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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 2,282 $ 17,239 $ 41,348
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 24,676 23,417 17,151
Amortization of deferred dry-docking costs 4,155 4,880 2,793
Amortization of deferred finance costs and debt discounts 2,241 2,859 3,659
Amortization of convertible note beneficial conversion feature 0 0 2,887
Stock based compensation 9,147 7,185 5,097
Loss on extinguishment of debt 540 1,291 6,863
Gain on spin-off of United Maritime Corporation 0 (2,800) 0
Gain on sale of vessel, net (8,094) 0 (697)
Changes in operating assets and liabilities:      
Accounts receivable trade, net (176) (839) 801
Inventories 219 (840) 3,202
Prepaid expenses (141) 22 22
Other current assets (581) (641) 240
Deferred voyage expenses 0 0 621
Deferred charges, non-current (211) (9,494) (6,433)
Other non-current assets (1) 2 2
Trade accounts and other payables (2,222) (589) 348
Accrued liabilities (1,155) 2,155 2,187
Due from related parties 521 (595) 0
Deferred revenue (96) (5,463) 3,225
Deferred revenue, non-current 219 (503) (2,236)
Other liabilities, non-current 0 0 (320)
Net cash provided by operating activities 31,323 37,286 80,760
Cash flows from investing activities:      
Proceeds from sale of vessels/assets held for sale 23,910 0 0
Vessels acquisitions and improvements (314) (70,321) (197,214)
Finance lease prepayments and other initial direct costs (7,000) 0 0
Deposits assets, non-current 1,325 0 0
Advances from related party from sale of vessels 0 12,688 12,600
Investment in Series C preferred shares 0 (10,000) 0
Proceeds from redemption of Series C preferred shares 0 10,000 0
Term deposits 0 1,500 100
Purchase of other fixed assets (176) (130) (106)
Net cash provided by / (used in) investing activities 17,745 (56,263) (184,620)
Cash flows from financing activities:      
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions 8 70 98,302
Proceeds from long-term debt and other financial liabilities 53,750 124,800 180,320
Proceeds from issuance of preferred stock 0 0 250
Repayments of long-term debt and other financial liabilities (88,742) (89,698) (132,058)
Repayments of convertible notes (11,165) (10,000) (13,950)
Payments for repurchase of common stock (1,679) 0 (1,708)
Payments for repurchase of warrants (808) 0 (1,023)
Dividends paid (6,031) (17,924) 0
Payments of financing and stock issuance costs (1,318) (1,420) (2,698)
Payments of finance lease liabilities (609) 0 0
Payments of fractional shares due to reverse stock split (23) 0 0
Net cash (used in) / provided by financing activities (56,617) 5,828 127,435
Net (decrease) / increase in cash and cash equivalents and restricted cash (7,549) (13,149) 23,575
Cash and cash equivalents and restricted cash at beginning of period 32,477 45,626 22,051
Cash and cash equivalents and restricted cash at end of period 24,928 32,477 45,626
Cash paid during the period for:      
Interest 18,429 11,710 11,166
Noncash investing activities:      
Vessels acquisitions and improvements 0 1,015 837
Finance lease, right-of use assets and initial direct costs 22,997 0 0
Noncash financing activities:      
Dividends declared but not paid (Note 12) 491 4,548 0
Financing and stock issuance costs 562 0 0
Units issued for repayment of subordinated long-term debt (Note 8) 0 0 3,000
Repayment of subordinated long-term debt by issuance of units (Note 8) 0 0 (3,000)
Common shares issued by conversion of notes 0 0 3,600
Notes reduction via conversion $ 0 $ 0 $ (3,600)