QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | No | ☐ |
☒ | No | ☐ |
Large accelerated filer | ☐ | ☒ | Non-Accelerated filer | ☐ | ||||||||||||||||
Smaller reporting company | Emerging growth company |
Yes | No | ☒ |
Page | ||||||||
PART I | FINANCIAL INFORMATION | |||||||
ITEM 1. | FINANCIAL STATEMENTS (Unaudited) | |||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II | OTHER INFORMATION | |||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
ASSETS: | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net of a reserve of $ | ||||||||||||||
Prepaid expenses | ||||||||||||||
Inventories | ||||||||||||||
Collateral on derivatives | ||||||||||||||
Fair value of derivative assets – current | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Noncurrent assets: | ||||||||||||||
Vessels and vessel improvements, at cost, net of accumulated depreciation of $ | ||||||||||||||
Advances for vessel purchases | ||||||||||||||
Advances for BWTS and other assets | ||||||||||||||
Deferred drydock costs, net | ||||||||||||||
Other fixed assets, net of accumulated depreciation of $ | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Restricted cash – noncurrent | ||||||||||||||
Fair value of derivative assets – noncurrent | ||||||||||||||
Total noncurrent assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES & STOCKHOLDERS' EQUITY: | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued interest | ||||||||||||||
Other accrued liabilities | ||||||||||||||
Fair value of derivative liabilities – current | ||||||||||||||
Current portion of operating lease liabilities | ||||||||||||||
Unearned charter hire revenue | ||||||||||||||
Current portion of long-term debt | ||||||||||||||
Total current liabilities | ||||||||||||||
Noncurrent liabilities: | ||||||||||||||
Long-term debt – Global Ultraco Debt Facility, net of debt discount and debt issuance costs | ||||||||||||||
Convertible Bond Debt, net of debt discount and debt issuance costs | ||||||||||||||
Noncurrent portion of operating lease liabilities | ||||||||||||||
Other noncurrent accrued liabilities | ||||||||||||||
Total noncurrent liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 7) | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Total stockholders' equity | ||||||||||||||
Total liabilities and stockholders' equity | $ | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Revenues, net | $ | $ | ||||||||||||
Voyage expenses | ||||||||||||||
Vessel operating expenses | ||||||||||||||
Charter hire expenses | ||||||||||||||
Depreciation and amortization | ||||||||||||||
General and administrative expenses | ||||||||||||||
Other operating expense | ||||||||||||||
Gain on sale of vessel | ( | |||||||||||||
Total operating expenses, net | ||||||||||||||
Operating income | ||||||||||||||
Interest expense | ||||||||||||||
Interest income | ( | ( | ||||||||||||
Realized and unrealized loss on derivative instruments, net | ||||||||||||||
Total other expense, net | ||||||||||||||
Net income | $ | $ | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | ||||||||||||||
Diluted | ||||||||||||||
Per share amounts: | ||||||||||||||
Basic net income | $ | $ | ||||||||||||
Diluted net income | $ | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive (loss)/income | ||||||||||||||
Effect of cash flow hedges | ( | |||||||||||||
Comprehensive income | $ | $ |
Shares of Common Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Issuance of shares due to vesting of equity awards | ( | — | — | |||||||||||||||||||||||||||||||||||
Effect of cash flow hedges | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Cash used to settle net share equity awards | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Shares of Common Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | ||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
— | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of shares due to vesting of restricted shares | ( | — | — | |||||||||||||||||||||||||||||||||||
Issuance of shares upon exercise of stock options | — | — | — | |||||||||||||||||||||||||||||||||||
Effect of cash flow hedges | — | — | — | — | ||||||||||||||||||||||||||||||||||
Fees for equity offerings | — | — | — | — | ||||||||||||||||||||||||||||||||||
Cash used to settle net share equity awards | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | ||||||||||||||
Amortization of operating lease right-of-use assets | ||||||||||||||
Amortization of deferred drydocking costs | ||||||||||||||
Amortization of debt discount and debt issuance costs | ||||||||||||||
Gain on sale of vessel | ( | |||||||||||||
Unrealized loss on derivative instruments, net | ||||||||||||||
Stock-based compensation expense | ||||||||||||||
Drydocking expenditures | ( | ( | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts payable | ( | |||||||||||||
Accounts receivable | ( | |||||||||||||
Accrued interest | ( | ( | ||||||||||||
Inventories | ( | |||||||||||||
Operating lease liabilities current and noncurrent | ( | ( | ||||||||||||
Collateral on derivatives | ( | ( | ||||||||||||
Fair value of derivatives, other current and noncurrent assets | ( | ( | ||||||||||||
Other accrued liabilities | ( | |||||||||||||
Prepaid expenses | ( | ( | ||||||||||||
Unearned charter hire revenue | ( | |||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchase of vessels and vessel improvements | ( | ( | ||||||||||||
Advances for vessel purchases | ( | |||||||||||||
Purchase of ballast water treatment systems | ( | ( | ||||||||||||
Proceeds from hull and machinery insurance claims | ||||||||||||||
Net proceeds from sale of vessel | ||||||||||||||
Purchase of other fixed assets | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Repayment of long-term debt – Global Ultraco Debt Facility | ( | ( | ||||||||||||
Dividends paid | ( | ( | ||||||||||||
Cash paid for taxes related to net share settlement of equity awards | ( | ( | ||||||||||||
Cash received from exercise of stock options | ||||||||||||||
Proceeds from equity offerings, net of issuance costs | ||||||||||||||
Financing costs paid to lenders | ( | |||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||
Net decrease in cash, cash equivalents and restricted cash | ( | ( | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ |
March 31, 2023 | ||||||||
Beginning balance | $ | |||||||
Purchase of vessels and vessel improvements | ||||||||
Sale of vessels | ( | |||||||
Purchase of BWTS | ||||||||
Depreciation expense | ( | |||||||
Ending balance | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Principal Amount Outstanding | Debt Discounts and Debt Issuance Costs | Carrying Value | Principal Amount Outstanding | Debt Discounts and Debt Issuance Costs | Carrying Value | |||||||||||||||||||||||||||||||||
Convertible Bond Debt | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Global Ultraco Debt Facility | ( | ( | ||||||||||||||||||||||||||||||||||||
Total debt | ( | ( | ||||||||||||||||||||||||||||||||||||
Less: Current portion - Global Ultraco Debt Facility | ( | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||
Total long-term debt | $ | $ | ( | $ | $ | $ | ( | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Convertible Bond Debt interest | $ | $ | ||||||||||||
Global Ultraco Debt Facility interest (1) | ||||||||||||||
Commitment fees on revolving credit facilities | ||||||||||||||
Amortization of debt discount and debt issuance costs | ||||||||||||||
Total interest expense | $ | $ |
(1) | Interest expense on the Global Ultraco Debt Facility includes a reduction of $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Weighted average effective interest rate | % | % | ||||||||||||
Range of interest rates | ||||||||||||||
Global Ultraco Debt Facility | Convertible Bond Debt (1) | Total | ||||||||||||||||||
Nine months ending December 31, 2023 | $ | $ | $ | |||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
$ | $ | $ |
(1) | This amount represents the aggregate principal amount of the Convertible Bond Debt outstanding that would be repaid, in cash, at the election of the Company, upon maturity. |
Range of Fixed Rates | Weighted Average Fixed Rate | Notional Amount Outstanding | ||||||||||||
$ | ||||||||||||||
Fair Value of Derivative Assets/(Liabilities) | ||||||||||||||||||||
Balance Sheet Location | March 31, 2023 | December 31, 2022 | ||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||
Interest rate contracts - interest rate swaps | ||||||||||||||||||||
Fair value of derivative assets - current | $ | $ | ||||||||||||||||||
Fair value of derivative assets - noncurrent | ||||||||||||||||||||
$ | $ | |||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) | Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) into Earnings | |||||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | March 31, 2023 | March 31, 2022 | |||||||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Accumulated other comprehensive income, beginning balance | $ | $ | ||||||||||||
Gain/(loss) recognized in Other Comprehensive Income/(Loss) | ( | |||||||||||||
Gain/(loss) reclassified from Other Comprehensive Income/(Loss) into earnings | ( | |||||||||||||
