurchased for retirement are immediately cancelled and the Company’s common stock is accordingly reduced. Any excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock. For warrants repurchased, if the instrument is classified as equity, any cash paid in the settlement is recorded as an offset to additional paid-in capital. The Company’s warrants are all classified as equity. |
Non-monetary Transactions | (ah) Non-monetary transactions Under ASC “845-10-30-10 Nonmonetary Transactions, Nonreciprocal Transfers with Owners” and ASC 505-60 “Spinoffs and Reverse Spinoffs”, a pro-rata spin-off of a consolidated subsidiary or equity method investee that meets the definition of a business under ASC 805 Business Combinations (ASC 805) is recognized at the carrying amount (after reduction, if applicable, of impairment) of the nonmonetary assets distributed within equity and no gain or loss is recognized. If the pro-rata spin-off of a consolidated subsidiary or equity method investee does not meet the definition of a business under ASC 805, the nonreciprocal transfer of nonmonetary assets is accounted for at fair value, if the fair value of the nonmonetary asset distributed is objectively measurable and would be clearly realizable to the distributing entity in an outright sale at or near the time of the distribution, and the spinnor recognizes a gain or loss for the difference between the fair value and book value of the spinnee. A transaction is considered pro rata if each owner receives an ownership interest in the transferee in proportion to its existing ownership interest in the transferor (even if the transferor retains an ownership interest in the transferee). In accordance with ASC 805, if substantially all of the fair value of the gross assets distributed in a spin-off are concentrated in a single identifiable asset or group of similar identifiable assets, then the spin-off of a consolidated subsidiary does not meet the definition of a business. The Company evaluated the spin-off (Note 3) and concluded that it was a pro rata distribution to the owners of the Company of shares of a consolidated subsidiary that does not meet the definition of a business under ASC 805, as the fair value of the gross assets contributed to United was concentrated in a group of similar identifiable assets, the vessel. The Company also assessed that the fair value of the nonmonetary assets transferred to United was objectively measurable and clearly realizable to the transferor in an outright sale at or near the time of the distribution, and thus the Spin-off was measured at fair value and a gain for the difference between the fair value and book value of the assets contributed to United was recognized. |
Recent Accounting Pronouncements Adopted | Recent Accounting Pronouncements Adopted On January 1, 2022, the Company adopted Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) On January 1, 2022, the Company adopted Earnings Per Share (Topic 260), Debt — Modifications and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) On January 1, 2022, the Company adopted Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform (Topic 848) . There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s consolidated financial statements in the current or any future periods. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation and General Information [Abstract] | |
Subsidiaries in Consolidation | Seanergy’s subsidiaries included in these consolidated financial statements as of December 31, 2022: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal /Sale and leaseback Seanergy Management Corp. (1)(2) Marshall Islands N/A N/A N/A Seanergy Shipmanagement Corp. (1)(2) Marshall Islands N/A N/A N/A Emperor Holding Ltd. (1) Marshall Islands N/A N/A N/A Pembroke Chartering Services Limited (1)(3)(4) Malta N/A N/A N/A Maritime Capital Shipping Limited (1)(4) Bermuda N/A N/A N/A Sea Genius Shipping Co. (1) Marshall Islands Geniuship October 13, 2015 N/A Premier Marine Co. (1) Marshall Islands Premiership September 11, 2015 N/A Squire Ocean Navigation Co. (1) Liberia Squireship November 10, 2015 N/A Lord Ocean Navigation Co. (1) Liberia Lordship November 30, 2016 N/A Champion Marine Co. (1)(5) Marshall Islands Championship November 7, 2018 N/A Fellow Shipping Co. (1) Marshall Islands Fellowship November 22, 2018 N/A Friend Ocean Navigation Co. (1) Liberia Friendship July 27, 2021 N/A World Shipping Co. (1) Marshall Islands Worldship August 30, 2021 N/A Duke Shipping Co. (1) Marshall Islands Dukeship November 26, 2021 N/A Partner Marine Co. (1)(5) Marshall Islands Partnership March 9, 2022 N/A Honor Shipping Co. (1) Marshall Islands Honorship June 27, 2022 N/A Paros Ocean Navigation Co. (1) Liberia Paroship December 27, 2022 N/A Knight Ocean Navigation Co. (1)(5) Liberia Knightship December 13, 2016 June 29, 2018 Flag Marine Co. (1)(5) Marshall Islands Flagship May 6, 2021 May 11, 2021 Hellas Ocean Navigation Co. (1)(5) Liberia Hellasship May 6, 2021 June 28, 2021 Patriot Shipping Co. (1)(5) Marshall Islands Patriotship June 1, 2021 June 28, 2021 Good Ocean Navigation Co. (1)(Note 6) Liberia Goodship August 7, 2020 February 10, 2023 Traders Shipping Co. (1)(Note 6) Marshall Islands Tradership June 9, 2021 February 28, 2023 Gladiator Shipping Co. (1)(4) Marshall Islands Gladiatorship September 29, 2015 October 11, 2018 Leader Shipping Co. (1)(4) Marshall Islands Leadership March 19, 2015 September 30, 2021 Partner Shipping Co. Limited (1)(4) Malta Partnership May 31, 2017 March 9, 2022 Martinique International Corp. (1)(4) British Virgin Islands Bremen Max September 11, 2008 March 7, 2014 Harbour Business International Corp. (1)(4) British Virgin Islands Hamburg Max September 25, 2008 March 10, 2014 (1) Subsidiaries wholly owned (2) Management companies (3) Chartering services company (4) Dormant companies (5) Bareboat charters |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents and Restricted Cash [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: December 31, 2022 December 31, 2021 Cash and cash equivalents 26,027 41,496 Restricted cash 1,650 1,180 Restricted cash, non-current 4,800 2,950 Cash and cash equivalents and restricted cash 32,477 45,626 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Inventories | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2022 December 31, 2021 Bunkers 392 - Lubricants 1,603 1,448 Total 1,995 1,448 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Vessels, Net [Abstract] | |
Vessels, Net | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2022 December 31, 2021 Cost: Beginning balance 488,049 307,870 - Additions 71,224 197,306 - Vessel contributed to United Maritime Corporation (17,948 ) - - Transfer to “Assets held for Sale” (29,809 ) - - Disposals - (17,127 ) Ending balance 511,516 488,049 Accumulated depreciation: Beginning balance (61,987 ) (51,133 ) - Depreciation for the period (23,294 ) (17,076 ) - Vessel contributed to United Maritime Corporation 5,046 - - Transfer to “Asset held for Sale” 2,852 - - Disposals - 6,222 Ending balance (77,383 ) (61,987 ) Net book value 434,133 426,062 |
Long-Term Debt and Other Fina_2
Long-Term Debt and Other Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Long-Term Debt and Other Financial Liabilities | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2022 December 31, 2021 Long-term debt and other financial liabilities 235,603 218,551 Less: Deferred financing costs and debt discounts (3,727 ) (3,377 ) Total 231,876 215,174 Less - current portion (35,051 ) (68,473 ) Long-term portion 196,825 146,701 Debt related to assets held for sale 13,100 - Less: Deferred financing costs (110 ) - Total 12,990 - Total debt net of deferred financing costs and debt discounts 244,866 215,174 |
Long-Term Debt and Other Financial Liabilities [Member] | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Annual Principal Payments | The annual principal payments required to be made after December 31, 2022 for all long-term debt and other financial liabilities, are as follows: Twelve-month periods ending December 31, Amount 2023 50,006 2024 30,633 2025 47,911 2026 77,296 Thereafter 42,857 Total 248,703 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Convertible Notes [Abstract] | |
Convertible Notes | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2022 December 31, 2021 Convertible notes 11,165 21,165 Less: beneficial conversion feature - (10,949 ) Convertible notes, net of beneficial conversion feature 11,165 10,216 Less: Deferred financing costs (9 ) (75 ) Less: Change in fair value of conversion option (323 ) (2,568 ) Total 10,833 7,573 Less – current portion (10,833 ) (769 ) Long-term portion - 6,804 |
First and Third JDH Notes [Member] | |
Convertible Notes [Abstract] | |
Convertible Notes | The net debt at inception (i.e. initial applicable limit minus debt discount related to BCF), accumulated deficit and debt movement of the First and Third JDH Notes is presented below: Net debt at inception Accumulated deficit Debt Balance, December 31, 2020 3,361 8,670 12,031 Repayments / Conversions (17,550 ) - (17,550 ) Amortization (Note 11) - 995 995 Loss on extinguishment - 4,524 4,524 Balance, December 31, 2021 (14,189 ) 14,189 - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies [Abstract] | |
Future Minimum Contractual Charter Revenue | The following table sets forth the Company’s future minimum contractual charter revenue based on vessels committed to non-cancelable time charter contracts as at December 31, 2022. For index-linked time charter contracts the calculation was made using the initial charter rates (these amounts do not include any assumed off-hire). Twelve-month periods ending December 31, Amount 2023 114,441 2024 25,862 2025 15,056 2026 5,321 Total 160,680 |
Office Rental Obligations | The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2022: Twelve-month periods ending December 31, Amount 2023 128 2024 128 2025 128 2026 128 2027 128 Thereafter 32 Total 672 Less: imputed interest (173 ) Present value of lease liabilities 499 Lease liabilities, current 108 Lease liabilities, non-current 391 Present value of lease liabilities 499 |
Capital Structure (Tables)
Capital Structure (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capital Structure [Abstract] | |
Outstanding Warrants | As of December 31, 2022, the number of common shares that can potentially be issued under each outstanding warrant are: Warrant Shares to be issued upon exercise of remaining warrants Class D 27,304 Class E 853,271 Representative Warrants 11,028 Total 891,603 |
Vessel Revenue and Voyage Exp_2
Vessel Revenue and Voyage Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Vessel Revenue and Voyage Expenses [Abstract] | |
Income Derived from Spot and Time Charters | The following table presents the Company’s income statement figures derived from spot charters and time charters for the years ended December 31, 2022, 2021 and 2020: Year ended December 31, 2022 2021 2020 Vessel revenues from spot charters, net of commissions - 28,264 27,033 Vessel revenues from time charters, net of commissions 122,629 124,844 36,312 Total 122,629 153,108 63,345 |
Revenue from Charterers | Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2022, 2021 and 2020 were: Customer 2022 2021 2020 A 24 % 15 % - B 18 % 13 % - C 17 % 23 % 23 % D 15 % 11 % 18 % E - 10 % - Total 74 % 72 % 41 % |
Voyage Expenses from Spot and Time Charters | The following table presents the Company’s income statement figures derived from spot charters and time charters for the years ended December 31, 2022, 2021 and 2020 : Year ended December 31, 2022 2021 2020 Voyage expenses from spot charters - 13,465 17,099 Voyage expenses from time charters 4,293 3,004 1,468 Total 4,293 16,469 18,567 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | Interest and finance costs are analyzed as follows: Year ended December 31, 2022 2021 2020 Interest on long-term debt and other financial liabilities 11,609 8,766 10,279 Convertible notes interest expense 694 2,067 - Amortization of deferred finance costs and debt discounts 2,575 3,333 757 A mortization of deferred finance costs and debt discounts (shares issued to party - non-cash) 284 326 350 Amortization of convertible note beneficial conversion feature (non-cash) - 2,887 - Fair value measurement of units issued to former related party - - 596 Other 170 400 360 Total 15,332 17,779 12,342 |
Interest and Finance Costs - Related Party | Interest and finance costs, related party, are analyzed as follows: Year ended December 31, 2022 2021 2020 Interest expense long term debt related party - - 1,924 Convertible notes interest expense - - 2,425 Amortization of convertible note beneficial conversion feature (non-cash) - - 5,518 Amortization of deferred finance costs and debt discounts (shares issued to JDH - non-cash) - - 201 Restructuring expenses - - 1,015 Total - - 11,083 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per Share [Abstract] | |
Net Income per Common Share | The calculation of net income per common share is summarized below: For the years ended December 31, 2022 2021 2020 Net income / (loss) $ 17,239 $ 41,348 $ (18,356 ) Less: Dividends to non-vested participating securities (227 ) - - Less: Undistributed earnings to non-vested participating securities (105 ) - - Net income / (loss) attributable to common shareholders, basic $ 16,907 $ 41,348 $ (18,356 ) Undistributed earnings to non-vested participating securities $ 105 $ - $ - Undistributed earnings reallocated to non-vested participating securities (51 ) - - Interest effect of convertible notes - 6,473 - Net income / (loss) attributable to common shareholders, diluted $ 16,961 $ 47,821 $ (18,356 ) Weighted average common shares outstanding, basic 17,439,033 15,332,191 3,343,628 Effect of dilutive securities: Warrants 245,015 541,009 - Non-vested participating securities - 169,522 - Convertible notes shares - 3,091,031 - Weighted average common shares outstanding, diluted 17,684,048 19,133,753 3,343,628 Net income / (loss) per share attributable to common shareholders, basic $ 0.97 $ 2.70 $ (5.49 ) Net income / (loss) per share attributable to common shareholders, diluted $ 0.96 $ 2.50 $ (5.49 ) |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity Incentive Plan [Abstract] | |
