Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-33831 | |
Entity Registrant Name | EAGLE BULK SHIPPING INC. | |
Entity Incorporation, State or Country Code | 1T | |
Entity Tax Identification Number | 98-0453513 | |
Entity Address, Address Line One | 300 First Stamford Place | |
Entity Address, Address Line Two | 5th floor | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 276-8100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,932,094 | |
Entity Central Index Key | 0001322439 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | EGLE | |
Security Exchange Name | NYSE | |
Preferred Share Purchase Right | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
Trading Symbol | N/A | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 113,879 | $ 187,155 |
Accounts receivable, net of a reserve of $2,933 and $3,169, respectively | 24,594 | 32,311 |
Prepaid expenses | 5,832 | 4,531 |
Inventories | 26,881 | 28,081 |
Collateral on derivatives | 4,380 | 909 |
Fair value of derivative assets – current | 8,653 | 8,479 |
Other current assets | 652 | 558 |
Total current assets | 184,871 | 262,024 |
Noncurrent assets: | ||
Vessels and vessel improvements, at cost, net of accumulated depreciation of $289,819 and $261,725, respectively | 914,108 | 891,877 |
Advances for vessel purchases | 0 | 3,638 |
Advances for BWTS and other assets | 1,984 | 2,722 |
Deferred drydock costs, net | 37,756 | 42,849 |
Other fixed assets, net of accumulated depreciation of $1,324 and $1,623, respectively | 952 | 310 |
Operating lease right-of-use assets | 10,892 | 23,006 |
Restricted cash – noncurrent | 2,575 | 2,599 |
Fair value of derivative assets – noncurrent | 5,435 | 8,184 |
Total noncurrent assets | 973,702 | 975,185 |
Total assets | 1,158,573 | 1,237,209 |
Current liabilities: | ||
Accounts payable | 20,938 | 20,129 |
Accrued interest | 2,092 | 3,061 |
Other accrued liabilities | 19,198 | 24,097 |
Fair value of derivative liabilities – current | 585 | 163 |
Current portion of operating lease liabilities | 10,109 | 22,045 |
Unearned charter hire revenue | 8,201 | 9,670 |
Current portion of long-term debt – Global Ultraco Debt Facility | 49,800 | 49,800 |
Current portion of long-term debt – Convertible Bond Debt, net of debt discount and debt issuance costs | 103,791 | 0 |
Total current liabilities | 214,714 | 128,965 |
Noncurrent liabilities: | ||
Long-term debt – Global Ultraco Debt Facility, net of debt discount and debt issuance costs | 341,881 | 181,183 |
Convertible Bond Debt, net of debt discount and debt issuance costs | 0 | 103,499 |
Fair value of derivative liabilities - noncurrent | 444 | 0 |
Noncurrent portion of operating lease liabilities | 2,766 | 3,173 |
Other noncurrent accrued liabilities | 696 | 1,208 |
Total noncurrent liabilities | 345,787 | 289,063 |
Total liabilities | 560,501 | 418,028 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued as of September 30, 2023 and December 31, 2022 | 0 | 0 |
Common stock, $0.01 par value, 700,000,000 shares authorized, 9,319,177 and 13,003,702 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 93 | 130 |
Additional paid-in capital | 746,898 | 966,058 |
Accumulated deficit | (162,418) | (163,556) |
Accumulated other comprehensive income | 13,499 | 16,549 |
Total stockholders' equity | 598,072 | 819,181 |
Total liabilities and stockholders' equity | $ 1,158,573 | $ 1,237,209 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserve | $ 2,933 | $ 3,169 |
Vessels and vessel improvements, accumulated depreciation | 289,819 | 261,725 |
Other fixed assets, accumulated depreciation | $ 1,324 | $ 1,623 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, shares issued (in shares) | 9,319,177 | 13,003,702 |
Common stock outstanding (in shares) | 9,319,177 | 13,003,702 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 82,606 | $ 185,313 | $ 289,210 | $ 568,406 |
Voyage expenses | 23,791 | 40,792 | 82,737 | 120,710 |
Vessel operating expenses | 28,822 | 33,091 | 91,077 | 88,213 |
Charter hire expenses | 6,868 | 19,772 | 31,014 | 63,768 |
Depreciation and amortization | 15,472 | 15,407 | 45,035 | 45,241 |
General and administrative expenses | 10,652 | 9,666 | 32,871 | 29,611 |
Impairment of operating lease right-of-use assets | 0 | 0 | 722 | 0 |
Other operating expense | 677 | 2,469 | 860 | 2,643 |
Gain on sale of vessels | (4,855) | (9,336) | (19,731) | (9,336) |
Total operating expenses, net | 81,427 | 111,861 | 264,585 | 340,850 |
Operating income | 1,179 | 73,452 | 24,625 | 227,556 |
Interest expense | 7,714 | 4,236 | 16,005 | 13,021 |
Interest income | (1,488) | (881) | (5,139) | (1,100) |
Realized and unrealized loss/(gain) on derivative instruments, net | 104 | (11,293) | (2,318) | (13,281) |
Loss on debt extinguishment | 0 | 4,173 | 0 | 4,173 |
Total other expense/(income), net | 6,330 | (3,765) | 8,548 | 2,813 |
Net (loss)/income | $ (5,151) | $ 77,217 | $ 16,077 | $ 224,743 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 9,313,051 | 12,993,450 | 11,686,433 | 12,985,329 |
Diluted (in shares) | 9,313,051 | 16,201,852 | 15,057,652 | 16,219,264 |
Per share amounts: | ||||
Basic net (loss)/income (in usd per share) | $ (0.55) | $ 5.94 | $ 1.38 | $ 17.31 |
Diluted net (loss)/ income (in usd per share) | $ (0.55) | $ 4.77 | $ 1.36 | $ 13.86 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss)/income | $ (5,151) | $ 77,217 | $ 16,077 | $ 224,743 |
Other comprehensive (loss)/income | ||||
Effect of cash flow hedges | (1,226) | 4,554 | (3,050) | 15,405 |
Comprehensive (loss)/income | $ (6,377) | $ 81,771 | $ 13,027 | $ 240,148 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative effect of adoption of ASU 2020-06 | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital Cumulative effect of adoption of ASU 2020-06 | Accumulated Deficit | Accumulated Deficit Cumulative effect of adoption of ASU 2020-06 | Accumulated Other Comprehensive Income |
Beginning balance (in shares) at Dec. 31, 2021 | 12,917,027 | |||||||
Beginning balance at Dec. 31, 2021 | $ 671,266 | $ (12,050) | $ 129 | $ 982,746 | $ (20,726) | $ (313,495) | $ 8,676 | $ 1,886 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss)/income | 53,073 | 53,073 | ||||||
Dividends | (27,112) | (27,112) | ||||||
Issuance of shares due to vesting of equity awards (in shares) | 60,890 | |||||||
Issuance of shares due to vesting of equity awards | $ 0 | $ 1 | (1) | |||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2020-06 | |||||||
Issuance of shares upon exercise of stock options (in shares) | 8,077 | |||||||
Issuance of shares upon exercise of stock options | $ 85 | 85 | ||||||
Effect of cash flow hedges | 8,681 | 8,681 | ||||||
Fees for equity offerings | 201 | 201 | ||||||
Cash used to settle net share equity awards | (1,862) | (1,862) | ||||||
Stock-based compensation | 1,487 | 1,487 | ||||||
Ending balance (in shares) at Mar. 31, 2022 | 12,985,994 | |||||||
Ending balance at Mar. 31, 2022 | 693,769 | $ 130 | 961,930 | (278,858) | 10,567 | |||
Beginning balance (in shares) at Dec. 31, 2021 | 12,917,027 | |||||||
Beginning balance at Dec. 31, 2021 | 671,266 | $ (12,050) | $ 129 | 982,746 | $ (20,726) | (313,495) | $ 8,676 | 1,886 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss)/income | 224,743 | |||||||
Effect of cash flow hedges | 15,405 | |||||||
Ending balance (in shares) at Sep. 30, 2022 | 13,003,516 | |||||||
Ending balance at Sep. 30, 2022 | 819,203 | $ 130 | 964,494 | (162,712) | 17,291 | |||
Beginning balance (in shares) at Mar. 31, 2022 | 12,985,994 | |||||||
Beginning balance at Mar. 31, 2022 | 693,769 | $ 130 | 961,930 | (278,858) | 10,567 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss)/income | 94,453 | 94,453 | ||||||
Dividends | (26,449) | (26,449) | ||||||
Issuance of shares due to vesting of equity awards (in shares) | 3,187 | |||||||
Effect of cash flow hedges | 2,170 | 2,170 | ||||||
Cash used to settle net share equity awards | (53) | (53) | ||||||
Stock-based compensation | 1,605 | 1,605 | ||||||
Ending balance (in shares) at Jun. 30, 2022 | 12,989,181 | |||||||
Ending balance at Jun. 30, 2022 | 765,495 | $ 130 | 963,482 | (210,854) | 12,737 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss)/income | 77,217 | 77,217 | ||||||
Dividends | (29,075) | (29,075) | ||||||
Issuance of shares due to vesting of equity awards (in shares) | 14,335 | |||||||
Effect of cash flow hedges | 4,554 | 4,554 | ||||||
Cash used to settle net share equity awards | (437) | (437) | ||||||
Stock-based compensation | 1,449 | 1,449 | ||||||
Ending balance (in shares) at Sep. 30, 2022 | 13,003,516 | |||||||
Ending balance at Sep. 30, 2022 | 819,203 | $ 130 | 964,494 | (162,712) | 17,291 | |||
Beginning balance (in shares) at Dec. 31, 2022 | 13,003,702 | |||||||
Beginning balance at Dec. 31, 2022 | 819,181 | $ 130 | 966,058 | (163,556) | 16,549 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss)/income | 3,202 | 3,202 | ||||||
Dividends | (8,019) | (8,019) | ||||||
Issuance of shares due to vesting of equity awards (in shares) | 61,358 | |||||||
Issuance of shares due to vesting of equity awards | 0 | $ 1 | (1) | |||||
Effect of cash flow hedges | (2,859) | (2,859) | ||||||
Cash used to settle net share equity awards | (1,651) | (1,651) | ||||||
Stock-based compensation | 1,855 | 1,855 | ||||||
Ending balance (in shares) at Mar. 31, 2023 | 13,065,060 | |||||||
Ending balance at Mar. 31, 2023 | 811,709 | $ 131 | 966,261 | (168,373) | 13,690 | |||
Beginning balance (in shares) at Dec. 31, 2022 | 13,003,702 | |||||||
Beginning balance at Dec. 31, 2022 | 819,181 | $ 130 | 966,058 | (163,556) | 16,549 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss)/income | 16,077 | |||||||
Effect of cash flow hedges | (3,050) | |||||||
Ending balance (in shares) at Sep. 30, 2023 | 9,319,177 | |||||||
Ending balance at Sep. 30, 2023 | 598,072 | $ 93 | 746,898 | (162,418) | 13,499 | |||
Beginning balance (in shares) at Mar. 31, 2023 | 13,065,060 | |||||||
Beginning balance at Mar. 31, 2023 | 811,709 | $ 131 | 966,261 | (168,373) | 13,690 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss)/income | 18,026 | 18,026 | ||||||
Dividends | (1,350) | (1,350) | ||||||
Issuance of shares due to vesting of equity awards (in shares) | 26,944 | |||||||
Repurchase of common stock - related party (Note 6) (in shares) | (3,781,561) | |||||||
Repurchase of common stock – related party (Note 6) | (222,818) | $ (38) | (222,780) | |||||
Effect of cash flow hedges | 1,035 | 1,035 | ||||||
Stock-based compensation | 2,155 | 2,155 | ||||||
Ending balance (in shares) at Jun. 30, 2023 | 9,310,443 | |||||||
Ending balance at Jun. 30, 2023 | 608,757 | $ 93 | 745,636 | (151,697) | 14,725 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss)/income | (5,151) | (5,151) | ||||||
Dividends | (5,570) | (5,570) | ||||||
Issuance of shares due to vesting of equity awards (in shares) | 8,734 | |||||||
Repurchase of common stock – related party (Note 6) | (71) | (71) | ||||||
Effect of cash flow hedges | (1,226) | (1,226) | ||||||
Cash used to settle net share equity awards | (337) | (337) | ||||||
Stock-based compensation | 1,670 | 1,670 | ||||||
Ending balance (in shares) at Sep. 30, 2023 | 9,319,177 | |||||||
Ending balance at Sep. 30, 2023 | $ 598,072 | $ 93 | $ 746,898 | $ (162,418) | $ 13,499 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||||
May 04, 2023 | Mar. 02, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Cash dividend declared (in dollars per share) | $ 0.10 | $ 0.60 | $ 0.58 | $ 0.10 | $ 0.60 | $ 2.20 | $ 2 | $ 2.05 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net (loss)/income | $ 16,077 | $ 224,743 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 34,577 | 35,513 |
Noncash operating lease expense | 17,890 | 21,083 |
Amortization of deferred drydocking costs | 10,458 | 9,728 |
Amortization of debt discount and debt issuance costs | 1,958 | 1,627 |
Loss on debt extinguishment | 0 | 4,173 |
Impairment of operating lease right-of-use assets | 722 | 0 |
Gain on sale of vessels | (19,731) | (9,336) |
Unrealized loss/(gain) on derivative instruments, net | 437 | (8,517) |
Stock-based compensation expense | 5,680 | 4,542 |
Drydocking expenditures | (10,562) | (18,527) |
Changes in operating assets and liabilities: | ||
Accounts payable | 1,381 | 650 |
Accounts receivable | 7,707 | (5,098) |
Accrued interest | (969) | (1,241) |
Inventories | 1,199 | (8,622) |
Operating lease liabilities current and noncurrent | (19,570) | (21,076) |
Collateral on derivatives | (3,471) | 13,881 |
Fair value of derivatives, other current and noncurrent assets | (141) | (183) |
Other accrued liabilities | (4,907) | (2,332) |
Prepaid expenses | (1,301) | (1,223) |
Unearned charter hire revenue | (1,469) | 2,706 |
Net cash provided by operating activities | 35,965 | 242,491 |
Cash flows from investing activities: | ||
Purchase of vessels and vessel improvements | (81,802) | (781) |
Advances for vessel purchases | 0 | (4,125) |
Purchase of BWTS | (2,142) | (5,695) |
Proceeds from hull and machinery insurance claims | 174 | 0 |
Net proceeds from sale of vessels | 56,609 | 14,944 |
Purchase of other fixed assets | (670) | (253) |
Net cash (used in)/provided by investing activities | (27,831) | 4,090 |
Cash flows from financing activities: | ||
Proceeds from Revolving Facility, net of debt issuance costs – Global Ultraco Debt Facility | 123,361 | 0 |
Proceeds from Term Facility, net of debt issuance costs – Global Ultraco Debt Facility | 73,125 | 0 |
Repayment of Term Facility – Global Ultraco Debt Facility | (37,350) | (37,350) |
Repurchase of Common Stock and associated fees – related party (Note 6) | (222,688) | 0 |
Repurchase of Convertible Bond Debt | 0 | (14,188) |
Dividends paid | (15,790) | (81,577) |
Debt issuance costs paid to lenders – Original Global Ultraco Debt Facility | 0 | (18) |
Cash paid for taxes related to net share settlement of equity awards | (1,989) | (2,351) |
Other financing costs paid | (103) | 0 |
Cash received from exercise of stock options | 0 | 85 |
Proceeds from equity offerings, net of issuance costs | 0 | 201 |
Net cash used in financing activities | (81,434) | (135,198) |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (73,300) | 111,383 |
Cash, cash equivalents and restricted cash at beginning of period | 189,754 | 86,222 |
