Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2023 | 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, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
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 Financial Statement Error Correction [Flag] | false | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Auditor Firm ID | 1163 | 1457 |
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 | 166 74 | |
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 | Common Shares, par value $0.0001 per share | |
Trading Symbol | SHIP | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 19,636,352 | |
Preferred Stock Purchase Rights [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
Series B Preferred Stock [Member] | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 20,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 19,378 | $ 26,027 |
Restricted cash | 50 | 1,650 |
Accounts receivable trade, net | 896 | 720 |
Inventories | 1,559 | 1,995 |
Prepaid expenses | 1,238 | 1,096 |
Assets held for sale | 0 | 28,252 |
Other current assets | 1,656 | 1,075 |
Total current assets | 25,085 | 61,644 |
Fixed assets: | ||
Vessels, net | 410,476 | 434,133 |
Finance lease, right-of-use asset | 29,562 | 0 |
Other fixed assets, net | 423 | 412 |
Total fixed assets | 440,461 | 434,545 |
Other non-current assets: | ||
Deposits assets, non-current | 0 | 1,325 |
Deferred charges and other investments, non-current | 6,397 | 10,759 |
Restricted cash, non-current | 5,500 | 4,800 |
Operating lease, right-of-use asset | 405 | 499 |
Other non-current assets | 29 | 28 |
TOTAL ASSETS | 477,877 | 513,600 |
Current liabilities: | ||
Current portion of long-term debt and other financial liabilities, net of deferred finance costs and debt discounts of $1,175 and $1,856, respectively | 31,780 | 35,051 |
Finance lease liability, current | 21,778 | 0 |
Debt related to assets held for sale, net of deferred finance costs of $NIL and $110, respectively | 0 | 12,990 |
Current portion of convertible notes, net of deferred finance costs and debt discounts of $NIL and $332, respectively | 0 | 10,833 |
Trade accounts and other payables | 5,489 | 7,826 |
Accrued liabilities | 7,736 | 8,374 |
Operating lease liability, current | 105 | 108 |
Deferred revenue | 2,136 | 2,232 |
Total current liabilities | 69,515 | 94,650 |
Non-current liabilities: | ||
Long-term debt and other financial liabilities, net of current portion and deferred finance costs and debt discounts of $1,746 and $1,871, respectively | 179,010 | 196,825 |
Operating lease liability, non-current | 300 | 391 |
Deferred revenue, non-current | 254 | 35 |
Other liabilities, non-current | 353 | 0 |
Total liabilities | 249,432 | 291,901 |
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, 2023 and 2022, respectively | 0 | 0 |
Common stock, $0.0001 par value; 500,000,000 authorized shares as at December 31, 2023 and 2022; 19,636,352 and 18,191,614 shares issued and outstanding as at December 31, 2023 and 2022, respectively | 2 | 2 |
Additional paid-in capital | 590,129 | 583,691 |
Accumulated deficit | (361,686) | (361,994) |
Total stockholders' equity | 228,445 | 221,699 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 477,877 | 513,600 |
Related Party [Member] | ||
Current assets: | ||
Due from related parties | 308 | 829 |
Current liabilities: | ||
Other current liabilities | 0 | 12,688 |
Nonrelated Party [Member] | ||
Current liabilities: | ||
Other current liabilities | $ 491 | $ 4,548 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current liabilities: | ||
Deferred finance costs, current | $ 0 | $ 110 |
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 | 20,000 |
Preferred stock, shares outstanding (in shares) | 20,000 | 20,000 |
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) | 19,636,352 | 18,191,614 |
Common stock, shares outstanding (in shares) | 19,636,352 | 18,191,614 |
Long-Term Debt and Other Financial Liabilities [Member] | ||
Current liabilities: | ||
Deferred finance costs and debt discounts, current | $ 1,175 | $ 1,856 |
Non-current liabilities: | ||
Deferred finance costs and debt discounts, noncurrent | 1,746 | 1,871 |
Convertible Notes [Member] | ||
Current liabilities: | ||
Deferred finance costs and debt discounts, current | $ 0 | $ 332 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements of Income [Abstract] | |||
Vessel revenue, net | $ 107,036 | $ 122,629 | $ 153,108 |
Fees from related parties | $ 3,198 | $ 2,391 | $ 0 |
Revenue, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember |
Revenue, net | $ 110,234 | $ 125,020 | $ 153,108 |
Expenses: | |||
Voyage expenses | (2,851) | (4,293) | (16,469) |
Vessel operating expenses | (42,260) | (43,550) | (36,332) |
Management fees | (700) | (1,368) | (1,435) |
General and administration expenses | (22,149) | (17,412) | (13,739) |
Amortization of deferred dry-docking costs | (4,155) | (4,880) | (2,793) |
Depreciation and amortization | (24,676) | (23,417) | (17,151) |
Gain on sale of vessel, net (including $8094, $0 and $0, to related party for the years ended December 31, 2023, 2022 and 2021, respectively - Note 3) | 8,094 | 0 | 697 |
(Loss) / gain on forward freight agreements, net | (188) | (417) | 24 |
Operating income | 21,349 | 29,683 | 65,910 |
Other income / (expenses), net: | |||
Interest and finance costs | (20,694) | (15,332) | (17,779) |
Loss on extinguishment of debt | (540) | (1,291) | (6,863) |
Interest and other income | 2,443 | 1,361 | 161 |
Gain on spin-off of United Maritime Corporation | 0 | 2,800 | 0 |
Foreign currency exchange losses, net | (276) | (10) | (81) |
Total other expenses, net | (19,067) | (12,472) | (24,562) |
Net income before income taxes | 2,282 | 17,211 | 41,348 |
Income taxes | 0 | 28 | 0 |
Net income | $ 2,282 | $ 17,239 | $ 41,348 |
Net income per common share, basic (in dollars per share) | $ 0.12 | $ 0.97 | $ 2.7 |
Net income per common share, diluted (in dollars per share) | $ 0.12 | $ 0.96 | $ 2.5 |
Weighted average common shares outstanding, basic (in shares) | 18,394,419 | 17,439,033 | 15,332,191 |
Weighted average common shares outstanding, diluted (in shares) | 18,442,688 | 17,684,048 | 19,133,753 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Expenses: | |||
Gain on sale of vessel, net | $ 8,094 | $ 0 | $ 697 |
Related Party [Member] | |||
Expenses: | |||
Gain on sale of vessel, net | $ 8,094 |
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] Common Stock [Member] | Cumulative Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Adjustment [Member] Accumulated Deficit [Member] | Cumulative Adjustment [Member] |
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 12) | $ 0 | $ 1 | 98,217 | 0 | 98,218 | ||||
Issuance of common stock (including the exercise of warrants) (Note 12) (in shares) | 0 | 9,238,754 | |||||||
Issuance of common stock and warrants for repayment of subordinated long-term debt (Note 8) | $ 0 | $ 0 | 3,000 | 0 | 3,000 | ||||
Issuance of common stock and warrants for repayment of subordinated long-term debt (Note 8) (in shares) | 0 | 428,571 | |||||||
Issuance of common stock upon conversion of convertible notes (Note 9) | $ 0 | $ 0 | 3,600 | 0 | 3,600 | ||||
Issuance of common stock upon conversion of convertible notes (Note 9) (in shares) | 0 | 300,000 | |||||||
Issuance of preferred shares to related party (Note 12) | $ 0 | $ 0 | 250 | 0 | 250 | ||||
Issuance of preferred shares to related party (Note 12) (in shares) | 20,000 | 0 | |||||||
Stock based compensation (Note 16) | $ 0 | $ 0 | 5,097 | 0 | 5,097 | ||||
Stock based compensation (Note 16) (in shares) | 0 | 670,000 | |||||||
Repurchase of common stock (Note 12) | $ 0 | $ 0 | (1,708) | 0 | (1,708) | ||||
Repurchase of common stock (Note 12) (in shares) | 0 | (170,210) | |||||||
Repurchase of warrants (Note 12) | $ 0 | $ 0 | (1,023) | 0 | (1,023) | ||||
Net income | 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 | $ (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 12) | $ 0 | $ 0 | 70 | 0 | 70 | ||||
Issuance of common stock (including the exercise of warrants) (Note 12) (in shares) | 0 | 10,000 | |||||||
Stock based compensation (Note 16) | $ 0 | $ 0 | 7,185 | 0 | 7,185 | ||||
Stock based compensation (Note 16) (in shares) | 0 | 883,000 | |||||||
Repurchase of warrants (Note 12) | $ 0 | $ 0 | (122) | 0 | (122) | ||||
Dividends (Note 12) | 0 | 0 | 0 | (22,472) | (22,472) | ||||
United Maritime Corporation spin-off (Note 3) | 0 | 0 | 0 | (13,728) | (13,728) | ||||
Net income | 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 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
ATM offering (Note 12) | $ 0 | $ 0 | (191) | 0 | (191) | ||||
ATM offering (Note 12) (in shares) | 0 | 1,099 | |||||||
Stock based compensation (Note 16) | $ 0 | $ 0 | 9,147 | 0 | 9,147 | ||||
Stock based compensation (Note 16) (in shares) | 0 | 1,823,467 | |||||||
Repurchase of common stock (Note 12) | $ 0 | $ 0 | (1,679) | 0 | $ (1,679) | ||||
Repurchase of common stock (Note 12) (in shares) | 0 | (375,531) | (375,531) | ||||||
Repurchase of warrants (Note 12) | $ 0 | $ 0 | (816) | 0 | $ (816) | ||||
Dividends (Note 12) | 0 | 0 | 0 | (1,974) | (1,974) | ||||
Redemption of fractional shares due to reverse stock split | $ 0 | $ 0 | (23) | 0 | (23) | ||||
Redemption of fractional shares due to reverse stock split (in shares) | 0 | (4,297) | |||||||
Net income | $ 0 | $ 0 | 0 | 2,282 | 2,282 | ||||
Balance at Dec. 31, 2023 | $ 0 | $ 2 | $ 590,129 | $ (361,686) | $ 228,445 | ||||
Balance (in shares) at Dec. 31, 2023 | 20,000 | 19,636,352 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Dividends paid (in dollars per share) | $ 0.1 | $ 1.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 2,282 | $ 17,239 | $ 41,348 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 24,676 | 23,417 | 17,151 |
Amortization of deferred dry-docking costs | 4,155 | 4,880 | 2,793 |
Amortization of deferred finance costs and debt discounts | 2,241 | 2,859 | 3,659 |
Amortization of convertible note beneficial conversion feature | 0 | 0 | 2,887 |
Stock based compensation | 9,147 | 7,185 | 5,097 |
Loss on extinguishment of debt | 540 | 1,291 | 6,863 |
Gain on spin-off of United Maritime Corporation | 0 | (2,800) | 0 |
Gain on sale of vessel, net | (8,094) | 0 | (697) |
Changes in operating assets and liabilities: | |||
Accounts receivable trade, net | (176) | (839) | 801 |
Inventories | 219 | (840) | 3,202 |
Prepaid expenses | (141) | 22 | 22 |
Other current assets | (581) | (641) | 240 |
Deferred voyage expenses | 0 | 0 | 621 |
Deferred charges, non-current | (211) | (9,494) | (6,433) |
Other non-current assets | (1) | 2 | 2 |
Trade accounts and other payables | (2,222) | (589) | 348 |
Accrued liabilities | (1,155) | 2,155 | 2,187 |
Due from related parties | 521 | (595) | 0 |
Deferred revenue | (96) | (5,463) | 3,225 |
Deferred revenue, non-current | 219 | (503) | (2,236) |
Other liabilities, non-current | 0 | 0 | (320) |
Net cash provided by operating activities | 31,323 | 37,286 | 80,760 |
Cash flows from investing activities: | |||
Proceeds from sale of vessels/assets held for sale | 23,910 | 0 | 0 |
Vessels acquisitions and improvements | (314) | (70,321) | (197,214) |
Finance lease prepayments and other initial direct costs | (7,000) | 0 | 0 |
Deposits assets, non-current | 1,325 | 0 | 0 |
Advances from related party from sale of vessels | 0 | 12,688 | 12,600 |
Investment in Series C preferred shares | 0 | (10,000) | 0 |
Proceeds from redemption of Series C preferred shares | 0 | 10,000 | 0 |
Term deposits | 0 | 1,500 | 100 |
Purchase of other fixed assets | (176) | (130) | (106) |
Net cash provided by / (used in) investing activities | 17,745 | (56,263) | (184,620) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions | 8 | 70 | 98,302 |
Proceeds from long-term debt and other financial liabilities | 53,750 | 124,800 | 180,320 |
Proceeds from issuance of preferred stock | 0 | 0 | 250 |
Repayments of long-term debt and other financial liabilities | (88,742) | (89,698) | (132,058) |
Repayments of convertible notes | (11,165) | (10,000) | (13,950) |
Payments for repurchase of common stock | (1,679) | 0 | (1,708) |
Payments for repurchase of warrants | (808) | 0 | (1,023) |
Dividends paid | (6,031) | (17,924) | 0 |
Payments of financing and stock issuance costs | (1,318) | (1,420) | (2,698) |
Payments of finance lease liabilities | (609) | 0 | 0 |
Payments of fractional shares due to reverse stock split | (23) | 0 | 0 |
Net cash (used in) / provided by financing activities | (56,617) | 5,828 | 127,435 |
Net (decrease) / increase in cash and cash equivalents and restricted cash | (7,549) | (13,149) | 23,575 |
Cash and cash equivalents and restricted cash at beginning of period | 32,477 | 45,626 | 22,051 |
Cash and cash equivalents and restricted cash at end of period | 24,928 | 32,477 | 45,626 |
Cash paid during the period for: | |||
Interest | 18,429 | 11,710 | 11,166 |
Noncash investing activities: | |||
Vessels acquisitions and improvements | 0 | 1,015 | 837 |
Finance lease, right-of use assets and initial direct costs | 22,997 | 0 | 0 |
Noncash financing activities: | |||
Dividends declared but not paid (Note 12) | 491 | 4,548 | 0 |
Financing and stock issuance costs | 562 | 0 | 0 |
Units issued for repayment of subordinated long-term debt (Note 8) | 0 | 0 | 3,000 |
Repayment of subordinated long-term debt by issuance of units (Note 8) | 0 | 0 | (3,000) |
Common shares issued by conversion of notes | 0 | 0 | 3,600 |
Notes reduction via conversion | $ 0 | $ 0 | $ (3,600) |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2023 | |
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 February 16, 2023, the Company’s common stock began trading on a split-adjusted basis, following the approval from the Company’s board of directors on February 9, 2023 to reverse split the Company’s common stock at a ratio of one-for-ten At December 31, 2023, the Company had a working capital deficit of $ 44,430 2,136 2,282 31,323 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. a. Subsidiaries in Consolidation: Seanergy’s subsidiaries included in these consolidated financial statements: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal 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 Sea Genius Shipping Co. (1) Marshall Islands Geniuship October 13, 2015 N/A Sea Glorius Shipping Co. (6) Marshall Islands Gloriuship November 3, 2015 July 5, 2022 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)(5) Liberia Lordship November 30, 2016 April 28, 2023 Champion Marine Co. (1) 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 April 6, 2023 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)(4)(Note 6) Liberia Goodship August 7, 2020 February 10, 2023 Traders Shipping Co. (1)(4)(Note 6) Marshall Islands Tradership June 9, 2021 February 28, 2023 Gladiator Shipping Co. (1)(7) Marshall Islands N/A N/A N/A Partner Shipping Co. Limited (1)(4) Malta Partnership May 31, 2017 March 9, 2022 Titan Ocean Navigation Co. (1)(5) Liberia Titanship October 24, 2023 N/A Martinique International Corp. (1)(7) British Virgin Islands N/A N/A N/A Harbour Business International Corp. (1)(7) British Virgin Islands N/A N/A N/A (1) Subsidiaries wholly owned (2) Management companies (3) Chartering services company (4) Dormant companies (5) Bareboat charterers (6) Subsidiary and vessel contributed to United following the Spin-off on July 5, 2022 (7) Dormant companies which no longer own a vessel since 2018 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 statements of income. (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, include receivables from charterers, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts. The Company also assessed the provisions of ASC 326, Financial Instruments—Credit Losses, by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s consolidated financial statements. No provision for doubtful accounts was established as of December 31, 2023 and 2022. (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, or when liabilities are incurred by the Company’s directors and officers in their capacities as officers and directors, 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, 2023 and 2022 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 from the date of their initial delivery from the shipyard), 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) and Right-of-use asset (finance lease) The Company reviews its long-lived assets (Vessels) and right-of-use asset 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 and right-of-use asset. If indicators of impairment are present the Company determines undiscounted projected operating cash flows for each related vessel and right-of-use asset and compares it to the vessel’s or right-of-use asset’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 or right-of-use asset’s carrying value, plus any unamortized dry-docking costs, the Company impairs the carrying amount of the vessel or right-of-use asset. 