Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-33869 |
Entity Registrant Name | STAR BULK CARRIERS CORP. |
Entity Central Index Key | 0001386716 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 285,248 | $ 269,754 |
Restricted cash, current (Notes 8 and 13) | 14,183 | 14,569 |
Trade accounts receivable, net | 59,728 | 84,034 |
Inventories (Note 4) | 65,019 | 67,162 |
Due from managers | 53 | 84 |
Due from related parties (Note 3) | 285 | 324 |
Prepaid expenses and other receivables | 21,766 | 25,667 |
Derivatives, current asset portion (Note 13) | 12,897 | 25,585 |
Other current assets (Note 14) | 27,967 | 14,913 |
Total Current Assets | 487,146 | 502,092 |
FIXED ASSETS | ||
Vessels and other fixed assets, net (Note 5) | 2,757,491 | 2,881,551 |
Total Fixed Assets | 2,757,491 | 2,881,551 |
OTHER NON-CURRENT ASSETS | ||
Long term investment (Note 3) | 1,709 | 1,676 |
Restricted cash, non-current (Notes 8 and 13) | 2,021 | 2,021 |
Operating leases, right-of-use assets (Note 6) | 32,153 | 37,618 |
Derivatives, non-current asset portion (Note 13) | 5,322 | 8,666 |
TOTAL ASSETS | 3,285,842 | 3,433,624 |
CURRENT LIABILITIES | ||
Current portion of long-term bank loans (Note 8) | 205,192 | 166,586 |
Lease financing short term (Note 7) | 13,719 | 15,361 |
Accounts payable | 36,790 | 32,140 |
Due to managers | 13,684 | 6,344 |
Due to related parties (Note 3) | 1,975 | 1,501 |
Accrued liabilities | 33,449 | 33,984 |
Operating lease liabilities, current (Note 6) | 6,820 | 9,955 |
Deferred revenue | 17,838 | 16,684 |
Total Current Liabilities | 329,467 | 282,555 |
NON-CURRENT LIABILITIES | ||
Long-term bank loans, net of current portion and unamortized loan issuance costs of $9,013 and $7,235, as of December 31, 2022 and June 30, 2023, respectively (Note 8) | 779,024 | 927,995 |
Lease financing long term, net of unamortized lease issuance costs of $2,681 and $2,305, as of December 31, 2022 and June 30, 2023, respectively (Note 7) | 157,432 | 175,238 |
Operating lease liabilities, non-current (Note 6) | 25,333 | 27,663 |
Other non-current liabilities | 907 | 831 |
TOTAL LIABILITIES | 1,292,163 | 1,414,282 |
SHAREHOLDERS' EQUITY | ||
Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2022 and June 30, 2023, respectively (Note 9) | 0 | 0 |
Common Shares, $0.01 par value, 300,000,000 shares authorized; 102,857,416 shares issued and outstanding as of December 31, 2022; 103,183,510 shares issued and outstanding as of June 30, 2023 (Note 9) | 1,032 | 1,029 |
Additional paid in capital | 2,639,319 | 2,646,073 |
Accumulated other comprehensive income/(loss) | 10,052 | 20,962 |
Accumulated deficit | (656,724) | (648,722) |
Total Shareholders' Equity | 1,993,679 | 2,019,342 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,285,842 | $ 3,433,624 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 |
Common Stock, Shares, Issued | 103,183,510 | 102,857,416 |
Common Stock, Shares, Outstanding | 103,183,510 | 102,857,416 |
Long-Term Debt [Member] | ||
Debt Issuance Costs, Net | $ 7,235 | $ 9,013 |
Capital Lease Obligations [Member] | ||
Debt Issuance Costs, Net | $ 2,305 | $ 2,681 |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Income Statements - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||
Voyage revenues (Note 14) | $ 462,721 | $ 778,217 |
Expenses/(Income) | ||
Voyage expenses (Notes 3 ) | 128,635 | 119,785 |
Charter-in hire expenses | 9,695 | 12,950 |
Vessel operating expenses | 112,303 | 115,847 |
Dry docking expenses | 18,861 | 19,169 |
Depreciation (Note 5) | 70,075 | 77,469 |
Management fees (Notes 3) | 8,460 | 9,800 |
General and administrative expenses (Note 3) | 22,675 | 25,912 |
Impairment loss (Notes 5 and 13) | 7,700 | 0 |
Loss on write-down of inventory | 4,743 | 0 |
Other operational loss | 326 | 774 |
Other operational gain (Note 5) | (33,676) | (2,103) |
Loss on bad debt | 300 | 0 |
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 13) | (4,207) | 3,939 |
Loss on sale of vessels (Note 5) | 34 | 0 |
Total operating expenses, net | 345,924 | 383,542 |
Operating income | 116,797 | 394,675 |
Other Income/ (Expenses): | ||
Interest and finance costs (Note 8) | (31,731) | (24,308) |
Interest income and other income/(loss) | 6,593 | 61 |
Gain/(Loss) on interest rate swaps, net (Note 13) | (507) | 0 |
Gain/(Loss) on debt extinguishment, net (Note 8) | (888) | 129 |
Total other expenses, net | (26,533) | (24,118) |
Income before taxes and equity in income/(loss) of investee | 90,264 | 370,557 |
Income taxes | (103) | (37) |
Income before equity in income/(loss) of investee | 90,161 | 370,520 |
Equity in income / (loss) of investee (Note 3) | 33 | (10) |
Net income | $ 90,194 | $ 370,510 |
Earnings per share, basic | $ 0.88 | $ 3.63 |
Earnings per share, diluted | $ 0.87 | $ 3.62 |
Weighted average number of shares outstanding, basic (Note 10) | 102,821,671 | 102,098,942 |
Weighted average number of shares outstanding, diluted (Note 10) | 103,170,724 | 102,439,945 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income/ (Loss) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Net income | $ 90,194 | $ 370,510 |
Other comprehensive income / (loss): | ||
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications | 3,502 | 19,280 |
Less: | ||
Reclassification adjustments of interest rate swap gain/(loss) (Note 13) | (14,412) | (633) |
Other comprehensive income / (loss) | (10,910) | 18,647 |
Total comprehensive income | $ 79,284 | $ 389,157 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Common Stock [Member] Songa shares [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | AOCI Attributable to Parent [Member] |
Beginning balance, value at Dec. 31, 2021 | $ 1,023 | $ 2,618,319 | $ (546,257) | $ 2,080,018 | $ 6,933 | |
Ending balance, shares at Dec. 31, 2021 | 102,294,758 | |||||
Net income | $ 0 | 0 | 370,510 | 370,510 | ||
Other comprehensive income / (loss) | 18,647 | 18,647 | ||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9) | $ 5 | 11,475 | 0 | 11,480 | ||
Issuance of vested and non-vested shares and amortization of share-based compensation, shares | 528,941 | |||||
Equity offering, net | $ 7 | 19,430 | 0 | 19,437 | ||
Equity offerings, net, shares | 654,690 | |||||
Repurchase and cancellation of common shares (Note 9), shares | (790,011) | |||||
Repurchase and cancellation of common shares (Note 9) | $ (8) | (20,060) | (20,068) | |||
Dividends declared ($0.95 per share) (Note 9) | (375,018) | (375,018) | ||||
Ending balance, shares at Jun. 30, 2022 | 102,688,378 | |||||
Ending balance, value at Jun. 30, 2022 | $ 1,027 | 2,629,164 | (550,765) | 2,105,006 | 25,580 | |
Beginning balance, value at Dec. 31, 2022 | $ 1,029 | 2,646,073 | (648,722) | 2,019,342 | 20,962 | |
Ending balance, shares at Dec. 31, 2022 | 102,857,416 | |||||
Net income | $ 0 | 0 | 90,194 | 90,194 | ||
Other comprehensive income / (loss) | (10,910) | (10,910) | ||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 9) | $ 9 | 6,351 | 0 | 6,360 | ||
Issuance of vested and non-vested shares and amortization of share-based compensation, shares | 971,372 | |||||
Repurchase and cancellation of common shares (Note 9), shares | (638,572) | (6,706) | ||||
Repurchase and cancellation of common shares (Note 9) | $ (6) | (13,050) | (13,056) | |||
Dividends declared ($0.95 per share) (Note 9) | (98,196) | (98,196) | ||||
Offering expenses | $ 0 | (55) | 0 | (55) | ||
Ending balance, shares at Jun. 30, 2023 | 103,183,510 | |||||
Ending balance, value at Jun. 30, 2023 | $ 1,032 | $ 2,639,319 | $ (656,724) | $ 1,993,679 | $ 10,052 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.95 | $ 3.65 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net income | $ 90,194 | $ 370,510 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||
Depreciation (Note 5) | 70,075 | 77,469 |
Amortization of debt (loans & leases) issuance costs (Note 8) | 1,990 | 2,641 |
Amortization of operating lease right-of-use assets (Note 6) | 5,465 | 0 |
Gain/(Loss) on debt extinguishment, net (Note 8) | 888 | (129) |
Impairment loss (Note 5) | 7,700 | 0 |
Loss / (gain) on sale of vessels (Note 6) | 34 | 0 |
Loss on bad debt | 300 | 0 |
Share-based compensation (Note 11) | 6,360 | 11,480 |
Gain from insurance proceeds relating to vessel total loss (Note 5) | (28,163) | 0 |
Loss on write-down of inventory | 4,743 | 0 |
Change in fair value of forward freight derivatives and bunker swaps (Note 13) | 3,065 | 877 |
Other non-cash charges | 76 | (321) |
Gain on hull and machinery claims | (200) | 0 |
Equity in income / (loss) of investee (Note 3) | (33) | 10 |
(Increase)/Decrease in: | ||
Trade accounts receivable | 23,292 | (12,371) |
Inventories | (2,734) | (22,586) |
Prepaid expenses and other receivables | (12,774) | 1,937 |
Derivatives asset | 2,057 | (753) |
Due from related parties | 39 | (911) |
Due from managers | 31 | 9,404 |
Increase/(Decrease) in: | ||
Accounts payable | 4,694 | 11,388 |
Operating lease liability (Note 6) | (5,465) | 0 |
Due to related parties | 474 | 1,758 |
Accrued liabilities | (532) | 3,859 |
Due to managers | 7,340 | 11,533 |
Deferred revenue | 1,154 | 3,292 |
Net cash provided by / (used in) Operating Activities | 180,070 | 469,087 |
Cash Flows from Investing Activities: | ||
Vessel upgrades and other fixed assets | (8,764) | (12,368) |