Accumulated other comprehensive income, ending balance | $ | $ |
FFA Period | Average FFA Contract Price(1) | Number of Days Hedged | ||||||||||||
Quarter ending June 30, 2023 - Buy Positions | $ | (240) | ||||||||||||
Quarter ending June 30, 2023 - Sell Positions | $ | |||||||||||||
Quarter ending September 30, 2023 - Buy Positions | $ | (240) | ||||||||||||
Quarter ending September 30, 2023 - Sell Positions | $ | |||||||||||||
Quarter ending December 31, 2023 - Buy Positions | $ | (195) | ||||||||||||
Quarter ending December 31, 2023 - Sell Positions | $ | |||||||||||||
(1) | Presented in whole dollars. |
Fair Value of Derivative Assets/(Liabilities) | ||||||||||||||||||||
Balance Sheet Location | March 31, 2023 | December 31, 2022 | ||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||
Commodity contracts - FFAs | ||||||||||||||||||||
Fair value of derivative liabilities - current | $ | ( | $ | ( | ||||||||||||||||
$ | ( | $ | ( | |||||||||||||||||
Commodity contracts - bunker swaps | ||||||||||||||||||||
Fair value of derivative liabilities - current | $ | ( | $ | ( | ||||||||||||||||
$ | ( | $ | ( | |||||||||||||||||
Loss/(Gain) Recognized in Earnings | ||||||||||||||
Three Months Ended | ||||||||||||||
Derivatives not designated as hedging instruments | March 31, 2023 | March 31, 2022 | ||||||||||||
Commodity contracts | ||||||||||||||
FFAs - realized loss/(gain) | $ | $ | ( | |||||||||||
Bunker swaps - realized gain | ( | ( | ||||||||||||
( | ||||||||||||||
FFAs - unrealized loss | ||||||||||||||
Bunker swaps - unrealized loss/(gain) | ( | |||||||||||||
Realized and unrealized loss on derivative instruments, net | $ | $ | ||||||||||||
Fair Value | ||||||||||||||||||||
March 31, 2023 | Carrying Value (1) | Level 1 | Level 2 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | $ | $ | |||||||||||||||||
Collateral on derivatives | ||||||||||||||||||||
Fair value of derivative assets – current | ||||||||||||||||||||
Fair value of derivative assets – noncurrent | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Global Ultraco Debt Facility (1)(2) | ||||||||||||||||||||
Convertible Bond Debt (1)(3) | ||||||||||||||||||||
Fair value of derivative liabilities – current |
Fair Value | ||||||||||||||||||||
December 31, 2022 | Carrying Value (1) | Level 1 | Level 2 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash, cash equivalents and restricted cash | $ | $ | $ | |||||||||||||||||
Collateral on derivatives | ||||||||||||||||||||
Fair value of derivative assets – current | ||||||||||||||||||||
Fair value of derivative assets – noncurrent | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||
Global Ultraco Debt Facility (1)(2) | ||||||||||||||||||||
Convertible Bond Debt (1)(3) | ||||||||||||||||||||
Fair value of derivative liabilities – current |
(1) | Carrying value represents outstanding principal amount and excludes debt discounts and debt issuance costs. | ||||
(2) | Fair value is based on the required repayment to the lenders if the debt was discharged in full on March 31, 2023 and December 31, 2022, as applicable. | ||||
(3) | Fair value is based on pricing data (including observable trade information) sourced from Bloomberg.com. |
Year: | Time Charter-Out Contracts | |||||||
Remainder of 2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
$ | ||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Time charter-in contracts greater than 12 months | $ | $ | ||||||||||||
Office leases | ||||||||||||||
$ | $ | |||||||||||||
Current portion of operating lease liabilities | ||||||||||||||
Time charter-in contracts greater than 12 months | $ | $ | ||||||||||||
Office leases | ||||||||||||||
$ | $ | |||||||||||||
Noncurrent portion of operating lease liabilities | ||||||||||||||
Time charter-in contracts greater than 12 months | $ | $ | ||||||||||||
Office leases | ||||||||||||||
$ | $ | |||||||||||||
Weighted average remaining lease term (in years) | ||||||||||||||
Time charter-in contracts greater than 12 months | ||||||||||||||
Office leases | ||||||||||||||
Weighted average discount rate | ||||||||||||||
Time charter-in contracts greater than 12 months | % | % | ||||||||||||
Office leases | % | % | ||||||||||||
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Operating lease cost | ||||||||||||||
Time charter-in contracts greater than 12 months | $ | $ | ||||||||||||
Office leases | ||||||||||||||
Short-term lease cost | ||||||||||||||
Time charter-in contracts less than 12 months | ||||||||||||||
Total lease cost | $ | $ | ||||||||||||
Sublease income, gross | ||||||||||||||
Time charter-in contracts greater than 12 months(1) | $ | $ | ||||||||||||
(1) | Sublease income on time charter-in contracts is recorded in Revenues, net on the Condensed Consolidated Statements of Operations. |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Cash paid for operating leases with lease terms greater than 12 months | $ | $ | ||||||||||||
Non-cash activities | ||||||||||||||
Operating lease right-of-use assets obtained in exchange for lease liabilities | $ | $ | ||||||||||||
Time charter-in contracts greater than 12 months | Office leases | Total Operating leases | ||||||||||||||||||
Year: | ||||||||||||||||||||
Remainder of 2023 | $ | $ | $ | |||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
2027 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Implied interest | ( | ( | ( | |||||||||||||||||
Total operating lease liabilities | $ | $ | $ | |||||||||||||||||
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Time charters(1) | $ | $ | ||||||||||||
Voyage charters | ||||||||||||||
$ | $ |
(1) | See Note 8, Leases, for a description of revenues earned from time charters. |
Three Months Ended | ||||||||||||||
(In thousands, except share and per share data) | March 31, 2023 | March 31, 2022 | ||||||||||||
Net income | $ | $ | ||||||||||||
Weighted Average Shares - Basic | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||
Convertible Bond Debt | ||||||||||||||
Stock awards and options | ||||||||||||||
Dilutive potential common shares | ||||||||||||||
Weighted Average Shares - Diluted | ||||||||||||||
Basic net income per share | $ | $ | ||||||||||||
Diluted net income per share | $ | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Convertible Bond Debt | ||||||||||||||
Stock awards and options | ||||||||||||||
Number of Restricted shares and RSUs | Weighted Average Grant Date Fair Value | Aggregate Fair Value (in millions) | ||||||||||||||||||
Unvested awards as of December 31, 2022 | $ | |||||||||||||||||||
Granted | $ | |||||||||||||||||||
Vested | ( | $ | ||||||||||||||||||
Forfeited | ( | $ | ||||||||||||||||||
Unvested awards as of March 31, 2023 | $ | $ | ||||||||||||||||||
Three Months Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Stock-based compensation expense | $ | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Accruals for the purchase of BWTS | $ | $ | ||||||||||||
Accruals for dividends payable | ||||||||||||||
Accruals for the purchase of vessels and vessel improvements |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Ownership Days | 4,811 | 4,770 | ||||||||||||
Owned Available Days | 4,581 | 4,437 | ||||||||||||
(in thousands, except for Owned available days and TCE data) | For the Three Months Ended | |||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Revenues, net | $ | 105,198 | $ | 184,398 | ||||||||||
Less: | ||||||||||||||
Voyage expenses | (33,475) | (43,627) | ||||||||||||
Charter hire expenses | (12,420) | (22,711) | ||||||||||||
Realized (loss)/gain on FFAs and bunker swaps | (133) | 3,547 | ||||||||||||
$ | 59,170 | $ | 121,607 | |||||||||||
Owned available days | 4,581 | 4,437 | ||||||||||||
TCE | $ | 12,917 | $ | 27,407 | ||||||||||
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Net cash provided by operating activities | $ | 7,411 | $ | 42,254 | ||||||||||
Net cash used in investing activities | (18,583) | (3,937) | ||||||||||||
Net cash used in financing activities | (22,727) | (40,862) | ||||||||||||
Net decrease in cash, cash equivalents and restricted cash | (33,899) | (2,545) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 189,754 | 86,222 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 155,855 | $ | 83,677 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Principal Amount Outstanding | Carrying Value | Principal Amount Outstanding | Carrying Value | |||||||||||||||||||||||
Convertible Bond Debt | $ | 104,119 | $ | 103,595 | $ | 104,119 | $ | 103,499 | ||||||||||||||||||
Global Ultraco Debt Facility (1) | 225,300 | 218,955 | 237,750 | 230,983 | ||||||||||||||||||||||
Revolver loan under Global Ultraco Debt Facility (2) | — | — | — | — | ||||||||||||||||||||||
$ | 329,419 | $ | 322,550 | $ | 341,869 | $ | 334,482 |
(1) | $49.8 million of principal amount outstanding under the Global Ultraco Debt Facility is classified as current as of March 31, 2023 and December 31, 2022. | ||||
(2) | As of March 31, 2023 and December 31, 2022, the undrawn revolving facility under the Global Ultraco Debt Facility was $100.0 million. |
Projected Costs (1) ($ in millions) | ||||||||||||||||||||||||||
Quarters Ending | Off-hire Days(2) | BWTS | Drydocks | Vessel Upgrades(3) | ||||||||||||||||||||||
