Performance Shipping (PSHG) 20-F 28 Mar 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Entity Addresses [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	001-35025
Entity Registrant Name	PERFORMANCE SHIPPING INC.
Entity Central Index Key	0001481241
Entity Incorporation, State or Country Code	1T
Entity Address, Address Line One	373 Syngrou Avenue
Entity Address, Address Line Two	Palaio Faliro
Entity Address, Postal Zip Code	175 64
Entity Address, City or Town	Athens
Entity Address, Country	GR
Title of 12(b) Security	Common shares, $0.01 par value, including the Preferred stock purchase rights
Trading Symbol	PSHG
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	12,279,676
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Firm ID	1457
Auditor Name	Ernst & Young (Hellas) Certified Auditors Accountants S.A.
Auditor Location	Athens, Greece
Series B Convertible Cumulative Perpetual Preferred Stock [Member]
Entity Addresses [Line Items]
Entity Common Stock, Shares Outstanding	50,726
Series C Convertible Cumulative Redeemable Perpetual Preferred Stock [Member]
Entity Addresses [Line Items]
Entity Common Stock, Shares Outstanding	1,428,372
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	373 Syngrou Avenue
Entity Address, Address Line Two	Palaio Faliro
Entity Address, Postal Zip Code	175 64
Entity Address, City or Town	Athens
Entity Address, Country	GR
Contact Personnel Name	Mr. Andreas Michalopoulos
Country Region	30
City Area Code	216
Local Phone Number	600-2400
Contact Personnel Fax Number	600-2599
Contact Personnel Email Address	amichalopoulos@pshipping.com

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents (Note 2 (e))	$ 67,267	$ 38,726
Accounts receivable, net of provision for credit losses (Notes 2 (g), (h) and 3)	8,280	9,110
Deferred voyage expenses (Note 2 (n))	0	20
Inventories (Note 2 (i))	2,203	3,037
Prepaid expenses and other assets	2,164	2,524
Current assets from discontinued operations (Note 2 (y))	0	46
Total current assets	79,914	53,463
FIXED ASSETS:
Advances for vessels under construction and other vessels' costs (Note 5)	11,303	0
Vessels, net (Notes 2 (j), (k), (l) and 6)	202,108	236,607
Property and equipment, net	44	72
Total fixed assets	213,455	236,679
NON-CURRENT ASSETS:
Restricted cash, non-current (Notes 2 (f) and 7)	1,000	1,000
Right of use asset under operating leases (Note 8)	99	163
Deferred charges, net (Note 2 (p))	1,798	1,098
Other non-current assets (Notes 2 (j) and 6)	0	522
Prepaid charter revenue	0	54
Total non-current assets	2,897	2,837
Total assets	296,266	292,979
CURRENT LIABILITIES:
Current portion of long-term bank debt, net of unamortized deferred fin. costs (Note 7)	7,427	16,746
Accounts payable, trade and other	4,630	4,580
Due to related parties (Note 4)	$ 245	$ 335
Other Liability, Current, Related Party, Type [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accrued liabilities	$ 2,976	$ 2,889
Deferred revenue (Note 3)	0	1,378
Lease liabilities, current (Note 8)	66	73
Current liabilities from discontinued operations (Note 2 (y))	0	98
Total current liabilities	15,344	26,099
LONG-TERM LIABILITIES:
Long-term bank debt, net of unamortized deferred financing costs (Note 7)	47,459	110,929
Other liabilities, non-current	214	156
Long-term lease liabilities (Note 8)	33	90
Commitments and contingencies (Note 8)	0	0
Fair value of warrants' liability (Note 9)	32	0
Total long-term liabilities	47,738	111,175
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 25,000,000 shares authorized, 50,726 and 136,261 Series B, and 1,428,372 and 1,314,792 Series C issued and outstanding as at December 31, 2023 and 2022, respectively (Note 9)	15	15
Common stock, $0.01 par value; 500,000,000 shares authorized; 12,279,676 and 4,187,588 issued and outstanding as at December 31, 2023 and 2022, respectively (Note 9)	123	42
Additional paid-in capital (Note 9)	534,112	513,623
Other comprehensive income	49	66
Accumulated deficit	(301,115)	(358,041)
Total stockholders' equity	233,184	155,705
Total liabilities and stockholders' equity	$ 296,266	$ 292,979

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	12,279,676	4,187,588
Common stock, shares outstanding (in shares)	12,279,676	4,187,588
Series B Preferred Stock [Member]
STOCKHOLDERS' EQUITY:
Preferred stock, shares authorized (in shares)	1,200,000
Preferred stock, shares issued (in shares)	50,726	136,261
Preferred stock, shares outstanding (in shares)	50,726	136,261
Series C Preferred Stock [Member]
STOCKHOLDERS' EQUITY:
Preferred stock, shares authorized (in shares)	1,587,314
Preferred stock, shares issued (in shares)	1,428,372	1,314,792
Preferred stock, shares outstanding (in shares)	1,428,372	1,314,792

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE:
Revenue (Notes 2 (n) and 3)	$ 108,938	$ 75,173	$ 36,491
EXPENSES:
Voyage expenses (Note 2 (n))	4,358	14,861	19,205
Vessel operating expenses (Notes 2 (r) and 12)	21,866	13,828	12,301
Depreciation and amortization of deferred charges (Notes 2 (k), (p) and 6)	14,793	9,281	7,472
General and administrative expenses (Notes 4, 8 and 9)	8,042	6,751	5,782
Gain on vessel's sale (Note 6)	(15,683)	(9,543)	0
(Reversal) / Provision for credit losses and write offs (Notes 2 (h) and 3)	(37)	33	160
Foreign currency (gains) / losses (Note 2 (d))	64	(20)	31
Operating income / (loss)	75,535	39,982	(8,460)
OTHER INCOME / (EXPENSES)
Interest and finance costs (Notes 4, 7, 9 and 10)	(9,598)	(3,966)	(1,801)
Loss from debt extinguishment (Notes 2 (q) and 7)	(387)	0	0
Interest income	3,302	284	18
Gain from property sale (Note 4)	0	0	137
Changes in fair value of warrants' liability (Note 9)	561	0	0
Total other expenses, net	(6,122)	(3,682)	(1,646)
Net income/ (loss) from continuing operations	69,413	36,300	(10,106)
Income allocated to participating securities (Note 11)	(2)	(6)	0
Deemed dividend on Series B preferred stock upon exchange of common stock (Notes 9 and 11)	0	(9,271)	0
Deemed dividend on Series C preferred stock upon exchange of Series B preferred stock and re-acquisition of loan due to a related party (Notes 9 and 11)	0	(6,944)	0
Deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature (Notes 9 and 11)	(9,809)	(5,930)	0
Deemed dividend to the July and August 2022 warrants' holders due to triggering of a down-round feature (Notes 9 and 11)	(789)	(1,116)	0
Dividends on preferred stock (Note 11)	(1,889)	(1,030)	0
Net income / (loss) attributable to common stockholders from continuing operations	56,924	12,003	(10,106)
Net income attributable to common stockholders from discontinued operations	0	0	400
Total net income / (loss) attributable to common stockholders	$ 56,924	$ 12,003	$ (9,706)
Earnings / (Loss) per common share, basic, continuing operations (Note 11) (in dollars per share)	$ 5.43	$ 6.49	$ (30.16)
Earnings / (Loss) per common share, diluted, continuing operations (Note 11) (in dollars per share)	1.91	3.02	(30.16)
Earnings per common share, basic, discontinued operations (Note 11) (in dollars per share)	0	0	1.19
Earnings per common share, diluted, discontinued operations (Note 11) (in dollars per share)	0	0	1.19
Earnings / (Loss) per common share, basic, total (Note 11) (in dollars per share)	5.43	6.49	(28.97)
Earnings / (Loss) per common share, diluted, total (Note 11) (in dollars per share)	$ 1.91	$ 3.02	$ (28.97)
Weighted average number of common shares, basic (Note 11) (in shares)	10,491,316	1,850,072	335,086
Weighted average number of common shares, diluted (Note 11) (in shares)	35,539,671	6,447,710	335,086

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Income [Abstract]
Net income / (loss) from continuing and discontinued operations	$ 69,413	$ 36,300	$ (9,706)
Other comprehensive income / (loss) (Actuarial gain / (loss))	(17)	68	(10)
Comprehensive income / (loss) from continuing and discontinued operations	$ 69,396	$ 36,368	$ (9,716)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Common Stock [Member] July Warrants [Member]	Common Stock [Member] August Warrants [Member]	Common Stock [Member] Series B Warrants [Member]	Preferred Stock [Member]	Preferred Stock [Member] July Warrants [Member]	Preferred Stock [Member] August Warrants [Member]	Preferred Stock [Member] Series B Warrants [Member]	Preferred Stock [Member] Series B Preferred Stock [Member]	Preferred Stock [Member] Series C Preferred Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member] July Warrants [Member]	Additional Paid-in Capital [Member] August Warrants [Member]	Additional Paid-in Capital [Member] Series B Warrants [Member]	Additional Paid-in Capital [Member] Series B Preferred Stock [Member]	Additional Paid-in Capital [Member] Series C Preferred Stock [Member]	Other Comprehensive Income / (Loss) [Member]	Other Comprehensive Income / (Loss) [Member] July Warrants [Member]	Other Comprehensive Income / (Loss) [Member] August Warrants [Member]	Other Comprehensive Income / (Loss) [Member] Series B Warrants [Member]	Other Comprehensive Income / (Loss) [Member] Series B Preferred Stock [Member]	Other Comprehensive Income / (Loss) [Member] Series C Preferred Stock [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] July Warrants [Member]	Accumulated Deficit [Member] August Warrants [Member]	Accumulated Deficit [Member] Series B Warrants [Member]	Accumulated Deficit [Member] Series B Preferred Stock [Member]	Accumulated Deficit [Member] Series C Preferred Stock [Member]	Total	July Warrants [Member]	August Warrants [Member]	Series B Warrants [Member]	Series B Preferred Stock [Member]	Series C Preferred Stock [Member]
Balance (in shares) at Dec. 31, 2020	337,500								0	0
Balance at Dec. 31, 2020	$ 3				$ 0						$ 457,219						$ 8						$ (360,433)						$ 96,797
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 0				0						0						0						(9,706)						(9,706)
Compensation cost on restricted stock and stock option awards (Note 9) (in shares)	0								0	0
Compensation cost on restricted stock and stock option awards (Note 9)	$ 0				0						268						0						0						268
Actuarial (loss) gain	$ 0				0						0						(10)						0						(10)
Balance (in shares) at Dec. 31, 2021	337,500								0	0
Balance at Dec. 31, 2021	$ 3				0						457,487						(2)						(370,139)						87,349
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 0				0						0						0						36,300						36,300
Compensation cost on restricted stock and stock option awards (Note 9) (in shares)	0								0	0
Compensation cost on restricted stock and stock option awards (Note 9)	$ 0				0						107						0						0						107
Common shares exchanged for Series B preferred shares (Note 9) (in shares)	(188,974)
Common shares exchanged for Series B preferred shares (Note 9) (in shares)									793,657
Common shares exchanged for Series B preferred shares (Note 9)	$ (1)				8						9,264						0						(9,271)						0
Issuance of common stock under ATM program, net of issuance costs (Note 9) (in shares)	175,507								0	0
Issuance of common stock under ATM program, net of issuance costs (Note 9)	$ 2				0						1,786						0						0						1,788
Issuance of units, net of issuance costs (Note 9) (in shares)	508,000								0	0
Issuance of units, net of issuance costs (Note 9)	$ 5				0						7,121						0						0						7,126
Issuance of common stock and warrants, net of issuance costs (Note 9) (in shares)		1,133,333	2,222,222
Issuance of common stock and warrants, net of issuance costs (Note 9)		$ 11	$ 22		0							$ 5,260	$ 13,685					$ 0	$ 0					$ 0	$ 0					$ 5,271	$ 13,707
Series B preferred shares exchanged for Series C preferred shares and re-acquisition of loan due to a related party (Note 9) (in shares)									(657,396)
Series B preferred shares exchanged for Series C preferred shares and re-acquisition of loan due to a related party (Note 9) (in shares)										1,314,792
Series B preferred shares exchanged for Series C preferred shares and re-acquisition of loan due to a related party (Note 9)	0				7						11,867						0						(6,944)						4,930
Series B preferred shares exchanged for Series C preferred shares (Note 9) (in shares)									(657,396)
Actuarial (loss) gain	0				0						0						68						0						68
Deemed dividend to the warrants holders due to triggering of a down-round feature (Note 9)		0	0			$ 0	$ 0					214	902					0	0					(214)	(902)					0	0
Deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature (Note 9)	$ 0				0						5,930						0						(5,930)						0
Dividends declared and paid									$ 0	$ 0					$ 0	$ 0					$ 0	$ 0					$ (530)	$ (411)					$ (530)	$ (411)
Balance (in shares) at Dec. 31, 2022	4,187,588								136,261	1,314,792
Balance at Dec. 31, 2022	$ 42				15						513,623						66						(358,041)						155,705
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 0				0						0						0						69,413						69,413
Compensation cost on restricted stock and stock option awards (Note 9) (in shares)	0								0	0
Compensation cost on restricted stock and stock option awards (Note 9)	$ 0				0						52						0						0						52
Issuance of common stock under ATM program, net of issuance costs (Note 9) (in shares)	224,817								0	0
Issuance of common stock under ATM program, net of issuance costs (Note 9)	$ 2				0						671						0						0						673
Issuance of common stock and warrants, net of issuance costs (Note 9) (in shares)				5,556,000
Issuance of common stock and warrants, net of issuance costs (Note 9)				$ 56				$ 0						$ 7,713						$ 0						$ 0						$ 7,769
Alternative cashless exercise of Series A warrants (Note 9) (in shares)	3,597,100								0	0
Alternative cashless exercise of Series A warrants (Note 9)	$ 36				0						3,379						0						0						3,415
Series B preferred shares exchanged for Series C preferred shares and re-acquisition of loan due to a related party (Note 9) (in shares)									(85,535)
Exercise of July 2022 and August 2022 warrants (Note 9) (in shares)	200,000								0	0
Exercise of July 2022 and August 2022 warrants (Note 9)	$ 2				0						328						0						0						330
Series B preferred shares exchanged for Series C preferred shares (Note 9) (in shares)									(85,535)
Series B preferred shares exchanged for Series C preferred shares (Note 9) (in shares)										171,070
Series B preferred shares exchanged for Series C preferred shares (Note 9)	$ 0				0						482						0						0						482
Series C preferred shares converted to common shares (Note 9) (in shares)	1,064,207
Series C preferred shares converted to common shares (Note 9) (in shares)										(57,490)
Series C preferred shares converted to common shares (Note 9)	$ 11				0						(11)						0						0						0
Repurchase and retirement of common stock (Note 9) (in shares)	(2,550,036)								0	0
Repurchase and retirement of common stock (Note 9)	$ (26)				0						(2,723)						0						0						(2,749)
Actuarial (loss) gain	0				0						0						(17)						0						(17)
Deemed dividend to the warrants holders due to triggering of a down-round feature (Note 9)		$ 0	$ 0			$ 0	$ 0					$ 256	$ 533					$ 0	$ 0					$ (256)	$ (533)					$ 0	$ 0
Deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature (Note 9)	$ 0				0						9,809						0						(9,809)						0
Dividends declared and paid									$ 0	$ 0					$ 0	$ 0					$ 0	$ 0					$ (55)	$ (1,834)					$ (55)	$ (1,834)
Balance (in shares) at Dec. 31, 2023	12,279,676								50,726	1,428,372
Balance at Dec. 31, 2023	$ 123				$ 15						$ 534,112						$ 49						$ (301,115)						$ 233,184

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Series B Preferred Stock [Member]
Dividends per share (in dollars per share)	$ 1	$ 0.875
Series C Preferred Stock [Member]
Dividends per share (in dollars per share)	$ 1.25	$ 0.3125

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Cash Flows provided by / (used in) Operating Activities:
Net income / (loss)	$ 69,413	$ 36,300	$ (9,706)
Adjustments to reconcile net income / (loss) to net cash provided by operating activities:
Depreciation and amortization of deferred charges (Note 6)	14,793	9,281	7,472
Amortization of deferred financing costs	244	402	143
Financing costs	340	0	0
Changes in fair value of warrants' liability	(561)	0	0
Amortization of prepaid charter revenue	54	(54)	0
Gain on vessel's sale (Note 6)	(15,683)	(9,543)	0
Gain from property sale	0	0	(137)
Compensation cost on restricted stock and stock option awards (Note 9)	52	107	268
Loss from debt extinguishment	387	0	0
Actuarial gain / (loss)	(17)	68	(10)
(Increase) / Decrease in:
Accounts receivable	830	(5,318)	(196)
Deferred voyage expenses	20	38	17
Inventories	834	1,249	(2,305)
Prepaid expenses and other assets	406	(854)	(319)
Right of use asset under operating leases	64	(79)	100
Other non-current assets	72	189	(261)
Increase / (Decrease) in:
Accounts payable, trade and other	16	(293)	3,233
Due to related parties	(90)	208	59
Accrued liabilities	87	1,592	84
Deferred revenue	(1,378)	1,378	0
Other liabilities, non-current	58	(106)	11
Lease liabilities under operating leases	(64)	79	(100)
Drydock costs	(1,922)	(797)	(1,476)
Net Cash provided by / (used in) Operating Activities	67,955	33,847	(3,123)
Cash Flows provided by / (used in) Investing Activities:
Advances for vessels under construction and other vessel costs (Note 5)	(11,303)	0	0
Vessel acquisitions and other vessels' costs (Note 6)	(64)	(143,440)	0
Proceeds from sale of vessels, net of expenses (Note 6)	37,636	32,626	0
Proceeds from sale of property, net of expenses	0	0	1,015
Payments for vessels' improvements (Note 6)	(510)	(2,109)	(1,777)
Property and equipment additions	(38)	(27)	(8)
Net Cash provided by / (used in) Investing Activities	25,721	(112,950)	(770)
Cash Flows (used in) / provided by Financing Activities:
Proceeds from related party loans	0	5,000	0
Proceeds from long-term bank debt (Note 7)	2,141	108,633	0
Repayments of related party loans	0	(70)	0
Repayments / Prepayments of long-term bank debt (Note 7)	(75,421)	(30,327)	(7,911)
Issuance of units, common stock and warrants, net of issuance costs (Note 9)	11,438	26,104	0
Proceeds from exercise of Series A warrants (Note 9)	330	0	0
Issuance of preferred stock, net of expenses (Note 9)	482	0	0
Common shares re-purchase and retirement, including expenses (Note 9)	(2,749)	0	0
Issuance of common stock under ATM program, net of issuance costs (Note 9)	673	1,788	0
Payments of financing costs (Note 7)	(140)	(932)	0
Cash dividends (Note 11)	(1,889)	(941)	0
Net Cash (used in) / provided by Financing Activities	(65,135)	109,255	(7,911)
Net increase / (decrease) in cash, cash equivalents and restricted cash	28,541	30,152	(11,804)
Cash, cash equivalents and restricted cash at beginning of the year	39,726	9,574	21,378
Cash, cash equivalents and restricted cash at the end of the year	68,267	39,726	9,574
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents at the end of the year	67,267	38,726	9,574
Restricted cash at the end of the year	1,000	1,000	0
Cash, cash equivalents and restricted cash at the end of the year	68,267	39,726	9,574
SUPPLEMENTAL CASH FLOW INFORMATION
Alternative cashless exercise of Series A warrants (Note 9)	3,415	0	0
Non-cash extinguishment of a related party debt through the issuance of Series C preferred shares (Note 9)	0	4,930	0
Non-cash investing activities	0	64	999
Interest payments, net of capitalized amounts	$ 9,135	$ 3,123	$ 1,608

General Information

General Information	12 Months Ended
	Dec. 31, 2023
General Information [Abstract]
General Information	1. General Information Company’s identity The accompanying consolidated financial statements include the accounts of Performance Shipping Inc. (or “Performance”) and its wholly-owned subsidiaries (collectively, the “Company”). Performance was incorporated as Diana Containerships Inc. on January 7, 2010, under the laws of the Republic of the Marshall Islands for the purpose of engaging in any lawful act or activity under the Marshall Islands Business Corporations Act. On February 19, 2019, the Company’s Annual Meeting of Shareholders approved an amendment to the Company’s Amended and Restated Articles of Incorporation to change the name of the Company from “Diana Containerships Inc.” to “Performance Shipping Inc.”, which was effected on February 25, 2019. The Company’s common shares trade on the Nasdaq Capital Market under the ticker symbol “PSHG”. The Company is a global provider of shipping transportation services through the ownership of tanker vessels, while it owned container vessels since its incorporation through August 2020. The Company operates its fleet through Unitized Ocean Transport Limited (the “Manager” or “UOT”), a wholly-owned subsidiary. The fees payable to UOT are eliminated in consolidation as intercompany transactions. Financial Statements’ presentation Following the sale of all Company’s container vessels in 2020, the Company’s results of operations of the container vessels in 2021, as well as their assets and liabilities as of December 31, 2022, are reported as discontinued operations in the accompanying consolidated financial statements. For the statement of cash flows of 2021, the Company elected the alternative of combining cash flows from discontinued operations with cash flows from continuing operations within each cash flow statement category, and as such, no separate disclosure of cash flows from discontinued operations is presented in the statement of cash flows. Furthermore, effective November 15, 2022, the Company effected a one-for-fifteen Other matters Global public health threats, such as the outbreak of the novel coronavirus (“COVID-19”) and its variants, have the potential to, among other things, disrupt global financial markets and economic conditions reducing the global demand for oil and oil products, which the Company’s vessels transport and adversely impact our operations, the timing of completion of any future newbuilding projects, and the operations of our charterers and other customers. During the years ended December 31, 2022 and 2021, the Company incurred increased costs as a result of the restrictions imposed in various jurisdictions creating delays and additional complexities with respect to port calls and crew rotations. As of December 31, 2023, and during 2023, the Company’s financial results have not been adversely affected from the impact of COVID. Given the dynamic nature of these circumstances, the full extent to which the COVID-19 global pandemic may have direct or indirect impact on the Company’s business and the related financial reporting implications cannot be reasonably estimated at this time, although it could materially affect the Company’s business, results of operations and financial condition in the future. Various macroeconomic factors, including rising inflation, higher interest rates, global supply chain constraints, and the effects of overall economic conditions and uncertainties could adversely affect our results of operations, financial condition, and ability to pay dividends. In addition, the Company’s revenues are impacted by fluctuations in spot charter rates for Aframax tankers. During the year ended December 31, 2021, the Company’s revenue came under pressure due to record OPEC+ oil production cuts and lower production from other oil producing countries, which reduced crude exports, and the unwinding of floating storage and the delivery of newbuilding vessels to the world tanker fleet. However, during the years ended December 31, 2022 and 2023, the Company’s revenues improved due to strength in spot charter rates on account of higher OPEC+ production and increased ton mile due to the sanctions imposed on Russian crude oil exports as a consequence of the ongoing war between Russia and Ukraine. The world economy continues to face a number of actual and potential challenges, including the war between Ukraine and Russia and between Israel and Hamas, tensions in and around the Red Sea and between Russia and NATO, China and Taiwan disputes, United States and China trade relations, instability between Iran and the West, hostilities between the United States and North Korea, and political unrest and conflict in the Middle East, the South China Sea region, and other geographic countries and areas. In particular, the ongoing war between Russia and the Ukraine has disrupted supply chains and caused instability in the global economy, while the United States, the United Kingdom, and the European Union, among other countries, announced unprecedented economic sanctions and other penalties against certain persons, entities, and activities connected to Russia, including sanctions targeting the Russian oil sector, among those a prohibition on the import of oil from Russia to the United States. The ongoing war could result in the imposition of further economic sanctions against Russia and, given Russia’s role as a major global exporter of crude oil, the Company’s business may be adversely impacted. Currently, none of the Company’s contracts have been affected by the events in Russia and Ukraine. As of December 31, 2023, and during the year ended December 31, 2023, the Company’s financial results were not adversely affected by the war between Russia and Ukraine. However, it is possible that in the future third parties with whom the Company has or will have contracts may be impacted by such events. While much uncertainty remains regarding the length, breadth, and global impact of the war in Ukraine, it is possible that such war could adversely affect the Company’s business, financial condition, results of operation, and cash flows. Also, the Company monitors elevated inflation in the United States, Eurozone, and other countries, including ongoing global price pressures in the wake of the war in Ukraine, driving up energy and commodity prices, which continue to have a moderate effect on the Company’s operating expenses. Additionally, interest rates have increased rapidly and substantially as central banks in developed countries raise interest rates in an effort to subdue inflation. The eventual implications of tighter monetary policy and potentially higher long-term interest rates may result in a higher cost of capital for the Company’s business. Furthermore, it is difficult to predict the intensity and duration of the war between Israel and Hamas and the Houthi rebel attacks on shipping in the Red Sea and their impact on the world economy is uncertain and may cause a decrease in worldwide demand for certain goods and, thus, shipping.