Cash proceeds from vessel sales (Note 5) | 32,448 | 0 |
Cash proceeds from vessel total loss (Note 5) | 55,000 | 0 |
Treasury bills | 0 | (35,226) |
Hull and machinery insurance proceeds | 558 | 1,735 |
Net cash provided by / (used in) Investing Activities | 79,242 | (45,859) |
Cash Flows from Financing Activities: | ||
Proceeds from bank loans, leases and notes (Note 8) | 77,000 | 100,000 |
Loan and lease prepayments and repayments | (208,967) | (267,351) |
Financing and debt extinguishment fees paid | (930) | (3,044) |
Dividends paid (Note 9) | (98,196) | (375,251) |
Proceeds from issuance of common stock | 0 | 19,792 |
Offering expenses paid | (55) | (207) |
Repurchase of common shares (Note 9) | (13,056) | (20,068) |
Net cash provided by / (used in) Financing Activities | (244,204) | (546,129) |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 15,108 | (122,901) |
Cash and cash equivalents and restricted cash at beginning of period | 286,344 | 473,271 |
Cash and cash equivalents and restricted cash at end of period | 301,452 | 350,370 |
Cash paid during the period for: | ||
Interest | 28,033 | 22,784 |
Non-cash investing and financing activities: | ||
Vessel upgrades | 3,422 | 1,520 |
Reconciliation of (a) cash and cash equivalents, and restricted cash reported within the consolidated balance sheets to (b) the total amount of such items reported in the statements of cash flows: | ||
Cash and cash equivalents | 285,248 | 335,774 |
Restricted cash, current (Note 8) | 14,183 | 12,575 |
Restricted cash, non-current (Note 8) | 2,021 | 2,021 |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 301,452 | $ 350,370 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information Star Bulk Carriers Corp. (“Star Bulk”) is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 The unaudited interim condensed consolidated financial statements include the accounts of Star Bulk and its wholly owned subsidiaries (collectively, the “Company”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for annual financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements for the year ended December 31, 2022 and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2023 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2023. The unaudited interim condensed consolidated financial statements presented in this report should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2022 included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022 (the “2022 Annual Report”). The balance sheet as of December 31, 2022 has been derived from the audited consolidated financial statements as of that date, but, pursuant to the requirements for interim financial information, does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Unless otherwise defined herein, capitalized words and expressions used herein shall have the same meanings ascribed to them in the 2022 Annual Report. The 2019 Novel Coronavirus (“COVID-19”) pandemic resulted in a significant reduction in global economic activity and extreme volatility in the global financial market. During the second half of 2022, freight rates declined from highs seen earlier in the year as China’s COVID-related lockdown measures intensified. The end of the zero COVID-19 policy by the Chinese authorities during the first quarter of 2023 fueled markets with optimism that resulted in the rebound of freight levels. During the second quarter of 2023, freight rates have receded, as despite the uplift of the exporting activity, the relaxation of COVID-19 related inefficiencies resulted in the increase of effective ship supply. Concurrently, Chinese macro data are implying a stalling economy, while the outlook of the western economies is getting worse as a result of the tightening cycle that central banks are implementing in order to fight inflation. There continues to be a high level of uncertainty relating to how the COVID-19 pandemic will evolve, the evolution and emergence of existing and future variants, the availability of vaccines and their global deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public's and government's responses to such measures. As a result of the COVID-19 pandemic restrictions imposed since 2020, additional crew expenses have been incurred. An increase in the severity or duration or a resurgence of the COVID-19 pandemic and any significant disruption of wide-scale vaccine distribution could have a material adverse effect on the Company’s future business, results of operations, cash flows, financial condition, the carrying value of the Company’s assets, the fair values of the Company’s vessels, and the Company’s ability to pay dividends. As of June 30, 2023 and as adjusted for the delivery to the buyers of the vessel Star Polaris 120 52,425 209,529 13.3 11.5 |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Recent Accounting Pronouncements | 2. Significant Accounting Policies and Recent Accounting Pronouncements A summary of the Company’s significant accounting policies and recent accounting pronouncements is provided in Note 2 to the Company’s consolidated financial statements included in the 2022 Annual Report. Other than the change in accounting estimate described below, there have been no changes to the Company’s significant accounting policies and recent accounting pronouncements in the six-month period ended June 30, 2023. Vessel Depreciation The cost of each of the Company’s vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value (vessel’s residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton). Effective as of January 1, 2023, following management’s reassessment of the residual value of the Company’s vessels, the Company increased the estimated scrap rate per lightweight ton from $ 0.3 0.4 7,982 0.08 |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties Details of the Company’s transactions with related parties did not change in the six-month period ended June 30, 2023 and are discussed in Note 3 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report. Transactions and balances with related parties are analyzed as follows: Transactions with Related Parties - Balance Sheets (Table) Balance Sheets December 31, 2022 June 30, 2023 Long term investment Interchart $ 1,349 $ 1,381 Starocean 202 203 CCL Pool 125 125 Long term investment $ 1,676 $ 1,709 Due from related parties Oceanbulk Maritime and its affiliates 287 248 Interchart 3 3 Starocean 34 34 Due from related parties $ 324 $ 285 Due to related parties Management and Directors Fees 114 38 Iblea Ship Management Limited 1,387 1,937 Due to related parties $ 1,501 $ 1,975 3. Transactions with Related Parties - continued: Transactions with Related Parties - Income Statements (Table) Income statements Six months ended June 30, 2022 2023 Voyage expenses: Voyage expenses-Interchart $ (2,070) $ (2,070) General and administrative expenses: Consultancy fees $ (270) $ (281) Directors compensation (90) (93) Office rent - Combine Marine Ltd. & Alma Properties (19) (19) General and administrative expenses - Oceanbulk Maritime and its affiliates (100) (104) Management fees: Management fees- Augustea Technoservices Ltd. and affiliates $ (1,264) $ - Management fees- Iblea Ship Management Limited (1,426) (1,514) Equity in income/(loss of investee) Interchart $ (22) $ 32 Starocean 12 1 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts shown in the consolidated balance sheets are analyzed as follows: Inventories (Table) December 31, 2022 June 30, 2023 Lubricants $ 15,863 $ 14,917 Bunkers 51,299 50,102 Total $ 67,162 $ 65,019 |
Vessels and other fixed assets,
Vessels and other fixed assets, net | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels and other fixed assets, net | 5. Vessels and other fixed assets, net The amounts in the consolidated balance sheets are analyzed as follows: Vessels and other fixed assets, net - Schedules of vessels and other fixed assets, net (Table) Cost Accumulated depreciation Net Book Value Balance, December 31, 2022 $ 3,843,686 $ (962,135) $ 2,881,551 - Acquisition of other fixed assets, vessel improvements and other vessel costs 12,186 - 12,186 - Vessel total loss (27,570) 1,581 (25,989) - Vessel sale (55,248) 22,766 (32,482) - Impairment loss (7,700) - (7,700) - Depreciation for the period - (70,075) (70,075) Balance, June 30, 2023 $ 3,765,354 $ (1,007,863) $ 2,757,491 During the first quarter of 2023, the Company agreed with the war risk insurers of the vessel Star Pavlina the vessel’s total insurance value given its prolonged detainment in Ukraine following 28,163 in the for the six-month period ended June 30, 2023. In addition, in 2023 and up to February 24, 2023, the Company earned through its war risk insurance policy detention compensation with respect to this vessel, an amount of $ 2,658 in the 2023 . Star Pavlina During the six-month period ended June 30, 2023, the Company decided to sell opportunistically certain vessels and renew its fleet taking advantage of the elevated vessel market values. On March 24, 2023 Star Borealis Star Polaris Star Borealis Star Polaris 34 By reference to the agreed sale prices of Star Borealis and Star Polaris (Level 2), the Company recognized an impairment loss of $ 7,700 for the six-month period ended June 30, 2023, which is separately reflected in the consolidated for the corresponding period. May 26, 2023 Star Centaurus, Star Columba, Star Aquila, Star Hercules and Star Cephueus Star Centaurus Star Columba and Star Aquila Star Hercules and Star Cepheus no . The gain from the sale of the above-mentioned vessels that will be recognized in the third quarter of 2023 is expected to be approximately 20 illion in aggregate. As of June 30, 2023, 98 2,149,014 11 319,558 18 352,136 During the six month period ended June 30, 2023, the Company continued the technical upgrades to its fleet, such as the installation of ballast water treatment systems (“BWTS”) and Energy Saving Devices (“ESD”). |
