Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Enity Registrant Name | Star Bulk Carriers Corp. |
Entity Central Index Key | 0001386716 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Well Known Seasoned Issuer | No |
Entity Emerging Growth Company | false |
Entity Common Stock Shares Outstanding | 96,066,226 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | SBLK |
Entity Interactive Data Current | Yes |
Entity Address, Country | MH |
Document Annual Report | true |
Security 12b Title | Common Shares, par value $0.01 per share and 8.30% Senior Notes due 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 117,819 | $ 204,921 | $ 257,911 |
Restricted cash, current (Note 9) | 7,422 | 6,435 | 7,169 |
Trade accounts receivable, net | 58,785 | 38,402 | |
Inventories (Note 4) | 51,153 | 27,436 | |
Due from managers | 899 | 284 | |
Due from related parties (Note 3) | 590 | 1,322 | |
Prepaid expenses and other receivables | 17,745 | 6,504 | |
Derivative asset, current (Note 20) | 216 | 537 | |
Other current assets (Notes 3 and 18) | 11,413 | 7,046 | |
Vessel held for sale (Note 5) | 0 | 5,949 | |
Total Current Assets | 266,042 | 298,836 | |
FIXED ASSETS | |||
Advances for vessels under construction and acquisition of vessels (Note 6) | 0 | 59,900 | 48,574 |
Vessels and other fixed assets, net (Note 5) | 2,965,527 | 2,656,108 | |
Total Fixed Assets | 2,965,527 | 2,716,008 | |
OTHER NON-CURRENT ASSETS | |||
Long term investment (Note 3) | 1,162 | 1,108 | |
Restricted cash, non-current (Note 9) | 1,021 | 2,521 | 8,420 |
Leased buildings, right-of-use assets (Note 2) | 1,216 | 0 | |
Other non-current assets | 3,703 | 3,664 | |
TOTAL ASSETS | 3,238,671 | 3,022,137 | |
CURRENT LIABILITIES | |||
Current portion of long term debt (Note 9) | 150,350 | 101,007 | |
Lease financing short term (Note 7) | 52,145 | 65,837 | |
Accounts payable | 42,779 | 20,959 | |
Due to managers | 5,781 | 3,757 | |
Due to related parties (Note 3) | 4,017 | 1,649 | |
Accrued liabilities (Note 15) | 46,761 | 16,854 | |
Derivative liability (Note 20) | 1,724 | 1,799 | |
Deferred revenue | 7,374 | 10,855 | |
Total Current Liabilities | 310,931 | 222,717 | |
NON-CURRENT LIABILITIES | |||
8.30% 2022 Notes, net of unamortized debt issuance costs of $1,590 and $1,179, as of December 31, 2018 and 2019, respectively (Note 9) | 48,821 | 48,410 | |
Long term debt, net of current portion and unamortized debt issuance costs of $10,997 and $15,098, as of December 31, 2018 and 2019, respectively (Note 9) | 960,589 | 685,819 | |
Lease financing long term, net of unamortized debt issuance costs of $2,975 and $3,936, as of December 31, 2018 and 2019 respectively (Note 7) | 369,831 | 540,925 | |
Fair value of below market time charters acquired (Note 8) | 2,473 | 3,553 | |
Leased buildings, operating lease liabilities (Note 2) | 1,216 | 0 | |
Other non-current liabilities | 770 | 668 | |
TOTAL LIABILITIES | 1,694,631 | 1,502,092 | |
COMMITMENTS & CONTINGENCIES (Note 17) | |||
SHAREHOLDERS' EQUITY | |||
Preferred Shares; $0.01 par value, authorized 25,000,000 shares; none issued or outstanding at December 31, 2018 and 2019, respectively (Note 10) | 0 | 0 | |
Common Shares, $0.01 par value, 300,000,000 shares authorized; 92,627,349 shares issued and 92,285,986 shares (net of treasury shares) outstanding at December 31, 2018; 96,073,197 shares issued and 96,066,226 shares (net of treasury shares) outstanding as of December 31, 2019 (Note 10) | 961 | 926 | |
Additional paid in capital | 2,544,342 | 2,502,429 | |
Treasury shares (341,363 and 6,971 shares at December 31, 2018 and 2019, respectively) | (93) | (3,145) | |
Accumulated deficit | (1,001,170) | (980,165) | |
Total Shareholders' Equity | 1,544,040 | 1,520,045 | $ 1,088,052 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,238,671 | $ 3,022,137 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred Shares | ||
Preferred Shares - Par Value | $ 0.01 | $ 0.01 |
Preferred Shares - Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Shares - Shares Issued | 0 | 0 |
Preferred Shares - Shares Outstanding | 0 | 0 |
Common Shares | ||
Common Shares - Par Value | $ 0.01 | $ 0.01 |
Common Shares - Shares Authorized | 300,000,000 | 300,000,000 |
Common Shares - Shares Issued | 96,073,197 | 92,627,349 |
Common Shares - Shares Outstanding | 96,066,226 | 92,285,986 |
Treasury Stock | ||
Treasury Stock - Shares | 6,971 | 341,363 |
8.30% 2022 Notes | ||
Unamortized debt issuance costs | $ 1,179 | $ 1,590 |
Long-term Debt | ||
Unamortized debt issuance costs | 15,098 | 10,997 |
Capital Lease Obligations | ||
Unamortized debt issuance costs | $ 3,936 | $ 2,975 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Voyage revenues (Note 18) | $ 821,365 | $ 651,561 | $ 331,976 |
Expenses | |||
Voyage expenses (Note 3 and 19) | 222,962 | 121,596 | 64,682 |
Charter-in hire expenses (Note 3) | 126,813 | 92,896 | 5,325 |
Vessel operating expenses (Note 19) | 160,062 | 128,872 | 101,428 |
Dry docking expenses | 57,444 | 8,970 | 4,262 |
Depreciation | 124,280 | 102,852 | 82,623 |
Management fees (Note 3 and 12) | 17,500 | 11,321 | 7,543 |
General and administrative expenses (Note 3) | 34,819 | 33,972 | 30,955 |
Impairment loss (Note 5 and 20) | 3,411 | 17,784 | 0 |
Other operational loss | 110 | 191 | 989 |
Other operational gain (Note 11) | (2,423) | 0 | (2,918) |
Provision for doubtful debts | 1,607 | 722 | 0 |
(Gain)/Loss on forward freight agreements and bunker swaps (Note 20) | (4,411) | 447 | 841 |
(Gain)/Loss on sale of vessels ( Note 5) | 5,493 | 0 | (2,598) |
Total Operating Expenses | 747,667 | 519,623 | 293,132 |
Operating income / (loss) | 73,698 | 131,938 | 38,844 |
Other Income/ (Expenses): | |||
Interest and finance costs (Note 9) | (87,617) | (73,715) | (50,458) |
Interest and other income/(loss) | 1,299 | 1,866 | 2,997 |
Gain / (Loss) on derivative financial instruments, net (Note 20) | 0 | 707 | 246 |
Loss on debt extinguishment (Note 9) | (3,526) | (2,383) | (1,257) |
Total other expenses, net | (89,844) | (73,525) | (48,472) |
Income / (loss) before taxes and equity in income of investee | (16,146) | 58,413 | (9,628) |
Income taxes (Note 16) | (109) | (61) | (236) |
Income/(Loss) before equity in income of investee | (16,255) | 58,352 | (9,864) |
Equity in income of investee | 54 | 45 | 93 |
Net income/(loss) | $ (16,201) | $ 58,397 | $ (9,771) |
Earnings / (Loss) per share, basic | $ (0.17) | $ 0.76 | $ (0.16) |
Earnings / (Loss) per share, diluted | $ (0.17) | $ 0.76 | $ (0.16) |
Weighted average number of shares outstanding, basic (Note 14) | 93,735,549 | 77,061,227 | 63,034,394 |
Weighted average number of shares outstanding, diluted (Note 14) | 93,735,549 | 77,326,111 | 63,034,394 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Net income / (loss) | $ (16,201) | $ 58,397 | $ (9,771) |
Other comprehensive income / (loss): | |||
Unrealized gain / (loss) from hedging interest rate swaps recognized in Other comprehensive income/(loss) before reclassifications | 0 | 106 | 47 |
Less: | |||
Reclassification adjustments of interest rate swap gain/(loss) | 0 | (711) | 852 |
Other comprehensive income / (loss) | (605) | 899 | |
Total comprehensive income / (loss) | $ (16,201) | $ 57,792 | $ (8,872) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Shares | Common SharesOCC vessels | Common SharesSonga Vessels | Common SharesAugustea Vessels | Common SharesE.R Vessels | Common SharesDelphin Vessels | Additional Paid-in Capital | Additional Paid-in CapitalOCC vessels | Additional Paid-in CapitalSonga Vessels | Additional Paid-in CapitalAugustea Vessels | Additional Paid-in CapitalE.R Vessels | Additional Paid-in CapitalDelphin Vessels | Accumulated Other Comprehensive income/(loss) | Accumulated deficit | Treasury Stock | Treasury StockSonga Vessels | Total | OCC vessels | Songa Vessels | Augustea Vessels | E.R Vessels | Delphin Vessels |
BALANCE, value at Dec. 31, 2016 | $ 566 | $ 2,063,490 | $ (294) | $ (1,026,532) | $ 0 | $ 1,037,230 | ||||||||||||||||
BALANCE, shares at Dec. 31, 2016 | 56,628,907 | |||||||||||||||||||||
Net income / (loss) | (9,771) | (9,771) | ||||||||||||||||||||
Other comprehensive income / (loss) | 899 | 899 | ||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13), value | $ 13 | 9,254 | 9,267 | |||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13), shares | 1,220,825 | |||||||||||||||||||||
Issuance of common stock (Note 10), value | $ 63 | 50,364 | 50,427 | |||||||||||||||||||
Issuance of common stock (Note 10), shares | 6,310,272 | |||||||||||||||||||||
BALANCE, value at Dec. 31, 2017 | $ 642 | 2,123,108 | 605 | (1,036,303) | 0 | 1,088,052 | ||||||||||||||||
BALANCE, shares at Dec. 31, 2017 | 64,160,004 | |||||||||||||||||||||
Cumulative effect of accounting change | (2,259) | (2,259) | ||||||||||||||||||||
Net income / (loss) | 58,397 | 58,397 | ||||||||||||||||||||
Other comprehensive income / (loss) | (605) | (605) | ||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13), value | $ 8 | 8,064 | 8,072 | |||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13), shares | 868,975 | |||||||||||||||||||||
Secondary offering expenses | (2,032) | (2,032) | ||||||||||||||||||||
Acquisition of vessels (Note 3, 5 and 10), value | $ 33 | $ 137 | $ 103 | $ 3 | $ 42,929 | $ 182,543 | $ 143,780 | $ 4,037 | $ 42,962 | $ 182,680 | $ 143,883 | $ 4,040 | ||||||||||
Acquisition of vessels (Note 3, 5 and 10), shares | 3,304,735 | 13,725,000 | 10,277,335 | 291,300 | ||||||||||||||||||
Purchase of treasury stock (Note 10), value | (3,145) | (3,145) | ||||||||||||||||||||
BALANCE, value at Dec. 31, 2018 | $ 926 | 2,502,429 | $ 0 | (980,165) | (3,145) | 1,520,045 | ||||||||||||||||
BALANCE, shares at Dec. 31, 2018 | 92,627,349 | |||||||||||||||||||||
Net income / (loss) | (16,201) | (16,201) | ||||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13), value | $ 9 | 7,934 | 7,943 | |||||||||||||||||||
Issuance of vested and non-vested shares and amortization of share-based compensation (Note 13), shares | 883,700 | |||||||||||||||||||||
Dividend declared and paid ($0.05 per share) | (4,804) | (4,804) | ||||||||||||||||||||
Acquisition of vessels, value | $ (93) | $ (93) | ||||||||||||||||||||
Acquisition of vessels (Note 3, 5 and 10), value | $ 10 | $ 45 | $ 10,055 | $ 47,470 | $ 10,065 | $ 47,515 | ||||||||||||||||
Acquisition of vessels (Note 3, 5 and 10), shares | 999,336 | 4,503,370 | ||||||||||||||||||||
Purchase of treasury stock (Note 10), value | $ (29) | (23,546) | 3,145 | (20,430) | ||||||||||||||||||
Purchase of treasury stock (Note 10), shares | (2,940,558) | |||||||||||||||||||||
BALANCE, value at Dec. 31, 2019 | $ 961 | $ 2,544,342 | $ (1,001,170) | $ (93) | $ 1,544,040 | |||||||||||||||||
BALANCE, shares at Dec. 31, 2019 | 96,073,197 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Business Acquisition [Line Items] | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.05 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net income / (loss) | $ (16,201) | $ 58,397 | $ (9,771) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation | 124,280 | 102,852 | 82,623 |
Amortisation of fair value of above market time charters (Note 8) | 336 | 0 | 0 |
Amortisation of fair value of below market time charters (Note 8) | (2,349) | (1,820) | 0 |
Amortization of debt issuance costs (Note 9) | 5,590 | 3,253 | 2,660 |
Loss on debt extinguishment (Note 9) | 3,526 | 2,383 | 1,257 |
Impairment loss (Note 5) | 3,411 | 17,784 | 0 |
Loss / (gain) on sale of vessels (Note 5) | 5,493 | 0 | (2,598) |
Provision for doubtful debts | 1,607 | 722 | 0 |
Share-based compensation (Note 13) | 7,943 | 8,072 | 9,267 |
Non-cash effects of derivative financial instruments | 0 | (1,230) | (1,821) |
Fair value hedge adjustment (Note 20) | 0 | (1,609) | 0 |
Change in fair value of forward freight derivatives and bunker swaps (Note 20) | 246 | 1,339 | (36) |
Other non-cash charges | 28 | 108 | 144 |