June 30, 2023 | 293 | $ | 1.8 | $ | 6.5 | $ | 0.8 | |||||||||||||||||||
September 30, 2023 | 170 | $ | 1.2 | $ | 1.8 | $ | — | |||||||||||||||||||
December 31, 2023 | 249 | $ | 0.8 | $ | 4.6 | $ | 0.4 | |||||||||||||||||||
March 31, 2024 | 123 | $ | — | $ | 4.6 | $ | 0.4 |
(1) | We intend to fund these costs with cash on hand. | ||||
(2) | Actual duration of off-hire days will vary based on the age and condition of the vessel, yard schedules and other factors. Projected off-hire days includes an additional allowance for unforeseen events. | ||||
(3) | Vessel upgrades represents capital expenditures relating to items such as high-spec low friction hull paint which improves fuel efficiency and reduces fuel costs, NeoPanama Canal chock fittings enabling vessels to carry additional cargo through the new Panama Canal locks, as well as other retrofitted fuel-saving devices. Vessel upgrades are discretionary in nature and evaluated on a business case-by-case basis. We intend to fund these upgrades with cash on hand. |
Senior Secured Credit Facility, dated October 1, 2021, by and between Eagle Bulk Shipping, Inc., certain vessel-owning subsidiaries, as guarantors, the lenders party thereto, the swap banks party thereto, Credit Agricole Corporate and Investment Bank, Skandinaviska Enskilda Banken AB (PUBL), Danish Ship Finance A/S, Nordea Bank ABP, Filial I Norge and DNB Markets Inc., as mandated lead arrangers and bookrunners, DNB Bank ASA, as swap coordinator, Deutsche Bank AG and ING Bank N.V., London Branch, as lenders, and Credit Agricole, as security trustee, structurer, sustainability coordinator and facility agent (incorporated by reference to Exhibit 10.9 to the Company’s Annual Report on Form 10-K filed with the SEC on March 14, 2022). | |||||
101* | The following materials from Eagle Bulk Shipping Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2023 and December 31, 2022, (ii) Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2023 and 2022, (iii) Condensed Consolidated Statements of Comprehensive income (unaudited) for the three months ended March 31, 2023 and 2022, (iv) Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the three months ended March 31, 2023 and 2022, (v) Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2023 and 2022, and (vi) Notes to Condensed Consolidated Financial Statements (unaudited). |
Relative TSR1 | TSR Percentage | ||||
7th vs. Competitors | 0.0% | ||||
6th vs. Competitors | 16.5% | ||||
5th vs. Competitors | 33.5% | ||||
4th vs. Competitors | 50% | ||||
3rd vs. Competitors | 66.5% | ||||
2nd vs. Competitors | 83.5% | ||||
1st vs. Competitors (Target) | 100% |
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserve | $ 3,244 | $ 3,169 |
Vessels and vessel improvements, accumulated depreciation | 268,743 | 261,725 |
Other fixed assets, accumulated depreciation | $ 1,665 | $ 1,623 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, shares issued (in shares) | 13,065,060 | 13,003,702 |
Common stock outstanding (in shares) | 13,065,060 | 13,003,702 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement [Abstract] | ||
Revenues, net | $ 105,198 | $ 184,398 |
Voyage expenses | 33,475 | 43,627 |
Vessel operating expenses | 31,257 | 27,915 |
Charter hire expenses | 12,420 | 22,711 |
Depreciation and amortization | 14,732 | 14,580 |
General and administrative expenses | 10,950 | 10,054 |
Other operating expense | 90 | 133 |
Gain on sale of vessel | (3,318) | 0 |
Total operating expenses, net | 99,606 | 119,020 |
Operating income | 5,592 | 65,378 |
Interest expense | 3,857 | 4,447 |
Interest income | (1,836) | (45) |
Realized and unrealized loss on derivative instruments, net | 369 | 7,903 |
Total other expense, net | 2,390 | 12,305 |
Net income | $ 3,202 | $ 53,073 |
Weighted average shares outstanding: | ||
Basic (in shares) | 13,053,117 | 12,974,125 |
Diluted (in shares) | 13,148,244 | 16,254,898 |
Per share amounts: | ||
Basic net income (in usd per share) | $ 0.25 | $ 4.09 |
Diluted net income (in usd per share) | $ 0.24 | $ 3.27 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,202 | $ 53,073 |
Effect of cash flow hedges | (2,859) | 8,681 |
Comprehensive income | $ 343 | $ 61,754 |
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Statement of Stockholders' Equity [Abstract] | ||
Cash dividend declared (in dollars per share) | $ 0.60 | $ 2.05 |
Basis of Presentation and General Information |
3 Months Ended |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | Basis of Presentation and General Information The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company,” “we,” “our” or similar terms). All dollar amounts are stated in U.S. dollars and are presented in thousands, on a rounded basis, using actual amounts, except for per share amounts and unless otherwise noted. Minor differences in totals or percentages may exist due to rounding. The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, charter and operation of drybulk vessels. The Company’s fleet is comprised of Supramax and Ultramax drybulk carriers, and the Company operates its business in one business segment. As of March 31, 2023, the Company owned and operated a modern fleet of 53 ocean-going vessels, including 25 Supramax and 28 Ultramax vessels with a combined carrying capacity of 3.21 million deadweight tons (“dwt”) and an average age of approximately 10.4 years. Additionally, the Company chartered-in five Ultramax vessels on a long-term basis, with remaining lease terms ranging from five months to 13 months. The Company also charters-in third-party vessels on a short-term basis. For each of the three months ended March 31, 2023 and 2022, the Company had no charterers which individually accounted for more than 10% of the Company’s gross charter revenue. The accompanying 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 SEC that apply to interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes 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 2022 Annual Report on Form 10-K, filed with the SEC on March 10, 2023 (the “Annual Report”). The accompanying 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. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include fair values of long-lived assets (primarily vessels and operating lease right-of-use assets), impairment of long-lived assets (primarily vessels and operating lease right-of-use assets), stock-based compensation and financial instruments (primarily derivative instruments and Convertible Bond Debt (as defined herein)), residual values of vessels, useful lives of vessels and estimated losses on accounts receivable. Actual results could differ from those estimates.
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Significant Accounting Policies and Pronouncements |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Pronouncements | Significant Accounting Policies and Pronouncements The Company's significant accounting policies are described in Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements included in the Annual Report. Included herein are certain updates to those policies. Vessels and Vessel Improvements, At Cost Vessels are stated at cost, which consists of the contract price, and other direct costs relating to acquiring and placing the vessels in service. Major vessel improvements, such as scrubbers and ballast water treatment systems (“BWTS”), are capitalized and depreciated over the remaining useful lives of the vessels. Depreciation is calculated on a straight-line basis over the estimated useful lives of the vessels based on the cost of the vessels reduced by the estimated scrap value of the vessels as discussed below. The Company estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard to the original owner. Effective January 1, 2023, we increased our estimated vessel scrap value from $300 per light weight ton (“lwt”) to $400 per lwt. This change was driven by increases in 15-year average scrap price trends sourced from a third-party data provider as well as similar increases by certain of our industry peer companies. The change in the estimated scrap value will result in a decrease in depreciation expense over the remaining life of our vessel assets. For the three months ended March 31, 2023, net income increased by $1.0 million, or $0.08 per basic and diluted share as a result of the change in this estimate. We expect depreciation to decrease by approximately $4.0 million for the year ended December 31, 2023 solely as a result of the prospective change in this estimate. Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2024 (as extended by ASU 2022-06, Deferral of the Sunset Date of Topic 848). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope (“ASU 2021-01”), which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use interest rates for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The Company has not yet modified any contracts under the expedients or exceptions allowed by ASU 2020-04 or ASU 2021-01. If and when a contract modification within the scope of ASU 2020-04 occurs, it is not expected to have a material impact on our condensed consolidated financial statements.