Operating leases
Operating leases | 6 Months Ended |
Jun. 30, 2023 | |
Operating Leases | |
Operating leases | 6. Operating leases a) Time charter-in vessel agreements The carrying value of the assets and liabilities recognized as of December 31, 2022 and June 30, 2023 in connection with the time charter-in vessel arrangements amounted to $ 37,191 31,774 Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) Twelve month periods ending Amount June 30, 2024 $ 7,534 June 30, 2025 6,242 June 30, 2026 6,242 June 30, 2027 5,900 June 30, 2028 6,259 June 30, 2029 and thereafter 2,633 Total undiscounted lease payments $ 34,810 Discount based on incremental borrowing rate (3,036) Present value of lease liability 31,774 The weighted average remaining lease term of these charter-in vessel arrangements as of June 30, 2023 is 5.19 5,953 5,960 6. b) Office rental arrangements The carrying value of the assets and liabilities recognized as of December 31, 2022 and June 30, 2023 in connection with the office rental arrangements amounted to $ 427 379 Operating leases - Operating lease liabilities of office rental agreements (Table) Twelve month periods ending Amount June 30, 2024 $ 274 June 30, 2025 107 June 30, 2026 - June 30, 2027 - June 30, 2028 - June 30, 2029 and thereafter - Total undiscounted lease payments $ 381 Discount based on incremental borrowing rate (2) Present value of lease liability 379 The weighted average remaining lease term of these office rental arrangements as of June 30, 2023 is 1.36 247 255 |
Lease financings
Lease financings | 6 Months Ended |
Jun. 30, 2023 | |
Lease Financings | |
Lease financings | 7. Lease financings Details of the Company’s lease financings are discussed in Note 7 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report. All of the Company’s lease financings bear interest at SOFR plus a margin, with the exception of three of them, which are expected to have been refinanced by October 2023. The corresponding interest expense of the Company’s bareboat lease financing activities is included within “Interest and finance costs” in the unaudited interim condensed consolidated income statements (Note 8). Some of the Company’s lease financings contain financial and other covenants similar to those included in its credit facilities, as described in Note 8 below and in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report, with which, as of June 30, 2023, the Company was in compliance (Note 8). The principal payments required to be made after June 30, 2023, for the Company’s outstanding finance lease obligations recognized on the balance sheet, as of that date, are as follows: Lease financings - Capital lease obligations, Principal payments (Table) Twelve month periods ending Amount June 30, 2024 $ 13,719 June 30, 2025 13,719 June 30, 2026 13,719 June 30, 2027 13,719 June 30, 2028 20,141 June 30, 2029 and thereafter 98,439 Total bareboat lease minimum payments $ 173,456 Unamortized lease issuance costs (2,305) Total bareboat lease minimum payments, net $ 171,151 Lease financing short term 13,719 Lease financing long term, net of unamortized lease issuance costs 157,432 |
Long-term bank loans
Long-term bank loans | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term bank loans | 8. Long-term bank loans Details of the Company’s credit facilities are discussed in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report and supplemented by the below new activities during the six-month period ended June 30, 2023. As further discussed in Note 19a) and Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report, on January 13, 2023, the Company drew down the amounts of $ 22,829 24,171 two In addition to the scheduled repayments during the six-month period ended June 30, 2023, on March 10, 2023 the Company prepaid an amount of $ 18,236 Star Pavlina ING $310,600 Facility 26,207 Star Borealis Star Polaris 6,256 Star Columba 8. Long-term bank loans - continued: In March 2023, the Company entered into a committed term sheet with Skandinaviska Enskilda Banken AB for a loan facility of up to $30,000 (the “SEB $30,000 Facility”) which was signed on May 25, 2023. The facility amount of $ 30,000 to replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount of the vessel Star Aquarius Star Pisces two 20 quarterly 413 6,750 May 2028 is secured by first priority mortgages on the vessels Star Aquarius Star Pisces In March 2023, the Company entered into a committed term sheet with Nordea Bank Abp for a loan facility of up to $ 50,000 to replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount under the DSF $55,000 Facility of the vessels Star Eleni Star Leo two 20 quarterly 521 14,583 July 2028 is secured by first priority mortgages on the vessels Star Eleni Star Leo The Company’s credit facilities contain financial covenants and undertakings, a summary of which is included in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report. As of December 31, 2022 and June 30, 2023, the Company was required to maintain minimum liquidity, not legally restricted, of $ 64,000 63,000 16,590 16,204 As of June 30, 2023, the Company was in compliance with the applicable financial and other covenants contained in its credit facilities and lease financings as described in Note 7. The principal payments required to be made after June 30, 2023 for the Company’s then-outstanding bank loans, are as follows: Long-term bank loans - Principal repayments (Table) Twelve month periods ending Amount June 30, 2024 $ 205,192 June 30, 2025 143,921 June 30, 2026 226,400 June 30, 2027 199,251 June 30, 2028 173,098 June 30, 2029 and thereafter 43,589 Total Long-term bank loans $ 991,451 Unamortized loan issuance costs (7,235) Total Long-term bank loans, net $ 984,216 Current portion of long-term bank loans 205,192 Long-term bank loans, net of current portion and unamortized loan issuance costs 779,024 8. Long-term bank loans - continued: As of June 30, 2023, all of the Company’s bank loans bear interest at SOFR plus a margin In addition, following a number of interest rate swaps that it has entered into, the Company has converted a total of $ 431,559 of its outstanding debt as of June 30, 2023 from floating benchmark rate to an average fixed rate of 40 1.2 2.82 4.67 The amounts of “Interest and finance costs” included in the unaudited interim condensed consolidated income statements are analyzed as follows: Long-term bank loans - Interest and finance costs (Table) Six months ended June 30, 2022 2023 Interest on financing agreements $ 21,718 $ 43,323 Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13) (633) (14,412) Amortization of debt (loan & lease) issuance costs 2,641 1,990 Other bank and finance charges 582 830 Interest and finance costs $ 24,308 $ 31,731 During the six-month period ended June 30, 2023, the Company wrote off an amount of $ 785 103 |
Preferred and Common Shares and
Preferred and Common Shares and Additional Paid-in Capital | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Preferred and Common Shares and Additional Paid-in Capital | 9. Preferred and Common Shares and Additional Paid-in Capital Details of the Company’s preferred shares and common shares are discussed in Note 9 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report. During the six-month period ended June 30, 2023, the Company issued 450,000 In 2023 and until May 16, 2023 when the new Share Repurchase Program, discussed below, was adopted, the Company repurchased 531,223 20.98 11,159 On May 16, 2023, the Company’s Board of Directors cancelled the previous share repurchase program under which $ 8,549 50,000 The timing and amount of any repurchases will be in the sole discretion of the Company’s management team, and will depend on legal requirements, market conditions, share price, alternative uses of capital and other factors. The Company is not obligated under the terms of the Share Repurchase Program to repurchase any of its common shares. The Share Repurchase Program has no expiration date and may be suspended or terminated by the Company’s Board of Directors at any time without prior notice. Common shares purchased as part of this program will be cancelled by the Company. 9. Preferred and Common Shares and Additional Paid-in Capital - continued: In June 2023, under the Share Repurchase Program, the Company repurchased 107,349 17.65 1,897 Pursuant to its dividend policy, during the six-month period ended June 30, 2023, the Company declared and paid a cash dividend of $ 98,196 0.95 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 10. Earnings per Share The computation of basic earnings per share is based on the weighted average number of common shares outstanding for the six-month periods ended June 30, 2022 and 2023. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. Diluted earnings per share gives effect to stock awards and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. The Company calculates basic and diluted earnings per share as follows: Earnings per Share (Table) Six months ended June 30, 2022 2023 Income : Net income $ 370,510 $ 90,194 Basic earnings per share: Weighted average common shares outstanding, basic 102,098,942 102,821,671 Basic earnings per share $ 3.63 $ 0.88 Effect of dilutive securities: Dillutive effect of non vested shares 341,003 349,053 Weighted average common shares outstanding, diluted 102,439,945 103,170,724 Diluted earnings per share $ 3.62 $ 0.87 |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 11. Equity Incentive Plans Details of the Company’s equity incentive plans and share awards granted through December 31, 2022, are discussed in Note 11 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report. On May 16, 2023, the Company's Board of Directors adopted the 2023 Equity Incentive Plan (the “2023 Plan”) and reserved for issuance 631,500 631,500 411,974 151,026 68,500 18.19 The stock-based compensation cost for the six-month periods ended June 30, 2022 and 2023, which is included under “General and administrative expenses” in the unaudited interim condensed consolidated income statements, amounted to $ 11,480 6,360 3,370 2,140 5 Excess Savings A summary of the status of the Company’s non-vested restricted shares as of June 30, 2023 and the movement during the six-month period ended June 30, 2023 is presented below. Equity Incentive Plans - Summary of non-vested restricted share options (Table) Number of shares Weighted Average Grant Date Fair Value Unvested as at January 1, 2023 460,190 $ 19.38 Granted 1,081,500 18.42 Vested (765,715) 18.60 Unvested as at June 30, 2023 775,975 $ 18.81 As of June 30, 2023, the estimated compensation cost relating to non-vested restricted share awards not yet recognized is $ 12,728 1.00 548 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies a) The following tables set forth inflows and outflows related to the Company’s charter party arrangements and other commitments, as at June 30, 2023. Charter party arrangements Commitments and Contingencies - Charter party agreements (Table) Twelve month periods ending June 30, + inflows/ - outflows Total 2024 2025 2026 2027 2028 2029 and thereafter Future, minimum, non-cancellable charter revenues (1) $ 85,097 $ 74,363 $ 10,734 $ - $ - $ - $ - Total $ 85,097 $ 74,363 $ 10,734 $ - $ - $ - $ - ____________________ (1) The amounts represent the minimum contractual charter revenues to be generated from the existing, as of June 30, 2023, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days other than those related to scheduled interim and special surveys of the vessels. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of each agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of June 30, 2023 and ii) the remaining minimum duration of each contract. Other commitments: Commitments and Contingencies - Other commitments (Table) Twelve month periods ending June 30, + inflows/ - outflows Total 2024 2025 2026 2027 2028 2029 and thereafter Charter-in expense newbuilding vessels (1) $ (212,834) $ (5,590) $ (26,711) $ (30,204) $ (30,204) $ (30,287) $ (89,838) Vessel BWTS and ESD (2) (9,630) (9,630) - - - - - Total $ (222,464) $ (15,220) $ (26,711) $ (30,204) $ (30,204) $ (30,287) $ (89,838) ____________________ (1) The amounts represent minimum contractual charter-in commitments to be incurred with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 and the charter-in contracts have a minimum duration of 84 months per vessel. (2) The amounts represent the Company’s commitments as of June 30, 2023, for vessel upgrades (BWTS and ESD). b) Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of, and has not accrued for, any such claims or contingent liabilities requiring disclosure in the unaudited interim condensed consolidated financial statements. |
Fair value measurements and Hed
Fair value measurements and Hedging | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements and Hedging | 13. Fair value measurements and Hedging Fair value on a recurring basis: Interest rate swaps Details of the Company’s interest rate swaps are discussed in Note 18 of the Company’s consolidated financial statements for the year ended December 31, 2022, included in the 2022 Annual Report. During the six-month period ended June 30, 2023, the Company early terminated two of its interest rate swaps with Citibank that were originally scheduled to mature in August 2023 and October 2023. All of the Company’s interest rate swaps in place as of June 30, 2023 were designated and qualified as cash flow hedges. The effective portion of the unrealized gains/losses from these swaps is recorded in Other Comprehensive Income / (Loss) and no portion of these cash flow hedges was ineffective during the six-month period ended June 30, 2023. A gain of approximately $ 5,741 Freight Derivatives and Bunker Swaps The results of the Company’s freight derivatives and bunker swaps for the six-month periods ended June 30, 2022 and 2023 and the valuation of their open positions as at December 31, 2022 and June 30, 2023 are presented in the tables below. The amounts of Gain / (Loss) on interest rate swaps, freight derivatives and bunker swaps recognized in the unaudited interim condensed consolidated income statements, are analyzed as follows: Fair value measurements and Hedging - Derivative instruments effect on statements of operations (Table) Six months ended June 30, 2022 2023 Consolidated Statement of Operations Gain/(loss) on interest rate swaps, net Gains/(loss) of de-designated accounting hedging relationship - (507) Total Gain/(loss) on interest rate swaps, net $ - $ (507) Interest and finance costs Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) 633 14,412 Total Gain/(loss) recognized $ 633 $ 14,412 Gain/(loss) on forward freight agreements and bunker swaps, net Realized gain/(loss) on forward freight agreements and freight options 1,023 2,796 Realized gain/(loss) on bunker swaps (4,085) 4,476 Unrealized gain/(loss) on forward freight agreements and freight options (1,169) (116) Unrealized gain/(loss) on bunker swaps 292 (2,949) Total Gain/(loss) recognized $ (3,939) $ 4,207 13. Fair value measurements and Hedging - continued: Fair value on a recurring basis - continued: The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2022 and June 30, 2023. The fair value of freight derivatives and bunker swaps was determined through Level 1 inputs of the fair value hierarchy (quoted prices from the applicable exchanges such as London Clearing House (LCH) or Singapore Exchange (SGX)), while the fair value of the interest rate swaps was determined through Level 2 inputs of the fair value hierarchy (such as interest rate curves). Fair value measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) December 31, 2022 June 30, 2023 Balance Sheet Location (not designated as cash flow hedges) (designated as cash flow hedges) (not designated as cash flow hedges) (designated as cash flow hedges) ASSETS Forward freight agreements - current Derivatives, current asset portion $ 191 $ - $ - $ - Bunker swaps - current Derivatives, current asset portion 3,688 - 738 - Forward freight agreements - non-current Derivatives, non-current asset portion - - 75 - Total $ 3,879 $ - $ 813 $ - Fair value measurements and Hedging - Fair value on recurring basis - Significant Other Observable Inputs (Table) Significant Other Observable Inputs (Level 2) December 31, 2022 June 30, 2023 Balance Sheet Location (not designated as cash flow hedges) (designated as cash flow hedges) (not designated as cash flow hedges) (designated as cash flow hedges) ASSETS Interest rate swaps - current Derivatives, current asset portion $ 1,665 $ 20,041 $ - $ 12,159 Interest rate swaps - non-current Derivatives, non-current asset portion 798 7,868 - 5,247 Total $ 2,463 $ 27,909 $ - $ 17,406 Certain of the Company’s financial instruments discussed above require the Company to periodically post additional collateral depending on the level of any open position under such financial instruments, which as of December 31, 2022 and June 30, 2023 amounted to $ 2,199 2,485 The carrying values of temporary cash investments, restricted cash, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans and under lease financings (Level 2), bearing interest at variable interest rates, approximates their recorded values as of June 30, 2023, due to the variable interest rate nature thereof. Fair value on a non-recurring basis: As further disclosed in Note 5, during the six-month period ended June 30, 2023 the Company recognized an impairment loss of $ 7,700 65,400 |
Voyage revenues