Cash, cash equivalents and restricted cash at end of period | $ 116,454 | $ 197,605 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | Basis of Presentation and General Information The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company,” “we,” “our” or similar terms). All dollar amounts are stated in U.S. dollars and are presented in thousands, on a rounded basis, using actual amounts, except for per share amounts and unless otherwise noted. Minor differences in totals or percentages may exist due to rounding. The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, charter and operation of drybulk vessels. The Company’s fleet is comprised of Supramax and Ultramax drybulk carriers, and the Company operates its business in one business segment. As of September 30, 2023, the Company owned and operated a modern fleet of 52 ocean-going vessels, including 22 Supramax and 30 Ultramax vessels with a combined carrying capacity of 3.16 million deadweight tons (“dwt”) and an average age of approximately 10 years. In addition to its owned fleet, the Company charters-in third-party vessels on both a short-term and long-term basis. As of September 30, 2023, the Company had four Ultramax vessels on a long-term charter-in basis, with remaining lease terms ranging from one month to nine months. For each of the three and nine months ended September 30, 2023 and 2022, the Company had no charterers which individually accounted for more than 10% of the Company’s gross charter revenue. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on March 10, 2023 (the “Annual Report”). The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed consolidated financial position and results of operations for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include fair values of long-lived assets (primarily vessels and operating lease right-of-use assets), impairment of long-lived assets (primarily vessels and operating lease right-of-use assets), stock-based compensation and financial instruments (primarily derivative instruments and Convertible Bond Debt (as defined herein)), residual values of vessels, useful lives of vessels and estimated losses on accounts receivable. Actual results could differ from those estimates. |
Significant Accounting Policies
Significant Accounting Policies and Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Pronouncements | Significant Accounting Policies and PronouncementsThe Company's significant accounting policies are described in Note 2. Significant Accounting Policies, in the notes to the consolidated financial statements included in the Annual Report. Included herein are certain updates to those policies. Vessels and Vessel Improvements, At Cost Vessels are stated at cost, which consists of the contract price, and other direct costs relating to acquiring and placing the vessels in service. Major vessel improvements, such as scrubbers and ballast water treatment systems (“BWTS”), are capitalized and depreciated over the remaining useful lives of the vessels. Depreciation is calculated on a straight-line basis over the estimated useful lives of the vessels based on the cost of the vessels reduced by the estimated scrap value of the vessels as discussed below. The Company estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard to the original owner. Effective January 1, 2023, we increased our estimated vessel scrap value from $300 per light weight ton (“lwt”) to $400 per lwt. This change was driven by increases in 15-year average scrap price trends sourced from a third-party data provider as well as similar increases by certain of our industry peer companies. The change in the estimated scrap value will result in a decrease in depreciation expense over the remaining life of our vessel assets. We expect depreciation to decrease by approximately $4.0 million for the year ended December 31, 2023 solely as a result of the prospective change in this estimate. The impact of this change on Net (loss)/income and basic and diluted net (loss)/income per share for the three and nine months ended September 30, 2023 is as follows: Three Months Ended Nine Months Ended September 30, 2023 Increase to Net income $ 992 $ 2,988 Increase to Basic net income per share $ 0.11 $ 0.26 Increase to Diluted net income per share $ 0.11 $ 0.20 Recently Adopted Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2024 (as extended by ASU 2022-06, Deferral of the Sunset Date of Topic 848 |
Vessels
Vessels | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels | Vessels Vessels and Vessel Improvements As of September 30, 2023, the Company’s owned fleet consisted of 52 drybulk vessels. In December 2022, the Company entered into a memorandum of agreement to acquire a high-specification 2015-built Ultramax bulkcarrier for total consideration of $24.3 million. The Company paid a deposit of $3.6 million on this vessel as of December 31, 2022. The vessel was delivered to the Company in February 2023. In January 2023, the Company entered into a memorandum of agreement to acquire a high-specification 2020-built scrubber-fitted Ultramax bulkcarrier for total consideration of $30.1 million. The vessel was delivered to the Company in May 2023. In February 2023, the Company entered into a memorandum of agreement to acquire a high-specification 2020-built scrubber-fitted Ultramax bulkcarrier for total consideration of $30.1 million. The vessel was delivered to the Company in May 2023. In February 2023, the Company entered into a memorandum of agreement to sell the vessel Jaeger (a 2004-built Supramax) for total consideration of $9.0 million. The vessel was delivered to the buyer in March 2023. In April 2023, the Company entered into memorandums of agreement to sell the vessels Montauk Eagle, Newport Eagle and Sankaty Eagle (each, a 2011-built Supramax) for total consideration of $49.8 million. The Montauk Eagle and Newport Eagle were delivered to the buyer in May 2023. The Sankaty Eagle was delivered to the buyer in July 2023. Activity in Vessels and vessel improvements for the nine months ended September 30, 2023 is as follows: September 30, 2023 Beginning balance $ 891,877 Purchase of vessels and vessel improvements 85,572 Sale of vessels (31,641) Purchase of BWTS 2,746 Depreciation expense (34,446) Ending balance $ 914,108 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consists of the following: September 30, 2023 December 31, 2022 Principal Amount Outstanding Debt Discounts and Debt Issuance Costs Carrying Value Principal Amount Outstanding Debt Discounts and Debt Issuance Costs Carrying Value Convertible Bond Debt $ 104,119 $ (328) $ 103,791 $ 104,119 $ (620) $ 103,499 Global Ultraco Debt Facility – Term Facility 275,400 (5,778) 269,622 237,750 (6,767) 230,983 Global Ultraco Debt Facility – Revolving Facility 125,000 (2,941) 122,059 — — — Total debt 504,519 (9,047) 495,472 341,869 (7,387) 334,482 Less: Current portion – Convertible Bond Debt (104,119) 328 (103,791) — — — Less: Current portion – Global Ultraco Debt Facility (49,800) — (49,800) (49,800) — (49,800) Total long-term debt $ 350,600 $ (8,719) $ 341,881 $ 292,069 $ (7,387) $ 284,682 Global Ultraco Debt Facility On May 11, 2023, Eagle Bulk Ultraco LLC (“Eagle Ultraco”), a wholly-owned subsidiary of the Company, along with certain of its wholly-owned, vessel-owning subsidiaries as guarantors, amended and restated its Credit Agreement originally dated October 1, 2021 (the “Original Global Ultraco Debt Facility”) pursuant to an Amended and Restated Credit Agreement dated as of May 11, 2023 (the “Global Ultraco Refinancing” and, as amended, the “Global Ultraco Debt Facility”) with the lenders party thereto and Crédit Agricole Corporate and Investment Bank (“Credit Agricole”) as security trustee, structurer, sustainability coordinator and facility agent (collectively, the “Lenders”). The Company paid fees of $3.5 million to the Lenders in connection with the Global Ultraco Refinancing. The Global Ultraco Refinancing provided for additional loan capacity of up to $175.0 million, thereby increasing the aggregate principal amount of senior secured credit facilities under the Global Ultraco Debt Facility to $485.3 million (from $310.3 million under the Original Global Ultraco Debt Facility). Additional amounts provided under the Global Ultraco Refinancing included (i) an additional term loan of up to $75.0 million, thereby increasing the aggregate principal amount of term loans under the Global Ultraco Debt Facility to $300.3 million (the “Term Facility”) and (ii) an additional revolving credit facility in an aggregate principal amount of $100.0 million, thereby increasing the aggregate principal amount of revolving credit facilities available under the Global Ultraco Debt Facility to $185.0 million which shall be reduced beginning on September 15, 2023 and every three months thereafter, by twenty-one consecutive reductions of $5.445 million (the “Revolving Facility”). Proceeds from the Global Ultraco Refinancing are to be used for general corporate and working capital purposes, including, but not limited to vessel purchases, capital improvements, stock buybacks or equity repurchases, retirement of debt and other strategic initiatives. During the nine months ended September 30, 2023, the Company borrowed $75.0 million under the Term Facility and $125.0 million under the Revolving Facility and repaid $37.4 million under the Term Facility. As of September 30, 2023 and December 31, 2022, the undrawn portion of the Revolving Facility was $54.6 million and $100.0 million, respectively. In August 2023, the Company entered into three interest rate swaps for a total notional amount of $75.0 million to fully hedge the SOFR-based floating interest rate exposure on amounts borrowed under the Term Facility. See Note 5. Derivative Instruments, for additional details. Pursuant to the Global Ultraco Debt Facility, the Term Facility and the Revolving Facility mature and are repayable in full on September 28, 2028 (the “Loan Maturity Date”). The Term Facility will be repaid in twenty-two quarterly installments of $12.45 million beginning on June 15, 2023, with a final balloon payment due on the Loan Maturity Date. Outstanding borrowings under the Global Ultraco Debt Facility bear interest at a rate equal to the sum of (i) Term SOFR (as defined in the Global Ultraco Debt Facility) for the relevant interest period, (ii) a credit spread adjustment of 26.161 basis points per annum to achieve parity between the SOFR-based benchmark rate on the Global Ultraco Debt Facility and the LIBOR-based benchmark rate on the Original Global Ultraco Debt Facility and (iii) the applicable margin, which ranges between 2.05% and 2.75% based on the consolidated net leverage ratio of the Company and certain sustainability-linked criteria. The Global Ultraco Debt Facility is secured by, among other items, a first priority mortgage on 52 of the Company’s owned vessels, as identified in the Global Ultraco Debt Facility, and such other vessels that the Company may, from time to time, include with the approval of the Lenders (collectively, the “Eagle Vessels”). The Global Ultraco Debt Facility contains standard affirmative and negative covenants as well as certain financial covenants. The financial covenants require the Company, on a consolidated basis, to maintain at all times (a) (i) cash and cash equivalents or (ii) undrawn Revolving Facility commitments up to seven months prior to the Loan Maturity Date not less than the greater of (i) $0.6 million per vessel owned directly or indirectly by the Company and its subsidiaries or (ii) 7.5% of consolidated total debt; (b) a debt to capitalization ratio of not greater than 0.60:1.00; and (c) positive working capital (excluding the current portions of operating lease liabilities and long-term debt). Additionally, the Company has to ensure that the aggregate fair market value of the Eagle Vessels is not less than 140% of the aggregate principal amounts outstanding under the Global Ultraco Debt Facility. As of September 30, 2023, the Company was in compliance with all applicable financial covenants under the Global Ultraco Debt Facility. Prior to the Global Ultraco Refinancing, on October 1, 2021, Eagle Ultraco, along with certain of its vessel-owning subsidiaries as guarantors, entered into the Original Global Ultraco Debt Facility with the lenders party thereto. The Original Global Ultraco Debt Facility provided for an aggregate principal amount of $400.0 million, which consisted of (i) a term loan facility in an aggregate principal amount of $300.0 million and (ii) a revolving credit facility in an aggregate principal amount of $100.0 million. The Original Global Ultraco Debt Facility had a maturity date of October 1, 2026. Outstanding borrowings bore interest at a rate of LIBOR plus 2.10% to 2.80% per annum, depending on certain metrics such as the Company's financial leverage ratio and meeting sustainability linked criteria. Repayments of $12.45 million were due quarterly and began on December 15, 2021, with a final balloon payment of all outstanding principal and accrued interest due upon maturity. As a result of the sale of the vessels Newport Eagle, Montauk Eagle and Sankaty Eagle, the aggregate principal amount available under the revolving credit facility was reduced from $100.0 million to $85.0 million. The Original Global Ultraco Debt Facility was secured by 49 of the Company's vessels. The Original Global Ultraco Debt Facility contained certain standard affirmative and negative covenants along with financial covenants. Through the date of the Global Ultraco Refinancing, the Company was in compliance with all applicable covenants under the Original Global Ultraco Debt Facility. The Global Ultraco Refinancing was accounted for as a modification under Accounting Standards Codification (“ASC”) 470, Debt . As such, a new effective interest rate was determined based on the carrying value of the term facility just prior to the Global Ultraco Refinancing, including unamortized discount and debt issuance costs, as well as fees paid to the Lenders attributable to the Term Facility in connection with the Global Ultraco Refinancing. In addition, an amount of previously unamortized debt issuance costs and fees paid to lenders attributable to the revolving credit facility under the Original Global Ultraco Debt Facility as well as fees paid to the Lenders and third party costs attributable to the Revolving Facility in connection with the Global Ultraco Refinancing shall be deferred and amortized over the term of the Revolving Facility in a manner consistent with the Revolving Facility’s contractual reduction in capacity. Prior to the Global Ultraco Refinancing, in October 2021, the Company entered into four interest rate swaps for the notional amount of $300.0 million of the term facility under the Original Global Ultraco Debt Facility to hedge the Original Global Ultraco Debt Facility’s LIBOR-based floating interest rate. In June 2023, the Company modified its then outstanding interest rate swap agreements to replace the underlying benchmark interest rate from LIBOR to SOFR with all other material terms remaining unchanged. See Note 5. Derivative Instruments, for additional details. Convertible Bond Debt On July 29, 2019, the Company issued $114.1 million in aggregate principal amount of 5.0% Convertible Senior Notes due 2024 (the “Convertible Bond Debt”). After deducting debt discount of $1.6 million, the Company received net proceeds of approximately $112.5 million. Additionally, the Company incurred $1.0 million of debt issuance costs relating to this transaction. The Company used the proceeds to partially finance the purchase of six Ultramax vessels and for general corporate purposes, including working capital. The Convertible Bond Debt bears interest at a rate of 5.0% per annum on the outstanding principal amount thereof, payable semi-annually in arrears on February 1 and August 1 of each year, which commenced on February 1, 2020. The Convertible Bond Debt may bear additional interest upon certain events, as set forth in the indenture governing the Convertible Bond Debt (the “Indenture”). The Convertible Bond Debt will mature on August 1, 2024 (the “Maturity Date”), unless earlier repurchased, redeemed or converted pursuant to its terms. From time to time, the Company may, subject to market conditions and other factors and to the extent permitted by law, opportunistically repurchase the Convertible Bond Debt