Amortization of deferred gain | 0 | 0 | (52) |
Gain on hull and machinery claims (Note 11) | (2,264) | (309) | (456) |
Equity in income of investee | (54) | (45) | (93) |
(Increase)/Decrease in: | |||
Trade accounts receivable | (20,383) | (22,266) | (5,949) |
Inventories | (23,717) | (8,091) | (4,811) |
Prepaid expenses and other receivables | (14,940) | (7,545) | (43) |
Due from related parties | 732 | (1,091) | 745 |
Due from managers | (615) | (284) | 1,430 |
Other non-current assets | (357) | (1,972) | 0 |
Increase/(Decrease) in: | |||
Accounts payable | 3,627 | 10,288 | 4,709 |
Due to related parties | 2,368 | 1,420 | (127) |
Accrued liabilities | 11,675 | 3,827 | (863) |
Due to managers | 2,024 | 2,337 | 1,420 |
Deferred revenue | (3,481) | 2,489 | 5,169 |
Net cash provided by / (used in) Operating Activities | 88,525 | 169,009 | 82,804 |
Cash Flows from Investing Activities: | |||
Advances for vessels under construction and acquisition of vessels and other fixed assets | (347,140) | (328,634) | (143,684) |
Cash proceeds from vessel sales (Note 5) | 56,632 | 0 | 15,153 |
Hull and machinery insurance proceeds | 10,671 | 3,307 | 1,430 |
Net cash provided by / (used in) Investing Activities | (279,837) | (325,327) | (127,101) |
Cash Flows from Financing Activities: | |||
Proceeds from bank loans, leases and notes | 768,282 | 987,980 | 160,780 |
Loan and lease prepayments and repayments | (623,892) | (875,037) | (86,262) |
Financing and debt extinguishment fees paid | (15,366) | (13,818) | (2,910) |
Dividends paid | (4,804) | 0 | 0 |
Proceeds from issuance of common stock | 0 | 0 | 51,454 |
Offering expenses paid related to the issuance of common stock | 0 | (532) | (1,027) |
Repurchase of common shares | (20,523) | (3,145) | 0 |
Refund of financing premia | 0 | 1,247 | 0 |
Net cash provided by / (used in) Financing Activities | 103,697 | 96,695 | 122,035 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (87,615) | (59,623) | 77,738 |
Cash and cash equivalents and restricted cash at beginning of period | 213,877 | 273,500 | 195,762 |
Cash and cash equivalents and restricted cash at end of period | 126,262 | 213,877 | 273,500 |
Cash paid during the year for: | |||
Interest | 82,172 | 65,158 | 50,227 |
Non-cash investing and financing activities: | |||
Shares issued in connection with vessel acquisitions | 57,580 | 373,565 | 0 |
Vessel upgrades | 27,848 | 0 | 0 |
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 | 117,819 | 204,921 | 257,911 |
Restricted cash, current (Note 9) | 7,422 | 6,435 | 7,169 |
Restricted cash, non-current (Note 9) | 1,021 | 2,521 | 8,420 |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 126,262 | $ 213,877 | $ 273,500 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information: | 1. Basis of Presentation and General Information: The consolidated financial statements as of December 31, 2018 and 2019 and for the years ended December 31, 2017, 2018 and 2019, include the accounts of Star Bulk Carriers Corp. (“Star Bulk”) and its wholly owned subsidiaries as set forth below (collectively, the “Company”). Star Bulk was incorporated on December 13, 2006 under the laws of the Marshall Islands and maintains offices in Athens, Oslo, New York, Limassol and Geneva. The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels. Since December 3, 2007, Star Bulk shares trade on the NASDAQ Global Select Market under the ticker symbol “SBLK” (primary listing). Following, and in connection with, the Songa Vessel Purchase Transaction, as defined below in Note 3, Star Bulk’s common shares also trade on the Oslo Stock Exchange (secondary listing) under the same ticker. As of December 31, 2019, the Company owned a modern fleet of 116 dry bulk vessels consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with a carrying capacity between 52,425 deadweight tonnage (“dwt”) and 209,537 dwt, and a combined carrying capacity of 12.9 million dwt. Additionally, through its subsidiary, Star Logistics Management S.A. (or “Star Logistics”), which was formed in October 2017 and is based in Geneva, Switzerland, the Company chartered-in a number of third-party vessels on a short- to medium- term basis (usually not exceeding one year) to increase its operating capacity in order to satisfy its clients’ needs. Effective January 1, 2020, all activities of Star Logistics were transferred to Star Bulk (Singapore) Pte. Ltd (or “Star Bulk Singapore”), a newly established wholly-owned subsidiary of the Company based in Singapore. Below is the list of the Company’s wholly owned subsidiaries as of December 31, 2019: Subsidiaries owning vessels in operation at December 31, 2019: Date Wholly Owned Subsidiaries Vessel Name DWT Delivered to Star Bulk Year Built 1 Sea Diamond Shipping LLC Goliath 209,537 July 15, 2015 2015 2 Pearl Shiptrade LLC Gargantua 209,529 April 2, 2015 2015 3 Star Ennea LLC Star Poseidon 209,475 February 26, 2016 2016 4 Coral Cape Shipping LLC Maharaj 209,472 July 15, 2015 2015 5 Star Castle II LLC Star Leo (1) 207,939 May 14, 2018 2018 6 ABY Eleven Ltd Star Laetitia 207,896 August 3, 2018 2017 7 Domus Shipping LLC Star Ariadne 207,812 March 28, 2017 2017 8 Star Breezer LLC Star Virgo 207,810 March 1, 2017 2017 9 Star Seeker LLC Star Libra (1) 207,765 June 6, 2016 2016 10 ABY Nine Ltd Star Sienna 207,721 August 3, 2018 2017 11 Clearwater Shipping LLC Star Marisa 207,709 March 11 2016 2016 12 ABY Ten Ltd Star Karlie 207,566 August 3, 2018 2016 13 Star Castle I LLC Star Eleni (1) 207,555 January 3, 2018 2018 14 Festive Shipping LLC Star Magnanimus 207,490 March 26, 2018 2018 15 New Era II Shipping LLC Debbie H 206,861 May 28, 2019 2019 16 New Era III Shipping LLC Star Ayesha 206,852 July 15, 2019 2019 17 New Era I Shipping LLC Katie K 206,839 April 16, 2019 2019 18 Cape Ocean Maritime LLC Leviathan 182,511 September 19, 2014 2014 19 Cape Horizon Shipping LLC Peloreus 182,496 July 22, 2014 2014 20 Star Nor I LLC Star Claudine (1) 181,258 July 6, 2018 2011 21 Star Nor II LLC Star Ophelia (1) 180,716 July 6, 2018 2010 22 Christine Shipco LLC Star Martha 180,274 October 31, 2014 2010 23 Sandra Shipco LLC Star Pauline 180,233 December 29, 2014 2008 24 Pacific Cape Shipping LLC Pantagruel 180,181 July 11, 2014 2004 25 Star Borealis LLC Star Borealis 179,678 September 9, 2011 2011 26 Star Polaris LLC Star Polaris 179,546 November 14, 2011 2011 27 Star Nor III LLC Star Lyra (1) 179,147 July 6, 2018 2009 28 Star Regg II LLC Star Janni 178,978 January 7, 2019 2010 29 Star Regg I LLC Star Marianne 178,906 January 14, 2019 2010 30 Star Trident V LLC Star Angie 177,931 October 29, 2014 2007 31 Sky Cape Shipping LLC Big Fish 177,662 July 11, 2014 2004 32 Global Cape Shipping LLC Kymopolia 176,990 July 11, 2014 2006 33 Star Trident XXV Ltd. Star Triumph 176,343 December 8, 2017 2004 34 ABY Fourteen Ltd Star Scarlett 175,800 August 3, 2018 2014 35 ABY Fifteen Ltd Star Audrey 175,125 August 3, 2018 2011 36 Sea Cape Shipping LLC Big Bang 174,109 July 11, 2014 2007 37 ABY I LLC Star Paola 115,259 August 3, 2018 2011 38 ABM One Ltd Star Eva 106,659 August 3, 2018 2012 39 Nautical Shipping LLC Amami 98,681 July 11, 2014 2011 40 Majestic Shipping LLC Madredeus 98,681 July 11, 2014 2011 41 Star Sirius LLC Star Sirius 98,681 March 7, 2014 2011 42 Star Vega LLC Star Vega 98,681 February 13, 2014 2011 43 ABY II LLC Star Aphrodite 92,006 August 3, 2018 2011 44 Augustea Bulk Carrier Ltd Star Piera 91,952 August 3, 2018 2010 45 Augustea Bulk Carrier Ltd Star Despoina 91,945 August 3, 2018 2010 46 Star Nor IV LLC Star Electra (1) 83,494 July 6, 2018 2011 47 Star Alta I LLC Star Angelina 82,981 December 5, 2014 2006 48 Star Alta II LLC Star Gwyneth 82,790 December 5, 2014 2006 49 Star Trident I LLC Star Kamila 82,769 September 3, 2014 2005 50 Star Nor VI LLC Star Luna (1) 82,687 July 6, 2018 2008 51 Star Nor V LLC Star Bianca (1) 82,672 July 6, 2018 2008 52 Grain Shipping LLC Pendulum 82,619 July 11, 2014 2006 53 Star Trident XIX LLC Star Maria 82,598 November 5, 2014 2007 54 Star Trident XII LLC Star Markella 82,594 September 29, 2014 2007 55 Star Trident IX LLC Star Danai 82,574 October 21, 2014 2006 56 ABY Seven Ltd Star Jeanette 82,567 August 3, 2018 2014 57 Star Trident XI LLC Star Georgia 82,298 October 14, 2014 2006 58 Star Trident VIII LLC Star Sophia 82,269 October 31, 2014 2007 59 Star Trident XVI LLC Star Mariella 82,266 September 19, 2014 2006 60 Star Trident XIV LLC Star Moira 82,257 November 19, 2014 2006 61 Star Trident XVIII LLC Star Nina 82,224 January 5, 2015 2006 62 Star Trident X LLC Star Renee 82,221 December 18, 2014 2006 63 Star Trident II LLC Star Nasia 82,220 August 29, 2014 2006 64 Star Trident XIII LLC Star Laura 82,209 December 8, 2014 2006 65 Star Trident XV LLC Star Jennifer 82,209 April 15, 2015 2006 66 Star Nor VIII LLC Star Mona (1) 82,188 July 6, 2018 2012 67 Star Trident XVII LLC Star Helena 82,187 December 29, 2014 2006 68 Star Nor VII LLC Star Astrid (1) 82,158 July 6, 2018 2012 69 Waterfront Two Ltd Star Alessia 81,944 August 3, 2018 2017 70 Star Nor IX LLC Star Calypso (1) 81,918 July 6, 2018 2014 71 Star Gaia LLC Star Charis 81,711 March 22, 2017 2013 72 Star Elpis LLC Star Suzanna 81,711 May 15, 2017 2013 73 Mineral Shipping LLC Mercurial Virgo 81,545 July 11, 2014 2013 74 Star Nor X LLC Stardust (1) 81,502 July 6, 2018 2011 75 Star Nor XI LLC Star Sky (1) 81,466 July 6, 2018 2010 76 ABY III LLC Star Lydia 81,187 August 3, 2018 2013 77 ABY IV LLC Star Nicole 81,120 August 3, 2018 2013 78 ABY Three Ltd Star Virginia 81,061 August 3, 2018 2015 79 Star Nor XII LLC Star Genesis (1) 80,705 July 6, 2018 2010 80 Star Nor XIII LLC Star Flame (1) 80,448 July 6, 2018 2011 81 Star Trident III LLC Star Iris 76,466 September 8, 2014 2004 82 Star Trident XX LLC Star Emily 76,417 September 16, 2014 2004 83 Orion Maritime LLC Idee Fixe (1) 63,458 March 25, 2015 2015 84 Primavera Shipping LLC Roberta (1) 63,426 March 31, 2015 2015 85 Success Maritime LLC Laura (1) 63,399 April 7, 2015 2015 86 Ultra Shipping LLC Kaley (1) 63,283 June 26, 2015 2015 87 Blooming Navigation LLC Kennadi 63,262 January 8, 2016 2016 88 Jasmine Shipping LLC Mackenzie 63,226 March 2, 2016 2016 89 STAR LIDA I SHIPPING LLC Apus (1) 63,123 July 16, 2019 2014 90 Star Nor XV LLC Star Wave (1) 61,491 July 6, 2018 2017 91 Star Challenger I LLC Star Challenger (1) 61,462 December 12, 2013 2012 92 Star Challenger II LLC Star Fighter (1) 61,455 December 30, 2013 2013 93 Star Axe II LLC Star Lutas 61,347 January 6, 2016 2016 94 Aurelia Shipping LLC Honey Badger 61,320 February 27, 2015 2015 95 Rainbow Maritime LLC Wolverine 61,292 February 27, 2015 2015 96 Star Axe I LLC Star Antares 61,258 October 9, 2015 2015 97 ABY Five Ltd Star Monica 60,935 August 3, 2018 2015 98 Star Asia I LLC Star Aquarius 60,916 July 22, 2015 2015 99 Star Asia II LLC Star Pisces (1) 60,916 August 7, 2015 2015 100 Star Nor XIV LLC Star Glory (1) 58,680 July 6, 2018 2012 101 STAR LIDA XI SHIPPING LLC Pyxis (1) 56,615 August 19, 2019 2013 102 STAR LIDA VIII SHIPPING LLC Hydrus (1) 56,604 August 8, 2019 2013 103 STAR LIDA IX SHIPPING LLC Leo (1) 56,582 July 15, 2019 2013 104 Star Trident VII LLC Diva 56,582 July 24, 2017 2011 105 STAR LIDA VI SHIPPING LLC D.Centaurus (1) 56,559 September 18, 2019 2012 106 STAR LIDA VII SHIPPING LLC Hercules (1) 56,545 July 16, 2019 2012 107 STAR LIDA X SHIPPING LLC Pegasus (1) 56,540 July 15, 2019 2013 108 STAR LIDA III SHIPPING LLC Cepheus (1) 56,539 July 16, 2019 2012 109 STAR LIDA IV SHIPPING LLC Columba (1) 56,530 July 23, 2019 2012 110 STAR LIDA V SHIPPING LLC Dorado (1) 56,507 July 16, 2019 2013 111 STAR LIDA II SHIPPING LLC Aquila (1) 56,506 July 15, 2019 2012 112 Star Regg III LLC Star Bright 55,783 October 10, 2018 2010 113 Glory Supra Shipping LLC Strange Attractor 55,742 July 11, 2014 2006 114 Star Omicron LLC Star Omicron 53,489 April 17, 2008 2005 115 Star Zeta LLC Star Zeta 52,994 January 2, 2008 2003 