Document And Entity Information
Document And Entity Information | 9 Months Ended |
Sep. 30, 2022 | |
Document And Entity Information | |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2022 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Ardmore Shipping Corp |
Entity Central Index Key | 0001577437 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2022 |
Amendment Flag | false |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 50,622 | $ 55,449 |
Receivables, net of allowance for bad debts of $1.7 million (2021: $0.8 million) | 65,474 | 20,304 |
Prepaid expenses and other assets | 4,321 | 3,511 |
Advances and deposits | 2,463 | 3,551 |
Inventories | 19,178 | 11,095 |
Current portion of derivative assets | 6,577 | 307 |
Total current assets | 148,635 | 94,217 |
Non-current assets | ||
Investments and other assets, net | 11,444 | 11,082 |
Vessels and vessel equipment, net | 538,324 | 603,227 |
Deferred drydock expenditures, net | 4,093 | 8,879 |
Advances for ballast water treatment systems | 2,508 | 2,033 |
Amount receivable in respect of finance leases | 0 | 2,880 |
Deferred finance fees, net | 2,796 | 0 |
Non-current portion of derivative assets | 0 | 982 |
Operating lease, right-of-use asset | 12,302 | 1,232 |
Total non-current assets | 571,467 | 630,315 |
TOTAL ASSETS | 720,102 | 724,532 |
Current liabilities | ||
Accounts payable | 7,140 | 8,578 |
Accrued expenses and other liabilities | 14,007 | 10,742 |
Deferred revenue | 707 | 2,070 |
Accrued interest on debt and finance leases | 1,133 | 651 |
Current portion of long-term debt | 12,667 | 15,103 |
Current portion of finance lease obligations | 83,853 | 21,084 |
Current portion of operating lease obligations | 6,331 | 273 |
Total current liabilities | 125,838 | 58,501 |
Non-current liabilities | ||
Non-current portion of long-term debt | 90,204 | 129,998 |
Non-current portion of finance lease obligations | 44,126 | 205,371 |
Non-current portion of operating lease obligations | 5,663 | 722 |
Other non-current liabilities | 943 | 943 |
Total non-current liabilities | 140,936 | 337,034 |
TOTAL LIABILITIES | 266,774 | 395,535 |
Redeemable Preferred Stock | ||
Cumulative redeemable preferred stock | 37,043 | 37,043 |
Stockholders' equity | ||
Common stock | 425 | 364 |
Additional paid in capital | 467,372 | 426,102 |
Accumulated other comprehensive income | 2,069 | 1,044 |
Treasury stock | (15,636) | (15,636) |
Accumulated deficit | (37,945) | (119,920) |
Total stockholders' equity | 416,285 | 291,954 |
Total redeemable preferred stock and stockholders' equity | 453,328 | 328,997 |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | $ 720,102 | $ 724,532 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 1.7 | $ 0.8 |
Cumulative Series A redeemable Preferred Stock | ||
Divided rate | 8.50% |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Unaudited Interim Condensed Consolidated Statements of Operations | ||||
Revenue, net | $ 142,417 | $ 47,200 | $ 312,910 | $ 140,025 |
Voyage expenses | (45,970) | (23,101) | (114,223) | (63,986) |
Vessel operating expenses | (13,316) | (15,453) | (45,846) | (45,033) |
Operating expense component | (2,320) | (1,188) | (4,664) | (2,523) |
Vessel lease expense component | (2,135) | (1,093) | (4,291) | (2,322) |
Depreciation | (7,253) | (7,978) | (22,025) | (23,694) |
Amortization of deferred drydock expenditures | (1,006) | (1,134) | (3,162) | (3,884) |
General and administrative expenses | ||||
Corporate | (5,830) | (4,294) | (14,588) | (12,730) |
Commercial and chartering | (919) | (750) | (2,863) | (2,197) |
Loss on vessel held for sale | (6,917) | 0 | ||
Unrealized gains / (losses) on derivatives | 3,364 | (25) | 4,264 | 55 |
Interest expense and finance costs | (5,159) | (4,383) | (14,190) | (12,471) |
Interest income | 191 | 9 | 221 | 39 |
Income/(Loss) before taxes | 62,064 | (12,190) | 84,626 | (28,721) |
Income tax | (27) | (45) | (72) | (136) |
(Loss)/profit from equity method investments | (205) | (59) | (36) | (59) |
Net Income/(loss) | 61,832 | (12,294) | 84,518 | (28,916) |
Preferred dividend | (857) | (536) | (2,543) | (617) |
Net income/ (loss) attributable to common stockholders | $ 60,975 | $ (12,830) | $ 81,975 | $ (29,533) |
Earnings/(loss) per share, basic (in dollars per share) | $ 1.57 | $ (0.37) | $ 2.27 | $ (0.88) |
Earnings/(loss) per share, diluted (in dollars per share) | $ 1.52 | $ (0.37) | $ 2.22 | $ (0.88) |
Weighted average number of shares outstanding, basic (in shares) | 38,766,186,000 | 34,363,884,000 | 36,104,796,000 | 33,720,853,000 |
Weighted average number of shares outstanding, diluted (in shares) | 40,115,511 | 34,363,884 | 36,930,518 | 33,720,853 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Unaudited Interim Condensed Consolidated Statements of Comprehensive (Loss)Income | ||||
Net Income/(loss) | $ 61,832 | $ (12,294) | $ 84,518 | $ (28,916) |
Other comprehensive income, net of tax | ||||
Net change in unrealized gains/(losses) on cash flow hedges | (3,184) | (7) | 1,025 | 578 |
Other comprehensive income/(loss), net of tax | (3,184) | (7) | 1,025 | 578 |
Comprehensive income/(loss) | $ 58,648 | $ (12,301) | $ 85,543 | $ (28,338) |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholder Equity - USD ($) $ in Thousands | Common Stock | Additional paid-in capital | Accumulated other comprehensive loss | Treasury stock | Accumulated deficit | Redeemable Preferred Stock | Total |
Balance at Dec. 31, 2020 | $ 352 | $ 418,181 | $ (729) | $ (15,636) | $ (81,833) | $ 320,335 | |
Balance (in shares) at Dec. 31, 2020 | 33,187 | ||||||
Issue of redeemable preferred stock, net of issuance costs (in shares) | 1,177 | ||||||
Issue of common stock | $ 12 | 5,308 | 5,320 | ||||
Share-based compensation | 1,823 | 1,823 | |||||
Changes in unrealized gain on cash flow hedges | 578 | 578 | |||||
Preferred dividend | (617) | (617) | |||||
Net income/(loss) | (28,916) | (28,916) | |||||
Net income/ (loss) attributable to common stockholders | (29,533) | ||||||
Balance at Sep. 30, 2021 | $ 364 | 425,312 | (151) | (15,636) | (111,367) | $ 298,522 | |
Balance (in shares) at Sep. 30, 2021 | 34,364 | 34,364 | |||||
Redeemable Preferred Stock | |||||||
Issue of redeemable preferred stock, net of issuance costs | $ 23,041 | ||||||
Issue of redeemable preferred stock, net of issuance costs (in shares) | 25 | ||||||
Balance at Sep. 30, 2021 | $ 23,041 | ||||||
Balance (in shares) at Sep. 30, 2021 | 25 | 25 | |||||
Balance at Jun. 30, 2021 | $ 364 | 424,629 | (144) | (15,636) | (98,537) | $ 310,676 | |
Balance (in shares) at Jun. 30, 2021 | 34,364 | ||||||
Share-based compensation | 683 | 683 | |||||
Changes in unrealized gain on cash flow hedges | (7) | (7) | |||||
Preferred dividend | (536) | (536) | |||||
Net income/(loss) | (12,294) | (12,294) | |||||
Net income/ (loss) attributable to common stockholders | (12,830) | ||||||
Balance at Sep. 30, 2021 | $ 364 | 425,312 | (151) | (15,636) | (111,367) | $ 298,522 | |
Balance (in shares) at Sep. 30, 2021 | 34,364 | 34,364 | |||||
Balance at Jun. 30, 2021 | $ 23,041 | ||||||
Balance (in shares) at Jun. 30, 2021 | 25 | ||||||
Balance at Sep. 30, 2021 | $ 23,041 | ||||||
Balance (in shares) at Sep. 30, 2021 | 25 | 25 | |||||
Balance at Dec. 31, 2021 | $ 364 | 426,102 | 1,044 | (15,636) | (119,920) | $ 291,954 | |
Balance (in shares) at Dec. 31, 2021 | 34,364 | ||||||
Issue of redeemable preferred stock, net of issuance costs (in shares) | 1,341 | ||||||
Issue of common stock | $ 13 | (13) | |||||
Share-based compensation | 2,354 | 2,354 | |||||
Changes in unrealized gain on cash flow hedges | 1,025 | 1,025 | |||||
Net proceeds from equity offering (in shares) | 4,844 | ||||||
Net proceeds from equity offering | $ 48 | 38,929 | 38,977 | ||||
Preferred dividend | (2,543) | (2,543) | |||||
Net income/(loss) | 84,518 | 84,518 | |||||
Net income/ (loss) attributable to common stockholders | 81,975 | ||||||
Balance at Sep. 30, 2022 | $ 425 | 467,372 | 2,069 | (15,636) | (37,945) | 416,285 | |
Balance (in shares) at Sep. 30, 2022 | 40,548 | 40,548 | |||||
Balance at Dec. 31, 2021 | $ 37,043 | 37,043 | |||||
Balance (in shares) at Dec. 31, 2021 | 40 | ||||||
Balance at Sep. 30, 2022 | $ 37,043 | $ 37,043 | |||||
Balance (in shares) at Sep. 30, 2022 | 40 | 40 | |||||
Balance at Jun. 30, 2022 | $ 391 | 445,051 | 5,253 | (15,636) | (98,920) | $ 336,139 | |