Voyage revenues | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Voyage revenues | 14. Voyage revenues The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the six-month periods ended June 30, 2022 and 2023, as presented in the consolidated income statements: Voyage revenues (Table) Six months ended June 30, 2022 2023 Time charters $ 448,357 $ 241,378 Voyage charters 326,323 219,666 Pool revenues 3,537 1,677 $ 778,217 $ 462,721 As of December 31, 2022 and June 30, 2023, trade accounts receivable from voyage charter agreements amounted to $ 24,144 an 15,951 Further, as of June 30, 2023, capitalized contract fulfilment costs which are 1,515 4,366 5,881 Under ASC 606, unearned voyage charter revenue represents the consideration received for undelivered performance obligations. The Company recorded $ 9,215 charter agreements 8,319 charter agreements The amount invoiced to charterers in connection with the additional revenue for scrubber-fitted vessels under time-charter contracts was $ 44,777 29,971 Demurrage income amounted to $ 23,449 6,608 The adjustment to Company’s revenues from the vessels operating in the CCL Pool, deriving from the allocated pool result for those vessels as determined in accordance with the agreed-upon formula, for the six-month periods ended June 30, 2022 and 2023 was $ 3,254 2,349 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events a) On 0.40 September 7, 2023 August 22, 2023 August 21, 2023 b) On July 7, 2023 July 10, 2023 July 14, 2023 July 24, 2023 Star Polaris, Star Centaurus, Star Columba Star Aquila, c) On July 12, 2023, the amount of $ 50,000 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties - Balance Sheets (Table) | Transactions with Related Parties - Balance Sheets (Table) Balance Sheets December 31, 2022 June 30, 2023 Long term investment Interchart $ 1,349 $ 1,381 Starocean 202 203 CCL Pool 125 125 Long term investment $ 1,676 $ 1,709 Due from related parties Oceanbulk Maritime and its affiliates 287 248 Interchart 3 3 Starocean 34 34 Due from related parties $ 324 $ 285 Due to related parties Management and Directors Fees 114 38 Iblea Ship Management Limited 1,387 1,937 Due to related parties $ 1,501 $ 1,975 |
Transactions with Related Parties - Income Statements (Table) | Transactions with Related Parties - Income Statements (Table) Income statements Six months ended June 30, 2022 2023 Voyage expenses: Voyage expenses-Interchart $ (2,070) $ (2,070) General and administrative expenses: Consultancy fees $ (270) $ (281) Directors compensation (90) (93) Office rent - Combine Marine Ltd. & Alma Properties (19) (19) General and administrative expenses - Oceanbulk Maritime and its affiliates (100) (104) Management fees: Management fees- Augustea Technoservices Ltd. and affiliates $ (1,264) $ - Management fees- Iblea Ship Management Limited (1,426) (1,514) Equity in income/(loss of investee) Interchart $ (22) $ 32 Starocean 12 1 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories (Table) | Inventories (Table) December 31, 2022 June 30, 2023 Lubricants $ 15,863 $ 14,917 Bunkers 51,299 50,102 Total $ 67,162 $ 65,019 |
Vessels and other fixed asset_2
Vessels and other fixed assets, net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Vessels and other fixed assets, net - Schedules of vessels and other fixed assets, net (Table) | Vessels and other fixed assets, net - Schedules of vessels and other fixed assets, net (Table) Cost Accumulated depreciation Net Book Value Balance, December 31, 2022 $ 3,843,686 $ (962,135) $ 2,881,551 - Acquisition of other fixed assets, vessel improvements and other vessel costs 12,186 - 12,186 - Vessel total loss (27,570) 1,581 (25,989) - Vessel sale (55,248) 22,766 (32,482) - Impairment loss (7,700) - (7,700) - Depreciation for the period - (70,075) (70,075) Balance, June 30, 2023 $ 3,765,354 $ (1,007,863) $ 2,757,491 |
Operating leases (Tables)
Operating leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Operating Leases | |
Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) | Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) Twelve month periods ending Amount June 30, 2024 $ 7,534 June 30, 2025 6,242 June 30, 2026 6,242 June 30, 2027 5,900 June 30, 2028 6,259 June 30, 2029 and thereafter 2,633 Total undiscounted lease payments $ 34,810 Discount based on incremental borrowing rate (3,036) Present value of lease liability 31,774 |
Operating leases - Operating lease liabilities of office rental agreements (Table) | Operating leases - Operating lease liabilities of office rental agreements (Table) Twelve month periods ending Amount June 30, 2024 $ 274 June 30, 2025 107 June 30, 2026 - June 30, 2027 - June 30, 2028 - June 30, 2029 and thereafter - Total undiscounted lease payments $ 381 Discount based on incremental borrowing rate (2) Present value of lease liability 379 |
Lease financings (Tables)
Lease financings (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Lease Financings | |
Lease financings - Capital lease obligations, Principal payments (Table) | Lease financings - Capital lease obligations, Principal payments (Table) Twelve month periods ending Amount June 30, 2024 $ 13,719 June 30, 2025 13,719 June 30, 2026 13,719 June 30, 2027 13,719 June 30, 2028 20,141 June 30, 2029 and thereafter 98,439 Total bareboat lease minimum payments $ 173,456 Unamortized lease issuance costs (2,305) Total bareboat lease minimum payments, net $ 171,151 Lease financing short term 13,719 Lease financing long term, net of unamortized lease issuance costs 157,432 |
Long-term bank loans (Tables)
Long-term bank loans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term bank loans - Principal repayments (Table) | Long-term bank loans - Principal repayments (Table) Twelve month periods ending Amount June 30, 2024 $ 205,192 June 30, 2025 143,921 June 30, 2026 226,400 June 30, 2027 199,251 June 30, 2028 173,098 June 30, 2029 and thereafter 43,589 Total Long-term bank loans $ 991,451 Unamortized loan issuance costs (7,235) Total Long-term bank loans, net $ 984,216 Current portion of long-term bank loans 205,192 Long-term bank loans, net of current portion and unamortized loan issuance costs 779,024 |
Long-term bank loans - Interest and finance costs (Table) | Long-term bank loans - Interest and finance costs (Table) Six months ended June 30, 2022 2023 Interest on financing agreements $ 21,718 $ 43,323 Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13) (633) (14,412) Amortization of debt (loan & lease) issuance costs 2,641 1,990 Other bank and finance charges 582 830 Interest and finance costs $ 24,308 $ 31,731 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share (Table) | Earnings per Share (Table) Six months ended June 30, 2022 2023 Income : Net income $ 370,510 $ 90,194 Basic earnings per share: Weighted average common shares outstanding, basic 102,098,942 102,821,671 Basic earnings per share $ 3.63 $ 0.88 Effect of dilutive securities: Dillutive effect of non vested shares 341,003 349,053 Weighted average common shares outstanding, diluted 102,439,945 103,170,724 Diluted earnings per share $ 3.62 $ 0.87 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans - Summary of non-vested restricted share options (Table) | Equity Incentive Plans - Summary of non-vested restricted share options (Table) Number of shares Weighted Average Grant Date Fair Value Unvested as at January 1, 2023 460,190 $ 19.38 Granted 1,081,500 18.42 Vested (765,715) 18.60 Unvested as at June 30, 2023 775,975 $ 18.81 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies - Charter party agreements (Table) | Commitments and Contingencies - Charter party agreements (Table) Twelve month periods ending June 30, + inflows/ - outflows Total 2024 2025 2026 2027 2028 2029 and thereafter Future, minimum, non-cancellable charter revenues (1) $ 85,097 $ 74,363 $ 10,734 $ - $ - $ - $ - Total $ 85,097 $ 74,363 $ 10,734 $ - $ - $ - $ - ____________________ (1) The amounts represent the minimum contractual charter revenues to be generated from the existing, as of June 30, 2023, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days other than those related to scheduled interim and special surveys of the vessels. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of each agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of June 30, 2023 and ii) the remaining minimum duration of each contract. |
Commitments and Contingencies - Other commitments (Table) | Commitments and Contingencies - Other commitments (Table) Twelve month periods ending June 30, + inflows/ - outflows Total 2024 2025 2026 2027 2028 2029 and thereafter Charter-in expense newbuilding vessels (1) $ (212,834) $ (5,590) $ (26,711) $ (30,204) $ (30,204) $ (30,287) $ (89,838) Vessel BWTS and ESD (2) (9,630) (9,630) - - - - - Total $ (222,464) $ (15,220) $ (26,711) $ (30,204) $ (30,204) $ (30,287) $ (89,838) ____________________ (1) The amounts represent minimum contractual charter-in commitments to be incurred with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 and the charter-in contracts have a minimum duration of 84 months per vessel. (2) The amounts represent the Company’s commitments as of June 30, 2023, for vessel upgrades (BWTS and ESD). |
Fair value measurements and H_2