in the open market or through privately negotiated transactions. The Company may not otherwise redeem the Convertible Bond Debt prior to the Maturity Date. Each holder has the right to convert any portion of the Convertible Bond Debt, provided such portion is of $1,000 or a multiple thereof, at any time prior to the close of business on the business day immediately preceding the Maturity Date. The conversion rate of the Convertible Bond Debt after adjusting for a 1-for-7 reverse stock split effected on September 15, 2020 (the “Reverse Stock Split”) and the Company's cash dividends declared through September 30, 2023 is 31.5446 shares of the Company's common stock per $1,000 principal amount of Convertible Bond Debt, which is equivalent to a conversion price of approximately $31.70 per share of common stock (subject to further adjustment for any future dividends). Upon conversion of the remaining bonds, the Company will pay or deliver, as the case may be, either cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election, to the holder (subject to shareholder approval requirements in accordance with the Indenture). If the Company undergoes a fundamental change, as set forth in the Indenture, each holder may require the Company to repurchase all or part of their Convertible Bond Debt for cash in principal amounts of $1,000 or a multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the Convertible Bond Debt to be repurchased, plus accrued and unpaid interest. If, however, the holders instead elect to convert their Convertible Bond Debt in connection with the fundamental change, the Company will be required to increase the conversion rate of the Convertible Bond Debt at a rate determined by a combination of the date the fundamental change occurs and the stock price of the Company's common stock on such date. The Convertible Bond Debt is a general, unsecured senior obligation of the Company. It ranks: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Bond Debt; (ii) equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities of current or future subsidiaries of the Company. The Indenture also provides for customary events of default. Generally, if an event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the Convertible Bond Debt then outstanding may declare 100% of the principal of and accrued and unpaid interest, if any, on all the Convertible Bond Debt then outstanding to be due and payable. As of January 1, 2022, in accordance with the adoption of ASU 2020-06 under the modified retrospective approach, the Convertible Bond Debt no longer required bifurcation and separate accounting of its conversion feature that was previously separately accounted for as an equity component. As such, an adjustment to beginning retained earnings of $8.7 million was recorded within Accumulated deficit and a $20.7 million reduction to Additional paid-in capital was recorded to reverse the equity component and an offsetting $12.0 million was recorded within Convertible Bond Debt, net of debt discount and debt issuance costs as a reversal of the debt discount. See Note 2. Significant Accounting Policies, in the notes to the consolidated financial statements included in the Annual Report for additional discussion of the impact of ASU 2020-06 on the accounting for the Convertible Bond Debt and the condensed consolidated financial statements upon adoption on January 1, 2022. Share Lending Agreement In connection with the issuance of the Convertible Bond Debt, certain persons entered into an arrangement (the “Share Lending Agreement”) to borrow up to 511,840 shares of the Company’s common stock through share lending arrangements from Jefferies LLC (“JCS”), an initial purchaser of the Convertible Bond Debt. In connection with the foregoing, the Company entered into an agreement with an affiliate of JCS to lend up to 511,840 newly issued shares of the Company’s common stock. The number of shares loaned under the Share Lending Agreement have been adjusted for the Reverse Stock Split. As of September 30, 2023, the fair value of the 511,840 outstanding loaned shares was $21.5 million based on the closing price of the common stock on September 30, 2023. In connection with the Share Lending Agreement, JCS paid $0.03 million representing a nominal fee per borrowed share, equal to the par value of the Company’s common stock. While the Share Lending Agreement does not require cash payment upon return of the shares, physical settlement is required (i.e., the loaned shares must be returned at the end of the arrangement). In view of this share return provision and other contractual undertakings of JCS in the Share Lending Agreement, which have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of borrowed shares, the loaned shares are not considered issued and outstanding for the purpose of computing and reporting the Company's basic and diluted weighted average shares or net income per share. If JCS were to file bankruptcy or commence similar administrative, liquidating or restructuring proceedings, the Company will have to consider 511,840 shares lent to JCS as issued and outstanding for the purposes of calculating net income per share. Interest Expense A summary of interest expense for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Convertible Bond Debt $ 1,301 $ 1,426 $ 3,904 $ 4,279 Global Ultraco Debt Facility – Term Facility (1) 3,042 2,024 6,772 6,372 Global Ultraco Debt Facility – Revolving Facility 2,411 — 2,647 — Commitment fees on Revolving Facility 148 251 724 743 Amortization of debt discount and debt issuance costs 812 535 1,958 1,627 Total interest expense $ 7,714 $ 4,236 $ 16,005 $ 13,021 (1) Interest expense on the Term Facility under the Global Ultraco Debt Facility includes a reduction of $2.5 million and $0.7 million of interest from interest rate derivatives designated as hedging instruments for the three months ended September 30, 2023 and 2022, respectively and a reduction of $7.0 million and $0.3 million of interest from interest rate derivatives designated as hedging instruments for the nine months ended September 30, 2023 and 2022, respectively. See Note 5. Derivative Instruments, for additional information. The following table presents the weighted average effective interest rate on the Company’s debt obligations, including the amortization of debt discounts and debt issuance costs and costs associated with commitment fees on revolving facilities for the three and nine months ended September 30, 2023 and 2022, but excludes the impact on interest from interest rate derivatives designated as hedging instruments. In addition, the following table presents the range of contractual interest rates on the Company’s debt obligations, excluding the impact of costs associated with commitment fees on revolving facilities for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Weighted average effective interest rate 7.87 % 5.27 % 7.65 % 4.60 % Range of interest rates 5.00% to 7.72% 3.93% to 5.39% 5.00% to 7.72% 2.35% to 5.39% The following table presents the weighted average effective interest rate on the Company’s debt obligations, including the impact on interest from interest rate derivatives designated as hedging instruments as well as amortization of debt discounts and debt issuance costs and costs associated with commitment fees on revolving facilities for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Weighted average effective interest rate, including hedging instruments 5.94 % 4.49 % 5.31 % 4.50 % Scheduled Debt Maturities The following table presents the scheduled maturities of principal amounts of our debt obligations as of September 30, 2023: Convertible Bond Debt (1) Global Ultraco Debt Facility – Revolving Facility (2) Global Ultraco Debt Facility – Term Facility Total Three months ending December 31, 2023 $ — $ — $ 12,450 $ 12,450 2024 104,119 — 49,800 153,919 2025 — — 49,800 49,800 2026 — 16,230 49,800 66,030 2027 — 21,780 49,800 71,580 2028 — 86,990 63,750 150,740 $ 104,119 $ 125,000 $ 275,400 $ 504,519 (1) This amount represents the aggregate principal amount of the Convertible Bond Debt outstanding that would be payable in cash upon maturity if no holder of the Convertible Bond Debt elects conversion pursuant to the Indenture. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company uses interest rate swaps to manage its exposure to interest rate risk on its debt. Generally, the Company enters into interest rate swaps with the objective of effectively converting debt from a floating-rate to a fixed-rate obligation. As of September 30, 2023, the Company’s outstanding interest rate swaps were designated as hedging instruments and qualified as cash flow hedges. The Company uses forward freight agreements (“FFAs”) and bunker swaps to manage its exposure to changes in charter hire rates and market bunker prices, respectively. Generally, the Company enters into FFAs with the objective of effectively fixing charter hire rates for future charter transactions and the Company enters into bunker swaps with the objective of effectively fixing forecasted bunker transactions. The Company utilizes these derivative instruments to economically hedge these risks and does not designate them as hedging instruments. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the instruments and the gain or loss ultimately realized upon settlement of the derivative are reported in Realized and unrealized loss/(gain) on derivative instruments, net in the Condensed Consolidated Statements of Operations. As of September 30, 2023, the Company has International Swaps and Derivatives Association agreements with five financial institutions which contain netting provisions. In addition to a master agreement with the Company supported by a primary parent guarantee on either side, the Company also has associated credit support agreements in place with the one counterparty which, among other things, provide the circumstances under which either party is required to post eligible collateral when the market value of transactions covered by these agreements exceeds specified thresholds. Interest rate swaps In June 2023, the Company modified its then outstanding interest rate swap agreements to replace the underlying benchmark interest rate from LIBOR to SOFR with all other material terms remaining unchanged. As discussed in Note 2. Significant Accounting Policies and Pronouncements, the Company utilized certain expedients under ASU 2020-04 to account for these modifications as continuations of existing agreements which had no impact on our condensed consolidated financial statements. As of September 30, 2023, the Company had the following outstanding interest rate swaps that were designated and qualified as cash flow hedges. Range of Fixed Rates Weighted Average Fixed Rate Notional Amount Outstanding 0.62% to 4.47% 1.69% $ 275,400 The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 is as follows: Fair Value of Derivative Assets/(Liabilities) Balance Sheet Location September 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate contracts – interest rate swaps Fair value of derivative assets – current $ 8,529 $ 8,479 Fair value of derivative assets – noncurrent 5,435 8,184 $ 13,964 $ 16,663 Fair value of derivative liabilities – noncurrent $ (444) $ — $ (444) $ — The effect of these instruments on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2023 and 2022 is as follows: Derivatives in Cash Flow Hedging Relationships Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest rate contracts Interest rate swaps $ 1,276 $ 5,173 $ 3,997 $ 15,709 Interest expense $ 2,502 $ 619 $ 7,047 $ 304 Further information on the effect of these instruments on the Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Accumulated other comprehensive income, beginning balance $ 14,725 $ 12,737 $ 16,549 $ 1,886 Gain recognized in Other Comprehensive Income/(Loss) 1,276 5,173 3,997 15,709 Gain reclassified from Other Comprehensive Income/(Loss) into earnings (2,502) (619) (7,047) (304) Accumulated other comprehensive income, ending balance $ 13,499 $ 17,291 $ 13,499 $ 17,291 Of the amount recorded in Accumulated other comprehensive income as of September 30, 2023, $8.7 million is expected to be reclassified into earnings within the next twelve months. Forward freight agreements and bunker swaps A summary of outstanding FFAs as of September 30, 2023 is as follows: FFA Period Average FFA Contract Price (1) Number of Days Hedged Quarter ending December 31, 2023 – Buy Positions $ 14,196 (345) Quarter ending December 31, 2023 – Sell Positions $ 12,922 1,380 (1) Presented in whole dollars. As of September 30, 2023, the Company had outstanding bunker swap agreements to purchase 3,550 metric tons of low sulphur fuel oil with prices ranging between $469 and $634 with contracts expiring between October and December 2023. The Company does not expect non-performance by any of the counterparties to the Company’s bunker swap transactions. The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 is as follows: Fair Value of Derivative Assets/(Liabilities) Balance Sheet Location September 30, 2023 December 31, 2022 Derivatives not designated as hedging instruments Commodity contracts – FFAs Fair value of derivative liabilities – current $ (585) $ (70) $ (585) $ (70) Commodity contracts – bunker swaps Fair value of derivative assets – current $ 124 $ — $ 124 $ — Fair value of derivative liabilities – current $ — $ (93) $ — $ (93) The effect of these instruments on the Condensed Consolidated Statements of Operations, which is presented in Realized and unrealized loss/(gain) on derivative instruments, net for the three and nine months ended September 30, 2023 and 2022 is as follows: (Gain)/Loss Recognized in Earnings Three Months Ended Nine Months Ended Derivatives not designated as hedging instruments September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Commodity contracts FFAs – realized gain $ (1,577) $ (3,800) $ (2,335) $ (1) Bunker swaps – realized gain (541) (369) (420) (4,763) (2,118) (4,169) (2,755) (4,764) FFAs – unrealized loss/(gain) 2,354 (10,478) 654 (9,359) Bunker swaps – unrealized (gain)/loss (132) 3,354 (217) 842 2,222 (7,124) 437 (8,517) Realized and unrealized loss/(gain) on derivative instruments, net $ 104 $ (11,293) $ (2,318) $ (13,281) |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Shareholder Rights Agreement On June 22, 2023, the Company entered into a Rights Agreement (the “Rights Agreement”) with Computershare Trust Company, N.A., a national banking corporation, as rights agent. In connection therewith, the Company’s Board of Directors (the “Board”) declared a dividend of one preferred share purchase right (“Right”) for each outstanding share of the Company’s Common Stock, $0.01 par value. The dividend was payable on July 3, 2023 to shareholders of record as of the close of business on such date (the “Right Record Date”). In addition, one Right will automatically attach to each share of Common Stock issued between the Right Record Date and the date when the Rights become exercisable. The Rights will expire at the earlier of (i) 5:00 P.M., New York City time, on the third anniversary of the date of the declaration of the dividend of Rights and (ii) 5:00 P.M., New York City time, on the first anniversary of the date of the declaration of the dividend of Rights if Shareholder