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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

In accordance with SEC rules, we prepared the analysis set forth below of the relationship between the compensation actually paid to our CEO and other named executives and certain financial performance measures over the last three fiscal years.

Pay Versus Performance Disclosure Table

Year			Summary Compen-sation Table Total for CEO ($)⁽¹⁾			Compensation Actually Paid to CEO ($)⁽²⁾			Average Summary Compen-sation Table Total for Non-CEO NEOs⁽³⁾			Average Compen-sation Actually Paid to Non-CEO NEOs ($)⁽⁴⁾			Value of Initial Fixed $ 100 Investment Based on:						Net Income (millions) ($)			Adjusted EBITDA (millions) ($)⁽⁶⁾
Year			Summary Compen-sation Table Total for CEO ($)⁽¹⁾			Compensation Actually Paid to CEO ($)⁽²⁾						Average Compen-sation Actually Paid to Non-CEO NEOs ($)⁽⁴⁾			Total Shareholder Return ($)			Peer Group Total Shareholder Return ($)⁽⁵⁾			Net Income (millions) ($)			Adjusted EBITDA (millions) ($)⁽⁶⁾
2023			$3,363,871			$4,236,587			$866,395			$835,985			$202.95			$252.38			$(12.4)			$101.5
2022			$4,949,522			$5,303,616			$1,260,154			$1,255,537			177.34			214.76			$159.4			$226.8
2021			$2,619,379			$4,869,315			$703,460			$924,806			159.18			189.74			$182.0			$252.9
2020			$2,184,845			$1,330,812			$547,978			$476,192			71.77			81.82			$(225.6)			$71.8

(1)	The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Wobensmith, our Chief Executive Officer and President, for each corresponding year in the “Total” column of the Summary Compensation Table (“SCT”).

(2)

The dollar amounts reported in this column represent the amount of “Compensation Actually Paid” to Mr. Wobensmith as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Wobensmith during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the dollar amounts in this column were calculated as follows:

			2023			2022			2021			2020
SCT Total for CEO			$3,363,871			$4,949,522			$2,619,379			$2,184,845
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			(1,412,044)			(3,149,984)			(600,000)			(600,001)
Deduction for Amounts Reported under the “Option Awards” Column in the SCT			—			—			(300,000)			(338,763)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year End			1,376,554			2,827,991			1,141,870			828,851
Increase/deduction for Change in Fair Value from prior Year End to current Year End of Awards Granted Prior to year that were Outstanding and Unvested as of Year end			277,223			(50,922)			1,537,011			(565,922)
Increase/deduction for Change in Fair Value from Prior Year End to Vesting Date of Awards Granted Prior to year that Vested during year			630,984			727,009			471,054			(178,198)
Compensation Actually Paid to CEO			$4,236,587			$5,303,616			$4,869,315			$1,330,812

(3)

The dollar amounts reported in this column represent the average of the amounts reported for our named executive officers as a group (excluding Mr. Wobensmith) in the “Total” column of the SCT in each applicable year. Our named executive officers other than Mr. Wobensmith consist of Messrs. Allen, Adamo, Christensen, Zafolias, and Hughes for 2023; Messrs. Adamo, Zafolias, and Hughes for 2022 and 2021; and Messrs. Adamo, Zafolias, Hughes, and Regan for 2020.

(4)

The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the named executive officers as a group (excluding Mr. Wobensmith), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the named executive officers as a group (excluding Mr. Wobensmith) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the dollar amounts in this column were calculated as follows, using the same methodology described above in Note 2:

			2023			2022			2021			2020
Average SCT Total for Non-CEO NEOs			$866,395			$1,260,154			$703,460			$547,978
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			(279,261)			(683,327)			(67,778)			(67,778)
Deduction for Amounts Reported under the “Option Awards” Column in the SCT			—			—			(33,889)			(38,268)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year End			275,884			624,353			128,988			93,630
Increase/deduction for Change in Fair Value from prior Year End to current Year End of Awards Granted Prior to year that were Outstanding and Unvested as of Year End			36,187			(13,231)			151,827			(48,652)
Increase/deduction for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to year that Vested during year			88,301			67,587			42,198			(10,718)
Deduction for Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year			(151,520)			—			—			—
Average Compensation Actually Paid to Non-CEO NEOs			$835,985			$1,255,537			$924,806			$476,192

(5)

The peer group used for this purpose consists of Eagle Bulk Shipping, Star Bulk Carriers Corp., Diana Shipping Inc., Golden Ocean Group Limited, Safe Bulkers, Inc., Pacific Basin Shipping Limited, Pangaea Logistics Solutions Ltd., Belships ASA, Seanergy Maritime Holdings Corp., and Thorensen Thai Agencies Plc.

