Operating expenses (Tables)

12 Months Ended

Dec. 31, 2025

Operating expense [Abstract]

Voyage Expenses

Voyage expenses

(Dollars in thousands)	2025		2024		2023
Bunkers	$	104,304	$	150,682	$	133,332
Other voyage related expenses		23,783		28,941		32,335
Total voyage expenses	$	128,088	$	179,623	$	165,667

Vessel Operating Expenses

Vessel operating expenses

(Dollars in thousands)	2025		2024		2023
Operating expenses	$	66,753	$	70,620	$	68,554
Insurance		6,241		7,974		6,875
Total vessel operating expenses	$	72,994	$	78,594	$	75,429

General and Administrative Expenses

General and administrative expenses

(Dollars in thousands)	2025		2024		2023
Total compensation to employees and Directors	$	13,561	$	13,129	$	11,652
Office and administrative expenses		3,728		4,180		3,940
Audit, legal and consultancy		2,601		1,635		1,856
Total general and administrative expenses	$	19,890	$	18,944	$	17,448

Stock Compensation Series

Stock compensation series

	Number of	Vesting	Fair value
	shares/ options	Period	at grant date
Granted January 2023, restricted shares	251,250	1, 2 and 3 years	$	8.25
Granted January 2023, restricted shares	48,750	1, 2 and 3 years		6.72
Granted January 2023, restricted shares	135,000	1 year		8.25
Granted January 2024, restricted shares	251,250	1, 2 and 3 years		10.94
Granted January 2024, restricted shares	48,750	1, 2 and 3 years		8.04
Granted January 2024, restricted shares	125,000	1 year		10.94
Granted January 2025, restricted shares	251,250	1, 2 and 3 years		9.33
Granted January 2025, restricted shares	48,750	1, 2 and 3 years		9.12
Granted January 2025, restricted shares	150,000	1 year	$	9.33

Reconciliation of Outstanding Restricted Common Stock

The following reconciles the number of outstanding restricted common stock:

	Restricted common stock
Outstanding at December 31, 2022		833,695
Granted		435,000
Exercised 1		503,688
Forfeited		57,431
Outstanding at December 31, 2023		707,576
Outstanding at December 31, 2023		707,576
Granted		425,000
Exercised 1		382,852
Outstanding at December 31, 2024		749,724
Outstanding at December 31, 2024		749,724
Granted		450,000
Exercised 1		694,724
Outstanding at December 31, 2025		505,000

¹     Does not include shares in lieu of dividends

Stock Compensation Expenses

Stock compensation expenses

(Dollars in thousands)	2025			2024			2023
Expense recognized from stock compensation		$	4,356		$	4,240		$	3,313

Remuneration of Executives and Directors

Remuneration of Directors and Executives as a group:

(Dollars in thousands)	2025		2024		2023
Cash compensation	$	3,154	$	3,015	$	2,425
Pension cost		137		130		125
Share compensation 1		3,426		3,282		2,504
Total remuneration	$	6,716	$	6,427	$	5,054

¹     Share compensation reflects the expense recognized.

Shares held by Executives and Directors

Shares held by Directors and Executives

	2025		2024		2023
Executives and Directors as a group 1		2,239,955		2,362,991		2,143,973

¹    Includes 355,000 (2024: 400,970, 2023: 498,818) shares of restricted stock subject to vesting conditions.

Prepaid Expenses

Prepaid expenses

(Dollars in thousands)	2025		2024
Prepaid voyage expenses	$	648	$	2,707
Prepaid vessel operating expenses		1,770		2,540
Other		7,260		1,953
Total prepaid expenses	$	9,678	$	7,200