Recent Accounting Pronouncement

Recent Accounting Pronouncements and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Recent Accounting Pronouncements and Significant Accounting Policies [Abstract]
Recent Accounting Pronouncements and Significant Accounting Policies	2. Recent Accounting Pronouncements and Significant Accounting Policies Recent Accounting Pronouncements - In October 2023, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The effective date for each amendment of the ASU 2023-06 will be, for entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The amendments in ASU 2023-06 should be applied prospectively. The Company evaluated the impact of this ASU on its consolidated financial Statements and determined that there is no impact as the disclosure improvements required by the ASU amendments are already required by the SEC’s Regulation S-X and Regulation S-K. Furthermore, in November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 introduced updates for how significant segment expense categories and amounts for each reportable segment are disclosed. A significant segment expense is defined as an expense that is: a) Significant to the segment, b) Regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and c) Included in the reported measure of segment profit or loss. The additional disclosure for segmented reporting is intended to provide additional information to financial statement users as now expenses such as direct expenses, shared expenses, allocated corporate overhead, or significant interest expense need to be disaggregated and reported separately for each segment. ASU 2023-07 also requires that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made also by entities that have a single reportable segment. Recent Accounting Pronouncements - Reference Rate Reform (Topic 848): In 2020, the Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place the sunset date of Topic 848 was deferred from December 31, 2022, to December 31, 2024 with the issuance of ASU 2022-06 in December 2022, after which entities will no longer be permitted to apply the relief in Topic 848. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. During 2023, the Company has elected one of the optional expedients provided in the standard that allows entities with contract modifications within the scope of Topic 470; for which the terms that are modified solely relate to directly replacing, or having the potential to replace, a reference rate with another interest rate index, to account for the modification that meets the scope of paragraphs 848-20-15-2 through 15-3 as if the modification was not substantial. That is, the original contract and the new contract shall be accounted for as if they were not substantially different from one another, and the modification shall not be accounted for in the same manner as a debt extinguishment. During 2023, the Company’s loans’ transition from LIBOR to SOFR was completed, and as such, the Company does not expect any further material impact on its consolidated financial statements from the adoption of this ASU. Significant Accounting Policies (a) Principles of Consolidation: During 2023, the Company acquired three newly established subsidiaries named Nakaza Shipping Company Inc., Sri Lanka Shipping Company Inc., and Guadeloupe Shipping Company Inc., in connection with the three shipbuilding contracts signed within the year (refer to Notes 5 and 8). (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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. (c) Other Comprehensive Income / (Loss): The Company follows the provisions of Accounting Standard Codification (ASC) 220, “Comprehensive Income”, which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. The Company presents Other Comprehensive Income / (Loss) in a separate statement. (d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company operates its vessels in international shipping markets, and therefore, primarily transacts business in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the years presented are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. Dollars at the period-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations. (e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents. (f) Restricted Cash: Restricted cash, includes minimum cash deposits required to be maintained under the Company’s borrowing arrangements. (g) Accounts Receivable, net: The account includes receivables from pool charterers, charterers for hire, freight and demurrage, net of provision for credit losses and allowances for doubtful accounts – (refer to paragraph (h) below and to Note 3). (h) Provision for Credit Losses: , in estimating its , gathers annual on its freight and demurrage receivables and makes forward-looking adjustments estimated loss ratio, which is re-measured on an annual basis. As of December 31, 2023 and 2022, the balance the Company’s outstanding freight and demurrage were $171 and $109, respectively, is included in Accounts , net of provision for credit losses in the accompanying consolidated balance sheets. For 2023, 2022 and 2021, the Provision for credit losses and write offs in the accompanying consolidated statements of operations includes changes in the provision of estimated losses of $(85), $(12) and $42, respectively, and for 2023, 2022 and 2021 it also includes an amount of $48, $45 and $118, respectively, representing demurrages write offs. No no (i) Inventories: Inventories consist of bunkers, lubricants and victualling. Bunkers inventory exist when the vessel operates under freight charter, or when on the balance sheet date a vessel has been redelivered by her previous charterers and has not yet been delivered to new charterers, or remains idle. When the vessel operates under pool charters, the bunkers may be in the possession of the Company, or of the pool, depending on the terms of the specific pool agreement. All inventories are stated at the lower of cost or net realizable value and cost is determined by the first in, first out method. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. (j) Vessel Cost for Second-hand Vessels and Newbuildings: Vessels are stated at cost which consists of the contract price and costs incurred upon acquisition or delivery of a vessel from a shipyard. All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are charged to expense as incurred. For vessels that on the balance sheet date were in the shipyard undergoing their scheduled special survey and the installation of their ballast water treatment system, improvement costs of the period under consideration are capitalized in Other non-current assets in the accompanying consolidated balance sheets. (k) Vessel Depreciation: The Company depreciates its vessels on a straight-line basis over their estimated useful lives, after considering the estimated salvage value. Each vessel’s salvage value is the product of her light-weight tonnage and estimated scrap rate, which is estimated at $0.35 per light-weight ton for the tanker vessels. Management estimates the useful life of the Company’s tanker vessels to be 25 years from the date of initial delivery from the shipyard. Second-hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations on the ability of a vessel to trade on a worldwide basis, the vessel’s useful life is adjusted at the date such regulations are adopted. (l) Impairment of Long-Lived Assets: The Company follows ASC 360-10-40 “Impairment or Disposal of Long-Lived Assets”, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company reviews vessels for impairment whenever events or changes in circumstances (such as market conditions, the economic outlook, technological, regulatory and environmental developments, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of a vessel plus her unamortized dry-dock costs and cost of any equipment not yet installed may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use of the vessel over her remaining useful life and her eventual disposition is less than her carrying amount plus unamortized drydock-costs and cost of any equipment not yet installed, the Company evaluates the vessel for impairment loss. The measurement of the impairment loss is based on the fair value of the vessel. The fair value of the vessel is determined based on assumptions by making use of available market data and taking into consideration third-party valuations. The Company evaluates the carrying amounts and periods over which vessels are depreciated to determine if events have occurred which would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates and fleet utilization, while other assumptions include vessels’ operating expenses, vessels’ residual value, dry-dock costs and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The Company also takes into account factors such as the vessels’ age and employment prospects under the then current market conditions and determines the future undiscounted cash flows considering its various alternatives, including sale possibilities existing for each vessel as of the testing dates. In detail, the projected net operating cash flows are determined by considering the historical and estimated vessels’ performance and utilization, as well as historical utilization of other vessels of similar type and size considering the Company’s recent shift to the tanker market and the lack of extended historical data, the charter revenues from existing time charters for the fixed fleet days and an estimated daily rate for the unfixed days (based on the most recent 10 year average historical rates available for each type of vessel) over the remaining estimated life of each vessel, net of commissions, expected outflows for scheduled vessels’ maintenance and vessel operating expenses assuming an average annual inflation rate. Effective fleet utilization, which is estimated based on the vessels’ historical performance, is included in the Company’s exercise taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry docking and special surveys), assumptions in line with the Company’s historical performance since the acquisition of its tanker vessels, peers’ historical performance, and its expectations for future fleet utilization under its fleet employment strategy. For 2023 and 2022, the Company assessed that there were no indications for potential impairment of any of its vessels. For 2021, the review of the tanker vessels’ carrying values plus unamortized dry-dock costs and cost of any equipment not yet installed, in connection with the estimated recoverable amounts did not result in a recognition of impairment charge. (m) Assets Held for Sale: The Company classifies assets or assets in disposal groups as being held for sale in accordance with ASC 360-10-45-9 “Long-Lived Assets Classified as Held for Sale” when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the asset (disposal group); (ii) the asset (disposal group) is immediately available for sale on an “as is” basis; (iii) an active program to find the buyer and other actions required to execute the plan to sell the asset (disposal group) have been initiated; (iv) the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; and (v) the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value and 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 withdrawn. In case a long-lived asset is to be disposed of other than by sale (for example, by abandonment, in an exchange measured based on the recorded amount of the nonmonetary asset relinquished, or in a distribution to owners in a spinoff) the Company continues to classify it as held and used until its disposal date. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. The review of the related criteria as of December 31, 2023 and 2022 did not result in held for sale classification for any of the Company’s vessels. (n) Revenues and Voyage Expenses: Since the Company’s vessels are employed under time, voyage and pool charter contracts, the Company disaggregates its revenue from contracts with customers by the type of charter (time charters, spot charters and pool arrangements). The Company has determined that all of its time charter agreements contain a lease and are therefore accounted for as operating leases in accordance with ASC 842. Time charter revenues are accounted for over the term of the charter as the service is provided. Vessels are chartered when a contract exists and the vessel is delivered (commencement date) to the charterer, for a fixed period of time, at rates that are generally determined in the main body of charter parties and the relevant voyage expenses burden the charterer (i.e. port dues, canal tolls, pilotages and fuel consumption). Upon delivery of the vessel, the charterer has the right to control the use of the vessel (under agreed prudent operating practices) as they have the enforceable right to: (i) decide the delivery and redelivery time of the vessel; (ii) arrange the ports from which the vessel shall pass; (iii) give directions to the master of the vessel regarding vessel’s operations (i.e. speed, route, bunkers purchases, etc.); (iv) sub-charter the vessel and (v) consume any income deriving from the vessel’s charter. Any off-hires are recognized as incurred. The charterer may charter the vessel with or without owner’s crew and other operating services. In the case of time charter agreements, the agreed hire rates include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company, as a lessor, elected to apply the practical expedient which allowed it to account for the lease and the non-lease components of time charter agreements as one, as the criteria of the paragraphs ASC 842-10-15-42A through 42B are met. Time-charter revenue is usually received in advance, and as such, deferred revenue represents cash received prior to the balance sheet date for which related service has not been provided. Spot, or voyage charter is a charter where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified freight rate per ton, regardless of time to complete. The Company has determined that under voyage charters, the charterer has no right to control any part of the use of the vessel. Thus, the Company’s voyage charters do not contain lease and are accounted for in accordance with ASC 606. More precisely, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. Thus, revenues from voyage charters on the spot market are recognized ratably from the date of loading (Notice of Readiness to the charterer, that the vessel is available for loading) to discharge date of cargo (loading-to-discharge). Voyage charter payments are due upon discharge of the cargo. Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement, represents a form of variable consideration and is recognized as the performance obligation is satisfied. 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. For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company’s vessel The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific charterers with known disputes or collectability concerns. The Company recognizes allowance for doubtful accounts deriving from the collectability assessment as direct reduction to lease income As discussed above, under a time charter, specified voyage costs such as bunkers and port charges are paid by the charterer, while commissions are paid by the Company. Under spot charter arrangements, voyage expenses that are unique to a particular charter are paid for by the Company. Commissions are expensed as incurred. Voyage expenses that qualify as contract fulfilment costs (mainly consisting of bunkers expenses and port dues) and are incurred by the Company from the latter of the end of the previous vessel employment, provided that the vessel is fixed, or from the date of inception of a voyage charter contract until the arrival at the loading port, are capitalized to Deferred Voyage Expenses and amortized ratably over the total transit time of the voyage (loading-to-discharge). Vessel voyage expenses that do not qualify as contract fulfilment costs, and operating expenses are expensed when incurred. (o) Earnings/(Loss) per Common Share: Basic earnings/(loss) per common share are computed by dividing net income / (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. The two-class method is an earnings allocation formula that determines earnings per share for common stock and participating securities, according to dividends declared and participation rights in undistributed earnings. Under this method, net earnings is reduced by the amount of dividends declared in the current period for common shareholders and participating security holders. The remaining earnings or “undistributed earnings” are allocated between common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Once calculated, the earnings per common share is computed by dividing the net (loss) earnings attributable to common shareholders by the weighted average number of common shares outstanding during each year presented. Diluted earnings/(loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Diluted (loss) earnings attributable to common shareholders per common share is computed by dividing the net (loss) earnings attributable to common shareholders by the weighted average number of common shares outstanding plus the dilutive effect of restricted shares, warrants and options outstanding during the applicable periods computed using the treasury method and the dilutive effect of convertible securities during the applicable periods computed using the “if converted” method. The two-class method is used for diluted earnings/(loss) per common share when such is the most dilutive method, considering anti – dilution sequencing as per ASC 260. In cases when the effect from restricted stock, options, warrants and convertible securities is anti-dilutive, such are not included in the diluted earnings / (loss) per common share calculation. For purposes of the if-converted calculation, the fixed conversion price of preferred convertible stock is used, unless the number of shares that may be issued is variable, at which case the average market price of the period is used (Note 11). (p) Dry-Docking Costs: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and amortized on a straight-line basis over the period through the date the next dry-docking will be scheduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale. Unamortized dry-docking costs of vessels classified as held for sale are written off as impairment charges when these vessels’ carrying values are impaired as a result of their classification. The unamortized dry-docking cost as of December 31, 2023, and 2022 was $1,798 and $1,098, respectively. Amortization of dry-docking costs for 2023, 2022 and 2021 amounted to $571, $544 and $68, respectively, and is included in Depreciation and amortization of deferred charges in the accompanying consolidated statement of operations. Also, in 2023 and 2022, deferred dry-dock costs which were written off in Gain on vessels’ sale in the accompanying consolidated statement of operations amounted to $651 and $562, respectively. (q) Financing Costs and Liabilities: Fees paid to lenders for obtaining new loans, or for refinancing existing ones which are determined as debt modifications, are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees are amortized to interest and finance costs over the life of the related debt using the effective interest method and, for the fees relating to loan facilities not used at the balance sheet date, according to the loan availability terms. Discount premiums are accounted for similar to other financing fees. Loan commitment fees are charged to expense in the period incurred. A loan liability is derecognized when the Company pays the creditor and is relieved of its obligation for the liability. For loans repaid or refinanced that meet the criteria of debt extinguishment, the difference between the settlement price and the net carrying amount of the debt being extinguished (which includes any deferred debt issuance costs) is recognized as a gain or loss in the statement of operations. In 2023, an amount of $387 being the unamortized financing costs of the loans with Piraeus Bank, which were repaid in November and December 2023 (Note 7) has been recognized as Loss from debt extinguishment and is separately presented in the accompanying consolidated statement of operations. ( r) Repairs and Maintenance: (s) Share-Based Payment: The Company issues restricted share awards which are measured at their grant date fair value and are not subsequently re-measured. That cost is recognized under the straight-line method over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). At cases when part of the vesting of the restricted share award takes place on the grant date, then the corresponding compensation cost is recognized as incurred. When the service inception date precedes the grant date, the Company accrues the compensation cost for periods before the grant date based on the fair value of the award at the reporting date. In the period in which the grant date occurs, cumulative compensation cost is adjusted to reflect the cumulative effect of measuring compensation cost based on the fair value at the grant date. Forfeitures of awards are accounted for when and if they occur. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. The Company also grants stock options as incentive-based compensation to certain of its officers, in accordance with the terms of the Company’s Equity Incentive Plan. Stock-based compensation awards that are classified as equity and do not contain any market, service or performance conditions, are recognized on the grant date with a corresponding credit to equity and are measured at fair value. The compensation cost of the Company’s stock-based compensation awards is included in general and administrative expenses in the consolidated statement of operations (Note 9). (t) Fair Value Measurements: The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: • 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. The fair value measurement assumes that an instrument classified in the shareholders’ equity is transferred to a market participant at the measurement date. The transfer of an instrument classified in shareholders’ equity assumes that the instrument would remain outstanding, and the market participant takes on the rights and responsibilities associated with the instrument. (u) Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and 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. For credit losses accounting on the Company’s financial assets refer to paragraph (h) above. (v) Going Concern: The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASC 205-40. In more detail, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the consolidated financial statements are issued. As part of such evaluation, the Company did not identify any conditions that raise substantial doubt about the entity’s ability to continue as a going concern within one year from the date the consolidated financial statements are issued. Accordingly, the Company continues to adopt the going concern basis in preparing its consolidated financial statements. (w) Re-purchase and Retirement of Company’s Common Shares: All Company’s common shares re-purchased are immediately cancelled and retired, and the Company’s share capital is accordingly reduced. The excess of the cost of the common shares over their par value is allocated in additional paid-in capital. (x) Re-purchase and Retirement of Company’s Preferred Shares: All Company’s preferred shares re-purchased are immediately cancelled and retired, and the Company’s share capital is accordingly reduced. Any difference between the fair value of the consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock represents a return to (from) the preferred stockholder that should be treated in a manner similar to the treatment of dividends paid on preferred stock. If the fair value of the consideration transferred plus any direct costs incurred in relation to the redemption, is less than the carrying amount of the

Revenue and Accounts Receivable

Revenue and Accounts Receivable	12 Months Ended
	Dec. 31, 2023
Revenue and Accounts Receivable [Abstract]
Revenue and Accounts Receivable	3. Revenue and Accounts Receivable T he Company’s tanke Below are presented, per type of charter, the Company’s revenues for 2023, 2022 and 2021 and also the balance of Accounts receivable, net, for December 31, 2023 and 2022. Charter type 2023 2022 2021 Time charters $ 57,975 $ 8,131 $ 10,282 Pool arrangements 48,332 43,712 2,603 Voyage charters 2,631 23,330 23,606 Total Revenue $ 108,938 $ 75,173 $ 36,491 As of December 31, Charter type 2023 2022 Time charters $ 2,638 $ 34 Pool arrangements 5,213 6,440 Voyage charters 429 2,636 Total Acc. Receivable, net $ 8,280 $ 9,110 Contract assets included in the receivable balances from spot voyages amounted to $103 for December 31, 2023, and to $167 for December 31, 2022. Moreover, the charterers that accounted for more than 10% of the Company’s revenue are presented below: Charterer 2023 2022 2021 A 11 % - 26 % B 28 % - - C - - 17 % D 13 % 41 % - E 32 % 18 % - The maximum aggregate amount of loss due to credit risk, net of related allowances, that the Company would incur if the aforementioned charterers failed completely to perform according to the terms of the relevant charter parties, amounted to $7,947 and to $6,440 as of December 31, 2023 and 2022, respectively. Deferred Revenue relates solely to cash received up-front from the Company’s time-charter contracts and as of December 31, 2023, and 2022 it amounted to $0 and $1,378 respectively and is separately presented in the accompanying consolidated balance sheets.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2023
Transactions with Related Parties [Abstract]
Transactions with Related Parties	4. Transactions with Related Parties (a) Pure Brokerage and Shipping Corp. (“Pure Brokerage”): Pure Brokerage, a company controlled by the Company’s Chairperson of the Board and controlling shareholder Aliki Paliou, provides brokerage services to the Company since June 15, 2020, pursuant to a Brokerage Services Agreement for a fixed monthly fee per each tanker vessel owned by the Company. Pure Shipbroking may also, from time to time, receive sale and purchase commissions and chartering commissions on the gross revenue of the tanker vessels, depending on the respective charter parties’ terms. For 2023, 2022 and 2021, commissions to Pure Brokerage amounted to $1,345, $887, and $431, respectively, and are included in Voyage expenses in the accompanying consolidated statements of operations. Also, for 2023, 2022 and 2021 brokerage fees to Pure Brokerage amounted to $286, $204 and $180, respectively, and are included in General and administrative expenses in the accompanying consolidated statements of operations. As at December 31, 2023 and 2022, an amount of $245 and $335, respectively, was payable to Pure Brokerage and is reflected in Due to related parties in the accompanying consolidated balance sheets. (b) Mango Shipping Corp (“Mango”) : On March 2, 2022, the Company entered into an unsecured credit facility with Mango, whose beneficial owner is the Company’s Chairperson of the Board and controlling shareholder Aliki Paliou, of up to $5,000, for general working capital purposes. The loan had a term of one year from the date of the agreement, bore interest of 9.0% per annum, and was drawn in arrears at the Company’s request. The agreement also provided for arrangement fees of $200 payable on the date of the agreement, and commitment fees of 3.00% per annum on any undrawn amount until the maturity date. The Company drew down the $5,000 loan amount in two advances in March 2022, and repaid it in full on October 17 and October 19, 2022 (see below the paragraph “Tender Offer to exchange common shares for Shares of Series B Cumulative Perpetual Preferred Stock” ). For 2022, interest and commitment fees incurred in connection with the Mango loan amounted to $277, and together with arrangement fees of $200 which were amortized and written off during 2022, are included in Interest and finance costs in the accompanying consolidated statements of operations (Note 10). Tender Offer to Exchange Common Shares for Shares of Series B Convertible Cumulative Perpetual Preferred Stock: The Series B and the Series C Preferred stock is entitled to an annual dividend of 4.00% and 5.00%, respectively (Note 9). For 2022, dividends declared and paid to Mango on its Series B preferred shares amounted to $411 (or $0.875 per each Series B preferred share) and were calculated for the period from February 2, 2022 (date of issuance of the Series B preferred shares) until September 15, 2022. Following the issuance of the Series C preferred shares in October 2022 to Mango, the dividends on the Series B preferred shares held by Mango accrued until the last dividend payment date, which was September 15, 2022. Additionally, for 2022, dividends declared and paid to Mango on its Series C preferred shares amounted to $411, (or $0.3125 per each Series C preferred share), and were calculated for the period from September 15, 2022 until December 15, 2022. On December 31, 2022, accrued and not paid dividends on the Series C preferred shares held by Mango, amounted to $82. For 2023, dividends declared and paid to Mango on its Series C preferred shares amounted $1,643, (or $1.25 per each Series C preferred share). On December 31, 2023, accrued and not paid dividends on the Series C preferred shares held by Mango, amounted to $64 (Note 9). As of December 31, 2023, and 2022, Mango held no Series B preferred shares, and held 1,314,792 Series C preferred shares. For the details of the terms of the Series B and C preferred stock, and the respective accounting treatment followed by the Company, refer to Note 9. Ex Related Parties transactions of 2021 Until January 2021, the Company was receiving travel services from an affiliated company, which was controlled by the Company’s then Chairman of the Board. Additionally, in 2021, the Company sold to an ex-affiliated entity its co-owned indivisible share in a plot of land, located in Athens, Greece. For 2021, expenses for services provided by the travel agency amounted to $18 and are included in Vessel operating expenses in the accompanying consolidated financial statements. Also, in 2021, the Company recognized a gain of $137 from the sale of property to an ex-affiliated entity, and it is depicted as Gain from property sale in the accompanying consolidated financial statements.