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, 2023, indicators of impairment existed for four 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, 2023, was $121,577. From the impairment exercise performed, the undiscounted projected operating cash flows expected to be generated by the use of these four 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 statements of income. 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 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 or for a lump sum amount. The Company accounts for its time charter contracts as operating leases pursuant to ASC 842 “Leases”. The Company has determined that the non-lease component in its time charter contracts relates to services for the operation of the vessel, which comprise of crew, technical and safety services, among others. The Company further elected to adopt a practical expedient that provides it with the discretion to recognize lease revenue as a combined single lease component for all time charter contracts (operating leases) since it determined that the related lease component and non-lease component have the same timing and pattern of transfer and the predominant component is the lease. The Company qualitatively assessed that more value is ascribed to the use of the asset (i.e., the vessel) rather than to the services provided under the time charter agreements. Time 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. The Company accounts for its spot charter contracts following the provisions of ASC 606, Revenue from contracts with customers. The Company has determined that its spot charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company retains control over the operations of the vessel, provided also that the terms of the spot charter are predetermined, and any change requires the Company’s consent and are therefore considered service contracts. 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 voyage 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 Vessel revenue, net 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 Vessel revenue, net 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. 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 are payable to the charterer and are included in “Vessel revenue, net” while brokerage commissions to third parties are included in “Voyage expenses”. For the years ended December 31, 2023 and 2022, an amount of $3,869 and $4,554, respectively, was included in “Vessel revenue, net” related to commission to third parties. (u) Vessel Voyage Expenses Vessel voyage expenses primarily consist of port, canal, bunker expenses and brokerage commissions expenses that are unique to a particular charter. Under time charter agreements and bareboat charters, the Company incurs and pays only for brokerage commissions. 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) Vessel Operating Expenses Vessel operating expenses are expensed in the period incurred. Vessel operating expenses comprise costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs and maintenance, including major overhauling and underwater inspection, and other minor miscellaneous expenses. (w) Finance 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 finance costs as a reduction of long-term debt in the accompanying balance sheets. For the accounting of the unamortized deferred finance 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. 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 2024 by Seanergy Management for 2023 is estimated at $103 and is included in “General and administration expenses”. The contribution paid in the years ended December 2023 and 2022 was $110 and $97, 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 2024 by Seanergy Shipmanagement for 2023 is estimated at $ NIL One of the Company’s previous vessel-owning subsidiaries was registered in Malta since May 23, 2018. This subsidiary was subject to a corporate flat tax in Malta. No tax expense has been recognized for the years presented in these consolidated 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 2023, the Publicly-Traded Test for the entire 2023 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 2023 taxable year. Effectively, the Company and each of its subsidiaries qualify for this statutory tax exemption for the 2023 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 2023, 2022 and 2021, 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 accounts for forfeitures when incurred. (z) Earnings per Share Basic earnings per common share are computed by dividing net income available to Seanergy’s shareholders by the weighted average number of common shares outstanding during the period. Unvested shares granted under the Company’s Equity 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 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 (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 finance 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 finance 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 ASU No. 2020-06 and convertible notes are reported as a single liability instrument and the interest rate is the coupon interest rate. (ae) 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, 2023 and 2022. The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of income under “Gain on forward freight agreements, net” and in the consolidated statements of cash flows in changes in operating assets and liabilities. (af) 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. (ag) 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 bet |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties: On July 5, 2022, the Company completed the spin-off of its previously wholly-owned subsidiary, United (the “Spin-Off”). The Company’s shareholders received one common share of United 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 Company’s Chief Executive Officer, being 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 (July 5, 2022), except for the July 2020 EnTrust Facility. 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 Capesize vessel sales by Seanerg y. United exercised such right with respect to the sale of the Goodship Tradership 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. As of December 31, 2022, 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 statements of income. Management Agreements: Master Management Agreement 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 contracted directly with Seanergy’s wholly owned subsidiaries, Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”) and Seanergy Management. In consideration of Seanergy providing such services, United pays a fixed administration fee of $325 per vessel per day to Seanergy . The initial term of the master management agreement with United will expire on December 31, 2024. Unless three months’ notice of non-renewal is given by either party prior to the end of the then current term, this agreement will automatically extend for additional 12-month periods. The master management agreement may be terminated immediately only for cause and at any time by either party with three months’ prior notice, and no termination fee will be payable. Technical Management Agreement In relation to the technical management, Seanergy Shipmanagement is responsible for arranging (directly or by subcontracting) for the day-to-day operations, inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling for five of United’s vessels. Pursuant to the management agreements, Seanergy Shipmanagement earns a fixed management fee of $10 per month for such services for one vessel and a fixed management fee of $14 per month for the remaining four vessels. Commercial Management Agreement Seanergy Management had entered into a commercial management agreement with United pursuant to which Seanergy Management acted 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 up until March 31, 2023, except for one tanker vessel for which such agreement was in effect up until her sale to her new owners in August 2023. United was paying 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 were chartered-out to Seanergy. Seanergy Management also earned 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. Effective as of April 1, 2023, Seanergy Management has entered into a new commercial management agreement with United’s subsidiary, United Management Corp. (“United Management”) pursuant to which Seanergy Management acts as agent for United’s subsidiaries for the commercial management of United’s vessels, including voyage monitoring, freight collection, postfixing, sale, purchase and bareboat chartering. United agreed to pay to Seanergy Management a fee equal to 0.75% of the gross freight, demurrage and charter hire collected from the employment of United’s vessels. In addition, Seanergy Management earns a fee equal to 1% of the contract price of any vessel bought, sold or bareboat chartered by them on United’s behalf (not including any vessels bought, sold or bareboat chartered from or to Seanergy, or any vessel sale relating to a sale and leaseback transaction). During the years ended December 31, 2023 and 2022, fees charged from Seanergy to United in relation to the above-mentioned services amounted to $3,198 and $2,391, respectively and are presented in “Fees from related parties” in the accompanying statements of income. As of December 31, 2023 and 2022, balance due from United amounted to $308 and $829, respectively and is included in “Due from related parties” in the accompanying consolidated balance sheets. 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 (Note 6). 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 sheets. Both vessels were delivered to United in February 2023. As of December 31, 2023, a gain on sale of vessel, net of sale expenses, amounting to $8,094 was recognized and is presented as “Gain on sale of vessels, net” in the consolidated statements of |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Cash and cash equivalents 19,378 26,027 Restricted cash 50 1,650 Restricted cash, non-current 5,500 4,800 Cash and cash equivalents and restricted cash 24,928 32,477 Restricted cash as of December 31, 2023 includes $2,000 of minimum liquidity requirements as per the Piraeus Bank Loan Facility (Note 8), $2,000 of minimum liquidity requirements as per the October 2022 Danish Ship Finance Loan Facility (Note 8), $500 of minimum liquidity requirements as per the August 2021 Alpha Bank Loan Facility (Note 8), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 8), $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility (Note 8), 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, 2023, of $9,600 as per the Company’s credit facilities’ covenants, is included in “Cash and cash equivalents”. Restricted cash as of December 31, 2022 includes $2,000 of minimum liquidity requirements as per the June 2022 Piraeus Bank Loan Facility (Note 8), $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 8), $500 of minimum liquidity requirements as per the June 2022 Alpha Bank Loan Facility (Note 8), $500 of minimum liquidity requirements as per the December 2022 Alpha Bank Loan Facility (Note 8), $1,600 of minimum liquidity requirement as per the Championship Cargill Sale and Leaseback (Note 8) 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”. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories | 5. Inventories: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2023 December 31, 2022 Bunkers - 392 Lubricants 1,559 1,603 Total 1,559 1,995 |
Vessels, Net
Vessels, Net | 12 Months Ended |
Dec. 31, 2023 | |
Vessels, Net [Abstract] | |
Vessels, Net | 6. Vessels, Net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2023 December 31, 2022 Cost: Beginning balance 511,516 488,049 - Additions 419 71,224 - Vessel contributed to United Maritime Corporation - (17,948 ) - Transfer to “Assets held for sale” - (29,809 ) Ending balance 511,935 511,516 Accumulated depreciation: Beginning balance (77,383 ) (61,987 ) - Depreciation for the period (24,076 ) (23,294 ) - Vessel contributed to United Maritime Corporation - 5,046 - Transfer to “Assets held for sale” - 2,852 Ending balance (101,459 ) (77,383 ) Net book value 410,476 434,133 Vessel contribution On July 5, 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 As of December 31, 2023, all vessels, except for the Knightship, the Lordship, the Flagship, the Partnership, the Hellasship and the Patriotship that are financed through other financial liabilities (sale and leaseback agreements), are mortgaged to secure loans of the Company (Note 8). Gain on sale of vessels, net eement, which is separately presented as “Liability from contract with related party” in the consolidated balance sheet. On December 27, 2022, the Company entered into an agreement with United for the sale of a secondhand Capesize vessel, the Tradership |
Finance Lease, Right-of-use Ass
Finance Lease, Right-of-use Assets and Finance Lease Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Finance Lease, Right-of-use Assets and Finance Lease Liabilities [Abstract] | |
Finance Lease, Right-of-use Assets and Finance Lease Liabilities | 7. Finance Lease, Right-of-use Assets and Finance Lease Liabilities: On May 9, 2023, the Company entered into a twelve-month bareboat charter agreement with an unaffiliated third party for a secondhand Newcastlemax vessel, which was renamed Titanship. The Company advanced a down payment of $3,500 which was paid upon signing of the agreement and another down payment of $3,500 upon delivery of the vessel to the Company, which took place on October 24, 2023. The Company will be paying a daily bareboat rate of $9 over the period of the twelve-month bareboat charter. At the end of the bareboat period, the Company has an option to purchase the vessel for $20,210, which the Company expects to exercise. The Company has classified the above transaction as a finance lease. At the commencement date, the Company recognized a finance lease liability equal to the present value of lease payments during the bareboat charter period using an incremental borrowing rate of 5.4%. The Company recognized a finance lease liability of $22,388 and a corresponding right-of-use asset of $29,998 which also includes $610 of initial direct costs. The amount of the right-of-use-assets is amortized on a straight-line method based on the estimated useful life of the vessel. During the year ended December 31, 2023, the amortization of the right-of-use asset amounted to $436 and is presented in the Company’s consolidated statements of The annual lease payments under the Titanship bareboat charter agreement are as follows: Twelve month periods ending December 31, Amount 2024 22,676 Total undiscounted lease payments 22,676 Less: Discount based on incremental borrowing rate (898 ) Present value of finance lease liabilities 21,778 Finance lease liability, current 21,778 Finance lease liability, non-current - Present value of finance lease liabilities 21,778 |
Long-Term Debt and Other Financ