Fair value measurements and Hedging (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements and Hedging - Derivative instruments effect on statements of operations (Table) | Fair value measurements and Hedging - Derivative instruments effect on statements of operations (Table) Six months ended June 30, 2022 2023 Consolidated Statement of Operations Gain/(loss) on interest rate swaps, net Gains/(loss) of de-designated accounting hedging relationship - (507) Total Gain/(loss) on interest rate swaps, net $ - $ (507) Interest and finance costs Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) 633 14,412 Total Gain/(loss) recognized $ 633 $ 14,412 Gain/(loss) on forward freight agreements and bunker swaps, net Realized gain/(loss) on forward freight agreements and freight options 1,023 2,796 Realized gain/(loss) on bunker swaps (4,085) 4,476 Unrealized gain/(loss) on forward freight agreements and freight options (1,169) (116) Unrealized gain/(loss) on bunker swaps 292 (2,949) Total Gain/(loss) recognized $ (3,939) $ 4,207 |
Fair value measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) | Fair value measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) December 31, 2022 June 30, 2023 Balance Sheet Location (not designated as cash flow hedges) (designated as cash flow hedges) (not designated as cash flow hedges) (designated as cash flow hedges) ASSETS Forward freight agreements - current Derivatives, current asset portion $ 191 $ - $ - $ - Bunker swaps - current Derivatives, current asset portion 3,688 - 738 - Forward freight agreements - non-current Derivatives, non-current asset portion - - 75 - Total $ 3,879 $ - $ 813 $ - |
Fair value measurements and Hedging - Fair value on recurring basis - Significant Other Observable Inputs (Table) | Fair value measurements and Hedging - Fair value on recurring basis - Significant Other Observable Inputs (Table) Significant Other Observable Inputs (Level 2) December 31, 2022 June 30, 2023 Balance Sheet Location (not designated as cash flow hedges) (designated as cash flow hedges) (not designated as cash flow hedges) (designated as cash flow hedges) ASSETS Interest rate swaps - current Derivatives, current asset portion $ 1,665 $ 20,041 $ - $ 12,159 Interest rate swaps - non-current Derivatives, non-current asset portion 798 7,868 - 5,247 Total $ 2,463 $ 27,909 $ - $ 17,406 |
Voyage revenues (Tables)
Voyage revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Voyage revenues (Table) | Voyage revenues (Table) Six months ended June 30, 2022 2023 Time charters $ 448,357 $ 241,378 Voyage charters 326,323 219,666 Pool revenues 3,537 1,677 $ 778,217 $ 462,721 |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Date of incorporation | December 13, 2006 |
Number of vessels owned | 120 |
Combined carrying capacity [Member] | |
Vessel capacity DWT | 13,300,000 |
Average age of vessels | 11.5 |
Minimum [Member] | |
Vessel capacity DWT | 52,425 |
Maximum [Member] | |
Vessel capacity DWT | 209,529 |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Pronouncements (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Estimated residual scrap rate per lightweight | $ 400 | $ 300 | |
Earnings Per Share, Basic | $ 0.88 | $ 3.63 | |
Earnings Per Share, Diluted | $ 0.87 | $ 3.62 | |
Change in accounting estimate [Member] | |||
Increase in net income | $ 7,982,000 | ||
Earnings Per Share, Basic | $ 0.08 | ||
Earnings Per Share, Diluted | $ 0.08 |
Transactions with Related Par_3
Transactions with Related Parties - Balance Sheets (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Related Party Transaction [Line Items] | ||
Long term investment | $ 1,709 | $ 1,676 |
Due from related parties | ||
Due from related parties | 285 | 324 |
Due to related parties | ||
Due to related parties | 1,975 | 1,501 |
Interchart [Member] | ||
Related Party Transaction [Line Items] | ||
Long term investment | 1,381 | 1,349 |
Due from related parties | ||
Due from related parties | 3 | 3 |
Starocean [Member] | ||
Related Party Transaction [Line Items] | ||
Long term investment | 203 | 202 |
Due from related parties | ||
Due from related parties | 34 | 34 |
CCL Pool [Member] | ||
Related Party Transaction [Line Items] | ||
Long term investment | 125 | 125 |
Oceanbulk Maritime and its affiliates [Member] | ||
Due from related parties | ||
Due from related parties | 248 | 287 |
Management and Directors fees [Member] | ||
Due to related parties | ||
Due to related parties | 38 | 114 |
Iblea Ship Management Limited [Member] | ||
Due to related parties | ||
Due to related parties | $ 1,937 | $ 1,387 |
Transactions with Related Par_4
Transactions with Related Parties - Income Statements (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||
Voyage expenses | $ (128,635) | $ (119,785) |
Consultancy fees | (281) | (270) |
Directors compensation | (93) | (90) |
General and Administrative Expense | (22,675) | (25,912) |
Income (Loss) from Equity Method Investments | 33 | (10) |
Interchart [Member] | ||
Related Party Transaction [Line Items] | ||
Voyage expenses | (2,070) | (2,070) |
Income (Loss) from Equity Method Investments | 32 | (22) |
Combine Marine Ltd. and Alma Properties [Member] | ||
Related Party Transaction [Line Items] | ||
Office rent | (19) | (19) |
Oceanbulk Maritime and its affiliates [Member] | ||
Related Party Transaction [Line Items] | ||
General and Administrative Expense | (104) | (100) |
Augustea Technoservices Ltd. and affiliates [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees | 0 | (1,264) |
Iblea Ship Management Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees | (1,514) | (1,426) |
Starocean [Member] | ||
Related Party Transaction [Line Items] | ||
Income (Loss) from Equity Method Investments | $ 1 | $ 12 |
Inventories (Table) (Details)
Inventories (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Lubricants | $ 14,917 | $ 15,863 |
Bunkers | 50,102 | 51,299 |
Total | $ 65,019 | $ 67,162 |
Vessels and other fixed asset_3
Vessels and other fixed assets, net - Schedules of vessels and other fixed assets, net (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Balance, period start | $ 2,881,551 | |
- Depreciation for the period | (70,075) | $ (77,469) |
Balance, period end | 2,757,491 | |
Cost [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance, period start | 3,843,686 | |
- Acquisition of other fixed assets, vessel improvements and other vessel costs | 12,186 | |
- Vessel total loss | (27,570) | |
- Vessel sale | (55,248) | |
- Impairment loss | (7,700) | |
- Depreciation for the period | 0 | |
Balance, period end | 3,765,354 | |
Accumulated depreciation [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance, period start | (962,135) | |
- Vessel total loss | 1,581 | |
- Vessel sale | 22,766 | |
- Depreciation for the period | (70,075) | |
Balance, period end | (1,007,863) | |
Net Book Value [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Balance, period start | 2,881,551 | |
- Acquisition of other fixed assets, vessel improvements and other vessel costs | 12,186 | |
- Vessel total loss | (25,989) | |
- Vessel sale | (32,482) | |
- Impairment loss | (7,700) | |
- Depreciation for the period | (70,075) | |
Balance, period end | $ 2,757,491 |
Vessels and other fixed asset_4
Vessels and other fixed assets, net (Details Narrative) $ in Thousands | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Other operational gain | $ 33,676 | $ 2,103 | |
Loss / (gain) on sale of vessels (Note 6) | $ 34 | $ 0 | |
Number of vessels owned | 120 | ||
First-priority mortgage [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels owned as collateral | 98 | ||
Debt Instrument, Collateral Amount | $ 2,149,014 | ||
Lease Agreements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Collateral Amount | $ 319,558 | ||
Number of vessels owned | 11 | ||
Second-priority mortgage [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Collateral Amount | $ 352,136 | ||
Number of vessels owned | 18 | ||
Star Pavlina Constructive Total Loss [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Other operational gain | $ 28,163 | ||
Star Pavlina War Risk Insurance [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Other operational gain | $ 2,658 | ||
Star Borealis and Star Polaris [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Date of sale | Mar. 24, 2023 | ||
Asset Impairment Charges | $ 7,700 | ||
Star Borealis [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Loss / (gain) on sale of vessels (Note 6) | $ 34 | ||
Star Centaurus, Star Columba, Star Aquila, Star Hercules and Star Cephueus [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Date of sale | May 26, 2023 | ||
Asset Impairment Charges | $ 0 | ||
Expected gain on sale of vessel | $ 20 |
Operating leases - Operating le
Operating leases - Operating lease liabilities of time charter-in vessel agreements (Table) (Details) - Time charter-in vessels [Member] $ in Thousands | Jun. 30, 2023 USD ($) |
Property, Plant and Equipment [Line Items] | |
June 30, 2024 | $ 7,534 |
June 30, 2025 | 6,242 |
June 30, 2026 | 6,242 |
June 30, 2027 | 5,900 |
June 30, 2028 | 6,259 |
June 30, 2029 and thereafter | 2,633 |
Total undiscounted lease payments | 34,810 |
Discount based on incremental borrowing rate | (3,036) |
Present value of lease liability | $ 31,774 |
Operating leases - Operating _2
Operating leases - Operating lease liabilities of office rental agreements (Table) (Details) - Office Rental [Member] $ in Thousands | Jun. 30, 2023 USD ($) |
Property, Plant and Equipment [Line Items] | |
June 30, 2024 | $ 274 |
June 30, 2025 | 107 |
June 30, 2026 | 0 |
June 30, 2027 | 0 |
June 30, 2028 | 0 |