Advances for Vessels Under Cons

Advances for Vessels Under Construction and Other Vessels' Costs	12 Months Ended
	Dec. 31, 2023
Advances for Vessel Under Construction and Other Vessels' Costs [Abstract]
Advances for Vessel Under Construction and Other Vessels' Costs	5. Advances for Vessels Under Construction and Other Vessels’ Costs In March and December 2023, the Company, through its newly established subsidiaries named Nakaza Shipping Company Inc., Sri Lanka Shipping Company Inc., and Guadeloupe Shipping Company Inc., entered into three shipbuilding contracts with China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding Company Limited for the construction of three product/crude oil tankers of approximately 114,000 dwt each. The newbuildings (named Hull 1515, Hull 1596 and Hull 1597) have gross contract prices of $63,250, $64,845, and $64,845, respectively, and the Company expects to take delivery of them from October 2025 to April 2026. The shipbuilding contracts provide that the purchase price of each newbuilding will be paid in five installments, each falling at the contract signing, steel cutting, keel laying, launching, and at the delivery of each vessel. As of December 31, 2023, the Company had paid the first installment of $9,488 for Hull 1515, according to the terms of the shipbuilding contract. In addition, interest amounting to $540 and other paid costs amounting to $1,275 were capitalized to the vessels under construction and included in Advances for Vessels Under Construction and Other Vessels’ Costs in the accompanying consolidated balance sheet as of December 31, 2023. The amount of $11,303 is included in line “Advances for vessel acquisition / under construction and other vessel costs” in the 2023 consolidated statements of cash flows. No Advances for vessels under construction and other vessels’ costs existed as of December 31, 2022.

Vessels, net

Vessels, net	12 Months Ended
	Dec. 31, 2023
Vessels, net [Abstract]
Vessels, net	6. Vessels, net Vessels’ acquisitions and Vessels ’ During 2022, the Company capitalized in Vessels, net, an aggregate amount of $1,218, out of which $558 was transferred from other non-current assets, representing costs for the installation of ballast water treatment system on the vessel “Blue Moon”. During 2022, $1,199 of these costs have been paid and are included in line “Payments for vessels’ improvements” in the accompanying consolidated statements of cash flows. Furthermore, in 2022, the Company capitalized in other non-current assets an amount of $450, representing advances paid for the installation of ballast water treatment system on the vessel “P. Kikuma”, also included in line “Payments for vessels’ improvements” in the accompanying consolidated statements of cash flows. From June to November 2022, the Company, through four newly established subsidiaries, entered into four memoranda of agreement with unrelated parties to acquire the Aframax tanker vessels “P. Sophia”, “P. Aliki”, “P. Monterey”, and “P. Long Beach”, for a purchase price of $27,577, $36,500, $35,000, and $43,750, respectively. The vessels were delivered to the Company from July to December 2022. Aggregate pre-delivery costs capitalized in connection with these vessels’ acquisition amounted to $677 During 2023, the Company capitalized an amount of $510 and an amount of $450 was transferred from other non-current assets, representing costs for the installation of ballast water treatment system on the vessel “P. Kikuma”. The amount of $510, which was paid in 2023, is reflected in line “Payments for vessels’ improvements” in the accompanying consolidated statements of cash flows. Vessels’ In October 2022, the Company, through one of its subsidiaries, entered into a memorandum of agreement to sell the Aframax tanker vessel “P. Fos” to unrelated parties for an aggregate gross price of $34,000. The vessel was delivered to her new owners in November 2022 and the Company received the sale proceeds in accordance with the terms of the contract. For 2022, the gain on sale of vessels, net of direct to sale expenses, amounted to $9,543 and is reflected in Gain on vessel’s sale in the accompanying consolidated statement of operations. In November 2023, the Company, through one of its subsidiaries, entered into a memorandum of agreement to sell the Aframax tanker vessel “P. Kikuma” December 2023 The amounts of Vessels, net, in the accompanying consolidated balance sheets are analyzed as follows: Vessels’ Cost Accumulated Depreciation Net Book Value Balance, December 31, 2021 $ 136,782 $ (13,746 ) $ 123,036 - Transfer from advances for vessel acquisitions and other vessel costs 143,504 - 143,504 - Vessels’ improvements transferred from other non-current assets 558 - 558 - Vessels’ improvements 660 - 660 - Vessel’s disposals (27,208 ) 4,688 (22,520 ) - Depreciation - (8,631 ) (8,631 ) Balance, December 31, 2022 $ 254,296 $ (17,689 ) $ 236,607 - Vessels’ improvements transferred from other non-current assets 450 - 450 - Vessels’ improvements 510 - 510 - Vessel’s disposals (27,098 ) 5,795 (21,303 ) - Depreciation - (14,156 ) (14,156 ) Balance, December 31, 2023 $ 228,158 $ (26,050 ) $ 202,108

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2023
Long-Term Debt [Abstract]
Long-Term Debt	7. Long-Term Debt The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2023 Current Non-current December 31, 2022 Current Non-current Nordea Bank secured term loan $ 19,167 $ 3,334 $ 15,833 $ 20,663 $ 3,740 $ 16,923 Piraeus Bank secured term loans - - - 67,584 9,048 58,536 Alpha Bank secured term loans 36,050 4,200 31,850 40,250 4,200 36,050 less unamortized deferred financing costs (331 ) (107 ) (224 ) (822 ) (242 ) (580 ) Total debt, net of deferred financing costs $ 54,886 $ 7,427 $ 47,459 $ 127,675 $ 16,746 $ 110,929 Secured Term Loans: In July 2019, the Company, through two of its vessel-owning subsidiaries, entered into a loan agreement with Nordea Bank Abp, Filial i Norge (“Nordea Bank”) for a senior secured term loan facility of up to $33,000, to partially finance the acquisition cost of the vessels “Blue Moon” and “Briolette”. In December 2019 and in March 2020, the Nordea Bank loan was twice amended and restated to increase the loan facility to up to $47,000 and $59,000, respectively, to partially support the acquisition cost of the tanker vessels “P. Fos” and “P. Kikuma”, respectively. In December 2020, the Company entered a Deed of Release with Nordea Bank, according to which the borrowers of the vessels “P. Fos” and “P. Kikuma” were released from all obligations under the agreement, in connection with the re-finance by Piraeus Bank S.A. (described below). Also in December 2020, the Company entered into a Supplemental Loan Agreement with Nordea Bank, to amend the existing repayment schedules of the “Blue Moon” and “Briolette” tranches and to amend the major shareholder’s clause included in the agreement . On August 4, 2023, the Company refinanced the existing outstanding loan of the amount of $17,859 with Nordea Bank which was initially entered to partially finance the acquisition of the vessels “Blue Moon” and “Briolette”, with a revolving credit in an aggregate amount not exceeding $20,000 at any one time. In December 2020, the Company, through three of its vessel-owning subsidiaries, entered into a loan agreement with Piraeus Bank S.A. (“Piraeus Bank”) for a senior secured term loan facility of up to $31,526, to refinance the existing indebtedness of the vessels “P. Fos” and “P. Kikuma” with Nordea Bank, described above, and partially finance the acquisition cost of the vessel “P. Yanbu”. The three borrowers utilized in December 2020 an aggregate amount of $29,958 under the loan agreement, and no amount remained available for drawdown thereafter. The “P. Fos” trance was repaid in full and released from the loan agreement in November 2022, due to the vessels’ sale. Furthermore, the “P. Yanbu” and the “P. Kikuma” trances were also released from the specific loan agreement in July and December 2022, respectively, as part of their refinancing under the new loan agreements with Piraeus Bank signed in June and November 2022 (discussed below), and as such, the specific loan agreement was terminated. In June 2022, the Company, through the vessel-owning subsidiaries of the vessels “P. Sophia” and “P. Yanbu”, entered into a new loan agreement with Piraeus Bank for a senior secured term loan facility of up to $31,933. The purpose of this facility was to finance the acquisition of “P. Sophia” by up to $24,600 and refinance the existing indebtedness of $7,333 of the vessel “P. Yanbu”. The Company utilized the full amount of $31,933 in July 2022. On May 29, 2023, the Company signed a Supplemental loan agreement with Piraeus Bank, the purpose of which was to replace LIBOR rate with SOFR rate, effective June 1, 2023. All other terms of the loan agreement remained unaltered. The Company accounted for the Supplemental loan agreement as a contract modification. Finally, in December 2023, the Company pre-paid its existing indebtedness of $27,933 and accordingly, the specific loan agreement was terminated In November 2022, the Company, through the vessel-owning subsidiaries of the vessels “P. Monterey” and “P. Kikuma”, entered into a new loan agreement with Piraeus Bank for a senior secured term loan facility of up to $37,400. The purpose of this facility was to finance the acquisition of “P. Monterey” by up to $29,615 and refinance the existing indebtedness of $7,785 of the vessel “P. Kikuma”. The Company utilized the amount of $36,450 in November 2022, and no amount remained available for drawdown thereafter. In November 2023, before the sale of the vessel “P. Kikuma” (Note 6), the Company pre-paid the loan balance of $13,926, and the respective ship-owning company was released from its loan obligations. Finally, in December 2023, the Company also pre-paid the remaining outstanding loan balance of $16,676 of the vessel “P. Monterey”, and thus the loan agreement was terminated Also in November 2022, the Company, through the vessel-owning subsidiary of the vessel “P. Aliki” signed a loan agreement with Alpha Bank S.A (“Alpha Bank”), to support the acquisition of the vessel by providing a secured term loan of up to $18,250. The maximum loan amount was drawn down upon the vessel’s delivery to the Company in November 2022. Finally, in December 2022, the Company, through the vessel-owning subsidiary of the vessel “P. Long Beach” signed a loan agreement with Alpha Bank S.A, to support the acquisition of the vessel by providing a secured term loan of up to $22,000. The maximum loan amount was drawn down upon the vessel’s delivery to the Company in December 2022. All loans are guaranteed by Performance Shipping Inc. and are also secured by first priority mortgages over the financed fleet, first priority assignments of earnings, insurances and of any charters exceeding durations of certain length of time, pledge over the borrowers’ shares and over their earnings accounts, and vessels’ managers’ undertakings. The loan agreements also require a minimum hull value of the financed vessels, impose restrictions as to dividend distribution following the occurrence of an event of default and changes in shareholding, include customary financial covenants and require at all times during the facility period a minimum cash liquidity. As at December 31, 2023 and 2022, the maximum compensating cash balance required under the Company’s loan agreements amounted to $10,000 and $10,500, respectively, and is included in Cash and cash equivalents in the accompanying consolidated balance sheets. Also, as at December 31, 2023 2022, the restricted cash, being pledged deposits, required under the Company’s loan agreements amounted to $1,000 and $1,000, respectively, and is included in Restricted cash, non-current in the accompanying consolidated balance sheets. As at December 31, 2023 and 2022, the Company was in compliance with all of its loan covenants. The weighted average interest rate of the Company’s bank loans for 2023, 2022 and 2021, was 7.60%, 4.85% and 2.90%, respectively. For 2023, 2022 and 2021, interest expense on long-term bank debt amounted to $9,039, $3,191 and $1,596 , As at December 31, 2023, the maturities of the drawn portions of the debt facilities described above, are as follows: Principal Repayment Year 1 $ 7,533 Year 2 7,533 Year 3 7,533 Year 4 26,783 Year 5 5,835 Total $ 55,217

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies (a) 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, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company’s vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the protection and indemnity association (“P&I Association”) in which the Company’s vessels are entered. The Company’s vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls outstanding in respect of any policy year. (b) (c) The Company has entered into three shipbuilding contracts for the construction of three product/crude oil tankers of approximately 114,000 dwt each (Note 5). As of December 31, 2023, the remaining aggregate installments under the contracts for the construction of Hulls H1515, H1596 and H1597, amount to $183,453, out of which $19,454 have been paid with respect to Hulls H1596 and H1597 subsequent to the balance sheet date (Note 14). (d) The Company, its Chief Executive Officer, Chairperson of the Board, five former directors of the Company, and two entities affiliated with the Company’s Chief Executive Officer and Chairperson of the Board were named as defendants in a lawsuit (“the Sphinx lawsuit”) commenced on October 27, 2023 in New York State Supreme Court, County of New York, by the attorneys of a current shareholder of the Company, Sphinx Investment Corp., the plaintiff. The complaint alleges, among other things, violations of fiduciary duties by the named defendants in connection with an exchange offer commenced by the Company in December 2021 (Note 9). The plaintiff purports to seek, among other things, a declaration that the Series C Preferred Shares held by the defendants are void and not entitled to vote; an order cancelling such Series C Preferred Shares, or, in the alternative, an order requiring the Company to issue additional Series C Preferred Shares to non-defendant common stockholders to put them in the same economic, voting, governance and other position as they would have been in had the Series C Preferred Shares issued to the defendants been cancelled; and unspecified damages in an amount, if any, to be proven at trial. On January 29, 2024, the defendants filed motions to dismiss the lawsuit. . The Company, although it cannot predict its outcome, believes that the lawsuit is without merit and will vigorously defend against the lawsuit. (e) The following table sets forth the Company’s undiscounted office rental obligations as at : Amount Year 1 $ 78 Year 2 40 Total $ 118 Less imputed interest (19 ) Present value of lease liabilities $ 99 Lease liabilities, current 66 Lease liabilities, non- current 33 Present value of lease liabilities $ 99