Restricted Shares | Restricted shares during 2022, 2021 and 2020 are analyzed as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2020 5,208 $ 24.80 Granted 670,000 9.10 Vested (451,877 ) 9.60 Outstanding at December 31, 2021 223,331 $ 7.88 Granted 883,700 8.25 Vested (812,133 ) 8.47 Forfeited (666 ) 9.13 Outstanding at December 31, 2022 294,232 $ 7.34 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details) | 12 Months Ended | ||||
Feb. 16, 2023 | Feb. 09, 2023 | Jun. 25, 2020 | Dec. 31, 2022 | ||
Basis of Presentation and General Information [Abstract] | |||||
Reverse stock split ratio | 0.0625 | ||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Subsequent Event [Member] | |||||
Basis of Presentation and General Information [Abstract] | |||||
Reverse stock split ratio | 0.1 | 0.1 | |||
Seanergy Management [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [1],[2] | 1T | |||
Seanergy Shipmanagement [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [1],[2] | 1T | |||
Emperor Holding Ltd. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | 1T | |||
Pembroke Chartering Services Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[3],[4] | O1 | |||
Maritime Capital Shipping Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[4] | D0 | |||
Sea Genius Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | 1T | |||
Vessel name | [2] | Geniuship | |||
Date of delivery | [2] | Oct. 13, 2015 | |||
Premier Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | 1T | |||
Vessel name | [2] | Premiership | |||
Date of delivery | [2] | Sep. 11, 2015 | |||
Squire Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | N0 | |||
Vessel name | [2] | Squireship | |||
Date of delivery | [2] | Nov. 10, 2015 | |||
Lord Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | N0 | |||
Vessel name | [2] | Lordship | |||
Date of delivery | [2] | Nov. 30, 2016 | |||
Champion Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[5] | 1T | |||
Vessel name | [2],[5] | Championship | |||
Date of delivery | [2],[5] | Nov. 07, 2018 | |||
Fellow Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | 1T | |||
Vessel name | [2] | Fellowship | |||
Date of delivery | [2] | Nov. 22, 2018 | |||
Friend Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | N0 | |||
Vessel name | [2] | Friendship | |||
Date of delivery | [2] | Jul. 27, 2021 | |||
World Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | 1T | |||
Vessel name | [2] | Worldship | |||
Date of delivery | [2] | Aug. 30, 2021 | |||
Duke Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | 1T | |||
Vessel name | [2] | Dukeship | |||
Date of delivery | [2] | Nov. 26, 2021 | |||
Partner Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[5] | 1T | |||
Vessel name | [2],[5] | Partnership | |||
Date of delivery | [2],[5] | Mar. 09, 2022 | |||
Honor Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | 1T | |||
Vessel name | [2] | Honorship | |||
Date of delivery | [2] | Jun. 27, 2022 | |||
Paros Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | N0 | |||
Vessel name | [2] | Paroship | |||
Date of delivery | [2] | Dec. 27, 2022 | |||
Knight Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[5] | N0 | |||
Vessel name | [2],[5] | Knightship | |||
Date of delivery | [2],[5] | Dec. 13, 2016 | |||
Date of sale/disposal/sale and leaseback | [2],[5] | Jun. 29, 2018 | |||
Flag Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[5] | 1T | |||
Vessel name | [2],[5] | Flagship | |||
Date of delivery | [2],[5] | May 06, 2021 | |||
Date of sale/disposal/sale and leaseback | [2],[5] | May 11, 2021 | |||
Hellas Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[5] | N0 | |||
Vessel name | [2],[5] | Hellasship | |||
Date of delivery | [2],[5] | May 06, 2021 | |||
Date of sale/disposal/sale and leaseback | [2],[5] | Jun. 28, 2021 | |||
Patriot Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[5] | 1T | |||
Vessel name | [2],[5] | Patriotship | |||
Date of delivery | [2],[5] | Jun. 01, 2021 | |||
Date of sale/disposal/sale and leaseback | [2],[5] | Jun. 28, 2021 | |||
Good Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | N0 | |||
Vessel name | [2] | Goodship | |||
Date of delivery | [2] | Aug. 07, 2020 | |||
Date of sale/disposal/sale and leaseback | [2] | Feb. 10, 2023 | |||
Traders Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2] | 1T | |||
Vessel name | [2] | Tradership | |||
Date of delivery | [2] | Jun. 09, 2021 | |||
Date of sale/disposal/sale and leaseback | [2] | Feb. 28, 2023 | |||
Gladiator Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[4] | 1T | |||
Vessel name | [2],[4] | Gladiatorship | |||
Date of delivery | [2],[4] | Sep. 29, 2015 | |||
Date of sale/disposal/sale and leaseback | [2],[4] | Oct. 11, 2018 | |||
Leader Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[4] | 1T | |||
Vessel name | [2],[4] | Leadership | |||
Date of delivery | [2],[4] | Mar. 19, 2015 | |||
Date of sale/disposal/sale and leaseback | [2],[4] | Sep. 30, 2021 | |||
Partner Shipping Co. Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[4] | O1 | |||
Vessel name | [2],[4] | Partnership | |||
Date of delivery | [2],[4] | May 31, 2017 | |||
Date of sale/disposal/sale and leaseback | [2],[4] | Mar. 09, 2022 | |||
Martinique International Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[4] | D8 | |||
Vessel name | [2],[4] | Bremen Max | |||
Date of delivery | [2],[4] | Sep. 11, 2008 | |||
Date of sale/disposal/sale and leaseback | [2],[4] | Mar. 07, 2014 | |||
Harbour Business International Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | [2],[4] | D8 | |||
Vessel name | [2],[4] | Hamburg Max | |||
Date of delivery | [2],[4] | Sep. 25, 2008 | |||
Date of sale/disposal/sale and leaseback | [2],[4] | Mar. 10, 2014 | |||
[1]Management companies[2]Subsidiaries wholly owned[3]Chartering services company[4]Dormant companies[5]Bareboat charters |
Significant Accounting Polici_3
Significant Accounting Policies, Accounts Receivable Trade, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable Trade, Net [Abstract] | ||
Provision for doubtful accounts | $ 0 | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies, Insurance Claims (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Receivable Trade, Net [Abstract] | ||
Provision for credit losses | $ 0 | $ 0 |
Significant Accounting Polici_5
Significant Accounting Policies, Vessel Depreciation (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Vessels [Member] | |
Vessel Depreciation [Abstract] | |
Estimated useful life | 25 years |
Significant Accounting Polici_6
Significant Accounting Policies, Impairment of Long-Lived Assets (Vessels) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) Vessel | |
Impairment of Long-Lived Assets (Vessels) [Abstract] | |
Term of estimated charter rates used to determine undiscounted projected operating cash flows | 1 year |
Term of historical charter rates used to determine undiscounted projected operating cash flows | 10 years |
Number of vessels evaluated for impairment | Vessel | 11 |
Carrying value of vessels evaluated for impairment plus unamortized dry-docking costs and cost of equipment not yet installed | $ 328,857 |
Impairment charges | $ 0 |
Significant Accounting Polici_7
Significant Accounting Policies, Office Lease (Details) $ in Thousands | 1 Months Ended |
Apr. 30, 2018 USD ($) | |
Leases [Abstract] | |
Impairment charge | $ 0 |
Significant Accounting Polici_8
Significant Accounting Policies, Income Taxes (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Subsidiary | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Income Taxes [Abstract] | |||
Hong Kong profits tax rate percentage | 16.50% | ||
Hong Kong profits tax | |||
Number of vessel-owning subsidiaries registered in Malta | Subsidiary | 2 | ||
Minimum stock ownership percentage under 50% Ownership Test | 50% | ||
Minimum stock ownership percentage under 5% Override Rule | 50% | ||
Minimum percentage of days stock owned during taxable year under 5% Override Rule | 50% | ||
Minimum stock ownership percentage for individual under 5% Override Rule | 5% | ||
Income taxes | $ (28) | $ 0 | $ 0 |
Seanergy Management [Member] | |||
Income Taxes [Abstract] | |||
Greek annual contribution | 97 | 93 | |
Seanergy Management [Member] | General and Administrative Expenses [Member] | |||
Income Taxes [Abstract] | |||
Greek annual contribution | 110 | ||
Seanergy Shipmanagement [Member] | |||
Income Taxes [Abstract] | |||
Greek annual contribution | |||
Statutory Tax Exemption on United States Source Income [Member] | |||
Income Taxes [Abstract] | |||
Income taxes | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_9
Significant Accounting Policies, Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Significant Accounting Polic_10
Significant Accounting Policies, Going Concern (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Going Concern [Abstract] | |||
Working capital deficit | $ (33,006) | ||
Liability from contract with related party | 12,688 | $ 0 | |
Deferred revenue | 2,232 | 7,735 | |
Net income | 17,239 | 41,348 | $ (18,356) |
Cash flow from operations | $ 37,286 | $ 80,760 | $ (9,735) |
Significant Accounting Polic_11
Significant Accounting Policies, Recent Accounting Pronouncements Adopted (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Recent Accounting Pronouncements Adopted [Abstract] | ||
Accumulated deficit | $ (361,994) | $ (353,249) |
Additional paid-in capital | 583,691 | 597,723 |
Convertible notes payable | $ 10,833 | 7,573 |
ASU 2020-06 [Member] | Cumulative-Effect Adjustment [Member] | ||
Recent Accounting Pronouncements Adopted [Abstract] | ||
Accumulated deficit | (10,216) | |
Additional paid-in capital | (21,165) | |
Convertible notes payable | $ 10,949 |
Transactions with Related Par_2
Transactions with Related Parties (Details) | 1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 27, 2022 USD ($) Agreement Vessel | Nov. 28, 2022 USD ($) shares | Jul. 26, 2022 USD ($) shares | Jul. 05, 2022 USD ($) Valuation $ / shares shares | May 19, 2021 shares | Mar. 24, 2021 shares | Feb. 19, 2021 shares | Sep. 01, 2020 shares | Oct. 31, 2020 shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2020 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | Dec. 28, 2022 USD ($) | |
Transactions with Related Parties [Abstract] | |||||||||||||||
Shares issued (in shares) | shares | 7,986,913 | 95,573 | 4,415,000 | 258,214 | 200,000 | 226,342 | 10,000 | ||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||
Investment in Series C preferred shares | $ 10,000,000 | $ 0 | $ 0 | ||||||||||||
Number of third party valuations obtained for vessel | Valuation | 2 | ||||||||||||||
Net assets recorded as dividends | $ 13,728,000 | 13,728,000 | |||||||||||||
Gain on spin-off of United Maritime Corporation | 2,800,000 | 0 | 0 | ||||||||||||
Cost of vessel contributed | $ 12,902,000 | 12,902,000 | |||||||||||||
Unamortized deferred charges | 3,058,000 | 3,058,000 | |||||||||||||
Other costs | 48,000 | 48,000 | |||||||||||||
Proceeds from redemption of Series C preferred shares | 10,000,000 | 0 | 0 | ||||||||||||
Management Agreements [Abstract] | |||||||||||||||
Fees from related parties | 2,391,000 | 0 | $ 0 | ||||||||||||
Due from related parties | 829,000 | 829,000 | 0 | ||||||||||||
Advance in cash | $ 12,688,000 | $ 12,688,000 | $ 0 | ||||||||||||
Maximum [Member] | |||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||
Term of short-term charters | 13 months | ||||||||||||||
Level 2 [Member] | |||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||
Fair value of vessel contributed as part of Spin-Off | 18,500,000 | ||||||||||||||
Series B Preferred Shares [Member] | |||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||
Series C Preferred Shares [Member] | |||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||
Investment in Series C preferred shares | $ 5,000,000 | $ 5,000,000 | |||||||||||||
Redemption price as a percentage of stated value | 105% | ||||||||||||||
Proceeds from redemption of Series C preferred shares | $ 10,500,000 | ||||||||||||||
Dividends received | 243,000 | ||||||||||||||
Series C Preferred Shares [Member] | Interest and Other Income [Member] | |||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||
Difference between redemption price and original price of preferred share redeemed | $ 500,000 | ||||||||||||||
Seanergy Management [Member] | |||||||||||||||
Management Agreements [Abstract] | |||||||||||||||
Commercial management fee | 1.25% | ||||||||||||||
Percentage of fee on purchase or sale of vessel | 1% | ||||||||||||||
United [Member] | |||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||
Shares issued for every 11.8 shares of Seanergy held (in shares) | shares | 1 | ||||||||||||||
Shares held to receive one United share (in shares) | shares | 11.8 | ||||||||||||||
Registered shares cancelled (in shares) | shares | (500) | ||||||||||||||
Fair value of time charter contributed as part of Spin-Off | $ 308,000 | ||||||||||||||
Fair value of liabilities assumed | $ 5,080,000 | ||||||||||||||
Management Agreements [Abstract] | |||||||||||||||
Daily fixed administration fee per vessel | $ 300 | ||||||||||||||
Fees from related parties | $ 2,391,000 | ||||||||||||||
Due from related parties | 829,000 | $ 829,000 | |||||||||||||
Number of memoranda of agreement | Agreement | 2 | ||||||||||||||
Number of vessels to be sold | Vessel | 2 | ||||||||||||||
Sales price | $ 36,250,000 | ||||||||||||||