Balance (in shares) at Jun. 30, 2022 | 37,107 | ||||||
Issue of common stock | 10 | (10) | |||||
Issue of common stock (in shares) | 1,035 | ||||||
Share-based compensation | 1,108 | 1,108 | |||||
Changes in unrealized gain on cash flow hedges | (3,184) | (3,184) | |||||
Net proceeds from equity offering (in shares) | 2,407 | ||||||
Net proceeds from equity offering | 24 | 21,223 | 21,247 | ||||
Preferred dividend | (857) | (857) | |||||
Net income/(loss) | 61,832 | 61,832 | |||||
Net income/ (loss) attributable to common stockholders | 60,975 | ||||||
Balance at Sep. 30, 2022 | $ 425 | $ 467,372 | $ 2,069 | $ (15,636) | $ (37,945) | $ 416,285 | |
Balance (in shares) at Sep. 30, 2022 | 40,548 | 40,548 | |||||
Balance at Jun. 30, 2022 | $ 37,043 | ||||||
Balance (in shares) at Jun. 30, 2022 | 40 | ||||||
Balance at Sep. 30, 2022 | $ 37,043 | $ 37,043 | |||||
Balance (in shares) at Sep. 30, 2022 | 40 | 40 |
Unaudited Interim Condensed C_6
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income/(loss) | $ 84,518 | $ (28,916) |
Adjustments to reconcile net income / (loss) to net cash provided by / (used in) operating activities: | ||
Depreciation | 22,025 | 23,694 |
Amortization of deferred drydock expenditures | 3,162 | 3,884 |
Share-based compensation | 2,354 | 1,823 |
Loss on vessel held for sale | 6,917 | 0 |
Amortization of deferred finance fees | 1,815 | 1,798 |
Unrealized (gains) on derivatives | (4,264) | (55) |
Foreign exchange | (73) | (60) |
Profit from equity method investments | 36 | 59 |
Deferred drydock payments | (1,231) | (4,948) |
Changes in operating assets and liabilities: | ||
Receivables | (45,187) | (715) |
Prepaid expenses and other assets | (810) | 522 |
Advances and deposits | 1,088 | (1,262) |
Inventories | (8,083) | 6 |
Accounts payable | (1,144) | (150) |
Accrued expenses and other liabilities | 3,224 | 813 |
Deferred revenue | (1,363) | 1,364 |
Accrued interest on debt and finance leases | 482 | (104) |
Net cash provided by operating activities | 63,466 | (2,247) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sale of vessels | 39,912 | 9,895 |
Payments for acquisition of vessels and vessel equipment | (1,149) | (1,986) |
Advances for ballast water treatment systems | (645) | (158) |
Payments for other non-current assets | (96) | (80) |
Payments for equity investments | (363) | (5,171) |
Net cash provided by investing activities | 37,659 | 2,500 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Prepayment of finance lease obligation | (84,724) | 0 |
Proceeds from long-term debt | 96,019 | 0 |
Repayments of long-term debt | (138,093) | (60,255) |
Proceeds from finance leases | 0 | 49,000 |
Repayments of finance leases | (12,298) | (14,691) |
Payments for deferred finance fees | (3,405) | (980) |
Issuance of common stock, net | 38,977 | 0 |
Issuance of preferred stock, net | 0 | 23,041 |
Payment of preferred dividend | (2,428) | (256) |
Net cash (used in) financing activities | (105,952) | (4,141) |
Net (decrease) in cash and cash equivalents | (4,827) | (3,888) |
Cash and cash equivalents at the beginning of the year | 55,449 | 58,365 |
Cash and cash equivalents at the end of the period | 50,622 | 54,477 |
Cash paid during the year for: | ||
Cash paid during the period for interest in respect of debt | 3,472 | 3,509 |
Cash paid during the period for interest in respect of finance leases | 9,948 | 6,952 |
Cash paid during the period for operating lease liabilities | 454 | 345 |
Cash paid during the period for income taxes | 37 | 113 |
Non-cash investing activity: Investment in Element 1 by issuing 950,000 shares of common stock | 0 | 5,320 |
Non-cash financing activity: Accrued preferred dividends | $ 578 | $ 361 |
Unaudited Interim Condensed C_7
Unaudited Interim Condensed Consolidated Statements of Cash Flows (Parenthetical) | Sep. 30, 2021 shares |
Element 1 Corp. Ardmore Shipping (Bermuda) Limited | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Common stock, shares issued (in shares) | 950,000 |
General information and signifi
General information and significant accounting policies | 9 Months Ended |
Sep. 30, 2022 | |
Overview | |
General information and significant accounting policies | 1. General information and significant accounting policies 1.1. Background Ardmore Shipping Corporation (NYSE: ASC) (“ASC”), together with its subsidiaries (collectively, the “Company”), provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of mid-size product and chemical tankers and the Company operates its business in one operating segment, the transportation of refined petroleum products and chemicals. As at September 30, 2022, the Company had 22 owned vessels and five chartered-in vessels in operation. The average age of the Company’s owned fleet as at September 30, 2022 was 8 years. In response to the COVID-19 pandemic, many countries, ports and organizations, including those where ASC conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have caused severe trade disruptions. In addition, the pandemic initially resulted and may again result in a significant decline in global demand for refined oil products. As the Company’s business is the transportation of refined oil products on behalf of oil majors, oil traders and other customers, any significant decrease in demand for the cargo the Company transports has and could continue to adversely affect demand for its vessels and services. The extent to which the pandemic may impact the Company’s results of operations and financial condition, including possible impairments, will depend on future developments, which are highly uncertain and cannot be predicted, including, among others, new information which may emerge concerning the virus and its variants and the level of the effectiveness and administration of vaccines and other actions to contain or treat its impact. Accordingly, an estimate of the impact of the COVID-19 pandemic on the Company cannot be made at this time. 1.2. Management and organizational structure ASC was incorporated in the Republic of the Marshall Islands on May 14, 2013. ASC commenced business operations through its predecessor company, Ardmore Shipping LLC, on April 15, 2010. As at September 30, 2022, ASC had (a) 79 wholly owned subsidiaries, the majority of which represent single ship-owning companies for ASC’s fleet, (b) one 50%-owned joint venture, Anglo Ardmore Ship Management Limited ("AASML"), which provides technical management services to a majority of the ASC fleet, (c) one 33.33%-owned joint venture, e1 Marine LLC, to market and sell Element 1 Corp.’s methanol-to-hydrogen technology to the marine sector, and (d) a 10% equity stake, on a fully diluted basis, in Element 1 Corp. Ardmore Maritime Services (Asia) Pte, a wholly owned subsidiary incorporated in Singapore, carries out the Company’s management services and associated functions. Ardmore Shipping Services (Ireland) Limited, a wholly owned subsidiary incorporated in Ireland, provides the Company’s corporate, accounting, fleet administration and operations services. Each of Ardmore Shipping (Asia) Pte. Limited and Ardmore Shipping (Americas) LLC, wholly owned subsidiaries incorporated in Singapore and Delaware, respectively, performs commercial management and chartering services for the Company. 1.3. Basis of preparation The accompanying interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) that apply to interim condensed financial statements. 1.3. Basis of preparation (continued) Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2021 Annual Report on Form 20-F, filed with the SEC on March 11, 2022. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the footnotes required by U.S. GAAP for complete financial statements. The accompanying interim condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed consolidated financial position and results of operations for the interim periods presented. All intercompany balances and transactions have been eliminated on consolidation. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. 1.4. Significant accounting policies There have been no changes in the Company’s significant accounting policies for the three and nine months ended September 30, 2022 as compared to the significant accounting policies described in the Company’s audited consolidated financial statements for the year ended December 31, 2021. The accounting policies used in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those applied in the audited financial statements for the year ended December 31, 2021. |