Approval (as defined in the Rights Agreement) has not been received prior to such time, unless such date is advanced or extended or unless the Rights are earlier redeemed or exchanged by the Board. Each Right will allow its holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock, $0.01 par value (“Preferred Shares”), for $180.00, subject to adjustment under certain conditions, once the Rights become exercisable. Each one one-thousandth of a Preferred Share, if issued: • will not be redeemable; • will entitle the holder to quarterly dividend payments equal to the dividend paid on one share of Common Stock; • will entitle the holder upon liquidation to receive either $1.00 or an amount equal to the payment made on one share of Common Stock; • will have one vote and vote together with the Common Stock, except as required by law; and • if shares of Common Stock are exchanged via merger, consolidation or a similar transaction, will entitle the holder to a payment equal to the payment made on one share of Common Stock. The Rights will not be exercisable until: • 10 business days after the public announcement that a person or group has become an “Acquiring Person” by obtaining beneficial ownership of 15% or more of the outstanding Common Stock, or, if earlier; • 10 business days (or a later date determined by the Board before any person or group becomes an Acquiring Person) after a person or group Commences (as defined in the Rights Agreement) a tender or exchange offer which, if completed, would result in that person or group becoming an Acquiring Person. Common Stock Repurchase – Related Party On June 22, 2023, the Company entered into an agreement to purchase 3,781,561 shares of Common Stock from OCM Opps EB Holdings Ltd. (the “Seller”), a related party, for $58.00 per share, or an aggregate purchase price of $219.3 million (the “Share Repurchase”). The Share Repurchase closed on June 23, 2023. The shares purchased, which comprised the Seller’s entire ownership position of Common Stock as of the date of the Share Repurchase, represented 28% of the outstanding Common Stock as of that date and were immediately retired. The Company incurred $3.6 million of fees and transaction costs with third parties in direct connection with the Share Repurchase. Common Stock Repurchase Program On October 4, 2021, the Company announced a share repurchase program under which the Company may purchase up to $50.0 million of the Company’s Common Stock. The timing, volume and nature of transactions under this program will be at the Board’s discretion and may be made through open market transactions or privately negotiated transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. This program has no expiration date and may be suspended or terminated by the Company at any time without prior notice. As of September 30, 2023, no shares have been repurchased under this program. Dividends On March 2, 2023, the Board declared a cash dividend of $0.60 per share to be paid on March 23, 2023 to shareholders of record at the close of business on March 15, 2023. On May 4, 2023, the Board declared a cash dividend of $0.10 per share to be paid on May 25, 2023 to shareholders of record at the close of business on May 17, 2023. On August 3, 2023, the Board declared a cash dividend of $0.58 per share to be paid on August 24, 2023 to shareholders of record at the close of business on August 16, 2023. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash, cash equivalents and restricted cash— Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their highly liquid and short-term nature. Collateral on derivatives— Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their short-term nature. Derivative assets and liabilities— The fair values of derivative assets and liabilities, which include interest rate swaps, FFAs and bunker swaps, are estimated using observable inputs for similar instruments as of the measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. Long-term Debt —The fair value of Convertible Bond Debt, which is traded in the over-the-counter market, is estimated based on quoted prices in markets that are not active on identical instruments. The carrying amount of the Term Facility under the Global Ultraco Debt Facility approximates its fair value, due to its variable interest rates. The carrying values of other financial assets and liabilities (primarily accounts receivable, accounts payable and other accrued expenses) approximate their fair value due to their relative short-term nature. The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active or other observable inputs. • Level 3 – Inputs that are unobservable. Fair Value September 30, 2023 Carrying Value Level 1 Level 2 Assets Cash, cash equivalents and restricted cash $ 116,454 $ 116,454 $ — Collateral on derivatives 4,380 4,380 — Fair value of derivative assets – current 8,653 — 8,653 Fair value of derivative assets – noncurrent 5,435 — 5,435 Liabilities Global Ultraco Debt Facility (1)(2) 275,400 — 275,400 Convertible Bond Debt (1)(3) 104,119 — 146,839 Fair value of derivative liabilities – current 585 — 585 Fair Value December 31, 2022 Carrying Value Level 1 Level 2 Assets Cash, cash equivalents and restricted cash $ 189,754 $ 189,754 $ — Collateral on derivatives 909 909 — Fair value of derivative assets – current 8,479 — 8,479 Fair value of derivative assets – noncurrent 8,184 — 8,184 Liabilities Global Ultraco Debt Facility (1)(2) 237,750 — 237,750 Convertible Bond Debt (1)(3) 104,119 — 172,661 Fair value of derivative liabilities – current 163 — 163 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business, principally personal injury and property casualty claims. Generally, we expect that such claims would be covered by insurance, subject to customary deductibles. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. Certain routine commercial claims have been asserted against the Company that relate to contractual disputes with certain of our charterers. The nature of these disputes involve disagreements over losses claimed by charterers during or as a result of the performance of certain voyage charters, including but not limited to delays in the performance of the charters and off-hire during the charters. The related legal proceedings are at various stages of resolution. In March 2021, the U.S. government began investigating an allegation that one of the Company’s vessels may have improperly disposed of ballast water that entered the engine room bilges during a repair. The investigation of this alleged violation of environmental laws is ongoing, but at this time we do not believe that this matter will have a material impact on the Company, our financial condition or results of operations. We have posted a surety bond as security for any potential fines, penalties or associated costs that may be incurred, and the Company is cooperating fully with the U.S. government in its investigation of this matter. We have not been involved in any legal proceedings, other than as disclosed above, which we believe may have, or have had, a significant effect on our business, financial position, results of operations or liquidity, nor are we aware of any proceedings that are pending or threatened, other than as described above, which we believe may have a significant effect on our business, financial position and results of operations or liquidity. However, these proceedings, even if lacking merit, could result in the expenditure of significant financial and managerial resources. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases Time charter-out contracts Time charter-out contracts are accounted for as operating leases. The Company records revenue generated from time charter-out contracts on a straight-line basis over the term of the respective time charter agreements as Revenues, net in the Condensed Consolidated Statements of Operations. See Note 10. Revenue, for additional details. A summary of lease payments expected to be received on fixed time charter-out contracts, net of commission, assuming no off-hire days, other than those related to scheduled interim or special surveys of the related vessel and excluding any voyage expenses associated with such contracts, as of September 30, 2023 is as follows: Year: Time Charter-Out Contracts Remainder of 2023 $ 12,006 2024 — 2025 — 2026 — 2027 — Thereafter — $ 12,006 Time charter-in contracts Time charter-in contracts are accounted for as operating leases. The Company records operating lease cost for time charter-in contracts as Charter hire expenses in the Condensed Consolidated Statements of Operations on a straight-line basis over the lease term. Due to the volatility of freight rates, the Company generally concludes that it is not reasonably certain to exercise any options to extend the lease term at lease commencement. As of September 30, 2023, the Company chartered-in, on a long-term basis, four Ultramax vessels. Details of modifications of or new long-term time charter-in contracts for the nine months ended September 30, 2023 are as follows: In October 2018, the Company entered into an agreement to charter-in a 62,487 dwt, 2016-built Ultramax vessel for two years. The hire rate for the first year was $14,250 per day and the hire rate for the second year was $15,250. The Company took delivery of the vessel in December 2018. In December 2019, the Company entered into a lease addendum which replaced the original lease’s second year’s hire rate with a new hire rate of $11,600 per day from March 1, 2020 through July 31, 2021 and added an option to extend the lease term for an additional year at a hire rate of $12,600 per day from August 1, 2021 through July 31, 2022. In May 2021, the Company exercised its option for the additional year. In March 2022, the Company entered into a lease addendum that extended the lease term at a hire rate of $23,888 per day from August 1, 2022 through June 1, 2023 and added an option to extend the lease term at a hire rate of $25,888 per day from June 2, 2023 through July 1, 2024. In March 2023, the Company entered into a lease addendum that replaced the hire rate from June 1, 2023 to May 1, 2024 from $25,888 per day to $17,500 per day and added an option to extend the lease term at a hire rate of $19,500 per day from May 1, 2024 to April 1, 2025. The lease is expected to terminate in May 2024. In September 2021, the Company entered into an agreement to charter-in a 64,539 dwt, 2022-built Ultramax vessel for twelve months with an option to extend for an additional three months at a hire rate of $11,250 per day plus 57.5% of the BSI and an option to extend for an additional year at a hire rate of $10,750 per day plus 57.5% of the BSI. The Company took delivery of the vessel in May 2022. In March 2023, the Company entered into a lease addendum that extended the lease term for twelve months at a hire rate of $8,500 plus 57.5% of the BSI and added an option to extend the lease term for an additional twelve months at a hire rate of $9,500 plus 57.5% of the BSI. The lease is expected to terminate in April 2024. In December 2020, the Company entered into an agreement to charter-in a 63,634 dwt, 2021-built Ultramax vessel for twelve months with an option to extend for an additional three months at a hire rate of $5,900 per day plus 57% of the BSI and an option to extend for an additional eleven eleven ten ten Office leases Office leases are accounted for as operating leases. The Company records operating lease cost for office leases as General and administrative expenses in the Condensed Consolidated Statements of Operations. A summary of Operating lease right-of-use assets and operating lease liabilities balances, by asset type, and certain additional quantitative information related to the Company’s operating leases as of September 30, 2023 and December 31, 2022 is as follows: September 30, 2023 December 31, 2022 Operating lease right-of-use assets Time charter-in contracts greater than 12 months $ 8,375 $ 19,116 Office leases 2,517 3,890 $ 10,892 $ 23,006 Current portion of operating lease liabilities Time charter-in contracts greater than 12 months $ 9,497 $ 21,328 Office leases 612 717 $ 10,109 $ 22,045 Noncurrent portion of operating lease liabilities Time charter-in contracts greater than 12 months $ — $ — Office leases 2,766 3,173 $ 2,766 $ 3,173 Weighted average remaining lease term (in years) Time charter-in contracts greater than 12 months 0.6 0.6 Office leases 4.6 4.7 Weighted average discount rate Time charter-in contracts greater than 12 months 6.6 % 6.0 % Office leases 7.1 % 6.9 % A summary of the components of the Company’s lease expenses and sub-lease income for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Operating lease cost Time charter-in contracts greater than 12 months $ 4,457 $ 8,013 $ 17,277 $ 20,451 Office leases 183 216 613 625 Short-term lease cost Time charter-in contracts less than 12 months 2,411 11,759 13,737 43,317 Total lease cost $ 7,051 $ 19,988 $ 31,627 $ 64,393 Sublease income, gross Time charter-in contracts greater than 12 months (1) $ 7,282 $ 8,402 $ 20,442 $ 25,072 (1) Sublease income on time charter-in contracts is recorded in Revenues, net on the Condensed Consolidated Statements of Operations. A summary of cash flow information related to the Company’s leases for the nine months ended September 30, 2023 and 2022 is as follows: Nine Months Ended September 30, 2023 September 30, 2022 Cash paid for operating leases with lease terms greater than 12 months $ 19,570 $ 21,083 Non-cash activities Operating lease right-of-use assets obtained in exchange for lease liabilities $ 11,685 $ 38,956 A summary of total lease payments on an undiscounted basis for operating lease liabilities, by asset type, as of September 30, 2023 is as follows: Time charter-in contracts greater than 12 months Office leases Total Operating leases Year: Remainder of 2023 $ 5,632 $ 94 $ 5,726 2024 5,412 896 6,308 2025 — 909 909 2026 — 922 922 2027 — 638 638 Thereafter — 577 577 11,044 4,036 15,080 Implied interest (1,547) (658) (2,205) Total operating lease liabilities $ 9,497 $ 3,378 $ 12,875 |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Voyage charters In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or “dead” freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a “demurrage” or “despatch” clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch, resulting in a reduction in revenue. The voyage contracts are considered service contracts which fall under the provisions of ASC 606, Revenue Recognition , because the Company, as the shipowner, retains the control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage, net of despatch incurred, for the three and nine months ended September 30, 2023 was $2.6 million and $5.2 million, respectively. The amount of revenue earned as demurrage, net of despatch incurred, for the three and nine months ended September 30, 2022 was $7.8 million and $26.5 million, respectively. The following table shows the revenues earned from time charters and voyage charters for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Time charters (1) $ 41,920 $ 95,132 $ 148,692 $ 274,755 Voyage charters 40,686 90,181 140,518 293,651 $ 82,606 $ 185,313 $ 289,210 $ 568,406 (1) See Note 9 . Leases, for a description of revenues earned from time charters. Contract costs In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. Costs directly related to a contract that are incurred prior to commencement of loading cargo, primarily bunkers, are recognized as an asset and are expensed on a straight-line basis as the related performance obligation is satisfied. As of September 30, 2023 and December 31, 2022, the Company recorded $0.6 million and $0.5 million, respectively, of contract fulfillment costs in Other current assets in the Condensed Consolidated Balance Sheets. |