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Vessels |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels | Vessels Vessels and Vessel Improvements As of March 31, 2023, the Company’s owned fleet consisted of 53 drybulk vessels. In December 2022, the Company entered into a memorandum of agreement to acquire a high-specification 2015-built Ultramax bulkcarrier for total consideration of $24.3 million. The Company paid a deposit of $3.6 million on this vessel as of December 31, 2022. The vessel was delivered to the Company in February 2023. In January 2023, the Company entered into a memorandum of agreement to acquire a high-specification 2020-built scrubber-fitted Ultramax bulkcarrier for total consideration of $30.1 million. The vessel is expected to be delivered to the Company during the second quarter of 2023. In February 2023, the Company entered into a memorandum of agreement to acquire a high-specification 2020-built scrubber-fitted Ultramax bulkcarrier for total consideration of $30.1 million. The vessel is expected to be delivered to the Company during the second quarter of 2023. In February 2023, the Company entered into a memorandum of agreement to sell the vessel Jaeger (a 2004-built Supramax) for total consideration of $9.0 million. The vessel was delivered to the buyer in March 2023. Activity in Vessels and vessel improvements for the three months ended March 31, 2023 is as follows:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-term debt consists of the following:
Convertible Bond Debt On July 29, 2019, the Company issued $114.1 million in aggregate principal amount of 5.0% Convertible Senior Notes due 2024 (the “Convertible Bond Debt”). After deducting debt discount of $1.6 million, the Company received net proceeds of approximately $112.5 million. Additionally, the Company incurred $1.0 million of debt issuance costs relating to this transaction. The Company used the proceeds to partially finance the purchase of six Ultramax vessels and for general corporate purposes, including working capital. The Convertible Bond Debt bears interest at a rate of 5.0% per annum on the outstanding principal amount thereof, payable semi-annually in arrears on February 1 and August 1 of each year, which commenced on February 1, 2020. The Convertible Bond Debt may bear additional interest upon certain events, as set forth in the indenture governing the Convertible Bond Debt (the “Indenture”). The Convertible Bond Debt will mature on August 1, 2024 (the “Maturity Date”), unless earlier repurchased, redeemed or converted pursuant to its terms. From time to time, the Company may, subject to market conditions and other factors and to the extent permitted by law, opportunistically repurchase the Convertible Bond Debt in the open market or through privately negotiated transactions. The Company may not otherwise redeem the Convertible Bond Debt prior to the Maturity Date. Each holder has the right to convert any portion of the Convertible Bond Debt, provided such portion is of $1,000 or a multiple thereof, at any time prior to the close of business on the business day immediately preceding the Maturity Date. The conversion rate of the Convertible Bond Debt after adjusting for a 1-for-7 reverse stock split effected on September 15, 2020 (the “Reverse Stock Split”) and the Company's cash dividends declared through March 31, 2023 is 31.0670 shares of the Company's common stock per $1,000 principal amount of Convertible Bond Debt, which is equivalent to a conversion price of approximately $32.19 per share of common stock (subject to further adjustments for future dividends). Upon conversion of the remaining bonds, the Company will pay or deliver, as the case may be, either cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election, to the holder (subject to shareholder approval requirements in accordance with the listing standards of the New York Stock Exchange). If the Company undergoes a fundamental change, as set forth in the Indenture, each holder may require the Company to repurchase all or part of their Convertible Bond Debt for cash in principal amounts of $1,000 or a multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the Convertible Bond Debt to be repurchased, plus accrued and unpaid interest. If, however, the holders instead elect to convert their Convertible Bond Debt in connection with the fundamental change, the Company will be required to increase the conversion rate of the Convertible Bond Debt at a rate determined by a combination of the date the fundamental change occurs and the stock price of the Company's common stock on such date. The Convertible Bond Debt is a general, unsecured senior obligation of the Company. It ranks: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Bond Debt; (ii) equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities of current or future subsidiaries of the Company. The Indenture also provides for customary events of default. Generally, if an event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the Convertible Bond Debt then outstanding may declare 100% of the principal of and accrued and unpaid interest, if any, on all the Convertible Bond Debt then outstanding to be due and payable. As of January 1, 2022, in accordance with the adoption of ASU 2020-06 under the modified retrospective approach, the Convertible Bond Debt no longer required bifurcation and separate accounting of its conversion feature that was previously separately accounted for as an equity component. As such, an adjustment to beginning retained earnings of $8.7 million was recorded within Accumulated deficit and a $20.7 million reduction to Additional paid-in capital was recorded to reverse the equity component and an offsetting $12.0 million was recorded within Convertible Bond Debt, net of debt discount and debt issuance costs as a reversal of the debt discount. See Note 2, Significant Accounting Policies, in the notes to the consolidated financial statements included in the Annual Report for additional discussion of the impact of ASU 2020-06 on the accounting for the Convertible Bond Debt and the condensed consolidated financial statements upon adoption on January 1, 2022. Share Lending Agreement In connection with the issuance of the Convertible Bond Debt, certain persons entered into an arrangement (the “Share Lending Agreement”) to borrow up to 511,840 shares of the Company’s common stock through share lending arrangements from Jefferies LLC (“JCS”), an initial purchaser of the Convertible Bond Debt. In connection with the foregoing, the Company entered into an agreement with an affiliate of JCS to lend up to 511,840 newly issued shares of the Company’s common stock. The number of shares loaned under the Share Lending Agreement have been adjusted for the Reverse Stock Split. As of March 31, 2023, the fair value of the 511,840 outstanding loaned shares was $23.3 million based on the closing price of the common stock on March 31, 2023. In connection with the Share Lending Agreement, JCS paid $0.03 million representing a nominal fee per borrowed share, equal to the par value of the Company’s common stock. While the Share Lending Agreement does not require cash payment upon return of the shares, physical settlement is required (i.e., the loaned shares must be returned at the end of the arrangement). In view of this share return provision and other contractual undertakings of JCS in the Share Lending Agreement, which have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of borrowed shares, the loaned shares are not considered issued and outstanding for the purpose of computing and reporting the Company's basic and diluted weighted average shares or net income per share. If JCS were to file bankruptcy or commence similar administrative, liquidating or restructuring proceedings, the Company will have to consider 511,840 shares lent to JCS as issued and outstanding for the purposes of calculating net income per share. Global Ultraco Debt Facility On October 1, 2021, Eagle Bulk Ultraco LLC (“Eagle Ultraco”), a wholly-owned subsidiary of the Company, along with certain of its vessel-owning subsidiaries as guarantors, entered into a new senior secured credit facility (the “Global Ultraco Debt Facility”) with the lenders party thereto (the “Lenders”) Credit Agricole Corporate and Investment Bank (“Credit Agricole”), Skandinaviska Enskilda Banken AB (PUBL), Danish Ship Finance A/S, Nordea Bank ABP, Filial I Norge, DNB Markets Inc., Deutsche Bank AG, and ING Bank N.V., London Branch. The Global Ultraco Debt Facility provides for an aggregate principal amount of $400.0 million, which consists of (i) a term loan facility in an aggregate principal amount of $300.0 million (the “Term Facility”) and (ii) a revolving credit facility in an aggregate principal amount of $100.0 million (the “Revolving Facility”) to be used for refinancing the outstanding debt, including accrued interest and commitment fees under the Previous Debt Facilities (as defined in Note 7, Debt, in the Notes to the Consolidated Financial Statements in the Annual Report) and for general corporate purposes. The Company paid fees of $5.8 million to the Lenders in connection with the transaction. The Global Ultraco Debt Facility has a maturity date of five years from the date of borrowing on the Term Facility, which is October 1, 2026. Outstanding borrowings bear interest at a rate of LIBOR plus 2.10% to 2.80% per annum, depending on certain metrics such as the Company's financial leverage ratio and meeting sustainability linked criteria. Repayments of $12.45 million are due quarterly and began on December 15, 2021, with a final balloon payment of all outstanding principal and accrued interest due upon maturity. The loan is repayable in whole or in part without premium or penalty prior to the maturity date subject to certain requirements stipulated in the Global Ultraco Debt Facility. The Global Ultraco Debt Facility is secured by 49 of the Company's vessels. The Global Ultraco Debt Facility contains certain standard affirmative and negative covenants along with financial covenants. The financial covenants include: (i) minimum consolidated liquidity based on the greater of (a) $0.6 million per vessel owned directly or indirectly by the Company or (b) 7.5% of the Company's total debt; (ii) debt to capitalization ratio not greater than 0.60:1.00; and (iii) maintaining positive working capital. As of March 31, 2023, the Company was in compliance with all applicable financial covenants under the Global Ultraco Debt Facility. Pursuant to the Global Ultraco Debt Facility, the Company borrowed $350.0 million and together with cash on hand repaid the outstanding debt, accrued interest and commitment fees under the Holdco Revolving Credit Facility and New Ultraco Debt Facility (each as defined in Note 7, Debt, in the notes to the consolidated financial statements included in the Annual Report). Concurrently, the Company issued a 10-day call notice to redeem the outstanding bonds under the Norwegian Bond Debt (as defined in Note 7, Debt, in the notes to the consolidated financial statements included in the Annual Report). Additionally, in October 2021, the Company entered into four interest rate swaps for the notional amount of $300.0 million of the Term Facility under the Global Ultraco Debt Facility at a fixed interest rate ranging between 0.83% and 1.06% to hedge the LIBOR-based floating interest rate (see Note 5, Derivative Instruments, for additional details). As of March 31, 2023, there are no amounts outstanding under the Revolving Facility. A summary of interest expense for the three months ended March 31, 2023 and 2022 is as follows:
The following table presents the weighted average effective interest rate on the Company’s debt obligations, including the amortization of debt discounts and debt issuance costs and costs associated with commitment fees on revolving facilities for the three months ended March 31, 2023 and 2022, but excludes the impact on interest from interest rate derivatives designated as hedging instruments. In addition, the following table presents the range of contractual interest rates on the Company’s debt obligations, excluding the impact of costs associated with commitment fees on revolving facilities for the three months ended March 31, 2023 and 2022.