Changes in Capital Accounts

Changes in Capital Accounts	12 Months Ended
	Dec. 31, 2023
Changes in Capital Accounts [Abstract]
Changes in Capital Accounts	9. Changes in Capital Accounts (a) C ompany’s Preferred Stock: As of December 31, 2023 and 2022, the Company’s authorized preferred stock consists of 25,000,000 As of December 31, 2023, 50,726 Series B preferred shares $1,268) and 1,428,372 Series C preferred shares were issued and outstanding. and 1,314,792 Series C preferred shares were issued and outstanding. (b) T e and Issuance of Shares of Series C Convertible Cumulative Perpetual Preferred Stock The material terms of the Series B Preferred Shares are as follows: 1) Dividends: 2) Voting Rights: 3) Conversion Rights: 4) Liquidation: 5) Redemption: 6) Rank: The tender offer expired on January 27, 2022, and a total of 188,974 common shares were validly tendered and accepted for exchange, which resulted in the issuance of 793,657 Series B Preferred Shares (with aggregate liquidation preference of $19,841), out of which 657,396 were acquired by Aliki Paliou through Mango (Note 4), and 28,171 were acquired by Andreas Michalopoulos. On October 17, 2022, the Company entered into a stock purchase agreement with Mango, pursuant to which it agreed to issue to Mango in a private placement 1,314,792 shares (with aggregate liquidation preference of $32,870) of its newly-designated Series C Convertible Cumulative Redeemable Perpetual Preferred Stock (“Series C Preferred Shares”) in exchange for (i) all 657,396 Series B Preferred Shares held by Mango and (ii) the agreement by Mango to apply $4,930 (an amount equal to the aggregate cash conversion price payable upon conversion of such Series B Preferred Shares into Series C Preferred Shares pursuant to their terms) as a prepayment by the Company of the unsecured credit facility agreement dated March 2, 2022 (Note 4) and made between the Company as borrower and Mango as lender, maturing in March 2023 and bearing interest at 9.0% per annum. The Company repaid on October 17, 2022 the amount of $4,930, and on October 19, 2022 the remaining amount due to the credit facility of $70, and any remaining accrued interest, and terminated the loan agreement with Mango. The transaction was approved by a special independent committee of the Company’s Board of Directors. The authorized number of Series C Preferred Shares, par value $0.01 and $25.00 liquidation preference, is 1,587,314, out of which 1,314,792 shares were issued to Mango. The remaining Series C Preferred Shares could be issued not earlier than one year from the date of original issuance of the Series B Preferred Shares. Upon the closing of the conversion period on March 15, 2023, 85,535 Series B preferred shares have been converted to 171,070 Series C preferred shares, and the net proceeds received, after deducting commissions and other expenses, amounted to $482. The material terms of the Series C Preferred Shares are as follows: 1) Dividends: 2) Voting Rights: 3) Conversion Rights: six-month 4) Liquidation: 5) Redemption: 6) Rank: During 2023, a number of 57,490 Series C preferred shares, at the options of their holders, were converted to 1,064,207 common shares, calculated with an adjusted conversion price of $1.36, as discussed later. For 2023, declared and paid dividends on Series B preferred shares amounted to $55 (or $1.00 per each Series B preferred share). For 2023, declared and paid dividends on the Series C preferred shares amounted to $1,834 (or $1.25 per each Series C preferred share), out of which $1,643 were paid to Mango. For 2022, declared and paid dividends on the Series C preferred shares, which were all held by Mango, amounted to $411 (or $0.3125 per each Series C preferred share) (Note 4), and represented the dividends calculated for the period from September 15, 2022 until December 15, 2022. On December 31, 2023, and 2022, accrued and not paid dividends on the Series C preferred shares, amounted to $74 and $82, respectively (Note 4). The Company, when assessing the accounting of the Series B preferred stock, has taken into consideration the provisions of ASC 480 “Distinguishing Liabilities from Equity” and ASC 815 “Derivatives and Hedging” and determined that the Series B preferred shares should be classified as permanent equity rather than temporary equity or liability. The preferred stock was measured as of the date of closing of the tender offer, being January 27, 2022, at fair value on a non-recurring basis. Its fair value was determined through Level 3 inputs of the fair value hierarchy as determined by management and amounted to $18,030. The fair value of the preferred stock weighted the probabilities: a) that the Series B are not further exchanged for Preferred C shares, and b) that the Series B are converted to Series C on the applicable conversion date. The fair value of the conversion option embedded in the Series C Preferred Shares was estimated using the Black & Scholes model. Moreover, the Company’s valuation used the following assumptions: (a) stated dividend yields for the Series B preferred stock and Series C preferred stock, (b) cost of equity of 11.07%, based on the CAPM theory; (c) expected volatility of 77%, (d) risk free rate of 1.66% determined by management using the applicable 5-year treasury yield as of the measurement date, (e) market value of common stock of $3.09 (which was the current market price as of the date of the fair value measurement) and (f) expected life of convertibility option of the Series C preferred shares to common shares of 4 years. The Company applied moneyness scenarios and determined the aforementioned assumptions of volatility and expected life of the convertibility option , which are considered highly interdependent. Accordingly, in its assessment for the accounting of the Series C preferred stock, the Company has taken into consideration the provisions of ASC 480 “Distinguishing Liabilities from Equity” and ASC 815 “Derivatives and Hedging” and determined that the Series C preferred shares should be classified as permanent equity rather than temporary equity or liability. The Series C preferred stock was measured as of the date of their issuance, being October 17, 2022, at fair value on a non-recurring basis. Its fair value was determined through Level 3 inputs of the fair value hierarchy as determined by management and amounted to $26,809. The fair value of the preferred stock was estimated as the sum of two components: a) the “straight” preferred stock component, using the discounted cash flow model, and b) the embedded option component, using the Black & Scholes model. For this assessment, the Company’s valuation used the following assumptions: (a) stated dividend yield for the Series C preferred stock, (b) cost of equity of 10.38%, based on the CAPM theory; (c) expected volatility of 89%, (d) risk free rate of 4.23% determined by management using the applicable 5-year treasury yield as of the measurement date, (e) market value of common stock of $0.31 (which was the current market price as of the date of the fair value measurement), and (f) expected life of convertibility option of the Series C preferred shares to common shares of 4 years. The Company applied moneyness scenarios and determined the aforementioned assumptions of volatility and expected life of the convertibility option , which are considered highly interdependent. As discussed above, the conversion price adjustment clause of the Series C Preferred Shares provides for a reduction in the initial conversion price in case, subsequent to the issuance of the Series C preferred shares, any of the following, among others, happens: a) upon stock dividend, split, or reverse stock split, or b) in case the Company issues equity securities at prices below the conversion price of the Series C preferred shares then in effect. The Company concluded that the feature mentioned in b) above provides protection to investors in promising to give each Series C holder investor the lowest pricing available to any other investors, rather than protecting against true economic dilution, and accordingly, this feature constitutes a down round feature. During 2022, the conversion price has been adjusted from $0.50 to $7.50, after the reverse stock split on November 15, 2022, and was further adjusted to $3.51, following the triggering of the down round feature in December 2022 because of the issuance of common shares through the ATM offering (as discussed below). From January 11, 2023, to January 26, 2023, because of the issuance of common shares through the ATM offering (as discussed below), the conversion price was seven times adjusted, and was gradually reduced to $2.60, and finally, on March 1, 2023, due to the registered direct offering (discussed below) the conversion price was further reduced to $1.36. To measure the effect of the down-round feature the Company performed fair value measurements as determined through Level 3 inputs of the fair value hierarchy by applying the same methodology as per initial fair value measurement for Series C preferred stock. For this assessment the Company updated the Level 3 inputs as follows: (a) expected volatility in a range of 86.83% to 118.14% for the valuation of the instrument on the triggering dates, and (b) expected life of convertibility option of the Series C preferred shares to common shares from 1 to 5 years. , which are considered highly interdependent. The fair values of the Series B and Series C Preferred Shares at their issuance in 2022, as well as the fair value of the Series C Preferred Shares that were assessed on the dates of triggering of the down-round feature as discussed above, were determined through Level 3 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements, as they are derived by using significant unobservable inputs. Determining the fair value of the preferred stock requires management to make judgments about the valuation methodologies, including the unobservable inputs and other assumptions and estimates, which are significant in the valuation of the preferred stock. (c) Compensation Cost on Stock Option Awards: On January 1, 2021, the Company granted to its Chief Financial Officer stock options to purchase 8,000 of the Company’s common shares as share-based remuneration. The stock options, which were granted pursuant to, and in accordance with, the Company’s Equity Incentive Plan, have been approved by the Company’s board of directors, and have a term of five years. The exercise prices of the options are as follows: 2,000 shares for an exercise price of $150.00 per share, 1,667 shares for an exercise price of $187.50 per share, 1,333 shares for an exercise price of $225.00 per share, 1,000 shares for an exercise price of $300.00 per share, 1,000 shares for an exercise price of $375.00 per share, and 1,000 shares for an exercise price of $450.00 per share. In its assessment for the accounting of the stock options awards, the Company has taken into consideration the provisions of ASC 718 “Compensation – Stock Compensation” and determined that these stock options should be classified as equity rather than liability. The award was measured on the grant date, being January 1, 2021, at fair value on a non-recurring basis. Its fair value was determined through Level 3 inputs of the fair value hierarchy as determined by management and amounted to $134. The fair value of the stock option was estimated using the binomial-pricing model with the following assumptions: (a) 6% dividend yield, assumed based on Company’s stated dividend policy and existing capital structure, (b) weighted average expected volatility of 75%, (c) risk free rate of 0.36% determined by management using the applicable 5-year treasury yield as of the measurement date, (d) market value of common stock of $4.64 (which was the current market price as of the date of the fair value measurement) and (e) expected life of 5 years as at January 1, 2021. Until December 31, 2023, no stock options were exercised, and in 2021 the full amount of $134 was recognized as compensation cost in General and administrative expenses in the accompanying statements of operations. (d) Compensation Cost on Restricted Common Stock: On December 30, 2020, the Company’s Board of Directors approved an amendment to the 2015 Equity Incentive Plan (or the “Plan”), to increase the aggregate number of shares issuable under the plan to 35,922 shares, and further approved 4,481 restricted common shares to be issued on the same date as an award to the Company’s directors. The fair value of the award was $320 and was calculated by using the share closing price of December 29, 2020. One fourth three fourths Following the resignation of four of the Company’s board members on February 28, 2022, the Company decided to accelerate the vesting of any unvested shares on the date of their resignation as a severance benefit and the Company recognized the corresponding compensation cost during the first quarter of 2022. During 2023, 2022, and 2021 the aggregate compensation cost on restricted stock amounted to $52, $107 and $134, respectively, and is included in General and administrative expenses in the accompanying consolidated statements of operations. As at December 31, 2023 and 2022, the total unrecognized compensation cost relating to restricted share awards was $0 and $52, respectively. During 2023, 2022 and 2021, the movement of the restricted stock cost was as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2020 6,672 $ 100.65 Granted - - Vested (4,432 ) 115.50 Forfeited or expired - - Outstanding at December 31, 2021 2,240 $ 71.40 Granted - - Vested (1,890 ) 71.40 Forfeited or expired - - Outstanding at December 31, 2022 350 $ 71.40 Granted - - Vested (350 ) 71.40 Forfeited or expired - - Outstanding at December 31, 2023 - $ - (e) At The Market (“ATM”) Offering: Furthermore, on December 9, 2022, the Company entered into an At The Market Offering Agreement with Virtu Americas LLC (or the “Virtu ATM”), as sales agent, pursuant to which the Company could offer and sell, from time to time, up to an aggregate of $30,000 of its common shares, par value $0.01 per share. During 2022, a total of 140,379 common shares were issued as part of the Company’s Virtu ATM offering, and the net proceeds received, after deducting underwriting commissions and other expenses, amounted to $450. From January 1, 2023 and up to February 27, 2023, when the Company terminated its Virtu ATM agreement, a total of 224,817 shares of the Company’s common stock were issued as part of the Company’s ATM offering, and the net proceeds received, after deducting underwriting commissions and other expenses, amounted to $673. (f) Equity Offerings of 2022: Furthermore, on July 18, 2022, the Company completed a direct offering of 1,133,333 common shares and warrants to purchase up to 1,133,333 common shares (the “July 2022 Warrants”) at a concurrent private placement. The combined effective purchase price for one common share and one warrant to purchase one common share was $5.25. Each warrant is immediately exercisable for one common share at an initial exercise price of $5.25 per share, and will expire in five and a half years The July 2022 Warrants have similar terms to the June Warrants, with the only significant difference being the existence of an exercise price adjustment clause (discussed below), which was assessed by the Company as a down round feature. Following the registered direct offering of August 12, 2022 (discussed below) the July 2022 Warrants’ exercise price has been reduced to $4.75, and following the share issuances through the Company’s ATM offering in December 2022 (discussed previously), the July 2022 Warrants’ exercise price has been reduced to $3.51, according to the terms of the Form of Warrant. Furthermore, from January 11, 2023, to January 26, 2023, the July 2022 Warrant’s exercise price was seven times adjusted because of the issuance of common shares through the ATM offering, and was gradually reduced to $2.60, while on March 1, 2023, due to the registered direct offering (discussed below) their exercise price was further reduced to their floor price of $1.65. Finally, on August 12, 2022, the Company entered into a securities purchase agreement with certain unaffiliated institutional investors to purchase 2,222,222 of its common shares and warrants to purchase 2,222,222 common shares (the “August 2022 Warrants”) at a price of $6.75 per common share and accompanying warrant in a registered direct offering. The August Warrants are immediately exercisable, expire five years from the date of issuance, and had an initial exercise price of $6.75 per common share. The offering closed on August 16, 2022, and the Company received net proceeds, after deducting underwriting discounts and commissions and expenses, of approximately $13,707. The August 2022 Warrants have similar terms to the July 2022 Warrants, including the exercise price adjustment clause that constitutes a down-round feature. Further to the share issuances through the Company’s ATM offering in December 2022 (discussed previously), the August 2022 Warrants’ exercise price has been reduced to $3.51, according to the terms of the Form of Warrant. Furthermore, from January 11, 2023, to January 26, 2023, the August 2022 Warrant’s exercise price was seven times adjusted because of the issuance of common shares through the ATM offering, and was gradually reduced to $2.60, while on March 1, 2023, due to the registered direct offering (discussed below) their exercise price was further reduced to their floor price of $1.65. During 2023, 100,000 and 100,000 of the July 2022 and August 2022 warrants, respectively, have been exercised by their holders, generating net proceeds of $330 for the Company, while none of the June 2022 warrants had been exercised. During 2022 none of the June 2022, July 2022 and August 2022 warrants had been exercised. The exercise price adjustment clause of the July 2022 and August 2022 Warrants provides for a reduction in the warrants’ initial exercise price in case the company, subsequent to the warrants issuance: a) issues equity securities at prices below the initial exercise price of the July 2022 and August 2022 Warrants, or b) the Company’s stock trades below the July 2022 and August 2022 Warrants’ exercise price during any of the five trading sessions following the issuance of such equity securities. The Company concluded that the specific feature provides protection to investors in promising to give each warrant holder investor the lowest pricing available to any other investors, rather than protecting against true economic dilution, and accordingly, this feature constitutes a down round feature. Following the Company’s registered offering in August 2022, the down round feature of the July 2022 Warrants was triggered. Consequently, the Company measured the value of the effect of the feature as of the August 18, 2022, being the date that the down round feature was triggered and determined an approximate measurement of the down round feature of $22 (Note 13), which was accounted for as a deemed dividend. Moreover, following the ATM offering with Virtu (discussed previously) and the registered Direct Offering of March 2023 (discussed below) during which common shares were issued, the down round features of the July 2022 and August 2022 Warrants were triggered. In this respect, the Company measured the value of the effect of the feature as of the dates that the down round features were triggered, being December 12, 2022 for both the July 2022 and the August 2022 Warrants, and determined an approximate measurement of the down round feature of $192 and $902, respectively, which were accounted for as deemed dividends (Note 13). In 2023, the down round features were triggered on eight different dates, leading to a combined effect of an approximate value of $256 and $533, for the July 2022 and the August 2022 Warrants, respectively, which were accounted for as deemed dividends (Note 13). The deemed dividends resulting from the re-valuation of the July 2022 and August 2022 Warrants are deducted from the net income to arrive to the net income available to common stockholders (Note 11). The fair values of the warrants, that were assessed on the dates of triggering of the down-round features as discussed previously, were determined through Level 3 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements, as they are derived by using unobservable inputs such as historical volatility. As of December 31, 2023, t he Company had common shares outstanding, all of the June 2022 warrants were outstanding, and also 1,033,333 of the July 2022 and 2,122,222 of the August 2022 warrants remained outstanding. As of December 31, 2022, the Company had 4,187,588 common shares outstanding and all the June 2022, July 2022 and August 2022 warrants remained outstanding (g) Registered Direct Offering of March 2023: On March 3, 2023, the Company completed a registered direct offering of (i) 5,556,000 of its common shares, $0.01 par value per share, (ii) Series A Warrants to purchase up to 3,611,400 common shares and (iii) Series B Warrants to purchase up to 4,167,000 common shares directly to several institutional investors. Each Series A Warrant and each Series B Warrant are immediately exercisable upon issuance for one common share at an exercise price of $2.25 per share and expire five years after the issuance date. Both Series A and Series B Warrants have similar terms with the Class A Warrants, with the only significant difference being the “alternative cashless exercise feature” included in the Series A Warrants. In particular, each Series A Warrant could become exchangeable for one common share beginning on the earlier of 30 days following the closing of the Offering and the date on which the cumulative trading volume of the Company’s common shares following the date of entry into a securities purchase agreement with the purchasers in this offering exceeds 15,000,000 shares. The alternative cashless exercise provisions were met on March 7, 2023. The Company concluded that the Series B warrants met the criteria for equity classification while the alternative cashless exercise of the Series A Warrants, precludes the Series A Warrants from being considered indexed to the Company’s stock. In this respect, the Company recorded the Series A Warrants as noncurrent liabilities under Fair value of warrants’ liability on the accompanying consolidated balance sheet, with subsequent changes in their respective fair values recognized in line “Changes in fair value of warrants’ liability” in the accompanying consolidated statement of operations. Estimating fair values of liability-classified financial instruments requires the development of estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company’s common stock. Because liability-classified financial instruments are carried at fair value, the Company’s financial results will reflect the volatility and changes in these estimates and assumptions. At closing, the Company received proceeds of $11,438, net of placement agent’s fees and of the date the Company completed the registered direct offering, the Company valued the Series A Warrants using the Black-Scholes model with a fair value of $1.11 per Series A Warrant or $4,009 in aggregate, while the remaining gross proceeds of the offering amounting to $8,492 (net proceeds of $7,769) where allocated to common shares and Series B warrants with the residual value method. Issuance costs of $340 were expensed immediately in a prorated manner, taking into account the portion of the liability recorded at inception included in Interest and finance costs in the accompanying consolidated statements of operations. As of December 31, 2023, the Company received notices of alternative cashless exercises for 3,597,100 Series A Warrants for equal amount of common shares and marked the warrants to their fair value at the settlement date and then settling the warrant liability. As of December 31, 2023, the Company re-valued 14,300 outstanding Series A Warrants using Black-Scholes model with a fair value of $32. The gain of $561 resulting from the change in the fair value of the liability for the unexercised warrants and the settlements of the liability throughout the period was recorded as a change in fair value of the warrant liability and is presented in “Change in fair value of the warrant’s liability” in the accompanying consolidated statements of operations and consolidated statements of cash flows. The Series A Warrants fair value as of settlement and measurement dates per discussion above, was determined through Level 2 inputs of the fair value hierarchy as determined by management. The fair value of the Series A Warrants weighted the probability that the Series A Warrants are alternatively cashless exercised for common shares, while the Black & Scholes model was applied under the following assumptions: (a) expected volatility (d) risk free rate (e) market value of common stock of, which was the current market price as of the date of each fair value measurement. Fair value sensitivity is driven by the stock price at the time of valuation and is limited in terms of the other parameters. The aggregate amount of outstanding warrants Series A and Series B as of December 31, 2023, were 14,300 and 4,167,000, respectively. (h) Share Buy-Back Plan : In April 2023, the Company’s Board of Directors authorized a share repurchase program (the “April 2023 Repurchase Plan”) to purchase up to an aggregate of $2,000 of the Company’s common shares. Under the April 2023 Repurchase Plan, the Company repurchased in 2023 a total of 2,222,936 common shares for total gross proceeds of $2,000, successfully completing the April 2023 Repurchase Plan in the third quarter of 2023. In August 2023, the Company’s Board of Directors further authorized a new share repurchase plan (the “August 2023 Repurchase Plan”) to repurchase up to $2,000 of the Company’s outstanding common shares. Under the August 2023 Repurchase Plan, the Company re-purchased 327,100 common shares for total gross proceeds of $723. In aggregate, the Company’s net proceeds for both the April 2023 and the August 2023 Repurchase Plans were $2,749. (i) NASDAQ Notification: On April 18, 2023, 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 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). Since then, Staff has determined that for 10 consecutive business days the closing bid price of the Company’s common shares has been at $1.00 per share or greater, and thus on August 15, 2023, the Company was notified that it regained compliance with Listing Rule 5550(a)(2)

Interest and Finance Costs

Interest and Finance Costs	12 Months Ended
	Dec. 31, 2023
Interest and Finance Costs [Abstract]
Interest and Finance Costs	10. Interest and Finance Costs The amounts in the accompanying consolidated statements of operations are analyzed as follows: 2023 2022 2021 Interest expense on bank debt (Note 7) $ 8,499 $ 3,191 $ 1,596 Interest expense and other fees on related party debt (Note 4) - 277 - Amortization of deferred financing costs on bank and related party debt 244 402 143 Other financial expenses 759 - - Commitment fees and other 96 96 62 Total $ 9,598 $ 3,966 $ 1,801

Earnings _ (Loss) per Share

Earnings / (Loss) per Share	12 Months Ended
	Dec. 31, 2023
Earnings / (Loss) per Share [Abstract]
Earnings / (Loss) per Share	11. Earnings / (Loss) per Share All common shares issued (including the restricted shares issued under the equity incentive plan, or else) are the Company’s common stock and have equal rights to vote and participate in dividends, subject to forfeiture provisions set forth in the applicable award agreements. Unvested shares granted under the Company’s incentive plan, or else, are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are considered participating securities for basic and diluted earnings per share calculation purposes. For 2023, 2022 and 2021, the Company paid aggregate dividends amounting to $1,889, $941 and $0 to its Series B and Series C preferred stockholders, while it paid zero dividends to its common stockholders. The calculation of basic earnings/ (loss) per share does not consider the non-vested shares as outstanding until the time-based vesting restrictions have lapsed. The dilutive effect of share-based compensation arrangements and for unexercised warrants that are in-the money, is computed using the treasury stock method, which assumes that the “proceeds” upon exercise of these awards or warrants are used to purchase common shares at the average market price for the period, while the dilutive effect of convertible securities is computed using the “if converted” method. In particular, for the preferred convertible stock that requires the payment of cash by the holder upon conversion, the proceeds assumed to be received shall be assumed to be applied to purchase common stock under the treasury stock method and the convertible security shall be assumed to be converted under the “if-converted” method. For 2023, the computation of diluted earnings per share reflects i) the potential dilution from conversion of outstanding preferred convertible stock Series B and C, calculated with the “if converted” method which resulted in 24,596,069 shares, and ii) the potential dilution from the exercise of warrants Series A (either exercised during the period end or outstanding) using the treasury stock method which resulted in 452,286 shares and the deduction of $561, related to the changes in fair value of Series A warrants’ liability, from net income attributable to common stockholders. For 2023, securities that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share, because to do so would have anti-dilutive effect, are any incremental shares resulting from the non-vested restricted share awards, Class A warrants considered to be out of the money and the non-exercised stock options calculated with the treasury stock method. For 2023, net income is significantly adjusted by a deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature of $9,809, (Note 9 (b)), by a deemed dividend to the holders of the July and August 2022 Warrants of $789 as a result of triggering of a down-round feature (Note 9 (f)), and also by an amount of $1,889 representing dividends on Series B and Series C Preferred Stock (Note 9 (b)), to arrive at the net income attributable to common equity holders. For 2022, net income / (loss) from continuing operations is significantly adjusted by an amount of $9,271 representing deemed dividends on Series B preferred stock upon exchange of common stock (Note 9 (b)), by an amount of $6,944 representing deemed dividends on Series C preferred stock upon exchange of Series C preferred stock (Note 9 (b)), by a deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature of $5,930, (Note 9 (b)), by a deemed dividend to the holders of the July and August 2022 Warrants of $1,116 as a result of triggering of a down-round feature (Note 9 (f)), and also by an amount of $1,030 representing dividends on Series B and Series C Preferred Stock (Note 9 (b)), to arrive at the net income / (loss) attributable to common equity holders. The following table sets forth the computation for basic and diluted earnings (losses) per share: 2023 2022 2021 Basic EPS Diluted EPS Basic EPS Diluted EPS Basic LPS Diluted LPS Net income / (loss) from continuing operations $ 69,413 $ 69,413 $ 36,300 $ 36,300 $ (10,106 ) $ (10,106 ) less income allocated to participating securities (2 ) (2 ) (6 ) (2 ) - - less deemed dividends on Series B preferred stock upon exchange of common stock - - (9,271 ) (9,271 ) - - less deemed dividends on Series C preferred stock upon exchange of Series B preferred stock and re-acquisition of loan due to a related party - - (6,944 ) - - - less deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature (9,809 ) - (5,930 ) (5,930 ) - - less deemed dividend to the July and August warrants’ holders due to triggering of a down-round feature (789 ) (789 ) (1,116 ) (1,116 ) - - less dividends on preferred stock (1,889 ) (40 ) (1,030 ) (493 ) - - less changes in value of warrants’ liability - (561 ) - - - - Net income / (loss) attributable to common stockholders from continuing operations 56,924 68,021 12,003 19,488 (10,106 ) (10,106 ) Net income from discontinued operations - - - - 400 400 Total net income /(loss) attributable to common stockholders 56,924 68,021 12,003 19,488 (9,706 ) (9,706 ) Weighted average number of common shares, basic 10,491,316 10,491,316 1,850,072 1,850,072 335,086 335,086 Effect of dilutive shares - 25,048,355 - 4,597,638 - - Weighted average number of common shares, diluted 10,491,316 35,539,671 1,850,072 6,447,710 335,086 335,086 Earnings / (Loss) per common share, continuing operations $ 5.43 $ 1.91 $ 6.49 $ 3.02 $ (30.16 ) $ (30.16 ) Earnings per common share, discontinued operations $ - $ - $ - $ - $ 1.19 $ 1.19 Earnings / (Loss) per common share, total $ 5.43 $ 1.91 $ 6.49 $ 3.02 $ (28.97 ) $ (28.97 )

