XML 48 R4.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Consolidated Statements of Operations [Abstract]      
Vessel revenue, net $ 122,629 $ 153,108 $ 63,345
Fees from related parties 2,391 0 0
Revenue, net 125,020 153,108 63,345
Expenses:      
Voyage expenses (4,293) (16,469) (18,567)
Vessel operating expenses (43,550) (36,332) (22,347)
Management fees (1,368) (1,435) (1,052)
General and administration expenses (17,412) (13,739) (6,607)
Amortization of deferred dry-docking costs (4,880) (2,793) (2,319)
Depreciation (23,417) (17,151) (12,721)
Gain on sale of vessel, net 0 697 0
(Loss) / gain on forward freight agreements, net (417) 24 0
Operating income / (loss) 29,683 65,910 (268)
Other income / (expenses), net:      
Interest and finance costs (15,332) (17,779) (12,342)
Interest and finance costs - related party 0 0 (11,083)
Loss on extinguishment of debt (1,291) (6,863) 0
Gain on debt refinancing 0 0 5,144
Gain on spin-off of United Maritime Corporation 2,800 0 0
Interest and other income 1,361 161 208
Foreign currency exchange losses, net (10) (81) (15)
Total other expenses, net (12,472) (24,562) (18,088)
Net income / (loss) before income taxes 17,211 41,348 (18,356)
Income taxes 28 0 0
Net income / (loss) $ 17,239 $ 41,348 $ (18,356)
Net income / (loss) per common share, basic (in dollars per share) $ 0.97 $ 2.7 $ (5.49)
Net income / (loss) per common share, diluted (in dollars per share) $ 0.96 $ 2.5 $ (5.49)
Weighted average common shares outstanding, basic (in shares) 17,439,033 15,332,191 3,343,628
Weighted average common shares outstanding, diluted (in shares) 17,684,048 19,133,753 3,343,628