Equity Investments
Equity Investments | 9 Months Ended |
Sep. 30, 2022 | |
Equity Investments | |
Equity Investments | 2. Equity Investments Element 1 Corp. - e1 Marine LLC - The Company records its share of earnings and losses in these investment on a quarterly basis. The Company recorded an investment of $10.8 million, inclusive of transaction costs (E1 investment of $9.8 million and e1 Marine LLC investment of $1.0 million), which is included in investments and other assets, net in the condensed consolidated balance sheet as of September 30, 2022. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt | |
Debt | 3. Debt As at September 30, 2022, the Company had three loan facilities, which it has used primarily to finance vessel acquisitions or vessels under construction and also for working capital. The Company’s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for the Company’s obligations under the loan facilities, which totaled fifteen vessels as at September 30, 2022. ASC and its subsidiary Ardmore Shipping LLC have provided guarantees in respect of the loan facilities and ASC has granted a guarantee over its trade receivables in respect of the ABN AMRO Revolving Facility. These guarantees can be called upon following a payment default. The outstanding principal balances on each loan facility as at September 30, 2022 and December 31, 2021 were as follows: As at In thousands of U.S. Dollars September 30, 2022 December 31, 2021 Nordea/SEB Joint Bank Facility and Nordea / SEB Revolving Facility — 56,599 Nordea/SEB Revolving Facility — 28,954 ABN/CACIB Joint Bank Facility 93,715 51,339 ABN AMRO Revolving Facility 3,983 1,680 IYO Bank Facility 7,200 8,400 Total debt 104,898 146,972 Deferred finance fees (2,028) (1,871) Net total debt 102,870 145,101 Current portion of long-term debt 13,373 15,834 Current portion of deferred finance fees (706) (731) Total current portion of long-term debt 12,667 15,103 Non-current portion of long-term debt 90,203 129,998 Future minimum scheduled repayments under the Company’s loan facilities for each year are as follows: As at In thousands of U.S. Dollars September 30, 2022 2022 (1) 3,343 2023 13,373 2024 13,373 2025 19,357 2026 11,773 2027 43,679 104,898 (1) Three-month period ending December 31, 2022 3. Debt (continued) Old Nordea / SEB Joint Bank Facility and Nordea / SEB Revolving Facility On December 11, 2019, eight of ASC’s subsidiaries entered into a $100 million long-term loan facility and a $40 million revolving credit facility with Nordea Bank AB (publ) (“Nordea”) and Skandinaviska Enskilda Banken AB (publ) (“SEB”). The facility was fully drawn down in December 2020 and 2019. Interest was calculated at a rate of LIBOR plus 2.4%. Principal repayments on the term loans were made on a quarterly basis, with a balloon payment payable with the final instalment. The revolving facility could be drawn down or repaid with five days‘ notice. On June 25, 2021, Ardmore partially repaid the facility in connection with the refinancing of two of the vessels under a new sale and leaseback arrangement. The revolving credit facility was repaid in full on July 27, 2022 and the term loan facility was repaid in full on August 5, 2022 and refinanced with the Nordea / SEB revolving facility discussed below, which was accounted for as a modification. Nordea / SEB Revolving Facility On August 5, 2022, 12 of ASC’s subsidiaries entered into a $185 million sustainability-linked revolving credit facility with Nordea and SEB (the “Nordea / SEB Revolving Facility”), the proceeds of which would be used to refinance 12 vessels, including six vessels financed under lease arrangements as at September 30, 2022. Interest is calculated at a rate of SOFR plus 2.5%. The revolving facility may be drawn down or repaid with five days‘ notice. The revolving credit facility matures in June 2027. As at September 30, 2022, none of the revolving credit facility was drawn down. Old ABN/CACIB Joint Bank Facility On December 11, 2019, four of ASC’s subsidiaries entered into a $61.5 million long-term loan facility with ABN AMRO Bank N.V. (“ABN AMRO”) and Credit Agricole Corporate and Investment Bank (“CACIB”). Interest was calculated at a rate of LIBOR plus 2.4%. Principal repayments on the term loans were made on a quarterly basis, with a balloon payment payable with the final installment. On August 5, 2022, the loan facility was repaid in full and refinanced with the ABN / CACIB facility discussed below, which was accounted for as a modification. ABN/CACIB Joint Bank Facility On August 5, 2022, seven of ASC’s subsidiaries entered into a $108 million sustainability-linked long-term loan facility with ABN AMRO and CACIB (the “ABN/CACIB Joint Bank Facility”), the proceeds of which would be used to finance seven vessels, including three vessels financed under lease arrangements as at September 30, 2022. Interest is calculated at Adjusted SOFR plus 2.5%. Principal repayments on the term loans are made on a quarterly basis, with a balloon payment payable with the final installment. The loan facility matures in August 2027. Old ABN AMRO Revolving Facility On October 24, 2017, the Company entered into a $15 million revolving credit facility with ABN AMRO to fund working capital. Interest under this facility was calculated at a rate of LIBOR plus 3.9%. On October 7, 2021, the Company exercised an option to extend this facility for a further year to July 2023. Interest payments were payable on a quarterly basis. The facility was repaid in full in July 2022. ABN AMRO Revolving Facility On August 9, 2022, the Company entered into a new sustainability-linked $15 million revolving credit facility with ABN AMRO to fund working capital. Interest under this facility is calculated at a rate of SOFR plus 3.9%. Interest payments are payable on a quarterly basis. The facility matures in August 2025 with further options for extension. 3. Debt (continued) IYO Bank Facility On December 17, 2020, one of ASC’s subsidiaries entered into a $10.0 million long-term loan facility with IYO Bank to finance a secondhand vessel acquisition which vessel delivered to the Company in 2020. The facility was drawn down in December 2020. Interest is calculated at a rate of LIBOR plus 2.25%. Principal repayments on the loans are made on a quarterly basis, with a balloon payment payable with the final installment. The loan facility matures in December 2025. Long-term debt financial covenants The Company’s existing long-term debt facilities described above include certain covenants. The financial covenants require that the Company: ● maintain minimum solvency of not less than 30% ; ● maintain minimum cash and cash equivalents (of which at least 60% of such minimum amount is held in cash and which includes the undrawn portion of the Nordea/SEB Revolving Facility), based on the number of vessels owned and chartered-in and 5% of outstanding debt; the required minimum cash and cash equivalents as at September 30, 2022 was $12.3 million; ● ensure that the aggregate fair market value of the applicable vessels plus any additional collateral is not less than 130% of the debt outstanding for the applicable facility; ● maintain a corporate net worth of not less than $200 million; and ● maintain positive working capital, excluding current portion of debt and leases, balloon repayments and amounts outstanding under the ABN AMRO Revolving Facility, provided that the facility has a remaining maturity of more than three months. The Company was in full compliance with all of its long-term debt financial covenants as at September 30, 2022 and December 31, 2021. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases | |
Leases | 4. Leases As at September 30, 2022, the Company was a party, as the lessee, to four finance lease facilities. The Company’s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for the Company’s obligations under the finance lease facilities, which totaled seven vessels as at September 30, 2022. ASC has provided guarantees in respect of the finance lease facilities. These guarantees can be called upon following a payment default. The outstanding principal balances on each finance lease facility as at September 30, 2022 and December 31, 2021 were as follows: As at In thousands of U.S. Dollars September 30, 2022 December 31, 2021 Japanese Leases No.1 and 2 — 21,677 Japanese Lease No.3 — 10,747 CMBFL Leases No.1 to 4 28,313 65,187 Ocean Yield ASA 38,393 50,320 Japanese Lease No.4 16,055 19,942 China Huarong Leases — 37,385 CMBFL / Shandong 61,367 65,625 Finance lease obligations 144,128 270,883 Amounts representing interest and deferred finance fees (16,149) (44,428) Finance lease obligations, net of interest and deferred finance fees 127,979 226,455 Current portion of finance lease obligations 84,696 21,783 Current portion of deferred finance fees (843) (699) Non-current portion of finance lease obligations 44,842 207,592 Non-current portion of deferred finance fees (716) (2,221) Total finance lease obligations, net of deferred finance fees 127,979 226,455 Maturity analysis of the Company’s finance lease facilities for each year are as follows: As at In thousands of U.S. Dollars September 30, 2022 2022 84,195 2023 5,694 2024 5,710 2025 5,695 2026 5,486 2027 - 2030 37,348 Finance lease obligations 144,128 Amounts representing interest and deferred finance fees (16,149) Finance lease obligations, net of interest and deferred finance fees 127,979 (1) Three-month period ending December 31, 2022 4 . Leases (continued) Japanese Leases No. 1 and 2 On May 30, 2017, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Sealeader Ardmore Sealifter, Japanese Lease No. 3 On January 30, 2018, one of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Sealancer CMBFL Leases No. 1 to 4 On June 26, 2018, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Endurance Ardmore Enterprise, On October 25, 2018, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Encounter Ardmore Explorer 4. Leases (continued) Ocean Yield ASA On October 25, 2018, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Dauntless Ardmore Defender The finance leases were scheduled to expire in 2030 and included a mandatory purchase obligation for the Company to repurchase the vessels, as well as purchase options exercisable by the Company, which the Company could elect to exercise at an earlier date. During the third quarter of 2022, the Company delivered notice to exercise its options on both vessels which purchases closed on October 31, 2022 and the Company repaid the facility in full. Subsequent to September 30, 2022, the Ardmore Dauntless Ardmore Defender Japanese Lease No. 4 On November 30, 2018, one of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement), of the Ardmore Engineer China Huarong Leases On November 30, 2018, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement), of the Ardmore Seavanguard Ardmore Exporter CMBFL / Shandong On June 25, 2021, two of ASC’s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the Ardmore Seawolf Ardmore Seahawk 4. Leases (continued) Finance Leases Financial Covenants Some of the Company’s existing finance lease facilities (as described above) include financial covenants which are the same, or no more onerous than, the Company’s long-term debt financial covenants described in Note 3. The Company was in full compliance with all of its finance lease related financial covenants as at September 30, 2022 and December 31, 2021. Long Term Operating Leases The Company sold the Ardmore Sealeader Ardmore Sealifter Ardmore Sealancer Operating leases are included in operating lease, right-of-use (“ROU”) asset, current portion of operating lease obligations, and non-current portion of operating lease obligations in the Company’s consolidated balance sheets. The ROU asset represents our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used by the Company of 4.5% is obtained independently and is comparable with what the Company would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The Company makes significant judgements and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. The Company uses readily determinable and observable data for the purposes of determining the standalone cost of the vessel lease and operating service components of the Company’s time charters. The Company proportionately allocates the consideration of the contract to lease and non-lease components based on their relative standalone prices. Short Term Leases The Company entered into two short term lease agreements with one agreement effective July 30, 2021 to charter-in a 2010-built vessel for a period of 12 months and the other agreement effective March 1, 2022 to charter-in a 2009-built vessel for a period of six months. |
Interest Rate Swaps
Interest Rate Swaps | 9 Months Ended |
Sep. 30, 2022 | |
Interest Rate Swaps | |
Interest Rate Swaps | 5. Interest Rate Swaps The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During the second quarter of 2020, the Company entered into floating-to-fixed interest rate swap agreements, associated with existing variable-rate debt and financing facilities, over a three-year term with multiple counterparties. In accordance with these transactions, the Company pays an average fixed-rate interest amount of 0.32% and receives floating rate interest amounts based on LIBOR. These interest rate swaps have a total notional amount of $237.9 million of which $73.6 million is designated as cash flow hedges. During the third quarter of 2022, the Company refinanced its debt arrangements with the Nordea / SEB Revolving Facility. As none of the revolving credit facility was drawn down at September 30, 2022 and the Company cannot forecast with any certainty what, if any, of the revolving credit facility will be drawn down at December 31, 2022, or in future quarters, the Company concluded that the forecasted transactions that the interest rate swaps were designated to hedge are no longer probable to occur. As a result, the Company accelerated the reclassification of amounts in other comprehensive income to earnings. The accelerated amounts consisted of a gain of $2.7 million of which $2.1 million is included in unrealized gains / (losses) on derivatives and $0.6 million is included in interest expense and finance costs in the statement of operations. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements and/or the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. The Company records the fair value of the interest rate swap as an asset or liability on its balance sheet. The following table shows the interest rate swap assets designated as hedging instruments as of September 30, 2022 and December 31, 2021: Derivatives designated as hedging instruments (in thousands of U.S. Dollars) Balance Sheet location September 30, 2022 December 31, 2021 Interest rate swap Current portion of derivative assets $ 1,961 254 Interest rate swap Non - current portion of derivative assets $ — 795 The following table shows the interest rate swap assets not designated as hedging instruments as of September 30, 2022 and December 31, 2021: Derivatives not designated as hedging instruments (in thousands of U.S. Dollars) Balance Sheet location September 30, 2022 December 31, 2021 Interest rate swap Current portion of derivative assets $ 4,617 53 Interest rate swap Non - current portion of derivative assets $ — 187 |
Share-based compensation
Share-based compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-based compensation. | |