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Income Taxes	12. Income Taxes Under the laws of the countries of the companies’ incorporation and / or vessels’ registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in Vessel operating expenses in the accompanying consolidated statements of operations . The Company is potentially subject to a four percent U.S. federal income tax on 50% of its gross income derived by its voyages that begin or end in the United States. However, under Section 883 of the Internal Revenue Code of the United States (the “Code”), a corporation is exempt from U.S. federal income taxation on its U.S.-source shipping income if: (a) it is organized in a foreign country that grants an equivalent exemption from tax to corporations organized in the United States (an “equivalent exemption”); and (b) either (i) more than 50% of the value of its common stock is owned, directly or indirectly, by “qualified shareholders,”, which is referred to as the “50% Ownership Test,” or (ii) its common stock is “primarily and regularly traded on an established securities market” in the United States or in a country that grants an “equivalent exemption”, which is referred to as the “Publicly-Traded Test.” The Marshall Islands, the jurisdiction where Performance Shipping Inc. and each of its vessel-owning subsidiaries are incorporated, grant an “equivalent exemption” to U.S. corporations. Therefore, the Company would be exempt from U.S. federal income taxation with respect to its U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met. Based on the trading and ownership of its stock, the Company believes that it satisfied the 50% Ownership Test for its 2023 taxable year and intends to take this position on its 2023 U.S. federal income tax returns. Therefore, the Company does not expect to have any U.S. federal income tax liability for the year ended December 31, 2023.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	12 Months Ended
	Dec. 31, 2023
Financial Instruments and Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	13. Financial Instruments and Fair Value Disclosures The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair values of long-term bank loans approximate the recorded values, due to their variable interest rates. The fair value of the Series A warrants liability is measured at each reporting period end and at each settlement date using the Black & Scholes model for the valuation of these instruments, as discussed above (Note 9). The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. Currently, the Company does not have any derivative instruments to manage such fluctuations. During 2023, the Company measured on a non-recurring basis the fair values of the Series C Preferred Shares (as discussed above Note 9 (b)), July 2022 and August 2022 Warrants using Level 3 inputs of the fair value hierarchy, before and after the triggering of the down round features. These valuations resulted: • in a deemed dividend for the Company’s Series C Preferred Shares as of January 11, 2023, of $1,539 (Note 9), • in a deemed dividend for the Company’s Series C Preferred Shares as of January 12, 2023, of $ 447 • in a deemed dividend for the Company’s Series C Preferred Shares as of January 13, 2023, of $ 39 • in a deemed dividend for the Company’s Series C Preferred Shares as of January 19, 2023, of $ 250 • in a deemed dividend for the Company’s Series C Preferred Shares as of January 20, 2023, of $ 486 • in a deemed dividend for the Company’s Series C Preferred Shares as of January 25, 2023, of $ 1,486 • in a deemed dividend for the Company’s Series C Preferred Shares as of January 26, 2023, of $ 171 • in a deemed dividend for the Company’s Series C Preferred Shares as of March 1, 2023, of $ 5,391 As of December 31, 2023, the deemed dividend for the Company’s July 2022 Warrants and August 2022 Warrants that resulted from the fair value measurement of the down round features of July 2022 and August 2022 Warrants amounted to $256 and $533, respectively, both triggered similarly to Series C Preferred Shares above (Note 9). The Company recorded gain from the Series A warrants measured on non-recurring basis at settlement dates amounting to $244, and on recurring basis as of each measurement date amounting to $317. The Series A Warrants fair value as of settlement and measurement dates per discussion above (Note 9 (g)), was determined through Level 2 inputs of the fair value hierarchy as determined by management. As of March 31, June 30, September 30 and December 31, 2023, the Company measured on recurring basis the fair value of the outstanding Series A Warrants at each measurement date of 1,021,800, 446,550, 14,300 and 14,300 Series A warrants, respectively, in the amount of $787, $353, $28 and $32, respectively. The Company measured on a non-recurring basis the fair value of Series A Warrants on each of the respective exercise dates as follows (please refer to Note 9(g)): • on March 7, 2023, 42,900 37 • on March 8 , 1,811,550 1,612 • on March 9 , 400,400 340 • on March 10 , 320,450 269 • on March 17, 2023, 14,300 11 • on June 15 , 575,250 420 • on August 29 , 432,250 726 During 2022, the Company measured on a non-recuring basis its newly-issued equity instruments on their appropriate measurement dates, using Level 3 inputs of the fair value hierarchy. These valuations resulted: • for the Company’s Series B Preferred Shares as of January 27, 2022, which was the date of the instrument’s issuance, to a fair value of $18,030 (Note 9 (b)), • for the Company’s Series C Preferred Shares as of October 17, 2022, which was the date of the instrument’s issuance, to a fair value of $26,809 (Note 9 (b)). Also, during 2022, the Company measured on a non-recurring basis the fair values of the Series C Preferred Shares, July 2022 and August 2022 Warrants, before and after the triggering of the down round features. These valuations resulted: • in a deemed dividend for the Company’s Series C Preferred Shares as of December 12, 2022, of $5,930 (Note 9 (b)), • in a deemed dividend for the Company’s July 2022 Warrants as of August 18, 2022, of $22 (Note 9 (f)), • in a deemed dividend for the Company’s July 2022 Warrants as of December 12, 2022, of $192 (Note 9 (f)), and • in a deemed dividend for the Company’s August 2022 Warrants as of December 12, 2022, of $902 (Note 9 (f)).

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events (a) Payment of First Instalments for the Construction of Hulls: (b) Dividend Payment to the Series B and Series C Preferred Stockholders: (c) Legal Update:

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Recent Accounting Pronouncements and Significant Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements - In October 2023, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The effective date for each amendment of the ASU 2023-06 will be, for entities subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or for purposes of issuing securities that are not subject to contractual restrictions on transfer, the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. For all other entities, the amendments will be effective two years later. The amendments in ASU 2023-06 should be applied prospectively. The Company evaluated the impact of this ASU on its consolidated financial Statements and determined that there is no impact as the disclosure improvements required by the ASU amendments are already required by the SEC’s Regulation S-X and Regulation S-K. Furthermore, in November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 introduced updates for how significant segment expense categories and amounts for each reportable segment are disclosed. A significant segment expense is defined as an expense that is: a) Significant to the segment, b) Regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and c) Included in the reported measure of segment profit or loss. The additional disclosure for segmented reporting is intended to provide additional information to financial statement users as now expenses such as direct expenses, shared expenses, allocated corporate overhead, or significant interest expense need to be disaggregated and reported separately for each segment. ASU 2023-07 also requires that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made also by entities that have a single reportable segment. Recent Accounting Pronouncements - Reference Rate Reform (Topic 848): In 2020, the Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The objective of the guidance in Topic 848 is to provide temporary relief during the transition period. The Board included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. At the time that Update 2020-04 was issued, the UK Financial Conduct Authority (FCA) had established its intent that it would no longer be necessary to persuade, or compel, banks to submit to LIBOR after December 31, 2021. As a result, the sunset provision was set for December 31, 2022—12 months after the expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR would be June 30, 2023, which is beyond the current sunset date of Topic 848. Because the current relief in Topic 848 may not cover a period of time during which a significant number of modifications may take place the sunset date of Topic 848 was deferred from December 31, 2022, to December 31, 2024 with the issuance of ASU 2022-06 in December 2022, after which entities will no longer be permitted to apply the relief in Topic 848. In addition, in January 2021, the FASB issued another ASU (ASU No. 2021-01) with respect to the Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. During 2023, the Company has elected one of the optional expedients provided in the standard that allows entities with contract modifications within the scope of Topic 470; for which the terms that are modified solely relate to directly replacing, or having the potential to replace, a reference rate with another interest rate index, to account for the modification that meets the scope of paragraphs 848-20-15-2 through 15-3 as if the modification was not substantial. That is, the original contract and the new contract shall be accounted for as if they were not substantially different from one another, and the modification shall not be accounted for in the same manner as a debt extinguishment. During 2023, the Company’s loans’ transition from LIBOR to SOFR was completed, and as such, the Company does not expect any further material impact on its consolidated financial statements from the adoption of this ASU.
Principles of Consolidation	(a) Principles of Consolidation: During 2023, the Company acquired three newly established subsidiaries named Nakaza Shipping Company Inc., Sri Lanka Shipping Company Inc., and Guadeloupe Shipping Company Inc., in connection with the three shipbuilding contracts signed within the year (refer to Notes 5 and 8).
Use of Estimates	(b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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.
Other Comprehensive Income / (Loss)	(c) Other Comprehensive Income / (Loss): The Company follows the provisions of Accounting Standard Codification (ASC) 220, “Comprehensive Income”, which requires separate presentation of certain transactions, which are recorded directly as components of stockholders’ equity. The Company presents Other Comprehensive Income / (Loss) in a separate statement.
Foreign Currency Translation	(d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company operates its vessels in international shipping markets, and therefore, primarily transacts business in U.S. Dollars. The Company’s accounting records are maintained in U.S. Dollars. Transactions involving other currencies during the years presented are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. Dollars at the period-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of operations.
Cash and Cash Equivalents	(e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash equivalents.
Restricted Cash	(f) Restricted Cash: Restricted cash, includes minimum cash deposits required to be maintained under the Company’s borrowing arrangements.
Accounts Receivable, net	(g) Accounts Receivable, net: The account includes receivables from pool charterers, charterers for hire, freight and demurrage, net of provision for credit losses and allowances for doubtful accounts – (refer to paragraph (h) below and to Note 3).
Provision for Credit Losses	(h) Provision for Credit Losses: , in estimating its , gathers annual on its freight and demurrage receivables and makes forward-looking adjustments estimated loss ratio, which is re-measured on an annual basis. As of December 31, 2023 and 2022, the balance the Company’s outstanding freight and demurrage were $171 and $109, respectively, is included in Accounts , net of provision for credit losses in the accompanying consolidated balance sheets. For 2023, 2022 and 2021, the Provision for credit losses and write offs in the accompanying consolidated statements of operations includes changes in the provision of estimated losses of $(85), $(12) and $42, respectively, and for 2023, 2022 and 2021 it also includes an amount of $48, $45 and $118, respectively, representing demurrages write offs. No no
Inventories	(i) Inventories: Inventories consist of bunkers, lubricants and victualling. Bunkers inventory exist when the vessel operates under freight charter, or when on the balance sheet date a vessel has been redelivered by her previous charterers and has not yet been delivered to new charterers, or remains idle. When the vessel operates under pool charters, the bunkers may be in the possession of the Company, or of the pool, depending on the terms of the specific pool agreement. All inventories are stated at the lower of cost or net realizable value and cost is determined by the first in, first out method. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.
Vessel Cost for Second-hand Vessels and Newbuildings	(j) Vessel Cost for Second-hand Vessels and Newbuildings: Vessels are stated at cost which consists of the contract price and costs incurred upon acquisition or delivery of a vessel from a shipyard. All pre-delivery costs incurred during the construction of newbuildings, including interest, supervision and technical costs, are capitalized. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earnings capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are charged to expense as incurred. For vessels that on the balance sheet date were in the shipyard undergoing their scheduled special survey and the installation of their ballast water treatment system, improvement costs of the period under consideration are capitalized in Other non-current assets in the accompanying consolidated balance sheets.
Vessel Depreciation	(k) Vessel Depreciation: The Company depreciates its vessels on a straight-line basis over their estimated useful lives, after considering the estimated salvage value. Each vessel’s salvage value is the product of her light-weight tonnage and estimated scrap rate, which is estimated at $0.35 per light-weight ton for the tanker vessels. Management estimates the useful life of the Company’s tanker vessels to be 25 years from the date of initial delivery from the shipyard. Second-hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations on the ability of a vessel to trade on a worldwide basis, the vessel’s useful life is adjusted at the date such regulations are adopted.
Impairment of Long-Lived Assets	(l) Impairment of Long-Lived Assets: The Company follows ASC 360-10-40 “Impairment or Disposal of Long-Lived Assets”, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company reviews vessels for impairment whenever events or changes in circumstances (such as market conditions, the economic outlook, technological, regulatory and environmental developments, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of a vessel plus her unamortized dry-dock costs and cost of any equipment not yet installed may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use of the vessel over her remaining useful life and her eventual disposition is less than her carrying amount plus unamortized drydock-costs and cost of any equipment not yet installed, the Company evaluates the vessel for impairment loss. The measurement of the impairment loss is based on the fair value of the vessel. The fair value of the vessel is determined based on assumptions by making use of available market data and taking into consideration third-party valuations. The Company evaluates the carrying amounts and periods over which vessels are depreciated to determine if events have occurred which would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to charter rates and fleet utilization, while other assumptions include vessels’ operating expenses, vessels’ residual value, dry-dock costs and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The Company also takes into account factors such as the vessels’ age and employment prospects under the then current market conditions and determines the future undiscounted cash flows considering its various alternatives, including sale possibilities existing for each vessel as of the testing dates. In detail, the projected net operating cash flows are determined by considering the historical and estimated vessels’ performance and utilization, as well as historical utilization of other vessels of similar type and size considering the Company’s recent shift to the tanker market and the lack of extended historical data, the charter revenues from existing time charters for the fixed fleet days and an estimated daily rate for the unfixed days (based on the most recent 10 year average historical rates available for each type of vessel) over the remaining estimated life of each vessel, net of commissions, expected outflows for scheduled vessels’ maintenance and vessel operating expenses assuming an average annual inflation rate. Effective fleet utilization, which is estimated based on the vessels’ historical performance, is included in the Company’s exercise taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry docking and special surveys), assumptions in line with the Company’s historical performance since the acquisition of its tanker vessels, peers’ historical performance, and its expectations for future fleet utilization under its fleet employment strategy. For 2023 and 2022, the Company assessed that there were no indications for potential impairment of any of its vessels. For 2021, the review of the tanker vessels’ carrying values plus unamortized dry-dock costs and cost of any equipment not yet installed, in connection with the estimated recoverable amounts did not result in a recognition of impairment charge.
Assets Held for Sale	(m) Assets Held for Sale: The Company classifies assets or assets in disposal groups as being held for sale in accordance with ASC 360-10-45-9 “Long-Lived Assets Classified as Held for Sale” when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the asset (disposal group); (ii) the asset (disposal group) is immediately available for sale on an “as is” basis; (iii) an active program to find the buyer and other actions required to execute the plan to sell the asset (disposal group) have been initiated; (iv) the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale within one year; and (v) the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value and 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 withdrawn. In case a long-lived asset is to be disposed of other than by sale (for example, by abandonment, in an exchange measured based on the recorded amount of the nonmonetary asset relinquished, or in a distribution to owners in a spinoff) the Company continues to classify it as held and used until its disposal date. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. The review of the related criteria as of December 31, 2023 and 2022 did not result in held for sale classification for any of the Company’s vessels.
Revenues Related to Time Charters and Pool Arrangements	The Company has determined that all of its time charter agreements contain a lease and are therefore accounted for as operating leases in accordance with ASC 842. Time charter revenues are accounted for over the term of the charter as the service is provided. Vessels are chartered when a contract exists and the vessel is delivered (commencement date) to the charterer, for a fixed period of time, at rates that are generally determined in the main body of charter parties and the relevant voyage expenses burden the charterer (i.e. port dues, canal tolls, pilotages and fuel consumption). Upon delivery of the vessel, the charterer has the right to control the use of the vessel (under agreed prudent operating practices) as they have the enforceable right to: (i) decide the delivery and redelivery time of the vessel; (ii) arrange the ports from which the vessel shall pass; (iii) give directions to the master of the vessel regarding vessel’s operations (i.e. speed, route, bunkers purchases, etc.); (iv) sub-charter the vessel and (v) consume any income deriving from the vessel’s charter. Any off-hires are recognized as incurred. The charterer may charter the vessel with or without owner’s crew and other operating services. In the case of time charter agreements, the agreed hire rates include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company, as a lessor, elected to apply the practical expedient which allowed it to account for the lease and the non-lease components of time charter agreements as one, as the criteria of the paragraphs ASC 842-10-15-42A through 42B are met. Time-charter revenue is usually received in advance, and as such, deferred revenue represents cash received prior to the balance sheet date for which related service has not been provided. For vessels operating in pooling arrangements, the Company earns a portion of total revenues generated by the pool, net of expenses incurred by the pool. The amount allocated to each pool participant vessel, including the Company’s vessel The Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific charterers with known disputes or collectability concerns. The Company recognizes allowance for doubtful accounts deriving from the collectability assessment as direct reduction to lease income
Revenues Related to Voyage Charters	Spot, or voyage charter is a charter where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified freight rate per ton, regardless of time to complete. The Company has determined that under voyage charters, the charterer has no right to control any part of the use of the vessel. Thus, the Company’s voyage charters do not contain lease and are accounted for in accordance with ASC 606. More precisely, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. Thus, revenues from voyage charters on the spot market are recognized ratably from the date of loading (Notice of Readiness to the charterer, that the vessel is available for loading) to discharge date of cargo (loading-to-discharge). Voyage charter payments are due upon discharge of the cargo. Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement, represents a form of variable consideration and is recognized as the performance obligation is satisfied. 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.
Voyage Expenses	As discussed above, under a time charter, specified voyage costs such as bunkers and port charges are paid by the charterer, while commissions are paid by the Company. Under spot charter arrangements, voyage expenses that are unique to a particular charter are paid for by the Company. Commissions are expensed as incurred. Voyage expenses that qualify as contract fulfilment costs (mainly consisting of bunkers expenses and port dues) and are incurred by the Company from the latter of the end of the previous vessel employment, provided that the vessel is fixed, or from the date of inception of a voyage charter contract until the arrival at the loading port, are capitalized to Deferred Voyage Expenses and amortized ratably over the total transit time of the voyage (loading-to-discharge). Vessel voyage expenses that do not qualify as contract fulfilment costs, and operating expenses are expensed when incurred.
Earnings/(Loss) per Common Share	(o) Earnings/(Loss) per Common Share: Basic earnings/(loss) per common share are computed by dividing net income / (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. The two-class method is an earnings allocation formula that determines earnings per share for common stock and participating securities, according to dividends declared and participation rights in undistributed earnings. Under this method, net earnings is reduced by the amount of dividends declared in the current period for common shareholders and participating security holders. The remaining earnings or “undistributed earnings” are allocated between common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Once calculated, the earnings per common share is computed by dividing the net (loss) earnings attributable to common shareholders by the weighted average number of common shares outstanding during each year presented. Diluted earnings/(loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Diluted (loss) earnings attributable to common shareholders per common share is computed by dividing the net (loss) earnings attributable to common shareholders by the weighted average number of common shares outstanding plus the dilutive effect of restricted shares, warrants and options outstanding during the applicable periods computed using the treasury method and the dilutive effect of convertible securities during the applicable periods computed using the “if converted” method. The two-class method is used for diluted earnings/(loss) per common share when such is the most dilutive method, considering anti – dilution sequencing as per ASC 260. In cases when the effect from restricted stock, options, warrants and convertible securities is anti-dilutive, such are not included in the diluted earnings / (loss) per common share calculation. For purposes of the if-converted calculation, the fixed conversion price of preferred convertible stock is used, unless the number of shares that may be issued is variable, at which case the average market price of the period is used (Note 11).
Dry-Docking Costs	(p) Dry-Docking Costs: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and amortized on a straight-line basis over the period through the date the next dry-docking will be scheduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale. Unamortized dry-docking costs of vessels classified as held for sale are written off as impairment charges when these vessels’ carrying values are impaired as a result of their classification. The unamortized dry-docking cost as of December 31, 2023, and 2022 was $1,798 and $1,098, respectively. Amortization of dry-docking costs for 2023, 2022 and 2021 amounted to $571, $544 and $68, respectively, and is included in Depreciation and amortization of deferred charges in the accompanying consolidated statement of operations. Also, in 2023 and 2022, deferred dry-dock costs which were written off in Gain on vessels’ sale in the accompanying consolidated statement of operations amounted to $651 and $562, respectively.
Financing Costs and Liabilities	(q) Financing Costs and Liabilities: Fees paid to lenders for obtaining new loans, or for refinancing existing ones which are determined as debt modifications, are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees are amortized to interest and finance costs over the life of the related debt using the effective interest method and, for the fees relating to loan facilities not used at the balance sheet date, according to the loan availability terms. Discount premiums are accounted for similar to other financing fees. Loan commitment fees are charged to expense in the period incurred. A loan liability is derecognized when the Company pays the creditor and is relieved of its obligation for the liability. For loans repaid or refinanced that meet the criteria of debt extinguishment, the difference between the settlement price and the net carrying amount of the debt being extinguished (which includes any deferred debt issuance costs) is recognized as a gain or loss in the statement of operations. In 2023, an amount of $387 being the unamortized financing costs of the loans with Piraeus Bank, which were repaid in November and December 2023 (Note 7) has been recognized as Loss from debt extinguishment and is separately presented in the accompanying consolidated statement of operations.
Repairs and Maintenance	( r) Repairs and Maintenance:
Share-Based Payment	(s) Share-Based Payment: The Company issues restricted share awards which are measured at their grant date fair value and are not subsequently re-measured. That cost is recognized under the straight-line method over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). At cases when part of the vesting of the restricted share award takes place on the grant date, then the corresponding compensation cost is recognized as incurred. When the service inception date precedes the grant date, the Company accrues the compensation cost for periods before the grant date based on the fair value of the award at the reporting date. In the period in which the grant date occurs, cumulative compensation cost is adjusted to reflect the cumulative effect of measuring compensation cost based on the fair value at the grant date. Forfeitures of awards are accounted for when and if they occur. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. The Company also grants stock options as incentive-based compensation to certain of its officers, in accordance with the terms of the Company’s Equity Incentive Plan. Stock-based compensation awards that are classified as equity and do not contain any market, service or performance conditions, are recognized on the grant date with a corresponding credit to equity and are measured at fair value. The compensation cost of the Company’s stock-based compensation awards is included in general and administrative expenses in the consolidated statement of operations (Note 9).
Fair Value Measurements	(t) Fair Value Measurements: The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets and liabilities. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the market in which the reporting entity transacts. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at the fair value in one of the following categories: • 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. The fair value measurement assumes that an instrument classified in the shareholders’ equity is transferred to a market participant at the measurement date. The transfer of an instrument classified in shareholders’ equity assumes that the instrument would remain outstanding, and the market participant takes on the rights and responsibilities associated with the instrument.
Concentration of Credit Risk	(u) Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and 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. For credit losses accounting on the Company’s financial assets refer to paragraph (h) above.
Going Concern	(v) Going Concern: The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASC 205-40. In more detail, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the consolidated financial statements are issued. As part of such evaluation, the Company did not identify any conditions that raise substantial doubt about the entity’s ability to continue as a going concern within one year from the date the consolidated financial statements are issued. Accordingly, the Company continues to adopt the going concern basis in preparing its consolidated financial statements.
Changes in Capital Accounts	(w) Re-purchase and Retirement of Company’s Common Shares: All Company’s common shares re-purchased are immediately cancelled and retired, and the Company’s share capital is accordingly reduced. The excess of the cost of the common shares over their par value is allocated in additional paid-in capital. (x) Re-purchase and Retirement of Company’s Preferred Shares: All Company’s preferred shares re-purchased are immediately cancelled and retired, and the Company’s share capital is accordingly reduced. Any difference between the fair value of the consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock represents a return to (from) the preferred stockholder that should be treated in a manner similar to the treatment of dividends paid on preferred stock. If the fair value of the consideration transferred plus any direct costs incurred in relation to the redemption, is less than the carrying amount of the preferred shares redeemed (net of any issuance costs), the difference is credited to retained earnings. In addition, any possible excess between the fair value of the consideration paid for the re-purchase of preferred shares and the carrying amount of the shares surrendered is reflected as gain which should be added to the net income/(loss) to arrive at the net income/(loss) available to common stockholders (Note 11). (ab) Exchange of Common Shares for Shares of Series B Convertible Preferred Stock: In cases of exchanges of common stock for preferred stock, the Company values separately the common stock and the preferred stock on the date of the exchange. When the Company determines that on the measurement date there is an excess value of the preferred stock, as compared to the fair value of the exchanged common stock, that value represents a dividend to the preferred holders, which should be deducted from the net income/(loss) from continuing operations to arrive at the net income/(loss) available to common stockholders from continuing operations. (ac) Exchange of Series B Convertible Preferred Stock and Related Party Loan for Series C Convertible Preferred Stock : The Company follows the provisions of ASC 470-50 “Modifications and Extinguishments” to determine whether exchange of preferred stock should be accounted for as a modification or extinguishment. For extinguishments, the Company follows the accounting as per ASC 260-10-S99-2. Under that guidance, when equity-classified preferred shares are extinguished, the difference between (1) the fair value of the consideration transferred to the holders of the preferred shares (i.e., the cash or the fair value of new instruments issued) and (2) the carrying amount of the preferred shares (net of issuance costs) are subtracted from (or added to) net income to arrive at income available to common stockholders in the calculation of earnings/(losses) per share. As far as it concerns extinguishment of related party loans, the Company follows provision of ASC 470-50-40-2, indicating that such extinguishment transactions may be in essence capital transactions. (ad) Preferred Shares and Warrants Accounting: The Company follows the provision of ASC 480 “Distinguishing Liabilities from Equity” and ASC 815 “Derivatives and Hedging” to determine the classification of certain freestanding financial instruments as permanent equity, temporary equity or liability. The Company, when assessing the accounting of the warrants, the pre-funded warrants, the Series B Preferred Shares and the Series C Preferred Shares takes into consideration ASC 480 to determine whether the warrants, the pre-funded warrants, the Series B Preferred Shares and the Series C Preferred Shares should be classified as permanent equity instead of temporary equity or liability. The Company further analyses the key features of the warrants, the pre-funded warrants, the Series B and Series C Preferred Shares to determine whether these are more akin to equity or to debt. In its assessment, the Company identifies any embedded features, examines whether these fall under the definition of a derivative according to ASC 815 applicable guidance or whether certain of these features affect the classification. In cases when derivative accounting is deemed inappropriate, no bifurcation of these features is performed. For those warrants meeting the classification of liability, the initial recognition is at fair value and are remeasured at each balance sheet date with the offsetting adjustments recorded in change in fair value of warrant liabilities within the consolidated statements of operations. Upon settlement or termination, warrants classified as liabilities at fair value, are marked to their fair value at the settlement date and then the liability settled. The Company values its warrants classified as liabilities using the Black-Scholes option pricing model (refer to Note 9) (ae) Accounting of Down-Round Features: For preferred stock and warrants bearing down-round features, the Company evaluates whether there are circumstances that trigger the down-round feature. At the date when the down-round features are triggered, the Company considers the provision of ASC 260-10-30-1 and measures the value of the effect of the feature as the difference between (a) the fair value of the financial instrument (without the down-round feature) with a conversion price or exercise price (as applicable), corresponding to the stated conversion or exercise price of the issued instrument before the conversion or exercise price reduction and (b) the fair value of the financial instrument (without the down-round feature) with a conversion or exercise price, corresponding to the reduced conversion or exercise price upon the down-round feature being triggered (refer to Note 9)
Discontinued Operations	(y) Discontinued Operations: It is a Company’s policy, that the current and prior year periods assets, liabilities, results of operations and cash flows of a Company’s component disposed of by sale are reported as discontinued operations when it is determined that their operations and cash flows will be eliminated from the ongoing operations of the Company as a result of their disposal, and that the Company will not have continuing involvement in the operation of these assets after their disposal.
Rent Concessions Related to the COVID-19 Pandemic	(z) Rent Concessions Related to the COVID-19 Pandemic: The FASB has provided accounting elections for entities that provide or receive rent concessions (e.g., deferral of lease payments, reduced future lease payments) due to the COVID-19 pandemic. Entities are allowed to elect to not evaluate whether a concession provided by a lessor due to COVID-19 is a lease modification. An entity that makes this election can then elect whether to apply the modification guidance (i.e., assume the concession was always contemplated by the contract or assume the concession was not contemplated by the contract). During 2021, the Company’s rent costs were reduced as a result of COVID-19 relief measures applied by the Greek government, while for 2022 and 2023 no such relief measures were in force. The Company assessed that the rent concession qualifies for the election, as the concession did not result in a substantial increase in the rights of the lessor or the obligations of the lessee, and then elected to not evaluate whether this concession provided by the Greek government due to COVID-19 is a lease modification, and further chose to adopt a policy to not account for the concession as a lease modification. Finally, the Company, as a lessee that was contractually released from certain lease payments, accounts the rent concession like a negative variable lease payment (Note 8).
Segmental Reporting	(aa) Segmental Reporting: The Company engages in the operation of tanker vessels which has been identified as one reportable segment. The operation of the vessels is the main source of revenue generation, the services provided by the vessels are similar and they all operate under the same economic environment. Additionally, the vessels do not operate in specific geographic areas, as they trade worldwide. The Company reports financial information and evaluates the operations by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters.