Net Income per Common Share
Net Income per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income per Common Share | Net Income per Common Share For the three and nine months ended September 30, 2023 and 2022, Net (loss)/income is equal to Net (loss)/income available to common shareholders. For the three and nine months ended September 30, 2023 and 2022, the Convertible Bond Debt is not considered a participating security and is therefore not included in the computation of Basic net (loss)/income per share. Additionally, the Company determined that as it relates to the Convertible Bond Debt, it does not overcome the presumption of share settlement, and therefore, the Company applied the if-converted method and included the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted net (loss)/income per share, unless the impact of such potential shares is anti-dilutive. The following table presents Basic and Diluted net (loss)/income per share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (In thousands, except share and per share data ) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Net (loss)/income $ (5,151) $ 77,217 $ 16,077 $ 224,743 Weighted Average Shares - Basic 9,313,051 12,993,450 11,686,433 12,985,329 Effect of dilutive securities: Convertible Bond Debt — 3,092,230 3,284,392 3,092,230 Stock awards and options — 116,172 86,827 141,705 Dilutive potential common shares — 3,208,402 3,371,219 3,233,935 Weighted Average Shares - Diluted 9,313,051 16,201,852 15,057,652 16,219,264 Basic net (loss)/income per share $ (0.55) $ 5.94 $ 1.38 $ 17.31 Diluted net (loss)/income per share $ (0.55) $ 4.77 $ 1.36 $ 13.86 The following table presents a summary of potentially dilutive securities that were not included in the computation of Diluted net (loss)/income per share for the three and nine months ended September 30, 2023 and 2022 because to do so would have been anti-dilutive: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Convertible Bond Debt 3,284,392 — — — Stock awards and options 214,896 25,309 — 16,478 |
Stock Incentive Plans
Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans On December 15, 2016, the Company’s shareholders approved the Eagle Bulk Shipping Inc. 2016 Equity Compensation Plan (the “2016 Plan”) and the Company registered 764,087 shares of common stock for potential issuance under the 2016 Plan. On June 7, 2019, the Company’s shareholders approved an amendment and restatement of the 2016 Plan, which increased the number of shares reserved under the 2016 Plan by an additional 357,142 shares to a maximum of 1,121,229 shares of common stock. On June 14, 2022, the Company’s shareholders approved a second amendment and restatement of the 2016 Plan, which increased the number of shares reserved under the 2016 Plan by an additional 300,000 shares to a maximum of 1,421,229 shares of common stock. The 2016 Plan permits the granting of restricted stock, unrestricted stock, restricted stock units (“RSUs”), performance condition awards, incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalents and other equity-based or equity-related awards (collectively, “Awards”). A summary of restricted stock and RSU activity under the 2016 Plan for the nine months ended September 30, 2023 is as follows: Number of Restricted Shares and RSUs Weighted Average Grant Date Fair Value Aggregate Fair Value (in millions) Unvested awards as of December 31, 2022 323,128 $ 45.10 Granted 95,392 $ 55.90 Vested (134,279) $ 41.90 Forfeited (391) $ 47.44 Unvested awards as of September 30, 2023 283,850 $ 50.24 $ 11.9 The fair value as of the respective vesting dates of restricted stock and RSUs for the nine months ended September 30, 2023 was $6.6 million. The majority of restricted stock and RSUs that vested during the nine months ended September 30, 2023 were net share settled. For the nine months ended September 30, 2023, 37 thousand shares were withheld by the Company and $2.0 million was paid to taxing authorities for employee tax obligations. As of September 30, 2023 and December 31, 2022, there were no vested or unvested options outstanding under the 2016 Plan. Stock-based compensation expense for all stock awards, units and options included in General and administrative expenses is as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Stock-based compensation expense $ 1,670 $ 1,449 $ 5,680 $ 4,542 Stock-based compensation expense related to unvested awards yet to be recognized as of September 30, 2023 totaled $7.3 million and is expected to be recognized, on a weighted average basis, over 2.0 years. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Cash paid for interest for the nine months ended September 30, 2023 and 2022 totaled $22.1 million and $12.9 million, respectively. Cash received from/(paid for) interest rate swap agreements for the nine months ended September 30, 2023 and 2022 totaled $7.1 million and $(0.1) million, respectively. A summary of non-cash investing and financing activities for the nine months ended September 30, 2023 and 2022 is as follows: Nine Months Ended September 30, 2023 September 30, 2022 Accruals and accounts payable for the purchase of BWTS $ 57 $ 3,916 Accruals and accounts payable for transaction costs in connection with repurchase of Common Stock 201 — Accruals for dividends payable 852 1,551 Accruals for the purchase of vessels and vessel improvements 61 — Accruals for the purchase of other fixed assets 104 — |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn November 2, 2023, the Company's Board of Directors declared a cash dividend of $0.10 per share to be paid on or about November 22, 2023 to shareholders of record at the close of business on November 14, 2023. The aggregate amount of the dividend is expected to be approximately $1.0 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net (loss)/income | $ (5,151) | $ 18,026 | $ 3,202 | $ 77,217 | $ 94,453 | $ 53,073 | $ 16,077 | $ 224,743 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K, filed with the SEC on March 10, 2023 (the “Annual Report”). |
Use of Estimates | The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include fair values of long-lived assets (primarily vessels and operating lease right-of-use assets), impairment of long-lived assets (primarily vessels and operating lease right-of-use assets), stock-based compensation and financial instruments (primarily derivative instruments and Convertible Bond Debt (as defined herein)), residual values of vessels, useful lives of vessels and estimated losses on accounts receivable. Actual results could differ from those estimates. |
Recently Adopted Accounting Pronouncements | In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2024 (as extended by ASU 2022-06, Deferral of the Sunset Date of Topic 848 |
Fair Value Measurements | Cash, cash equivalents and restricted cash— Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their highly liquid and short-term nature. Collateral on derivatives— Carrying values reported in the Condensed Consolidated Balance Sheets approximate fair value due to their short-term nature. Derivative assets and liabilities— The fair values of derivative assets and liabilities, which include interest rate swaps, FFAs and bunker swaps, are estimated using observable inputs for similar instruments as of the measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. Long-term Debt —The fair value of Convertible Bond Debt, which is traded in the over-the-counter market, is estimated based on quoted prices in markets that are not active on identical instruments. The carrying amount of the Term Facility under the Global Ultraco Debt Facility approximates its fair value, due to its variable interest rates. The carrying values of other financial assets and liabilities (primarily accounts receivable, accounts payable and other accrued expenses) approximate their fair value due to their relative short-term nature. The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active or other observable inputs. • Level 3 – Inputs that are unobservable. |
Significant Accounting Polici_2
Significant Accounting Policies and Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Change in Accounting Estimate | The impact of this change on Net (loss)/income and basic and diluted net (loss)/income per share for the three and nine months ended September 30, 2023 is as follows: Three Months Ended Nine Months Ended September 30, 2023 Increase to Net income $ 992 $ 2,988 Increase to Basic net income per share $ 0.11 $ 0.26 Increase to Diluted net income per share $ 0.11 $ 0.20 |
Vessels (Tables)
Vessels (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Vessel and Vessel Improvements | Activity in Vessels and vessel improvements for the nine months ended September 30, 2023 is as follows: September 30, 2023 Beginning balance $ 891,877 Purchase of vessels and vessel improvements 85,572 Sale of vessels (31,641) Purchase of BWTS 2,746 Depreciation expense (34,446) Ending balance $ 914,108 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Long-term debt consists of the following: September 30, 2023 December 31, 2022 Principal Amount Outstanding Debt Discounts and Debt Issuance Costs Carrying Value Principal Amount Outstanding Debt Discounts and Debt Issuance Costs Carrying Value Convertible Bond Debt $ 104,119 $ (328) $ 103,791 $ 104,119 $ (620) $ 103,499 Global Ultraco Debt Facility – Term Facility 275,400 (5,778) 269,622 237,750 (6,767) 230,983 Global Ultraco Debt Facility – Revolving Facility 125,000 (2,941) 122,059 — — — Total debt 504,519 (9,047) 495,472 341,869 (7,387) 334,482 Less: Current portion – Convertible Bond Debt (104,119) 328 (103,791) — — — Less: Current portion – Global Ultraco Debt Facility (49,800) — (49,800) (49,800) — (49,800) Total long-term debt $ 350,600 $ (8,719) $ 341,881 $ 292,069 $ (7,387) $ 284,682 |
Schedule of Interest Expense | A summary of interest expense for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Convertible Bond Debt $ 1,301 $ 1,426 $ 3,904 $ 4,279 Global Ultraco Debt Facility – Term Facility (1) 3,042 2,024 6,772 6,372 Global Ultraco Debt Facility – Revolving Facility 2,411 — 2,647 — Commitment fees on Revolving Facility 148 251 724 743 Amortization of debt discount and debt issuance costs 812 535 1,958 1,627 Total interest expense $ 7,714 $ 4,236 $ 16,005 $ 13,021 (1) Interest expense on the Term Facility under the Global Ultraco Debt Facility includes a reduction of $2.5 million and $0.7 million of interest from interest rate derivatives designated as hedging instruments for the three months ended September 30, 2023 and 2022, respectively and a reduction of $7.0 million and $0.3 million of interest from interest rate |
Schedule of Weighted Average And Contractual Interest Rates | In addition, the following table presents the range of contractual interest rates on the Company’s debt obligations, excluding the impact of costs associated with commitment fees on revolving facilities for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Weighted average effective interest rate 7.87 % 5.27 % 7.65 % 4.60 % Range of interest rates 5.00% to 7.72% 3.93% to 5.39% 5.00% to 7.72% 2.35% to 5.39% The following table presents the weighted average effective interest rate on the Company’s debt obligations, including the impact on interest from interest rate derivatives designated as hedging instruments as well as amortization of debt discounts and debt issuance costs and costs associated with commitment fees on revolving facilities for the three and nine months ended September 30, 2023 and 2022. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Weighted average effective interest rate, including hedging instruments 5.94 % 4.49 % 5.31 % 4.50 % |
Schedule of Debt Maturities | The following table presents the scheduled maturities of principal amounts of our debt obligations as of September 30, 2023: Convertible Bond Debt (1) Global Ultraco Debt Facility – Revolving Facility (2) Global Ultraco Debt Facility – Term Facility Total Three months ending December 31, 2023 $ — $ — $ 12,450 $ 12,450 2024 104,119 — 49,800 153,919 2025 — — 49,800 49,800 2026 — 16,230 49,800 66,030 2027 — 21,780 49,800 71,580 2028 — 86,990 63,750 150,740 $ 104,119 $ 125,000 $ 275,400 $ 504,519 (1) This amount represents the aggregate principal amount of the Convertible Bond Debt outstanding that would be payable in cash upon maturity if no holder of the Convertible Bond Debt elects conversion pursuant to the Indenture. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Agreements | As of September 30, 2023, the Company had the following outstanding interest rate swaps that were designated and qualified as cash flow hedges. Range of Fixed Rates Weighted Average Fixed Rate Notional Amount Outstanding 0.62% to 4.47% 1.69% $ 275,400 The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 is as follows: Fair Value of Derivative Assets/(Liabilities) Balance Sheet Location September 30, 2023 December 31, 2022 Derivatives designated as hedging instruments Interest rate contracts – interest rate swaps Fair value of derivative assets – current $ 8,529 $ 8,479 Fair value of derivative assets – noncurrent 5,435 8,184 $ 13,964 $ 16,663 Fair value of derivative liabilities – noncurrent $ (444) $ — $ (444) $ — A summary of outstanding FFAs as of September 30, 2023 is as follows: FFA Period Average FFA Contract Price (1) Number of Days Hedged Quarter ending December 31, 2023 – Buy Positions $ 14,196 (345) Quarter ending December 31, 2023 – Sell Positions $ 12,922 1,380 (1) Presented in whole dollars. |
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations | The effect of these instruments on the Condensed Consolidated Statements of Operations and the Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2023 and 2022 is as follows: Derivatives in Cash Flow Hedging Relationships Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) Location of Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest rate contracts Interest rate swaps $ 1,276 $ 5,173 $ 3,997 $ 15,709 Interest expense $ 2,502 $ 619 $ 7,047 $ 304 The effect of these derivative instruments on the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022 is as follows: Fair Value of Derivative Assets/(Liabilities) Balance Sheet Location September 30, 2023 December 31, 2022 Derivatives not designated as hedging instruments Commodity contracts – FFAs Fair value of derivative liabilities – current $ (585) $ (70) $ (585) $ (70) Commodity contracts – bunker swaps Fair value of derivative assets – current $ 124 $ — $ 124 $ — Fair value of derivative liabilities – current $ — $ (93) $ — $ (93) The effect of these instruments on the Condensed Consolidated Statements of Operations, which is presented in Realized and unrealized loss/(gain) on derivative instruments, net for the three and nine months ended September 30, 2023 and 2022 is as follows: (Gain)/Loss Recognized in Earnings Three Months Ended Nine Months Ended Derivatives not designated as hedging instruments September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Commodity contracts FFAs – realized gain $ (1,577) $ (3,800) $ (2,335) $ (1) Bunker swaps – realized gain (541) (369) (420) (4,763) (2,118) (4,169) (2,755) (4,764) FFAs – unrealized loss/(gain) 2,354 (10,478) 654 (9,359) Bunker swaps – unrealized (gain)/loss (132) 3,354 (217) 842 2,222 (7,124) 437 (8,517) Realized and unrealized loss/(gain) on derivative instruments, net $ 104 $ (11,293) $ (2,318) $ (13,281) |