Advance in cash | $ 12,688,000 | ||||||||||||||
United [Member] | Series B Preferred Shares [Member] | |||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||
Shares issued (in shares) | shares | 40,000 | ||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||
United [Member] | Series C Preferred Shares [Member] | |||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||
Shares issued (in shares) | shares | 5,000 | 5,000 | |||||||||||||
Dividend rate | 6.50% | ||||||||||||||
Redemption of preferred shares (in shares) | shares | 10,000 | ||||||||||||||
United [Member] | Common Shares [Member] | |||||||||||||||
Transactions with Related Parties [Abstract] | |||||||||||||||
Shares issued (in shares) | shares | 1,512,004 | ||||||||||||||
United [Member] | Seanergy Shipmanagement [Member] | |||||||||||||||
Management Agreements [Abstract] | |||||||||||||||
Monthly fixed management fee | $ 14,000 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash (Details) $ in Thousands | Dec. 31, 2022 USD ($) FinancialInstitution | Dec. 31, 2021 USD ($) FinancialInstitution | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) |
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 26,027 | $ 41,496 | ||
Restricted cash | 1,650 | 1,180 | ||
Restricted cash, non-current | 4,800 | 2,950 | ||
Cash and cash equivalents and restricted cash | 32,477 | 45,626 | $ 22,051 | $ 14,554 |
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Restricted deposits pledged as collateral | $ 50 | $ 50 | ||
Number of financial institutions where restricted deposits are pledged as collateral regarding credit card balances | FinancialInstitution | 1 | 1 | ||
Minimum liquidity requirements for credit facilities covenants | $ 10,700 | $ 7,100 | ||
June 2022 Piraeus Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 2,000 | |||
October 2022 Danish Ship Finance Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 1,300 | |||
August 2021 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 500 | 500 | ||
June 2022 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 500 | |||
December 2022 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 500 | |||
Piraeus Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 850 | |||
February 2019 ATB Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 500 | |||
Dry-docking reserve account | 630 | |||
Championship Cargill Sale and Leaseback [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | $ 1,600 | $ 1,600 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories [Abstract] | ||
Inventories | $ 1,995 | $ 1,448 |
Bunkers [Member] | ||
Inventories [Abstract] | ||
Inventories | 392 | 0 |
Lubricants [Member] | ||
Inventories [Abstract] | ||
Inventories | $ 1,603 | $ 1,448 |
Vessels, Net, Net Book Value (D
Vessels, Net, Net Book Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Depreciation [Abstract] | |||
Depreciation for the period | $ (23,417) | $ (17,151) | $ (12,721) |
Total fixed assets | 434,545 | 426,467 | |
Vessels [Member] | |||
Cost [Abstract] | |||
Beginning balance | 488,049 | 307,870 | |
Additions | 71,224 | 197,306 | |
Vessel contributed to United Maritime Corporation | (17,948) | 0 | |
Transfer to "Assets held for Sale" | (29,809) | 0 | |
Disposals | 0 | (17,127) | |
Ending balance | 511,516 | 488,049 | 307,870 |
Accumulated Depreciation [Abstract] | |||
Beginning balance | (61,987) | (51,133) | |
Depreciation for the period | (23,294) | (17,076) | |
Vessel contributed to United Maritime Corporation | 5,046 | 0 | |
Transfer to "Asset held for Sale" | 2,852 | 0 | |
Disposals | 0 | 6,222 | |
Ending balance | (77,383) | (61,987) | $ (51,133) |
Total fixed assets | $ 434,133 | $ 426,062 |
Vessels, Net, Acquisitions and
Vessels, Net, Acquisitions and Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||||||
Dec. 27, 2022 | Jun. 27, 2022 | Nov. 26, 2021 | Aug. 30, 2021 | Jul. 27, 2021 | Jun. 09, 2021 | Jun. 01, 2021 | May 06, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2023 | Feb. 10, 2023 | Jun. 30, 2021 | |
Vessels, Net [Abstract] | ||||||||||||||
Gain on sale of vessel, net | $ 0 | $ 697 | $ 0 | |||||||||||
Paroship [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 31,000 | |||||||||||||
Honorship [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 34,600 | |||||||||||||
Dukeship [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 34,300 | |||||||||||||
Friendship [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 24,600 | |||||||||||||
Worldship [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 33,700 | |||||||||||||
Hellasship [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 28,600 | |||||||||||||
Patriotship [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 26,600 | |||||||||||||
Flagship [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 28,385 | |||||||||||||
Tradership [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 17,000 | |||||||||||||
Advance payment of received in cash | 6,563 | |||||||||||||
Tradership [Member] | Subsequent Event [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Sales price | $ 18,750 | |||||||||||||
Goodship [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Advance payment of received in cash | 6,125 | |||||||||||||
Goodship [Member] | Subsequent Event [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Sales price | $ 17,500 | |||||||||||||
Capitalized Expenditures for Improvements on Vessels Performance and Meeting Environmental Standards [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Additions | $ 5,624 | $ 4,121 | ||||||||||||
Leadership [Member] | ||||||||||||||
Vessels, Net [Abstract] | ||||||||||||||
Sales price | $ 12,600 |
Long-Term Debt and Other Fina_3
Long-Term Debt and Other Financial Liabilities, Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Long-Term Debt and Other Financial Liabilities [Abstract] | ||
Long-term debt | $ 235,603 | $ 218,551 |
Less: Deferred financing costs and debt discounts | (3,727) | (3,377) |
Total debt net of deferred financing costs and debt discounts | 231,876 | 215,174 |
Less - current portion | (35,051) | (68,473) |
Long-term portion | 196,825 | 146,701 |
Debt related to assets held for sale | 13,100 | 0 |
Less: Deferred finance costs | (110) | 0 |
Total | 12,990 | 0 |
Total debt net of deferred financing costs and debt discounts | $ 244,866 | $ 215,174 |
Long-Term Debt and Other Fina_4
Long-Term Debt and Other Financial Liabilities, June 2022 Alpha Bank Loan Facility (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Installment | Jun. 21, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 235,603 | $ 218,551 | |
June 2022 Alpha Bank Loan Facility [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Face amount | $ 21,000 | ||
Term of loan | 4 years | ||
Final balloon payment | $ 11,000 | ||
Minimum liquidity to be maintained in earnings account | 500 | ||
Balance outstanding | $ 19,000 | ||
June 2022 Alpha Bank Loan Facility [Member] | Minimum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Security cover ratio | 125% | ||
June 2022 Alpha Bank Loan Facility [Member] | First Four Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of payment installments | Installment | 4 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 1,000 | ||
June 2022 Alpha Bank Loan Facility [Member] | Next Twelve Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of payment installments | Installment | 12 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 500 | ||
June 2022 Alpha Bank Loan Facility [Member] | SOFR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 2.95% |
Long-Term Debt and Other Fina_5
Long-Term Debt and Other Financial Liabilities, June 2022 Piraeus Bank Loan Facility (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Installment | Jun. 22, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 235,603 | $ 218,551 | |
June 2022 Piraeus Bank Loan Facility [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Face amount | $ 38,000 | ||
Term of loan | 5 years | ||
Final balloon payment | $ 16,500 | ||
Minimum liquidity to be maintained in earnings account | $ 2,000 | ||
Security cover ratio | 130% | ||
Balance outstanding | $ 34,000 | ||
June 2022 Piraeus Bank Loan Facility [Member] | First Four Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of payment installments | Installment | 4 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 2,000 | ||
June 2022 Piraeus Bank Loan Facility [Member] | Next Two Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of payment installments | Installment | 2 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 1,500 | ||
June 2022 Piraeus Bank Loan Facility [Member] | Last Fourteen Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of payment installments | Installment | 14 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 750 | ||
June 2022 Piraeus Bank Loan Facility [Member] | Maximum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Corporate leverage ratio | 85% | ||
June 2022 Piraeus Bank Loan Facility [Member] | Minimum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Security cover ratio | 125% | ||
June 2022 Piraeus Bank Loan Facility [Member] | LIBOR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 3% | ||
June 2022 Piraeus Bank Loan Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Decrease in margin upon meeting certain emission reduction targets | (0.10%) |
Long-Term Debt and Other Fina_6
Long-Term Debt and Other Financial Liabilities, October 2022 Danish Ship Finance Loan Facility (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Installment | Jun. 30, 2023 | Oct. 10, 2022 USD ($) Tranche | Dec. 31, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | ||||
Balance outstanding | $ 235,603 | $ 218,551 | ||
October 2022 Danish Ship Finance Loan Facility [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Face amount | $ 28,000 | |||
Number of tranches | Tranche | 2 | |||
Term of loan | 5 years | |||
Final balloon payment | $ 2,100 | |||
Minimum security cover ratio if leverage ratio is less than or equal to 65% | 133% | |||
Minimum security cover ratio if leverage ratio is more than 65% | 143% | |||
Corporate leverage ratio | 65% | |||
Minimum liquidity to be maintained in earnings account | $ 650 | |||
Balance outstanding | $ 28,000 | |||
October 2022 Danish Ship Finance Loan Facility [Member] | Plan [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Corporate leverage ratio | 70% | |||
October 2022 Danish Ship Finance Loan Facility [Member] | Maximum [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Corporate leverage ratio | 85% | |||
October 2022 Danish Ship Finance Loan Facility [Member] | First Six Installments [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Number of payment installments | Installment | 6 | |||
Frequency of periodic payment | quarterly | |||
Installment payment | $ 780 | |||
October 2022 Danish Ship Finance Loan Facility [Member] | Last Fourteen Installments [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Number of payment installments | Installment | 14 | |||
Frequency of periodic payment | quarterly | |||
Installment payment | $ 518 | |||
October 2022 Danish Ship Finance Loan Facility [Member] | SOFR [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Margin on variable rate | 2.50% |
Long-Term Debt and Other Fina_7
Long-Term Debt and Other Financial Liabilities, December 2022 Alpha Bank Loan Facility (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Installment | Dec. 15, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 235,603 | $ 218,551 | |
December 2022 Alpha Bank Loan Facility [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Face amount | $ 16,500 | ||
Term of loan | 4 years | ||
Final balloon payment | $ 9,600 | ||
Minimum liquidity to be maintained in earnings account | 500 | ||
Balance outstanding | $ 16,500 | ||
December 2022 Alpha Bank Loan Facility [Member] | Minimum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Security cover ratio | 125% | ||
December 2022 Alpha Bank Loan Facility [Member] | First Four Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of payment installments | Installment | 4 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 525 | ||
December 2022 Alpha Bank Loan Facility [Member] | Next Twelve Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of payment installments | Installment | 12 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 400 | ||
December 2022 Alpha Bank Loan Facility [Member] | SOFR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 2.90% |
Long-Term Debt and Other Fina_8
Long-Term Debt and Other Financial Liabilities, August 2021 Alpha Bank Loan Facility (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Installment Tranche | Dec. 31, 2021 USD ($) | Aug. 09, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 235,603 | $ 218,551 | |
August 2021 Alpha Bank Loan Facility [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Face amount | $ 44,120 | ||
Number of tranches | Tranche | 2 | ||
Average quarterly minimum free liquidity required to be maintained | $ 500 | ||
Minimum liquidity required to be maintained at all times | 500 | ||
Balance outstanding | $ 33,865 | ||
August 2021 Alpha Bank Loan Facility [Member] | Minimum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Market value of vessels plus additional security as percentage of aggregate outstanding loan | 1.25 | ||
Tranche A [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Maturity date | May 21, 2025 | ||
Balloon payment | $ 14,960 | ||
Tranche A [Member] | First Four Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 4 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 1,250 | ||
Tranche A [Member] | Second Four Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 4 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 1,040 | ||
Tranche A [Member] | Last Eight Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 8 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 875 | ||