June 30, 2029 and thereafter | 0 |
Total undiscounted lease payments | 381 |
Discount based on incremental borrowing rate | (2) |
Present value of lease liability | $ 379 |
Operating leases (Details Narra
Operating leases (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Operating Lease, Right-of-Use Asset | $ 32,153 | $ 37,618 | |
Charter In Vessels [Member] | |||
Operating Lease, Right-of-Use Asset | $ 31,774 | 37,191 | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 2 months 8 days | ||
Operating Lease, Expense | $ 5,960 | $ 5,953 | |
Office Rental [Member] | |||
Operating Lease, Right-of-Use Asset | $ 379 | $ 427 | |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 4 months 9 days | ||
Operating Lease, Expense | $ 255 | $ 247 |
Lease financings - Capital leas
Lease financings - Capital lease obligations, Principal payments (Table) (Details) - Financing Lease [Member] $ in Thousands | Jun. 30, 2023 USD ($) |
Debt Instrument [Line Items] | |
June 30, 2024 | $ 13,719 |
June 30, 2025 | 13,719 |
June 30, 2026 | 13,719 |
June 30, 2027 | 13,719 |
June 30, 2028 | 20,141 |
June 30, 2029 and thereafter | 98,439 |
Total bareboat lease minimum payments | 173,456 |
Unamortized lease issuance costs | (2,305) |
Total bareboat lease minimum payments, net | 171,151 |
Lease financing short term | 13,719 |
Lease financing long term, net of unamortized lease issuance costs | $ 157,432 |
Long-term bank loans - Principa
Long-term bank loans - Principal repayments (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Current portion of long-term bank loans | $ 205,192 | $ 166,586 |
Long-term bank loans, net of current portion and unamortized loan issuance costs | 779,024 | $ 927,995 |
Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
June 30, 2024 | 205,192 | |
June 30, 2025 | 143,921 | |
June 30, 2026 | 226,400 | |
June 30, 2027 | 199,251 | |
June 30, 2028 | 173,098 | |
June 30, 2029 and thereafter | 43,589 | |
Total Long-term bank loans | 991,451 | |
Unamortized loan issuance costs | (7,235) | |
Total Long-term bank loans, net | 984,216 | |
Current portion of long-term bank loans | 205,192 | |
Long-term bank loans, net of current portion and unamortized loan issuance costs | $ 779,024 |
Long-term bank loans - Interest
Long-term bank loans - Interest and finance costs (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Disclosure [Abstract] | ||
Interest on financing agreements | $ 43,323 | $ 21,718 |
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 13) | (14,412) | (633) |
Amortization of debt (loan & lease) issuance costs | 1,990 | 2,641 |
Other bank and finance charges | 830 | 582 |
Interest and finance costs | $ 31,731 | $ 24,308 |
Long-term bank loans (Details N
Long-term bank loans (Details Narrative) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | |||||||
Jan. 13, 2023 USD ($) | Mar. 31, 2023 USD ($) | May 30, 2023 USD ($) | Jul. 12, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 27, 2023 USD ($) | Mar. 29, 2023 USD ($) | Mar. 10, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
Line of Credit Facility [Line Items] | ||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 285,248 | $ 269,754 | $ 335,774 | |||||||
Debt Instrument, Covenant Compliance | As of June 30, 2023, the Company was in compliance with the applicable financial and other covenants contained in its credit facilities and lease financings as described in Note 7. | |||||||||
Long-Term Debt, Weighted Average Interest Rate, at Point in Time | 4.67% | 2.82% | ||||||||
Debt [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Deferred Debt Issuance Cost, Writeoff | $ 785 | |||||||||
Other prepayment expenses | 103 | |||||||||
Interest Rate Swap [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Derivative, Notional Amount | $ 431,559 | |||||||||
Average fixed rate | 0.40% | |||||||||
Average maturity | 1 year 2 months 12 days | |||||||||
Minimum liquidity, not legally restricted [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 63,000 | 64,000 | ||||||||
Minimum liquidity, legally restricted [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Restriced cash and cash equivalents, current and non-current | $ 16,204 | $ 16,590 | ||||||||
Standard Chartered $47,000 Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Number of Loan Tranches | 2 | |||||||||
Standard Chartered $47,000 Facility [Member] | Tranche A [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Proceeds from Lines of Credit | $ 22,829 | |||||||||
Standard Chartered $47,000 Facility [Member] | Tranche B [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Proceeds from Lines of Credit | $ 24,171 | |||||||||
ING $310,600 Facility [member] | Star Pavlina [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, prepayment amount | $ 18,236 | |||||||||
DNB $107,500 Facility [Member] | Star Borealis and Star Polaris [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, prepayment amount | $ 26,207 | |||||||||
Citi $100,000 Facility [Member] | Star Columba [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument, prepayment amount | $ 6,256 | |||||||||
SEB $30,000 Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Proceeds from Lines of Credit | $ 30,000 | |||||||||
Number of Loan Tranches | 2 | |||||||||
Description of scope, credit facility | to replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount of the vessel Star Aquarius of $13,125 and the outstanding lease amount of the vessel Star Pisces of $12,418 | |||||||||
Repayment installment | 20 | |||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||
Line of Credit Facility, Periodic Payment | $ 413 | |||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 6,750 | |||||||||
Line of credit facility, maturity date | May 2028 | |||||||||
Line of Credit Facility, Collateral | is secured by first priority mortgages on the vessels Star Aquarius and Star Pisces | |||||||||
Nordea $50,000 Facility [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Proceeds from Lines of Credit | $ 50,000 | |||||||||
Number of Loan Tranches | 2 | |||||||||
Description of scope, credit facility | to replenish the funds used by the Company in May 2023 to prepay the outstanding loan amount under the DSF $55,000 Facility of the vessels Star Eleni and Star Leo, of $42,308, in aggregate | |||||||||
Repayment installment | 20 | |||||||||
Line of Credit Facility, Frequency of Payments | quarterly | |||||||||
Line of Credit Facility, Periodic Payment | $ 521 | |||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 14,583 | |||||||||
Line of credit facility, maturity date | July 2028 | |||||||||
Line of Credit Facility, Collateral | is secured by first priority mortgages on the vessels Star Eleni and Star Leo | |||||||||
All Bank Loans Except Five [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt Instrument, Interest Rate Terms | SOFR plus a margin |
Preferred and Common Shares a_2
Preferred and Common Shares and Additional Paid-in Capital (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | May 16, 2023 | |
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Retired, Cost Method, Amount | $ 13,056 | $ 20,068 | |
Payments of Dividends | $ 98,196 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.95 | ||
Share Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 8,549 | ||
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||
Share Repurchase Program [Member] | Open Market Transactions [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Shares, Acquired | 107,349 | ||
Shares Acquired, Average Cost Per Share | $ 17.65 | ||
Treasury Stock, Retired, Cost Method, Amount | $ 1,897 | ||
Share Repurchase Program [Member] | Open Market Transactions [Member] | Until May 16, 2023 [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Shares, Acquired | 531,223 | ||
Shares Acquired, Average Cost Per Share | $ 20.98 | ||
Treasury Stock, Retired, Cost Method, Amount | $ 11,159 | ||
Performance Incentive Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Number of shares issued | 450,000 |
Earnings per Share (Table) (Det
Earnings per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Net income | $ 90,194 | $ 370,510 |
Weighted average common shares outstanding, basic | 102,821,671 | 102,098,942 |
Basic earnings per share | $ 0.88 | $ 3.63 |
Dillutive effect of non vested shares | 349,053 | 341,003 |
Weighted average common shares outstanding, diluted | 103,170,724 | 102,439,945 |
Diluted earnings per share | $ 0.87 | $ 3.62 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of non-vested restricted share options (Table) (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Unvested at beginning of period | shares | 460,190 |
Unvested at beginning of period | $ / shares | $ 19.38 |
Granted | shares | 1,081,500 |
Granted | $ / shares | $ 18.42 |
Vested | shares | (765,715) |
Vested | $ / shares | $ 18.60 |
Unvested at end of period | shares | 775,975 |
Unvested at end of period | $ / shares | $ 18.81 |
Equity Incentive Plans (Details
Equity Incentive Plans (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 6 Months Ended | ||
May 16, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Restricted common shares granted | 1,081,500 | |||
Number of restricted shares to be vested | 775,975 | 460,190 | ||
Grant date fair value | $ 18.42 | |||