(6)

We have determined that Adjusted EBITDA is the financial performance measure that, in our assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used to link compensation actually paid to our named executives, for the most recently completed fiscal year, to company performance. For a reconciliation of Adjusted EBITDA to Net Income, please see Appendix B.

Company Selected Measure Name

Adjusted EBITDA

Named Executive Officers, Footnote

(1)	The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Wobensmith, our Chief Executive Officer and President, for each corresponding year in the “Total” column of the Summary Compensation Table (“SCT”).

(3)

The dollar amounts reported in this column represent the average of the amounts reported for our named executive officers as a group (excluding Mr. Wobensmith) in the “Total” column of the SCT in each applicable year. Our named executive officers other than Mr. Wobensmith consist of Messrs. Allen, Adamo, Christensen, Zafolias, and Hughes for 2023; Messrs. Adamo, Zafolias, and Hughes for 2022 and 2021; and Messrs. Adamo, Zafolias, Hughes, and Regan for 2020.

Peer Group Issuers, Footnote

(5)

The peer group used for this purpose consists of Eagle Bulk Shipping, Star Bulk Carriers Corp., Diana Shipping Inc., Golden Ocean Group Limited, Safe Bulkers, Inc., Pacific Basin Shipping Limited, Pangaea Logistics Solutions Ltd., Belships ASA, Seanergy Maritime Holdings Corp., and Thorensen Thai Agencies Plc.

PEO Total Compensation Amount

$ 3,363,871

$ 4,949,522

$ 2,619,379

$ 2,184,845

PEO Actually Paid Compensation Amount

$ 4,236,587

5,303,616

4,869,315

1,330,812

Adjustment To PEO Compensation, Footnote

(2)

The dollar amounts reported in this column represent the amount of “Compensation Actually Paid” to Mr. Wobensmith as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Wobensmith during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the dollar amounts in this column were calculated as follows:

			2023			2022			2021			2020
SCT Total for CEO			$3,363,871			$4,949,522			$2,619,379			$2,184,845
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			(1,412,044)			(3,149,984)			(600,000)			(600,001)
Deduction for Amounts Reported under the “Option Awards” Column in the SCT			—			—			(300,000)			(338,763)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year End			1,376,554			2,827,991			1,141,870			828,851
Increase/deduction for Change in Fair Value from prior Year End to current Year End of Awards Granted Prior to year that were Outstanding and Unvested as of Year end			277,223			(50,922)			1,537,011			(565,922)
Increase/deduction for Change in Fair Value from Prior Year End to Vesting Date of Awards Granted Prior to year that Vested during year			630,984			727,009			471,054			(178,198)
Compensation Actually Paid to CEO			$4,236,587			$5,303,616			$4,869,315			$1,330,812

Non-PEO NEO Average Total Compensation Amount

$ 866,395

1,260,154

703,460

547,978

Non-PEO NEO Average Compensation Actually Paid Amount

$ 835,985

1,255,537

924,806

476,192

Adjustment to Non-PEO NEO Compensation Footnote

(4)

The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the named executive officers as a group (excluding Mr. Wobensmith), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the named executive officers as a group (excluding Mr. Wobensmith) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the dollar amounts in this column were calculated as follows, using the same methodology described above in Note 2:

			2023			2022			2021			2020
Average SCT Total for Non-CEO NEOs			$866,395			$1,260,154			$703,460			$547,978
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT			(279,261)			(683,327)			(67,778)			(67,778)
Deduction for Amounts Reported under the “Option Awards” Column in the SCT			—			—			(33,889)			(38,268)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year End			275,884			624,353			128,988			93,630
Increase/deduction for Change in Fair Value from prior Year End to current Year End of Awards Granted Prior to year that were Outstanding and Unvested as of Year End			36,187			(13,231)			151,827			(48,652)
Increase/deduction for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to year that Vested during year			88,301			67,587			42,198			(10,718)
Deduction for Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year			(151,520)			—			—			—
Average Compensation Actually Paid to Non-CEO NEOs			$835,985			$1,255,537			$924,806			$476,192