116 Star Theta LLC Star Theta 52,425 December 6, 2007 2003 Total dwt 12,859,300 (1) Subject to a bareboat charter with purchase obligation at the expiration of the bareboat charter term (Note 7) Non-vessel owning subsidiaries at December 31, 2019: Wholly Owned Subsidiaries 1 Star Bulk Management Inc. 37 Cape Confidence Shipping LLC 2 Starbulk S.A. 38 Cape Runner Shipping LLC 3 Star Bulk Manning LLC 39 Olympia Shiptrade LLC 4 Star Bulk Shipmanagement Company (Cyprus) Limited 40 Victory Shipping LLC 5 Candia Shipping Limited (ex Optima Shipping Limited) 41 Star Cape I LLC 6 Star Omas LLC 42 Star Cape II LLC 7 Star Synergy LLC 43 Positive Shipping Company 8 Oceanbulk Shipping LLC 44 OOCape1 Holdings LLC 9 Oceanbulk Carriers LLC 45 Oday Marine LLC 10 International Holdings LLC 46 Searay Maritime LLC 11 Star Ventures LLC 47 Lowlands Beilun Shipco LLC 12 Star Logistics LLC (ex Dry Ventures LLC) 48 Star Trident VI LLC 13 Unity Holding LLC 49 KMSRX Holdings LLC 14 Star Bulk (USA) LLC 50 Dioriga Shipping Co. 15 Star Trident XXI LLC 51 Star Trident XXX LLC 16 Star Trident XXIV LLC 52 Star Trident IV LLC 17 Star Trident XXVII LLC 53 Pacific Ventures Holdings LLC 18 Star Trident XXXI LLC 54 Star Mare LLC 19 Star Trident XXIX LLC 55 Star Regg IV LLC 20 Star Trident XXVIII LLC 56 Star Regg V LLC 21 Star Trident XXVI LLC 57 Star Regg VI LLC 22 Star Trident XXII LLC 58 Star Regg VII LLC 23 Star Trident XXIII LLC 59 Star Sege Ltd 24 Star Alpha LLC 60 Star Gamma LLC 25 Star Bulk Norway AS 61 Star Delta LLC 26 Star New Era LLC 62 Star Epsilon LLC 27 Star Thor LLC 63 Star Kappa LLC 28 Star ABY LLC 64 Star Aurora LLC 29 ABY Group Holding Ltd 65 Star Uranus LLC 30 Star Regina LLC 66 Star Trident VII LLC 31 Star Logistics Management S.A. 67 Star Trident XII LLC 32 Gravity Shipping LLC 68 Star Trident XIII LLC 33 White Sand Shipping LLC 69 Star Trident XVI LLC 34 Premier Voyage LLC 70 Star Bulk (Singapore) Pte. Ltd 35 L.A. Cape Shipping LLC 71 Star Bulk Germany GmbH 36 Star Cosmo LLC Charterers who individually accounted for more than 10% of the Company’s voyage revenues during the years ended December 31, 2017, 2018 and 2019 are as follows: Charterer 2017 2018 2019 A N/A 15% 13% B 14% N/A N/A The outstanding accounts receivable balance as at December 31, 2019 of this charterer (A) was $2,876. |
Significant Accounting policies
Significant Accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting policies | 2. Significant Accounting policies: a) Principles of consolidation: Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation”, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Following the provisions of ASC 810 “Consolidation”, the Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a variable interest entity (“VIE”) in its consolidated financial statements. The Company’s evaluation did not result in an identification of variable interest entities for the years 2017, 2018 and 2019. b) Equity method investments: c) Use of estimates: d) Comprehensive income/(loss): e) Concentration of credit risk: f) Foreign currency transactions: g) Cash and cash equivalents: h) Restricted cash i) Trade accounts receivable, net: j) Inventories: k) Vessels, net: 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). Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is $0.3 per light weight ton as of December 31, 2019 and 2018, which is based on the historical average demolition prices. l) Advances for vessels under construction and acquisition of vessels: m) Fair value of above/below market acquired time charters: n) Impairment of long-lived assets: In this respect, management regularly reviews the carrying amount of the vessels, including newbuilding contracts, if any, on a vessel-by-vessel basis, when events and circumstances indicate that the carrying amount of the vessels or newbuilding contracts might not be recoverable (such as vessel sales and purchases, business plans, obsolescence or damage to the asset and overall market conditions). When impairment indicators are present, the Company compares future undiscounted net operating cash flows to the carrying values of the Company’s vessels to determine if the asset is required to be impaired. In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels’ future performance, with the significant assumptions being related to charter rates, ship operating expenses, vessels’ residual value, fleet utilization and the estimated remaining useful lives of the vessels. These assumptions are based on current market conditions, historical industry and Company’s specific trends, as well as future expectations. The future undiscounted net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent rate for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage and address commissions. Estimates of the daily time charter equivalent rate for the unfixed days are based on the current Forward Freight Agreement (“FFA”) rates, for the first three-year period, average of FFA rates and historical average rate levels for the fourth year and historical average rate levels of similar size vessels for the period thereafter. The expected cash inflows from charter revenues are based on an assumed fleet utilization rate for the unfixed days over available days, taking also into account expected technical off-hire days. In addition, in light of the Company’s investment in exhaust gas cleaning systems (“EGCS” or “Scrubbers”), an estimate of an additional daily revenue for each scrubber fitted vessel was also included, reflecting additional compensation from charterers due to the fuel cost savings that these vessels provide. In assessing expected future cash outflows, management forecasts vessel operating expenses, which are based on the Company’s internal budget for the first annual period and thereafter assume an annual inflation rate and are capped at the thirteenth year thereafter, vessel expected maintenance costs (for dry docking and special surveys) and management fees. The estimated salvage value of each vessel is $0.3 per light weight ton, in accordance with the Company’s vessel depreciation policy. The Company uses a probability weighted approach for developing estimates of future cash flows used to test its vessels for recoverability when alternative courses of action are under consideration (i.e. sale or continuing operation of a vessel). If the Company’s estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to the vessel’s fair market value with a charge recorded under “Impairment loss” in the consolidated statement of operations. o) Vessels held for sale: Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under “Impairment loss” in the consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale. p) Financing costs: . q) Debt Modifications and extinguishments: r) Share based compensation: Awards of restricted shares, restricted share units or share options that are subject to performance conditions are also measured at their fair value, which is equal to the market value of the Company’s common shares on the grant date. If the award is subject only to performance conditions, compensation cost is recognized only if the performance conditions are satisfied (essentially, the requisite service is not considered to have been provided if the performance condition is not achieved). For awards that are subject to performance conditions and future service conditions, if it is probable that the performance condition for these awards will be satisfied, the compensation cost in respect of these awards is recognized over the requisite service period. If it is initially determined that it is not probable that the performance condition will be satisfied and it is later determined that the performance conditions are likely to be satisfied (or vice versa), the effect of the change in estimate is retroactively accounted for in the period of change by recording a cumulative catch-up adjustment to retroactively apply the new estimate. If the award is forfeited because the performance condition is not satisfied, any previously recognized compensation cost is reversed. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (as compensation expense) over the requisite service period for all awards that vest. s) Dry docking and special survey expenses: t) Accounting for revenue and related expenses: Under time charter agreements, voyage costs, such as fuel and port charges are borne and paid by the charterer. The Company’s time charter agreements are classified as operating leases pursuant to ASC 842 “Leases”, as further disclosed in Note 2(x). As further analyzed in Note 2(x), the Company has determined that its voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of ASC 606. The majority of revenue from voyage charter agreements is usually collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. Demurrage income, which is considered a form of variable consideration, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the years ended December 31, 2017, 2018 and 2019 was not material. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of brokerage commissions, bunker consumption, port and canal expenses and agency fees related to the voyage. Pursuant to the provisions of ASC 340-40, “Other Assets and Deferred Costs – Contracts with Customers” for contract costs, all voyage costs are considered contract fulfilment costs because they are directly related to the performance of the voyage contract. Those costs are expensed as incurred, with the exception of those contract fulfilment costs incurred prior to the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract. These capitalized contract fulfilment costs are recorded under “Other current assets” and are amortized on a straight-line basis as the related performance obligations are satisfied. The Company adopted ASC 606 on January 1, 2018 using the modified retrospective approach, and has been applied to all voyage contracts not completed as of the date of the initial application. As such, the information prior to January 1, 2018 has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. u) Fair value measurements: v) Earnings / (loss) per share: w) Segment reporting : x) Leases : The Company elected to use the optional new transition method for the adoption of ASC 842 that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption. As a result, prior periods as reported by the Company, have not been impacted by the adoption. The Company also elected to use the practical expedient for lessors to combine the lease and non-lease components of revenues for recognition, measurement and presentation purposes, as also described below. In addition, in connection with its adoption of ASC 842, the Company elected to use the “package of 3” practical expedients permitted under the transition guidance, which exempts the Company from reassessing: • whether any expired or existing contracts are or contain leases; • any expired or existing lease classifications; and • initial direct costs for any existing leases. Lastly, the Company elected not to use the practical expedient of hindsight in determining the lease term and in assessing the impairment of the Company’s operating lease right-of-use assets. The Company’s adoption of ASC 842 did not have a material effect on the consolidated financial statements for the reasons discussed below: Company acting as Lessor: As also described in Note 2(t), the Company generates its revenues from charterers for the charter hire of its vessels under time charter agreements, in which a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate, or voyage charter agreements, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified freight rate per ton. The Company considered the provisions of ASC 842 and determined that its voyage charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms of the voyage charter are pre-determined, and any change requires