Stock based compensation cost | $ 6,360 | $ 11,480 | ||
Share-Based Payment Arrangement, Expense | $ 2,140 | $ 3,370 | ||
Award percentage | 5% | |||
Estimated compensation cost relating to non-vested restricted awards | $ 12,728 | |||
Weighted average period | 1 year | |||
Dividends to sharehloders of non-vested shares | $ 548 | |||
Equity Incentive Plan 2023 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Shares reserved for issuance | 631,500 | |||
Restricted common shares granted | 631,500 | |||
Grant date fair value | $ 18.19 | |||
Equity Incentive Plan 2023 [Member] | Vest in November 2023 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of restricted shares to be vested | 411,974 | |||
Equity Incentive Plan 2023 [Member] | Vest in May 2024 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of restricted shares to be vested | 151,026 | |||
Equity Incentive Plan 2023 [Member] | Vest in May 2026 [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Number of restricted shares to be vested | 68,500 |
Commitments and Contingencies -
Commitments and Contingencies - Charter party agreements (Table) (Details) - Lease Agreements [Member] $ in Thousands | Jun. 30, 2023 USD ($) | |
Other Commitments [Line Items] | ||
Total | $ 85,097 | |
2024 | 74,363 | |
2025 | 10,734 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
2029 and thereafter | 0 | |
Future, minimum, non-cancellable charter revenues (1) [Member] | ||
Other Commitments [Line Items] | ||
Total | 85,097 | [1] |
2024 | 74,363 | [1] |
2025 | 10,734 | [1] |
2026 | 0 | [1] |
2027 | 0 | [1] |
2028 | 0 | [1] |
2029 and thereafter | $ 0 | [1] |
[1]The amounts represent the minimum contractual charter revenues to be generated from the existing, as of June 30, 2023, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days other than those related to scheduled interim and special surveys of the vessels. Future inflows also include revenues deriving from index linked charter agreements using i) the index rates at the commencement date of each agreement, in compliance with ASC 842, and do not reflect relevant index charter rate information prevailing as of June 30, 2023 and ii) the remaining minimum duration of each contract. |
Commitments and Contingencies_2
Commitments and Contingencies - Other commitments (Table) (Details) - Commitments [Member] $ in Thousands | Jun. 30, 2023 USD ($) | |
Other Commitments [Line Items] | ||
Total | $ (222,464) | |
2024 | (15,220) | |
2024 | (26,711) | |
2026 | (30,204) | |
2027 | (30,204) | |
2028 | (30,287) | |
2029 and thereafter | (89,838) | |
Charter-in expense newbuilding vessels (1) [Member] | ||
Other Commitments [Line Items] | ||
Total | (212,834) | [1] |
2024 | (5,590) | [1] |
2025 | (26,711) | [1] |
2026 | (30,204) | [1] |
2027 | (30,204) | [1] |
2028 | (30,287) | [1] |
2029 and thereafter | (89,838) | [1] |
Vessel BWTS and ESD (2) [Member] | ||
Other Commitments [Line Items] | ||
Total | (9,630) | [2] |
2024 | (9,630) | [2] |
2025 | 0 | [2] |
2026 | 0 | [2] |
2027 | 0 | [2] |
2028 | 0 | [2] |
2029 and thereafter | $ 0 | [2] |
[1]The amounts represent minimum contractual charter-in commitments to be incurred with respect to four Kamsarmax newbuildings and two Ultramax newbuildings which are expected to be delivered during 2024 and the charter-in contracts have a minimum duration of 84 months per vessel.[2]The amounts represent the Company’s commitments as of June 30, 2023, for vessel upgrades (BWTS and ESD). |
Fair value measurements and H_3
Fair value measurements and Hedging - Derivative instruments effect on statements of operations (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Gain/(loss) on interest rate swaps, net | ||
Gains/(loss) of de-designated accounting hedging relationship | $ (507) | $ 0 |
Total Gain/(loss) on interest rate swaps, net | (507) | 0 |
Interest and finance costs | ||
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 8) | 14,412 | 633 |
Total Gain/(loss) recognized | 14,412 | 633 |
Gain/(loss) on forward freight agreements and bunker swaps, net | ||
Total Gain/(loss) recognized | 4,207 | (3,939) |
Forward Freight Agreements [Member] | ||
Gain/(loss) on forward freight agreements and bunker swaps, net | ||
Realized gain/(loss) on forward freight agreements and freight options | 2,796 | 1,023 |
Unrealized gain/(loss) on forward freight agreements and freight options | (116) | (1,169) |
Bunker Swaps [Member] | ||
Gain/(loss) on forward freight agreements and bunker swaps, net | ||
Realized gain/(loss) on bunker swaps | 4,476 | (4,085) |
Unrealized gain/(loss) on bunker swaps | $ (2,949) | $ 292 |
Fair value measurements and H_4
Fair value measurements and Hedging - Fair value on a recurring basis - Quoted Prices in Active Markets (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | $ 12,897 | $ 25,585 |
Derivative Asset, Noncurrent | 5,322 | 8,666 |
Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Forward Freight Agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 0 | 191 |
Derivative Asset, Noncurrent | 75 | 0 |
Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Bunker Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 738 | 3,688 |
Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 813 | 3,879 |
Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member] | Forward Freight Agreements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Derivative Asset, Noncurrent | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member] | Bunker Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member] | Derivative Financial Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 0 | $ 0 |
Fair value measurements and H_5
Fair value measurements and Hedging - Fair value on recurring basis - Significant Other Observable Inputs (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | $ 12,897 | $ 25,585 |
Derivative Asset, Noncurrent | 5,322 | 8,666 |
Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 0 | 1,665 |
Derivative Asset, Noncurrent | 0 | 798 |
Total | 0 | 2,463 |
Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset, Current | 12,159 | 20,041 |
Derivative Asset, Noncurrent | 5,247 | 7,868 |
Total | $ 17,406 | $ 27,909 |
Fair value measurements and H_6
Fair value measurements and Hedging (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||||
Restricted cash, current | $ 14,183 | $ 14,569 | ||
Impairment of Long-Lived Assets to be Disposed of | 7,700 | $ 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||||
Vessels' fair value | 65,400 | |||
Derivative [Member] | ||||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||||
Restricted cash, current | $ 2,485 | $ 2,199 | ||
Forecast [Member] | ||||
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | ||||
Expected gain in interest rate swaps | $ 5,741 |
Voyage revenues (Table) (Detail
Voyage revenues (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 462,721 | $ 778,217 |
Time charters [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 241,378 | 448,357 |
Voyage charters [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 219,666 | 326,323 |
Pool revenues [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 1,677 | $ 3,537 |
Voyage revenues (Details Narrat
Voyage revenues (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade accounts receivable | $ 59,728 | $ 84,034 | |
Other Assets, Current | 27,967 | 14,913 | |
Unrearned revenue | 17,838 | 16,684 | |
Demurrage income | 6,608 | $ 23,449 | |
Voyage Charter Agreements [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Trade accounts receivable | 15,951 | 24,144 | |
Unrearned revenue | 8,319 | 9,215 | |
Revenue Contracts [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Increase in capitalized contract fulfilment costs | 1,515 | ||
Other Assets, Current | 5,881 | $ 4,366 | |
Scrubber Revenue [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Operating Lease, Lease Income | 29,971 | 44,777 | |
Vessels Operating in CCL Pool [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ 2,349 | $ 3,254 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 7 Months Ended | 19 Months Ended | |||
Jul. 14, 2023 | Jul. 12, 2023 | Jul. 10, 2023 | Jul. 07, 2023 | Jul. 24, 2023 | Aug. 03, 2023 | |
Nordea $50,000 Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Lines of Credit | $ 50,000 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend declared per share | $ 0.40 | |||||
Dividends Payable, Date to be Paid | Sep. 07, 2023 | |||||
Dividends Payable, Date of Record | Aug. 22, 2023 | |||||
Expected ex dividend date | Aug. 21, 2023 | |||||
Subsequent Event [Member] | Nordea $50,000 Facility [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Proceeds from Lines of Credit | $ 50,000 | |||||
Subsequent Event [Member] | Star Polaris [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Delivery date to buyers | July 7, 2023 | |||||
Subsequent Event [Member] | Star Centaurus [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Delivery date to buyers | July 10, 2023 | |||||
Subsequent Event [Member] | Star Columba [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Delivery date to buyers | July 14, 2023 | |||||
Subsequent Event [Member] | Star Aquila [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Delivery date to buyers | July 24, 2023 |