Long-Term Debt and Other Financial Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Long-Term Debt and Other Financial Liabilities | 8. Long-Term Debt and Other Financial Liabilities: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2023 December 31, 2022 Long-term debt and other financial liabilities 213,711 235,603 Less: Deferred finance costs and debt discounts (2,921 ) (3,727 ) Total 210,790 231,876 Less - current portion (31,780 ) (35,051 ) Long-term portion 179,010 196,825 Debt related to assets held for sale - 13,100 Less: Deferred finance costs - (110 ) Total - 12,990 Total debt net of deferred finance costs and debt discounts 210,790 244,866 Senior long-term debt Loan Facilities amended during the year ended December 31, 2023 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 t. Each borrower is required to maintain minimum liquidity of $650 in its retention account. On April 18, 2023, the Company amended and restated the loan facility with Danish Ship Finance entered in October 2022 to refinance the Championship Cargill Sale and Leaseback. The amended and restated facility includes a new tranche (Tranche C) of $15,750 secured by the Championship Championship Premiership Fellowship 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 pre-existing November 2021 Piraeus Bank Loan Facility, which was secured by the Worldship Honorship On July 3, 2023, the Company entered into an overriding agreement to replace the LIBOR with term SOFR as reference rate which is effective as of July 27, 2023. and a credit adjustment spread (as defined therein). be decreased by up to 0.10% upon meeting certain emission reduction targets during the term of the facility. The term is five years and the repayment schedule comprises four quarterly installments of $2,000, followed by two quarterly installments of $1,500, followed by fourteen quarterly installments of $750 and a final balloon of $16,500 payable together with the final installment. As per the supplemental agreement entered into on July 3, 2023, the leverage ratio (as defined in the facility agreement) required by the Company was reduced from 85% to 70% effective from June 30, 2023 until the maturity of the loan. In addition, the Company is required to maintain a security cover ratio (as defined therein) of not less than 125% until December 24, 2023 and 130% thereafter until the maturity of the loan. The June 2022 Piraeus Bank Loan Facility was assessed based on provisions of ASC 470-50 and was treated as debt modification. As of December 31, 2023, the amount outstanding under the facility was $27,000. 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 a pre-existing Alpha Bank loan facility which was secured by the Leadership, the Squireship Lordship Friendship Squireship Lordship Friendship Lordship Lordship Squireship Friendship Sinopac Loan Facility On December 20, 2021, the Company entered into a $15,000 loan facility with Sinopac Geniuship Pre Existing Loan Facilities 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 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 As of December 31, 2023, 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 (excluding the Sinopac Loan Facility), 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, 2023 and 2022 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 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) refinanc e Partnership financ e 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 refinancing of a loan facility with Hamburg Commercial Bank AG secured by the Gloriuship Geniuship pre-existing facility Geniuship 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 Other Financial Liabilities - Sale and Leaseback Transactions New Sale and Leaseback Activities during the year ended December 31, 2023 Evahline Sale and Leaseback On March 29, 2023, we entered into a $19,000 sale and leaseback agreement with a subsidiary of Evahline Inc. (“Evahline”) for the refinancing of the Hanchen Sale and Leaseback. The agreement became effective on April 6, 2023, upon the delivery of the Knightship to the lessor. Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the Knightship will continue to be recorded as an asset on the Company’s balance sheet. The Company sold and chartered back the vessel from Evahline on a bareboat basis for a six-year period. The applicable interest rate is 3-month term SOFR plus 2.80% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the six-year bareboat period, the ownership of the vessel will be transferred to the Company at no additional cost. The Company is required to maintain a minimum value (as defined therein) of at least 120% of the charterhire principal. The charterhire principal amortizes in seventy-two consecutive monthly installments paid in advance averaging at $264. The charterhire principal as of December 31, 2023 was $16,625. Village Seven Sale and Leaseback On April 24, 2023, we entered into a $19,000 sale and leaseback agreement for the Lordship with Village Seven Co., Ltd and V7 Fune Inc. (collectively, “Village Seven”) to partially refinance the August 2021 Alpha Bank Loan Facility. Under ASC 842-40, the transaction was accounted for as a financial liability, as control remains with the Company and the Lordship will continue to be recorded as an asset on the Company’s balance sheet. The Company sold and chartered back the vessel from Village Seven on a bareboat basis for a period of four years and five months. The applicable interest rate is 3-month term SOFR plus 3.00% per annum. Following the second anniversary of the bareboat charter, the Company has continuous options to repurchase the vessel at predetermined prices as set forth in the agreement. At the end of the bareboat period, the Company has the option to repurchase the vessel at $7,811, which the Company expects to exercise. The sale and leaseback agreement does not include any financial covenants or security value maintenance provisions. The charterhire principal amortizes in fifty-three consecutive monthly installments paid in advance averaging at $211. The charterhire principal as of December 31, 2023 was $17,091. Sale and Leaseback Activities amended during the year ended December 31, 2023 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 On September 25, 2023, the Company entered into an amendment and restatement pursuant to which, inter alia, the LIBOR was replaced with term SOFR as reference rate, with retrospective effect from June 28, 2023. Following such transaction, 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 control remains with the Company and the two vessels will continue to be recorded as an asset on the Company’s balance sheet. The charterhire principal amortizes in twenty quarterly installments of $780 each along with a balloon payment of $15,300 at maturity. The charterhire principal as of December 31, 2023, was $23,100. Existing Sale and Leaseback Agreements 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 Under ASC 842-40, the Partnership 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 as control remains with the Company and the Flagship will continue to be recorded as an asset on the Company’s consolidated balance sheet (t he “Asset Upside Amount”). The Co Sale and Leasebacks Agreements repaid during the year ended December 31, 2023 Hanchen Sale and Leaseback On June 28, 2018, the Company entered into a $26,500 sale and leaseback agreement for the Knightship Knightship payable together with the final installment. On April 6, 2023, the facility was refinanced by the Evahline Sale and Leaseback and the outstanding charterhire principal of $11,221 was repaid in full. 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 On April 24, 2023, the Company paid and (iii) the purchase option price of $15,678 by using the proceeds from the October 2022 Danish Ship Finance Loan Facility. All of the Company’s secured facilities (i.e., long-term debt and other financial liabilities) bear floating interest at 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, 2023, the Company was in compliance with all covenants relating to its loan facilities as at that date. As of December 31, 2023, ten of the Company’s owned vessels, having a net carrying value of $270,022, 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 $140,454 as of December 31, 2023, 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 Second JDH Loan (originally entered into in May 2017) In February 2021, the Company prepaid $100 of the outstanding balance of the Second Jelco Delta Holding Corp., or JDH, Loan, using proceeds from (i) Class E warrants exercises during 2021 (Note 12) and (ii) its February 2021 registered direct offering (Note 12). 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 warrant 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. The annual principal payments required to be made after December 31, 2023 for all long-term debt and other financial liabilities, are as follows: Twelve-month periods ending December 31, Amount 2024 32,955 2025 44,433 2026 76,786 2027 43,657 Thereafter 15,880 Total 213,711 |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2023 | |
Convertible Notes [Abstract] | |
Convertible Notes | 9. Convertible Notes: The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2023 December 31, 2022 Convertible notes - 11,165 Less: Deferred finance costs - (9 ) Less: Change in fair value of conversion option - (323 ) Total - 10,833 Less – current portion - (10,833 ) Long-term portion - - September 7, 2015 - $21,165 Revolving Convertible Note (Second JDH Note) 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 then outstanding JDH loans and JDH convertible 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 could, by giving five On January 3, 2023, the Company paid $8,000 of the outstanding balance of the Second JDH Note. The total remaining outstanding balance of $3,165 was fully repaid on December 29, 2023. As of December 31, 2023, there was no outstanding balance under the Second JDH Note. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments [Abstract] | |
Financial Instruments | 10. 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, 2023 and 2022, 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, 2023, and the carrying value of $15,221 is 4% higher than the fair market value of $14,613. 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, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 11. 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. On March 6, 2024, Sphinx Investment Corp., a purported shareholder of the Company, submitted a complaint in the High Court of the Republic of the Marshall Islands naming the Company and the members of its board of directors as defendants. The complaint alleges, among other things, violations of fiduciary duties in connection with the issuance of the Series B Preferred Shares in December 2021. The Company believes it has substantial defenses and intends to vigorously defend against the lawsuit. As of December 31, 2023, 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 62 months and extension periods vary from 2 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, 2023. 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 2024 113,058 2025 29,954 2026 5,321 Total 148,333 Lease payments – office space 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 ($11.1 based on the Euro/U.S. dollar exchange rate of €1.0000: $1.105 as of December 31, 2023). Under ASC 842, the lease is classified as an operating lease and an “operating lease liability” and an “operating lease, 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, 2023, 2022 and 2021 was $166, $161 and $179, respectively. The weighted average discount rate that was used for the recognition of these leases, which was the Company’s incremental borrowing rate at lease commencement, is approximately 6.24%. The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2023: Twelve-month periods ending December 31, Amount 2024 133 2025 133 2026 133 2027 133 Thereafter 32 Total 564 Less: discount based on incremental borrowing rate ( 159 ) Present value of operating lease liability 405 Operating lease liability, current 105 Operating lease liability, non-current 300 Present value of operating lease liability 405 |
Capital Structure
Capital Structure | 12 Months Ended |
Dec. 31, 2023 | |
Capital Structure [Abstract] | |
Capital Structure | 12. 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. On January 31, 2023, the Company received written notification from NASDAQ, indicating that the Company was granted an additional 180-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, 2023, following the approval from the Company’s Board of Directors on February 9, 2023, the Company effected a one-for-ten 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 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, following the minimum bid price requirement originally communicated to the Company on September 30, 2020. The compliance was regained organically, as the closing bid price of the Company’s common stock had been at $1.00 per share or greater for at least 10 consecutive business days. ii) Dividends On November 14, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the third quarter of 2023 which was paid on January 10, 2024 to all shareholders of record as of December 22, 2023 (Note 17). The dividend declared on November 13, 2023 amounting to $491 is included in “Other current liabilities” as of December 31, 2023 in the accompanying consolidated balance sheet. On August 2, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the second quarter of 2023 to the shareholders of record as of September 22, 2023. The quarterly dividend of $492 for the second quarter of 2023 was paid on October 6, 2023. On May 25, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the first quarter of 2023 to the shareholders of record as of June 22, 2023. The quarterly dividend of $491 for the second quarter of 2023 was paid on July 6, 2023. On March 14, 2023, the Company announced a regular quarterly dividend of $0.025 per share for the fourth quarter of 2022 to the shareholders of record as of March 31, 2023. The quarterly dividend of $500 for the fourth quarter of 2022 was paid on April 25, 2023. 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. The dividend declared on November 29, 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. On August 4, 2022, the Company announced a regular quarterly dividend of $0.25 per share for the second quarter of 2022 to the shareholders of record as of September 25, 2022. The quarterly dividend of $4,548 for the second quarter of 2022 was paid on October 11, 2022. On May 31, 2022, the Company announced a regular quarterly dividend of $0.25 per share for the first quarter of 2022 to the shareholders of record as of June 28, 2022. The quarterly dividend of $4,460 for the first quarter of 2022 was paid on July 14, 2022. 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 2021 to all shareholders of record as of March 25, 2022. The quarterly dividend for the fourth quarter of 2021 of $4,458 and the special dividend of $4,458 were paid on April 5, 2022. Total dividends declared in the years ended December 31, 2023 and December 31, 2022 amounted to $1,974 and $22,472, respectively. iii) Common stock issuances On December 14, 2023, the Company entered into an “at the market” offering program with B. Riley Securities, Inc., as sales agent (the “Sales Agent”). In accordance with the terms of the at-the-market sale agreement with the Sales Agent, and are shown in the consolidated statements of stockholders’ equity, net of $199 offering expenses. 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. On December 13, 2023, the Company’s board of directors approved an amendment and restatement of the Rights Agreement to make certain technical or ministerial changes (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 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. iv) Buybacks On June 28, 2022, the Board of Directors of the Company authorized a share repurchase plan (“June 2022 Repurchase Plan”) under which the Company would repurchase up to $5,000 of its outstanding common shares, convertible note or warrants. On November 28, 2022, the Company’s Board of Directors authorized the extension of the June 2022 Repurchase Plan until December 31, 2023. On December 13, 2023, the Board of Directors of the Company terminated the June 2022 Repurchase Plan and authorized a new share repurchase plan (“December 2023 Repurchase Plan”) under which the Company may repurchase up to $25,000 of its outstanding common shares, convertible note or warrants. During 2023, the Company repurchased 375,531 of its outstanding common shares at an average price of approximately $4.45 per share pursuant to its share repurchase programs for a total of $1,679, inclusive of commissions and fees. All the repurchased shares were cancelled as of December 31, 2023. No repurchases have been made during the year 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. (c) Warrants All warrants are classified in equity, according to the Company’s accounting policy (Note 2). Class E Warrants On January 10, 2023, the Company completed its tender offer to purchase all outstanding Class E Warrants at a price of $0.20 per warrant. The total number of warrants tendered was 4,038,114 warrants, representing approximately 47% of the outstanding Class E Warrants at the time of the tender offer. During the year ended December 31, 2023, no shares were issued from Class E warrants exercises. As of December 31, 2023, 4,494,599 of Class E warrants remain outstanding at an exercise price of $4.915 per share. 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 remained outstanding. Class D Warrants As of December 31, 2023, the number of remaining Class D Warrants outstanding is 4,368,750 at an exercise price of $13.915 per share. Representative Warrants The Company’s previously issued Representative Warrants expired according to their terms in April 2023. Class B Warrants 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, 2023, 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 449,459 Total 476,763 |
Vessel Revenue and Voyage Expen
Vessel Revenue and Voyage Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Vessel Revenue and Voyage Expenses [Abstract] | |