Schedule of Accumulated Other Comprehensive Income (Loss) | Further information on the effect of these instruments on the Condensed Consolidated Statements of Comprehensive Income/(Loss) for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Accumulated other comprehensive income, beginning balance $ 14,725 $ 12,737 $ 16,549 $ 1,886 Gain recognized in Other Comprehensive Income/(Loss) 1,276 5,173 3,997 15,709 Gain reclassified from Other Comprehensive Income/(Loss) into earnings (2,502) (619) (7,047) (304) Accumulated other comprehensive income, ending balance $ 13,499 $ 17,291 $ 13,499 $ 17,291 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | Fair Value September 30, 2023 Carrying Value Level 1 Level 2 Assets Cash, cash equivalents and restricted cash $ 116,454 $ 116,454 $ — Collateral on derivatives 4,380 4,380 — Fair value of derivative assets – current 8,653 — 8,653 Fair value of derivative assets – noncurrent 5,435 — 5,435 Liabilities Global Ultraco Debt Facility (1)(2) 275,400 — 275,400 Convertible Bond Debt (1)(3) 104,119 — 146,839 Fair value of derivative liabilities – current 585 — 585 Fair Value December 31, 2022 Carrying Value Level 1 Level 2 Assets Cash, cash equivalents and restricted cash $ 189,754 $ 189,754 $ — Collateral on derivatives 909 909 — Fair value of derivative assets – current 8,479 — 8,479 Fair value of derivative assets – noncurrent 8,184 — 8,184 Liabilities Global Ultraco Debt Facility (1)(2) 237,750 — 237,750 Convertible Bond Debt (1)(3) 104,119 — 172,661 Fair value of derivative liabilities – current 163 — 163 (1) Carrying value represents outstanding principal amount and excludes debt discounts and debt issuance costs. (2) Fair value is based on the required repayment to the lenders if the debt was discharged in full on September 30, 2023 and December 31, 2022, as applicable. (3) Fair value is based on pricing data (including observable trade information) sourced from Bloomberg.com. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Future Minimum Lease Payments | A summary of lease payments expected to be received on fixed time charter-out contracts, net of commission, assuming no off-hire days, other than those related to scheduled interim or special surveys of the related vessel and excluding any voyage expenses associated with such contracts, as of September 30, 2023 is as follows: Year: Time Charter-Out Contracts Remainder of 2023 $ 12,006 2024 — 2025 — 2026 — 2027 — Thereafter — $ 12,006 A summary of total lease payments on an undiscounted basis for operating lease liabilities, by asset type, as of September 30, 2023 is as follows: Time charter-in contracts greater than 12 months Office leases Total Operating leases Year: Remainder of 2023 $ 5,632 $ 94 $ 5,726 2024 5,412 896 6,308 2025 — 909 909 2026 — 922 922 2027 — 638 638 Thereafter — 577 577 11,044 4,036 15,080 Implied interest (1,547) (658) (2,205) Total operating lease liabilities $ 9,497 $ 3,378 $ 12,875 |
Assets and Liabilities, Lease | September 30, 2023 December 31, 2022 Operating lease right-of-use assets Time charter-in contracts greater than 12 months $ 8,375 $ 19,116 Office leases 2,517 3,890 $ 10,892 $ 23,006 Current portion of operating lease liabilities Time charter-in contracts greater than 12 months $ 9,497 $ 21,328 Office leases 612 717 $ 10,109 $ 22,045 Noncurrent portion of operating lease liabilities Time charter-in contracts greater than 12 months $ — $ — Office leases 2,766 3,173 $ 2,766 $ 3,173 Weighted average remaining lease term (in years) Time charter-in contracts greater than 12 months 0.6 0.6 Office leases 4.6 4.7 Weighted average discount rate Time charter-in contracts greater than 12 months 6.6 % 6.0 % Office leases 7.1 % 6.9 % |
Charter Hire Expense | A summary of the components of the Company’s lease expenses and sub-lease income for the three and nine months ended September 30, 2023 and 2022 is as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Operating lease cost Time charter-in contracts greater than 12 months $ 4,457 $ 8,013 $ 17,277 $ 20,451 Office leases 183 216 613 625 Short-term lease cost Time charter-in contracts less than 12 months 2,411 11,759 13,737 43,317 Total lease cost $ 7,051 $ 19,988 $ 31,627 $ 64,393 Sublease income, gross Time charter-in contracts greater than 12 months (1) $ 7,282 $ 8,402 $ 20,442 $ 25,072 (1) Sublease income on time charter-in contracts is recorded in Revenues, net on the Condensed Consolidated Statements of Operations. A summary of cash flow information related to the Company’s leases for the nine months ended September 30, 2023 and 2022 is as follows: Nine Months Ended September 30, 2023 September 30, 2022 Cash paid for operating leases with lease terms greater than 12 months $ 19,570 $ 21,083 Non-cash activities Operating lease right-of-use assets obtained in exchange for lease liabilities $ 11,685 $ 38,956 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table shows the revenues earned from time charters and voyage charters for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Time charters (1) $ 41,920 $ 95,132 $ 148,692 $ 274,755 Voyage charters 40,686 90,181 140,518 293,651 $ 82,606 $ 185,313 $ 289,210 $ 568,406 (1) See Note 9 . Leases, for a description of revenues earned from time charters. |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents Basic and Diluted net (loss)/income per share for the three and nine months ended September 30, 2023 and 2022: Three Months Ended Nine Months Ended (In thousands, except share and per share data ) September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Net (loss)/income $ (5,151) $ 77,217 $ 16,077 $ 224,743 Weighted Average Shares - Basic 9,313,051 12,993,450 11,686,433 12,985,329 Effect of dilutive securities: Convertible Bond Debt — 3,092,230 3,284,392 3,092,230 Stock awards and options — 116,172 86,827 141,705 Dilutive potential common shares — 3,208,402 3,371,219 3,233,935 Weighted Average Shares - Diluted 9,313,051 16,201,852 15,057,652 16,219,264 Basic net (loss)/income per share $ (0.55) $ 5.94 $ 1.38 $ 17.31 Diluted net (loss)/income per share $ (0.55) $ 4.77 $ 1.36 $ 13.86 |
Schedule of Potentially Dilutive Securities | The following table presents a summary of potentially dilutive securities that were not included in the computation of Diluted net (loss)/income per share for the three and nine months ended September 30, 2023 and 2022 because to do so would have been anti-dilutive: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Convertible Bond Debt 3,284,392 — — — Stock awards and options 214,896 25,309 — 16,478 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | A summary of restricted stock and RSU activity under the 2016 Plan for the nine months ended September 30, 2023 is as follows: Number of Restricted Shares and RSUs Weighted Average Grant Date Fair Value Aggregate Fair Value (in millions) Unvested awards as of December 31, 2022 323,128 $ 45.10 Granted 95,392 $ 55.90 Vested (134,279) $ 41.90 Forfeited (391) $ 47.44 Unvested awards as of September 30, 2023 283,850 $ 50.24 $ 11.9 |
Schedule of Noncash Compensation Expenses | Stock-based compensation expense for all stock awards, units and options included in General and administrative expenses is as follows: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Stock-based compensation expense $ 1,670 $ 1,449 $ 5,680 $ 4,542 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Non-cash Investing and Financing Activities | A summary of non-cash investing and financing activities for the nine months ended September 30, 2023 and 2022 is as follows: Nine Months Ended September 30, 2023 September 30, 2022 Accruals and accounts payable for the purchase of BWTS $ 57 $ 3,916 Accruals and accounts payable for transaction costs in connection with repurchase of Common Stock 201 — Accruals for dividends payable 852 1,551 Accruals for the purchase of vessels and vessel improvements 61 — Accruals for the purchase of other fixed assets 104 — |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details) t in Thousands | 9 Months Ended |
Sep. 30, 2023 vessel segment t | |
Property, Plant and Equipment [Line Items] | |
Number of business segments | segment | 1 |
Number of vessels | 52 |
Dead weight tonnage of operating fleet | t | 3,160 |
Average age of operating fleet | 10 years |
Number of vessels charted-in | 4 |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Remaining lease term (in years) | 1 month |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Remaining lease term (in years) | 9 months |
Supramax Vessels | |
Property, Plant and Equipment [Line Items] | |
Vessels in operation | 22 |
Ultramax Vessels | |
Property, Plant and Equipment [Line Items] | |
Vessels in operation | 30 |
Significant Accounting Polici_3
Significant Accounting Policies and Pronouncements - Narrative (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Jan. 01, 2023 $ / t | Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 $ / t | |
Property, Plant and Equipment [Line Items] | ||||
Charter rate average term (in years) | 15 years | |||
Salvage Value | Forecast | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 4,000 | |||
Vessels and Vessel Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life (in years) | 25 years | |||
Scrap value of vessels | $ / t | 400 | 300 | ||
Depreciation expense | $ (34,446) |
Significant Accounting Polici_4
Significant Accounting Policies and Pronouncements - Impact of Change in Accounting Estimate (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Change in Accounting Estimate [Line Items] | ||||||||
Increase to Net income | $ (5,151) | $ 18,026 | $ 3,202 | $ 77,217 | $ 94,453 | $ 53,073 | $ 16,077 | $ 224,743 |
Increase to Basic net income per share (in usd per share) | $ (0.55) | $ 5.94 | $ 1.38 | $ 17.31 | ||||
Increase to Diluted net income per share (in usd per share) | $ (0.55) | $ 4.77 | $ 1.36 | $ 13.86 | ||||
Scenario, Adjustment | Salvage Value | ||||||||
Change in Accounting Estimate [Line Items] | ||||||||
Increase to Net income | $ 992 | $ 2,988 | ||||||
Increase to Basic net income per share (in usd per share) | $ 0.11 | $ 0.26 | ||||||
Increase to Diluted net income per share (in usd per share) | $ 0.11 | $ 0.20 |
Vessels - Additional Informatio
Vessels - Additional Information (Details) $ in Thousands | 1 Months Ended | ||||
Apr. 30, 2023 USD ($) | Feb. 28, 2023 USD ($) | Jan. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) vessel | Dec. 31, 2022 USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Number of vessels | vessel | 52 | ||||
Advances for vessel purchases | $ 0 | $ 3,638 | |||
Asset acquisition, total consideration | $ 30,100 | $ 30,100 | |||
Vessel sold, consideration | $ 49,800 | $ 9,000 | |||
High-Specification Scrubber-Fitted Ultramax Bulkcarriers | |||||
Property, Plant and Equipment [Line Items] | |||||
Vessel purchase price | $ 24,300 |
Vessels - Vessel and Vessel Imp
Vessels - Vessel and Vessel Improvements (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Movement in Property, Plant and Equipment [Roll Forward] | |
Beginning balance | $ 891,877 |
Ending balance | 914,108 |
Vessels and Vessel Improvements | |
Movement in Property, Plant and Equipment [Roll Forward] | |
Beginning balance | 891,877 |
Purchase of vessels and vessel improvements | 85,572 |
Sale of vessels | (31,641) |
Purchase of BWTS | 2,746 |
Depreciation expense | (34,446) |
Ending balance | $ 914,108 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | $ 504,519 | $ 341,869 |
Debt Discounts and Debt Issuance Costs | (9,047) | (7,387) |
Carrying Value | 495,472 | 334,482 |
Total Principal Amount Otstanding | 350,600 | 292,069 |
Total Debt Discounts and Debt Issuance Costs | 8,719 | 7,387 |
Total Carrying Value | 341,881 | 284,682 |
Global Ultraco Debt Facility – Term Facility | Term Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 275,400 | |
Global Ultraco Debt Facility – Term Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 125,000 | |
Convertible Bond Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 104,119 | 104,119 |
Debt Discounts and Debt Issuance Costs | (328) | (620) |
Carrying Value | 103,791 | 103,499 |
Long-term debt, current, gross | 104,119 | 0 |
Current portion of long-term debt – Global Ultraco Debt Facility | (103,791) | 0 |
Revolver Loan | Global Ultraco Debt Facility – Term Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, current, gross | 49,800 | 49,800 |
Current portion of long-term debt – Global Ultraco Debt Facility | (49,800) | (49,800) |
Revolver Loan | Global Ultraco Debt Facility – Term Facility | Term Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 275,400 | 237,750 |
Debt Discounts and Debt Issuance Costs | (5,778) | (6,767) |
Carrying Value | 269,622 | 230,983 |
Revolver Loan | Global Ultraco Debt Facility – Term Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 125,000 | 0 |
Debt Discounts and Debt Issuance Costs | (2,941) | 0 |
Carrying Value | $ 122,059 | $ 0 |
Debt - Global Ultraco Debt Faci
Debt - Global Ultraco Debt Facility (Details) $ in Thousands | 9 Months Ended | ||||||||
May 11, 2023 USD ($) vessel installment | Sep. 30, 2021 USD ($) derivative vessel | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Aug. 31, 2023 USD ($) derivative | Apr. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Oct. 01, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Debt issuance costs paid to lenders – Original Global Ultraco Debt Facility | $ 0 | $ 18 | |||||||
Repayment of secured debt | (37,350) | $ (37,350) | |||||||
Debt instrument covenant, undrawn commitments threshold, period prior to maturity date (in months) | 7 months | ||||||||
Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 485,300 | ||||||||
Vessels secured by debt instrument | vessel | 52 | ||||||||
Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | Global Ultraco Lenders | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument covenant, minimum liquidity minimum threshold | $ 600 | ||||||||
Debt instrument, covenant, percentage of consolidated total debt minimum threshold | 7.50% | ||||||||
Ratio of indebtedness to net capital | 0.60 | ||||||||
Debt covenant, fair market value of collateral, percentage of aggregate principal outstanding, minimum threshold | 1.40 | ||||||||
Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | Secured Overnight Financing Rate (SOFR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.26161% | ||||||||
Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | Secured Overnight Financing Rate (SOFR) | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.05% | ||||||||
Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | Secured Overnight Financing Rate (SOFR) | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.75% | ||||||||
Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | Term Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 300,300 | ||||||||
Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility amount | $ 185,000 | ||||||||
Line of credit facility, periodic reduction, frequency | 3 months | ||||||||
Debt instrument, periodic payment, number of payments | installment | 21 | ||||||||
Debt instrument, periodic payment | $ 5,445 | ||||||||
Global Ultraco Debt Facility | Revolver Loan | Term Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from draw down | 75,000 | ||||||||
Line of credit, remaining borrowing capacity | 54,600 | $ 100,000 | |||||||
Number of interest rate swaps | derivative | 3 | ||||||||
Notional amount | $ 75,000 | ||||||||
Global Ultraco Debt Facility | Revolver Loan | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from draw down | $ 125,000 | ||||||||
Global Ultraco Refinancing | Line of Credit | Eagle Bulk Ultraco LLC | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs paid to lenders – Original Global Ultraco Debt Facility | 3,500 | ||||||||
Debt instrument, face amount | 175,000 | ||||||||
Global Ultraco Refinancing | Line of Credit | Eagle Bulk Ultraco LLC | Term Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 75,000 | ||||||||
Debt instrument, periodic payment, number of payments | installment | 22 | ||||||||
Debt instrument, periodic payment | $ 12,450 | ||||||||
Global Ultraco Refinancing | Line of Credit | Eagle Bulk Ultraco LLC | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility amount | $ 100,000 | ||||||||
Original Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 400,000 | $ 310,300 | |||||||
Vessels secured by debt instrument | vessel | 49 | ||||||||
Repayments of debt | $ 12,450 | ||||||||
Original Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | London Interbank Offered Rate | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.10% | ||||||||
Original Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | London Interbank Offered Rate | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.80% | ||||||||
Original Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | Term Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 300,000 | ||||||||
Number of interest rate swaps | derivative | 4 | ||||||||
Notional amount | $ 300,000 | ||||||||
Original Global Ultraco Debt Facility | Line of Credit | Eagle Bulk Ultraco LLC | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility amount | $ 100,000 | ||||||||
Line of credit, remaining borrowing capacity | $ 85,000 | $ 100,000 |
Debt - Convertible Bond Debt (D
Debt - Convertible Bond Debt (Details) | 9 Months Ended | |||||||||
Sep. 15, 2020 | Jul. 29, 2019 USD ($) vessel | Sep. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Net proceeds | $ 112,500,000 | |||||||||
Number of vessels acquired | vessel | 6 | |||||||||
Conversion premium per principal amount of notes | $ 1,000 | $ 1,000 | ||||||||
Stockholders' equity attributable to parent | 598,072,000 | $ 608,757,000 | $ 811,709,000 | $ 819,181,000 | $ 819,203,000 | $ 765,495,000 | $ 693,769,000 | $ 671,266,000 | ||
Debt discounts and debt issuance costs | (9,047,000) | (7,387,000) | ||||||||
Accumulated Deficit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stockholders' equity attributable to parent | (162,418,000) | (151,697,000) | (168,373,000) | (163,556,000) | (162,712,000) | (210,854,000) | (278,858,000) | (313,495,000) | ||
Additional Paid-in Capital | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stockholders' equity attributable to parent | $ 746,898,000 | $ 745,636,000 | $ 966,261,000 | 966,058,000 | $ 964,494,000 | $ 963,482,000 | $ 961,930,000 | 982,746,000 | ||
Cumulative effect of adoption of ASU 2020-06 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stockholders' equity attributable to parent | (12,050,000) | |||||||||
Cumulative effect of adoption of ASU 2020-06 | Accumulated Deficit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stockholders' equity attributable to parent | 8,676,000 | |||||||||
Cumulative effect of adoption of ASU 2020-06 | Additional Paid-in Capital | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stockholders' equity attributable to parent | (20,726,000) | |||||||||
Cumulative effect of adoption of ASU 2020-06 | Accounting Standards Update 2020-06 | Accumulated Deficit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stockholders' equity attributable to parent | 8,700,000 | |||||||||
Cumulative effect of adoption of ASU 2020-06 | Accounting Standards Update 2020-06 | Additional Paid-in Capital | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stockholders' equity attributable to parent | 20,700,000 | |||||||||
Convertible Bond Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 114,100,000 | |||||||||
Range of interest rates | 5% | |||||||||
Debt issuance costs | $ 1,600,000 | |||||||||
Conversion premium (in shares) | shares | 31.5446 | |||||||||
Conversion price (in dollars per share) | $ / shares | $ 31.70 | |||||||||
Reverse stock split ratio | 0.1 | |||||||||
Debt discounts and debt issuance costs | $ (328,000) | $ (620,000) | ||||||||
Convertible Bond Debt | Accounting Standards Update 2020-06 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt discounts and debt issuance costs | $ 12,000,000 | |||||||||
Convertible Bond Debt | Debt Instrument, Redemption, Period Two | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption price percentage | 100% | |||||||||
Convertible Bond Debt | Other Liabilities | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance costs | $ 1,000,000 | |||||||||
Unsecured Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount of principal amount eligible for declaration in case of default | 25% | |||||||||
Amount of notes to be due and payable | 100% |
Debt - Share Lending Agreement
Debt - Share Lending Agreement (Details) - Related Party - Jefferies Capital Services LLC - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Jul. 29, 2019 | |
Debt Instrument [Line Items] | ||
Commons stock available to affiliate (in shares) | 511,840 | 511,840 |
Outstanding loaned shares | $ 21,500 | |
Nominal fee per borrowed share | $ 30 |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Commitment fees on Revolving Facility | $ 148 | $ 251 | $ 724 | $ 743 |
Amortization of debt discount and debt issuance costs | 812 | 535 | 1,958 | 1,627 |
Total interest expense | 7,714 | 4,236 | 16,005 | 13,021 |
Global Ultraco Debt Facility | Term Facility | ||||
Debt Instrument [Line Items] | ||||
Global Ultraco Debt Facility | 3,042 | 2,024 | 6,772 | 6,372 |
Global Ultraco Debt Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Global Ultraco Debt Facility | 2,411 | 0 | 2,647 | 0 |
Global Ultraco Debt Facility | Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Interest rate cash flow hedge gain (loss) reclassified to earnings, net | (2,500) | (700) | (7,000) | (300) |
Convertible Bond Debt | ||||
Debt Instrument [Line Items] | ||||
Convertible Bond Debt | $ 1,301 | $ 1,426 | $ 3,904 | $ 4,279 |
Debt - Schedule of Weighted Ave
Debt - Schedule of Weighted Average and Contractual Interest Rates (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Weighted average effective interest rate | 7.87% | 5.27% | 7.65% | 4.60% |
Weighted average effective interest rate, including hedging instruments | 0.0594 | 0.0449 | 0.0531 | 0.0450 |
Minimum | ||||
Debt Instrument [Line Items] | ||||
Range of interest rates | 5% | 3.93% | 5% | 2.35% |
Maximum | ||||
Debt Instrument [Line Items] | ||||
Range of interest rates | 7.72% | 5.39% | 7.72% | 5.39% |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Principal Amounts of Debt Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Three months ending December 31, 2023 | $ 12,450 | |
2024 | 153,919 | |
2025 | 49,800 | |
2026 | 66,030 | |
2027 | 71,580 | |
2028 | 150,740 | |
Principal Amount Outstanding | 504,519 | $ 341,869 |
Global Ultraco Debt Facility | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Three months ending December 31, 2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 16,230 | |
2027 | 21,780 | |
2028 | 86,990 | |
Principal Amount Outstanding | 125,000 | |
Global Ultraco Debt Facility | Revolving Credit Facility | Revolver Loan | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 125,000 | 0 |
Global Ultraco Debt Facility | Term Facility | ||
Debt Instrument [Line Items] | ||
Three months ending December 31, 2023 | 12,450 | |
2024 | 49,800 | |
2025 | 49,800 | |
2026 | 49,800 | |
2027 | 49,800 | |
2028 | 63,750 | |
Principal Amount Outstanding | 275,400 | |
Global Ultraco Debt Facility | Term Facility | Revolver Loan | ||
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | 275,400 | $ 237,750 |
Convertible Bond Debt | ||
Debt Instrument [Line Items] | ||
Three months ending December 31, 2023 | 0 | |
2024 | 104,119 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Principal Amount Outstanding | $ 104,119 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) counterparty bank t $ / T | Dec. 31, 2022 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of financial institutions | bank | 5 | |
Number of counterparties | counterparty | 1 | |
Gain (loss) expected to be reclassified into the earnings within the next twelve months | $ 8,700 | |
Collateral related to derivative instruments under collateral security arrangements | $ 4,380 | $ 909 |
High Sulfur Fuel Cost Spread | Expiring In 2023 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative notional mass (metric tons) | t | 3,550 | |
High Sulfur Fuel Cost Spread | Expiring In 2023 | Minimum | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative contract price (usd per metric ton) | $ / T | 469 | |
High Sulfur Fuel Cost Spread | Expiring In 2023 | Maximum | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative contract price (usd per metric ton) | $ / T | 634 | |
Commodity contracts – FFAs | Other current assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Collateral related to derivative instruments under collateral security arrangements | $ 4,400 |
Derivative Instruments - Intere
Derivative Instruments - Interest Rate Swap Agreements (Details) - Interest Rate Swap - Cash Flow Hedging $ in Thousands | Sep. 30, 2023 USD ($) |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Weighted Average Fixed Rate | 1.69% |
Notional Amount Outstanding | $ 275,400 |
Minimum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Range of Fixed Rates | 0.62% |
Maximum | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Range of Fixed Rates | 4.47% |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Designated Derivatives Effect on Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative assets – current | $ 8,653 | $ 8,479 |
Fair value of derivative assets – noncurrent | 5,435 | 8,184 |
Fair value of derivative liabilities - noncurrent | 444 | 0 |
Level 2 | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative asset | 13,964 | 16,663 |
Derivative liability | (444) | 0 |
Interest Rate Swap | Level 2 | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative assets – current | 8,529 | 8,479 |
Fair value of derivative assets – noncurrent | 5,435 | 8,184 |
Fair value of derivative liabilities - noncurrent | $ (444) | $ 0 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Derivatives Effect on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain/(Loss) Recognized in Other Comprehensive Income/(Loss) | $ 1,276 | $ 5,173 | $ 3,997 | $ 15,709 |
OCI, Cash Flow Hedge, Reclassification for Discontinuance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense | Interest expense | ||
Gain/(Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings | $ 2,502 | $ 619 | $ 7,047 | $ 304 |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule of Derivative Effect on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 608,757 | $ 765,495 | $ 819,181 | $ 671,266 |
Ending balance | 598,072 | 819,203 | 598,072 | 819,203 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 14,725 | 12,737 | 16,549 | 1,886 |
Gain recognized in Other Comprehensive Income/(Loss) | 1,276 | 5,173 | 3,997 | 15,709 |
Gain reclassified from Other Comprehensive Income/(Loss) into earnings | (2,502) | (619) | (7,047) | (304) |
Ending balance | $ 13,499 | $ 17,291 | $ 13,499 | $ 17,291 |
Derivative Instruments - Open P
Derivative Instruments - Open Positions on Forward Freight Agreements (Details) - Forward Freight Agreement - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | |
Long | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Average FFA Contract Price | $ 14,196 | |
Short | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Average FFA Contract Price | $ 12,922 | |
Forecast | Long | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of Days Hedged | 345 days | |
Forecast | Short | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of Days Hedged | 1380 days |
Derivative Instruments - Inte_2
Derivative Instruments - Interest Swap Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative liabilities – current | $ 585 | $ 163 |
Fair value of derivative assets – current | 8,653 | 8,479 |
Not Designated as Hedging Instrument | Commodity contracts – FFAs | Level 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative liabilities – current | (585) | (70) |
Fair value of derivative assets – current | 124 | 0 |
Derivative liability | (585) | (70) |
Not Designated as Hedging Instrument | Commodity contracts – bunker swaps | Level 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair value of derivative liabilities – current | 0 | (93) |
Derivative asset | 124 | 0 |
Derivative liability | $ 0 | $ (93) |
Derivative Instruments - Effect
Derivative Instruments - Effect of Non-designated Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Realized loss/(gain) | $ (2,118) | $ (4,169) | $ (2,755) | $ (4,764) |
Unrealized loss/(gain) | 2,222 | (7,124) | 437 | (8,517) |
Realized and unrealized loss/(gain) on derivative instruments, net | 104 | (11,293) | (2,318) | (13,281) |
FFAs | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Realized loss/(gain) | (1,577) | (3,800) | (2,335) | (1) |
Unrealized loss/(gain) | 2,354 | (10,478) | 654 | (9,359) |
Bunker swaps | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Realized loss/(gain) | (541) | (369) | (420) | (4,763) |
Unrealized loss/(gain) | $ (132) | $ 3,354 | $ (217) | $ 842 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 24 Months Ended | ||||||||||||
Jun. 23, 2023 USD ($) $ / shares shares | Jun. 22, 2023 vote $ / shares shares | May 04, 2023 $ / shares | Mar. 02, 2023 $ / shares | Sep. 30, 2023 $ / shares | Jun. 30, 2023 $ / shares shares | Mar. 31, 2023 $ / shares | Sep. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Mar. 31, 2022 $ / shares | Sep. 30, 2023 USD ($) $ / shares | Sep. 30, 2022 USD ($) | Sep. 30, 2023 $ / shares shares | Dec. 31, 2022 $ / shares | Oct. 04, 2021 USD ($) | |
Class of Warrant or Right [Line Items] | |||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Stock repurchased during period, fees and transaction costs | $ | $ 3,600 | ||||||||||||||
Cash dividend declared (in dollars per share) | $ / shares | $ 0.10 | $ 0.60 | $ 0.58 | $ 0.10 | $ 0.60 | $ 2.20 | $ 2 | $ 2.05 | |||||||
Dividends paid | $ | $ 15,790 | $ 81,577 | |||||||||||||
Common Stock | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Stock repurchased during period (in shares) | shares | 3,781,561 | ||||||||||||||
Stock repurchased during period, value | $ | $ 219,300 | ||||||||||||||