Scheduled Debt Maturities The following table presents the scheduled maturities of principal amounts of our debt obligations as of March 31, 2023:
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Derivative Instruments |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments The Company uses interest rate swaps to manage its exposure to interest rate risk on its debt. Generally, the Company enters into interest rate swaps with the objective of effectively converting debt from a floating-rate to a fixed-rate obligation. As of March 31, 2023, the Company’s outstanding interest rate swaps were designated as hedging instruments and qualified as cash flow hedges. The Company uses forward freight agreements (“FFAs”) and bunker swaps to manage its exposure to changes in charter hire rates and market bunker prices, respectively. Generally, the Company enters into FFAs with the objective of effectively fixing charter hire rates for future charter transactions and the Company enters into bunker swaps with the objective of effectively fixing forecasted bunker transactions. The Company utilizes these derivative instruments to economically hedge these risks and does not designate them as hedging instruments. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the instruments and the gain or loss ultimately realized upon settlement of the derivative are reported in Realized and unrealized loss on derivative instruments, net in the Condensed Consolidated Statements of Operations. As of March 31, 2023, the Company has International Swaps and Derivatives Association agreements with five financial institutions which contain netting provisions. In addition to a master agreement with the Company supported by a primary parent guarantee on either side, the Company also has associated credit support agreements in place with the one counterparty which, among other things, provide the circumstances under which either party is required to post eligible collateral when the market value of transactions covered by these agreements exceeds specified thresholds. Interest rate swaps As of March 31, 2023, the Company had the following outstanding interest rate swaps that were designated and qualified as cash flow hedges.
The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 is as follows:
The effect of these instruments on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022 is as follows:
Further information on the effect of these instruments on the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022 is as follows:
Of the amount recorded in Accumulated other comprehensive income as of March 31, 2023, $7.9 million is expected to be reclassified into earnings within the next twelve months. Forward freight agreements and bunker swaps A summary of outstanding FFAs as of March 31, 2023 is as follows:
As of March 31, 2023, the Company had outstanding bunker swap agreements to purchase 7,850 metric tons of low sulphur fuel oil with prices ranging between $499 and $592 with contracts expiring between April and December 2023. The Company does not expect non-performance by any of the counterparties to the Company’s bunker swap transactions. The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 is as follows:
The effect of these instruments on the Condensed Consolidated Statements of Operations, which is presented in Realized and unrealized loss on derivative instruments, net for the three months ended March 31, 2023 and 2022 is as follows:
As of March 31, 2023, $3.0 million of collateral was pledged related to outstanding FFAs. As of March 31, 2023, $0.5 million of collateral was pledged related to outstanding bunker swaps.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash, cash equivalents and restricted cash—Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their highly liquid and short-term nature. Collateral on derivatives—Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their short-term nature. Derivative assets and liabilities—The fair values of derivative assets and liabilities, which include interest rate swaps, FFAs and bunker swaps, are estimated using observable inputs for similar instruments as of the measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. Long-term Debt—The fair value of Convertible Bond Debt, which is traded in the over-the-counter market, is estimated based on quoted prices in markets that are not active on identical instruments. The carrying amount of the Term Facility under the Global Ultraco Debt Facility approximates its fair value, due to its variable interest rates. The carrying values of other financial assets and liabilities (primarily accounts receivable, accounts payable and other accrued expenses) approximate their fair value due to their relative short-term nature. The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows: •Level 1 – Quoted prices in active markets for identical assets or liabilities. •Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active or other observable inputs. •Level 3 – Inputs that are unobservable.
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business, principally personal injury and property casualty claims. Generally, we expect that such claims would be covered by insurance, subject to customary deductibles. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. Certain routine commercial claims have been asserted against the Company that relate to contractual disputes with certain of our charterers. The nature of these disputes involve disagreements over losses claimed by charterers during or as a result of the performance of certain voyage charters, including but not limited to delays in the performance of the charters and off-hire during the charters. The related legal proceedings are at various stages of resolution. In March 2021, the U.S. government began investigating an allegation that one of the Company’s vessels may have improperly disposed of ballast water that entered the engine room bilges during a repair. The investigation of this alleged violation of environmental laws is ongoing, and although at this time we do not believe that this matter will have a material impact on the Company, our financial condition or results of operations, we cannot determine what penalties, if any, will be imposed. We have posted a surety bond as security for any potential fines, penalties or associated costs that may be incurred, and the Company is cooperating fully with the U.S. government in its investigation of this matter. We have not been involved in any legal proceedings, other than as disclosed above, which we believe may have, or have had, a significant effect on our business, financial position, results of operations or liquidity, nor are we aware of any proceedings that are pending or threatened, other than as described above, which we believe may have a significant effect on our business, financial position and results of operations or liquidity. However, these proceedings, even if lacking merit, could result in the expenditure of significant financial and managerial resources.In accordance with US GAAP, the Company accrues for contingent liabilities when it is probable that such a liability has been incurred and the amount of loss can be reasonably estimated. The Company evaluates its outstanding legal proceedings each quarter to assess its contingent liabilities and adjusts such liabilities, as appropriate, based on management’s best judgment after consultation with counsel. The Company incurred no costs associated with contingent liabilities for the three months ended March 31, 2023 and incurred $0.1 million in costs associated with contingent liabilities for the three months ended March 31, 2022. There is no assurance that the Company’s contingent liabilities will not need to be adjusted in the future.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases Time charter-out contracts Time charter-out contracts are accounted for as operating leases. The Company records revenue generated from time charter-out contracts on a straight-line basis over the term of the respective time charter agreements as Revenues, net in the Condensed Consolidated Statements of Operations. See Note 9, Revenue, for additional details. A summary of lease payments expected to be received on fixed time charter-out contracts, net of commission, assuming no off-hire days, other than those related to scheduled interim or special surveys of the related vessel and excluding any voyage expenses associated with such contracts, as of March 31, 2023 is as follows:
Time charter-in contracts Time charter-in contracts are accounted for as operating leases. The Company records operating lease cost for time charter-in contracts as Charter hire expenses in the Condensed Consolidated Statements of Operations on a straight-line basis over the lease term. Due to the volatility of freight rates, the Company generally concludes that it is not reasonably certain to exercise any options to extend the lease term at lease commencement. As of March 31, 2023, the Company chartered-in, on a long-term basis, five Ultramax vessels. Details of modifications of or new long-term time charter-in contracts for the three months ended March 31, 2023 are as follows: On October 17, 2018, the Company entered into an agreement to charter-in a 62,487 dwt, 2016-built Ultramax vessel for two years. The hire rate for the first year was $14,250 per day and the hire rate for the second year was $15,250. The Company took delivery of the vessel in December 2018. In December 2019, the Company entered into a lease addendum which replaced the original lease’s second year’s hire rate with a new hire rate of $11,600 per day from March 1, 2020 through July 31, 2021 and added an option to extend the lease term for an additional year at a hire rate of $12,600 per day from August 1, 2021 through July 31, 2022. In May 2021, the Company exercised its option for the additional year. In March 2022, the Company entered into a lease addendum that extended the lease term at a hire rate of $23,888 per day from August 1, 2022 through June 1, 2023 and added an option to extend the lease term at a hire rate of $25,888 per day from June 2, 2023 through July 1, 2024. In March 2023, the Company entered into a lease addendum that replaced the hire rate from June 1, 2023 to May 1, 2024 from $25,888 per day to $17,500 per day and added an option to extend the lease term at a hire rate of $19,500 per day from May 1, 2024 to April 1, 2025. The lease is expected to terminate in April 2025. On September 6, 2021, the Company entered into an agreement to charter-in a 64,539 dwt, 2022-built Ultramax vessel for twelve months with an option to extend for an additional three months at a hire rate of $11,250 per day plus 57.5% of the BSI and an option to extend for an additional year at a hire rate of $10,750 per day plus 57.5% of the BSI. The Company took delivery of the vessel in May 2022. In March 2023, the Company entered into a lease addendum that extended the lease term for twelve months at a hire rate of $8,500 plus 57.5% of the BSI and added an option to extend the lease term for an additional twelve months at a hire rate of $9,500 plus 57.5% of the BSI. The lease is expected to terminate in May 2025. Office leases Office leases are accounted for as operating leases. The Company records operating lease cost for office leases as General and administrative expenses in the Condensed Consolidated Statements of Operations. A summary of Operating lease right-of-use assets and operating lease liabilities balances, by asset type, and certain additional quantitative information related to the Company’s operating leases as of March 31, 2023 and December 31, 2022 is as follows:
