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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income (loss) $ (1,044) $ 1,514 $ (1,953)
Adjustments to reconcile net loss to net cash used in operating activities      
Non-cash compensation expense related to stock options 0 474 401
Depreciation of vessels 0 9,118 0
Amortization of deferred finance charges 0 1,378 0
Change in assets and liabilities:      
Accounts receivable 0 (811) 0
Amounts due to/from related parties 0 (2,696) 0
Accounts payable 434 485 444
Accrued expenses 94 1,028 (60)
Other current and non-current assets 0 (5,036) (539)
Other current liabilities 0 1,020 261
Net cash provided by (used in) operating activities (516) 6,474 (1,446)
Cash flows from investing activities      
Additions to newbuildings (68,800) (413,055) (78,198)
Net cash used in investing activities (68,800) (413,055) (78,198)
Cash flows from financing activities      
Proceeds from issuance of common shares, net of paid issuance costs 80,600 62,193 (513)
Proceeds from issuance of long-term and short-term debt (net of deferred finance charges paid to lender) 0 391,415 69,826
Other deferred finance charges paid 0 (3,952) (1,690)
Proceeds from issuance of long-term debt from related party 0 1,020 1,000
Repayment of long-term debt from related party 0 (2,020) 0
Repayment of long-term and short-term debt 0 (16,785) 0
Net cash provided by financing activities 80,600 431,871 68,623
Net increase/(decrease) in cash, cash equivalents and restricted cash 11,284 25,290 (11,021)
Cash and cash equivalents at the beginning of the period   263 11,284
Cash and cash equivalents at the end of the period 11,284 25,553 263
Supplementary disclosure of cash flow information      
Non-cash settlement of debt (13,600) 0 0
Non-cash share issuance 13,600 0 0
Non-cash additions in respect of newbuildings (13,600) 0 (13,683)
Issuance of liabilities for newbuilding installments 13,600 0 13,683
Interest paid, net of capitalized interest $ 0 $ (12,992) $ 0