Shares repurchased, average cost per share (in dollars per share) | $ / shares | $ 58 | ||||||||||||||
Shares acquired, percentage of outstanding common stock | 0.28 | ||||||||||||||
Stock repurchase program, authorized amount | $ | $ 50,000 | ||||||||||||||
Repurchase of common stock (in shares) | shares | 3,781,561 | 0 | |||||||||||||
Preferred Share Purchase Right | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Class of warrant or right, dividend declared, number issued for each outstanding share of common stock (in shares) | shares | 1 | ||||||||||||||
Class of warrant or right, exercise period, period post public announcement of beneficial ownership acquired (in days) | 10 days | ||||||||||||||
Beneficial ownership acquired, threshold percentage | 0.15 | ||||||||||||||
Class of warrant or right, exercise period, period post tender or exchange offer commencement (in days) | 10 days | ||||||||||||||
Preferred Share Purchase Right | Series A Preferred Stock | |||||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||
Class of right, exercise price of right (in dollars per share) | $ / shares | $ 180 | ||||||||||||||
Class of warrant or right, number of securities called by each warrant or right (in shares) | shares | 0.001 | ||||||||||||||
Preferred stock, entitled dividend payment equivalent, number of shares of common stock (in shares) | shares | 1 | ||||||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 1 | ||||||||||||||
Preferred stock, liquidation preference payment equivalent, number of shares of common stock (in shares) | shares | 1 | ||||||||||||||
Preferred stock, voting rights, number of votes | vote | 1 | ||||||||||||||
Preferred stock, merger exchange payment equivalent, number of shares of common stock (in shares) | shares | 1 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash, cash equivalents and restricted cash | $ 116,454 | $ 189,754 |
Collateral on derivatives | 4,380 | 909 |
Fair value of derivative assets – current | 8,653 | 8,479 |
Fair value of derivative assets – noncurrent | 5,435 | 8,184 |
Liabilities | ||
Fair value of derivative liabilities – current | 585 | 163 |
Global Ultraco Debt Facility | ||
Liabilities | ||
Debt instrument | 275,400 | 237,750 |
Convertible Bond Debt | ||
Liabilities | ||
Debt instrument | 104,119 | 104,119 |
Recurring | Level 1 | ||
Assets | ||
Cash, cash equivalents and restricted cash | 116,454 | 189,754 |
Collateral on derivatives | 4,380 | 909 |
Fair value of derivative assets – current | 0 | 0 |
Fair value of derivative assets – noncurrent | 0 | 0 |
Liabilities | ||
Fair value of derivative liabilities – current | 0 | 0 |
Recurring | Level 1 | Global Ultraco Debt Facility | ||
Liabilities | ||
Debt instrument | 0 | 0 |
Recurring | Level 1 | Convertible Bond Debt | ||
Liabilities | ||
Debt instrument | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Cash, cash equivalents and restricted cash | 0 | 0 |
Collateral on derivatives | 0 | 0 |
Fair value of derivative assets – current | 8,653 | 8,479 |
Fair value of derivative assets – noncurrent | 5,435 | 8,184 |
Liabilities | ||
Fair value of derivative liabilities – current | 585 | 163 |
Recurring | Level 2 | Global Ultraco Debt Facility | ||
Liabilities | ||
Debt instrument | 275,400 | 237,750 |
Recurring | Level 2 | Convertible Bond Debt | ||
Liabilities | ||
Debt instrument | $ 146,839 | $ 172,661 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Loss Contingencies [Line Items] | ||||
Other operating expense | $ 677 | $ 2,469 | $ 860 | $ 2,643 |
U.S. Government Vessel Investigation | ||||
Loss Contingencies [Line Items] | ||||
Other operating expense | $ 800 | $ 300 | $ 800 | $ 300 |
Leases - Lease Maturities (Time
Leases - Lease Maturities (Time Charter-Out Contracts) (Details) - Time Charter-Out Contracts $ in Thousands | Sep. 30, 2023 USD ($) |
Lessee, Lease, Description [Line Items] | |
Remainder of 2023 | $ 12,006 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Operating lease payments to be received | $ 12,006 |
Leases - Narrative (Time Chart-
Leases - Narrative (Time Chart-Out and Charter-In) (Details) | 1 Months Ended | ||||||||||
Feb. 28, 2023 $ / d | Oct. 17, 2018 $ / d | Aug. 31, 2023 $ / d | Mar. 31, 2023 $ / d | May 31, 2022 | Mar. 31, 2022 $ / d | Sep. 30, 2021 t $ / d | Dec. 31, 2020 t $ / d | Dec. 31, 2019 $ / d | Oct. 31, 2018 t | Sep. 30, 2023 vessel t | |
Lessee, Lease, Description [Line Items] | |||||||||||
Number of vessels charted-in | vessel | 4 | ||||||||||
Dead weight tonnage of operating fleet | t | 3,160,000 | ||||||||||
2016 Built Ultramax Vessel | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Dead weight tonnage of operating fleet | t | 62,487 | ||||||||||
Charters agreement term | 2 years | ||||||||||
2016 Built Ultramax Vessel | First Year | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 14,250 | 23,888 | 11,600 | ||||||||
2016 Built Ultramax Vessel | Second Year | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 25,888 | 15,250 | 17,500 | 25,888 | |||||||
2016 Built Ultramax Vessel | Additional Year Option | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 12,600 | ||||||||||
2016 Built Ultramax Vessel | Third Year Option | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 19,500 | ||||||||||
2021 Built Ultramax Vessel | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Dead weight tonnage of operating fleet | t | 64,539 | 63,634 | |||||||||
Charters agreement term | 12 months | 12 months | 12 months | ||||||||
2021 Built Ultramax Vessel | Minimum | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Charters agreement term | 10 months | 11 months | 11 months | ||||||||
2021 Built Ultramax Vessel | Maximum | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Charters agreement term | 12 months | 13 months | 13 months | ||||||||
2021 Built Ultramax Vessel | Additional Year Option | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 10,750 | ||||||||||
Vessel hire rate (usd per day) | 57.50% | ||||||||||
2021 Built Ultramax Vessel | Third Year Option | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 9,500 | ||||||||||
Vessel hire rate (usd per day) | 57.50% | ||||||||||
2021 Built Ultramax Vessel | Three Month Option | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Charters agreement term | 3 months | 3 months | |||||||||
Vessel hiring rate (in dollars per day) | 6,300 | 5,900 | |||||||||
Vessel hire rate (usd per day) | 57% | ||||||||||
2021 Built Ultramax Vessel | Twelve To Fifteen Month Option | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 11,250 | ||||||||||
Vessel hire rate (usd per day) | 57.50% | ||||||||||
2021 Built Ultramax Vessel | Second Optional Year | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 8,500 | ||||||||||
Vessel hire rate (usd per day) | 57.50% | ||||||||||
2021 Built Ultramax Vessel | Eleven To Thirteen Month Option | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 6,500 | ||||||||||
Vessel hire rate (usd per day) | 58% | 57% | |||||||||
2021 Built Ultramax Vessel | Ten To Twelve Month Option | |||||||||||
Lessee, Lease, Description [Line Items] | |||||||||||
Vessel hiring rate (in dollars per day) | 7,500 | ||||||||||
Vessel hire rate (usd per day) | 58% |
Leases - Operating Lease Assets
Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 10,892 | $ 23,006 |
Current portion of operating lease liabilities | 10,109 | 22,045 |
Noncurrent portion of operating lease liabilities | 2,766 | 3,173 |
Chartered In Contracts | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | 8,375 | 19,116 |
Current portion of operating lease liabilities | 9,497 | 21,328 |
Noncurrent portion of operating lease liabilities | $ 0 | $ 0 |
Weighted average remaining lease term (in years) | 7 months 6 days | 7 months 6 days |
Weighted average discount rate | 6.60% | 6% |
Office leases | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 2,517 | $ 3,890 |
Current portion of operating lease liabilities | 612 | 717 |
Noncurrent portion of operating lease liabilities | $ 2,766 | $ 3,173 |
Weighted average remaining lease term (in years) | 4 years 7 months 6 days | 4 years 8 months 12 days |
Weighted average discount rate | 7.10% | 6.90% |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Short-term lease cost | ||||
Total lease cost | $ 7,051 | $ 19,988 | $ 31,627 | $ 64,393 |
Chartered In Contracts | ||||
Operating lease cost | ||||
Operating lease cost | 4,457 | 8,013 | 17,277 | 20,451 |
Short-term lease cost | ||||
Short-term lease cost | 2,411 | 11,759 | 13,737 | 43,317 |
Sublease income, gross | ||||
Sublease income, gross | 7,282 | 8,402 | 20,442 | 25,072 |
Office leases | ||||
Operating lease cost | ||||
Operating lease cost | $ 183 | $ 216 | $ 613 | $ 625 |
Leases - Cash Flow (Details)
Leases - Cash Flow (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||
Cash paid for operating leases with lease terms greater than 12 months | $ 19,570 | $ 21,083 |
Non-cash activities | ||
Operating lease right-of-use assets obtained in exchange for lease liabilities | $ 11,685 | $ 38,956 |
Leases - Lease Maturities (Deta
Leases - Lease Maturities (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Lessee, Lease, Description [Line Items] | |
Remainder of 2023 | $ 5,726 |
2024 | 6,308 |
2025 | 909 |
2026 | 922 |
2027 | 638 |
Thereafter | 577 |
Operating lease payments | 15,080 |
Implied interest | (2,205) |
Total operating lease liabilities | 12,875 |
Chartered In Contracts | |
Lessee, Lease, Description [Line Items] | |
Remainder of 2023 | 5,632 |
2024 | 5,412 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Operating lease payments | 11,044 |
Implied interest | (1,547) |
Total operating lease liabilities | 9,497 |
Office leases | |
Lessee, Lease, Description [Line Items] | |
Remainder of 2023 | 94 |
2024 | 896 |
2025 | 909 |
2026 | 922 |
2027 | 638 |
Thereafter | 577 |
Operating lease payments | 4,036 |
Implied interest | (658) |
Total operating lease liabilities | $ 3,378 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Standard payment terms, percentage | 95% | 95% | |||
Standard payment terms (in days) | 3 days | 3 days | |||
Revenues, net | $ 82,606 | $ 185,313 | $ 289,210 | $ 568,406 | |
Deferred costs | 600 | 600 | $ 500 | ||
Voyage In Progress | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues, net | $ 2,600 | $ 7,800 | $ 5,200 | $ 26,500 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 82,606 | $ 185,313 | $ 289,210 | $ 568,406 |
Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | 41,920 | 95,132 | 148,692 | 274,755 |
Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 40,686 | $ 90,181 | $ 140,518 | $ 293,651 |
Net Income per Common Share - I
Net Income per Common Share - Income Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Net (loss)/income | $ (5,151) | $ 18,026 | $ 3,202 | $ 77,217 | $ 94,453 | $ 53,073 | $ 16,077 | $ 224,743 |
Weighted Average Shares - Basic (in shares) | 9,313,051 | 12,993,450 | 11,686,433 | 12,985,329 | ||||
Effect of dilutive securities, convertible bond debt (in shares) | 0 | 3,092,230 | 3,284,392 | 3,092,230 | ||||
Effect of dilutive securities, stock awards and options (in shares) | 0 | 116,172 | 86,827 | 141,705 | ||||
Dilutive potential common shares (in shares) | 0 | 3,208,402 | 3,371,219 | 3,233,935 | ||||
Weighted Average Shares - Diluted (in shares) | 9,313,051 | 16,201,852 | 15,057,652 | 16,219,264 | ||||
Basic net (loss)/income (in usd per share) | $ (0.55) | $ 5.94 | $ 1.38 | $ 17.31 | ||||
Diluted net (loss)/ income (in usd per share) | $ (0.55) | $ 4.77 | $ 1.36 | $ 13.86 |
Net Income per Common Share - P
Net Income per Common Share - Potentially Dilutive Securities (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Convertible Bond Debt | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from earnings per share computation, stock awards and options (in shares) | 3,284,392 | 0 | 0 | 0 |
Stock awards and options | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from earnings per share computation, stock awards and options (in shares) | 214,896 | 25,309 | 0 | 16,478 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | ||||
Jun. 14, 2022 | Jun. 07, 2019 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 15, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash paid for taxes related to net share settlement of equity awards | $ (2) | ||||
Share-based payment arrangement. cost not yet recognized, amount | $ 7.3 | ||||
Share-based payment arrangement, cost not yet recognized, period for the recogition | 2 years | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation, vested in period, fair value | $ 6.6 | ||||
2016 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Equity compensation plan, shares authorized (in shares) | 1,421,229 | 1,121,229 | 764,087 | ||
Equity compensation plan, additional shares authorized (in shares) | 300,000 | 357,142 | |||
2016 Plan | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options cancelled (in shares) | 37,000 | ||||
Management Incentive Plan and Equity Compensation Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of unvested options (in shares) | 0 | 0 |
Stock Incentive Plans - Restric
Stock Incentive Plans - Restricted Stock Award Activity (Details) - Restricted Stock and RSUs - 2016 Plan $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Number of Restricted Shares and RSUs | |
Unvested awards, beginning balance (in shares) | shares | 323,128 |
Restricted shares granted (in shares) | shares | 95,392 |
Vested (in shares) | shares | (134,279) |
Forfeited (in shares) | shares | (391) |
Unvested awards, ending balance (in shares) | shares | 283,850 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 45.10 |
Granted (in dollars per share) | $ / shares | 55.90 |
Vested (in dollars per share) | $ / shares | 41.90 |
Forfeited (in dollars per share) | $ / shares | 47.44 |
Ending balance (in dollars per share) | $ / shares | $ 50.24 |
Aggregate Fair Value (in millions) | |
Aggregate Fair Value (in millions) | $ | $ 11.9 |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Noncash Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Stock-based compensation expense | $ 1,670 | $ 1,449 | $ 5,680 | $ 4,542 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash and Cash Equivalents [Line Items] | ||
Cash paid for interest | $ 22.1 | $ 12.9 |
Interest Rate Swap | ||
Cash and Cash Equivalents [Line Items] | ||
Cash received (paid) from interest rate swap agreements | $ 7.1 | $ (0.1) |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Schedule of Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||
Accruals and accounts payable for the purchase of BWTS | $ 57 | $ 3,916 |
Accruals and accounts payable for transaction costs in connection with repurchase of Common Stock | 201 | 0 |
Accruals for dividends payable | 852 | 1,551 |
Accruals for the purchase of vessels and vessel improvements | 61 | 0 |
Accruals for the purchase of other fixed assets | $ 104 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||||
Nov. 02, 2023 | May 04, 2023 | Mar. 02, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | |||||||||
Cash dividend declared (in dollars per share) | $ 0.10 | $ 0.60 | $ 0.58 | $ 0.10 | $ 0.60 | $ 2.20 | $ 2 | $ 2.05 | |
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Cash dividend declared (in dollars per share) | $ 0.10 | ||||||||
Aggregate amount of dividend | $ 1 |