Tranche A [Member] | LIBOR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 3.50% | ||
Tranche B [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Maturity date | Aug. 11, 2025 | ||
Balloon payment | $ 5,700 | ||
Tranche B [Member] | First Four Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 4 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 700 | ||
Tranche B [Member] | Last Twelve Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 12 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 375 | ||
Tranche B [Member] | LIBOR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 3.25% |
Long-Term Debt and Other Fina_9
Long-Term Debt and Other Financial Liabilities, ABB Loan Facility (Details) $ in Thousands | 12 Months Ended | |||||
Jun. 14, 2021 USD ($) | Apr. 26, 2021 USD ($) | Apr. 22, 2021 USD ($) | Dec. 31, 2022 USD ($) Installment Tranche | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Senior Long-Term Debt [Abstract] | ||||||
Proceeds from drawdown | $ 124,800 | $ 180,320 | $ 22,500 | |||
Balance outstanding | $ 235,603 | $ 218,551 | ||||
ABB Loan Facility [Member] | ||||||
Senior Long-Term Debt [Abstract] | ||||||
Face amount | $ 15,500 | |||||
Number of tranches | Tranche | 2 | |||||
Minimum liquidity to be maintained in earnings account | $ 300 | |||||
Market value of vessels plus additional security as percentage of aggregate outstanding loan | 1.30 | |||||
Balance outstanding | $ 13,100 | |||||
ABB Loan Facility [Member] | Maximum [Member] | ||||||
Senior Long-Term Debt [Abstract] | ||||||
Corporate leverage ratio | 85% | |||||
ABB Loan Facility [Member] | LIBOR [Member] | ||||||
Senior Long-Term Debt [Abstract] | ||||||
Margin on variable rate | 4% | |||||
Tranche A [Member] | ||||||
Senior Long-Term Debt [Abstract] | ||||||
Proceeds from drawdown | $ 7,500 | |||||
Number of consecutive payment installments | Installment | 18 | |||||
Frequency of periodic payment | quarterly | |||||
Installment payment | $ 200 | |||||
Balloon payment | $ 3,900 | |||||
Tranche B [Member] | ||||||
Senior Long-Term Debt [Abstract] | ||||||
Proceeds from drawdown | $ 8,000 | |||||
Number of consecutive payment installments | Installment | 18 | |||||
Frequency of periodic payment | quarterly | |||||
Installment payment | $ 200 | |||||
Balloon payment | $ 4,400 |
Long-Term Debt and Other Fin_10
Long-Term Debt and Other Financial Liabilities, Sinopac Loan Facility (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Installment | Dec. 31, 2021 USD ($) | Dec. 10, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 235,603 | $ 218,551 | |
Sinopac Loan Facility [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Face amount | $ 15,000 | ||
Term of loan | 5 years | ||
Balloon payment | $ 6,720 | ||
Market value of vessels plus additional security as percentage of aggregate outstanding loan | 1.30 | ||
Balance outstanding | $ 12,880 | ||
Sinopac Loan Facility [Member] | Minimum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Term of charterparties used as security for loan facility | 12 months | ||
Sinopac Loan Facility [Member] | Maximum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Term of charterparties used as security for loan facility | 13 months | ||
Sinopac Loan Facility [Member] | First Four Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 4 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 530 | ||
Sinopac Loan Facility [Member] | Last Sixteen Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 16 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 385 | ||
Sinopac Loan Facility [Member] | LIBOR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 3.50% |
Long-Term Debt and Other Fin_11
Long-Term Debt and Other Financial Liabilities, November 2021 Piraeus Bank Loan Facility (Details) - November 2021 Piraeus Bank Loan Facility [Member] $ in Thousands | 12 Months Ended | |
Nov. 12, 2021 USD ($) | Dec. 31, 2022 USD ($) Installment | |
Senior Long-Term Debt [Abstract] | ||
Face amount | $ 16,850 | |
Term of loan | 5 years | |
Balloon payment | $ 6,100 | |
Minimum liquidity to be maintained in earnings account | $ 850 | |
Market value of vessels plus additional security as percentage of aggregate outstanding loan | 1.30 | |
First Four Installments [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Number of consecutive payment installments | Installment | 4 | |
Installment payment | $ 1,000 | |
Second Two Installments [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Number of consecutive payment installments | Installment | 2 | |
Installment payment | $ 750 | |
Last Fourteen Installments [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Number of consecutive payment installments | Installment | 14 | |
Installment payment | $ 375 | |
Maximum [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Corporate leverage ratio | 85% | |
LIBOR [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Margin on variable rate | 3.05% | 2.95% |
Long-Term Debt and Other Fin_12
Long-Term Debt and Other Financial Liabilities, Leader Alpha Bank Loan Facility (Details) - Leader Alpha Bank Loan Facility [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Installment | Mar. 06, 2015 USD ($) | |
Senior Long-Term Debt [Abstract] | ||
Face amount | $ 8,750 | |
Maturity date | Dec. 31, 2022 | |
Number of consecutive payment installments | Installment | 11 | |
Frequency of periodic payment | quarterly | |
Installment payment | $ 250 | |
Balloon payment | 2,303 | |
Amendment fee | $ 50 | |
LIBOR [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Margin on variable rate | 3.75% |
Long-Term Debt and Other Fin_13
Long-Term Debt and Other Financial Liabilities, HCOB Loan Facility (Details) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | |||||
Jul. 17, 2020 | Dec. 31, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 26, 2020 | Sep. 01, 2015 | |
Senior Long-Term Debt [Abstract] | |||||||
Proceeds from drawdown | $ 124,800 | $ 180,320 | $ 22,500 | ||||
Settlement amount | 89,698 | 132,058 | 52,514 | ||||
Balance outstanding | 235,603 | 218,551 | |||||
Gain on debt refinancing | $ 0 | $ 0 | 5,144 | ||||
HCOB Facility [Member] | |||||||
Senior Long-Term Debt [Abstract] | |||||||
Face amount | $ 44,430 | ||||||
Proceeds from drawdown | $ 44,430 | ||||||
Maturity date | Jun. 30, 2020 | ||||||
Settlement amount | $ 23,500 | ||||||
Balance outstanding | $ 29,056 | ||||||
Gain on debt refinancing | $ 5,144 | ||||||
HCOB Facility [Member] | LIBOR [Member] | |||||||
Senior Long-Term Debt [Abstract] | |||||||
Margin on variable rate | 3.75% |
Long-Term Debt and Other Fin_14
Long-Term Debt and Other Financial Liabilities, Squire Alpha Bank Loan Facility (Details) - Squire Alpha Bank Loan Facility [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Installment Prepayment | Dec. 31, 2020 USD ($) | Nov. 04, 2015 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Face amount | $ 33,750 | ||
Maturity date | Dec. 31, 2022 | ||
Number of prepayments | Prepayment | 2 | ||
Number of consecutive payment installments | Installment | 11 | ||
Installment payment | $ 919 | ||
Balloon payment | 14,975 | ||
Installment prepayment | $ 500 | ||
Amendment fee | $ 75 | ||
LIBOR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 3.50% |
Long-Term Debt and Other Fin_15
Long-Term Debt and Other Financial Liabilities, Entrust Loan Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 11, 2018 | |
Senior Long-Term Debt [Abstract] | ||||
Loss on extinguishment of debt | $ (1,291) | $ (6,863) | $ 0 | |
Entrust Loan Facility [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Face amount | $ 24,500 | |||
Loss on extinguishment of debt | $ (438) | |||
Entrust Loan Facility [Member] | Due June 2023 [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Maturity date | Jun. 13, 2023 | |||
Weighted average interest rate | 11.40% | |||
Balloon payment | $ 15,300 | |||
Entrust Loan Facility [Member] | Due June 2025 [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Maturity date | Jun. 13, 2025 | |||
Weighted average interest rate | 11.20% | |||
Balloon payment | $ 9,500 |
Long-Term Debt and Other Fin_16
Long-Term Debt and Other Financial Liabilities, UniCredit Bank Loan Facility (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 24, 2019 | Dec. 27, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 28, 2020 | Dec. 31, 2015 | Jul. 03, 2019 | Sep. 11, 2015 | |
Senior Long-Term Debt [Abstract] | ||||||||||||
Proceeds from drawdown | $ 124,800 | $ 180,320 | $ 22,500 | |||||||||
UniCredit Bank Loan Facility [Member] | ||||||||||||
Senior Long-Term Debt [Abstract] | ||||||||||||
Face amount | $ 52,705 | |||||||||||
Proceeds from drawdown | $ 52,705 | |||||||||||
Installment payments deferred | $ 2,208 | |||||||||||
Margin on variable rate | 3.50% | 3.20% | 4.20% | 3.20% | ||||||||
Minimum liquidity requirements cancelled | $ 500 | |||||||||||
Frequency of periodic payment | quarterly | |||||||||||
Installment payment | $ 1,200 | $ 1,550 | ||||||||||
Maturity date | Dec. 29, 2022 |
Long-Term Debt and Other Fin_17
Long-Term Debt and Other Financial Liabilities, February 2019 ATB Loan Facility (Details) | 12 Months Ended | ||||
Feb. 28, 2022 USD ($) | Dec. 09, 2021 USD ($) | Dec. 31, 2022 USD ($) Installment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Senior Long-Term Debt [Abstract] | |||||
Repayment of long-term debt | $ 89,698,000 | $ 132,058,000 | $ 52,514,000 | ||
February 2019 ATB Loan Facility [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Repayment of certain subordinated liabilities | $ 1,080,000 | ||||
Additional repayment waived | 1,080,000 | ||||
Amendment fee | $ 50,000 | ||||
Repayment of long-term debt | $ 15,129,000 | ||||
February 2019 ATB Loan Facility [Member] | LIBOR [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Margin on variable rate | 4.65% | ||||
Tranche A [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Number of consecutive payment installments | Installment | 16 | ||||
Frequency of periodic payment | quarterly | ||||
Installment payment | $ 200,000 | ||||
Balloon payment | $ 13,190,000 | ||||
Tranche B [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Number of consecutive payment installments | Installment | 12 | ||||
Frequency of periodic payment | quarterly | ||||
Installment payment | $ 189,800 | ||||
Maturity date | Aug. 26, 2022 | ||||
Tranche C [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Number of consecutive payment installments | Installment | 12 | ||||
Frequency of periodic payment | quarterly | ||||
Installment payment | $ 189,800 | ||||
Maturity date | Aug. 26, 2022 |
Long-Term Debt and Other Fin_18
Long-Term Debt and Other Financial Liabilities, July 2020 Entrust Loan Facility (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 20, 2021 | Jul. 16, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 15, 2020 | |
Senior Long-Term Debt [Abstract] | ||||||
Proceeds from drawdown | $ 124,800 | $ 180,320 | $ 22,500 | |||
Repayment of long-term debt | 89,698 | 132,058 | $ 52,514 | |||
Balance outstanding | $ 235,603 | $ 218,551 | ||||
July 2020 Entrust Facility [Member] | ||||||
Senior Long-Term Debt [Abstract] | ||||||
Face amount | $ 22,500 | |||||
Interest rate | 10.50% | |||||
Proceeds from drawdown | $ 22,500 | |||||
Repayment of long-term debt | $ 14,618 | |||||
Unamortized debt discounts written off | 438 | |||||
Balance outstanding | $ 4,950 |
Long-Term Debt and Other Fin_19
Long-Term Debt and Other Financial Liabilities, May 2021 Alpha Bank Loan Facility (Details) $ in Thousands | 12 Months Ended | ||
May 20, 2021 USD ($) Tranche | Dec. 31, 2022 USD ($) Installment | Dec. 31, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 235,603 | $ 218,551 | |
May 2021 Alpha Bank Loan Facility [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Face amount | $ 37,450 | ||
Number of tranches | Tranche | 2 | ||
Interim balloon payment | 4,500 | ||
Balloon payment | $ 14,950 | ||
May 2021 Alpha Bank Loan Facility [Member] | First Four Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 4 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 1,500 | ||
May 2021 Alpha Bank Loan Facility [Member] | Second Four Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 4 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 1,250 | ||
May 2021 Alpha Bank Loan Facility [Member] | Last Eight Installments [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Number of consecutive payment installments | Installment | 8 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 875 | ||
May 2021 Alpha Bank Loan Facility [Member] | LIBOR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 3.50% | ||
Tranche A [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Face amount | $ 25,450 | ||
Number of existing loan facilities being refinanced | Tranche | 2 | ||
Tranche B [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Face amount | $ 12,000 | ||
Leader Alpha Bank Loan Facility and Squire Alpha Bank Loan Facility [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 25,459 |
Long-Term Debt and Other Fin_20
Long-Term Debt and Other Financial Liabilities, Chugoku Bank Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||||
Mar. 09, 2022 USD ($) | Dec. 31, 2022 USD ($) Installment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 25, 2022 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||||
Proceeds from drawdown | $ 124,800 | $ 180,320 | $ 22,500 | ||
Balance outstanding | $ 235,603 | $ 218,551 | |||
Chugoku Bank Sale and Leaseback [Member] | |||||
Sale and Leaseback Transaction [Abstract] | |||||
Financing amount | $ 21,300 | ||||
Proceeds from drawdown | $ 21,300 | ||||
Interest rate | 2.90% | ||||
Principal repayment term | 8 years | ||||
Number of consecutive payment installments | Installment | 32 | ||||
Frequency of periodic payment | quarterly | ||||