the Company’s consent. On the other hand, the Company determined that its time charter agreements are leases that are governed by ASC 842 because, pursuant to the time charter agreements, (a) the vessel is an identifiable asset, (b) the Company does not have substitution rights and (c) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefits from such use. In addition, since none of the criteria for classification as sales-type leases or direct financing leases are met, the Company’s time charter agreements are classified as operating leases. The duration of the contracts that the Company is entering into depends on the market conditions, with the duration decreasing during weak market conditions. During 2019 in their majority the Company’s time charter contracts did not exceed the period of 12 months, including optional extension periods. Future minimum rental payments for the existing contracts as of December 31, 2019, are presented in Note 17 below. Upon adoption of ASC 842, the timing and recognition of earnings from time charter contracts to which the Company is party did not change from previous practice, with the exception of ballast bonuses which were recognized during the ballast leg but are now deferred and recognized over time during the charter period, as well as the deferral of certain direct costs incurred during the ballast leg that meet the required criteria for capitalization and amortize during the charter period. Included in the charter hire rate is also compensation for running the vessel, such as crewing expenses, repairs and maintenance and insurance. The Company, making use of the practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time charter revenue but rather to recognize lease revenue as a combined single lease component for all time charter contracts (operating leases) as the related lease component and non-lease component have the same timing and pattern of transfer ( i.e. Company acting as Lessee: A) As already discussed in Note 1, during 2018 and 2019 the Company chartered-in a number of third-party vessels to increase its operating capacity in order to satisfy its clients’ needs. All charter-in operating leases that the Company had entered into and were effective as of December 31, 2018 and during the year ended December 31, 2019 are short to medium-term leases ( i.e B) The adoption of ASC 842 did not change the accounting for the leases already recognized on the balance sheet as capital leases under the previous leasing guidance given the transition provisions of ASC 842 and the practical expedients elected by the Company as discussed above. As such, those leases existing as of January 1, 2019, including all bareboat charter agreements that the Company had entered into that were in place as of that date, are classified as finance leases under the new leasing guidance of ASC 842, with the Company having reclassified the existing capital lease assets as of December 31, 2018 of $1,047,780 as right-of-use assets being reflected within Fixed Assets and the existing lease obligations as of December 31, 2018 of $609,737 as lease liabilities being reflected within Lease financing. The weighted-average discount rate for the Company’s bareboat charter agreements for the year ended December 31, 2019 was 5.66%. Please refer to Note 7 for the description of the nature of these leases, general terms, covenants included , any variable payments, if any, as well as the purchase obligations they provide for. C) Each sale and lease back transaction that the Company had entered into as of December 31, 2018 and during the year ended December 31, 2019, involved a purchase obligation and was therefore treated as a failed sale or merely a financing arrangement both before and after adoption of ASC 842, and therefore was not within the scope of sale and leaseback accounting. D) The Company has determined its office rental arrangements are operating leases. The office spaces that the Company leases are mostly located in Athens, Cyprus and Switzerland. Payments under these arrangements are fixed with no variable payments. The assets and liabilities recognized in respect of these agreements that correspond to the underlying rights and obligations were $1,198 as of January 1, 2019 and $1,216 as of December 31, 2019 and are presented within “Leased buildings, right-of-use assets” and “Leased buildings, operating lease liabilities” in the consolidated balance sheet. The discount rate used is 4%, being the estimated annual incremental borrowing rate for these type of assets. The lease expenses attributable to these leases are recognized on a straight line basis over the lease term and are recorded as part of General and Administrative expenses. These lease expenses were $403 and $352 for the years ended December 31, 2018 and 2019, respectively. The weighted average remaining lease term of the Company’s office rent arrangements is 3.9 years. Please also refer to Note 3 for office rent agreements entered into with related parties. Future minimum rental payments for existing contracts as of December 31, 2019, are presented in Note 17 below. y) Derivatives & Hedging: i) Derivative Financial Instruments: The Company enters into derivative and non-derivative financial instruments to manage risks related to fluctuations of interest rates and foreign currency exchange rates. All derivatives are recorded on the Company’s balance sheet as assets or liabilities and are measured at fair value. The valuation of interest rate swaps is based on Level 2 observable inputs of the fair value hierarchy, such as interest rate curves. The changes in the fair value of derivatives not qualifying for hedge accounting are recognized in earnings. Cash inflows/outflows attributed to derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows. For the purpose of hedge accounting, hedges are classified as: · fair value hedges, when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, which in each case is attributable to a particular risk, including foreign currency risk; · cash flow hedges, when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect earnings; or · hedges of a net investment in a foreign operation. This type of hedge is not used by the Company. In case the instruments are eligible for hedge accounting, at the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Company will assess the hedging instrument’s effectiveness in offsetting exposure to changes in the hedged item’s cash flows or fair value attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows or fair value and are assessed at each reporting date to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. Fair value hedges A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, which in each case is attributable to a particular risk. The change in the fair value of a hedging instrument is recognized in the consolidated statement of operations. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the consolidated statement of operations. For fair value hedges, in which a non-derivative is used as hedging instrument for foreign currency risk of unrecognized firm commitments, the hedging instrument is re- measured based on the movement in functional currency cash flows attributable to the change in spot exchange rates between the functional currency and the currency in which the non-derivative hedging instrument is denominated. An asset or liability is recorded for the unrecognized firm commitment, which equals the foreign exchange gain or loss that is recorded in earnings as a result of the hedge relationship. The resulting asset or liability will eventually be treated as part of the consideration when the firm commitment is recognized. Cash Flow hedges A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect earnings. For derivatives designated as cash flow hedges, the effective portion of the changes in their fair value is recorded in “Accumulated other comprehensive income / (loss)” and is subsequently recognized in earnings when the hedged items impact earnings, while the ineffective portion, if any, is recognized immediately in current period earnings under “Gain / (Loss) on derivative financial instruments, net.” Discontinuation of hedge relationships The Company discontinues prospectively fair value or cash flow hedge accounting if the hedging instrument expires or is sold, terminated or exercised and it no longer meets all the criteria for hedge accounting or if the Company de-designates the instrument as a cash flow or fair value hedge. As part of a cash flow hedge, at the time the hedging relationship is discontinued, any cumulative gain or loss on the hedging instrument recognized in equity remains in equity until the forecasted transaction occurs or until it becomes probable of not occurring. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is reclassified and recognized in earnings for the year. Similarly, as part of a fair value hedge, if the hedged item is derecognized, the unamortized fair value is recognized immediately in earnings. ii) Forward Freight Agreements and Bunker Swaps: In addition, from time to time, the Company may take positions in derivative instruments including forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge a vessel owner’s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. All of the FFAs are settled on a daily basis through reputable exchanges such as LCH, Singapore Exchange (SGX) or Nasdaq. FFAs are intended to serve as an economic hedge for the Company’s vessels that are being chartered in the spot market, effectively locking-in an approximate amount of revenue that the Company expects to receive from such vessels for the relevant periods. The Company measures the fair value of all open positions at each reporting date on this basis (Level 2). The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of operations under “(Gain)/Loss on forward freight agreements and bunker swaps.” Also, from time to time, the Company enters into bunker swap contracts to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company’s bunker swaps are settled through reputable clearing houses, including LCH. The fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date (Level 2). The Company’s bunker swaps do not qualify for hedge accounting and bunker price differentials paid or received under the swap agreements are recognized under “(Gain)/Loss on forward freight agreements and bunker swaps”. z) Taxation aa) Offering costs ab) Share repurchases ac) Evaluation of purchase transactions Business Combinations (Topic 805): Clarifying the Definition of a Business Other accounting pronouncements - adopted: Statement of Cash Flows (230) Recent accounting pronouncements - not yet adopted: Financial Instruments - Credit Losses (Topic 326) Fair Value Measurement (Topic 820): |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties: | 3. Transactions with Related Parties: Transactions and balances with related parties are analyzed as follows: Balance Sheet December 31, 2018 December 31, 2019 Due from related parties Oceanbulk Maritime and its affiliates (d) $ 85 $ 327 Interchart (a) - 11 AOM (l) - 195 Starocean (j) 65 41 Sellers of the Augustea Vessels (f) 867 - Songa Shipmanagement Ltd. (g) 305 - Product Shipping & Trading S.A. - 16 Due from related parties $ 1,322 $ 590 Due to related parties Management and Directors Fees (b) $ 236 $ 246 Sydelle (h), (i) 302 19 Augustea Technoservices Ltd. (f) 1,111 2,879 Coromel Maritime Limited (m) - 873 Due to related parties $ 1,649 $ 4,017 Statements of Operations Years ended December 31, 2017 2018 2019 Voyage expenses-Interchart (a) $ (3,300) $ (3,400) (3,850) Consultancy fees (b) (493) (534) (655) Directors compensation (b) (145) (159) (179) Office rent - Combine Marine Ltd. & Alma Properties (c) (39) (41) (39) Voyage revenues - profit sharing agreement-Sydelle (h) (329) (875) - Management fees- Augustea Technoservices Ltd. (f) - (2,309) (6,564) Management fees- Songa Shipmanagement Ltd. (g) - (376) (32) General and administrative expenses - Oceanbulk Maritime and its affiliates (d) (284) (322) (324) Charter - in hire expenses - AOM (l) - - (2,589) Charter - in hire expenses - Sydelle (i) - - (5,505) Charter - in hire expenses - Coromel (m) - - (5,723) Charter - in hire expenses - Eagle Bulk (n) - - (1,908) a) Interchart Shipping Inc. (or “Interchart”): In November 2014, the Company entered into a services agreement with Interchart for chartering, brokering and commercial services for all of the Company’s vessels for a monthly fee of $275, with a term until March 31, 2015, which following consecutive renewals was effective until December 31, 2018. In November 2018, the Company entered into a new service agreement with Interchart, with effect from November 1, 2018 until December 31, 2019, pursuant to which the monthly fee was increased to $325. In August 2019, the Company renewed this services agreement with effect from August 1, 2019 until December 31, 2020, pursuant to which the monthly fee decreased to $315. During the years ended December 31, 2017, 2018 and 2019 the brokerage commissions charged by Interchart were $3,300, $3,400 and $3,850, respectively, and are included in “Voyage expenses” in the consolidated statements of operations. As of December 31, 2019, the Company had outstanding receivable of $11 from Interchart, for payments made on its behalf for certain administrative items. b) Management and Directors Fees: The expenses related to the Company’s directors for the years ended December 31, 2017, 2018 and 2019 were $145, $159 and $179, respectively, and are included under “General and administrative expenses” in the consolidated statements of operations. As of December 31, 2018 and 2019, the Company had outstanding payables of $236 and $246, respectively, to its executive officers and directors representing unpaid consulting fees or unpaid fees for their participation in the Company’s Board of Directors and other special committees. c) Office rent: In addition, on December 21, 2016, Starbulk S.A., entered into a six year lease agreement for office space with Alma Properties, a company controlled by Mrs. Milena - Maria Pappas. The lease agreement provides for a monthly rental of €300 (approximately $0.3, using the exchange rate as of December 31, 2019, which was $1.12 per euro). The related rent expense for each year ended December 31, 2017, 2018 and 2019 was $4 and is included under “General and administrative expenses” in the consolidated statement of operations. d) Oceanbulk Maritime S.A. (or “Oceanbulk Maritime”): e) Oaktree Shareholder Agreement: The four directors currently designated by Oaktree are Messrs. Pappas, Balakrishnan and Laibow and Ms. Men, Under the Oaktree Shareholders Agreement, with certain limited exceptions, Oaktree effectively cannot vote more than 33% of the Company’s outstanding common shares (subject to adjustment under certain circumstances). f) Augustea Technoservices Ltd. : g) Songa Shipmanagement Ltd .: h) Sydelle Marine Limited (or “Sydelle”) - profit sharing agreement: Star Ariadne, Star Ariadne i) Sydelle Marine Limited (or “Sydelle”) – Charter in Agreement: j ) StarOcean Manning Philippines Inc. (or “Starocean”) k ) Oceanbulk Container Carriers LLC. (or “OCC”): l) Augustea Oceanbulk Maritime Malta Ltd (or “AOM”): AOM Marta AOM Marta m) Coromel Maritime Limited (or “Coromel”): n) Eagle bulk Pte. Ltd. (or “Eagle Bulk”): |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories: | 4. Inventories: The amounts shown in the consolidated balance sheets are analyzed as follows: December 31, 2018 December 31, 2019 Lubricants $ 12,071 $ 12,293 Bunkers 15,365 38,860 Total $ 27,436 $ 51,153 |
Vessels and other fixed assets,
Vessels and other fixed assets, net | 12 Months Ended |
Dec. 31, 2019 | |
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: Vessel cost Accumulated depreciation Net Book Value Balance, December 31, 2017 2,186,856 -411,775 1,775,081 - Transfer from advances for vessels under construction and acquisition of vessels 163,138 - 163,138 - Acquisitions, improvements and other vessel costs 844,474 - 844,474 - Vessel disposal/ transfer to Held for sale (5,949) - (5,949) - Impairment loss (83,256) 65,472 (17,784) - Depreciation for the period - (102,852) (102,852) Balance, December 31, 2018 $ 3,105,263 $ -449,155 $ 2,656,108 - Transfer from advances for vessels under construction and acquisition of vessels 157,589 - 157,589 - Acquisitions, improvements and other vessel costs 335,671 - 335,671 - Vessel disposal (163,049) 106,899 (56,150) - Impairment loss (24,551) 21,140 (3,411) - Depreciation for the period - (124,280) (124,280) Balance, December 31, 2019 $ 3,410,923 $ (445,396) $ 2,965,527 As of December 31, 2019, 80 of the Company’s 116 vessels, having a net carrying value of $2,166,419, were subject to first-priority mortgages as collateral to their loan facilities (Note 9). The carrying value of the vessels under bareboat lease agreements as of December 31, 2019 was $798,863 (Note 7). In addition, the seven vessels financed under the ABN $115,000 Facility, the two vessels financed under the BNP Facility and the 11 vessels financed under Citi $130,000 Facility also secure the Atradius Facility on a second priority basis. Finally, the eight vessels financed under the HSBC $80,000 Facility secure on a second priority basis the HSBC Working Capital Facility. Vessels acquired/delivered/disposed of during the year ended December 31, 2018 Delivery of newbuilding and secondhand vessels: (i) On January 3, 2018, March 26, 2018 and May 14, 2018, the Company took delivery of the Newcastlemax vessels Star Eleni Star Magnanimus Star Leo (ii) During the third quarter of 2018, the Company acquired the 15 Songa Vessels and the 16 Augustea Vessels (Note 3). The Songa Vessel Purchase Transaction and the Augustea Vessel Purchase Transaction were accounted for as asset acquisitions, in accordance with ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (iii) On August 27, 2018, the Company entered into a definitive purchase agreement with entities affiliated with E.R. Capital Holding GmbH & Cie. KG, pursuant to which the Company approved the acquisition of three dry bulk vessels (the “Step 1 Vessels”) in 2018. The first of the Step 1 Vessels, Star Bright (iv) On November 16, 2018, the Company took delivery of the Ultramax vessel Star Anna Sale of vessels/ Vessel held for sale: On November 20, 2018, the Company entered into an agreement with a third party to sell the vessel Star Delta. The vessel was delivered to its new owner on January 8, 2019. As of December 31, 2018, the vessel met the criteria for classification as held for sale and is therefore separately presented within “Vessels held for sale” in the consolidated balance sheet, at agreed selling price less cost to sell. In addition, as of December 31, 2018, as part of its strategic goal to dispose the older vessels in its fleet, the Company was in negotiations for the sale of the vessels Star Kappa and Star Aurora. The Company executed the respective sale agreements with third parties in February 2019 (discussed below). None of these two vessels met the criteria to be classified as held for sale as of December 31, 2018. Vessels acquired/delivered during the year ended December 31, 2019 Delivery of newbuilding and secondhand vessels: i) On April 16, 2019, May 28, 2019 and July 15, 2019, the Company took delivery of the Newcastlemax vessels Katie K Debbie H Star Ayesha ii) On January 7 and 14, 2019, the Company took delivery of the Capesize vessels Star Janni Star Marianne, Star Janni Star Marianne, iii) On May 27, 2019, the Company entered into an en bloc definitive agreement with entities controlled by Delphin Shipping, LLC (“Delphin”), an entity affiliated with Kelso & Company, pursuant to which it agreed to acquire 11 operating dry bulk vessels (the “Delphin Vessels”). The vessels were delivered to the Company in exchange for an aggregate of 4,503,370 of its common shares and cash consideration of $80,000, with the total acquisition cost being $127,532. The cash consideration was financed through proceeds from a new seven-year finance lease of $91,431 with China Merchants Bank Leasing (“CMBL”) (Note 7). All 11 Delphin Vessels were delivered to the Company during the third quarter of 2019. The cost of the shares issued in connection with the acquisition of Delphin Vessels was determined by reference to the Company’s closing share market prices on each delivery date of the Delphin Vessels. Sale of vessels: In February 2019, the Company entered into two separate agreements with third parties to sell the vessels Star Kappa Star Aurora Star Anna Star Gamma Star Cosmo Star Epsilon The Company decided to sell the respective vessels as part of its strategic goal to dispose the older vessels in its fleet. In connection with the aforementioned sales in 2019 and the delivery to the sellers of the vessel Star Delta (discussed above) Impairment Analysis In light of the economic downturn and the prevailing conditions in the shipping industry, as of December 31, 2017, 2018 and 2019, the Company performed an impairment analysis for each of its operating vessels whose carrying value was above its market value and for each newbuilding (for 2017 and 2018) whose cost on a fully delivered basis, was above its market value. As part of the agreed and intended sales in 2018, as described above, and by reference to their agreed or negotiated sale prices (Level 2), the Company recognized an impairment loss of $17,784, for the year ended December 31, 2018, which is separately reflected in the consolidated statement of operations (Note 19). Further to that, based on the Company’s impairment analysis no further impairment loss was considered necessary for the year ended December 31, 2018. In connection with the sale of Star Gamma and Star Anna in 2019 (discussed above), the Company recognized an aggregate impairment loss of $3,411. The Company’s annual impairment analysis for the year ended December 31, 2019, did not result in any additional impairment charges. |
Advances for vessels under cons
Advances for vessels under construction and acquisition of vessels | 12 Months Ended |
Dec. 31, 2019 | |
Advances for vessels under construction and acquisition of vessels [Abstract] | |
Advances for vessels under construction and acquisition of vessels: | 6. Advances for vessels under construction and acquisition of vessels: The amounts in the consolidated balance sheets are analyzed as follows: Balance, December 31, 2017 $ 48,574 - Additions 129,749 - OCC Vessels shares acquisition 42,962 - Capitalized interest 1,753 - Transfers to Vessel cost (163,138) Balance, December 31, 2018 59,900 - Additions 96,671 - Capitalized interest 1,018 - Transfers to Vessel cost (157,589) Balance, December 31, 2019 - As of December 31, 2018, the Company had three vessels under construction, the OCC Vessels (Note 3), which were financed under bareboat leases with CSSC (Note 7). During 2018, the Company paid for those vessels $42,962 by issuance of shares and also paid cash of $4,350 each for the third installments for two of the OCC Vessels. In connection with the Step 1 Vessels, Star Marianne and Star Janni, which were delivered to the Company in January 2019 (Note 5), the Company as of December 31, 2018, had paid an amount of $4,880 which is included in “Advances for vessels under construction and acquisition of vessels” in the consolidated balance sheet. As of December 31, 2019, there were no vessels under construction nor any pending acquisition of vessels. |
Lease financing
Lease financing | 12 Months Ended |
Dec. 31, 2019 | |
Lease Financing | |