Vessel Revenue and Voyage Expenses | 13. Vessel Revenue and Voyage Expenses Revenue Recognition Demurrage income for the years ended December 31, 2023, 2022 and 2021 was $ NIL NIL Despatch expense for the years ended December 31, 2023, 2022 and 2021 was $ NIL NIL Disaggregation of Revenue The following table presents the Company’s statements of income figures derived from spot charters and time charters for the years ended December 31, 2023, 2022 and 2021: Year ended December 31, 2023 2022 2021 Vessel revenues from spot charters, net of commissions - - 28,264 Vessel revenues from time charters, net of commissions 107,036 122,629 124,844 Total 107,036 122,629 153,108 The Company disaggregates its revenue from contracts with customers by the type of charter (time and spot charters). As of December 31, 2023 and 2022, the trade accounts receivable was $896 and $720, respectively, and related to time charters. The current portion of Deferred revenue as of December 31, 2023 was $2,136 and relates to cash received in advance of performance under operating leases and 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 non-current portion of Deferred revenue as of December 31, 2023 and 2022 was $254 and $35 and relates to cash received in advance of performance under operating leases and 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. Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2023, 2022 and 2021 were: Customer 2023 2022 2021 A 28 % 24 % 15 % B 25 % 17 % 23 % C 18 % 18 % 13 % D 12 % 15 % 11 % E - - 10 % Total 83 % 74 % 72 % Voyage Expenses The following table presents the Company’s statements of income figures derived from spot charters and time charters for the years ended December 31, 2023, 2022 and 2021 : Year ended December 31, 2023 2022 2021 Voyage expenses from spot charters - - 13,465 Voyage expenses from time charters 2,851 4,293 3,004 Total 2,851 4,293 16,469 |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2023 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 14. Interest and Finance Costs: Interest and finance costs are analyzed as follows: Year ended December 31, 2023 2022 2021 Interest on long-term debt and other financial liabilities 17,864 11,609 8,766 I nterest on finance lease liability 219 - - Convertible notes interest expense 178 694 2,067 Amortization of deferred finance costs and debt discounts 2,155 2,575 3,333 A mortization of deferred finance costs and debt discounts (shares issued to party - non-cash) 86 284 326 Amortization of convertible note beneficial conversion feature (non-cash) - - 2,887 Other 192 170 400 Total 20,694 15,332 17,779 |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per Share [Abstract] | |
Earnings per Share | 15. Earnings per Share: The calculation of net income per common share is summarized below: For the years ended December 31, 2023 2022 2021 Net income $ 2,282 $ 17,239 $ 41,348 Less: Dividends to non-vested participating securities (61 ) (227 ) - Less: Undistributed earnings to non-vested participating securities (10 ) (105 ) - Net income attributable to common shareholders, basic $ 2,211 $ 16,907 $ 41,348 Undistributed earnings to non-vested participating securities $ 10 $ 105 $ - Undistributed earnings reallocated to non-vested participating securities (10 ) (51 ) - Interest effect of convertible notes - - 6,473 Net income attributable to common shareholders, diluted $ 2,211 $ 16,961 $ 47,821 Weighted average common shares outstanding, basic 18,394,419 17,439,033 15,332,191 Effect of dilutive securities: Warrants 48,269 245,015 541,009 Non-vested participating securities - - 169,522 Convertible notes shares - - 3,091,031 Weighted average common shares outstanding, diluted 18,442,688 17,684,048 19,133,753 Net income per share attributable to common shareholders, basic $ 0.12 $ 0.97 $ 2.70 Net income per share attributable to common shareholders, diluted $ 0.12 $ 0.96 $ 2.50 As of December 31, 2023, 607,580 non-vested participating shares under the Company’s Equity Incentive Plan were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above (Note 16). Additionally, securities that could potentially dilute basic EPS in the future that were not included in the computation of diluted EPS as of December 31, 2023, because to do so would have anti-dilutive effect, are any incremental shares of unexercised warrants that are out-of-the money as of the reporting date (Note 12), calculated with the treasury stock method, as well as shares assumed to be converted with respect to the convertible notes (Note 9) calculated with the if-converted method. As of December 31, 2022, non-vested participating shares under the Company’s Equity Incentive Plan of 294,231 were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above (Note 16). 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 12), calculated with the treasury stock method, as well as 930,416 shares assumed to be converted with respect to the convertible notes (Note 9) 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. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2023 | |
Equity Incentive Plan [Abstract] | |
Equity Incentive Plan | 16. Equity Incentive Plan: On March 27, 2023, the Compensation Committee granted an aggregate of 1,823,800 1,823,800 5.22 607,974 607,913 607,580 333 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, 245,000 shares were granted to the non-executive members of the board of directors and to the executive officers and 105,000 shares were granted to certain of the Company’s non-executive employees and 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 vested on October 1, 2023. 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. On 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, 330,000 shares were granted to the non-executive members of the board of directors and to the executive officers and 203,700 shares were granted to certain of the Company’s non-executive employees and 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, 177,566 shares vested on October 1, 2022 and 177,566 shares vested on October 1, 2023, taking into consideration 666 forfeited shares. 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 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. On 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, 235,000 shares were granted to the non-executive members of the board of directors and to the executive officers and 125,000 shares were granted to certain of the Company’s non-executive employees and 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. The related expense for shares granted to the Company’s board of directors and certain of its employees for the years ended December 31, 2023, 2022 and 2021, amounted to $8,852, $6,973 and $4,907, respectively, and is included under general and administration expenses. The related expense for shares granted to non-employees for the years ended December 31, 2023, 2022 and 2021, amounted to $295, $212 and $190, respectively, and is included under voyage Restricted shares during 2023, 2022 and 2021 are analyzed as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2021 223,330 $ 7.88 Granted 883,700 8.23 Vested (812,133 ) 8.46 Forfeited (666 ) 9.10 Outstanding at December 31, 2022 294,231 $ 7.32 Granted 1,823,800 5.22 Vested (1,510,118 ) 5.81 Forfeited (333 ) 5.22 Outstanding at December 31, 2023 607,580 $ 4.78 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, 2023 and 2022 amounted to $1,572 and $1,200, respectively. On December 31, 2023, 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, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On January 10, 2024, the Company paid a regular quarterly cash dividend of $0.025 per share for the third quarter of 2023 to all shareholders of record as of December 22, 2023 (Note 12). On February 5, 2024, the Company agreed to acquire the 181,392 dwt Capesize bulk carrier, built in 2013 in Japan, which will be renamed Iconship. The purchase price of $33,660 is expected to be funded through a combination of cash on hand and debt financing. The Iconship is expected to be delivered to the Company between April to June 2024. On March 5, 2024, the Company declared a regular quarterly cash dividend of $0.025 per share for the fourth quarter of 2023 payable on or about April 10, 2024 to all shareholders of record as of March 22, 2024. In addition, the Company declared a special dividend of $0.075 per share payable on or about April 10, 2024 to all shareholders of record as of March 22, 2024. During 2024 and as of the date of the issuance of these consolidated financial statements, 1,800,000 of the Class E warrants (Note 12) have been exercised for gross proceeds of $885. 2,694,599 Class E warrants remain outstanding. During 2024 and as of the date of the issuance of these consolidated financial statements, 308,535 shares have been sold from the Company for gross proceeds of $2,503, under the “at-the-market” offering program. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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 statements of income. |
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, include receivables from charterers, net of a provision for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts. The Company also assessed the provisions of ASC 326, Financial Instruments—Credit Losses, by assessing the counterparties’ credit worthiness and concluded that there is no material impact in the Company’s consolidated financial statements. No provision for doubtful accounts was established as of December 31, 2023 and 2022. |
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, or when liabilities are incurred by the Company’s directors and officers in their capacities as officers and directors, 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, 2023 and 2022 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 from the date of their initial delivery from the shipyard), 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) and Right-of-use asset (finance lease) | (m) Impairment of Long-Lived Assets (Vessels) and Right-of-use asset (finance lease) The Company reviews its long-lived assets (Vessels) and right-of-use asset 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 and right-of-use asset. If indicators of impairment are present the Company determines undiscounted projected operating cash flows for each related vessel and right-of-use asset and compares it to the vessel’s or right-of-use asset’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 or right-of-use asset’s carrying value, plus any unamortized dry-docking costs, the Company impairs the carrying amount of the vessel or right-of-use asset. 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, 2023, indicators of impairment existed for four 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, 2023, was $121,577. From the impairment exercise performed, the undiscounted projected operating cash flows expected to be generated by the use of these four 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 statements of income. 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 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 or for a lump sum amount. The Company accounts for its time charter contracts as operating leases pursuant to ASC 842 “Leases”. The Company has determined that the non-lease component in its time charter contracts relates to services for the operation of the vessel, which comprise of crew, technical and safety services, among others. The Company further elected to adopt a practical expedient that provides it with the discretion to recognize lease revenue as a combined single lease component for all time charter contracts (operating leases) since it determined that the related lease component and non-lease component have the same timing and pattern of transfer and the predominant component is the lease. The Company qualitatively assessed that more value is ascribed to the use of the asset (i.e., the vessel) rather than to the services provided under the time charter agreements. Time 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. The Company accounts for its spot charter contracts following the provisions of ASC 606, Revenue from contracts with customers. The Company has determined that its spot charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company retains control over the operations of the vessel, provided also that the terms of the spot charter are predetermined, and any change requires the Company’s consent and are therefore considered service contracts. 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 voyage 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 Vessel revenue, net 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 Vessel revenue, net 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 (ah) Finance Lease Liabilities & Right-of-Use Assets Bareboat charter-in agreements that the Company may enter into are accounted for pursuant to ASC 842 and are classified as finance leases if they involve a purchase obligation or a purchase option that is reasonably certain, at inception, that will be exercised, among other factors. At the commencement date of the finance lease, a lessee initially measures the lease liability at the present value, using the discount rate determined on the commencement, of the lease payments to be made over the lease term, including any amount for the purchase the vessel, if applicable. Subsequently, the lease liability is increased by the interest on the lease liability and decreased by the lease payments during the period. The interest on the lease liability is determined in each period during the lease term as the amount that produces a constant periodic discount rate on the remaining balance of the liability, taking into consideration the reassessment requirements. A lessee initially measures the finance right-of-use asset at cost which consists of the amount of the initial measurement of the lease liability; any lease payments made to the lessor at or before the commencement date, less any lease incentives received; and any initial direct costs incurred by the lessee. Subsequently, the finance right-of-use asset is measured at cost less any accumulated amortization and any accumulated impairment losses, taking into consideration the reassessment requirements. A lessee shall amortize the finance right-of-use asset on a straight-line basis (unless another systematic basis better represents the pattern in which the lessee expects to consume the right-of-use asset’s future economic benefits) from the commencement date to the earlier of the end of the useful life of the finance right-of-use asset or the end of the lease term. However, if the lease transfers ownership of the underlying asset to the lessee or the lessee is reasonably certain to exercise an option to purchase the underlying asset, the lessee shall amortize the right-of-use asset to the end of the useful life of the underlying asset. The Company elected the practical expedient on not separating lease components from nonlease components in accordance with ASC 842-10-15-37. |
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. 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 are payable to the charterer and are included in “Vessel revenue, net” while brokerage commissions to third parties are included in “Voyage expenses”. For the years ended December 31, 2023 and 2022, an amount of $3,869 and $4,554, respectively, was included in “Vessel revenue, net” related to commission to third parties. |
Vessel Voyage Expenses | (u) Vessel Voyage Expenses Vessel voyage expenses primarily consist of port, canal, bunker expenses and brokerage commissions expenses that are unique to a particular charter. Under time charter agreements and bareboat charters, the Company incurs and pays only for brokerage commissions. 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. |
Vessel Operating Expenses | (v) Vessel Operating Expenses Vessel operating expenses are expensed in the period incurred. Vessel operating expenses comprise costs for crewing, insurance, lubricants, spare parts, provisions, stores, repairs and maintenance, including major overhauling and underwater inspection, and other minor miscellaneous expenses. |
Finance Costs | (w) Finance 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 finance costs as a reduction of long-term debt in the accompanying balance sheets. For the accounting of the unamortized deferred finance 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. 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 2024 by Seanergy Management for 2023 is estimated at $103 and is included in “General and administration expenses”. The contribution paid in the years ended December 2023 and 2022 was $110 and $97, 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 2024 by Seanergy Shipmanagement for 2023 is estimated at $ NIL One of the Company’s previous vessel-owning subsidiaries was registered in Malta since May 23, 2018. This subsidiary was subject to a corporate flat tax in Malta. No tax expense has been recognized for the years presented in these consolidated 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 2023, the Publicly-Traded Test for the entire 2023 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 2023 taxable year. Effectively, the Company and each of its subsidiaries qualify for this statutory tax exemption for the 2023 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 2023, 2022 and 2021, 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 accounts for forfeitures when incurred. |
Earnings per Share | (z) Earnings per Share Basic earnings per common share are computed by dividing net income available to Seanergy’s shareholders by the weighted average number of common shares outstanding during the period. Unvested shares granted under the Company’s Equity 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 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 |