Installment payment | $ 590 | ||||
Balloon payment | $ 2,388 | ||||
Term of charter contract | 8 years | ||||
Repurchase price of vessel | $ 2,388 | ||||
Balance outstanding | $ 19,572 |
Long-Term Debt and Other Fin_21
Long-Term Debt and Other Financial Liabilities, Flagship Cargill Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Installment | Dec. 31, 2021 USD ($) | May 11, 2021 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||
Balance outstanding | $ 235,603 | $ 218,551 | |
Flagship Cargill Sale and Leaseback [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Face amount | $ 20,500 | ||
Term of charter contract | 5 years | ||
Implied average interest rate | 2% | ||
Purchase obligation | $ 10,000 | ||
Additional percentage payment for difference between market price and floor price | 15% | ||
Number of consecutive payment installments | Installment | 60 | ||
Frequency of periodic payment | monthly | ||
Installment payment | $ 175 | ||
Balloon payment | $ 10,000 | ||
Maturity date | May 10, 2026 | ||
Balance outstanding | $ 17,300 |
Long-Term Debt and Other Fin_22
Long-Term Debt and Other Financial Liabilities, CMBFL Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Installment Affiliate | Dec. 31, 2021 USD ($) | Jun. 22, 2021 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||
Balance outstanding | $ 235,603 | $ 218,551 | |
CMBFL Sale and Leaseback [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Face amount | $ 30,900 | ||
Number of affiliates of CMBFL in sale and leaseback transaction | Affiliate | 2 | ||
Term of charter contract | 5 years | ||
Minimum liquidity to be maintained in earnings account | $ 550 | ||
Minimum value maintenance ratio to be maintained | 1.20 | ||
Number of consecutive payment installments | Installment | 20 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 780 | ||
Balloon payment | $ 15,300 | ||
Maturity date | Jun. 28, 2026 | ||
Balance outstanding | $ 26,220 | ||
CMBFL Sale and Leaseback [Member] | Maximum [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Corporate leverage ratio | 85% | ||
CMBFL Sale and Leaseback [Member] | LIBOR [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Margin on variable rate | 3.50% |
Long-Term Debt and Other Fin_23
Long-Term Debt and Other Financial Liabilities, Hanchen Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | |||
Mar. 29, 2023 USD ($) Installment | Jun. 28, 2018 USD ($) | Dec. 31, 2022 USD ($) Installment | Dec. 31, 2021 USD ($) | |
Sale and Leaseback Transaction [Abstract] | ||||
Balance outstanding | $ 235,603 | $ 218,551 | ||
Hanchen Sale and Leaseback [Member] | ||||
Sale and Leaseback Transaction [Abstract] | ||||
Face amount | $ 26,500 | |||
Term of charter contract | 8 years | |||
Proceeds from sale of vessel | 18,550 | |||
Upfront charterhire payment | 6,625 | |||
Deposit made under sale and leaseback agreement | 1,325 | |||
Minimum value maintenance ratio to be maintained | 1.20 | |||
Purchase obligation | $ 5,299 | |||
Number of consecutive payment installments | Installment | 32 | |||
Frequency of periodic payment | quarterly | |||
Installment payment | $ 456 | |||
Balloon payment | $ 5,299 | |||
Maturity date | Jun. 29, 2026 | |||
Balance outstanding | $ 11,676 | |||
Hanchen Sale and Leaseback [Member] | LIBOR [Member] | ||||
Sale and Leaseback Transaction [Abstract] | ||||
Margin on variable rate | 4% | |||
Evahline Sale and Leaseback [Member] | Subsequent Event [Member] | ||||
Sale and Leaseback Transaction [Abstract] | ||||
Face amount | $ 19,000 | |||
Number of consecutive payment installments | Installment | 72 | |||
Installment payment | $ 264 |
Long-Term Debt and Other Fin_24
Long-Term Debt and Other Financial Liabilities, Championship Cargill Sale and Leaseback (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
May 19, 2021 shares | Mar. 24, 2021 shares | Feb. 19, 2021 shares | Sep. 01, 2020 shares | Nov. 07, 2018 USD ($) shares | Oct. 31, 2020 shares | Dec. 31, 2020 shares | Dec. 31, 2022 USD ($) Installment shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Sale and Leaseback Transaction [Abstract] | ||||||||||
Shares issued (in shares) | shares | 7,986,913 | 95,573 | 4,415,000 | 258,214 | 200,000 | 226,342 | 10,000 | |||
Fair value of stock issued | $ 70 | $ 98,218 | $ 71,835 | |||||||
Balance outstanding | $ 235,603 | $ 218,551 | ||||||||
Championship Cargill Sale and Leaseback [Member] | ||||||||||
Sale and Leaseback Transaction [Abstract] | ||||||||||
Face amount | $ 23,500 | |||||||||
Term of charter contract | 5 years | |||||||||
Interest rate | 4.71% | |||||||||
Deposit made under sale and leaseback agreement | $ 1,600 | |||||||||
Shares issued (in shares) | shares | 750 | |||||||||
Fair value of stock issued | $ 1,541 | |||||||||
Purchase obligation | 14,051 | |||||||||
Additional percentage payment for difference between market price and floor price | 20% | |||||||||
Profit share amount | $ 793 | |||||||||
Washout amount | $ 120 | |||||||||
Number of consecutive payment installments | Installment | 60 | |||||||||
Frequency of periodic payment | monthly | |||||||||
Installment payment | $ 167 | |||||||||
Balloon payment | $ 14,051 | |||||||||
Maturity date | Nov. 07, 2023 | |||||||||
Balance outstanding | $ 15,501 | |||||||||
Scrubber Tranche [Member] | ||||||||||
Sale and Leaseback Transaction [Abstract] | ||||||||||
Face amount | $ 2,750 | |||||||||
Balance outstanding | $ 1,089 |
Long-Term Debt and Other Fin_25
Long-Term Debt and Other Financial Liabilities, Collateral (Details) $ in Thousands | Dec. 31, 2022 USD ($) Vessel | Dec. 31, 2021 USD ($) |
Senior Long-Term Debt [Abstract] | ||
Net book value | $ 434,545 | $ 426,467 |
Vessels Subject to Mortgages [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Number of vessels serving as collateral | Vessel | 10 | |
Net book value | $ 271,863 | |
Bareboat Chartered Vessels [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Number of vessels serving as collateral | Vessel | 6 | |
Net book value | $ 162,270 |
Long-Term Debt and Other Fin_26
Long-Term Debt and Other Financial Liabilities, Securities Purchase Agreements and Omnibus Supplemental Agreements (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
May 06, 2021 shares | Jan. 08, 2021 $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Feb. 28, 2021 USD ($) | Dec. 31, 2020 USD ($) Payment $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) Payment $ / shares shares | Apr. 26, 2021 $ / shares shares | Feb. 19, 2021 $ / shares | Aug. 20, 2020 shares | Apr. 02, 2020 $ / shares | |
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Prepayment of principal amount | $ 89,698 | $ 132,058 | $ 52,514 | |||||||||
Number of units issued (in shares) | shares | 428,571 | 798,691 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 7 | $ 7 | $ 7 | $ 7 | $ 7 | $ 17 | ||||||
Number of securities called by each warrant (in shares) | shares | 1 | 1 | ||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 7 | $ 5 | $ 7 | $ 27.2 | ||||||||
Number of additional units that can be purchased (in shares) | shares | 428,571 | 428,571 | 428,571 | |||||||||
Number of mandatory repayments | Payment | 2 | 2 | ||||||||||
Mandatory repayment | $ 8,000 | $ 8,000 | ||||||||||
Corporate liquidity | $ 25,000 | 25,000 | ||||||||||
Percentage of net proceeds from future equity offerings and warrant exercises used to prepay loans | 25% | |||||||||||
Maximum repayments in any twelve-month period ending on December 31 | $ 12,000 | $ 12,000 | 12,000 | |||||||||
Term for achieving maximum repayments | 12 months | |||||||||||
Restructuring expenses | $ 0 | $ 0 | 1,015 | |||||||||
Costs related to issuance of units | 6,021 | |||||||||||
Minimum [Member] | ||||||||||||
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Time charter equivalent revenues | 18,000 | 18,000 | ||||||||||
Maximum [Member] | ||||||||||||
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Time charter equivalent revenues | $ 21,000 | 21,000 | ||||||||||
Pre-Funded Warrant [Member] | ||||||||||||
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Number of securities included in each unit (in shares) | shares | 1 | 1 | ||||||||||
Warrant [Member] | ||||||||||||
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Number of securities included in each unit (in shares) | shares | 10 | 10 | ||||||||||
Common Stock [Member] | ||||||||||||
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Number of securities included in each unit (in shares) | shares | 1 | 1 | 1 | |||||||||
Costs related to issuance of units | 0 | |||||||||||
JDH Notes and JDH Loans [Member] | ||||||||||||
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Interest rate | 5.50% | |||||||||||
Accrued and unpaid interest | $ 4,350 | $ 4,350 | $ 4,350 | |||||||||
Amendment fee | $ 1,241 | |||||||||||
JDH Notes [Member] | ||||||||||||
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 12 | $ 12 | $ 12 | |||||||||
Second JDH Loan [Member] | ||||||||||||
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Prepayment of principal amount | $ 6,500 | $ 100 | ||||||||||
Accrued and unpaid interest | $ 841 | $ 841 | $ 841 | |||||||||
JDH Amendment [Member] | ||||||||||||
Omnibus Supplemental Agreements [Abstract] | ||||||||||||
Costs related to issuance of units | $ 166 |
Long-Term Debt and Other Fin_27
Long-Term Debt and Other Financial Liabilities, First JDH Loan (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loan Agreement [Abstract] | ||||
Repayment of long-term debt | $ 89,698 | $ 132,058 | $ 52,514 | |
First JDH Loan [Member] | ||||
Loan Agreement [Abstract] | ||||
Accrued and unpaid interest | $ 630 | |||
Repayment of long-term debt | $ 5,900 | |||
Unamortized debt discounts written off | $ 111 |
Long-Term Debt and Other Fin_28
Long-Term Debt and Other Financial Liabilities, Second JDH Loan (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||
Feb. 28, 2022 | May 06, 2021 | Apr. 26, 2021 | Jan. 08, 2021 | Dec. 31, 2020 | Feb. 28, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 19, 2021 | Aug. 20, 2020 | Apr. 02, 2020 | |
Loan Agreement [Abstract] | ||||||||||||
Repayment of long-term debt | $ 89,698 | $ 132,058 | $ 52,514 | |||||||||
Number of units issued (in shares) | 428,571 | 798,691 | ||||||||||
Number of securities called by each warrant (in shares) | 1 | 1 | ||||||||||
Warrant exercise price (in dollars per share) | $ 7 | $ 7 | $ 5 | $ 27.2 | ||||||||
Share price (in dollars per share) | $ 7 | $ 7 | $ 7 | $ 7 | $ 17 | |||||||
Repayment of subordinated long-term debt by issuance of shares | $ 0 | $ 3,000 | $ 0 | |||||||||
Pre-Funded Warrant [Member] | ||||||||||||
Loan Agreement [Abstract] | ||||||||||||
Number of securities included in each unit (in shares) | 1 | 1 | ||||||||||
Warrant [Member] | ||||||||||||
Loan Agreement [Abstract] | ||||||||||||
Number of securities included in each unit (in shares) | 10 | 10 | ||||||||||
Common Stock [Member] | ||||||||||||
Loan Agreement [Abstract] | ||||||||||||
Number of securities included in each unit (in shares) | 1 | 1 | 1 | |||||||||
Second JDH Loan [Member] | ||||||||||||
Loan Agreement [Abstract] | ||||||||||||
Accrued and unpaid interest | $ 841 | 841 | ||||||||||
Fair value of option granted | $ 424 | 543 | $ 543 | |||||||||
Repayment of long-term debt | $ 6,500 | $ 100 | ||||||||||
Repayment of subordinated long-term debt by issuance of shares | $ 3,000 | $ 3,000 | ||||||||||
Prepayment of loan | $ 1,850 |
Long-Term Debt and Other Fin_29
Long-Term Debt and Other Financial Liabilities, Fourth JDH Loan (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loan Agreement [Abstract] | ||||
Repayment of long-term debt | $ 89,698 | $ 132,058 | $ 52,514 | |
Fourth JDH Loan [Member] | ||||
Loan Agreement [Abstract] | ||||
Accrued and unpaid interest | $ 454 | |||
Repayment of long-term debt | $ 6,000 | |||
Unamortized debt discounts written off | $ 113 |
Long-Term Debt and Other Fin_30
Long-Term Debt and Other Financial Liabilities, Annual Principal Payments (Details) - Long-Term Debt and Other Financial Liabilities [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Annual Principal Payments [Abstract] | |
Twelve-month periods ending December 31, 2023 | $ 50,006 |
Twelve-month periods ending December 31, 2024 | 30,633 |
Twelve-month periods ending December 31, 2025 | 47,911 |
Twelve-month periods ending December 31, 2026 | 77,296 |
Thereafter | 42,857 |
Total | $ 248,703 |
Convertible Notes, Consolidated
Convertible Notes, Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Convertible Notes [Abstract] | ||
Convertible notes | $ 235,603 | $ 218,551 |
Total | 10,833 | 7,573 |
Less - current portion | (10,833) | (769) |
Long-term portion | 0 | 6,804 |
JDH Notes [Member] | ||
Convertible Notes [Abstract] | ||
Convertible notes | 11,165 | 21,165 |
Less: beneficial conversion feature | 0 | (10,949) |
Convertible notes, net of beneficial conversion feature | 11,165 | 10,216 |
Less: Deferred financing costs | (9) | (75) |
Less: Change in fair value of conversion option | $ (323) | $ (2,568) |
Convertible Notes, Omnibus Note
Convertible Notes, Omnibus Notes Agreement (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2020 USD ($) Payment $ / shares | Dec. 31, 2022 | Dec. 31, 2020 USD ($) Payment $ / shares | |
Omnibus Supplemental Agreements [Abstract] | |||
Number of mandatory repayments | Payment | 2 | 2 | |
Mandatory repayment | $ 8,000 | $ 8,000 | |
Corporate liquidity | 25,000 | 25,000 | |
Maximum repayments in any twelve-month period ending on December 31 | 12,000 | 12,000 | |
Term for achieving maximum repayments | 12 months | ||
Minimum [Member] | |||
Omnibus Supplemental Agreements [Abstract] | |||
Time charter equivalent revenues | 18,000 | 18,000 | |
Maximum [Member] | |||
Omnibus Supplemental Agreements [Abstract] | |||
Time charter equivalent revenues | $ 21,000 | $ 21,000 | |
JDH Notes [Member] | |||