Lease financing: | 7. Lease Commitments: New financing through bareboat leases during the year ended December 31, 2019: On March 29, 2019, the Company entered into an agreement to sell Star Pisces to SK Shipholding S.A. and simultaneously entered into a seven-year bareboat charter for the vessel. Pursuant to the terms of the bareboat charter, the Company pays a daily bareboat charter hire rate monthly plus interest, and the Company has an option to purchase the vessel starting on the third anniversary of the vessel’s delivery to the Company at a pre-determined, amortizing purchase price. The Company also has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $7,628. The amount of $19,125 provided under the agreement which was concluded in April 2019, was used to pay the remaining amount of $11,671 under the NIBC $32,000 Facility (Note 9). On May 22, 2019, the Company entered into an agreement to sell Star Libra to Ocean Trust Co. Ltd. and simultaneously entered into a seven-year bareboat charter for the vessel. Pursuant to the terms of the bareboat charter, the Company pays a daily bareboat charter hire rate quarterly plus interest, and the Company has an option to purchase the vessel at any time after the vessel’s delivery to the Company at a pre-determined, amortizing purchase price. The Company also has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $18,107. The amount of $33,950 provided under the agreement which was concluded in July 2019, was used to pay the remaining amount under the previous lease agreement for Star Libra with CSSC. On July 10, 2019, the Company entered into an agreement to sell Star Challenger to Kyowa Sansho Co. Ltd. and simultaneously entered into an eleven-year bareboat charter party for the vessel. Pursuant to the terms of the bareboat charter, the Company pays a daily bareboat charter hire rate monthly plus a variable amount and the Company has an option to purchase the vessel starting on the third anniversary of vessel’s delivery to the Company at a pre-determined, amortizing purchase price. The Company also has an obligation to purchase the vessel at the expiration of the bareboat term. The amount of $15,000 provided under the agreement was used to pay the remaining amount of approximately $10,874 under the then existing loan agreement with HSH. In order to finance the cash portion of the consideration for the acquisition of the Delphin Vessels (Note 5), in July 2019, the Company entered, for each of the subject vessels, into an agreement to sell each such vessel and simultaneously entered into a seven-year bareboat charter party contract with affiliates of CMBL for the vessel upon delivery of the vessel from Delphin. CMBL agreed to provide an aggregate finance amount of $91,431. Pursuant to the terms of each bareboat charter, the Company pays CMBL a fixed bareboat charter hire rate in quarterly installments plus interest. Under the terms of the bareboat charter, the Company has options to purchase each vessel starting on the first anniversary of such vessel’s delivery to the Company, at a pre-determined, amortizing purchase price, while it has an obligation to purchase each vessel at the expiration of the bareboat term at a purchase price ranging from $975 to $3,379. In addition the Company has obtained exhaust gas cleaning systems (the “Delphin Scrubbers”) for all of the Delphin Vessels which will be financed through an additional amount of $15,000, in aggregate, under the bareboat charter party contracts mentioned above. As of December 31, 2019 no amount for Delphin Scrubbers had been drawn. Pre- existing financing through bareboat leases: The Company is party to separate bareboat charter party contracts with affiliates of New Yangzijiang shipyard regarding the Ultramax vessels Idee Fixe, Roberta, Laura and Kaley. Pursuant to the terms of each bareboat charter, the Company pays New Yangzijiang a pre-agreed daily bareboat charter hire rate on a 30-days advance basis. In addition, the Company has monthly purchase options to acquire each vessel at a pre-determined, amortizing-during-the-charter-period price. On the eighth anniversary of the delivery of each vessel, the Company has the obligation to purchase the vessel at a purchase price of $6,000. The Company took delivery of these four vessels during the year ended December 31, 2015. In order to finance the cash portion of the consideration related to the Songa Vessel Purchase Transaction (Note 5), in July 2018, the Company entered, for each of the subject vessels, into an agreement to sell each such vessel and simultaneously entered into a bareboat charter party contract with affiliates of CMBL to bareboat charter the vessel for five years upon delivery of the vessel from Songa. CMBL agreed to provide an aggregate finance amount of $180,000; $19,600 to be used to finance the acquisition and installation of exhaust gas cleaning systems for the respective vessels (the “Songa Scrubbers”). Pursuant to the terms of each bareboat charter, the Company pays CMBL a fixed bareboat charter hire rate in quarterly installments plus interest. Under the terms of the bareboat charter, the Company has options to purchase each vessel starting on the second anniversary of such vessel’s delivery to the Company, at a pre-determined, amortizing purchase price, while it has an obligation to purchase each vessel at the expiration of the bareboat term at a purchase price ranging from $2,200 to $8,400. In September and November 2019, the Company drew a total amount of $12,165 out of $19,600 total available amount provided by CMBL for the Songa Scrubbers. On September 27, 2018, the Company entered, into an agreement to sell the vessels Star Eleni and Star Leo and simultaneously entered into two bareboat charter party contracts with affiliates of CMBL to bareboat charter each one of the respective vessels for five years. CMBL provided in aggregate a finance amount of $57,346, which the Company used to repay the outstanding amount of $58,112 in aggregate, under the then-existing lease agreements of the two vessels with CSSC. Pursuant to the terms of the bareboat charters, the Company pays CMBL a fixed bareboat charter hire rate in quarterly installments plus interest. Under the terms of the bareboat charters, the Company has options to purchase the vessels from year two onwards each at a pre-determined, amortizing purchase price, while it has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $18,231 for vessel Star Eleni and $20,000 for vessel Star Leo. In December 2018, the Company sold and simultaneously entered into a bareboat charter party contract with an affiliate of Kyowa Sansho to bareboat charter the vessel Star Fighter for ten years. Pursuant to the terms of the bareboat charter, the Company pays a daily bareboat charter hire rate payable monthly plus a variable amount. Under the terms of the bareboat charter, the Company has an option to purchase the vessel starting on the third anniversary of the vessel’s delivery to the Company at a pre-determined, amortizing purchases price, while it has an obligation to purchase the vessel at the expiration of the bareboat term at a purchase price of $2,450. The amount of $16,125 provided under the respective agreement was used to pay the remaining amount of approximately $11,958 under the then-existing loan agreement with HSH. During the twelve-month period ended December 31, 2019, the Company repaid the outstanding amounts under the lease agreements of Star Magnanimus, Star Ariadne, Star Laetitia, Star Sienna, Star Virgo, Star Marisa, Star Karlie, Katie K, Debbie H and Star Ayesha with CSSC. The lease agreements were refinanced with the proceeds from the following loan facilities: (i) ING $100,600 Facility, (ii) E.SUN Facility, (iii) SEB Facility, (iv) Citibank $62,600 Facility, (v) CTBC Facility and (vi) CEXIM $106,470 Facility. In addition the Company repaid the outstanding amount under the lease agreement of Star Alessia (ex-ABY Asia) using the amount drawn under the ING $100,600 Facility (Note 9). Some of the Company’s bareboat lease agreements contain financial covenants similar to those included in the Company’s credit facilities described in detail in Note 9 below. Based on applicable accounting guidance, the Company determined that the sale and lease back transactions described above are in substance merely financing arrangements due to the accompanying purchase obligations included in the Company’s bareboat agreements and therefore did not derecognize the transferred vessels while the corresponding financing amount under the bareboat agreements was recorded as lease liability and presented as Lease financing. The remaining bareboat lease arrangements have been classified as finance leases and as a result, in accordance with the applicable lease accounting guidance (Note 2), the Company as lessee has recognized a right-of-use asset for each bareboat charter reflected within “Vessels and other fixed assets, net” and a corresponding lease liability being reflected within “Lease financing”. As of December 31, 2018 and 2019, the net book value of the bareboat chartered vessels, described above, was $992,777 and $798,863, respectively, with accumulated amortization of $51,956, and $72,555 respectively. In addition, the depreciation and amortization, respectively, of these bareboat chartered vessels is included within “Depreciation expense” in the consolidated statement of operations. The corresponding interest expense on the lease financing activities related to all bareboat charters for the years December 31, 2017, 2018 and 2019 was $12,590, $26,825 and $27,251, respectively, and is included within “Interest and finance costs” in the consolidated statement of operations. The payments made during the years ended December 31, 2017, 2018 and 2019, in connection with the Company’s bareboat leases including lease payments, prepayments due to refinancing and lease interest were $20,985, $113,865 and $478,807, respectively. The payments required to be made after December 31, 2019, for the outstanding bareboat lease obligations recognized on the balance sheet, as described above (the variable portion of which is based on the 3-month LIBOR of 1.908% as of December 31, 2019), are as follows: Twelve month periods ending Amount December 31, 2020 $ 69,820 December 31, 2021 68,255 December 31, 2022 66,144 December 31, 2023 137,160 December 31, 2024 25,809 December 31, 2025 and thereafter 122,318 Total bareboat lease minimum payments $ 489,506 Unamortized debt issuance costs (3,936) Total bareboat lease minimum payments, net $ 485,570 Excluding bareboat lease interest (63,594) Lease commitments – short term 52,145 Lease commitments – long term 369,831 |
Fair value of Above _ Below Mar
Fair value of Above / Below Market Acquired Time Charters | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Of Above Below Market Acquired Time Charters | |
Fair Value of Above-Market Acquired Time Charters: | 8. Fair value of Above / Below Market Acquired Time Charters: For two Augustea Vessels, which were transferred to the Company with time charter agreements attached, the Company recognized a liability of $5,373, since it determined that the respective charter rates were below market rates on the date of the transfers (Level 2). For the years ended December 31, 2018 and 2019, the amortization of fair value of the below market acquired time charters was $1,820 and $1,337, respectively, and is included under “Voyage revenues” in the consolidated statements of operations. The accumulated amortization of these below market time charters as of December 31, 2019 was $3,157. As part of the Step 1 Acquisition of the E.R. Vessels, the Company took delivery of the vessels Star Marianne and Star Janni (Note 5) with time charter agreements attached. The Company recognized a liability of $1,269 and an asset of $336, since it was determined that the charter rate of Star Marianne was below market rates and of Star Janni was above market rates on the date of each vessel’s delivery (Level 2). For the year ended December 31, 2019, the amortization of fair value of the below market acquired time charter was $1,012, and the amortization of fair value of the above market acquired time charter was $336, which amounts are included under “Voyage revenues” in the consolidated statement of operations. As of December 31, 2019, the intangible asset recognized in connection with the attached time charter agreement of Star Janni had been fully amortized, and the unamortized balance of the intangible liabilities described above was $2,473 and is expected to be amortized over a weighted average period of 2.17 years as follows: Twelve month periods ending Amount December 31, 2020 $ 1,184 December 31, 2021 924 December 31, 2022 365 Total $ 2,473 |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Debt, by Current and Noncurrent [Abstract] | |