A summary of the components of the Company’s lease expenses and sub-lease income for the three months ended March 31, 2023 and 2022 is as follows:
A summary of cash flow information related to the Company’s leases for the three months ended March 31, 2023 and 2022 is as follows:
A summary of total lease payments on an undiscounted basis for operating lease liabilities, by asset type, as of March 31, 2023 is as follows:
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Voyage charters In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or “dead” freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a “demurrage” or “despatch” clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch, resulting in a reduction in revenue. The voyage contracts are considered service contracts which fall under the provisions of ASC 606, Revenue Recognition, because the Company, as the shipowner, retains the control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage, net of despatch incurred, for the three months ended March 31, 2023 and 2022 was $1.6 million and $11.7 million, respectively. The following table shows the revenues earned from time charters and voyage charters for the three months ended March 31, 2023 and 2022:
Contract costs In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. Costs directly related to a contract that are incurred prior to commencement of loading cargo, primarily bunkers, are recognized as an asset and are expensed on a straight-line basis as the related performance obligation is satisfied. As of March 31, 2023 and December 31, 2022, the Company recorded $0.6 million and $0.5 million, respectively, of contract fulfillment costs in Other current assets in the Condensed Consolidated Balance Sheets.
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Net Income per Common Share |
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Net Income per Common Share | Net Income per Common Share For the three months ended March 31, 2023 and 2022, Net income is equal to Net income available to common shareholders. For the three months ended March 31, 2023 and 2022, the Convertible Bond Debt is not considered a participating security and is therefore not included in the computation of Basic net income per share. Additionally, the Company determined that as it relates to the Convertible Bond Debt, it does not overcome the presumption of share settlement, and therefore, the Company applied the if-converted method and included the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted net income per share, unless the impact of such potential shares is anti-dilutive. The following table presents Basic and Diluted net income per share for the three months ended March 31, 2023 and 2022:
The following table presents a summary of potentially dilutive securities that were not included in the computation of Diluted net income per share for the three months ended March 31, 2023 and 2022 because to do so would have been anti-dilutive:
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Stock Incentive Plans |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plans | Stock Incentive Plans On December 15, 2016, the Company’s shareholders approved the Eagle Bulk Shipping Inc. 2016 Equity Compensation Plan (the “2016 Plan”) and the Company registered 764,087 shares of common stock for potential issuance under the 2016 Plan. On June 7, 2019, the Company’s shareholders approved an amendment and restatement of the 2016 Plan, which increased the number of shares reserved under the 2016 Plan by an additional 357,142 shares to a maximum of 1,121,229 shares of common stock. On June 14, 2022, the Company’s shareholders approved a second amendment and restatement of the 2016 Plan, which increased the number of shares reserved under the 2016 Plan by an additional 300,000 shares to a maximum of 1,421,229 shares of common stock. The 2016 Plan permits the granting of restricted stock, unrestricted stock, restricted stock units (“RSUs”), performance condition awards, incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalents and other equity-based or equity-related awards (collectively, “Awards”). A summary of restricted stock and RSU activity under the 2016 Plan for the three months ended March 31, 2023 is as follows:
The fair value as of the respective vesting dates of restricted stock and RSUs for the three months ended March 31, 2023 was $4.6 million. The majority of restricted stock and RSUs that vested during the three months ended March 31, 2023 were net share settled. For the three months ended March 31, 2023, 30 thousand shares were withheld by the Company and $1.7 million was paid to taxing authorities for employee tax obligations. As of March 31, 2023 and December 31, 2022, there were no vested or unvested options outstanding under the 2016 Plan. Stock-based compensation expense for all stock awards, units and options included in General and administrative expenses:
Stock-based compensation expense related to unvested awards yet to be recognized as of March 31, 2023 totaled $11.2 million and is expected to be recognized, on a weighted average basis, over 2.3 years.
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Supplemental Cash Flow Information |
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Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash paid for interest for the three months ended March 31, 2023 and 2022 totaled $6.9 million and $4.8 million, respectively. A summary of non-cash investing and financing activities for the three months ended March 31, 2023 and 2022 is as follows:
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Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On April 13, 2023, the Company signed memorandums of agreement to sell the vessels Montauk Eagle, Newport Eagle and Sankaty Eagle (each, a 2011-built Supramax) for total consideration of $49.8 million. The Newport Eagle was delivered to the buyer on May 3, 2023. The Montauk Eagle and Sankaty Eagle are expected to be delivered to the buyer in the second quarter of 2023. The Company expects to record a gain of approximately $17.0 million for the year ending December 31, 2023 in connection with the sales of these vessels, subject to customary closing conditions and the timing of delivery of each vessel. On May 4, 2023, the Company's Board of Directors declared a cash dividend of $0.10 per share to be paid on or about May 25, 2023 to shareholders of record at the close of business on May 17, 2023. The aggregate amount of the dividend is expected to be approximately $1.3 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made.
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Basis of Presentation and General Information (Policies) |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying 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 SEC that apply to interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes 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 2022 Annual Report on Form 10-K, filed with the SEC on March 10, 2023 (the “Annual Report”). |
Use of Estimates | The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include fair values of long-lived assets (primarily vessels and operating lease right-of-use assets), impairment of long-lived assets (primarily vessels and operating lease right-of-use assets), stock-based compensation and financial instruments (primarily derivative instruments and Convertible Bond Debt (as defined herein)), residual values of vessels, useful lives of vessels and estimated losses on accounts receivable. Actual results could differ from those estimates. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Effective | Recently Adopted Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2024 (as extended by ASU 2022-06, Deferral of the Sunset Date of Topic 848). In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848), Scope (“ASU 2021-01”), which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use interest rates for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The Company has not yet modified any contracts under the expedients or exceptions allowed by ASU 2020-04 or ASU 2021-01. If and when a contract modification within the scope of ASU 2020-04 occurs, it is not expected to have a material impact on our condensed consolidated financial statements. |
Fair Value Measurements | Cash, cash equivalents and restricted cash—Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their highly liquid and short-term nature. Collateral on derivatives—Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their short-term nature. Derivative assets and liabilities—The fair values of derivative assets and liabilities, which include interest rate swaps, FFAs and bunker swaps, are estimated using observable inputs for similar instruments as of the measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. Long-term Debt—The fair value of Convertible Bond Debt, which is traded in the over-the-counter market, is estimated based on quoted prices in markets that are not active on identical instruments. The carrying amount of the Term Facility under the Global Ultraco Debt Facility approximates its fair value, due to its variable interest rates. The carrying values of other financial assets and liabilities (primarily accounts receivable, accounts payable and other accrued expenses) approximate their fair value due to their relative short-term nature. The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows: •Level 1 – Quoted prices in active markets for identical assets or liabilities. •Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active or other observable inputs. •Level 3 – Inputs that are unobservable.
