XML 33 R25.htm IDEA: XBRL DOCUMENT v3.20.2
LONG-TERM DEBT AND CURRENT PORTION OF LONG TERM DEBT (Details)
2 Months Ended 3 Months Ended 6 Months Ended
Aug. 20, 2020
USD ($)
Mar. 29, 2019
USD ($)
Feb. 12, 2019
USD ($)
Dec. 01, 2017
USD ($)
Vessel
Sep. 10, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jun. 30, 2020
USD ($)
shares
Jun. 30, 2019
USD ($)
Line of Credit Facility [Abstract]                
Current portion of long-term debt           $ 23,537,000 $ 52,357,000  
Amount payable           8,405,000 1,566,000  
Cash and cash equivalents           48,847,000 112,806,000 $ 42,062,000
Restricted cash           12,791,000 18,376,000  
Contractual Obligation [Abstract]                
2020 [1]             43,467,000  
2021             23,265,000  
2022             23,632,000  
2023             24,016,000  
2024             188,334,000  
Thereafter             78,101,000  
Total             380,815,000  
Liquidity Outlook [Abstract]                
Gross amount of at-the-market offering of common stock             15,300,000  
Net amount at-the-market offering of common stock             $ 14,800,000  
Common shares issued (in shares) | shares             2,459,083  
Gross amount after deducting sales commissions and other fees and expenses             $ 33,800,000  
Net amount after deducting sales commissions and other fees and expenses             $ 32,800,000  
Common shares issued and sold (in shares) | shares             7,720,053  
Maximum [Member]                
Liquidity Outlook [Abstract]                
At-the-market offering of common stock   $ 40,000,000            
Senior Secured Credit Facility [Member]                
Line of Credit Facility [Abstract]                
Debt instrument term             5 years  
Maximum borrowing capacity     $ 306,100,000          
Loan amortizing, maturity period             20 years  
Maturity date             Feb. 28, 2024  
Discretionary excess cash mechanism for the lender that equals to net earnings from collateral vessels     50.00%          
Deferred financing costs     $ 13,000,000.0          
Deferred finance costs, non-cash portion     6,100,000          
Debt covenants, minimum liquidity     $ 30,000,000.0          
Debt covenants percentage in loan-to-vessel ratio     70.00%          
Drawn amount           291,800,000 $ 264,700,000  
Current portion of long-term debt           18,700,000 47,200,000  
Amount of excess cash flow payment related to earnings           3,400,000 31,900,000  
Repayment of debt             27,100,000  
Cash and cash equivalents           48,800,000 112,800,000  
Restricted cash           12,800,000 18,400,000  
Contractual Obligation [Abstract]                
2020 [1]             39,588,000  
2021             15,305,000  
2022             15,305,000  
2023             15,305,000  
2024             179,196,000  
Thereafter             0  
Total             264,699,000  
Senior Secured Credit Facility [Member] | Subsequent Event [Member]                
Line of Credit Facility [Abstract]                
Drawn amount         $ 230,200,000      
Repayment of debt $ 31,900,000       34,500,000      
Amount payable         $ 31,900,000      
Financing of 2018-built Vessels [Member]                
Line of Credit Facility [Abstract]                
Number of vessels delivered | Vessel       3        
Deferred financing costs       $ 2,300,000        
Drawn amount           119,900,000 $ 116,100,000  
Percentage of purchase price expected to pay by lending provider       77.50%        
Term of bareboat charter agreement             10 years  
Obligation to purchase the vessels       $ 13,600,000        
First flexibility period to purchase the vessels             60 months  
Second flexibility period to purchase the vessels             84 months  
Minimum value adjusted equity       $ 175,000,000.0        
Minimum value adjusted equity ratio       25.00%        
Minimum liquidity value       $ 20,000,000.0        
Long term debt current           $ 7,600,000 $ 7,800,000  
Contractual Obligation [Abstract]                
2020 [1]             3,879,000  
2021             7,960,000  
2022             8,327,000  
2023             8,711,000  
2024             9,138,000  
Thereafter             78,101,000  
Total             $ 116,116,000  
Financing of 2018-built Vessels [Member] | Minimum [Member]                
Line of Credit Facility [Abstract]                
Interest rate       6.50%        
Financing of 2018-built Vessels [Member] | Maximum [Member]                
Line of Credit Facility [Abstract]                
Interest rate       6.72%        
[1] Q3 and Q4 2020 repayments