Share-based compensation | 6. Share-based compensation Stock appreciation rights As at September 30, 2022, the Company had granted 3,710,473 stock appreciation rights (“SARs”) (inclusive of 5,779 forfeited SARs) to certain of its officers and directors under its 2013 Equity Incentive Plan. A summary of awards, simulation inputs, outputs and valuation methodology is as follows: Model Inputs Weighted Risk-free Average Fair SARs Exercise Vesting Grant Dividend rate of Expected Value Average Expected Valuation Grant Date Awarded Price Period Price Yield Return Volatility grant date Exercise Life Method 12‑Mar‑14 22,118 $ 13.66 3 yrs $ 13.66 2.93 % 2.06 % 56.31 % $ 4.17 4.6 – 5.0 yrs Monte Carlo 01‑Sept‑14 5,595 $ 13.91 3 yrs $ 13.91 2.88 % 2.20 % 53.60 % $ 4.20 4.5 – 5.0 yrs Monte Carlo 06‑Mar‑15 37,797 $ 10.25 3 yrs $ 10.25 3.90 % 1.90 % 61.38 % $ 2.98 4.2 – 5.0 yrs Monte Carlo 15‑Jan‑16 205,519 $ 9.20 3 yrs $ 9.20 6.63 % 1.79 % 58.09 % $ 2.20 4.0 – 5.0 yrs Monte Carlo 04‑Apr‑18 1,719,733 $ 7.40 3 yrs $ 7.40 0 % 2.51 % 40.59 % $ 2.67 4.25 yrs Black-Scholes 07‑Mar‑19 560,000 $ 5.10 3 yrs $ 5.10 0 % 2.43 % 43.65 % $ 2.00 4.5 yrs Black-Scholes 04‑Mar‑20 549,020 $ 5.25 3 yrs $ 5.25 0 % 0.73 % 46.42 % $ 2.04 4.5 yrs Black-Scholes 04‑Mar‑21 610,691 $ 4.28 3 yrs $ 4.28 0 % 0.66 % 55.39 % $ 1.93 4.5 yrs Black-Scholes Changes in the SARs for the nine months ended September 30, 2022 are set forth below in full numbers: Weighted average No. of SARs exercise price Balance as at January 1, 2022 3,704,694 $ 6.40 SARs granted during the nine months ended September 30, 2022 — — SARs exercised during the nine months ended September 30, 2022 (3,152,246) $ (6.43) SARs forfeited during the nine months ended September 30, 2022 — — Balance as at September 30, 2022 (none of which are exercisable or convertible) 552,448 $ 6.23 The total cost related to non-vested SAR awards expected to be recognized through 2024 is set forth below in thousands of U.S. Dollars: Period TOTAL 2022 (1) $ 165 2023 393 2024 57 $ 615 (1) Three-month period ending December 31, 2022 6. Share-based compensation (continued) Restricted stock units As at September 30, 2022, the Company had granted 1,710,994 restricted stock units (“RSUs”) to certain of its officers and directors under its 2013 Equity Incentive Plan, of which 716,868 had vested. A summary of awards is as follows: Grant Date RSUs Awarded Service Period Grant Price 02-Jan-19 176,659 2 years $ 4.64 07-Mar-19 86,210 3 years $ 5.10 28-May-19 59,237 1 year $ 7.47 04-Mar-20 94,105 3 years $ 5.25 29-May-20 78,510 1 year $ 5.84 04-Mar-21 56,957 1 year $ 4.28 04-Mar-21 302,923 3 years $ 4.28 07-Jun-21 95,583 1 year $ 4.31 30-Mar-22 593,671 3 years $ 4.54 07-Jun-22 60,415 1 year $ 8.07 01-Sep-22 106,724 3 years $ 9.35 Changes in the RSUs for the nine months ended September 30, 2022 are set forth below in thousands of U.S. Dollars: Weighted average fair value at grant No. of RSUs date Balance as at January 1, 2022 546,935 $ 4.44 RSUs granted during the nine months ended September 30, 2022 760,810 $ 5.50 RSUs vested during the nine months ended September 30, 2022 (399,536) $ (5.75) Balance as at September 30, 2022 (none of which are vested) 908,209 $ 4.75 The total cost related to non-vested RSU awards expected to be recognized through 2025 is set forth below: Period TOTAL 2022 (1) $ 538 2023 1,747 2024 1,214 2025 427 $ 3,926 (1) Three-month period ending December 31, 2022 |
Preferred Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2022 | |
Preferred Stock | |
Preferred Stock | 7. Preferred Stock On June 17, 2021 and on December 3, 2021, ASC issued 25,000 shares and 15,000 shares respectively of Series A Cumulative Redeemable Perpetual Preferred Shares (“Series A Preferred Stock”) to an affiliate of Maritime Partners LLC. The liquidation preference of the Series A Preferred Stock is $1,000.00 per share. The shares of Series A Preferred Stock accrue cumulative dividends, whether or not declared, at an initial annual rate of 8.5% per $1,000.00 of liquidation preference per share, which rate may change based on certain matters. Dividends are payable on January 30, April 30, July 30 and October 30 of each year, commencing July 30, 2021. So long as any share of the Series A Preferred Stock remains outstanding, no cash dividend may be declared or paid on ASC’s common stock unless, among other things, all accrued and unpaid dividends have been paid on the Series A Preferred Stock. The Company may redeem, in whole or in part, the shares of Series A Preferred Stock outstanding, at a cash redemption price equal to (a) 103% of the liquidation preference per share plus any accumulated and unpaid dividends on or after the third anniversary of the original issuance date of the Series A Preferred Stock and prior to the fourth anniversary, (b) 102% of the liquidation preference per share plus any accumulated and unpaid dividends after such fourth anniversary and prior to the fifth anniversary and (c) 100% of the liquidated preference per share plus any accumulated and unpaid dividends after such fifth anniversary. The Series A Preferred Stock is redeemable, in whole or in part, upon the election of the Company or the holder of shares of Series A Preferred Stock, upon the occurrence of certain change of control events, including if a person or group becomes the beneficial owner of a majority of ASC’s total voting power. As it is possible, regardless of the probability of such occurrence, that a person or group could acquire beneficial ownership of a majority of the voting power of ASC’s outstanding common stock without Company approval and thereby trigger a “change of control,” the Series A Preferred Stock is classified as temporary equity for accounting purposes. The Company’s obligations to the holder of shares of Series A Preferred Stock are secured by a pledge of the Company’s stake in E1. The Series A Preferred Stock is presented in the Company’s financial statements net of the related stock issuance costs. As part of the issuance of the Series A Preferred Stock to Maritime Partners, the Company granted to Maritime Partners a profits interest of 20% of all cash or in-kind distributions and proceeds received in respect of the E1 investment which profits interest distributions can only be made after the Company receives a return of its initial investment of $9.3 million. As the agreement includes a mandatory redemption date, for the profits interest that is the 10 th |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent events. | |
Subsequent events | 8. Subsequent Events As disclosed in Note 4, the Company exercised the purchase options of five vessels subsequent to September 30, 2022 and terminated the related finance leases for an aggregate amount of $81.9 million which was financed through a combination of cash of $42.7 million, the Nordea/SEB Revolving Facility of $25.0 million and the ABN/CACIB Joint Bank Facility of $14.2 million. |
Significant accounting policies
Significant accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Significant accounting policies | |
Summary of significant accounting policies | 1.4. Significant accounting policies There have been no changes in the Company’s significant accounting policies for the three and nine months ended September 30, 2022 as compared to the significant accounting policies described in the Company’s audited consolidated financial statements for the year ended December 31, 2021. The accounting policies used in the preparation of the unaudited interim condensed consolidated financial statements are consistent with those applied in the audited financial statements for the year ended December 31, 2021. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt | |
Schedule outstanding principal balances on each loan facility | As at In thousands of U.S. Dollars September 30, 2022 December 31, 2021 Nordea/SEB Joint Bank Facility and Nordea / SEB Revolving Facility — 56,599 Nordea/SEB Revolving Facility — 28,954 ABN/CACIB Joint Bank Facility 93,715 51,339 ABN AMRO Revolving Facility 3,983 1,680 IYO Bank Facility 7,200 8,400 Total debt 104,898 146,972 Deferred finance fees (2,028) (1,871) Net total debt 102,870 145,101 Current portion of long-term debt 13,373 15,834 Current portion of deferred finance fees (706) (731) Total current portion of long-term debt 12,667 15,103 Non-current portion of long-term debt 90,203 129,998 |
Schedule of future minimum repayments under the loan facilities | As at In thousands of U.S. Dollars September 30, 2022 2022 (1) 3,343 2023 13,373 2024 13,373 2025 19,357 2026 11,773 2027 43,679 104,898 (1) Three-month period ending December 31, 2022 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases | |
Schedule of outstanding principal balances on finance lease facility | As at In thousands of U.S. Dollars September 30, 2022 December 31, 2021 Japanese Leases No.1 and 2 — 21,677 Japanese Lease No.3 — 10,747 CMBFL Leases No.1 to 4 28,313 65,187 Ocean Yield ASA 38,393 50,320 Japanese Lease No.4 16,055 19,942 China Huarong Leases — 37,385 CMBFL / Shandong 61,367 65,625 Finance lease obligations 144,128 270,883 Amounts representing interest and deferred finance fees (16,149) (44,428) Finance lease obligations, net of interest and deferred finance fees 127,979 226,455 Current portion of finance lease obligations 84,696 21,783 Current portion of deferred finance fees (843) (699) Non-current portion of finance lease obligations 44,842 207,592 Non-current portion of deferred finance fees (716) (2,221) Total finance lease obligations, net of deferred finance fees 127,979 226,455 |