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Vessels (Tables) |
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Schedule of vessel and vessel improvements | Activity in Vessels and vessel improvements for the three months ended March 31, 2023 is as follows:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | Long-term debt consists of the following:
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Schedule of Interest Expense | A summary of interest expense for the three months ended March 31, 2023 and 2022 is as follows:
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Schedule of Weighted Average And Contractual Interest Rates | In addition, the following table presents the range of contractual interest rates on the Company’s debt obligations, excluding the impact of costs associated with commitment fees on revolving facilities for the three months ended March 31, 2023 and 2022.
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Schedule of Debt Maturities | The following table presents the scheduled maturities of principal amounts of our debt obligations as of March 31, 2023:
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Derivative Instruments (Tables) |
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Interest Rate Swap Agreements | As of March 31, 2023, the Company had the following outstanding interest rate swaps that were designated and qualified as cash flow hedges.
The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 is as follows:
A summary of outstanding FFAs as of March 31, 2023 is as follows:
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Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations | The effect of these instruments on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022 is as follows:
The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022 is as follows:
The effect of these instruments on the Condensed Consolidated Statements of Operations, which is presented in Realized and unrealized loss on derivative instruments, net for the three months ended March 31, 2023 and 2022 is as follows:
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Schedule of Accumulated Other Comprehensive Income (Loss) | Further information on the effect of these instruments on the Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022 is as follows:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping |
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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Minimum Lease Payments | A summary of lease payments expected to be received on fixed time charter-out contracts, net of commission, assuming no off-hire days, other than those related to scheduled interim or special surveys of the related vessel and excluding any voyage expenses associated with such contracts, as of March 31, 2023 is as follows:
A summary of total lease payments on an undiscounted basis for operating lease liabilities, by asset type, as of March 31, 2023 is as follows:
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Assets and Liabilities, Lease |
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Charter Hire Expense | A summary of the components of the Company’s lease expenses and sub-lease income for the three months ended March 31, 2023 and 2022 is as follows:
A summary of cash flow information related to the Company’s leases for the three months ended March 31, 2023 and 2022 is as follows:
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Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table shows the revenues earned from time charters and voyage charters for the three months ended March 31, 2023 and 2022:
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Net Income per Common Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table presents Basic and Diluted net income per share for the three months ended March 31, 2023 and 2022:
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Schedule of Potentially Dilutive Securities | he following table presents a summary of potentially dilutive securities that were not included in the computation of Diluted net income per share for the three months ended March 31, 2023 and 2022 because to do so would have been anti-dilutive:
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Stock Incentive Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Noncash Compensation Expenses | Stock-based compensation expense for all stock awards, units and options included in General and administrative expenses:
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Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | A summary of restricted stock and RSU activity under the 2016 Plan for the three months ended March 31, 2023 is as follows:
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Supplemental Cash Flow Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Non-cash Investing and Financing Activities | A summary of non-cash investing and financing activities for the three months ended March 31, 2023 and 2022 is as follows:
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Basis of Presentation and General Information (Details) t in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
vessel
segment
t
| |
Property, Plant and Equipment [Line Items] | |
Number of business segments | segment | 1 |
Number of vessels | 53 |
Dead weight tonnage of operating fleet | t | 3,210 |
Average age of operating fleet | 10 years 4 months 24 days |
Number of vessels charted-in | 5 |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Remaining lease term (in years) | 5 months |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Remaining lease term (in years) | 13 months |
Supramax Vessels | |
Property, Plant and Equipment [Line Items] | |
Vessels in operation | 25 |
Ultramax Vessels | |
Property, Plant and Equipment [Line Items] | |
Vessels in operation | 28 |
Vessels - Additional Information (Details) $ in Thousands |
1 Months Ended | |||
---|---|---|---|---|
Feb. 28, 2023
USD ($)
|
Jan. 31, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
vessel
|
Dec. 31, 2022
USD ($)
|
|
Property, Plant and Equipment [Line Items] | ||||
Number of vessels | vessel | 53 | |||
Advances for vessel purchases | $ 6,020 | $ 3,638 | ||
Asset acquisition, total consideration | $ 30,100 | $ 30,100 | ||
Vessel sold, consideration | $ 9,000 | |||
High-Specification Scrubber-Fitted Ultramax Bulkcarriers | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessel purchase price | $ 24,300 |
Vessels - Vessel and Vessel Improvements (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Movement in Property, Plant and Equipment [Roll Forward] | |
Beginning balance | $ 891,877 |
Vessels and vessel improvements, at March 31, 2023 | 900,659 |
Vessels and Vessel Improvements | |
Movement in Property, Plant and Equipment [Roll Forward] | |
Beginning balance | 891,877 |
Purchase of vessels and vessel improvements | 24,513 |
Sale of vessels | (5,050) |
Purchase of BWTS | 469 |
Depreciation expense | (11,150) |
Vessels and vessel improvements, at March 31, 2023 | $ 900,659 |
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | $ 329,419 | $ 341,869 |
Debt Discounts and Debt Issuance Costs | (6,870) | (7,387) |
Carrying Value | 322,549 | 334,482 |
Less: Current portion - Global Ultraco Debt Facility | (49,800) | (49,800) |
Total long-term debt, excluding current maturities | 279,619 | 292,069 |
Total long-term debt | 272,749 | 284,682 |
Global Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 225,300 | |
Convertible Debt | Convertible Bond Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 104,119 | 104,119 |
Debt Discounts and Debt Issuance Costs | (524) | (620) |
Carrying Value | 103,595 | 103,499 |
Revolver Loan | Global Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 225,300 | 237,750 |
Debt Discounts and Debt Issuance Costs | (6,346) | (6,767) |
Carrying Value | 218,954 | 230,983 |
Less: Current portion - Global Ultraco Debt Facility | $ (49,800) | $ (49,800) |
Debt - Share Lending Agreement (Details) - Affiliated Entity - Jefferies Capital Services LLC $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
shares
| |
Debt Instrument [Line Items] | |
Commons stock available to affiliate (in shares) | shares | 511,840 |
Outstanding loaned shares | $ 23,300 |
Nominal fee per borrowed share | $ 30 |
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Debt Instrument [Line Items] | ||
Commitment fees on revolving credit facilities | $ 245 | $ 245 |
Amortization of debt discount and debt issuance costs | 518 | 562 |
Total interest expense | 3,857 | 4,447 |
Convertible Bond Debt | ||
Debt Instrument [Line Items] | ||
Convertible Bond Debt interest | 1,301 | 1,427 |
Global Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Global Ultraco Debt Facility interest | 1,793 | 2,213 |
Global Ultraco Debt Facility | Interest Rate Swap | ||
Debt Instrument [Line Items] | ||
Interest rate cash flow hedge gain (loss) reclassified to earnings, net | $ 2,300 | $ 500 |
Debt - Schedule of Weighted Average and Contractual Interest Rates (Details) |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Weighted average effective interest rate | 7.31% | 4.05% |
Minimum | ||
Debt Instrument [Line Items] | ||
Range of interest rates | 5.00% | 2.35% |
Maximum | ||
Debt Instrument [Line Items] | ||
Range of interest rates | 6.97% | 5.00% |
Debt - Schedule of Maturities of Principal Amounts of Debt Obligations (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Nine months ending December 31, 2023 | $ 37,350 | |
2024 | 153,919 | |
2025 | 49,800 | |
2026 | 88,350 | |
Long-term debt | 329,419 | $ 341,869 |
Global Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Nine months ending December 31, 2023 | 37,350 | |