Long-term Debt: | 9. Long-term debt: New Financing Activities during the year ended December 31, 2019 i) SEB Facility: On January 28, 2019, the Company entered into a loan agreement with Skandinaviska Enskilda Banken AB (SEB), (the “SEB Facility”), for the financing of an amount up to $71,420. The facility is available in four tranches. The first two tranches of $32,825 each were drawn on January 30, 2019 and used together with cash on hand to refinance the outstanding amounts under the lease agreements of Star Laetitia Star Sienna Star Sienna ii) E SUN Facility: On January 31, 2019, the Company entered into a loan agreement with E. SUN Commercial Bank, Hong Kong branch, (the “E.SUN Facility”), for the financing of an amount of $37,100 which was used to refinance the outstanding amount under the lease agreement of Star Ariadne Star Ariadne iii) Atradius Facility: On February 28, 2019, the Company entered into a loan agreement with ABN AMRO Bank N.V. (the “Atradius Facility”) for the financing of an amount up to $36,645 that is to be used to finance the acquisition and installation of scrubber equipment for 42 vessels. The financing is credit insured (85%) by Atradius Dutch State Business N.V. of the Netherlands (the “Atradius”). As of December 31, 2019, three tranches of $33,311 in aggregate were drawn and the last tranche of $3,331 was drawn in January 2020. The facility is repayable in 10 consecutive semi-annual installments of $3,664 and is secured by a second-priority mortgage on 22 vessels of the Company’s fleet. iv) ING $100,600 Facility: On March 28, 2019, the Company entered into an amended and restated facility agreement with ING Bank N.V., London Branch, the “ING $100,600 Facility”, in order to increase the financing by $52,800 and to include additional borrowers under the existing ING $47,800 Facility. The additional financing amount of $52,800 is available in four tranches. The first two tranches of $32,100 and $17,400, respectively, were drawn in March 2019 and April 2019, respectively and used to refinance the outstanding amounts under the lease agreements of Star Magnanimus Star Alessia Peloreus Leviathan Peloreus Leviathan Peloreus Leviathan Star Magnanimus Star Alessia v) Citibank $62,600 Facility: On May 8, 2019, the Company entered into a loan agreement with Citibank N.A., London Branch (the “Citibank $62,600 Facility”). In May 2019, the Company drew the aggregate amount of $62,563, which was used, together with cash on hand, to refinance the outstanding amounts under the lease agreements of Star Virgo Star Marisa vi) CTBC Facility: On May 24, 2019, the Company entered into a loan agreement with CTBC Bank Co., Ltd, (the “CTBC Facility”), for an amount of $35,000, which was used to refinance the outstanding amount under the lease agreement of the Star Karlie vii) NTT Facility: On July 31, 2019, the Company entered into a loan agreement with a wholly owned subsidiary of NTT Finance Corporation (the “NTT Facility”), for an amount of $17,500. The amount was drawn in August 2019 and was used to refinance the outstanding amount of $11,161 of Star Aquarius Star Aquarius viii) CEXIM $106,470 Facility: On September 23, 2019, the Company entered into a loan agreement with China Export-Import Bank (the “CEXIM $106,470 Facility”) for an amount of $106,470, which was used to refinance the outstanding amount under the lease agreements of Katie K Debbie H Star Ayesha (Note 7). ix) HSBC Working Capital Facility: In September 2019, the Company entered into a committed term sheet with HSBC France for a revolving facility of an amount up to $30,000 (the “HSBC Working Capital Facility”), in order to finance working capital requirements. The agreement is secured by second priority mortgage on the eight vessels which secure the HSBC $80,000 Facility. The execution of customary definitive documentation was made on February 6, 2020 (Note 21). Pre - Existing Loan Facilities i) NBG $30,000 Facility: On April 19, 2018, the Company entered into a loan agreement with the National Bank of Greece (the “NBG $30,000 Facility”), for the refinancing of the then existing agreement with Commerzbank (the “Commerzbank $120,000 Facility”). On May 3, 2018, the Company drew $30,000 under the NBG $30,000 Facility, which was used along with cash on hand to fully repay the outstanding amount of $34,726 under the Commerzbank $120,000 Facility . Star Theta Star Iris. ii) Credit Agricole $43,000 Facility: On August 21, 2018, the Company entered into a loan agreement with Credit Agricole Corporate and Investment Bank (the “Credit Agricole $43,000 Facility”) for the financing of an aggregate amount of $43,000, to refinance the outstanding amount of $44,100 under the then existing agreement with Credit Agricole (the “Credit Agricole $70,000 Facility”). The amount of $43,000 was drawn on August 23, 2018, in two equal tranches of $21,500, each being repayable in 20 equal quarterly installments of $625 and a balloon payment of $9,000, payable together with the last installment. The facility is secured by the vessels Star Borealis Star Polaris iii) HSBC $80,000 Facility: On September 26, 2018, the Company entered into a loan agreement with HSBC Bank plc (the “HSBC $80,000 Facility”) to refinance the aggregate outstanding amount of $74,647 under the then existing agreement with HSH Nordbank (the “HSH Nordbank $64,500 Facility”) and with HSBC Bank plc (the “HSBC $86,600 Facility”). The amount of $80,000 was drawn on September 28, 2018. During 2019, an amount of $7,505 in aggregate, was prepaid in connection with the sale of two vessels under the HSBC $80,000 Facility (Note 5) and the quarterly installments were amended to $2,140 and the final balloon payment, which is payable together with the last installment in August 2023, was amended to $29,095. As of December 31, 2019, the facility is secured by the vessels Kymopolia Mercurial Virgo Pendulum Amami Madredeus Star Emily, Star Omicron Star Zeta iv) DNB $310,000 Facility: On September 27, 2018, the Company entered into a loan agreement with DNB Bank ASA (the “DNB $310,000 Facility”), for an amount of up to $310,000, available in two tranches. The first tranche of $240,000 was used to refinance the aggregate outstanding amount of $240,440 under the then existing facilities with (i) ABN AMRO (the “ABN $87,458 Facility”), (ii) DNB, SEB and CEXIM (the “DNB-SEB-CEXIM $227,500 Facility”), (iii) DNB (the “DNB $120,000 Facility”), (iv) Deutsche Bank AG (the “Deutsche Bank AG $39,000 Facility”) and (v) ABN AMRO Bank N.V.(the “ABN AMRO Bank N.V $30,844 Facility”). The loan is secured by a first priority mortgage on Big Bang, Strange Attractor, Big Fish Pantagruel Gargantua Goliath Maharaj Star Poseidon Star Nasia Diva, Star Danai, Star Renee, Star Markella, Star Laura, Star Moira, Star Jennifer Star Mariella, Star Helena Star Maria Star Sirius Star Vega Star Triumph Star Charis Star Suzanna Star Angelina Star Gwyneth v) Citi $130,000 Facility: On October 18, 2018, the Company entered into a loan agreement with Citibank N.A., London Branch (the “Citi $130,000 Facility”) for an amount of up to $130,000, to refinance the aggregate outstanding amount of $100,075 under the then existing agreement with Citibank N.A., London Branch (the “Citi Facility”) and the existing indebtedness of five of the Augustea Vessels (as described below). The amount under Citi $130,000 Facility was available in two equal tranches of $65,000, which were drawn on October 23, 2018 and November 5, 2018. Each tranche is repayable in 20 equal quarterly installments of $1,825, commencing in January 2019, and a balloon payment along with the last installment in an amount of $28,500. The Citi $130,000 Facility is secured by a first priority mortgage on the vessels Star Pauline Star Angie Star Sophia Star Georgia Star Kamila Star Nina Star Eva Paola Star Aphrodite Star Lydia Star Nicole. vi) ABN $115,000 Facility: On December 17, 2018, the Company entered into a loan agreement with ABN AMRO BANK (the “ABN $115,000 Facility”), for an amount of up to $115,000 available in four tranches. The first and the second tranches of $69,525 and $7,900, respectively, were drawn on December 20, 2018. The first tranche was used to refinance the then existing indebtedness of four of the Augustea Vessels Star Virginia, Star Scarlett, Star Jeannette Star Audrey Star Bright Star Marianne Star Janni vii) DVB $24,750 Facility: On October 30, 2014, the Company and DVB Bank SE, Frankfurt entered into an agreement with respect to a credit facility (the “DVB $24,750 Facility”), to partially finance the acquisition of 100% of the equity interests of Christine Shipco LLC, which is the owner of the vessel Star Martha viii) Sinosure Facility: On February 11, 2015, the Company and Deutsche Bank (China) Co., Ltd. Beijing Branch and HSBC Bank plc entered into six seperate agreements with respect to credit facilities (the “Sinosure Facility”) for the financing of an aggregate amount of $98,165 to partially finance the construction cost of the newbuilding vessels, Honey Badger Wolverine Star Antares Star Lutas Kennadi Mackenzie Honey Badger Wolverine Star Antares . Star Lutas and Kennadi Mackenzie ix) Assumed debt as part of the acquisition of Augustea Vessels: As part of the acquisition of the Augustea Vessels the Company assumed debt of approximately $308,279 including finance lease obligations of $127,101 through bareboat leases for four of the Augustea vessels. During the fourth quarter of 2018, the Company used proceeds from (i) the second tranche of Citi $130,000 Facility to refinance the aggregate outstanding amount of $60,790 under the then existing agreement with Credit Suisse for five Augustea Vessels and (ii) the first tranche of ABN $115,000 Facility to refinance the aggregate outstanding amount of $69,907 under the then existing agreement with ABN AMRO for four Augustea Vessels. The remaining three Augustea vessels are financed under the two loan agreements described below: a) BNP Facility: BNP Paribas provided financing under secured term loan agreement in two tranches, for the vessels Star Despoina Pierra b) Bank of Tokyo Facility: Bank of Tokyo provided financing under secured term loan agreement for the vessel Star Monica Star Monica x) Issuance of 8.30% 2022 Notes: On November 9, 2017, the Company completed a public offering of $50,000 aggregate principal amount of senior unsecured notes due in 2022 (the “2022 Notes”). The 2022 Notes will mature on November 15, 2022. The 2022 Notes are not guaranteed by any of the Company’s subsidiaries and bear interest at a rate of 8.30% per year, payable quarterly in arrears on the 15th day of February, May, August and November commencing on February 15, 2018. The Company may redeem the 2022 Notes at its option, in whole or in part, at any time after May 15, 2019, at a redemption price equal to 100% of the principal amount of the 2022 Notes to be redeemed plus accrued and unpaid interest. In