Schedule of future minimum lease payments required under the finance lease facilities | Maturity analysis of the Company’s finance lease facilities for each year are as follows: As at In thousands of U.S. Dollars September 30, 2022 2022 84,195 2023 5,694 2024 5,710 2025 5,695 2026 5,486 2027 - 2030 37,348 Finance lease obligations 144,128 Amounts representing interest and deferred finance fees (16,149) Finance lease obligations, net of interest and deferred finance fees 127,979 (1) Three-month period ending December 31, 2022 |
Interest Rate Swaps (Tables)
Interest Rate Swaps (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Designated as hedging instrument | |
Interest Rate Swaps | |
Schedule of interest rate swap liabilities | Derivatives designated as hedging instruments (in thousands of U.S. Dollars) Balance Sheet location September 30, 2022 December 31, 2021 Interest rate swap Current portion of derivative assets $ 1,961 254 Interest rate swap Non - current portion of derivative assets $ — 795 |
Not designated as hedging instrument | |
Interest Rate Swaps | |
Schedule of interest rate swap liabilities | Derivatives not designated as hedging instruments (in thousands of U.S. Dollars) Balance Sheet location September 30, 2022 December 31, 2021 Interest rate swap Current portion of derivative assets $ 4,617 53 Interest rate swap Non - current portion of derivative assets $ — 187 |
Share-based compensation (Table
Share-based compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stock appreciation rights | |
Share-based compensation | |
Schedule of awards, simulation inputs and outputs | A summary of awards, simulation inputs, outputs and valuation methodology is as follows: Model Inputs Weighted Risk-free Average Fair SARs Exercise Vesting Grant Dividend rate of Expected Value Average Expected Valuation Grant Date Awarded Price Period Price Yield Return Volatility grant date Exercise Life Method 12‑Mar‑14 22,118 $ 13.66 3 yrs $ 13.66 2.93 % 2.06 % 56.31 % $ 4.17 4.6 – 5.0 yrs Monte Carlo 01‑Sept‑14 5,595 $ 13.91 3 yrs $ 13.91 2.88 % 2.20 % 53.60 % $ 4.20 4.5 – 5.0 yrs Monte Carlo 06‑Mar‑15 37,797 $ 10.25 3 yrs $ 10.25 3.90 % 1.90 % 61.38 % $ 2.98 4.2 – 5.0 yrs Monte Carlo 15‑Jan‑16 205,519 $ 9.20 3 yrs $ 9.20 6.63 % 1.79 % 58.09 % $ 2.20 4.0 – 5.0 yrs Monte Carlo 04‑Apr‑18 1,719,733 $ 7.40 3 yrs $ 7.40 0 % 2.51 % 40.59 % $ 2.67 4.25 yrs Black-Scholes 07‑Mar‑19 560,000 $ 5.10 3 yrs $ 5.10 0 % 2.43 % 43.65 % $ 2.00 4.5 yrs Black-Scholes 04‑Mar‑20 549,020 $ 5.25 3 yrs $ 5.25 0 % 0.73 % 46.42 % $ 2.04 4.5 yrs Black-Scholes 04‑Mar‑21 610,691 $ 4.28 3 yrs $ 4.28 0 % 0.66 % 55.39 % $ 1.93 4.5 yrs Black-Scholes |
Schedule of changes in the Stocks | Changes in the SARs for the nine months ended September 30, 2022 are set forth below in full numbers: Weighted average No. of SARs exercise price Balance as at January 1, 2022 3,704,694 $ 6.40 SARs granted during the nine months ended September 30, 2022 — — SARs exercised during the nine months ended September 30, 2022 (3,152,246) $ (6.43) SARs forfeited during the nine months ended September 30, 2022 — — Balance as at September 30, 2022 (none of which are exercisable or convertible) 552,448 $ 6.23 |
Schedule of cost related to non-vested awards expected to be recognized | The total cost related to non-vested SAR awards expected to be recognized through 2024 is set forth below in thousands of U.S. Dollars: Period TOTAL 2022 (1) $ 165 2023 393 2024 57 $ 615 (1) Three-month period ending December 31, 2022 |
Restricted stock units | |
Share-based compensation | |
Schedule of awards, simulation inputs and outputs | A summary of awards is as follows: Grant Date RSUs Awarded Service Period Grant Price 02-Jan-19 176,659 2 years $ 4.64 07-Mar-19 86,210 3 years $ 5.10 28-May-19 59,237 1 year $ 7.47 04-Mar-20 94,105 3 years $ 5.25 29-May-20 78,510 1 year $ 5.84 04-Mar-21 56,957 1 year $ 4.28 04-Mar-21 302,923 3 years $ 4.28 07-Jun-21 95,583 1 year $ 4.31 30-Mar-22 593,671 3 years $ 4.54 07-Jun-22 60,415 1 year $ 8.07 01-Sep-22 106,724 3 years $ 9.35 |
Schedule of changes in the Stocks | Changes in the RSUs for the nine months ended September 30, 2022 are set forth below in thousands of U.S. Dollars: Weighted average fair value at grant No. of RSUs date Balance as at January 1, 2022 546,935 $ 4.44 RSUs granted during the nine months ended September 30, 2022 760,810 $ 5.50 RSUs vested during the nine months ended September 30, 2022 (399,536) $ (5.75) Balance as at September 30, 2022 (none of which are vested) 908,209 $ 4.75 |
Schedule of cost related to non-vested awards expected to be recognized | The total cost related to non-vested RSU awards expected to be recognized through 2025 is set forth below: Period TOTAL 2022 (1) $ 538 2023 1,747 2024 1,214 2025 427 $ 3,926 (1) Three-month period ending December 31, 2022 |
Overview - Management and organ
Overview - Management and organizational structure (Details) $ in Thousands | 9 Months Ended | |||
Jun. 17, 2017 USD ($) | Sep. 30, 2022 USD ($) item subsidiary segment | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Overview | ||||
Number of operating segments | segment | 1 | |||
Numbered of owned vessels in operation | item | 22 | |||
Number of chartered vessels in operations | item | 5 | |||
Average Age Of Vessels | 8 years | |||
Number of wholly owned subsidiaries | subsidiary | 79 | |||
Common stock | $ | $ 425 | $ 364 | ||
Payments for equity investments | $ | $ 363 | $ 5,171 | ||
Anglo Ardmore Ship Management Limited | ||||
Overview | ||||
Number of joint ventures | item | 1 | |||
Percentage of ownership interest (as a percent) | 50% | |||
e1 Marine LLC | ||||
Overview | ||||
Number of joint ventures | item | 1 | |||
Percentage of ownership interest (as a percent) | 33.33% | 33.33% | ||
Element 1 Corp. | ||||
Overview | ||||
Percentage of ownership interest (as a percent) | 10% | 10% | ||
Common stock | $ | $ 5,300 | |||
Payments for equity investments | $ | $ 4,000 |
Equity Investments (Details)
Equity Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Jun. 17, 2017 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Jun. 17, 2021 | |
Equity Investment | |||||||
Payments for equity investments | $ 363 | $ 5,171 | |||||
Common stock | $ 425 | 425 | $ 364 | ||||
Income (loss) in equity investments | $ (205) | $ (59) | $ (36) | $ (59) | |||
Anglo Ardmore Ship Management Limited | |||||||
Equity Investment | |||||||
Percentage of ownership interest (as a percent) | 50% | 50% | |||||
Element 1 Corp And Maritime Partners LLC | |||||||
Equity Investment | |||||||
Equity Investment | $ 10,800 | ||||||
Element 1 Corp. | |||||||
Equity Investment | |||||||
Percentage of ownership interest (as a percent) | 10% | 10% | 10% | ||||
Payments for equity investments | $ 4,000 | ||||||
Common stock | $ 5,300 | ||||||
Number of common shares | 581,795 | ||||||
Warrants to purchase common shares | 286,582 | ||||||
Total investment | $ 9,300 | $ 9,300 | $ 9,300 | ||||
Percentage of voting right | 20% | ||||||
Equity Investment | $ 9,800 | $ 9,800 | |||||
e1 Marine LLC | |||||||
Equity Investment | |||||||
Percentage of ownership interest (as a percent) | 33.33% | 33.33% | 33.33% | ||||
Equity Investment | $ 1,000 | $ 1,000 |
Debt - Outstanding Principal Ba
Debt - Outstanding Principal Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total debt | $ 104,898 | $ 146,972 |
Deferred finance fees | (2,028) | (1,871) |
Net total debt | 102,870 | 145,101 |
Total current portion of long-term debt | 12,667 | 15,103 |
Non-current portion of long-term debt | 90,204 | 129,998 |
Loans Payable | ||
Current portion of long-term debt | 13,373 | 15,834 |
Current portion of deferred finance fees | (706) | (731) |
Total current portion of long-term debt | 12,667 | 15,103 |
Non-current portion of long-term debt | 90,203 | 129,998 |
Nordea SEB Joint Bank Facility | ||
Total debt | 0 | 56,599 |
Nordea SEB Revolving Facility | ||
Total debt | 0 | 28,954 |
ABN CACIB Joint Bank Facility | ||
Total debt | 93,715 | 51,339 |
ABN AMRO Revolving Facility | ||