2024 | 49,800 | |
2025 | 49,800 | |
2026 | 88,350 | |
Long-term debt | 225,300 | |
Convertible Bond Debt | ||
Debt Instrument [Line Items] | ||
Nine months ending December 31, 2023 | 0 | |
2024 | 104,119 | |
2025 | 0 | |
2026 | 0 | |
Long-term debt | $ 104,119 |
Derivative Instruments - Interest Rate Swap Agreements (Details) - Interest Rate Swap - Cash Flow Hedging $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Weighted Average Fixed Rate | 0.87% |
Notional Amount Outstanding | $ 225,300 |
Minimum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Range of Fixed Rates | 0.83% |
Maximum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Range of Fixed Rates | 1.06% |
Derivative Instruments - Schedule of Designated Derivatives Effect on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative assets – current | $ 7,734 | $ 8,479 |
Fair value of derivative assets – noncurrent | 6,022 | 8,184 |
Level 2 | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative asset | 13,756 | 16,663 |
Interest Rate Swap | Level 2 | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative assets – current | 7,734 | 8,479 |
Fair value of derivative assets – noncurrent | $ 6,022 | $ 8,184 |
Derivative Instruments - Schedule of Derivatives Effect on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
OCI, Cash Flow Hedge, Reclassification for Discontinuance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense | Interest expense |
Interest Rate Swap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) | $ (598) | $ 8,284 |
Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income/(Loss) into Earnings | $ 2,261 | $ (397) |
Derivative Instruments - Schedule of Derivative Effect on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Beginning balance | $ 819,181 | $ 671,266 |
Ending balance | 811,709 | 693,769 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Beginning balance | 16,549 | 1,886 |
Gain/(loss) recognized in Other Comprehensive Income/(Loss) | (598) | 8,284 |
Gain/(loss) reclassified from Other Comprehensive Income/(Loss) into earnings | (2,261) | 397 |
Ending balance | $ 13,690 | $ 10,567 |
Derivative Instruments - Open Positions on Forward Freight Agreements (Details) - Forecast - Forward Freight Agreement - USD ($) |
3 Months Ended | ||
---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
|
Long | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Average FFA Contract Price | $ 13,915 | $ 14,297 | $ 14,297 |
Number of Days Hedged | 195 days | 240 days | 240 days |
Short | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Average FFA Contract Price | $ 15,007 | $ 15,007 | $ 15,007 |
Number of Days Hedged | 630 days | 630 days | 630 days |
Derivative Instruments - Interest Swap Assets and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative liabilities – current | $ 345 | $ 163 |
Not Designated as Hedging Instrument | Commodity contracts - FFAs | Level 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative liabilities – current | (249) | (70) |
Derivative liability | (249) | (70) |
Not Designated as Hedging Instrument | Commodity contracts - bunker swaps | Level 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative liabilities – current | (96) | (93) |
Derivative liability | $ (96) | $ (93) |
Derivative Instruments - Effect of Non-designated Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized loss/(gain) | $ 133 | $ (3,546) |
Unrealized loss/(gain) | 236 | 11,449 |
Realized and unrealized loss on derivative instruments, net | 369 | 7,903 |
FFAs | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized loss/(gain) | 142 | (1,772) |
Unrealized loss/(gain) | 233 | 14,252 |
Bunker swaps | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Realized loss/(gain) | (9) | (1,774) |
Unrealized loss/(gain) | $ 3 | $ (2,803) |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Loss Contingencies [Line Items] | ||
Other operating expense | $ 90 | $ 133 |
U.S. Government Vessel Investigation | ||
Loss Contingencies [Line Items] | ||
Other operating expense | $ 0 | $ 100 |
Leases - Lease Maturities (Time Charter-Out Contracts) (Details) - Time Charter-Out Contracts $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Lessee, Lease, Description [Line Items] | |
Remainder of 2023 | $ 17,149 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Operating lease payments to be received | $ 17,149 |
Leases - Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Lessee, Lease, Description [Line Items] | ||
Total lease cost | $ 12,633 | $ 22,908 |
Cash paid for operating leases with lease terms greater than 12 months | 7,310 | 5,769 |
Operating lease right-of-use assets obtained in exchange for lease liabilities | 9,187 | 7,341 |
Chartered In Contracts | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | 6,112 | 5,572 |
Short-term lease cost | 6,307 | 17,139 |
Sublease income, gross | 6,416 | 8,327 |
Office leases | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease cost | $ 214 | $ 197 |
Leases - Lease Maturities (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Lessee, Lease, Description [Line Items] | |
Remainder of 2023 | $ 20,883 |
2024 | 4,619 |
2025 | 871 |
2026 | 871 |
2027 | 574 |
Thereafter | 500 |
Operating lease payments | 28,318 |
Implied interest | (2,957) |
Total operating lease liabilities | 25,361 |
Chartered In Contracts | |
Lessee, Lease, Description [Line Items] | |
Remainder of 2023 | 20,228 |
2024 | 3,745 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Operating lease payments | 23,973 |
Implied interest | (2,304) |
Total operating lease liabilities | 21,669 |
Office leases | |
Lessee, Lease, Description [Line Items] | |
Remainder of 2023 | 655 |
2024 | 874 |
2025 | 871 |
2026 | 871 |
2027 | 574 |
Thereafter | 500 |
Operating lease payments | 4,345 |
Implied interest | (653) |
Total operating lease liabilities | $ 3,692 |
Revenue - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | |||
Standard payment terms, percentage | 95.00% | ||
Standard payment terms (in days) | 3 days | ||
Revenues, net | $ 105,198 | $ 184,398 | |
Deferred costs | 600 | $ 500 | |
Voyage In Progress | |||
Disaggregation of Revenue [Line Items] | |||
Revenues, net | $ 1,600 | $ 11,700 |
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 105,198 | $ 184,398 |
Time charters | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | 50,094 | 77,974 |
Voyage charters | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, net | $ 55,104 | $ 106,424 |
Net Income per Common Share - Income Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Net income | $ 3,202 | $ 53,073 |
Weighted Average Shares - Basic (in shares) | 13,053,117 | 12,974,125 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 3,150,381 |
Dilutive effect of stock options and restricted stock units (in shares) | 95,127 | 130,392 |
Dilutive effect of stock options, shares issuable under Convertible Bond Debt and restricted stock awards (in shares) | 95,127 | 3,280,773 |
Weighted Average Shares - Diluted (in shares) | 13,148,244 | 16,254,898 |
Basic net income (in usd per share) | $ 0.25 | $ 4.09 |
Diluted net income (in usd per share) | $ 0.24 | $ 3.27 |
Net Income per Common Share - Potentially Dilutive Securities (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 3,250,868 | 17,661 |
Convertible Bond Debt | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 3,234,665 | 0 |
Stock awards and options | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 16,203 | 17,661 |
Stock Incentive Plans - Restricted Stock Award Activity (Details) - Restricted Stock and RSUs - 2016 Plan $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
$ / shares
shares
| |
Number of Restricted shares and RSUs | |
Unvested awards, beginning balance (in shares) | shares | 323,128 |
Restricted shares granted (in shares) | shares | 72,569 |
Vested (in shares) | shares | (90,936) |
Forfeited (in shares) | shares | (184) |
Unvested awards, ending balance (in shares) | shares | 304,577 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 45.10 |
Granted (in dollars per share) | $ / shares | 55.46 |
Vested (in dollars per share) | $ / shares | 39.64 |
Forfeited (in dollars per share) | $ / shares | 46.24 |
Ending balance (in dollars per share) | $ / shares | $ 49.20 |
Aggregate Fair Value (in millions) | |
Aggregate Fair Value (in millions) | $ | $ 13.9 |
Stock Incentive Plans - Schedule of Noncash Compensation Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-Based Payment Arrangement [Abstract] | ||
Stock-based compensation expense | $ 1,855 | $ 1,487 |
Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 6.9 | $ 4.8 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Supplemental Cash Flow Elements [Abstract] | ||
Accruals for the purchase of BWTS | $ 420 | $ 2,943 |
Accruals for dividends payable | 1,639 | 785 |
Accruals for the purchase of vessels and vessel improvements | $ 0 | $ 70 |
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
May 04, 2023 |
Apr. 13, 2023 |
Feb. 28, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2023 |
|
Subsequent Event [Line Items] | ||||||
Vessel sold, consideration | $ 9,000 | |||||
Gain on sale of vessel | $ 3,318 | $ 0 | ||||
Cash dividend declared (in dollars per share) | $ 0.60 | $ 2.05 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Vessel sold, consideration | $ 49,800 | |||||
Cash dividend declared (in dollars per share) | $ 0.10 | |||||
Aggregate amount of dividend | $ 1,300 | |||||
Subsequent Event | Forecast | ||||||
Subsequent Event [Line Items] | ||||||
Gain on sale of vessel | $ (17,000) |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2020-06 [Member] |
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