Omnibus Supplemental Agreements [Abstract] | |||
Interest rate | 5.50% | ||
Conversion price (in dollars per share) | $ / shares | $ 12 | $ 12 | |
Accrued and unpaid interest | $ 2,425 | $ 2,425 |
Convertible Notes, First JDH No
Convertible Notes, First JDH Note (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 10, 2021 | Oct. 08, 2021 | Oct. 05, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 12, 2015 | |
Convertible Notes [Abstract] | |||||||
Repayment of convertible notes | $ 10,000 | $ 13,950 | $ 0 | ||||
First JDH Note [Member] | |||||||
Convertible Notes [Abstract] | |||||||
Face amount | $ 3,480 | $ 120 | $ 4,000 | ||||
Accrued and unpaid interest | $ 238 | ||||||
Issuance of common stock upon conversion of convertible notes (in shares) | 290,000 | 10,000 | |||||
Unamortized debt discounts expensed | $ 30 | $ 543 | $ 19 | ||||
Repayment of convertible notes | $ 200 |
Convertible Notes, Third JDH No
Convertible Notes, Third JDH Note (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 10, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 27, 2017 | |
Convertible Notes [Abstract] | |||||
Repayment of convertible notes | $ 10,000 | $ 13,950 | $ 0 | ||
Third JDH Note [Member] | |||||
Convertible Notes [Abstract] | |||||
Face amount | $ 13,750 | ||||
Accrued and unpaid interest | $ 861 | ||||
Repayment of convertible notes | $ 13,750 | ||||
Unamortized debt discounts | $ 6,171 |
Convertible Notes, Debt and Equ
Convertible Notes, Debt and Equity Movement of First and Third JDH Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Deficit [Abstract] | |||
Amortization (Note 13) | $ 0 | $ 2,887 | $ 5,518 |
Debt [Abstract] | |||
Loss on extinguishment | (1,291) | (6,863) | 0 |
First and Third JDH Notes [Member] | |||
Net Debt at Inception [Abstract] | |||
Beginning balance | (14,189) | 3,361 | |
Repayments / Conversions | (17,550) | ||
Ending balance | (14,189) | 3,361 | |
Accumulated Deficit [Abstract] | |||
Beginning balance | 14,189 | 8,670 | |
Amortization (Note 13) | 995 | ||
Loss on extinguishment | 4,524 | ||
Ending balance | 14,189 | 8,670 | |
Debt [Abstract] | |||
Beginning balance | $ 0 | 12,031 | |
Repayments / Conversions | (17,550) | ||
Amortization (Note 11) | 995 | ||
Loss on extinguishment | 4,524 | ||
Ending balance | $ 0 | $ 12,031 |
Convertible Notes, Second JDH N
Convertible Notes, Second JDH Note (Details) $ in Thousands | 12 Months Ended | |||||
Mar. 10, 2022 USD ($) | Jan. 26, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Adjustment | Dec. 31, 2020 USD ($) | Apr. 10, 2020 USD ($) | |
Convertible Notes [Abstract] | ||||||
Prepayment of convertible notes | $ 10,000 | $ 13,950 | $ 0 | |||
Balance outstanding | 235,603 | 218,551 | ||||
Convertible notes | 10,833 | $ 7,573 | ||||
Number of adjustments to adopt accounting standard | Adjustment | 2 | |||||
Additional paid-in capital | 583,691 | $ 597,723 | ||||
Accumulated deficit | (361,994) | (353,249) | ||||
ASU 2020-06 [Member] | Cumulative Adjustment [Member] | ||||||
Convertible Notes [Abstract] | ||||||
Convertible notes | 10,949 | |||||
Additional paid-in capital | (21,165) | |||||
Accumulated deficit | (10,216) | |||||
Second JDH Note [Member] | ||||||
Convertible Notes [Abstract] | ||||||
Applicable Limit | $ 21,165 | |||||
Accrued and unpaid interest | $ 1,326 | |||||
Change in fair value of conversion option | 323 | $ 2,549 | ||||
Prepayment of convertible notes | $ 5,000 | $ 5,000 | ||||
Balance outstanding | $ 11,165 |
Convertible Notes, Summary (Det
Convertible Notes, Summary (Details) - Second JDH Note [Member] | 12 Months Ended |
Dec. 31, 2022 $ / shares | |
Convertible Notes [Abstract] | |
Notice period to prepay Jelco notes | 5 days |
Conversion price (in dollars per share) | $ 12 |
Financial Instruments (Details)
Financial Instruments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Financial Instruments [Abstract] | |
Percentage difference between carrying value and fair market value of fixed interest long-term debt | 5% |
Carrying Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 33,890 |
Fair Market Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 32,332 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2018 EUR (€) | Dec. 31, 2022 USD ($) $ / € | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Sep. 22, 2020 EUR (€) | Sep. 16, 2020 Extension | |
Future Minimum Contractual Charter Revenue [Abstract] | |||||||
2023 | $ 114,441,000 | ||||||
2024 | 25,862,000 | ||||||
2025 | 15,056,000 | ||||||
2026 | 5,321,000 | ||||||
Total | 160,680,000 | ||||||
Office Lease [Abstract] | |||||||
Lease term of new office spaces | 5 years | 10 years | |||||
Number of extensions | Extension | 2 | ||||||
Renewal term of new office spaces | 5 years | 5 years | |||||
Monthly rent | € 12,747 | $ 10,700 | € 10,000 | ||||
Prepayment of rent | € | € 250,000 | ||||||
Exchange rate | $ / € | 1.0666 | ||||||
Rent expense | $ 161,000 | $ 179,000 | $ 180,000 | ||||
Office Rental Obligations [Abstract] | |||||||
2023 | 128,000 | ||||||
2024 | 128,000 | ||||||
2025 | 128,000 | ||||||
2026 | 128,000 | ||||||
2027 | 128,000 | ||||||
Thereafter | 32,000 | ||||||
Total | 672,000 | ||||||
Less: imputed interest | (173,000) | ||||||
Present value of lease liabilities | 499,000 | ||||||
Lease liabilities, current | 108,000 | 121,000 | |||||
Lease liabilities, non-current | $ 391,000 | $ 529,000 | |||||
Minimum [Member] | |||||||
Commitments and Contingencies [Abstract] | |||||||
Term of time charter agreements | 9 months | ||||||
Renewal term of time charter agreements | 11 months | ||||||
Maximum [Member] | |||||||
Commitments and Contingencies [Abstract] | |||||||
Term of time charter agreements | 60 months | ||||||
Renewal term of time charter agreements | 27 months |
Capital Structure, Preferred St
Capital Structure, Preferred Stock (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Vote $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 10, 2021 USD ($) | |
Preferred Stock [Abstract] | |||
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares issued (in shares) | 20,000 | 0 | |
Preferred stock, shares outstanding (in shares) | 20,000 | 0 | |
Preferred stock value | $ | $ 0 | $ 0 | |
Series B Preferred Shares [Member] | |||
Preferred Stock [Abstract] | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares issued (in shares) | 20,000 | ||
Preferred stock, shares outstanding (in shares) | 20,000 | ||
Preferred stock value | $ | $ 250 | ||
Number of votes per share | Vote | 25,000 | ||
Minimum percentage of votes eligible | 49.99% |
Capital Structure, Common Stock
Capital Structure, Common Stock - NASDAQ Notification - Effect of Reverse Stock Split (Details) | Jun. 25, 2020 |
Capital Structure [Abstract] | |
Reverse stock split ratio | 0.0625 |
Capital Structure, Dividends (D
Capital Structure, Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Nov. 30, 2022 | Aug. 04, 2022 | May 31, 2022 | Mar. 10, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends [Abstract] | |||||||
Dividends paid | $ 17,924 | $ 0 | $ 0 | ||||
Dividends payable | 4,548 | $ 0 | $ 0 | ||||
Dividends declared | $ 22,472 | ||||||
Other Current Liabilities [Member] | |||||||
Dividends [Abstract] | |||||||
Dividends payable | $ 4,548 | ||||||
Quarterly Dividend for Q4-2021 [Member] | |||||||
Dividends [Abstract] | |||||||
Dividend payable, date declared | Mar. 10, 2022 | ||||||
Dividend payable per share (in dollars per share) | $ 0.25 | ||||||
Dividend payable, date of payment | Apr. 05, 2022 | ||||||
Dividend payable, date of record | Mar. 25, 2022 | ||||||
Special Dividend for Q4-2021 [Member] | |||||||
Dividends [Abstract] | |||||||
Dividend payable, date declared | Mar. 10, 2022 | ||||||
Dividend payable per share (in dollars per share) | $ 0.25 | ||||||
Dividend payable, date of payment | Apr. 05, 2022 | ||||||
Dividend payable, date of record | Mar. 25, 2022 | ||||||
Quarterly Dividend for Q1-2022 [Member] | |||||||
Dividends [Abstract] | |||||||
Dividend payable, date declared | May 31, 2022 | ||||||
Dividend payable per share (in dollars per share) | $ 0.25 | ||||||
Dividend payable, date of payment | Jul. 14, 2022 | ||||||
Dividend payable, date of record | Jun. 28, 2022 | ||||||
Quarterly Dividend for Q2-2022 [Member] | |||||||
Dividends [Abstract] | |||||||
Dividend payable, date declared | Aug. 04, 2022 | ||||||
Dividend payable per share (in dollars per share) | $ 0.25 | ||||||
Dividend payable, date of payment | Oct. 11, 2022 | ||||||
Dividend payable, date of record | Sep. 25, 2022 | ||||||
Quarterly Dividend for Q3-2022 [Member] | |||||||
Dividends [Abstract] | |||||||
Dividend payable, date declared | Nov. 30, 2022 | ||||||
Dividend payable per share (in dollars per share) | $ 0.25 | ||||||
Dividend payable, date of payment | Jan. 30, 2023 | ||||||
Dividend payable, date of record | Dec. 28, 2022 |
Capital Structure, Common Sto_2
Capital Structure, Common Stock Issuances and Buybacks (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Oct. 08, 2021 USD ($) shares | Oct. 05, 2021 USD ($) shares | Jul. 02, 2021 shares | May 06, 2021 USD ($) shares | Apr. 26, 2021 USD ($) $ / shares shares | Jan. 08, 2021 $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) $ / shares | Jun. 30, 2022 USD ($) | Feb. 19, 2021 $ / shares | Aug. 20, 2020 shares | Apr. 02, 2020 $ / shares | |
Common Stock Issuances and Buybacks [Abstract] | ||||||||||||||
Authorized amount under share repurchase plan | $ | $ 5,000 | |||||||||||||
Number of shares repurchased (in shares) | 0 | |||||||||||||
Repurchase of common stock (in shares) | 170,210 | |||||||||||||
Average price of repurchased shares (in dollars per share) | $ / shares | $ 9.93 | |||||||||||||
Repurchase of common stock | $ | $ 1,708 | $ 1,708 | ||||||||||||
Dividend payable (in shares) | 1 | |||||||||||||
Number of shares called by each warrant/Right held (in shares) | 1 | 1 | ||||||||||||
Exercise price of Rights (in dollars per share) | $ / shares | $ 7 | $ 7 | $ 5 | $ 27.2 | ||||||||||
Holding period before Rights become exercisable after announcement | 10 days | |||||||||||||
Threshold beneficial ownership percentage by individual | 10% | |||||||||||||
Threshold beneficial ownership percentage by passive institutional investor | 15% | |||||||||||||
Threshold percentage of assets, cash flow or earning power sold or transferred | 50% | |||||||||||||
Redemption price of Rights (in dollars per share) | $ / shares | $ 0.0001 | |||||||||||||
Number of Rights exercised (in shares) | 0 | 0 | 0 | |||||||||||
Number of units issued (in shares) | 428,571 | 798,691 | ||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | 7 | $ 7 | $ 5 | $ 27.2 | ||||||||||
Share price (in dollars per share) | $ / shares | $ 7 | $ 7 | $ 7 | $ 17 | ||||||||||
Repayment of subordinated long-term debt by issuance of shares | $ | $ 0 | $ 3,000 | $ 0 | |||||||||||
Issuance of common stock for repayment of subordinated long-term debt (in shares) | 428,571 | |||||||||||||
Pre-Funded Warrants [Member] | ||||||||||||||
Common Stock Issuances and Buybacks [Abstract] | ||||||||||||||
Exercise price of Rights (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
Number of securities included in each unit (in shares) | 1 | |||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 0.001 | |||||||||||||
Warrant [Member] | ||||||||||||||
Common Stock Issuances and Buybacks [Abstract] | ||||||||||||||
Number of securities included in each unit (in shares) | 10 | 10 | ||||||||||||
Series A Participating Preferred Share [Member] | ||||||||||||||
Common Stock Issuances and Buybacks [Abstract] | ||||||||||||||
Number of shares called by each warrant/Right held (in shares) | 0.001 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Common Stock Issuances and Buybacks [Abstract] | ||||||||||||||
Repurchase of common stock (in shares) | 170,210 | |||||||||||||
Repurchase of common stock | $ | $ 0 | |||||||||||||
Number of securities included in each unit (in shares) | 1 | 1 | 1 | |||||||||||
Issuance of common stock for repayment of subordinated long-term debt (in shares) | 428,571 | |||||||||||||
Issuance of common stock upon conversion of convertible notes (in shares) | 300,000 | |||||||||||||
Second JDH Loan [Member] | ||||||||||||||
Common Stock Issuances and Buybacks [Abstract] | ||||||||||||||
Repayment of subordinated long-term debt by issuance of shares | $ | $ 3,000 | $ 3,000 | ||||||||||||
First JDH Loan [Member] | ||||||||||||||
Common Stock Issuances and Buybacks [Abstract] | ||||||||||||||
Face amount | $ | $ 3,480 | $ 120 | ||||||||||||
Issuance of common stock upon conversion of convertible notes (in shares) | 290,000 | 10,000 |
Capital Structure, Common Sto_3
Capital Structure, Common Stock - Equity Offerings in 2021 (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
May 19, 2021 | Mar. 24, 2021 | Feb. 19, 2021 | Sep. 01, 2020 | Aug. 20, 2020 | Apr. 02, 2020 | Oct. 31, 2020 | Aug. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Apr. 26, 2021 | Jan. 08, 2021 | |
Common Stock [Abstract] | ||||||||||||
Shares issued (in shares) | 7,986,913 | 95,573 | 4,415,000 | 258,214 | 200,000 | 226,342 | 10,000 | |||||
Sales price (in dollars per share) | $ 17 | $ 7 | $ 7 | $ 7 | ||||||||
Gross proceeds | $ 75,055 | $ 1,782 | $ 25,000 | $ 6,899 | $ 20 | $ 73,750 | $ 4,100 | |||||
Net proceeds | $ 69,971 | $ 71,835 |
Capital Structure, Common Sto_4
Capital Structure, Common Stock - Equity Offerings in 2020 (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
May 19, 2021 shares | Mar. 24, 2021 shares | Feb. 19, 2021 USD ($) shares | Sep. 01, 2020 USD ($) shares | Aug. 20, 2020 USD ($) $ / shares shares | Jun. 08, 2020 USD ($) $ / shares shares | Apr. 02, 2020 USD ($) $ / shares shares | Oct. 31, 2020 USD ($) shares | Aug. 31, 2020 USD ($) Placement Offering | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares shares | Apr. 26, 2021 $ / shares | Jan. 08, 2021 $ / shares | Apr. 22, 2020 $ / shares | |