Compensation Actually Paid vs. Total Shareholder Return

The following chart provides a graphical representation of the Compensation Actually Paid to our CEO and the Average Compensation Actually Paid to our Non-CEO NEOs versus the four-year cumulative TSR of the Company and our peer group referenced above in note 5:

Compensation Actually Paid vs. Net Income

The following chart provides a graphical representation of the Compensation Actually Paid to our CEO and Average Compensation Actually Paid to our Non-CEO NEOs versus the Company’s Net Income and the Company’s selected measure, Adjusted EBITDA.

Compensation Actually Paid vs. Company Selected Measure

The following chart provides a graphical representation of the Compensation Actually Paid to our CEO and Average Compensation Actually Paid to our Non-CEO NEOs versus the Company’s Net Income and the Company’s selected measure, Adjusted EBITDA.

Total Shareholder Return Vs Peer Group

The following chart provides a graphical representation of the Compensation Actually Paid to our CEO and the Average Compensation Actually Paid to our Non-CEO NEOs versus the four-year cumulative TSR of the Company and our peer group referenced above in note 5:

Tabular List, Table

Most Important Performance Measures

The following is a list of six performance measures that, in our assessment, represent the most important performance measures we used to link compensation for our named executives in 2023 to Company performance:

Adjusted EBITDA			TCE vs. Benchmark			Relative TSR%
Free Cash Flow Breakeven			Cost vs. Budget			Strategic Goals

For a further description of these performance measures, please see Appendix B.

Total Shareholder Return Amount

$ 202.95

177.34

159.18

71.77

Peer Group Total Shareholder Return Amount

252.38

214.76

189.74

81.82

Net Income (Loss)

$ (12,400,000)

$ 159,400,000

$ 182,000,000

$ (225,600,000)

Company Selected Measure Amount

101,500,000

226,800,000

252,900,000

71,800,000

Mr. Wobensmith

Mr. Wobensmith

Mr. Wobensmith

Mr. Wobensmith

Pay vs Performance Disclosure

Adjusted EBITDA

Non-GAAP Measure Description

(6)

We have determined that Adjusted EBITDA is the financial performance measure that, in our assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used to link compensation actually paid to our named executives, for the most recently completed fiscal year, to company performance. For a reconciliation of Adjusted EBITDA to Net Income, please see Appendix B.

Pay vs Performance Disclosure

TCE vs. Benchmark

Pay vs Performance Disclosure

Relative TSR%

Pay vs Performance Disclosure

Free Cash Flow Breakeven

Pay vs Performance Disclosure

Cost vs. Budget

Pay vs Performance Disclosure

Strategic Goals

PEO | Amounts Reported Under the "Stock Awards" Column in the SCT [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (1,412,044)

$ (3,149,984)

$ (600,000)

$ (600,001)

PEO | Amounts Reported under the “Option Awards” Column in the SCT [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

(300,000)

(338,763)

PEO | Fair Value of Awards Granted during Year that Remain Unvested as of Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,376,554

2,827,991

1,141,870

828,851

PEO | Change in Fair Value from Prior Year End to Current Year End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

277,223

(50,922)

1,537,011

(565,922)

PEO | Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

630,984

727,009

471,054

(178,198)

Non-PEO NEO | Amounts Reported Under the "Stock Awards" Column in the SCT [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(279,261)

(683,327)

(67,778)

(67,778)

Non-PEO NEO | Amounts Reported under the “Option Awards” Column in the SCT [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

(33,889)

(38,268)

Non-PEO NEO | Fair Value of Awards Granted during Year that Remain Unvested as of Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

275,884

624,353

128,988

93,630

Non-PEO NEO | Change in Fair Value from Prior Year End to Current Year End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

36,187

(13,231)

151,827

(48,652)

Non-PEO NEO | Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to Year that Vested During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

88,301

67,587

42,198

(10,718)

Non-PEO NEO | Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (151,520)

$ 0

$ 0

$ 0