Total debt | 3,983 | 1,680 |
IYO Bank Facility | ||
Total debt | $ 7,200 | $ 8,400 |
Debt - Future minimum repayment
Debt - Future minimum repayments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt | ||
2022 | $ 3,343 | |
2023 | 13,373 | |
2024 | 13,373 | |
2025 | 19,357 | |
2026 | 11,773 | |
2027 | 43,679 | |
Total long-term debt | $ 104,898 | $ 146,972 |
Debt - Additional information (
Debt - Additional information (Details) $ in Millions | 9 Months Ended | |||||||||||
Aug. 09, 2022 USD ($) | Aug. 05, 2022 USD ($) subsidiary | Jun. 25, 2021 item | Dec. 17, 2020 USD ($) subsidiary | Jul. 17, 2020 | Dec. 11, 2019 USD ($) subsidiary | Sep. 30, 2022 item facility | Oct. 01, 2022 USD ($) | Sep. 30, 2022 item | Sep. 30, 2022 USD ($) | Sep. 30, 2022 | Oct. 24, 2017 USD ($) | |
Number of loan facilities | 3 | 4 | ||||||||||
Number of vessels with loans | item | 15 | |||||||||||
Required minimum cash and cash equivalents | $ 12.3 | |||||||||||
Minimum Net Worth Required | $ 200 | |||||||||||
Minimum [Member] | ||||||||||||
Required Minimum Solvency Covenant | 30% | |||||||||||
Cash and Cash Equivalent Percentage | 5% | |||||||||||
Fair market Value Percentage | 130% | |||||||||||
Nordea SEB Joint Bank Facility | ||||||||||||
Number of vessels with loans | item | 2 | |||||||||||
Number of subsidiaries | subsidiary | 8 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | |||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 2.4% | |||||||||||
Nordea SEB Revolving Facility | ||||||||||||
Number of subsidiaries | subsidiary | 12 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 185 | $ 40 | ||||||||||
Number of days to provide notice for draw down or repayment of debt | 5 days | 5 days | ||||||||||
Long-term Line of Credit | $ 25 | |||||||||||
Cash and Cash Equivalent Percentage | 60% | |||||||||||
ABN CACIB Joint Bank Facility | ||||||||||||
Number of subsidiaries | subsidiary | 7 | 4 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 61.5 | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | |||||||||||
Long-term Line of Credit | $ 108 | $ 14.2 | ||||||||||
ABN CACIB Joint Bank Facility | SOFR | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||
ABN AMRO Revolving Facility | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15 | $ 15 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.90% | |||||||||||
ABN AMRO Revolving Facility | SOFR | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.90% | |||||||||||
IYO Bank Facility | ||||||||||||
Number of subsidiaries | subsidiary | 1 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10 | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||
Debt Instrument Maturity Period | December 2025 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | $ 144,128 | $ 270,883 |
Amounts representing interest and deferred finance fees | (16,149) | (44,428) |
Finance lease obligations, net of interest and deferred finance fees | 127,979 | 226,455 |
Current portion of finance lease obligations | 84,696 | 21,783 |
Current portion of deferred finance fees | (843) | (699) |
Non-current portion of finance lease obligations | 44,842 | 207,592 |
Non-current portion of deferred finance fees | (716) | (2,221) |
Total finance lease obligations, net of deferred finance fees | 127,979 | 226,455 |
Japanese Leases No.1 and 2 | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 21,677 | |
Japanese Lease No.3 | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 10,747 | |
Japanese Lease No.4 | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 16,055 | 19,942 |
CMBFL Leases No.1 to 4 | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 28,313 | 65,187 |
Ocean Yield ASA | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 38,393 | 50,320 |
China Huarong Leases | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | 37,385 | |
CMBFL Shandong | ||
Lessee, Lease, Description [Line Items] | ||
Finance lease obligations | $ 61,367 | $ 65,625 |
Leases - Future minimum lease p
Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases | ||
2022 | $ 84,195 | |
2023 | 5,694 | |
2024 | 5,710 | |
2025 | 5,695 | |
2026 | 5,486 | |
2027 - 2030 | 37,348 | |
Finance lease obligations | 144,128 | $ 270,883 |
Amounts representing interest and deferred finance fees | (16,149) | (44,428) |
Finance lease obligations, net of interest and deferred finance fees | $ 127,979 | $ 226,455 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 9 Months Ended | ||||||||||||
Jun. 25, 2021 USD ($) item agreement | Nov. 30, 2018 subsidiary | Oct. 25, 2018 subsidiary | Jun. 28, 2018 | Jun. 26, 2018 subsidiary | Jan. 30, 2018 USD ($) subsidiary | May 30, 2017 USD ($) subsidiary | Sep. 30, 2022 USD ($) | Oct. 01, 2022 item | Sep. 30, 2022 facility | Sep. 30, 2022 item | Dec. 31, 2021 USD ($) | Jul. 30, 2021 agreement | |
Number Of Finance Lease Facility | 3 | 4 | |||||||||||
Number of vessel in operation | item | 5 | 7 | |||||||||||
Incremental borrowing rate | 4.50% | ||||||||||||
Advance payment | $ 2,463 | $ 3,551 | |||||||||||
Number of short term lease agreements | agreement | 2 | ||||||||||||
Number of long term lease agreements | agreement | 1 | ||||||||||||
Lease agreement period | 12 months | ||||||||||||
Lease, Practical Expedients, Package [true false] | true | ||||||||||||
Japanese Leases No.1 and 2 | |||||||||||||
Number of subsidiaries | subsidiary | 2 | ||||||||||||
Sellers Credit Note | $ 2,900 | ||||||||||||
Japanese Leases No.1 and 2 | Other Noncurrent Assets [Member] | Finance Liability [Member] | |||||||||||||
Sellers Credit Note | $ 2,900 | ||||||||||||
Japanese Lease No.3 | |||||||||||||
Number of subsidiaries | subsidiary | 1 | ||||||||||||
Sellers Credit Note | $ 1,400 | ||||||||||||
Japanese Lease No.3 | Finance Liability [Member] | |||||||||||||
Sellers Credit Note | $ 1,400 | ||||||||||||
Japanese Lease No.4 | |||||||||||||
Number of subsidiaries | subsidiary | 1 | ||||||||||||
Finance Lease Expiry Period | 2029 | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.20% | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 3.20% | ||||||||||||
CMBFL Leases No.1 to 4 | |||||||||||||
Number of subsidiaries | subsidiary | 2 | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | ||||||||||||
Ocean Yield ASA | |||||||||||||
Number of subsidiaries | subsidiary | 2 | ||||||||||||
Finance Lease Expiry Period | 2030 | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 4.50% | ||||||||||||
China Huarong Leases | |||||||||||||
Number of subsidiaries | subsidiary | 2 | ||||||||||||
Finance Lease Expiry Period | 2025 | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR plus 3.50% | ||||||||||||
CMBFL Shandong | |||||||||||||
Number of subsidiaries | item | 2 | ||||||||||||
Gross proceeds | $ 49,000 | ||||||||||||
Transaction fees | $ 1,000 |
Interest Rate Swaps (Details)
Interest Rate Swaps (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Interest Rate Swaps | ||||||
Term of the interest rate swap agreements | 3 years | |||||
Average fixed-rate interest (as a percent) | 0.32% | 0.32% | ||||
Notional amount | $ 237,900 | $ 237,900 | ||||
Amount accelerated into other comprehensive income to earnings | (3,184) | $ (7) | 1,025 | $ 578 | ||
Current portion of derivative assets | 6,577 | 6,577 | $ 307 | |||
Non-current portion of derivative assets | 0 | 0 | 982 | |||
Gain (Loss) on Derivative Instruments [Member] | ||||||
Interest Rate Swaps | ||||||
Accelerated amount earnings included in statement of operations | 2,100 | |||||
Interest Expense [Member] | ||||||
Interest Rate Swaps | ||||||
Accelerated amount earnings included in statement of operations | 600 | |||||
Not designated as hedging instrument | ||||||
Interest Rate Swaps | ||||||
Current portion of derivative liabilities | 4,617 | 4,617 | 53 | |||
Non-current portion of derivative liabilities | 187 | |||||
Cash flow hedge | Designated as hedging instrument | ||||||
Interest Rate Swaps | ||||||
Notional amount | 73,600 | 73,600 | ||||
Current portion of derivative liabilities | $ 1,961 | $ 1,961 | 254 | |||
Non-current portion of derivative liabilities | $ 795 |
Share-based compensation - Stoc
Share-based compensation - Stock appreciation rights - Awards, simulation inputs, outputs (Details) - $ / shares | Mar. 04, 2021 | Mar. 04, 2020 | Mar. 07, 2019 | Apr. 04, 2018 | Jan. 15, 2016 | Mar. 06, 2015 | Sep. 01, 2014 | Mar. 12, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Valuation Method | Black-Scholes | Black-Scholes | Black-Scholes | Black-Scholes | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo |
Stock appreciation rights | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
SARs Awarded (in shares) | 610,691 | 549,020 | 560,000 | 1,719,733 | 205,519 | 37,797 | 5,595 | 22,118 |
Exercise Price (in dollars per share) | $ 4.28 | $ 5.25 | $ 5.10 | $ 7.40 | $ 9.20 | $ 10.25 | $ 13.91 | $ 13.66 |
Vesting Period (in years) | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years |
Grant Price (in dollars per share) | $ 4.28 | $ 5.25 | $ 5.10 | $ 7.40 | $ 9.20 | $ 10.25 | $ 13.91 | $ 13.66 |
Dividend Yield (in hundredths) | 0% | 0% | 0% | 0% | 6.63% | 3.90% | 2.88% | 2.93% |
Risk-free rate of Return (in hundredths) | 0.66% | 0.73% | 2.43% | 2.51% | 1.79% | 1.90% | 2.20% | 2.06% |
Expected Volatility (in hundredths) | 55.39% | 46.42% | 43.65% | 40.59% | 58.09% | 61.38% | 53.60% | 56.31% |
Weighted Average Fair Value at grant date (in dollars per share) | $ 1.93 | $ 2.04 | $ 2 | $ 2.67 | $ 2.20 | $ 2.98 | $ 4.20 | $ 4.17 |
Average Expected Exercise Life | 4 years 6 months | 4 years 6 months | 4 years 6 months | 4 years 3 months | ||||
Stock appreciation rights | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Average Expected Exercise Life | 5 years | 5 years | 5 years | 5 years | ||||
Stock appreciation rights | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Average Expected Exercise Life | 4 years | 4 years 2 months 12 days | 4 years 6 months | 4 years 7 months 6 days |
Share-based compensation - St_2
Share-based compensation - Stock appreciation rights - Changes in SARs (Details) - Stock appreciation rights | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Balance, No. of Units (Beginning) | shares | 3,704,694 |
Balance, Weighted average exercise price (Beginning) | $ / shares | $ 6.40 |
SARs granted during the nine months | shares | 0 |
Weighted average exercise price granted during the nine months | $ / shares | $ 0 |
SARs exercised during the nine months | shares | (3,152,246) |
Weighted average exercise price exercised during the nine months | $ / shares | $ (6.43) |
SARs forfeited during the nine months | shares | 0 |
Weighted average exercise price forfeited during the nine months | $ / shares | $ 0 |
Balance, No. of Units (Ending) (none of which are exercisable or convertible) | shares | 552,448 |
Balance, Weighted average exercise price (Ending) | $ / shares | $ 6.23 |
Share-based compensation - St_3
Share-based compensation - Stock appreciation rights - Cost related to non-vested awards (Details) - Stock appreciation rights $ in Thousands | Sep. 30, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
2022 | $ 165 | [1] |
2023 | 393 | |
2024 | 57 | |
Total | $ 615 | |
[1] (1) Three-month period ending December 31, 2022 |
Share-based compensation - Rest
Share-based compensation - Restricted stock units - Summary of awards (Details) - Restricted stock units - $ / shares | 9 Months Ended | ||||||||||
Sep. 01, 2022 | Jun. 07, 2022 | Mar. 30, 2022 | Jun. 07, 2021 | Mar. 04, 2021 | May 29, 2020 | Mar. 04, 2020 | May 28, 2019 | Mar. 07, 2019 | Jan. 02, 2019 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
SARs Awarded (in shares) | 760,810 | ||||||||||
Service Period One Year | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
SARs Awarded (in shares) | 60,415 | 95,583 | 56,957 | 78,510 | 59,237 | ||||||
Service Period | 1 year | 1 year | 1 year | 1 year | |||||||
Grant Price (in dollars per share) | $ 8.07 | $ 4.31 | $ 4.28 | $ 5.84 | $ 7.47 | ||||||
Service Period Two Years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
SARs Awarded (in shares) | 176,659 | ||||||||||
Service Period | 2 years | ||||||||||
Grant Price (in dollars per share) | $ 4.64 | ||||||||||
Service Period Three Years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
SARs Awarded (in shares) | 106,724 | 593,671 | 302,923 | 94,105 | 86,210 | ||||||
Service Period | 3 years | 3 years | 3 years | 3 years | 3 years | ||||||
Grant Price (in dollars per share) | $ 9.35 | $ 4.54 | $ 4.28 | $ 5.25 | $ 5.10 |
Share-based compensation - Re_2
Share-based compensation - Restricted stock units - Changes in RSUs (Details) - Restricted stock units | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance as at the beginning | shares | 546,935 |
Balance as at the beginning, Weighted average fair value at grant date | $ / shares | $ 4.44 |
RSU granted (in shares) | shares | 760,810 |
Granted during the period, Weighted average fair value at grant date | $ / shares | $ 5.50 |
RSUs vested (in shares) | shares | (399,536) |
RSUs vested during the period, Weighted average fair value at grant date | $ / shares | $ (5.75) |
Balance as at the end (none of which are vested) | shares | 908,209 |
Balance as at the end (none of which are vested), Weighted average fair value at grant date | $ / shares | $ 4.75 |
Share-based compensation - Re_3
Share-based compensation - Restricted stock units - Cost related to non-vested awards (Details) - Restricted stock units $ in Thousands | Sep. 30, 2022 USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
2022 | $ 538 |
2023 | 1,747 |
2024 | 1,214 |
2025 | 427 |
Total | $ 3,926 |
Share-based compensation - Divi
Share-based compensation - Dividend equivalent rights - Summary of awards (Details) | Mar. 04, 2021 | Mar. 04, 2020 | Mar. 07, 2019 | Apr. 04, 2018 | Jan. 15, 2016 | Mar. 06, 2015 | Sep. 01, 2014 | Mar. 12, 2014 |
Share-based compensation. | ||||||||
Valuation Method | Black-Scholes | Black-Scholes | Black-Scholes | Black-Scholes | Monte Carlo | Monte Carlo | Monte Carlo | Monte Carlo |
Share-based compensation - Addi
Share-based compensation - Additional Information (Details) - shares | 9 Months Ended | ||||||||
Mar. 04, 2021 | Mar. 04, 2020 | Mar. 07, 2019 | Apr. 04, 2018 | Jan. 15, 2016 | Mar. 06, 2015 | Sep. 01, 2014 | Mar. 12, 2014 | Sep. 30, 2022 | |
Equity Incentive Plan 2013 [Member] | Officers And Directors [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU granted (in shares) | 1,710,994 | ||||||||
RSU's vested (in shares) | 716,868 | ||||||||
Stock appreciation rights | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU granted (in shares) | 610,691 | 549,020 | 560,000 | 1,719,733 | 205,519 | 37,797 | 5,595 | 22,118 | |
Stock appreciation rights | Equity Incentive Plan 2013 [Member] | Officers And Directors [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU granted (in shares) | 3,710,473 | ||||||||
RSUs forfeited (in shares) | 5,779 | ||||||||
Restricted stock units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU granted (in shares) | 760,810 | ||||||||
RSU's vested (in shares) | 399,536 |
Preferred Stock (Details)
Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |||
Dec. 03, 2021 | Jun. 17, 2017 | Sep. 30, 2022 | Jun. 17, 2021 | |
Element 1 Corp. | ||||
Preferred Stock | ||||
Profit interests on distributions | 20% | |||
Total investment | $ 9.3 | $ 9.3 | ||
Cumulative Series A redeemable Preferred Stock | ||||
Preferred Stock | ||||
Preferred stock issued | 15,000 | 25,000 | ||
Liquidation preference per share | $ 1,000 | $ 1,000 | $ 1,000 | |
Divided rate | 8.50% | |||
Cumulative Series A redeemable Preferred Stock | Other noncurrent liabilities | ||||
Preferred Stock | ||||
Profit interests distribution liability | $ 0.9 | |||
Cumulative Series A redeemable Preferred Stock | Third anniversary | ||||
Preferred Stock | ||||
Redemption price (as a percent) | 103% | |||
Cumulative Series A redeemable Preferred Stock | Fourth anniversary | ||||
Preferred Stock | ||||
Redemption price (as a percent) | 102% | |||
Cumulative Series A redeemable Preferred Stock | Fifth anniversary | ||||
Preferred Stock | ||||
Redemption price (as a percent) | 100% |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Oct. 01, 2022 USD ($) item | Sep. 30, 2022 item | Aug. 05, 2022 USD ($) |
Subsequent Event [Line Items] | |||
Number of vessels with purchase options | item | 5 | 7 | |
Amount of terminated related finance leases | $ 81.9 | ||
Cash | 42.7 | ||
Nordea SEB Revolving Facility | |||
Subsequent Event [Line Items] | |||
Long-term Line of Credit | 25 | ||
ABN CACIB Joint Bank Facility | |||
Subsequent Event [Line Items] | |||
Long-term Line of Credit | $ 14.2 | $ 108 |