Common Stock [Abstract] | ||||||||||||||||
Gross proceeds | $ | $ 75,055 | $ 1,782 | $ 25,000 | $ 6,899 | $ 20 | $ 73,750 | $ 4,100 | |||||||||
Net proceeds | $ | $ 69,971 | $ 71,835 | ||||||||||||||
Number of follow-on public offerings | Offering | 2 | |||||||||||||||
Number of registered direct offerings | Offering | 4 | |||||||||||||||
Number of private placements | Placement | 4 | |||||||||||||||
Number of units included in public offering (in shares) | 3,571,428 | 253,646 | ||||||||||||||
Number of securities included in units offered (in shares) | 1 | |||||||||||||||
Number of securities called by warrants (in shares) | 10 | 1 | ||||||||||||||
Shares issued (in shares) | 7,986,913 | 95,573 | 4,415,000 | 258,214 | 200,000 | 226,342 | 10,000 | |||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 27.2 | $ 5 | $ 7 | $ 7 | ||||||||||||
Class D Warrants [Member] | ||||||||||||||||
Common Stock [Abstract] | ||||||||||||||||
Gross proceeds | $ | $ 982 | |||||||||||||||
Number of securities included in units offered (in shares) | 160 | 40,583,500 | 40,583,500 | |||||||||||||
Number of securities called by warrants (in shares) | 61,404 | |||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 16 | $ 27.2 | $ 16 | $ 16 | $ 16 | $ 16 | $ 19.2 | |||||||||
Class E Warrants [Member] | ||||||||||||||||
Common Stock [Abstract] | ||||||||||||||||
Number of securities included in units offered (in shares) | 1 | |||||||||||||||
Number of securities called by warrants (in shares) | 10 | |||||||||||||||
Shares issued (in shares) | 3,226,371 | |||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 7 | |||||||||||||||
Warrants issued (in shares) | 5,182,142 | |||||||||||||||
Common Stock [Member] | ||||||||||||||||
Common Stock [Abstract] | ||||||||||||||||
Number of securities included in units offered (in shares) | 1 | 1 | ||||||||||||||
Shares issued (in shares) | 10,000 | 9,238,754 | 6,647,749 | |||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||
Common Stock [Abstract] | ||||||||||||||||
Number of units included in public offering (in shares) | 33,084 | |||||||||||||||
Number of securities called by warrants (in shares) | 11,028 | |||||||||||||||
Over-Allotment Option [Member] | Class D Warrants [Member] | ||||||||||||||||
Common Stock [Abstract] | ||||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 34 | |||||||||||||||
Warrants issued (in shares) | 1 | |||||||||||||||
Over-Allotment Option [Member] | Class E Warrants [Member] | ||||||||||||||||
Common Stock [Abstract] | ||||||||||||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||||
Warrants issued (in shares) | 5,182,142 |
Capital Structure, Warrants (De
Capital Structure, Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 10, 2021 | May 19, 2021 | May 14, 2021 | May 12, 2021 | May 06, 2021 | Apr. 26, 2021 | Mar. 24, 2021 | Feb. 19, 2021 | Jan. 08, 2021 | Sep. 01, 2020 | Aug. 20, 2020 | Jun. 08, 2020 | Apr. 02, 2020 | Oct. 31, 2020 | Aug. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 22, 2020 | |
Warrants [Abstract] | ||||||||||||||||||||
Shares issued (in shares) | 7,986,913 | 95,573 | 4,415,000 | 258,214 | 200,000 | 226,342 | 10,000 | |||||||||||||
Proceeds from exercise of warrants | $ 70 | |||||||||||||||||||
Shares to be issued upon exercise of remaining warrants (in shares) | 891,603 | |||||||||||||||||||
Number of securities called by warrants (in shares) | 10 | 1 | ||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | $ 7 | $ 27.2 | $ 5 | ||||||||||||||||
Gross proceeds | $ 75,055 | $ 1,782 | $ 25,000 | $ 6,899 | $ 20 | $ 73,750 | $ 4,100 | |||||||||||||
Number of securities included in units offered (in shares) | 1 | |||||||||||||||||||
Number of units included in public offering (in shares) | 3,571,428 | 253,646 | ||||||||||||||||||
Number of securities called by each warrant (in shares) | 1 | 1 | ||||||||||||||||||
Number of units issued (in shares) | 428,571 | 798,691 | ||||||||||||||||||
Sales price (in dollars per share) | $ 7 | $ 17 | $ 7 | $ 7 | $ 7 | |||||||||||||||
Repayment of subordinated long-term debt by issuance of shares | $ 0 | $ 3,000 | $ 0 | |||||||||||||||||
Repurchase of warrants | $ 0 | $ 1,023 | $ 0 | |||||||||||||||||
Class D Warrant [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Shares to be issued upon exercise of remaining warrants (in shares) | 27,304 | 27,304 | 27,304 | 27,304 | ||||||||||||||||
Number of securities called by warrants (in shares) | 61,404 | |||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 16 | $ 27.2 | $ 16 | $ 16 | $ 16 | $ 16 | $ 19.2 | |||||||||||||
Gross proceeds | $ 982 | |||||||||||||||||||
Warrants outstanding (in shares) | 4,368,750 | 4,368,750 | 4,368,750 | |||||||||||||||||
Number of securities included in units offered (in shares) | 160 | 40,583,500 | 40,583,500 | |||||||||||||||||
Class E Warrant [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Shares issued (in shares) | 3,226,371 | |||||||||||||||||||
Warrants exercised (in shares) | 100,000 | |||||||||||||||||||
Proceeds from exercise of warrants | $ 22,585 | |||||||||||||||||||
Shares to be issued upon exercise of remaining warrants (in shares) | 853,271 | |||||||||||||||||||
Warrants issued (in shares) | 5,182,142 | |||||||||||||||||||
Number of securities called by warrants (in shares) | 10 | |||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | |||||||||||||||||||
Warrants outstanding (in shares) | 8,532,713 | |||||||||||||||||||
Number of securities included in units offered (in shares) | 1 | |||||||||||||||||||
JDH Warrants [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Warrants exercised (in shares) | 7,986,913 | |||||||||||||||||||
Proceeds from exercise of warrants | $ 5,591 | |||||||||||||||||||
Warrants issued (in shares) | 4,285,714 | 7,986,913 | ||||||||||||||||||
Number of securities called by warrants (in shares) | 798,691 | |||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 7 | $ 7 | $ 7 | $ 7 | ||||||||||||||||
Warrants to be issued (in shares) | 7,986,913 | 7,986,913 | ||||||||||||||||||
Repurchase of warrants (in shares) | 428,571 | |||||||||||||||||||
Repurchase of warrants | $ 1,023 | |||||||||||||||||||
Pre-Funded Warrants [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||||||
Warrants to be issued (in shares) | 95,573 | 95,573 | ||||||||||||||||||
Number of securities included in each unit (in shares) | 1 | |||||||||||||||||||
Pre-Funded Warrant [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Number of securities included in each unit (in shares) | 1 | 1 | ||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Number of securities included in each unit (in shares) | 10 | 10 | ||||||||||||||||||
Representative Warrants [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Shares to be issued upon exercise of remaining warrants (in shares) | 11,028 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Shares issued (in shares) | 10,000 | 9,238,754 | 6,647,749 | |||||||||||||||||
Number of securities included in units offered (in shares) | 1 | 1 | ||||||||||||||||||
Number of securities included in each unit (in shares) | 1 | 1 | 1 | |||||||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Number of securities called by warrants (in shares) | 11,028 | |||||||||||||||||||
Number of units included in public offering (in shares) | 33,084 | |||||||||||||||||||
Over-Allotment Option [Member] | Class D Warrant [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Warrants issued (in shares) | 1 | |||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 34 | |||||||||||||||||||
Over-Allotment Option [Member] | Class E Warrant [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Warrants exercised (in shares) | 0 | |||||||||||||||||||
Warrants issued (in shares) | 5,182,142 | |||||||||||||||||||
Warrant exercise price (in dollars per share) | $ 0.01 | |||||||||||||||||||
Second JDH Loan [Member] | ||||||||||||||||||||
Warrants [Abstract] | ||||||||||||||||||||
Repayment of subordinated long-term debt by issuance of shares | $ 3,000 | $ 3,000 |
Vessel Revenue and Voyage Exp_3
Vessel Revenue and Voyage Expenses, Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |||
Demurrage income | $ 0 | $ 800 | $ 819 |
Despatch expense | $ 0 | $ 110 | $ 133 |
Vessel Revenue and Voyage Exp_4
Vessel Revenue and Voyage Expenses, Income Derived from Charters (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation by Revenue Source [Abstract] | |||
Vessel revenues, net of commissions | $ 122,629 | $ 153,108 | $ 63,345 |
Spot Charter [Member] | |||
Disaggregation by Revenue Source [Abstract] | |||
Vessel revenues, net of commissions | 0 | 28,264 | 27,033 |
Time Charter [Member] | |||
Disaggregation by Revenue Source [Abstract] | |||
Vessel revenues, net of commissions | $ 122,629 | $ 124,844 | $ 36,312 |
Vessel Revenue and Voyage Exp_5
Vessel Revenue and Voyage Expenses, Net Trade Accounts Receivable Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Vessel Revenue and Voyage Expenses [Abstract] | ||
Accounts receivable trade, net | $ 720 | $ 0 |
Current portion of deferred revenue | 2,232 | 7,735 |
Non-current of deferred revenue | 35 | $ 538 |
Deferred revenue recognized | $ 7,735 |
Vessel Revenue and Voyage Exp_6
Vessel Revenue and Voyage Expenses, Revenue from Charterers (Details) - Revenues [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Customers Accounting for More than 10% of Revenues [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 74% | 72% | 41% |
Customer A [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 24% | 15% | 0% |
Customer B [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 18% | 13% | 0% |
Customer C [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 17% | 23% | 23% |
Customer D [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 15% | 11% | 18% |
Customer E [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 0% | 10% | 0% |
Vessel Revenue and Voyage Exp_7
Vessel Revenue and Voyage Expenses, Voyage Expenses from Spot and Time Charters (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation by Revenue Source [Abstract] | |||
Voyage expenses | $ 4,293 | $ 16,469 | $ 18,567 |
Spot Charter [Member] | |||
Disaggregation by Revenue Source [Abstract] | |||
Voyage expenses | 0 | 13,465 | 17,099 |
Time Charter [Member] | |||
Disaggregation by Revenue Source [Abstract] | |||
Voyage expenses | $ 4,293 | $ 3,004 | $ 1,468 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and Finance Costs [Abstract] | |||
Amortization of deferred finance costs and debt discounts | $ 2,575 | $ 3,333 | $ 757 |
Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash) | 284 | 326 | 350 |
Amortization of convertible note beneficial conversion feature (non-cash) | 0 | 2,887 | 5,518 |
Fair value measurement of units issued to former related party | 0 | 0 | 596 |
Other | 170 | 400 | 360 |
Total | 15,332 | 17,779 | 12,342 |
Interest and Finance Costs - Related Party [Abstract] | |||
Amortization of convertible note beneficial conversion feature (non-cash) | 0 | 2,887 | 5,518 |
Amortization of deferred finance costs and debt discounts (shares issued to JDH - non-cash) | 0 | 0 | 201 |
Restructuring expenses | 0 | 0 | 1,015 |
Total | 0 | 0 | 11,083 |
Long-Term Debt and Other Financial Liabilities [Member] | |||
Interest and Finance Costs [Abstract] | |||
Interest expense | 11,609 | 8,766 | 10,279 |
Long-term Debt [Member] | |||
Interest and Finance Costs - Related Party [Abstract] | |||
Interest expense | 0 | 0 | 1,924 |
Convertible Notes [Member] | |||
Interest and Finance Costs [Abstract] | |||
Interest expense | 694 | 2,067 | 0 |
Interest and Finance Costs - Related Party [Abstract] | |||
Interest expense | $ 0 | $ 0 | $ 2,425 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per Share [Abstract] | |||
Net income / (loss) | $ 17,239 | $ 41,348 | $ (18,356) |
Less: Dividends to non-vested participating securities | (227) | 0 | 0 |
Less: Undistributed earnings to non-vested participating securities | (105) | 0 | 0 |
Net income / (loss) attributable to common shareholders | 16,907 | 41,348 | (18,356) |
Undistributed earnings to non-vested participating securities | 105 | 0 | 0 |
Undistributed earnings reallocated to non-vested participating securities | (51) | 0 | 0 |
Interest effect of convertible notes | 0 | 6,473 | 0 |
Net income / (loss) attributable to common shareholders, diluted | $ 16,961 | $ 47,821 | $ (18,356) |
Weighted average common shares outstanding, basic (in shares) | 17,439,033 | 15,332,191 | 3,343,628 |
Effect of Dilutive Securities [Abstract] | |||
Warrants (in shares) | 245,015 | 541,009 | 0 |
Non-vested participating securities (in shares) | 0 | 169,522 | 0 |
Convertible notes shares (in shares) | 0 | 3,091,031 | 0 |
Weighted average common shares outstanding, diluted (in shares) | 17,684,048 | 19,133,753 | 3,343,628 |
Net income / (loss) per share attributable to common shareholders, basic (in dollars per share) | $ 0.97 | $ 2.7 | $ (5.49) |
Net income / (loss) per share attributable to common shareholders, diluted (in dollars per share) | $ 0.96 | $ 2.5 | $ (5.49) |
Non-vested participating shares (in shares) | 294,232 | ||
Out-of-the-Money Warrants [Member] | |||
Earnings per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 38,332 | 81,230 | 5,069,928 |
Convertible Notes [Member] | |||
Earnings per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share | 930,416 | 3,226,250 |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||
Oct. 01, 2023 | Oct. 01, 2022 | Jul. 08, 2022 | Jan. 12, 2022 | Oct. 01, 2021 | Aug. 02, 2021 | Jan. 18, 2021 | Oct. 01, 2020 | Feb. 24, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | ||||||||||||
Unrecognized Cost for Non-vested Shares [Abstract] | ||||||||||||
Unrecognized cost for non-vested shares | $ 1,200 | $ 1,106 | ||||||||||
Recognition period for unrecognized cost for non-vested shares | 9 months | |||||||||||