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 finance 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 finance 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 ASU No. 2020-06 and convertible notes are reported as a single liability instrument and the interest rate is the coupon interest rate. |
Derivatives - Forward Freight Agreements | (ae) 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, 2023 and 2022. The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of income 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 | (af) 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 | (ag) 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 | Recent Accounting Pronouncements Adopted The Company has adopted ASU 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, which requires the disclosure of significant segment expenses that are part of an entity’s segment measure of profit or loss and regularly provided to the chief operating decision maker. In addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in ASC 280 are required for entities with a single reportable segment and that an entity may disclose multiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively. The Company does not believe that the adoption of this accounting standard will have a material effect on the consolidated financial statements and related disclosures. 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, 2023 | |
Basis of Presentation and General Information [Abstract] | |
Subsidiaries in Consolidation | Seanergy’s subsidiaries included in these consolidated financial statements: Company Country of Incorporation Vessel name Date of Delivery Date of Sale/Disposal 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 Sea Genius Shipping Co. (1) Marshall Islands Geniuship October 13, 2015 N/A Sea Glorius Shipping Co. (6) Marshall Islands Gloriuship November 3, 2015 July 5, 2022 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)(5) Liberia Lordship November 30, 2016 April 28, 2023 Champion Marine Co. (1) 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 April 6, 2023 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)(4)(Note 6) Liberia Goodship August 7, 2020 February 10, 2023 Traders Shipping Co. (1)(4)(Note 6) Marshall Islands Tradership June 9, 2021 February 28, 2023 Gladiator Shipping Co. (1)(7) Marshall Islands N/A N/A N/A Partner Shipping Co. Limited (1)(4) Malta Partnership May 31, 2017 March 9, 2022 Titan Ocean Navigation Co. (1)(5) Liberia Titanship October 24, 2023 N/A Martinique International Corp. (1)(7) British Virgin Islands N/A N/A N/A Harbour Business International Corp. (1)(7) British Virgin Islands N/A N/A N/A (1) Subsidiaries wholly owned (2) Management companies (3) Chartering services company (4) Dormant companies (5) Bareboat charterers (6) Subsidiary and vessel contributed to United following the Spin-off on July 5, 2022 (7) Dormant companies which no longer own a vessel since 2018 |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Cash and cash equivalents 19,378 26,027 Restricted cash 50 1,650 Restricted cash, non-current 5,500 4,800 Cash and cash equivalents and restricted cash 24,928 32,477 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories [Abstract] | |
Inventories | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2023 December 31, 2022 Bunkers - 392 Lubricants 1,559 1,603 Total 1,559 1,995 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Vessels, Net [Abstract] | |
Vessels, Net | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2023 December 31, 2022 Cost: Beginning balance 511,516 488,049 - Additions 419 71,224 - Vessel contributed to United Maritime Corporation - (17,948 ) - Transfer to “Assets held for sale” - (29,809 ) Ending balance 511,935 511,516 Accumulated depreciation: Beginning balance (77,383 ) (61,987 ) - Depreciation for the period (24,076 ) (23,294 ) - Vessel contributed to United Maritime Corporation - 5,046 - Transfer to “Assets held for sale” - 2,852 Ending balance (101,459 ) (77,383 ) Net book value 410,476 434,133 |
Finance Lease, Right-of-use A_2
Finance Lease, Right-of-use Assets and Finance Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Finance Lease, Right-of-use Assets and Finance Lease Liabilities [Abstract] | |
Annual Lease Payments | The annual lease payments under the Titanship bareboat charter agreement are as follows: Twelve month periods ending December 31, Amount 2024 22,676 Total undiscounted lease payments 22,676 Less: Discount based on incremental borrowing rate (898 ) Present value of finance lease liabilities 21,778 Finance lease liability, current 21,778 Finance lease liability, non-current - Present value of finance lease liabilities 21,778 |
Long-Term Debt and Other Fina_2
Long-Term Debt and Other Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Long-term debt and other financial liabilities 213,711 235,603 Less: Deferred finance costs and debt discounts (2,921 ) (3,727 ) Total 210,790 231,876 Less - current portion (31,780 ) (35,051 ) Long-term portion 179,010 196,825 Debt related to assets held for sale - 13,100 Less: Deferred finance costs - (110 ) Total - 12,990 Total debt net of deferred finance costs and debt discounts 210,790 244,866 |
Annual Principal Payments | The annual principal payments required to be made after December 31, 2023 for all long-term debt and other financial liabilities, are as follows: Twelve-month periods ending December 31, Amount 2024 32,955 2025 44,433 2026 76,786 2027 43,657 Thereafter 15,880 Total 213,711 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Convertible Notes [Abstract] | |
Convertible Notes | The amounts in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2023 December 31, 2022 Convertible notes - 11,165 Less: Deferred finance costs - (9 ) Less: Change in fair value of conversion option - (323 ) Total - 10,833 Less – current portion - (10,833 ) Long-term portion - - |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023. 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 2024 113,058 2025 29,954 2026 5,321 Total 148,333 |
Office Rental Obligations | The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2023: Twelve-month periods ending December 31, Amount 2024 133 2025 133 2026 133 2027 133 Thereafter 32 Total 564 Less: discount based on incremental borrowing rate ( 159 ) Present value of operating lease liability 405 Operating lease liability, current 105 Operating lease liability, non-current 300 Present value of operating lease liability 405 |
Capital Structure (Tables)
Capital Structure (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Capital Structure [Abstract] | |
Outstanding Warrants | As of December 31, 2023, 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 449,459 Total 476,763 |
Vessel Revenue and Voyage Exp_2
Vessel Revenue and Voyage Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Vessel Revenue and Voyage Expenses [Abstract] | |
Income Derived from Time Charters | The following table presents the Company’s statements of income figures derived from spot charters and time charters for the years ended December 31, 2023, 2022 and 2021: Year ended December 31, 2023 2022 2021 Vessel revenues from spot charters, net of commissions - - 28,264 Vessel revenues from time charters, net of commissions 107,036 122,629 124,844 Total 107,036 122,629 153,108 |
Revenue from Charterers | Charterers individually accounting for more than 10% of revenues during the years ended December 31, 2023, 2022 and 2021 were: Customer 2023 2022 2021 A 28 % 24 % 15 % B 25 % 17 % 23 % C 18 % 18 % 13 % D 12 % 15 % 11 % E - - 10 % Total 83 % 74 % 72 % |
Voyage Expenses from Time Charters | The following table presents the Company’s statements of income figures derived from spot charters and time charters for the years ended December 31, 2023, 2022 and 2021 : Year ended December 31, 2023 2022 2021 Voyage expenses from spot charters - - 13,465 Voyage expenses from time charters 2,851 4,293 3,004 Total 2,851 4,293 16,469 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | Interest and finance costs are analyzed as follows: Year ended December 31, 2023 2022 2021 Interest on long-term debt and other financial liabilities 17,864 11,609 8,766 I nterest on finance lease liability 219 - - Convertible notes interest expense 178 694 2,067 Amortization of deferred finance costs and debt discounts 2,155 2,575 3,333 A mortization of deferred finance costs and debt discounts (shares issued to party - non-cash) 86 284 326 Amortization of convertible note beneficial conversion feature (non-cash) - - 2,887 Other 192 170 400 Total 20,694 15,332 17,779 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Net income $ 2,282 $ 17,239 $ 41,348 Less: Dividends to non-vested participating securities (61 ) (227 ) - Less: Undistributed earnings to non-vested participating securities (10 ) (105 ) - Net income attributable to common shareholders, basic $ 2,211 $ 16,907 $ 41,348 Undistributed earnings to non-vested participating securities $ 10 $ 105 $ - Undistributed earnings reallocated to non-vested participating securities (10 ) (51 ) - Interest effect of convertible notes - - 6,473 Net income attributable to common shareholders, diluted $ 2,211 $ 16,961 $ 47,821 Weighted average common shares outstanding, basic 18,394,419 17,439,033 15,332,191 Effect of dilutive securities: Warrants 48,269 245,015 541,009 Non-vested participating securities - - 169,522 Convertible notes shares - - 3,091,031 Weighted average common shares outstanding, diluted 18,442,688 17,684,048 19,133,753 Net income per share attributable to common shareholders, basic $ 0.12 $ 0.97 $ 2.70 Net income per share attributable to common shareholders, diluted $ 0.12 $ 0.96 $ 2.50 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Incentive Plan [Abstract] | |
Restricted Shares | Restricted shares during 2023, 2022 and 2021 are analyzed as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2021 223,330 $ 7.88 Granted 883,700 8.23 Vested (812,133 ) 8.46 Forfeited (666 ) 9.10 Outstanding at December 31, 2022 294,231 $ 7.32 Granted 1,823,800 5.22 Vested (1,510,118 ) 5.81 Forfeited (333 ) 5.22 Outstanding at December 31, 2023 607,580 $ 4.78 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details) $ in Thousands | 12 Months Ended | ||||
Feb. 16, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 03, 2024 Commitment Financier | |
Basis of Presentation and General Information [Abstract] | |||||
Reverse stock split ratio | 0.1 | ||||
Working capital deficit | $ (44,430) | ||||
Deferred revenue | 2,136 | $ 2,232 | |||
Net income | 2,282 | 17,239 | $ 41,348 | ||
Cash flow from operations | $ 31,323 | $ 37,286 | $ 80,760 | ||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Subsequent Event [Member] | |||||
Basis of Presentation and General Information [Abstract] | |||||
Number of financiers | Financier | 1 | ||||
Subsequent Event [Member] | Minimum [Member] | |||||
Basis of Presentation and General Information [Abstract] | |||||
Number of future commitments | Commitment | 1 | ||||
Subsequent Event [Member] | Maximum [Member] | |||||
Basis of Presentation and General Information [Abstract] | |||||
Number of future commitments | Commitment | 2 | ||||
Seanergy Management [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Seanergy Shipmanagement [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Emperor Holding Ltd. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Pembroke Chartering Services Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | O1 | ||||
Sea Genius Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Geniuship | ||||
Date of delivery | Oct. 13, 2015 | ||||
Sea Glorius Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Gloriuship | ||||
Date of delivery | Nov. 03, 2015 | ||||
Date of sale/disposal | Jul. 05, 2022 | ||||
Premier Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Premiership | ||||
Date of delivery | Sep. 11, 2015 | ||||
Squire Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | N0 | ||||
Vessel name | Squireship | ||||
Date of delivery | Nov. 10, 2015 | ||||
Lord Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | N0 | ||||
Vessel name | Lordship | ||||
Date of delivery | Nov. 30, 2016 | ||||
Date of sale/disposal | Apr. 28, 2023 | ||||
Champion Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Championship | ||||
Date of delivery | Nov. 07, 2018 | ||||
Fellow Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Fellowship | ||||
Date of delivery | Nov. 22, 2018 | ||||
Friend Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | N0 | ||||
Vessel name | Friendship | ||||
Date of delivery | Jul. 27, 2021 | ||||
World Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Worldship | ||||
Date of delivery | Aug. 30, 2021 | ||||
Duke Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Dukeship | ||||
Date of delivery | Nov. 26, 2021 | ||||
Partner Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Partnership | ||||
Date of delivery | Mar. 09, 2022 | ||||
Honor Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Honorship | ||||
Date of delivery | Jun. 27, 2022 | ||||
Paros Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | N0 | ||||
Vessel name | Paroship | ||||
Date of delivery | Dec. 27, 2022 | ||||
Knight Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | N0 | ||||
Vessel name | Knightship | ||||
Date of delivery | Dec. 13, 2016 | ||||
Date of sale/disposal | Apr. 06, 2023 | ||||
Flag Marine Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Flagship | ||||
Date of delivery | May 06, 2021 | ||||
Date of sale/disposal | May 11, 2021 | ||||
Hellas Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | N0 | ||||
Vessel name | Hellasship | ||||
Date of delivery | May 06, 2021 | ||||
Date of sale/disposal | Jun. 28, 2021 | ||||
Patriot Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Patriotship | ||||
Date of delivery | Jun. 01, 2021 | ||||
Date of sale/disposal | Jun. 28, 2021 | ||||
Good Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | N0 | ||||
Vessel name | Goodship | ||||
Date of delivery | Aug. 07, 2020 | ||||
Date of sale/disposal | Feb. 10, 2023 | ||||
Traders Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Vessel name | Tradership | ||||
Date of delivery | Jun. 09, 2021 | ||||
Date of sale/disposal | Feb. 28, 2023 | ||||
Gladiator Shipping Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | 1T | ||||
Partner Shipping Co. Limited [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | O1 | ||||
Vessel name | Partnership | ||||
Date of delivery | May 31, 2017 | ||||
Date of sale/disposal | Mar. 09, 2022 | ||||
Martinique International Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | D8 | ||||
Harbour Business International Corp. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | D8 | ||||
Titan Ocean Navigation Co. [Member] | |||||
Subsidiaries in Consolidation [Abstract] | |||||
Country of incorporation | N0 | ||||
Vessel name | Titanship | ||||
Date of delivery | Oct. 24, 2023 |
Significant Accounting Polici_3
Significant Accounting Policies, Accounts Receivable Trade, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
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, 2023 | Dec. 31, 2022 |
Accounts Receivable Trade, Net [Abstract] | ||
Provision for credit losses | $ 0 | $ 0 |
Significant Accounting Polici_5
Significant Accounting Policies, Vessel Depreciation (Details) | Dec. 31, 2023 |
Vessels [Member] | |
Vessel Depreciation [Abstract] | |
Estimated useful life | 25 years |
Significant Accounting Polici_6
Significant Accounting Policies, Impairment of Long-Lived Assets (Vessels) and Right-of-use asset (finance lease) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) Vessel | |
Impairment of Long-Lived Assets (Vessels) and Right-of-use asset (finance lease) [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 | 4 |
Carrying value of vessels evaluated for impairment plus unamortized dry-docking costs and cost of equipment not yet installed | $ 121,577 |
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, Commissions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commissions [Abstract] | ||
Address commissions | $ 3,869 | $ 4,554 |
Significant Accounting Polici_9
Significant Accounting Policies, Income Taxes (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Subsidiary | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Taxes [Abstract] | |||
Number of vessel-owning subsidiaries registered in Malta | Subsidiary | 1 | ||
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 | $ 0 | $ (28) | $ 0 |
Seanergy Management [Member] | |||
Income Taxes [Abstract] | |||
Greek annual contribution | 110 | 97 | |
Seanergy Management [Member] | General and Administrative Expenses [Member] | |||
Income Taxes [Abstract] | |||
Greek annual contribution | 103 | ||
Seanergy Shipmanagement [Member] | |||
Income Taxes [Abstract] | |||
Greek annual contribution | 0 | 0 | |
Statutory Tax Exemption on United States Source Income [Member] | |||
Income Taxes [Abstract] | |||
Income taxes | $ 0 | $ 0 | $ 0 |
Significant Accounting Polic_10
Significant Accounting Policies, Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Transactions with Related Par_2