Revenue and Accounts Receivab_2

Revenue and Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue and Accounts Receivable [Abstract]
Revenue by Type of Charter	Below are presented, per type of charter, the Company’s revenues for 2023, 2022 and 2021 and also the balance of Accounts receivable, net, for December 31, 2023 and 2022. Charter type 2023 2022 2021 Time charters $ 57,975 $ 8,131 $ 10,282 Pool arrangements 48,332 43,712 2,603 Voyage charters 2,631 23,330 23,606 Total Revenue $ 108,938 $ 75,173 $ 36,491
Accounts Receivable by Type of Charter	As of December 31, Charter type 2023 2022 Time charters $ 2,638 $ 34 Pool arrangements 5,213 6,440 Voyage charters 429 2,636 Total Acc. Receivable, net $ 8,280 $ 9,110
Revenue and Accounts Receivable from Charterers	Moreover, the charterers that accounted for more than 10% of the Company’s revenue are presented below: Charterer 2023 2022 2021 A 11 % - 26 % B 28 % - - C - - 17 % D 13 % 41 % - E 32 % 18 % -

Vessels, net (Tables)

Vessels, net (Tables)	12 Months Ended
	Dec. 31, 2023
Vessels, net [Abstract]
Vessels, net	The amounts of Vessels, net, in the accompanying consolidated balance sheets are analyzed as follows: Vessels’ Cost Accumulated Depreciation Net Book Value Balance, December 31, 2021 $ 136,782 $ (13,746 ) $ 123,036 - Transfer from advances for vessel acquisitions and other vessel costs 143,504 - 143,504 - Vessels’ improvements transferred from other non-current assets 558 - 558 - Vessels’ improvements 660 - 660 - Vessel’s disposals (27,208 ) 4,688 (22,520 ) - Depreciation - (8,631 ) (8,631 ) Balance, December 31, 2022 $ 254,296 $ (17,689 ) $ 236,607 - Vessels’ improvements transferred from other non-current assets 450 - 450 - Vessels’ improvements 510 - 510 - Vessel’s disposals (27,098 ) 5,795 (21,303 ) - Depreciation - (14,156 ) (14,156 ) Balance, December 31, 2023 $ 228,158 $ (26,050 ) $ 202,108

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Long-Term Debt [Abstract]
Long-term Debt	The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2023 Current Non-current December 31, 2022 Current Non-current Nordea Bank secured term loan $ 19,167 $ 3,334 $ 15,833 $ 20,663 $ 3,740 $ 16,923 Piraeus Bank secured term loans - - - 67,584 9,048 58,536 Alpha Bank secured term loans 36,050 4,200 31,850 40,250 4,200 36,050 less unamortized deferred financing costs (331 ) (107 ) (224 ) (822 ) (242 ) (580 ) Total debt, net of deferred financing costs $ 54,886 $ 7,427 $ 47,459 $ 127,675 $ 16,746 $ 110,929
Maturities of Debt Facilities	As at December 31, 2023, the maturities of the drawn portions of the debt facilities described above, are as follows: Principal Repayment Year 1 $ 7,533 Year 2 7,533 Year 3 7,533 Year 4 26,783 Year 5 5,835 Total $ 55,217

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies [Abstract]
Office Rental Obligations	The following table sets forth the Company’s undiscounted office rental obligations as at : Amount Year 1 $ 78 Year 2 40 Total $ 118 Less imputed interest (19 ) Present value of lease liabilities $ 99 Lease liabilities, current 66 Lease liabilities, non- current 33 Present value of lease liabilities $ 99

Changes in Capital Accounts (Ta

Changes in Capital Accounts (Tables)	12 Months Ended
	Dec. 31, 2023
Changes in Capital Accounts [Abstract]
Movement of Restricted Stock Cost	During 2023, 2022 and 2021, the movement of the restricted stock cost was as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2020 6,672 $ 100.65 Granted - - Vested (4,432 ) 115.50 Forfeited or expired - - Outstanding at December 31, 2021 2,240 $ 71.40 Granted - - Vested (1,890 ) 71.40 Forfeited or expired - - Outstanding at December 31, 2022 350 $ 71.40 Granted - - Vested (350 ) 71.40 Forfeited or expired - - Outstanding at December 31, 2023 - $ -

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	The amounts in the accompanying consolidated statements of operations are analyzed as follows: 2023 2022 2021 Interest expense on bank debt (Note 7) $ 8,499 $ 3,191 $ 1,596 Interest expense and other fees on related party debt (Note 4) - 277 - Amortization of deferred financing costs on bank and related party debt 244 402 143 Other financial expenses 759 - - Commitment fees and other 96 96 62 Total $ 9,598 $ 3,966 $ 1,801

Earnings _ (Loss) per Share (Ta

Earnings / (Loss) per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings / (Loss) per Share [Abstract]
Computation for Basic and Diluted Earnings (Losses) per Share	The following table sets forth the computation for basic and diluted earnings (losses) per share: 2023 2022 2021 Basic EPS Diluted EPS Basic EPS Diluted EPS Basic LPS Diluted LPS Net income / (loss) from continuing operations $ 69,413 $ 69,413 $ 36,300 $ 36,300 $ (10,106 ) $ (10,106 ) less income allocated to participating securities (2 ) (2 ) (6 ) (2 ) - - less deemed dividends on Series B preferred stock upon exchange of common stock - - (9,271 ) (9,271 ) - - less deemed dividends on Series C preferred stock upon exchange of Series B preferred stock and re-acquisition of loan due to a related party - - (6,944 ) - - - less deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature (9,809 ) - (5,930 ) (5,930 ) - - less deemed dividend to the July and August warrants’ holders due to triggering of a down-round feature (789 ) (789 ) (1,116 ) (1,116 ) - - less dividends on preferred stock (1,889 ) (40 ) (1,030 ) (493 ) - - less changes in value of warrants’ liability - (561 ) - - - - Net income / (loss) attributable to common stockholders from continuing operations 56,924 68,021 12,003 19,488 (10,106 ) (10,106 ) Net income from discontinued operations - - - - 400 400 Total net income /(loss) attributable to common stockholders 56,924 68,021 12,003 19,488 (9,706 ) (9,706 ) Weighted average number of common shares, basic 10,491,316 10,491,316 1,850,072 1,850,072 335,086 335,086 Effect of dilutive shares - 25,048,355 - 4,597,638 - - Weighted average number of common shares, diluted 10,491,316 35,539,671 1,850,072 6,447,710 335,086 335,086 Earnings / (Loss) per common share, continuing operations $ 5.43 $ 1.91 $ 6.49 $ 3.02 $ (30.16 ) $ (30.16 ) Earnings per common share, discontinued operations $ - $ - $ - $ - $ 1.19 $ 1.19 Earnings / (Loss) per common share, total $ 5.43 $ 1.91 $ 6.49 $ 3.02 $ (28.97 ) $ (28.97 )

General Information (Details)

General Information (Details)	Nov. 15, 2022
General Information [Abstract]
Reverse stock split ratio	0.15

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements and Significant Accounting Policies, Principles of Consolidation (Details)	12 Months Ended
	Dec. 31, 2023 Contract Subsidiary
Principles of Consolidation [Abstract]
Number of newly established subsidiaries | Subsidiary	3
Number of shipbuilding contracts signed | Contract	3

Recent Accounting Pronounceme_4

Recent Accounting Pronouncements and Significant Accounting Policies, Provision for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Provision for Credit Losses [Abstract]
Change in provision of estimated losses	$ (85)	$ (12)	$ 42
Demurrages write offs	48	45	$ 118
Cash Equivalents [Member]
Provision for Credit Losses [Abstract]
Allowance for estimated credit losses	0	0
Freight and Demurrage Receivables [Member]
Provision for Credit Losses [Abstract]
Allowance for estimated credit losses	171	109
Insurance Claims [Member]
Provision for Credit Losses [Abstract]
Allowance for estimated credit losses	$ 0	$ 0

Recent Accounting Pronounceme_5

Recent Accounting Pronouncements and Significant Accounting Policies, Vessel Depreciation (Details) - Tanker Vessels [Member]	Dec. 31, 2023 USD ($)
Vessel Depreciation [Abstract]
Estimated residual scrap rate per light-weight ton	$ 350
Estimated useful life	25 years

Recent Accounting Pronounceme_6

Recent Accounting Pronouncements and Significant Accounting Policies, Impairment of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Impairment of Long-Lived Assets [Abstract]
Term of average historical rates available for each type of vessel	10 years
Impairment charges	$ 0	$ 0
Tanker Vessels [Member]
Impairment of Long-Lived Assets [Abstract]
Impairment charges			$ 0

Recent Accounting Pronounceme_7

Recent Accounting Pronouncements and Significant Accounting Policies, Assets Held for Sale (Details)	12 Months Ended
	Dec. 31, 2023
Assets Held for Sale [Abstract]
Transfer of disposal group asset is expected to qualify for recognition period	1 year

Recent Accounting Pronounceme_8

Recent Accounting Pronouncements and Significant Accounting Policies, Revenues and Voyage Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Recent Accounting Pronouncements and Significant Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 147	$ 0	$ 0

Recent Accounting Pronounceme_9

Recent Accounting Pronouncements and Significant Accounting Policies, Dry-Docking Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dry-Docking Costs [Abstract]
Unamortized dry-docking costs	$ 1,798	$ 1,098
Loss / (gain) on vessels' sale	15,683	9,543	$ 0
Tanker Vessels [Member]
Dry-Docking Costs [Abstract]
Amortization of dry-docking costs	571	544	$ 68
Loss / (gain) on vessels' sale	$ 651	$ 562

Recent Accounting Pronouncem_10

Recent Accounting Pronouncements and Significant Accounting Policies, Financing Costs and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Costs and Liabilities [Abstract]
Loss on extinguishment of debt	$ (387)	$ 0	$ 0

Recent Accounting Pronouncem_11

Recent Accounting Pronouncements and Significant Accounting Policies. Segmental Reporting (Details)	12 Months Ended
	Dec. 31, 2023 Segment
Segmental Reporting [Abstract]
Number of reportable segments	1

Revenue and Accounts Receivab_3

Revenue and Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues and Accounts Receivable [Abstract]
Total revenues	$ 108,938	$ 75,173	$ 36,491
Accounts receivable, net	8,280	9,110
Deferred revenue	0	1,378
Revenues [Abstract]
Maximum loss if charterers failed to perform	7,947	6,440
Time Charters [Member]
Revenues and Accounts Receivable [Abstract]
Revenues	57,975	8,131	10,282
Accounts receivable, net	2,638	34
Deferred revenue	0	1,378
Pool Arrangements [Member]
Revenues and Accounts Receivable [Abstract]
Revenues	48,332	43,712	2,603
Accounts receivable, net	5,213	6,440
Voyage Charters [Member]
Revenues and Accounts Receivable [Abstract]
Revenues	2,631	23,330	$ 23,606
Accounts receivable, net	429	2,636
Contract assets	$ 103	$ 167
Revenues [Member] | Customer Concentration Risk [Member] | Charterer A [Member]
Revenues [Abstract]
Concentration risk percentage	11%	0%	26%
Revenues [Member] | Customer Concentration Risk [Member] | Charterer B [Member]
Revenues [Abstract]
Concentration risk percentage	28%	0%	0%
Revenues [Member] | Customer Concentration Risk [Member] | Charterer C [Member]
Revenues [Abstract]
Concentration risk percentage	0%	0%	17%
Revenues [Member] | Customer Concentration Risk [Member] | Charterer D [Member]
Revenues [Abstract]
Concentration risk percentage	13%	41%	0%
Revenues [Member] | Customer Concentration Risk [Member] | Charterer E [Member]
Revenues [Abstract]
Concentration risk percentage	32%	18%	0%

Transactions with Related Par_2

Transactions with Related Parties (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended	7 Months Ended	10 Months Ended	12 Months Ended
	Oct. 19, 2022 USD ($)	Oct. 17, 2022 USD ($) $ / shares shares	Jan. 27, 2022 shares	Mar. 31, 2022 USD ($) Advance	Dec. 15, 2022 $ / shares	Sep. 15, 2022 $ / shares	Dec. 15, 2022 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 01, 2022 $ / shares	Mar. 02, 2022 USD ($)
Transaction with Related Parties [Abstract]
Due to related parties								$ 245	$ 335
Proceeds from related party loan								0	5,000	$ 0
Amortization of arrangement fees								$ 244	$ 402	$ 143
Common stock, shares that can be exchanged (in shares) | shares										271,078
Common stock, par value (in dollars per share) | $ / shares								$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, par value (in dollars per share) | $ / shares								$ 0.01	$ 0.01
Common stock, number of shares tendered for exchange (in shares) | shares			188,974
Repayment of related party loan	$ 70							$ 0	$ 70	$ 0
Payment of dividends on preferred shares								1,889	941	0
Gain from property sale								$ 0	$ 0	$ 137
Series B Preferred Shares [Member]
Transaction with Related Parties [Abstract]
Common stock, shares that can be exchanged (in shares) | shares		657,396						0	0
Preferred stock, par value (in dollars per share) | $ / shares										$ 0.01
Preferred stock, shares issued upon exchange for each common share (in shares) | shares										4.2
Series B preferred shares issued in exchange for common shares (in shares) | shares			793,657
Preferred stock, cash conversion price		$ 4,930
Dividend rate percentage								4%
Payment of dividends on preferred shares								$ 55	$ 530
Dividend per share (in dollars per share) | $ / shares						$ 0.875
Accrued dividends payable								$ 2	$ 7
Series C Preferred Shares [Member]
Transaction with Related Parties [Abstract]
Common stock, shares that can be exchanged (in shares) | shares								1,314,792	1,314,792
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01
Common stock, number of shares tendered for exchange (in shares) | shares								57,490
Series C preferred shares issued in exchange for Series B preferred shares (in shares) | shares		1,314,792
Preferred stock, cash conversion price		$ 4,930
Dividend rate percentage								5%
Payment of dividends on preferred shares								$ 1,834	$ 411
Dividend per share (in dollars per share) | $ / shares					$ 0.3125			$ 1.25
Accrued dividends payable								$ 74	82
Maximum [Member]
Transaction with Related Parties [Abstract]
Common stock, shares that can be exchanged (in shares) | shares										271,078
Unsecured Credit Facility [Member]
Transaction with Related Parties [Abstract]
Interest rate								9%
Related Party [Member] | Pure Brokerage [Member]
Transaction with Related Parties [Abstract]
Due to related parties								$ 245	335
Related Party [Member] | Pure Brokerage [Member] | Commissions [Member] | Voyage Expenses [Member]
Transaction with Related Parties [Abstract]
Related party transaction amount								1,345	887	$ 431
Related Party [Member] | Pure Brokerage [Member] | Brokerage Fees [Member] | General and Administrative Expenses [Member]
Transaction with Related Parties [Abstract]
Related party transaction amount								286	204	180
Related Party [Member] | Mango Shipping Corp. [Member] | Series B Preferred Shares [Member]
Transaction with Related Parties [Abstract]
Payment of dividends on preferred shares							$ 411		411
Related Party [Member] | Mango Shipping Corp. [Member] | Series C Preferred Shares [Member]
Transaction with Related Parties [Abstract]
Payment of dividends on preferred shares								1,643	411
Accrued dividends payable								$ 64	82
Related Party [Member] | Mango Shipping Corp. [Member] | Unsecured Credit Facility [Member]
Transaction with Related Parties [Abstract]
Maximum borrowing capacity												$ 5,000
Term								1 year
Interest rate								9%
Arrangement fees capitalized								$ 200
Commitment fee percentage								3%
Proceeds from related party loan				$ 5,000
Number of advances under related party loan | Advance				2
Related Party [Member] | Mango Shipping Corp. [Member] | Unsecured Credit Facility [Member] | Interest and Finance Costs [Member]
Transaction with Related Parties [Abstract]
Interest and commitment fees									277
Amortization of arrangement fees									$ 200
Related Party [Member] | Aliki Paliou [Member] | Series B Preferred Shares [Member]
Transaction with Related Parties [Abstract]
Series B preferred shares issued in exchange for common shares (in shares) | shares			657,396
Related Party [Member] | Andreas Michalopoulos [Member] | Series B Preferred Shares [Member]
Transaction with Related Parties [Abstract]
Series B preferred shares issued in exchange for common shares (in shares) | shares			28,171
Ex Related Parties [Member]
Transaction with Related Parties [Abstract]
Related party transaction amount										$ 18