General and Administrative Expenses [Member] | Board of Directors and Certain Employees [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Stock-based compensation expense | $ 6,973 | 4,907 | $ 826 | |||||||||
Direct Voyage Expenses [Member] | Non-Employee [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Stock-based compensation expense | $ 212 | $ 190 | $ 43 | |||||||||
Equity Incentive Plan [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Shares reserved for issuance (in shares) | 550,000 | 400,000 | ||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Shares reserved for issuance (in shares) | 350,000 | |||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Outstanding at beginning of year (in shares) | 223,331 | 5,208 | ||||||||||
Granted (in shares) | 883,700 | 670,000 | ||||||||||
Vested (in shares) | (812,133) | (451,877) | ||||||||||
Forfeited (in shares) | (666) | |||||||||||
Outstanding at end of year (in shares) | 294,232 | 223,331 | 5,208 | |||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Outstanding at beginning of year (in dollars per share) | $ 7.88 | $ 24.8 | ||||||||||
Granted (in dollars per share) | 8.25 | 9.1 | ||||||||||
Vested (in dollars per share) | 8.47 | 9.6 | ||||||||||
Forfeited (in dollars per share) | 9.13 | |||||||||||
Outstanding at end of year (in dollars per share) | $ 7.34 | $ 7.88 | $ 24.8 | |||||||||
Equity Incentive Plan [Member] | Awarded February 24, 2020 [Member] | Restricted Stock [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Vesting period | 2 years | |||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 15,625 | |||||||||||
Vested (in shares) | (5,208) | (5,208) | (5,209) | |||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Granted (in dollars per share) | $ 51.2 | |||||||||||
Equity Incentive Plan [Member] | Awarded February 24, 2020 [Member] | Restricted Stock [Member] | Non-Executive Members of Board of Directors [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 4,500 | |||||||||||
Equity Incentive Plan [Member] | Awarded February 24, 2020 [Member] | Restricted Stock [Member] | Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 4,281 | |||||||||||
Equity Incentive Plan [Member] | Awarded February 24, 2020 [Member] | Restricted Stock [Member] | Certain Other Non-Executive Employees [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 6,063 | |||||||||||
Equity Incentive Plan [Member] | Awarded February 24, 2020 [Member] | Restricted Stock [Member] | Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 781 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 18, 2021 [Member] | Restricted Stock [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Shares reserved for issuance (in shares) | 360,000 | |||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Vested (in shares) | (119,998) | (119,999) | (120,003) | |||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Granted (in dollars per share) | $ 8.1 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 18, 2021 [Member] | Restricted Stock [Member] | Non-Executive Members of Board of Directors [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 140,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 18, 2021 [Member] | Restricted Stock [Member] | Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 95,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 18, 2021 [Member] | Restricted Stock [Member] | Certain Other Non-Executive Employees [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 110,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 18, 2021 [Member] | Restricted Stock [Member] | Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 15,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded August 2, 2021 [Member] | Restricted Stock [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 310,000 | |||||||||||
Vested (in shares) | (103,332) | (103,333) | (103,335) | |||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Granted (in dollars per share) | $ 10.2 | |||||||||||
Equity Incentive Plan [Member] | Awarded August 2, 2021 [Member] | Restricted Stock [Member] | Non-Executive Members of Board of Directors [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 130,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded August 2, 2021 [Member] | Restricted Stock [Member] | Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 88,500 | |||||||||||
Equity Incentive Plan [Member] | Awarded August 2, 2021 [Member] | Restricted Stock [Member] | Certain Other Non-Executive Employees [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 79,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded August 2, 2021 [Member] | Restricted Stock [Member] | Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 12,500 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 12, 2022 [Member] | Restricted Stock [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 533,700 | |||||||||||
Vested (in shares) | (177,899) | (177,902) | ||||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Granted (in dollars per share) | $ 9.1 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 12, 2022 [Member] | Restricted Stock [Member] | Plan [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Vested (in shares) | (177,899) | |||||||||||
Equity Incentive Plan [Member] | Awarded January 12, 2022 [Member] | Restricted Stock [Member] | Non-Executive Members of Board of Directors [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 160,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 12, 2022 [Member] | Restricted Stock [Member] | Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 170,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 12, 2022 [Member] | Restricted Stock [Member] | Certain Other Non-Executive Employees [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 188,700 | |||||||||||
Equity Incentive Plan [Member] | Awarded January 12, 2022 [Member] | Restricted Stock [Member] | Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 15,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded July 8, 2022 [Member] | Restricted Stock [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Shares reserved for issuance (in shares) | 400,000 | |||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 350,000 | |||||||||||
Vested (in shares) | (116,665) | (116,670) | ||||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Granted (in dollars per share) | $ 6.9 | |||||||||||
Equity Incentive Plan [Member] | Awarded July 8, 2022 [Member] | Restricted Stock [Member] | Plan [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Vested (in shares) | (116,665) | |||||||||||
Equity Incentive Plan [Member] | Awarded July 8, 2022 [Member] | Restricted Stock [Member] | Non-Executive Members of Board of Directors [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 140,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded July 8, 2022 [Member] | Restricted Stock [Member] | Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 105,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded July 8, 2022 [Member] | Restricted Stock [Member] | Certain Other Non-Executive Employees [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 95,000 | |||||||||||
Equity Incentive Plan [Member] | Awarded July 8, 2022 [Member] | Restricted Stock [Member] | Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 10,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||||||||
Oct. 01, 2024 shares | Oct. 01, 2023 shares | Mar. 29, 2023 USD ($) Installment | Mar. 27, 2023 $ / shares shares | Mar. 14, 2023 $ / shares | Mar. 02, 2023 USD ($) Installment | Feb. 24, 2023 USD ($) | Feb. 16, 2023 | Feb. 09, 2023 USD ($) | Jan. 30, 2023 $ / shares | Jan. 10, 2023 $ / shares shares | Jan. 03, 2023 USD ($) | Nov. 30, 2022 $ / shares | Mar. 10, 2022 USD ($) | Jan. 26, 2022 USD ($) | Jun. 25, 2020 | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) | |
Subsequent Events [Abstract] | |||||||||||||||||||
Repayment of convertible notes | $ | $ 10,000 | $ 13,950 | $ 0 | ||||||||||||||||
Reverse stock split ratio | 0.0625 | ||||||||||||||||||
Prepayment of principal amount | $ | $ 89,698 | $ 132,058 | $ 52,514 | ||||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Shares granted (in shares) | 883,700 | 670,000 | |||||||||||||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.25 | $ 9.1 | |||||||||||||||||
Shares vested (in shares) | 812,133 | 451,877 | |||||||||||||||||
Quarterly Dividend for Q3-2022 [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Dividend payable, date declared | Nov. 30, 2022 | ||||||||||||||||||
Dividend payable per share (in dollars per share) | $ / shares | $ 0.25 | ||||||||||||||||||
Dividend payable, date of payment | Jan. 30, 2023 | ||||||||||||||||||
Dividend payable, date of record | Dec. 28, 2022 | ||||||||||||||||||
Second JDH Note [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Repayment of convertible notes | $ | $ 5,000 | $ 5,000 | |||||||||||||||||
Class E Warrants [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Number of warrants outstanding (in shares) | 8,532,713 | ||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Reverse stock split ratio | 0.1 | 0.1 | |||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2023 [Member] | Restricted Stock [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Shares granted (in shares) | 1,823,800 | ||||||||||||||||||
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.22 | ||||||||||||||||||
Shares vested (in shares) | 607,974 | ||||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2023 [Member] | Restricted Stock [Member] | Plan [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Shares vested (in shares) | 607,913 | 607,913 | |||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2023 [Member] | Restricted Stock [Member] | Non-Executive Members of Board of Directors [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Shares granted (in shares) | 400,000 | ||||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2023 [Member] | Restricted Stock [Member] | Executive Officers [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Shares granted (in shares) | 930,000 | ||||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2023 [Member] | Restricted Stock [Member] | Certain Non-Executive Employees [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Shares granted (in shares) | 433,800 | ||||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2023 [Member] | Restricted Stock [Member] | Non-Employee [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Shares granted (in shares) | 60,000 | ||||||||||||||||||
Subsequent Event [Member] | Quarterly Dividend for Q3-2022 [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Dividend payable per share (in dollars per share) | $ / shares | $ 0.25 | ||||||||||||||||||
Dividend payable, date of payment | Jan. 30, 2023 | ||||||||||||||||||
Dividend payable, date of record | Dec. 28, 2022 | ||||||||||||||||||
Subsequent Event [Member] | Quarterly Dividend for Q4 2022 [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Dividend payable, date declared | Mar. 14, 2023 | ||||||||||||||||||
Dividend payable per share (in dollars per share) | $ / shares | $ 0.025 | ||||||||||||||||||
Dividend payable, date of payment | Apr. 25, 2023 | ||||||||||||||||||
Dividend payable, date of record | Mar. 31, 2023 | ||||||||||||||||||
Subsequent Event [Member] | Second JDH Note [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Repayment of convertible notes | $ | $ 8,000 | ||||||||||||||||||
Subsequent Event [Member] | ABB Loan Facility [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Prepayment of principal amount | $ | $ 6,800 | $ 6,100 | |||||||||||||||||
Subsequent Event [Member] | Danish Ship Finance Loan Facility [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Borrowing capacity | $ | $ 15,750 | ||||||||||||||||||
Interest rate | 2.65% | ||||||||||||||||||
Adjustment to interest rate | 0.05% | ||||||||||||||||||
Term of loan | 5 years | ||||||||||||||||||
Balloon payment | $ | $ 2,930 | ||||||||||||||||||
Subsequent Event [Member] | Danish Ship Finance Loan Facility [Member] | SOFR [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Term of variable rate | 3 months | ||||||||||||||||||
Subsequent Event [Member] | Danish Ship Finance Loan Facility [Member] | Eight Installments [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Number of consecutive payment installments | Installment | 8 | ||||||||||||||||||
Frequency of periodic payment | quarterly | ||||||||||||||||||
Installment payment | $ | $ 725 | ||||||||||||||||||
Subsequent Event [Member] | Danish Ship Finance Loan Facility [Member] | Last Twelve Installments [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Number of consecutive payment installments | Installment | 12 | ||||||||||||||||||
Frequency of periodic payment | quarterly | ||||||||||||||||||
Installment payment | $ | $ 585 | ||||||||||||||||||
Subsequent Event [Member] | Evahline Sale and Leaseback [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Interest rate | 2.80% | ||||||||||||||||||
Term of loan | 6 years | ||||||||||||||||||
Face amount | $ | $ 19,000 | ||||||||||||||||||
Number of consecutive payment installments | Installment | 72 | ||||||||||||||||||
Installment payment | $ | $ 264 | ||||||||||||||||||
Subsequent Event [Member] | Evahline Sale and Leaseback [Member] | SOFR [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Term of variable rate | 3 months | ||||||||||||||||||
Subsequent Event [Member] | Class E Warrants [Member] | |||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||
Tender offer price per share (in dollars per share) | $ / shares | $ 0.2 | ||||||||||||||||||
Number of warrants tendered (in shares) | 4,038,114 | ||||||||||||||||||
Percentage of warrants tendered | 47% | ||||||||||||||||||
Number of warrants outstanding (in shares) | 4,494,599 |