Operating expenses (Tables)

12 Months Ended

Dec. 31, 2023

Operating expense [Abstract]

Voyage Expenses

Voyage expenses

(Dollars in thousands)	2023		2022		2021
Bunkers	$	133,332	$	154,182	$	72,925
Other voyage related expenses		32,335		31,320		19,480
Total voyage expenses	$	165,667	$	185,502	$	92,405

Vessel Operating Expenses

Vessel operating expenses

(Dollars in thousands)	2023		2022		2021
Operating expenses	$	68,554	$	67,846	$	71,609
Insurance		6,875		5,963		6,198
Total vessel operating expenses	$	75,429	$	73,809	$	77,807

General and Administrative Expenses

General and administrative expenses

(Dollars in thousands)	2023		2022		2021
Total compensation to employees and Directors	$	11,652	$	11,763	$	11,890
Office and administrative expenses		3,940		3,818		3,351
Audit, legal and consultancy		1,856		1,308		1,325
Total general and administrative expenses	$	17,448	$	16,889	$	16,565

Stock Compensation Series

Stock compensation series

	Number of	Vesting	Fair value
	shares/ options	Period	at grant date
Granted January 2020, restricted shares	460,000	3 years	$	8.22
Granted January 2020, restricted shares	150,000	1 year		8.22
Granted January 2020, restricted shares	200,000	1 year		3.56
Granted January 2021, restricted shares	579,100	3 years		5.52
Granted January 2021, restricted shares	175,000	1 year		5.52
Granted January 2021, restricted shares	119,900	3 years		3.22
Granted January 2022, restricted shares	175,000	1 year		5.38
Granted January 2022, restricted shares	573,359	3 years		5.30
Granted January 2022, restricted shares	124,594	3 years		4.29
Granted January 2023, restricted shares	251,250	3 years		8.25
Granted January 2023, restricted shares	48,750	3 years		6.72
Granted January 2023, restricted shares	135,000	1 year	$	8.25

Reconciliation of Outstanding Restricted Common Stock

The following reconciles the number of outstanding restricted common stock:

	Restricted common stock
Outstanding at December 31, 2020		819,998
Granted		874,000
Exercised 1		733,133
Forfeited		-
Outstanding at December 31, 2021		960,865
Outstanding at December 31, 2021		960,865
Granted		872,953
Exercised 1		800,723
Forfeited		199,400
Outstanding at December 31, 2022		833,695
Outstanding at December 31, 2022		833,695
Granted		435,000
Exercised 1		503,688
Forfeited		57,431
Outstanding at December 31, 2023		707,576

¹    Does not include shares in lieu of dividends

Stock Compensation Expenses

Stock compensation expenses

(Dollars in thousands)	2023			2022			2021
Expense recognized from stock compensation		$	3,313		$	4,211		$	4,371

Remuneration of Executives and Directors

Remuneration of Directors and Executives as a group:

(Dollars in thousands)	2023		2022		2021
Cash compensation	$	2,425	$	2,648	$	5,050
Pension cost		125		165		219
Share compensation 1		2,504		3,316		3,508
Total remuneration	$	5,054	$	6,129	$	8,776

¹     Share compensation reflects the expense recognized.

Shares held by Executives and Directors

Shares held by Directors and Executives

	2023		2022		2021
Executives and Directors as a group 1		2,143,973		1,908,331		2,958,894

¹    Includes 498,818 (2022: 595,832, 2021: 725,665) shares of restricted stock subject to vesting conditions.

Prepaid Expenses

Prepaid expenses

(Dollars in thousands)	2023		2022
Prepaid voyage expenses	$	4,006	$	5,678
Prepaid vessel operating expenses		6,676		2,216
Other		2,875		2,655
Total prepaid expenses	$	13,557	$	10,550