Advances for Vessel Under Const

Advances for Vessel Under Construction and Other Vessels' Costs (Details) $ in Thousands	10 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) Payment Vessel t	Dec. 31, 2023 USD ($) Vessel Payment Contract	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Advances for Vessel Under Construction and Other Vessels Costs [Abstract]
Number of shipbuilding contracts entered into | Contract		3
Number of product/crude oil tankers being constructed | Vessel	3	3
Advances for vessels under construction and other vessel costs		$ 11,303	$ 0	$ 0
Shipbuilding Contracts for Construction of Product/Crude Oil Tankers [Member]
Advances for Vessel Under Construction and Other Vessels Costs [Abstract]
Interest expense capitalized		540
Costs capitalized		1,275
Advances for vessels under construction and other vessel costs		$ 11,303	$ 0
Shipbuilding Contracts for Construction of Product/Crude Oil Tankers [Member] | Hull 1515 [Member]
Advances for Vessel Under Construction and Other Vessels Costs [Abstract]
DWT | t	114,000
Gross contract price	$ 63,250
Number of installment payments to be paid | Payment	5	5
Shipbuilding Contracts for Construction of Product/Crude Oil Tankers [Member] | Hull 1596 [Member]
Advances for Vessel Under Construction and Other Vessels Costs [Abstract]
DWT | t	114,000
Gross contract price	$ 64,845
Number of installment payments to be paid | Payment	5	5
Shipbuilding Contracts for Construction of Product/Crude Oil Tankers [Member] | Hull 1597 [Member]
Advances for Vessel Under Construction and Other Vessels Costs [Abstract]
DWT | t	114,000
Gross contract price	$ 64,845
Number of installment payments to be paid | Payment	5	5
First Installment Payment [Member] | Hull 1515 [Member]
Advances for Vessel Under Construction and Other Vessels Costs [Abstract]
Installment payment made		$ 9,488

Vessels, net, Vessel Acquisitio

Vessels, net, Vessel Acquisitions and Vessels' Improvements (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Nov. 30, 2022 USD ($) Subsidiary Agreement	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Vessel Acquisitions [Abstract]
Payments for vessels' improvements		$ 510	$ 2,109	$ 1,777
Number of subsidiaries acquiring vessels | Subsidiary	4
Number of memoranda of agreement to acquire vessels | Agreement	4
Blue Moon [Member]
Vessel Acquisitions [Abstract]
Purchase price of the vessels			1,218
Vessels' improvements transferred from other non-current assets			558
Payments for vessels' improvements			1,199
P. Kikuma [Member]
Vessel Acquisitions [Abstract]
Purchase price of the vessels		510
Vessels' improvements transferred from other non-current assets		450
Payments for vessels' improvements			$ 450
Aframax Tankers [Member]
Vessel Acquisitions [Abstract]
Pre-delivery costs capitalized	$ 677
Pre-delivery costs paid		$ 64
P. Sophia [Member]
Vessel Acquisitions [Abstract]
Purchase price of the vessels	27,577
P. Aliki [Member]
Vessel Acquisitions [Abstract]
Purchase price of the vessels	36,500
P. Monterey [Member]
Vessel Acquisitions [Abstract]
Purchase price of the vessels	35,000
P. Long Beach [Member]
Vessel Acquisitions [Abstract]
Purchase price of the vessels	$ 43,750

Vessels, net, Vessels' Disposal

Vessels, net, Vessels' Disposals (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2023 USD ($) Subsidiary	Oct. 31, 2022 USD ($) Subsidiary	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Vessels' Disposals [Abstract]
Number of subsidiaries selling vessels | Subsidiary	1	1
Gain on vessel's sale			$ 15,683	$ 9,543	$ 0
P. Fos [Member]
Vessels' Disposals [Abstract]
Sales price of vessel		$ 34,000
Gain on vessel's sale			9,543
P. Kikuma [Member]
Vessels' Disposals [Abstract]
Sales price of vessel	$ 39,300
Gain on vessel's sale			$ 15,683

Vessels, net, Net Book Value (D

Vessels, net, Net Book Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Net Book Value [Abstract]
Beginning balance	$ 236,679
Ending balance	213,455	$ 236,679
Vessels [Member]
Vessels' Cost [Abstract]
Beginning balance	254,296	136,782
Transfer from advances for vessel acquisitions and other vessel costs		143,504
Vessels' improvements transferred from other non-current assets	450	558
Vessels' improvements	510	660
Vessel's disposals	(27,098)	(27,208)
Ending balance	228,158	254,296
Accumulated Depreciation [Abstract]
Beginning balance	(17,689)	(13,746)
Vessels' disposals	5,795	4,688
Depreciation	(14,156)	(8,631)
Ending balance	(26,050)	(17,689)
Net Book Value [Abstract]
Beginning balance	236,607	123,036
Transfer from advances for vessel acquisitions and other vessel costs		143,504
Vessels' improvements transferred from other non-current assets	450	558
Vessels' improvements	510	660
Vessels' disposals	(21,303)	(22,520)
Depreciation	(14,156)	(8,631)
Ending balance	$ 202,108	$ 236,607

Long-Term Debt, Summary (Detail

Long-Term Debt, Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Long-Term Debt [Abstract]
Long-term debt	$ 55,217
Less unamortized deferred financing costs	(331)	$ (822)
Total debt, net of deferred financing costs	54,886	127,675
Current [Abstract]
Less current portion of unamortized deferred financing costs	(107)	(242)
Current portion of long-term debt, net of deferred financing costs	7,427	16,746
Non-current [Abstract]
Less non-current portion of unamortized deferred financing costs	(224)	(580)
Non-current portion of long-term debt, net of deferred financing costs	47,459	110,929
Nordea Bank Secured Term Loan [Member]
Long-Term Debt [Abstract]
Long-term debt	19,167	20,663
Current [Abstract]
Current portion of long-term debt	3,334	3,740
Non-current [Abstract]
Non-current portion of long-term debt	15,833	16,923
Piraeus Bank Secured Term Loans [Member]
Long-Term Debt [Abstract]
Long-term debt	0	67,584
Current [Abstract]
Current portion of long-term debt	0	9,048
Non-current [Abstract]
Non-current portion of long-term debt	0	58,536
Alpha Bank Secured Term Loans [Member]
Long-Term Debt [Abstract]
Long-term debt	36,050	40,250
Current [Abstract]
Current portion of long-term debt	4,200	4,200
Non-current [Abstract]
Non-current portion of long-term debt	$ 31,850	$ 36,050

Long-Term Debt, Secured Term Lo

Long-Term Debt, Secured Term Loans (Details) $ in Thousands

1 Months Ended

12 Months Ended

Oct. 19, 2022 USD ($)

Oct. 17, 2022 USD ($)

Dec. 31, 2023 USD ($)

Nov. 30, 2023 USD ($)

Dec. 31, 2022 USD ($)

Nov. 30, 2022 USD ($)

Jul. 31, 2022 USD ($)

Dec. 31, 2020 USD ($) Subsidiary

Jul. 31, 2019 USD ($) Subsidiary

Dec. 31, 2023 USD ($) Payment Vessel

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Aug. 04, 2023 USD ($)

Jun. 30, 2022 USD ($)

Dec. 30, 2020 USD ($)

Mar. 31, 2020 USD ($)

Dec. 31, 2019 USD ($)

Long-Term Debt [Abstract]

Number of tanker vessels used as collateral | Vessel

4

Net book value of tanker vessels used as collateral

$ 125,200

$ 125,200

Proceeds from loan agreement

2,141

$ 108,633

$ 0

Prepayments of loan

$ 70

$ 4,930

75,421

30,327

$ 7,911

Compensating cash balance required under loan agreements

10,000

$ 10,500

10,000

10,500

Restricted cash, non-current

1,000

1,000

$ 1,000

$ 1,000

Weighted average interest rate

7.60%

4.85%

2.90%

Interest expense on bank debt

$ 8,499

$ 3,191

$ 1,596

Accrued Liabilities [Member]

Long-Term Debt [Abstract]

Accrued interest

294

390

294

390

Interest and Finance Costs [Member]

Long-Term Debt [Abstract]

Interest expense on bank debt

$ 9,039

3,191

$ 1,596

Secured Term Loans [Member] | SOFR [Member] | Minimum [Member]

Long-Term Debt [Abstract]

Margin on variable rate

2.35%

Secured Term Loans [Member] | SOFR [Member] | Maximum [Member]

Long-Term Debt [Abstract]

Margin on variable rate

2.75%

Secured Term Loans after Refinance of Nordea Loan [Member] | SOFR [Member] | Minimum [Member]

Long-Term Debt [Abstract]

Margin on variable rate

2.35%

Secured Term Loans after Refinance of Nordea Loan [Member] | SOFR [Member] | Maximum [Member]

Long-Term Debt [Abstract]

Margin on variable rate

2.60%

Nordea Bank Secured Term Loan [Member]

Long-Term Debt [Abstract]

Frequency of loan repayments

quarterly

Number of balloon installment payments | Payment

1

Number of vessel-owning subsidiaries entering into loan agreement | Subsidiary

2

Borrowing capacity

$ 33,000

$ 20,000

$ 59,000

$ 47,000

Balance outstanding

$ 17,859

Term

5 years

Proceeds from loan agreement

$ 2,141

Covenant compliance

the Company was in compliance with all of its loan covenants.

Nordea Bank Secured Term Loan [Member] | Minimum [Member]

Long-Term Debt [Abstract]

Arrangement fee percentage

0.50%

Nordea Bank Secured Term Loan [Member] | Maximum [Member]

Long-Term Debt [Abstract]

Arrangement fee percentage

1%

Piraeus Bank Secured Term Loans [Member]

Long-Term Debt [Abstract]

Frequency of loan repayments

quarterly

Number of balloon installment payments | Payment

1

Number of vessel-owning subsidiaries entering into loan agreement | Subsidiary

3

Borrowing capacity

$ 37,400

$ 31,526

$ 31,933

Proceeds from loan agreement

36,450

$ 31,933

$ 29,958

Amount available for drawdown

0

$ 0

Prepayments of loan

27,933

Covenant compliance

the Company was in compliance with all of its loan covenants.

Piraeus Bank Secured Term Loans [Member] | Minimum [Member]

Long-Term Debt [Abstract]

Arrangement fee percentage

0.50%

Piraeus Bank Secured Term Loans [Member] | Maximum [Member]

Long-Term Debt [Abstract]

Arrangement fee percentage

1%

Piraeus Bank Secured Term Loans [Member] | P. Sophia [Member]

Long-Term Debt [Abstract]

Acquisition price of vessel to be financed

24,600

Piraeus Bank Secured Term Loans [Member] | P. Yanbu [Member]

Long-Term Debt [Abstract]

Outstanding indebtedness on vessel to be refinanced

$ 7,333

Piraeus Bank Secured Term Loans [Member] | P. Monterey [Member]

Long-Term Debt [Abstract]

Acquisition price of vessel to be financed

29,615

Prepayments of loan

$ 16,676

Piraeus Bank Secured Term Loans [Member] | P. Kikuma [Member]

Long-Term Debt [Abstract]

Outstanding indebtedness on vessel to be refinanced

7,785

Prepayments of loan

$ 13,926

Alpha Bank Secured Term Loans [Member]

Long-Term Debt [Abstract]

Frequency of loan repayments

quarterly

Number of balloon installment payments | Payment

1

Borrowing capacity

22,000

18,250

$ 22,000

Proceeds from loan agreement

$ 22,000

$ 18,250

Covenant compliance

the Company was in compliance with all of its loan covenants.

Alpha Bank Secured Term Loans [Member] | Minimum [Member]

Long-Term Debt [Abstract]

Arrangement fee percentage

0.50%

Alpha Bank Secured Term Loans [Member] | Maximum [Member]

Long-Term Debt [Abstract]

Arrangement fee percentage

1%

Long-Term Debt, Maturities of D

Long-Term Debt, Maturities of Debt Facilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Principal Repayments [Abstract]
Year 1	$ 7,533
Year 2	7,533
Year 3	7,533
Year 4	26,783
Year 5	5,835
Total	$ 55,217

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands		1 Months Ended	10 Months Ended	12 Months Ended
	Oct. 27, 2023 Director Entity	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) Vessel t $ / €	Dec. 31, 2023 USD ($) Contract Vessel $ / €	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Commitments and Contingencies [Abstract]
Pollution coverage per vessel per incident				$ 1,000,000
Closing period for relevant insurance policy year				3 years
Commitments and Contingencies [Abstract]
Number of shipbuilding contracts entered into | Contract				3
Number of product/crude oil tankers being constructed | Vessel			3	3
Number of former directors named as defendants | Director	5
Number of affiliated entities named as defendants | Entity	2
Office Leases [Abstract]
Operating lease liability			$ 99	$ 99	$ 163
Operating lease right-of-use asset			$ 99	$ 99	163
Exchange rate | $ / €			1.093	1.093
Office Rental Obligations [Abstract]
Year 1			$ 78	$ 78
Year 2			40	40
Total			118	118
Less imputed interest			(19)	(19)
Present value of lease liabilities			99	99	163
Lease liabilities, current			66	66	73
Lease liabilities, non- current			33	33	90
Present value of lease liabilities			$ 99	99	163
General and Administrative Expenses [Member]
Office Leases [Abstract]
Rent expense				$ 89	87	$ 47
Office Space [Member]
Office Leases [Abstract]
Weighted-average remaining lease term			1 year 5 months 19 days	1 year 5 months 19 days
Operating lease right-of-use asset			$ 99	$ 99	163
Weighted average discount rate			7.52%	7.52%
Monthly rent expense				$ 8
Impairment charge				0	$ 0
Minimum [Member]
Commitments and Contingencies [Abstract]
Non-cancelable time charter contract revenue, 2024			$ 39,506	39,506
Non-cancelable time charter contract revenue, 2025			$ 11,788	$ 11,788
Maximum [Member] | Office Space [Member]
Office Leases [Abstract]
Term of leases			3 years	3 years
Shipbuilding Contracts for Construction of Product/Crude Oil Tankers [Member]
Commitments and Contingencies [Abstract]
Remaining installments payable			$ 183,453	$ 183,453
Shipbuilding Contracts for Construction of Product/Crude Oil Tankers [Member] | Hull 1515 [Member]
Commitments and Contingencies [Abstract]
DWT | t			114,000
Shipbuilding Contracts for Construction of Product/Crude Oil Tankers [Member] | Hull 1596 and Hull 1597 [Member] | Subsequent Event [Member]
Commitments and Contingencies [Abstract]
Installment payment made		$ 19,454
Shipbuilding Contracts for Construction of Product/Crude Oil Tankers [Member] | Hull 1596 [Member]
Commitments and Contingencies [Abstract]
DWT | t			114,000
Shipbuilding Contracts for Construction of Product/Crude Oil Tankers [Member] | Hull 1597 [Member]
Commitments and Contingencies [Abstract]
DWT | t			114,000

Changes in Capital Accounts, Pr

Changes in Capital Accounts, Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Oct. 17, 2022	Jan. 27, 2022	Dec. 31, 2021
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Series A Preferred Shares [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	1,250,000
Series B Preferred Shares [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	1,200,000
Preferred stock, par value (in dollars per share)					$ 0.01
Preferred stock, shares issued (in shares)	50,726	136,261
Preferred stock, shares outstanding (in shares)	50,726	136,261
Liquidation preference	$ 1,268	$ 3,407		$ 19,841
Series C Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	1,587,314		1,587,314
Preferred stock, par value (in dollars per share)			$ 0.01
Preferred stock, shares issued (in shares)	1,428,372	1,314,792
Preferred stock, shares outstanding (in shares)	1,428,372	1,314,792
Liquidation preference	$ 35,709	$ 32,870	$ 32,870

Changes in Capital Accounts, Te

Changes in Capital Accounts, Tender Offer for Exchange of Shares (Details) $ / shares in Units, $ in Thousands														10 Months Ended	12 Months Ended
	Mar. 15, 2023 USD ($) shares	Mar. 01, 2023 USD ($)	Jan. 26, 2023 USD ($) $ / shares	Jan. 25, 2023 USD ($)	Jan. 20, 2023 USD ($)	Jan. 19, 2023 USD ($)	Jan. 13, 2023 USD ($)	Jan. 12, 2023 USD ($)	Jan. 11, 2023 USD ($)	Dec. 12, 2022 USD ($)	Oct. 19, 2022 USD ($)	Oct. 17, 2022 USD ($) $ / shares shares	Jan. 27, 2022 USD ($) shares	Dec. 15, 2022 USD ($)	Dec. 31, 2023 USD ($) $ / shares Class shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Feb. 28, 2023 $ / shares	Nov. 15, 2022 $ / shares	Jun. 01, 2022 $ / shares
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Common stock, shares that can be exchanged (in shares) | shares																	271,078
Common stock, par value (in dollars per share) | $ / shares															$ 0.01	$ 0.01	$ 0.01			$ 0.01
Preferred stock, par value (in dollars per share) | $ / shares															$ 0.01	$ 0.01
Common stock, number of shares tendered for exchange (in shares) | shares													188,974
Payment of dividends on preferred shares															$ 1,889	$ 941	$ 0
Repayment of loan											$ 70	$ 4,930			$ 75,421	$ 30,327	7,911
Preferred stock, shares authorized (in shares) | shares															25,000,000	25,000,000
Net proceeds from conversion of Series B to Series C Preferred Shares	$ 482														$ 482	$ 0	0
Deemed dividend to aggregate measurement of down round feature															$ 9,809	$ 5,930	$ 0
Common Stock [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Series C preferred shares exchanged for common shares (in shares) | shares															1,064,207
Maximum [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Common stock, shares that can be exchanged (in shares) | shares																	271,078
Unsecured Credit Facility [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Interest rate															9%
Related Party [Member] | Mango [Member] | Unsecured Credit Facility [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Interest rate															9%
Series B Preferred Stock [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Common stock, shares that can be exchanged (in shares) | shares												657,396			0	0
Preferred stock, par value (in dollars per share) | $ / shares																	$ 0.01
Preferred stock, shares issued upon exchange for each common share (in shares) | shares																	4.2
Dividend rate percentage															4%
Number of trading days used to calculate volume-weighted average price of common stock															10 days
Conversion price per share (in dollars per share) | $ / shares																	$ 7.5
Preferred stock, fixed liquidation preference per share (in dollars per share) | $ / shares																	25
Preferred stock, redemption period															15 months
Preferred stock, redemption price per share (in dollars per share) | $ / shares																	25
Shares issued (in shares) | shares													793,657
Aggregate liquidation preference													$ 19,841		$ 1,268	$ 3,407
Payment of dividends on preferred shares															$ 55	$ 530
Dividends paid per share (in dollars per share) | $ / shares															$ 1	$ 0.875
Accrued dividends payable															$ 2	$ 7
Common stock, shares exchanged (in shares) | shares												657,396
Preferred stock, cash conversion price												$ 4,930
Preferred stock, shares authorized (in shares) | shares															1,200,000
Series B Preferred Shares converted into Series C Preferred Shares (in shares) | shares	85,535
Fair value of preferred stock													18,030
Preferred stock, excess value of shares over fair value of shares exchanged															$ 9,271
Preferred stock, per share excess value of shares over fair value of shares exchanged (in dollars per share) | $ / shares															$ 11.68
Series B Preferred Stock [Member] | Cost of Equity [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															0.1107
Series B Preferred Stock [Member] | Expected Volatility [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															0.77
Series B Preferred Stock [Member] | Risk Free Rate [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															0.0166
Series B Preferred Stock [Member] | Treasury Yield [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															5 years
Series B Preferred Stock [Member] | Common Stock [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input | $ / shares															3.09
Series B Preferred Stock [Member] | Level 1 [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Fair value of common shares exchanged															$ 8,759
Series B Preferred Stock [Member] | Non-Recurring Basis [Member] | Level 3 [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Fair value of preferred stock													$ 18,030
Series B Preferred Stock [Member] | Related Party [Member] | Aliki Paliou [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Shares issued (in shares) | shares													657,396
Series B Preferred Stock [Member] | Related Party [Member] | Andreas Michalopoulos [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Shares issued (in shares) | shares													28,171
Series B Preferred Stock [Member] | Related Party [Member] | Mango [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Payment of dividends on preferred shares														$ 411		$ 411
Series C Preferred Stock [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Common stock, shares that can be exchanged (in shares) | shares															1,314,792	1,314,792
Preferred stock, par value (in dollars per share) | $ / shares												$ 0.01
Dividend rate percentage															5%
Number of trading days used to calculate volume-weighted average price of common stock															10 days
Conversion price per share (in dollars per share) | $ / shares			$ 2.6												$ 0.5	$ 3.51	$ 0.5	$ 1.36	$ 7.5
Number of shares issued upon conversion (in shares) | shares																	2
Preferred stock, fixed liquidation preference per share (in dollars per share) | $ / shares												$ 25			$ 25
Preferred stock, redemption period															15 months
Preferred stock, redemption price per share (in dollars per share) | $ / shares															$ 25
Common stock, number of shares tendered for exchange (in shares) | shares															57,490
Shares issued (in shares) | shares												1,314,792
Aggregate liquidation preference												$ 32,870			$ 35,709	$ 32,870
Payment of dividends on preferred shares															$ 1,834	$ 411
Dividends paid per share (in dollars per share) | $ / shares															$ 1.25	$ 0.3125
Accrued dividends payable															$ 74	$ 82
Preferred stock, cash conversion price												$ 4,930
Preferred stock, shares authorized (in shares) | shares												1,587,314			1,587,314
Multiplier used to determine number of votes															10
Number of voting classes | Class															1
Period after date of original issuance that shares can be converted to common shares															6 months
Series C Preferred Shares issued upon conversion of Series B Preferred Shares (in shares) | shares	171,070
Maximum percentage of authorized preferred shares outstanding for mandatory conversion															25%
Percentage of common stock conversion price															130%
Maximum percentage of authorized preferred shares outstanding for redemption in shares of common stock															25%
Fair value of preferred stock												$ 26,809
Preferred stock, excess value of shares over fair value of shares exchanged															$ 6,944
Preferred stock, per share excess value of shares over fair value of shares exchanged (in dollars per share) | $ / shares															$ 5.28
Deemed dividend to aggregate measurement of down round feature		$ 5,391	$ 171	$ 1,486	$ 486	$ 250	$ 39	$ 447	$ 1,539	$ 5,930					$ 9,809
Series C Preferred Stock [Member] | Cost of Equity [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															0.1038
Series C Preferred Stock [Member] | Expected Volatility [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															0.89
Series C Preferred Stock [Member] | Risk Free Rate [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															0.0423
Series C Preferred Stock [Member] | Treasury Yield [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															5 years
Series C Preferred Stock [Member] | Common Stock [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input | $ / shares															0.31
Series C Preferred Stock [Member] | Expected Life [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Conversion term															4 years
Series C Preferred Stock [Member] | Level 1 [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Fair value of common shares exchanged															$ 14,935
Series C Preferred Stock [Member] | Non-Recurring Basis [Member] | Level 3 [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Fair value of preferred stock												$ 26,809
Series C Preferred Stock [Member] | Minimum [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Conversion price per share (in dollars per share) | $ / shares															$ 0.5
Period after date of original issuance of Series B Preferred Shares that liquidation preference will be established															1 year
Series C Preferred Stock [Member] | Minimum [Member] | Expected Life [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Conversion term															1 year
Series C Preferred Stock [Member] | Minimum [Member] | Level 3 [Member] | Expected Volatility [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															0.8683
Series C Preferred Stock [Member] | Maximum [Member] | Expected Life [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Conversion term															5 years
Series C Preferred Stock [Member] | Maximum [Member] | Level 3 [Member] | Expected Volatility [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Measurement input															1.1814
Series C Preferred Stock [Member] | Related Party [Member] | Mango [Member]
Tender Offer to Exchange Common Shares for Shares of Preferred Stock [Abstract]
Payment of dividends on preferred shares															$ 1,643	411
Accrued dividends payable															$ 64	$ 82