Transactions with Related Parties, Spin-Off of United (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Nov. 28, 2022 USD ($) shares | Jul. 26, 2022 USD ($) shares | Jul. 05, 2022 USD ($) Valuation $ / shares shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | |
Transactions with Related Parties [Abstract] | ||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Investment in Series C preferred shares | $ 0 | $ 10,000 | $ 0 | |||
Number of third party valuations obtained for vessel | Valuation | 2 | |||||
Net assets recorded as dividends | $ 13,728 | 13,728 | ||||
Gain on spin-off of United Maritime Corporation | 0 | 2,800 | 0 | |||
Cost of vessel contributed | 12,902 | |||||
Unamortized deferred charges | 3,058 | |||||
Other costs | 48 | |||||
Proceeds from redemption of Series C preferred shares | $ 0 | $ 10,000 | $ 0 | |||
Level 2 [Member] | ||||||
Transactions with Related Parties [Abstract] | ||||||
Fair value of vessel contributed as part of Spin-Off | 18,500 | |||||
Maximum [Member] | ||||||
Transactions with Related Parties [Abstract] | ||||||
Term of short-term charters | 13 months | |||||
Series B Preferred Shares [Member] | ||||||
Transactions with Related Parties [Abstract] | ||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Series C Preferred Shares [Member] | ||||||
Transactions with Related Parties [Abstract] | ||||||
Investment in Series C preferred shares | $ 5,000 | $ 5,000 | ||||
Redemption price as a percentage of stated value | 105% | |||||
Proceeds from redemption of Series C preferred shares | $ 10,500 | |||||
Dividends received | $ 243 | |||||
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 | |||||
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 | |||||
Fair value of liabilities assumed | $ 5,080 | |||||
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 |
Transactions with Related Par_3
Transactions with Related Parties, Management Agreements (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 18 Months Ended | ||||
Dec. 27, 2022 USD ($) Agreement Vessel | Mar. 31, 2023 | Dec. 31, 2023 USD ($) Vessel | Dec. 31, 2023 USD ($) Vessel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) Vessel | Dec. 28, 2022 USD ($) | |
Transactions with Related Parties [Abstract] | ||||||||
Fees from related parties | $ 3,198 | $ 2,391 | $ 0 | |||||
Gain on sale of vessels, net | $ 8,094 | 0 | 697 | |||||
Master Management Agreement [Member] | ||||||||
Transactions with Related Parties [Abstract] | ||||||||
Notice period for non-renewal of agreement | 3 months | |||||||
Automatic extension period of agreement | 12 months | |||||||
United [Member] | ||||||||
Transactions with Related Parties [Abstract] | ||||||||
Fees from related parties | $ 3,198 | 2,391 | ||||||
Due from related parties | $ 308 | 308 | 829 | $ 308 | ||||
Number of memoranda of agreement | Agreement | 2 | |||||||
Number of vessels to be sold | Vessel | 2 | |||||||
Sales price | $ 36,250 | |||||||
Advance in cash | $ 0 | 0 | 12,688 | 0 | $ 12,688 | |||
Gain on sale of vessels, net | $ 8,094 | |||||||
United [Member] | Master Management Agreement [Member] | ||||||||
Transactions with Related Parties [Abstract] | ||||||||
Daily fixed administration fee per vessel | $ 325 | |||||||
United [Member] | Technical Management Agreement [Member] | Seanergy Shipmanagement [Member] | ||||||||
Transactions with Related Parties [Abstract] | ||||||||
Number of vessels managed by related party | Vessel | 5 | 5 | 5 | |||||
United [Member] | Technical Management Agreement [Member] | Seanergy Shipmanagement [Member] | Minimum [Member] | ||||||||
Transactions with Related Parties [Abstract] | ||||||||
Fixed management fee per month | $ 10 | |||||||
Number of vessels charged monthly fixed management fee | Vessel | 1 | |||||||
United [Member] | Technical Management Agreement [Member] | Seanergy Shipmanagement [Member] | Maximum [Member] | ||||||||
Transactions with Related Parties [Abstract] | ||||||||
Fixed management fee per month | $ 14 | |||||||
Number of vessels charged monthly fixed management fee | Vessel | 4 | |||||||
United [Member] | Commercial Management Agreement [Member] | Seanergy Management [Member] | ||||||||
Transactions with Related Parties [Abstract] | ||||||||
Commercial management fee | 1.25% | 0.75% | ||||||
Percentage of fee on purchase or sale of vessel | 1% | 1% |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash (Details) $ in Thousands | Dec. 31, 2023 USD ($) FinancialInstitution | Dec. 31, 2022 USD ($) FinancialInstitution | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 19,378 | $ 26,027 | ||
Restricted cash | 50 | 1,650 | ||
Restricted cash, non-current | 5,500 | 4,800 | ||
Cash and cash equivalents and restricted cash | 24,928 | 32,477 | $ 45,626 | $ 22,051 |
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 | $ 9,600 | $ 10,700 | ||
Piraeus Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | 2,000 | |||
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 | 2,000 | 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 | 500 | ||
December 2022 Alpha Bank Loan Facility [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | $ 500 | 500 | ||
Championship Cargill Sale and Leaseback [Member] | ||||
Cash and Cash Equivalents and Restricted Cash [Abstract] | ||||
Minimum liquidity requirements per Loan Facility | $ 1,600 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories [Abstract] | ||
Inventories | $ 1,559 | $ 1,995 |
Bunkers [Member] | ||
Inventories [Abstract] | ||
Inventories | 0 | 392 |
Lubricants [Member] | ||
Inventories [Abstract] | ||
Inventories | $ 1,559 | $ 1,603 |
Vessels, Net, Net Book Value (D
Vessels, Net, Net Book Value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Depreciation [Abstract] | |||
Depreciation for the period | $ (24,676) | $ (23,417) | $ (17,151) |
Vessels [Member] | |||
Cost [Abstract] | |||
Beginning balance | 511,516 | 488,049 | |
Additions | 419 | 71,224 | |
Vessel contributed to United Maritime Corporation | 0 | (17,948) | |
Transfer to "Assets held for Sale" | 0 | (29,809) | |
Ending balance | 511,935 | 511,516 | 488,049 |
Accumulated Depreciation [Abstract] | |||
Beginning balance | (77,383) | (61,987) | |
Depreciation for the period | (24,076) | (23,294) | |
Vessel contributed to United Maritime Corporation | 0 | 5,046 | |
Transfer to "Assets held for Sale" | 0 | 2,852 | |
Ending balance | (101,459) | (77,383) | $ (61,987) |
Net book value | $ 410,476 | $ 434,133 |
Vessels, Net, Acquisitions and
Vessels, Net, Acquisitions and Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 27, 2022 | Jun. 27, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2023 | Feb. 10, 2023 | |
Vessels, Net [Abstract] | |||||||
Gain on sale of vessels, net | $ 8,094 | $ 0 | $ 697 | ||||
Paroship [Member] | |||||||
Vessels, Net [Abstract] | |||||||
Additions | $ 31,000 | ||||||
Honorship [Member] | |||||||
Vessels, Net [Abstract] | |||||||
Additions | $ 34,600 | ||||||
Tradership [Member] | |||||||
Vessels, Net [Abstract] | |||||||
Sales price | $ 18,750 | ||||||
Gain on sale of vessels, net | 3,207 | ||||||
Advance payment of received in cash | 6,563 | ||||||
Goodship [Member] | |||||||
Vessels, Net [Abstract] | |||||||
Sales price | $ 17,500 | ||||||
Gain on sale of vessels, net | 4,887 | ||||||
Advance payment of received in cash | 6,125 | ||||||
Capitalized Expenditures for Improvements on Vessels Performance and Meeting Environmental Standards [Member] | |||||||
Vessels, Net [Abstract] | |||||||
Additions | $ 419 | $ 5,624 |
Finance Lease, Right-of-use A_3
Finance Lease, Right-of-use Assets and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Oct. 24, 2023 | May 09, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance Lease, Right-of-use Assets and Finance Lease Liabilities [Abstract] | |||||
Term of bareboat charter agreement | 12 months | ||||
Finance lease prepayments and other initial direct costs | $ 3,500 | $ 3,500 | $ 7,000 | $ 0 | $ 0 |
Daily bareboat rate | 9 | ||||
Purchase price of vessel | $ 20,210 | ||||
Incremental borrowing rate | 5.40% | ||||
Finance lease liability, current | $ 22,388 | 21,778 | 0 | ||
Right-of-use asset | 29,998 | 29,562 | 0 | ||
Initial direct costs | 610 | ||||
Amortization of right-of use asset | 436 | ||||
Interest expense on finance lease liability | $ 219 | 0 | $ 0 | ||
Weighted average remaining lease term | 9 months 21 days | ||||
Annual Lease Payments [Abstract] | |||||
2024 | $ 22,676 | ||||
Total undiscounted lease payments | 22,676 | ||||
Less: Discount based on incremental borrowing rate | (898) | ||||
Present value of finance lease liabilities | 21,778 | ||||
Finance lease liability, current | $ 22,388 | 21,778 | $ 0 | ||
Finance lease liability, non-current | $ 0 |
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, 2023 | Dec. 31, 2022 |
Long-Term Debt and Other Financial Liabilities [Abstract] | ||
Long-term debt | $ 213,711 | $ 235,603 |
Less: Deferred finance costs and debt discounts | (2,921) | (3,727) |
Total debt net of deferred finance costs and debt discounts | 210,790 | 231,876 |
Less - current portion | (31,780) | (35,051) |
Long-term portion | 179,010 | 196,825 |
Debt related to assets held for sale | 0 | 13,100 |
Less: Deferred finance costs | 0 | (110) |
Total | 0 | 12,990 |
Total debt net of deferred finance costs and debt discounts | $ 210,790 | $ 244,866 |
Long-Term Debt and Other Fina_4
Long-Term Debt and Other Financial Liabilities, October 2022 Danish Ship Finance Loan Facility (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Installment | Apr. 18, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 10, 2022 USD ($) Tranche | |
Senior Long-Term Debt [Abstract] | ||||
Balance outstanding | $ 213,711 | $ 235,603 | ||
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 | |||
Balance outstanding | $ 36,060 | |||
October 2022 Danish Ship Finance Loan Facility [Member] | First Six Installments [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Number of consecutive 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 consecutive 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% | |||
Tranche C [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Face amount | $ 15,750 | |||
Term of loan | 5 years | |||
Final balloon payment | $ 2,930 | |||
Interest rate | 2.65% | |||
Adjustment to interest rate | 0.05% | |||
Minimum liquidity required to be maintained | $ 700 | |||
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 | |||
Tranche C [Member] | Eight Installments [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Number of consecutive payment installments | Installment | 8 | |||
Frequency of periodic payment | quarterly | |||
Installment payment | $ 725 | |||
Tranche C [Member] | Last Twelve Installments [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Number of consecutive payment installments | Installment | 12 | |||
Frequency of periodic payment | quarterly | |||
Installment payment | $ 585 | |||
Tranche C [Member] | SOFR [Member] | ||||
Senior Long-Term Debt [Abstract] | ||||
Term of variable rate | 3 months |
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, 2023 USD ($) Installment | Dec. 25, 2023 | Dec. 24, 2023 | Jun. 30, 2023 | Jun. 29, 2023 | Dec. 31, 2022 USD ($) | Jun. 22, 2022 USD ($) | |
Senior Long-Term Debt [Abstract] | |||||||
Balance outstanding | $ 213,711 | $ 235,603 | |||||
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 | ||||||
Corporate leverage ratio | 70% | 85% | |||||
Security cover ratio | 130% | 125% | |||||
Balance outstanding | $ 27,000 | ||||||
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] | SOFR [Member] | |||||||
Senior Long-Term Debt [Abstract] | |||||||
Margin on variable rate | 3% | ||||||
June 2022 Piraeus Bank Loan Facility [Member] | SOFR [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, August 2021 Alpha Bank Loan Facility (Details) $ in Thousands | 12 Months Ended | ||||
Apr. 28, 2023 USD ($) | Dec. 31, 2023 USD ($) Tranche Installment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 09, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | |||||
Prepayment of principal amount | $ 88,742 | $ 89,698 | $ 132,058 | ||
Balance outstanding | $ 213,711 | $ 235,603 | |||
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 | $ 19,615 | ||||
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] | |||||
Prepayment of principal amount | $ 8,506 | ||||
Tranche A [Member] | Seven Installments [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Number of consecutive payment installments | Installment | 7 | ||||
Frequency of periodic payment | quarterly | ||||
Installment payment | $ 601 | ||||
Balloon payment | $ 10,284 | ||||
Tranche A [Member] | SOFR [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Margin on variable rate | 3.55% | ||||
Tranche B [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Prepayment of principal amount | $ 3,470 | ||||
Tranche B [Member] | Last Eight Installments [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Number of consecutive payment installments | Installment | 8 | ||||
Frequency of periodic payment | quarterly | ||||
Installment payment | $ 258 | ||||
Balloon payment | $ 3,918 | ||||
Tranche B [Member] | SOFR [Member] | |||||
Senior Long-Term Debt [Abstract] | |||||
Margin on variable rate | 3.30% |
Long-Term Debt and Other Fina_7
Long-Term Debt and Other Financial Liabilities, Sinopac Loan Facility (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | Dec. 10, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 213,711 | $ 235,603 | |
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 | $ 11,340 | ||
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] | SOFR [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Margin on variable rate | 3.50% |
Long-Term Debt and Other Fina_8
Long-Term Debt and Other Financial Liabilities, June 2022 Alpha Bank Loan Facility (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | Jun. 21, 2022 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 213,711 | $ 235,603 | |
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 | $ 16,000 | ||
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_9
Long-Term Debt and Other Financial Liabilities, December 2022 Alpha Bank Loan Facility (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | Dec. 15, 2022 USD ($) | |
Senior Long-Term Debt [Abstract] | |||
Balance outstanding | $ 213,711 | $ 235,603 | |
Minimum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Term of charterparties used as security for loan facility | 12 months | ||
Maximum [Member] | |||
Senior Long-Term Debt [Abstract] | |||
Term of charterparties used as security for loan facility | 13 months | ||
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 | $ 14,400 | ||
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 Fin_10
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 ($) | Dec. 31, 2023 USD ($) Installment | |
Senior Long-Term Debt [Abstract] | ||
Face amount | $ 16,850 | |
Term of loan | 5 years | |
Balloon payment | $ 6,100 | |
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 | |
LIBOR [Member] | ||
Senior Long-Term Debt [Abstract] | ||
Margin on variable rate | 3.05% | 2.95% |
Long-Term Debt and Other Fin_11
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 28, 2020 | Dec. 31, 2015 | Jul. 03, 2019 | Sep. 11, 2015 | |
Senior Long-Term Debt [Abstract] | ||||||||||||
Proceeds from drawdown | $ 53,750 | $ 124,800 | $ 180,320 | |||||||||
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_12
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, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | |||||
Repayment of long-term debt | $ 88,742,000 | $ 89,698,000 | $ 132,058,000 | ||
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_13
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 15, 2020 | |
Senior Long-Term Debt [Abstract] | ||||||
Proceeds from drawdown | $ 53,750 | $ 124,800 | $ 180,320 | |||
Repayment of long-term debt | 88,742 | 89,698 | $ 132,058 | |||
Balance outstanding | $ 213,711 | $ 235,603 | ||||
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_14
Long-Term Debt and Other Financial Liabilities, ABB Loan Facility (Details) $ in Thousands | 12 Months Ended | |||||||
Feb. 24, 2023 USD ($) | Feb. 09, 2023 USD ($) | Jun. 14, 2021 USD ($) | Apr. 26, 2021 USD ($) | Apr. 22, 2021 USD ($) | Dec. 31, 2023 USD ($) Installment Tranche | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Senior Long-Term Debt [Abstract] | ||||||||
Proceeds from drawdown | $ 53,750 | $ 124,800 | $ 180,320 | |||||
Prepayment of principal amount | $ 88,742 | $ 89,698 | $ 132,058 | |||||
ABB Loan Facility [Member] | ||||||||
Senior Long-Term Debt [Abstract] | ||||||||
Face amount | $ 15,500 | |||||||
Number of tranches | Tranche | 2 | |||||||
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 | |||||||
Prepayment of principal amount | $ 6,100 | |||||||
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 | |||||||
Prepayment of principal amount | $ 6,800 |
Long-Term Debt and Other Fin_15
Long-Term Debt and Other Financial Liabilities, Evahline Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Installment | Mar. 29, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||
Balance outstanding | $ 213,711 | $ 235,603 | |