Changes in Capital Accounts, Co

Changes in Capital Accounts, Compensation Cost on Stock Option Awards (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 01, 2021	Dec. 31, 2023	Dec. 31, 2021
Stock Option Awards [Abstract]
Stock options exercised (in shares)		0
Fair Value Assumptions for Valuing Stock Options Granted [Abstract]
Dividend yield		6%
Weighted average expected volatility		75%
Risk free interest rate		0.36%
Term of treasury yield		5 years
Market value of common stock (in dollars per share)		$ 4.64
Expected life		5 years
Non-Recurring Basis [Member] | Level 3 [Member]
Stock Option Awards [Abstract]
Fair value of award granted	$ 134
Chief Financial Officer [Member]
Stock Option Awards [Abstract]
Stock options granted (in shares)	8,000
Term		5 years
Chief Financial Officer [Member] | $150.00 Exercise Price [Member]
Stock Option Awards [Abstract]
Stock options granted (in shares)	2,000
Exercise price (in dollars per share)	$ 150
Chief Financial Officer [Member] | $187.50 Exercise Price [Member]
Stock Option Awards [Abstract]
Stock options granted (in shares)	1,667
Exercise price (in dollars per share)	$ 187.5
Chief Financial Officer [Member] | $225.00 Exercise Price [Member]
Stock Option Awards [Abstract]
Stock options granted (in shares)	1,333
Exercise price (in dollars per share)	$ 225
Chief Financial Officer [Member] | $300.00 Exercise Price [Member]
Stock Option Awards [Abstract]
Stock options granted (in shares)	1,000
Exercise price (in dollars per share)	$ 300
Chief Financial Officer [Member] | $375.00 Exercise Price [Member]
Stock Option Awards [Abstract]
Stock options granted (in shares)	1,000
Exercise price (in dollars per share)	$ 375
Chief Financial Officer [Member] | $450.00 Exercise Price [Member]
Stock Option Awards [Abstract]
Stock options granted (in shares)	1,000
Exercise price (in dollars per share)	$ 450
General and Administrative Expenses [Member]
Stock Option Awards [Abstract]
Share-based compensation expense			$ 134

Changes in Capital Accounts, _2

Changes in Capital Accounts, Compensation Cost on Restricted Common Stock (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Feb. 28, 2022 Member	Dec. 30, 2020 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Compensation Cost on Restricted Common Stock [Abstract]
Number of board members that resigned | Member	4
Restricted Stock [Member]
Compensation Cost on Restricted Common Stock [Abstract]
Unrecognized compensation cost | $			$ 0	$ 52
Restricted Common Stock [Abstract]
Share-based compensation expense | $			$ 52	$ 107	$ 134
Restricted Stock [Member] | 2015 Equity Incentive Plan [Member]
Compensation Cost on Restricted Common Stock [Abstract]
Number of shares issuable (in shares)		35,922
Number of shares reserved for issuance (in shares)			31,441
Number of Shares [Roll Forward]
Outstanding at beginning of period (in shares)			350	2,240	6,672
Granted (in shares)			0	0	0
Vested (in shares)			(350)	(1,890)	(4,432)
Forfeited or expired (in shares)			0	0	0
Outstanding at end of period (in shares)			0	350	2,240
Weighted Average Grant Date Price [Roll Forward]
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 71.4	$ 71.4	$ 100.65
Granted (in dollars per share) | $ / shares			0	0	0
Vested (in dollars per share) | $ / shares			71.4	71.4	115.5
Forfeited or expired (in dollars per share) | $ / shares			0	0	0
Outstanding at end of period (in dollars per share) | $ / shares			$ 0	$ 71.4	$ 71.4
Restricted Stock [Member] | Awarded December 30, 2020 [Member] | Directors [Member] | 2015 Equity Incentive Plan [Member]
Compensation Cost on Restricted Common Stock [Abstract]
Fair value of award granted | $		$ 320
Vesting period			3 years
Number of Shares [Roll Forward]
Granted (in shares)		4,481
Restricted Stock [Member] | Awarded December 30, 2020 [Member] | Directors [Member] | Vested on Issuance Date [Member] | 2015 Equity Incentive Plan [Member]
Compensation Cost on Restricted Common Stock [Abstract]
Vesting percentage		25%
Restricted Stock [Member] | Awarded December 30, 2020 [Member] | Directors [Member] | Vest Ratably Over Three Years from Issuance Date [Member] | 2015 Equity Incentive Plan [Member]
Compensation Cost on Restricted Common Stock [Abstract]
Vesting percentage		75%

Changes in Capital Accounts, At

Changes in Capital Accounts, At the Market Offering (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 27, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 09, 2022	Jun. 01, 2022	Mar. 05, 2021
At The Market Offering [Abstract]
Common shares, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01		$ 0.01
Issuance of common stock under ATM program, net of issuance costs (Note 9)		$ 673	$ 1,788	$ 0
H.C. Wainwright & Co., LLC [Member]
At The Market Offering [Abstract]
Common shares, par value (in dollars per share)							$ 0.01
Shares issued (in shares)		35,128
Issuance of common stock under ATM program, net of issuance costs (Note 9)		$ 1,338
Virtu Americas LLC [Member]
At The Market Offering [Abstract]
Common shares, par value (in dollars per share)					$ 0.01
Shares issued (in shares)	224,817		140,379
Issuance of common stock under ATM program, net of issuance costs (Note 9)	$ 673		$ 450
Maximum [Member] | H.C. Wainwright & Co., LLC [Member]
At The Market Offering [Abstract]
Common stock that can be sold under ATM							$ 5,900
Maximum [Member] | Virtu Americas LLC [Member]
At The Market Offering [Abstract]
Common stock that can be sold under ATM					$ 30,000

Changes in Capital Accounts, Eq

Changes in Capital Accounts, Equity Offerings of 2022 (Details) $ / shares in Units, $ in Thousands								12 Months Ended
	Dec. 12, 2022 USD ($)	Aug. 18, 2022 USD ($)	Aug. 16, 2022 USD ($)	Aug. 12, 2022 $ / shares shares	Jul. 19, 2022 USD ($)	Jul. 18, 2022 $ / shares shares	Jun. 01, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) Session Date $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Mar. 01, 2023 $ / shares	Jan. 26, 2023 $ / shares
Equity Offerings [Abstract]
Number of shares of common stock that can be purchased with each warrant (in shares)						1	1
Net proceeds from issuance of equity | $								$ 11,438	$ 26,104	$ 0
Common stock, par value (in dollars per share) | $ / shares							$ 0.01	$ 0.01	$ 0.01	$ 0.01
Net proceeds from exercise of warrants | $								$ 330	$ 0	$ 0
Number of trading sessions | Session								5
Deemed dividend due to triggering of a down-round feature | $								$ 789	$ 1,116	$ 0
Number of dates down round features were triggered | Date								8
Common stock, shares outstanding (in shares)								12,279,676	4,187,588
Class A Warrant [Member]
Equity Offerings [Abstract]
Number of securities included in each unit (in shares)							1
Exercise price of warrant (in dollars per share) | $ / shares							$ 15.75
Expiration period of warrant								5 years
Warrants exercised (in shares)							59,366
June Warrants [Member]
Equity Offerings [Abstract]
Warrants exercised (in shares)									0
July Warrants [Member]
Equity Offerings [Abstract]
Number of securities included in each unit (in shares)						1
Exercise price of warrant (in dollars per share) | $ / shares				$ 4.75					$ 3.51		$ 1.65	$ 2.6
Expiration period of warrant								5 years 6 months
Net proceeds from issuance of equity | $					$ 5,271
Warrants exercised (in shares)								100,000	0
Number of shares of common stock that can be purchased with warrants (in shares)						1,133,333
Direct offering (in shares)						1,133,333
Deemed dividend due to triggering of a down-round feature | $	$ 192	$ 22						$ 256
Common stock, shares outstanding (in shares)								1,033,333
August Warrants [Member]
Equity Offerings [Abstract]
Exercise price of warrant (in dollars per share) | $ / shares									$ 3.51		$ 1.65	$ 2.6
Expiration period of warrant								5 years
Net proceeds from issuance of equity | $			$ 13,707
Warrants exercised (in shares)								100,000	0
Number of shares of common stock that can be purchased with warrants (in shares)				2,222,222
Direct offering (in shares)				2,222,222
Deemed dividend due to triggering of a down-round feature | $	$ 902							$ 533
Common stock, shares outstanding (in shares)								2,122,222
Common Stock [Member]
Equity Offerings [Abstract]
Number of securities included in each unit (in shares)						1	1
Number of shares of common stock that can be purchased with warrants (in shares)							59,366
Common Stock [Member] | July Warrants [Member]
Equity Offerings [Abstract]
Exercise price of warrant (in dollars per share) | $ / shares						$ 5.25
Common Stock [Member] | August Warrants [Member]
Equity Offerings [Abstract]
Exercise price of warrant (in dollars per share) | $ / shares				$ 6.75
Underwritten Public Offering [Member]
Equity Offerings [Abstract]
Units issued (in shares)							508,000
Share price (in dollars per share) | $ / shares							$ 15.75
Term of option granted to underwriters to purchase additional shares and/or warrants								45 days
Net proceeds from issuance of equity | $							$ 7,126
Underwritten Public Offering [Member] | Class A Warrant [Member]
Equity Offerings [Abstract]
Additional securities that can be purchased (in shares)							76,200
Underwritten Public Offering [Member] | Common Stock [Member]
Equity Offerings [Abstract]
Additional securities that can be purchased (in shares)							76,200

Changes in Capital Accounts, Re

Changes in Capital Accounts, Registered Direct Offering of March 2023 (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 03, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jul. 18, 2022	Jun. 01, 2022
Registered Direct Offering [Abstract]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01					$ 0.01
Number of shares of common stock that can be purchased with each warrant (in shares)								1	1
Net proceeds from issuance of equity		$ 11,438	$ 26,104	$ 0
Fair value of warrants' liability		32	0
Changes in fair value of warrants' liability		561	$ 0	$ 0
Series A Warrants [Member]
Registered Direct Offering [Abstract]
Fair value of warrants' liability		$ 32
Warrants outstanding (in shares)		14,300			14,300	446,550	1,021,800
Series B Warrants [Member]
Registered Direct Offering [Abstract]
Warrants outstanding (in shares)		4,167,000
Registered Direct Offering [Member]
Registered Direct Offering [Abstract]
Shares issued (in shares)	5,556,000
Common stock, par value (in dollars per share)	$ 0.01
Number of shares of common stock that can be purchased with each warrant (in shares)	1
Exercise price of warrant (in dollars per share)	$ 2.25
Expiration period of warrant		5 years
Waiting period for warrants to become exchangeable		30 days
Threshold cumulative trading volume (in shares)	15,000,000
Net proceeds from issuance of equity	$ 11,438
Issuance costs	$ 340
Registered Direct Offering [Member] | Series A Warrants [Member]
Registered Direct Offering [Abstract]
Number of shares of common stock that can be purchased with warrants (in shares)	3,611,400
Fair value of warrants' liability per share (in dollars per share)	$ 1.11
Fair value of warrants' liability	$ 4,009
Warrants exercised (in shares)		3,597,100
Registered Direct Offering [Member] | Series B Warrants [Member]
Registered Direct Offering [Abstract]
Number of shares of common stock that can be purchased with warrants (in shares)	4,167,000
Gross proceeds from issuance of equity	$ 8,492
Net proceeds from issuance of equity	$ 7,769

Changes in Capital Accounts, Sh

Changes in Capital Accounts, Share Buy-Back Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2023	Apr. 30, 2023
Share Buy-Back Plan [Abstract]
Net proceeds for shares repurchased	$ 2,749	$ 0	$ 0
April 2023 Repurchase Plan [Member]
Share Buy-Back Plan [Abstract]
Share repurchase program authorized amount					$ 2,000
Repurchase of common stock (in shares)	2,222,936
Gross proceeds for shares repurchased	$ 2,000
August 2023 Repurchase Plan [Member]
Share Buy-Back Plan [Abstract]
Share repurchase program authorized amount				$ 2,000
Repurchase of common stock (in shares)	327,100
Gross proceeds for shares repurchased	$ 723

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 Expense [Abstract]
Interest expense on bank debt (Note 7)	$ 8,499	$ 3,191	$ 1,596
Interest expense and other fees on related party debt (Note 4)	0	277	0
Amortization of deferred financing costs on bank and related party debt	244	402	143
Other financial expenses	759	0	0
Commitment fees and other	96	96	62
Total	$ 9,598	$ 3,966	$ 1,801

Earnings _ (Loss) per Share (De

Earnings / (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands										12 Months Ended
	Mar. 01, 2023	Jan. 26, 2023	Jan. 25, 2023	Jan. 20, 2023	Jan. 19, 2023	Jan. 13, 2023	Jan. 12, 2023	Jan. 11, 2023	Dec. 12, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings / (Loss) per Share [Abstract]
Payment of dividends to Series B and Series C preferred stockholders										$ 1,889	$ 941	$ 0
Payment of dividends to common stockholders										$ 0	$ 0	0
Incremental shares attributable to dilutive effect of conversion of preferred convertible stock (in shares)										24,596,069	4,597,638
Incremental shares attributable to dilutive effect of conversion of warrants (in shares)										452,286
Changes in value of warrants' liability										$ (561)	$ 0	0
Basic Earnings / (Loss) per Share [Abstract]
Net income / (loss) from continuing operations										69,413	36,300	(10,106)
Income allocated to participating securities										(2)	(6)	0
Deemed dividends on Series B preferred stock upon exchange of common stock										0	(9,271)	0
Deemed dividends on Series C preferred stock upon exchange of Series B preferred stock and re-acquisition of loan due to a related party										0	(6,944)	0
Deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature										(9,809)	(5,930)	0
Deemed dividend to the July and August warrants' holders due to triggering of a down-round feature										(789)	(1,116)	0
Dividends on preferred stock										(1,889)	(1,030)	0
Net income / (loss) attributable to common stockholders from continuing operations										56,924	12,003	(10,106)
Net income from discontinued operations										0	0	400
Total net income / (loss) attributable to common stockholders										$ 56,924	$ 12,003	$ (9,706)
Weighted average number of common shares, basic (in shares)										10,491,316	1,850,072	335,086
Earnings / (Loss) per common share, continuing operations (in dollars per share)										$ 5.43	$ 6.49	$ (30.16)
Earnings per common share, discontinued operations (in dollars per share)										0	0	1.19
Earnings / (Loss) per common share, total (in dollars per share)										$ 5.43	$ 6.49	$ (28.97)
Diluted Earnings / (Loss) per Share [Abstract]
Net income / (loss) from continuing operations										$ 69,413	$ 36,300	$ (10,106)
Income allocated to participating securities										(2)	(2)	0
Deemed dividends on Series B preferred stock upon exchange of common stock										0	(9,271)	0
Deemed dividends on Series C preferred stock upon exchange of Series B preferred stock and re-acquisition of loan due to a related party										0	(6,944)	0
Deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature										(9,809)	(5,930)	0
Deemed dividend to the July and August warrants' holders due to triggering of a down-round feature										(789)	(1,116)	0
Dividends on preferred stock										(1,889)	(1,030)	0
Changes in value of warrants' liability										(561)	0	0
Net income / (loss) attributable to common stockholders from continuing operations										68,021	19,488	(10,106)
Net income from discontinued operations										0	0	400
Total net income / (loss) attributable to common stockholders										$ 68,021	$ 19,488	$ (9,706)
Weighted average number of common shares, basic (in shares)										10,491,316	1,850,072	335,086
Effect of dilutive shares (in shares)										25,048,355	4,597,638	0
Weighted average number of common shares, diluted (in shares)										35,539,671	6,447,710	335,086
Earnings / (Loss) per common share, continuing operations (in dollars per share)										$ 1.91	$ 3.02	$ (30.16)
Earnings per common share, discontinued operations (in dollars per share)										0	0	1.19
Earnings / (Loss) per common share, total (in dollars per share)										$ 1.91	$ 3.02	$ (28.97)
Series C Preferred Shares [Member]
Earnings / (Loss) per Share [Abstract]
Payment of dividends to Series B and Series C preferred stockholders										$ 1,834	$ 411
Basic Earnings / (Loss) per Share [Abstract]
Deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature	$ (5,391)	$ (171)	$ (1,486)	$ (486)	$ (250)	$ (39)	$ (447)	$ (1,539)	$ (5,930)	(9,809)
Dividends on preferred stock										(40)	(493)
Diluted Earnings / (Loss) per Share [Abstract]
Deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature	$ (5,391)	$ (171)	$ (1,486)	$ (486)	$ (250)	$ (39)	$ (447)	$ (1,539)	$ (5,930)	(9,809)
Dividends on preferred stock										$ (40)	$ (493)

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Dec. 31, 2023
Income Taxes [Abstract]
Federal tax rate on U.S. source shipping income	4%
Percentage of gross income subject to tax	50%
Minimum stock ownership percentage for tax exemption	50%

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Details) - USD ($) $ in Thousands																		12 Months Ended
	Aug. 29, 2023	Jun. 15, 2023	Mar. 17, 2023	Mar. 10, 2023	Mar. 09, 2023	Mar. 08, 2023	Mar. 07, 2023	Mar. 01, 2023	Jan. 26, 2023	Jan. 25, 2023	Jan. 20, 2023	Jan. 19, 2023	Jan. 13, 2023	Jan. 12, 2023	Jan. 11, 2023	Dec. 12, 2022	Aug. 18, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Oct. 17, 2022	Jan. 27, 2022
Financial Instruments and Fair Value Disclosures [Abstract]
Deemed dividend for Series C Preferred Share due to triggering of down-round feature																		$ 9,809	$ 5,930	$ 0
Deemed dividend for warrants due to triggering of down-round feature																		789	1,116	$ 0
Fair value of warrants' liability																		32	$ 0
July Warrants [Member]
Financial Instruments and Fair Value Disclosures [Abstract]
Deemed dividend for Series C Preferred Share due to triggering of down-round feature																$ 192	$ 22
Deemed dividend for warrants due to triggering of down-round feature																192	$ 22	256
August Warrants [Member]
Financial Instruments and Fair Value Disclosures [Abstract]
Deemed dividend for Series C Preferred Share due to triggering of down-round feature																902
Deemed dividend for warrants due to triggering of down-round feature																902		$ 533
Series A Warrants [Member]
Financial Instruments and Fair Value Disclosures [Abstract]
Warrants outstanding (in shares)																		14,300			14,300	446,550	1,021,800
Warrants exercised (in shares)	432,250	575,250	14,300	320,450	400,400	1,811,550	42,900
Fair value of warrants' liability																		$ 32
Series A Warrants [Member] | Non-Recurring Basis [Member]
Financial Instruments and Fair Value Disclosures [Abstract]
Gain on warrants at settlement date																		244
Fair value of warrants' liability	$ 726	$ 420	$ 11	$ 269	$ 340	$ 1,612	$ 37
Series A Warrants [Member] | Recurring Basis [Member]
Financial Instruments and Fair Value Disclosures [Abstract]
Gain on warrants as of each measurement date																		317
Fair value of warrants' liability																		32			$ 28	$ 353	$ 787
Series B Preferred Stock [Member]
Financial Instruments and Fair Value Disclosures [Abstract]
Fair value of preferred stock																									$ 18,030
Series C Preferred Stock [Member]
Financial Instruments and Fair Value Disclosures [Abstract]
Deemed dividend for Series C Preferred Share due to triggering of down-round feature								$ 5,391	$ 171	$ 1,486	$ 486	$ 250	$ 39	$ 447	$ 1,539	$ 5,930		$ 9,809
Fair value of preferred stock																								$ 26,809

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		10 Months Ended	12 Months Ended
	Mar. 15, 2024	Dec. 15, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2024
Subsequent Events [Abstract]
Payment of dividends on preferred shares			$ 1,889	$ 941	$ 0
Series B Preferred Stock [Member]
Subsequent Events [Abstract]
Payment of dividends on preferred shares			$ 55	$ 530
Dividends paid per share (in dollars per share)			$ 1	$ 0.875
Series B Preferred Stock [Member] | Related Party [Member] | Mango [Member]
Subsequent Events [Abstract]
Payment of dividends on preferred shares		$ 411		$ 411
Series C Preferred Stock [Member]
Subsequent Events [Abstract]
Payment of dividends on preferred shares			$ 1,834	$ 411
Dividends paid per share (in dollars per share)			$ 1.25	$ 0.3125
Series C Preferred Stock [Member] | Related Party [Member] | Mango [Member]
Subsequent Events [Abstract]
Payment of dividends on preferred shares			$ 1,643	$ 411
Subsequent Event [Member] | Related Party [Member] | Mango [Member]
Subsequent Events [Abstract]
Payment of dividends on preferred shares	$ 411
Subsequent Event [Member] | Series B Preferred Stock [Member]
Subsequent Events [Abstract]
Payment of dividends on preferred shares	$ 13
Dividends paid per share (in dollars per share)	$ 0.25
Subsequent Event [Member] | Series C Preferred Stock [Member]
Subsequent Events [Abstract]
Payment of dividends on preferred shares	$ 446
Dividends paid per share (in dollars per share)	$ 0.3125
Subsequent Event [Member] | First Installment Payment [Member]
Subsequent Events [Abstract]
Installment payment						$ 19,454