Evahline Sale and Leaseback [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Financing amount | $ 19,000 | ||
Number of consecutive payment installments | Installment | 72 | ||
Installment payment | $ 264 | ||
Principal repayment term | 6 years | ||
Minimum value maintenance ratio to be maintained | 1.20 | ||
Balance outstanding | $ 16,625 | ||
Evahline Sale and Leaseback [Member] | SOFR [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Term of variable rate | 3 months | ||
Margin on variable rate | 2.80% |
Long-Term Debt and Other Fin_16
Long-Term Debt and Other Financial Liabilities, Village Seven Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Installment | Apr. 24, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||
Balance outstanding | $ 213,711 | $ 235,603 | |
Village Seven Sale and Leaseback [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Face amount | $ 19,000 | ||
Term of charter contract | 4 years 5 months | ||
Purchase price of vessel | $ 7,811 | ||
Number of consecutive payment installments | Installment | 53 | ||
Installment payment | $ 211 | ||
Balance outstanding | $ 17,091 | ||
Village Seven Sale and Leaseback [Member] | SOFR [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Term of variable rate | 3 months | ||
Margin on variable rate | 3% |
Long-Term Debt and Other Fin_17
Long-Term Debt and Other Financial Liabilities, CMBFL Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Installment Affiliate Vessel | Dec. 31, 2022 USD ($) | Jun. 22, 2021 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||
Balance outstanding | $ 213,711 | $ 235,603 | |
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 vessels financed by facility | Vessel | 2 | ||
Number of consecutive payment installments | Installment | 20 | ||
Frequency of periodic payment | quarterly | ||
Installment payment | $ 780 | ||
Balloon payment | 15,300 | ||
Balance outstanding | $ 23,100 | ||
CMBFL Sale and Leaseback [Member] | Maximum [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Corporate leverage ratio | 85% | ||
CMBFL Sale and Leaseback [Member] | SOFR [Member] | |||
Sale and Leaseback Transaction [Abstract] | |||
Margin on variable rate | 3.50% |
Long-Term Debt and Other Fin_18
Long-Term Debt and Other Financial Liabilities, Chugoku Bank Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||||
Mar. 09, 2022 USD ($) | Dec. 31, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 25, 2022 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||||
Proceeds from drawdown | $ 53,750 | $ 124,800 | $ 180,320 | ||
Balance outstanding | $ 213,711 | $ 235,603 | |||
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 | ||||
Purchase price of vessel | 2,388 | ||||
Balance outstanding | $ 17,259 |
Long-Term Debt and Other Fin_19
Long-Term Debt and Other Financial Liabilities, Flagship Cargill Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | May 11, 2021 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||
Other liabilities, non-current | $ 353 | $ 0 | |
Balance outstanding | $ 213,711 | 235,603 | |
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% | ||
Other liabilities, non-current | $ 353 | $ 0 | |
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 | $ 15,221 |
Long-Term Debt and Other Fin_20
Long-Term Debt and Other Financial Liabilities, Hanchen Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||||
Apr. 06, 2023 USD ($) | Jun. 28, 2018 USD ($) | Dec. 31, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||||
Proceeds from sale of vessel | $ 23,910 | $ 0 | $ 0 | ||
Repayment of long-term debt | $ 88,742 | $ 89,698 | $ 132,058 | ||
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 | ||||
Purchase obligation | $ 5,299 | ||||
Number of consecutive payment installments | Installment | 32 | ||||
Frequency of periodic payment | quarterly | ||||
Installment payment | $ 456 | ||||
Balloon payment | $ 5,299 | ||||
Repayment of long-term debt | $ 11,221 | ||||
Hanchen Sale and Leaseback [Member] | LIBOR [Member] | |||||
Sale and Leaseback Transaction [Abstract] | |||||
Margin on variable rate | 4% |
Long-Term Debt and Other Fin_21
Long-Term Debt and Other Financial Liabilities, Championship Cargill Sale and Leaseback (Details) $ in Thousands | 12 Months Ended | ||||
Apr. 24, 2023 USD ($) | Nov. 07, 2018 USD ($) shares | Dec. 31, 2023 USD ($) Installment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Sale and Leaseback Transaction [Abstract] | |||||
Fair value of stock issued | $ 70 | $ 98,218 | |||
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% | ||||
Number of consecutive payment installments | Installment | 60 | ||||
Frequency of periodic payment | monthly | ||||
Installment payment | $ 167 | ||||
Balloon payment | $ 14,051 | ||||
Profit Share Amount | $ 793 | ||||
Washout Amount | 113 | ||||
Purchase price of vessel | $ 15,678 | ||||
Scrubber Tranche [Member] | |||||
Sale and Leaseback Transaction [Abstract] | |||||
Face amount | $ 2,750 |
Long-Term Debt and Other Fin_22
Long-Term Debt and Other Financial Liabilities, Collateral (Details) $ in Thousands | Dec. 31, 2023 USD ($) Vessel |
Vessels Subject to Mortgages [Member] | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Number of vessels serving as collateral | Vessel | 10 |
Net book value | $ | $ 270,022 |
Bareboat Chartered Vessels [Member] | |
Long-Term Debt and Other Financial Liabilities [Abstract] | |
Number of vessels serving as collateral | Vessel | 6 |
Net book value | $ | $ 140,454 |
Long-Term Debt and Other Fin_23
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 | Feb. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 19, 2021 | |
Subordinated Long-Term Debt [Abstract] | ||||||||
Repayment of long-term debt | $ 88,742 | $ 89,698 | $ 132,058 | |||||
Number of units issued (in shares) | 428,571 | |||||||
Number of securities called by each warrant (in shares) | 1 | |||||||
Warrant exercise price (in dollars per share) | $ 7 | $ 30 | ||||||
Share price (in dollars per share) | $ 7 | $ 17 | ||||||
Repayment of subordinated long-term debt by issuance of shares | $ 0 | $ 0 | $ 3,000 | |||||
Pre-Funded Warrant [Member] | ||||||||
Subordinated Long-Term Debt [Abstract] | ||||||||
Number of securities included in each unit (in shares) | 1 | |||||||
Warrant [Member] | ||||||||
Subordinated Long-Term Debt [Abstract] | ||||||||
Number of securities included in each unit (in shares) | 10 | |||||||
Common Stock [Member] | ||||||||
Subordinated Long-Term Debt [Abstract] | ||||||||
Number of securities included in each unit (in shares) | 1 | |||||||
Second JDH Loan [Member] | ||||||||
Subordinated Long-Term Debt [Abstract] | ||||||||
Fair value of option granted | $ 424 | |||||||
Repayment of long-term debt | $ 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_24
Long-Term Debt and Other Financial Liabilities, Annual Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Annual Principal Payments [Abstract] | ||
Twelve-month periods ending December 31, 2024 | $ 32,955 | |
Twelve-month periods ending December 31, 2025 | 44,433 | |
Twelve-month periods ending December 31, 2026 | 76,786 | |
Twelve-month periods ending December 31, 2027 | 43,657 | |
Thereafter | 15,880 | |
Total | $ 213,711 | $ 235,603 |
Convertible Notes, Summary (Det
Convertible Notes, Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Convertible Notes [Abstract] | ||
Convertible notes | $ 213,711 | $ 235,603 |
Total | 0 | 10,833 |
Less - current portion | 0 | (10,833) |
Long-term portion | 0 | 0 |
JDH Notes [Member] | ||
Convertible Notes [Abstract] | ||
Convertible notes | 0 | 11,165 |
Less: Deferred finance costs | 0 | (9) |
Less: Change in fair value of conversion option | $ 0 | $ (323) |
Convertible Notes, Second JDH N
Convertible Notes, Second JDH Note (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Dec. 29, 2023 USD ($) | Jan. 03, 2023 USD ($) | Mar. 10, 2022 USD ($) | Jan. 26, 2022 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Adjustment | Sep. 07, 2015 USD ($) | |
Convertible Notes [Abstract] | ||||||||
Prepayment of convertible notes | $ 11,165 | $ 10,000 | $ 13,950 | |||||
Balance outstanding | 213,711 | 235,603 | ||||||
Convertible notes | 0 | 10,833 | ||||||
Number of adjustments to adopt accounting standard | Adjustment | 2 | |||||||
Additional paid-in capital | 590,129 | 583,691 | ||||||
Accumulated deficit | (361,686) | (361,994) | ||||||
Repayments of convertible notes | 11,165 | 10,000 | $ 13,950 | |||||
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 | |||||||
Prepayment of convertible notes | $ 3,165 | $ 8,000 | $ 5,000 | $ 5,000 | ||||
Balance outstanding | $ 0 | $ 11,165 | ||||||
Notice period to prepay Jelco notes | 5 days | |||||||
Conversion price (in dollars per share) | $ / shares | $ 12 | |||||||
Repayments of convertible notes | $ 3,165 | $ 8,000 | $ 5,000 | $ 5,000 |
Financial Instruments (Details)
Financial Instruments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Financial Instruments [Abstract] | |
Percentage difference between carrying value and fair market value of fixed interest long-term debt | 4% |
Carrying Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 15,221 |
Fair Market Value [Member] | |
Financial Instruments [Abstract] | |
Fixed interest long-term debt | $ 14,613 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2018 EUR (€) | Dec. 31, 2023 USD ($) $ / € | Dec. 31, 2023 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 22, 2020 EUR (€) | Sep. 16, 2020 Extension | |
Future Minimum Contractual Charter Revenue [Abstract] | |||||||
2024 | $ 113,058,000 | ||||||
2025 | 29,954,000 | ||||||
2026 | 5,321,000 | ||||||
Total | 148,333,000 | ||||||
Lease Payments - Office Space [Abstract] | |||||||
Lease term of new office spaces | 5 years | 10 years | |||||
Renewal term of new office spaces | 5 years | 5 years | |||||
Number of extensions | Extension | 2 | ||||||
Monthly rent | € 12,747 | $ 11,100 | € 10,000 | ||||
Prepayment of rent | € | € 250,000 | ||||||
Exchange rate | $ / € | 1.105 | ||||||
Rent expense | $ 166,000 | $ 161,000 | $ 179,000 | ||||
Weighted average discount rate | 6.24% | ||||||
Office Rental Obligations [Abstract] | |||||||
2024 | $ 133,000 | ||||||
2025 | 133,000 | ||||||
2026 | 133,000 | ||||||
2027 | 133,000 | ||||||
Thereafter | 32,000 | ||||||
Total | 564,000 | ||||||
Less: discount based on incremental borrowing rate | (159,000) | ||||||
Present value of operating lease liability | 405,000 | ||||||
Operating lease liability, current | 105,000 | 108,000 | |||||
Operating lease liability, non-current | $ 300,000 | $ 391,000 | |||||
Minimum [Member] | |||||||
Commitments and Contingencies [Abstract] | |||||||
Term of time charter agreements | 9 months | ||||||
Renewal term of time charter agreements | 2 months | ||||||
Maximum [Member] | |||||||
Commitments and Contingencies [Abstract] | |||||||
Term of time charter agreements | 62 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, 2023 USD ($) Vote $ / shares shares | Dec. 31, 2022 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 | 20,000 | |
Preferred stock, shares outstanding (in shares) | 20,000 | 20,000 | |
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 | 20,000 | |
Preferred stock, shares outstanding (in shares) | 20,000 | 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) | Feb. 16, 2023 |
Capital Structure [Abstract] | |
Reverse stock split ratio | 0.1 |
Capital Structure, Common Sto_2
Capital Structure, Common Stock - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||
Nov. 14, 2023 | Aug. 02, 2023 | May 25, 2023 | Mar. 14, 2023 | Nov. 30, 2022 | Aug. 04, 2022 | May 31, 2022 | Mar. 10, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends [Abstract] | |||||||||||
Dividends payable | $ 491 | $ 4,548 | $ 0 | ||||||||
Dividends declared | $ 1,974 | $ 22,472 | |||||||||
Dividend Declared Q3-2023 [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividend payable, date declared | Nov. 13, 2023 | ||||||||||
Dividend payable per share (in dollars per share) | $ 0.025 | ||||||||||
Dividend payable, date to be paid | Jan. 10, 2024 | ||||||||||
Dividend payable, date of record | Dec. 22, 2023 | ||||||||||
Dividend Declared Q3-2023 [Member] | Other Current Liabilities [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividends payable | $ 491 | ||||||||||
Dividend Declared Q2-2023 [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividend payable, date declared | Aug. 02, 2023 | ||||||||||
Dividend payable per share (in dollars per share) | $ 0.025 | ||||||||||
Dividend payable, date to be paid | Oct. 06, 2023 | ||||||||||
Dividend payable, date of record | Sep. 22, 2023 | ||||||||||
Dividends payable | $ 492 | ||||||||||
Dividend Declared Q1-2023 [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividend payable, date declared | May 25, 2023 | ||||||||||
Dividend payable per share (in dollars per share) | $ 0.025 | ||||||||||
Dividend payable, date to be paid | Jul. 06, 2023 | ||||||||||
Dividend payable, date of record | Jun. 22, 2023 | ||||||||||
Dividends payable | $ 491 | ||||||||||
Dividend Declared Q4-2022 [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividend payable, date declared | Mar. 14, 2023 | ||||||||||
Dividend payable per share (in dollars per share) | $ 0.025 | ||||||||||
Dividend payable, date to be paid | Apr. 25, 2023 | ||||||||||
Dividend payable, date of record | Mar. 31, 2023 | ||||||||||
Dividends payable | $ 500 | ||||||||||
Dividend Declared Q3-2022 [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividend payable, date declared | Nov. 29, 2022 | ||||||||||
Dividend payable per share (in dollars per share) | $ 0.25 | ||||||||||
Dividend payable, date to be paid | Jan. 30, 2023 | ||||||||||
Dividend payable, date of record | Dec. 28, 2022 | ||||||||||
Dividend Declared Q3-2022 [Member] | Other Current Liabilities [Member] | |||||||||||
Dividends [Abstract] | |||||||||||
Dividends payable | $ 4,548 | ||||||||||
Dividend Declared 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 to be paid | Oct. 11, 2022 | ||||||||||
Dividend payable, date of record | Sep. 25, 2022 | ||||||||||
Dividends payable | $ 4,548 | ||||||||||
Dividend Declared 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 to be paid | Jul. 14, 2022 | ||||||||||
Dividend payable, date of record | Jun. 28, 2022 | ||||||||||
Dividends payable | $ 4,460 | ||||||||||
Special Dividend Declared 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 to be paid | Apr. 05, 2022 | ||||||||||
Dividend payable, date of record | Mar. 25, 2022 | ||||||||||
Dividends payable | $ 4,458 | ||||||||||
Dividend Declared 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 to be paid | Apr. 05, 2022 | ||||||||||
Dividend payable, date of record | Mar. 25, 2022 | ||||||||||
Dividends payable | $ 4,458 |
Capital Structure, Common Sto_3
Capital Structure, Common Stock - Common Stock Issuances (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Jul. 02, 2021 shares | May 06, 2021 USD ($) shares | Apr. 26, 2021 USD ($) $ / shares shares | Feb. 19, 2021 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 14, 2023 USD ($) | |
Common Stock Issuances [Abstract] | ||||||||
Aggregate offering price | $ | $ 30,000 | |||||||
Gross proceeds | $ | $ 75,055 | $ 8 | $ 70 | $ 98,302 | ||||
Dividend payable (in shares) | 1 | |||||||
Number of shares called by each warrant/Right held (in shares) | 1 | |||||||
Exercise price of Rights (in dollars per share) | $ / shares | $ 7 | $ 30 | ||||||
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 | |||||||
Warrant exercise price (in dollars per share) | $ / shares | 7 | $ 30 | ||||||
Average price of share purchased (in dollars per share) | $ / shares | $ 7 | $ 17 | ||||||
Repayment of subordinated long-term debt by issuance of shares | $ | $ 0 | $ 0 | $ 3,000 | |||||
Issuance of common stock for repayment of subordinated long-term debt (in shares) | 428,571 | |||||||
Sales price (in dollars per share) | $ / shares | $ 7 | $ 17 | ||||||
Net proceeds | $ | $ 69,971 | |||||||
Pre-Funded Warrants [Member] | ||||||||
Common Stock Issuances [Abstract] | ||||||||
Number of securities included in each unit (in shares) | 1 | |||||||
Warrant [Member] | ||||||||
Common Stock Issuances [Abstract] | ||||||||
Number of securities included in each unit (in shares) | 10 | |||||||
Series A Participating Preferred Share [Member] | ||||||||
Common Stock Issuances [Abstract] | ||||||||
Number of shares called by each warrant/Right held (in shares) | 0.001 | |||||||
Common Stock [Member] | ||||||||
Common Stock Issuances [Abstract] | ||||||||
Shares issued (in shares) | 10,000 | 9,238,754 | ||||||
Number of securities included in each unit (in shares) | 1 | |||||||
Issuance of common stock for repayment of subordinated long-term debt (in shares) | 428,571 | |||||||
Second JDH Loan [Member] | ||||||||
Common Stock Issuances [Abstract] | ||||||||
Repayment of subordinated long-term debt by issuance of shares | $ | $ 3,000 | $ 3,000 | ||||||
At-the-Market Offering Program [Member] | ||||||||
Common Stock Issuances [Abstract] | ||||||||
Shares issued (in shares) | 1,099 | |||||||
Gross proceeds | $ | $ 8 | |||||||
Offering expenses | $ | $ 199 | |||||||
Registered Direct Offering [Member] | ||||||||
Common Stock Issuances [Abstract] | ||||||||
Shares issued (in shares) | 4,415,000 |
Capital Structure, Common Sto_4
Capital Structure, Common Stock - Buybacks (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 13, 2023 | Jun. 28, 2022 | |
Buybacks [Abstract] | ||||||
Repurchase of common stock (in shares) | 170,210 | 375,531 | ||||
Average price of repurchased shares (in dollars per share) | $ 9.93 | $ 4.45 | ||||
Repurchase of common stock | $ 1,708 | $ 1,679 | $ 1,708 | |||
Repurchase of common stock (in shares) | 0 | |||||
June 2022 Repurchase Plan [Member] | ||||||
Buybacks [Abstract] | ||||||
Authorized amount under share repurchase plan | $ 5,000 | |||||
December 2023 Repurchase Plan [Member] | ||||||
Buybacks [Abstract] | ||||||
Authorized amount under share repurchase plan | $ 25,000 |
Capital Structure, Warrants (De
Capital Structure, Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jan. 10, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 26, 2021 | |
Warrants [Abstract] | ||||
Exercise price (in dollars per share) | $ 30 | $ 7 | ||
Shares to be issued upon exercise of remaining warrants (in shares) | 476,763 | |||
Class D Warrant [Member] | ||||
Warrants [Abstract] | ||||
Warrants outstanding (in shares) | 4,368,750 | |||
Exercise price (in dollars per share) | $ 13.915 | |||
Shares to be issued upon exercise of remaining warrants (in shares) | 27,304 | |||
Class E Warrant [Member] | ||||
Warrants [Abstract] | ||||
Tender offer price per share (in dollars per share) | $ 0.2 | |||
Number of warrants tendered (in shares) | 4,038,114 | |||
Percentage of warrants tendered | 47% | |||
Warrants outstanding (in shares) | 4,494,599 | 8,532,713 | ||
Exercise price (in dollars per share) | $ 4.915 | |||
Shares issued (in shares) | 10,000 | |||
Warrants exercised (in shares) | 0 | 100,000 | ||
Proceeds from exercise of warrants | $ 70 | |||
Shares to be issued upon exercise of remaining warrants (in shares) | 449,459 |
Vessel Revenue and Voyage Exp_3
Vessel Revenue and Voyage Expenses, Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |||
Demurrage income | $ 0 | $ 0 | $ 800 |
Despatch expense | $ 0 | $ 0 | $ 110 |
Vessel Revenue and Voyage Exp_4
Vessel Revenue and Voyage Expenses, Income Derived from Charters (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation by Revenue Source [Abstract] | |||
Vessel revenues, net of commissions | $ 107,036 | $ 122,629 | $ 153,108 |
Spot Charter [Member] | |||
Disaggregation by Revenue Source [Abstract] | |||
Vessel revenues, net of commissions | 0 | 0 | 28,264 |
Time Charter [Member] | |||
Disaggregation by Revenue Source [Abstract] | |||
Vessel revenues, net of commissions | $ 107,036 | $ 122,629 | $ 124,844 |
Vessel Revenue and Voyage Exp_5
Vessel Revenue and Voyage Expenses, Net Trade Accounts Receivable Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Vessel Revenue and Voyage Expenses [Abstract] | ||
Accounts receivable trade, net | $ 896 | $ 720 |
Current portion of deferred revenue | 2,136 | 2,232 |
Non-current of deferred revenue | $ 254 | $ 35 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customers Accounting for More than 10% of Revenues [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 83% | 74% | 72% |
Customer A [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 28% | 24% | 15% |
Customer B [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 25% | 17% | 23% |
Customer C [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 18% | 18% | 13% |
Customer D [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 12% | 15% | 11% |
Customer E [Member] | |||
Revenue [Abstract] | |||
Concentration risk percentage | 0% | 0% | 10% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Voyage Expenses [Abstract] | |||
Voyage expenses | $ 2,851 | $ 4,293 | $ 16,469 |
Spot Charter [Member] | |||
Voyage Expenses [Abstract] | |||
Voyage expenses | 0 | 0 | 13,465 |
Time Charter [Member] | |||
Voyage Expenses [Abstract] | |||
Voyage expenses | $ 2,851 | $ 4,293 | $ 3,004 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and Finance Costs [Abstract] | |||
Interest on finance lease liability | $ 219 | $ 0 | $ 0 |
Amortization of deferred finance costs and debt discounts | 2,155 | 2,575 | 3,333 |
Amortization of deferred finance costs and debt discounts (shares issued to third party - non-cash) | 86 | 284 | 326 |
Amortization of convertible note beneficial conversion feature (non-cash) | 0 | 0 | 2,887 |
Other | 192 | 170 | 400 |
Total | 20,694 | 15,332 | 17,779 |
Long-Term Debt and Other Financial Liabilities [Member] | |||
Interest and Finance Costs [Abstract] | |||
Interest expense | 17,864 | 11,609 | 8,766 |
Convertible Notes [Member] | |||
Interest and Finance Costs [Abstract] | |||
Interest expense | $ 178 | $ 694 | $ 2,067 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per Share [Abstract] | |||
Net income | $ 2,282 | $ 17,239 | $ 41,348 |
Less: Dividends to non-vested participating securities | (61) | (227) | 0 |
Less: Undistributed earnings to non-vested participating securities | (10) | (105) | 0 |
Net income attributable to common shareholders, basic | 2,211 | 16,907 | 41,348 |
Undistributed earnings to non-vested participating securities | 10 | 105 | 0 |
Undistributed earnings reallocated to non-vested participating securities | (10) | (51) | 0 |
Interest effect of convertible notes | 0 | 0 | 6,473 |
Net income attributable to common shareholders, diluted | $ 2,211 | $ 16,961 | $ 47,821 |
Weighted average common shares outstanding, basic (in shares) | 18,394,419 | 17,439,033 | 15,332,191 |
Effect of Dilutive Securities [Abstract] | |||
Warrants (in shares) | 48,269 | 245,015 | 541,009 |
Non-vested participating securities (in shares) | 0 | 0 | 169,522 |
Convertible notes shares (in shares) | 0 | 0 | 3,091,031 |
Weighted average common shares outstanding, diluted (in shares) | 18,442,688 | 17,684,048 | 19,133,753 |
Net income per share attributable to common shareholders, basic (in dollars per share) | $ 0.12 | $ 0.97 | $ 2.7 |
Net income per share attributable to common shareholders, diluted (in dollars per share) | $ 0.12 | $ 0.96 | $ 2.5 |
Non-vested participating shares (in shares) | 607,580 | 294,231 | |
Out-of-the-Money Warrants [Member] | |||
Earnings per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 38,332 | 81,230 | |
Convertible Notes [Member] | |||
Earnings per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 930,416 |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||
Oct. 01, 2024 | Oct. 01, 2023 | Mar. 27, 2023 | Oct. 01, 2022 | Jul. 08, 2022 | Jan. 12, 2022 | Oct. 01, 2021 | Aug. 02, 2021 | Jan. 18, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and Administrative Expenses [Member] | Board of Directors and Certain Employees [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Stock-based compensation expense | $ 8,852 | $ 6,973 | $ 4,907 | |||||||||
Voyage Expenses [Member] | Non-Employee [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Stock-based compensation expense | 295 | 212 | $ 190 | |||||||||
Restricted Stock [Member] | ||||||||||||
Unrecognized Cost for Non-vested Shares [Abstract] | ||||||||||||
Unrecognized cost for non-vested shares | $ 1,572 | $ 1,200 | ||||||||||
Recognition period for unrecognized cost for non-vested shares | 9 months | |||||||||||
Equity Incentive Plan [Member] | ||||||||||||
Equity Incentive Plan [Abstract] | ||||||||||||
Shares reserved for issuance (in shares) | 550,000 | 400,000 | ||||||||||
Equity Incentive Plan [Member] | Awarded March 27, 2023 [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Forfeited (in shares) | (333) | |||||||||||
Equity Incentive Plan [Member] | Awarded January 12, 2022 [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Forfeited (in shares) | (666) | |||||||||||
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) | 294,231 | 223,330 | ||||||||||
Granted (in shares) | 1,823,800 | 883,700 | ||||||||||
Vested (in shares) | (1,510,118) | (812,133) | ||||||||||
Forfeited (in shares) | (333) | (666) | ||||||||||
Outstanding at end of year (in shares) | 607,580 | 294,231 | 223,330 | |||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Outstanding at beginning of year (in dollars per share) | $ 7.32 | $ 7.88 | ||||||||||
Granted (in dollars per share) | 5.22 | 8.23 | ||||||||||
Vested (in dollars per share) | 5.81 | 8.46 | ||||||||||
Forfeited (in dollars per share) | 5.22 | 9.1 | ||||||||||
Outstanding at end of year (in dollars per share) | $ 4.78 | $ 7.32 | $ 7.88 | |||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 1,823,800 | |||||||||||
Vested (in shares) | (607,913) | (607,974) | ||||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Granted (in dollars per share) | $ 5.22 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Plan [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Vested (in shares) | (607,580) | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Non-Executive Members of Board of Directors and Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 1,330,000 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded March 27, 2023 [Member] | Non-Executive Employees and Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 493,800 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded July 8, 2022 [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) | (116,665) | (116,670) | |||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Granted (in dollars per share) | $ 6.9 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded July 8, 2022 [Member] | Non-Executive Members of Board of Directors and Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 245,000 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded July 8, 2022 [Member] | Non-Executive Employees and Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 105,000 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded January 12, 2022 [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 533,700 | |||||||||||
Vested (in shares) | (177,566) | (177,566) | (177,902) | |||||||||
Weighted Average Grant Date Price [Roll Forward] | ||||||||||||
Granted (in dollars per share) | $ 9.1 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded January 12, 2022 [Member] | Non-Executive Members of Board of Directors and Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 330,000 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded January 12, 2022 [Member] | Non-Executive Employees and Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 203,700 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded August 2, 2021 [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] | Restricted Stock [Member] | Awarded August 2, 2021 [Member] | Non-Executive Members of Board of Directors and Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 218,500 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded August 2, 2021 [Member] | Non-Executive Employees and Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 91,500 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded January 18, 2021 [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] | Restricted Stock [Member] | Awarded January 18, 2021 [Member] | Non-Executive Members of Board of Directors and Executive Officers [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 235,000 | |||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | Awarded January 18, 2021 [Member] | Non-Executive Employees and Non-Employee [Member] | ||||||||||||
Number of Shares [Roll Forward] | ||||||||||||
Granted (in shares) | 125,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 26, 2025 shares | Mar. 27, 2025 shares | Sep. 27, 2024 shares | Mar. 27, 2024 $ / shares shares | Mar. 18, 2024 USD ($) | Mar. 05, 2024 $ / shares | Feb. 05, 2024 USD ($) t | Jan. 10, 2024 $ / shares | Nov. 14, 2023 $ / shares | Apr. 03, 2024 USD ($) shares | Dec. 31, 2021 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Mar. 29, 2024 shares | Jan. 12, 2022 shares | Aug. 02, 2021 shares | Jan. 18, 2021 shares | |
Subsequent Events [Abstract] | ||||||||||||||||||
Advance payment | $ | $ 314 | $ 70,321 | $ 197,214 | |||||||||||||||
Repurchase of common stock (in shares) | 170,210 | 375,531 | ||||||||||||||||
Repurchase of common stock | $ | $ 1,679 | $ 0 | $ 1,708 | |||||||||||||||
Equity Incentive Plan [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Shares reserved for issuance (in shares) | 550,000 | 400,000 | ||||||||||||||||
Equity Incentive Plan [Member] | Restricted Stock [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Shares reserved for issuance (in shares) | 350,000 | |||||||||||||||||
Shares granted (in shares) | 1,823,800 | 883,700 | ||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 5.22 | $ 8.23 | ||||||||||||||||
Shares vested (in shares) | 1,510,118 | 812,133 | ||||||||||||||||
At-the-Market Offering Program [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Shares issued (in shares) | 1,099 | |||||||||||||||||
Plan [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2024 [Member] | Restricted Stock [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Shares vested (in shares) | 144,000 | 108,000 | 143,250 | |||||||||||||||
Class E Warrants [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Warrants exercised (in shares) | 0 | 100,000 | ||||||||||||||||
Proceeds from exercise of warrants | $ | $ 70 | |||||||||||||||||
Warrants outstanding (in shares) | 4,494,599 | 8,532,713 | ||||||||||||||||
Shares issued (in shares) | 10,000 | |||||||||||||||||
Dividend Declared Q3-2023 [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Dividend payable, date declared | Nov. 13, 2023 | |||||||||||||||||
Dividend payable per share (in dollars per share) | $ / shares | $ 0.025 | |||||||||||||||||
Dividend payable, date to be paid | Jan. 10, 2024 | |||||||||||||||||
Dividend payable, date of record | Dec. 22, 2023 | |||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Shares reserved for issuance (in shares) | 550,000 | |||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2024 [Member] | Restricted Stock [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Shares reserved for issuance (in shares) | 502,500 | |||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 8.42 | |||||||||||||||||
Shares vested (in shares) | 107,250 | |||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2024 [Member] | Restricted Stock [Member] | Non-Executive Members of Board of Directors and Executive Officers [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Shares granted (in shares) | 285,000 | |||||||||||||||||
Subsequent Event [Member] | Equity Incentive Plan [Member] | Awarded March 27, 2024 [Member] | Restricted Stock [Member] | Non-Executive Employees and Non-Employee [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Shares granted (in shares) | 217,500 | |||||||||||||||||
Subsequent Event [Member] | December 2023 Repurchase Plan [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Repurchase of common stock (in shares) | 115,312 | |||||||||||||||||
Repurchase of common stock | $ | $ 843 | |||||||||||||||||
Subsequent Event [Member] | At-the-Market Offering Program [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Shares issued (in shares) | 308,535 | |||||||||||||||||
Gross proceeds | $ | $ 2,503 | |||||||||||||||||
Subsequent Event [Member] | Class E Warrants [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Warrants exercised (in shares) | 1,800,000 | |||||||||||||||||
Proceeds from exercise of warrants | $ | $ 885 | |||||||||||||||||
Warrants outstanding (in shares) | 2,694,599 | |||||||||||||||||
Subsequent Event [Member] | Iconship [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Vessel capacity | t | 181,392 | |||||||||||||||||
Purchase price | $ | $ 33,660 | |||||||||||||||||
Subsequent Event [Member] | Vessel Built at Japanese Shipyard [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Purchase price | $ | $ 35,600 | |||||||||||||||||
Advance payment | $ | $ 4,450 | |||||||||||||||||
Subsequent Event [Member] | Dividend Declared Q3-2023 [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Dividend payable per share (in dollars per share) | $ / shares | $ 0.025 | |||||||||||||||||
Dividend payable, date to be paid | Jan. 10, 2024 | |||||||||||||||||
Dividend payable, date of record | Dec. 22, 2023 | |||||||||||||||||
Subsequent Event [Member] | Dividend Declared Q4-2023 [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Dividend payable, date declared | Mar. 05, 2024 | |||||||||||||||||
Dividend payable per share (in dollars per share) | $ / shares | $ 0.025 | |||||||||||||||||
Dividend payable, date to be paid | Apr. 10, 2024 | |||||||||||||||||
Dividend payable, date of record | Mar. 22, 2024 | |||||||||||||||||
Subsequent Event [Member] | Special Dividend [Member] | ||||||||||||||||||
Subsequent Events [Abstract] | ||||||||||||||||||
Dividend payable, date declared | Mar. 05, 2024 | |||||||||||||||||
Dividend payable per share (in dollars per share) | $ / shares | $ 0.075 | |||||||||||||||||
Dividend payable, date to be paid | Apr. 10, 2024 | |||||||||||||||||
Dividend payable, date of record | Mar. 22, 2024 |