addition, the Company may redeem the 2022 Notes in whole, but not in part, at any time at its option, at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date, if certain events occur involving changes in taxation. In December 2017 the Company used the proceeds from the sale of the 2022 Notes to redeem in full the $50,000 aggregate principal amount of 8.00% Senior Notes due in 2019 (the “2019 Notes”) that had been issued in November 2014. Scrubber Financing: During the year ended December 31, 2019, the Company drew down an amount of (i) $33,311 under the Atradius Facility, (ii) $51,202 under the DNB $310,000 Facility, (iii) $1,260 under the SEB Facility, (iv) $5,600 under the ING $100,600 Facility and (v) $12,165 under the CMBL facility (Note 7), to finance the acquisition and installation of scrubber equipment for 10 Songa Vessels. As of December 31, 2019, the undrawn portion of scrubber-related financing under all facilities following these drawdowns stands at $46,227. Supplemental Agreements executed during the year ended December 31, 2016 In July 2017, the Company finalized the execution of all supplemental agreements as per the restructuring letter agreements that it entered into as of August 31, 2016 with all the banks and export credit agencies (the “Supplemental Agreements”) providing at that time its senior credit facilities to, among other things, (i) defer principal payments owed from June 1, 2016 through June 30, 2018 to the due date of the balloon installments of each facility (the “ Deferred Amounts”), (ii) waive in full or substantially relax the financial covenants, effective during the period until and including December 31, 2019 and (iii) implement a cash sweep mechanism pursuant to which excess cash at consolidated level will be applied towards the payment of Deferred Amounts, payable pro rata In accordance with the terms of the Supplemental Agreements, in 2017 the Company distributed pro rata to all parties under the Restructuring (including the lease provider): an amount of $9,768. During the year ended December 31, 2018, the Company made the following payments: (i) in February 2018, an amount of $35,632, representing the excess cash resulting from the cash sweep mechanism as of December 31, 2017, (ii) in May and July 2018 an amount of $30,000 and $22,723, respectively, representing the repayments that were in total at least equivalent to the amortization payments scheduled prior to the commencement of debt amortization holidays for the first and second quarter 2018, as decided by the Company in light of its then improved performance and the improved dry bulk market in general and (iii) in October 2018, the Company repaid all outstanding Deferred Amounts that had been accumulated from June 1, 2016 through September 30, 2018 and were still outstanding. All of the Company’s aforementioned facilities are secured by a first-priority ship mortgage on the financed vessels under each facility and general and specific assignments and guaranteed by Star Bulk Carriers Corp except for the Citi $130,000 Facility and BNP Facility which are also guaranteed by Star ABY LLC and the Bank of Tokyo Facility which is only guaranteed by Star ABY LLC. Credit Facilities and Senior Notes Covenants: The Company’s outstanding credit facilities and senior notes generally contain customary affirmative and negative covenants, on a subsidiary level, including limitations to: pay dividends if there is an event of default under the Company’s credit facilities; incur additional indebtedness, including the issuance of guarantees, refinance or prepay any indebtedness, unless certain conditions exist; create liens on Company’s assets, unless otherwise permitted under Company’s credit facilities; change the flag, class or management of Company’s vessels or terminate or materially amend the management agreement relating to each vessel; acquire new or sell vessels, unless certain conditions exist; merge or consolidate with, or transfer all or substantially all Company’s assets to, another person; or enter into a new line of business. Furthermore, the Company’s credit facilities and senior notes contain financial covenants requiring the Company to maintain various financial ratios, including: a minimum percentage of aggregate vessel value to secured loans (security cover ratio or “SCR”); a maximum ratio of total liabilities to market value adjusted total assets; a minimum EBITDA to interest coverage ratio; a minimum liquidity; and a minimum market value adjusted net worth. As of December 31, 2018 and 2019, the Company was required to maintain minimum liquidity, not legally restricted, of $53,500 and $58,000, respectively, which is included within “Cash and cash equivalents” in the consolidated balance sheets. In addition, as of December 31, 2018 and 2019, the Company was required to maintain minimum liquidity, legally restricted, of $8,956 and $ 8,443, respectively, which is included within “Restricted cash” current and non-current, in the consolidated balance sheets. As of December 31, 2019, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements, including the 2022 Notes. The weighted average interest rate (including the margin) related to the Company’s existing debt, 2019 Notes and 2022 Notes and bareboat leases for the years ended December 31, 2017, 2018 and 2019 was 4.72%, 5.59% and 5.28%, respectively. The commitment fees incurred during the years ended December 31, 2017, 2018 and 2019, with regards to the Company’s unused credit facilities were $6, $1,049 and $806, respectively. There are also no undrawn portions as of December 31, 2019 other than those described under the scrubber-related financing discussed above. The principal payments required to be made after December 31, 2019, are as follows: Twelve month periods ending Amount December 31, 2020 $ 150,350 December 31, 2021 144,621 December 31, 2022 166,764 December 31, 2023 361,263 December 31, 2024 116,272 December 31, 2025 and thereafter 186,767 Total Long term debt $ 1,126,037 Unamortized debt issuance costs (15,098) Total Long term debt, net $ 1,110,939 Current portion of long term debt 150,350 Long term debt, net 960,589 The 2022 Notes mature in November 2022 and are presented in the consolidated balance sheets as of December 31, 2019, net of unamortized debt issuance costs of $1,179. All of the Company’s bank loans and applicable bareboat leases bear interest at LIBOR plus a margin. The amounts of “Interest and finance costs” included in the consolidated statements of operations are analyzed as follows: Years ended December 31, 2017 2018 2019 Interest on financing agreements $ 48,814 $ 69,977 $ 81,393 Less: Interest capitalized (2,423) (1,753) (1,018) Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 18) 852 (3) - Amortization of debt issuance costs 2,660 3,253 5,590 Other bank and finance charges 555 2,241 1,652 Interest and finance costs $ 50,458 $ 73,715 $ 87,617 During the years ended December 31, 2017, 2018 and 2019, in connection with the prepayments described above and of lease obligations discussed in Note 7, following (i) the sale of mortgaged vessels, (ii) the cancellation of certain loan commitments, (iii) the refinancing agreements entered into in 2018 and 2019 and (iv) the redemption of the 2019 Notes, as applicable, $1,257, $2,383 and $1,229, respectively, of unamortized debt issuance costs were written off and included under “Loss on debt extinguishment” in the consolidated statements of operations. During the year ended December 31, 2019, $2,297 of prepayment fees were incurred for facilities refinanced or repaid as a result of the sale of mortgaged vessels which are also included under “Loss on debt extinguishment” in the consolidated statements of operations. |
Preferred, Common Stock and Add
Preferred, Common Stock and Additional paid in capital | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Preferred, Common Stock and Additional paid in capital | 10. Preferred, Common Shares and Additional paid in capital: Preferred Shares: Common Shares: Each outstanding share of the Company’s common shares entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to ratably receive all dividends, if any, declared by the Company’s Board of Directors out of funds legally available for dividends. Holders of common shares do not have conversion, redemption or preemptive rights to subscribe to any of the Company’s securities. All outstanding common shares are fully paid and non-assessable. The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares which the Company may issue in the future. On February 2, 2017, the Company completed a private placement of 6,310,272 common shares, at a price of $8.154 per share (the “February 2017 Private Placement”), raised for general corporate purposes. The aggregate proceeds to the Company, net of private placement agent’s fees and expenses, were approximately $50,427. One of the Company’s significant shareholders, Oaktree and its affiliates, purchased a total of 3,244,292 of the common shares in the February 2017 Private Placement. During the year ended December 31, 2017 the Company issued 1,220,825 common shares to the Company’s directors and employees in connection with its equity incentive plans (Note 13). On June 29, 2018, a fund affiliated with Oaktree Capital Management, L.P. completed an underwritten secondary sale of 5,000,000 common shares of the Company at a price of $13.10 per share. The Company did not sell any common shares and did not receive any proceeds as a result of this secondary sale. In addition, in September 2018, the Company filed a new shelf registration statement, which included all selling shareholders that had registration rights. In connection with these transactions the Company incurred and accrued aggregate offering expenses of $2,032, which are separately presented in the consolidated statement of shareholders’ equity for the year ended December 31, 2018. As further discussed in Note 3, during the year ended December 31, 2018, the Company issued 3,304,735 common shares, 13,725,000 common shares and 10,331,313 common shares in connection with the OCC Vessel Purchase Transaction, Songa Vessel Purchase Transaction and Augustea Vessel Purchase Transaction, respectively. In addition, pursuant to the post-closing adjustments set forth in the underlying agreement, in October 2018, the Company cancelled 53,978 common shares out of those issued as part of the consideration for the Augustea Vessel Purchase Transaction, reducing the total shares consideration issued in connection with the Augustea Vessel Purchase Transaction to 10,277,335. Lastly, in October 2018 the Company issued 291,300 common shares in connection with the acquisition of Star Bright In addition during the year ended December 31, 2018, the Company issued 868,975 common shares to the Company’s directors and employees in connection with its equity incentive plans (Note 13). On November 29, 2018, the Company announced a share repurchase program to purchase up to an aggregate of $50.0 million of the Company’s common shares. 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 program to repurchase any of its common shares. The repurchase program has no expiration date and may be suspended or terminated by the Company at any time without prior notice. Common shares repurchases as part of this program will be cancelled by the Company. Pursuant to this share repurchase program, during the fourth quarter of 2018, the Company repurchased 341,363 of its common shares in open market transactions at an average price of $9.17 for an aggregate consideration of $3,131. All the aforementioned repurchased shares were canceled and removed from the Company’s share capital on January 3, 2019. As part of the Company’s share repurchase program, during the twelve month period ended December 31, 2019, the Company repurchased 1,020,000 shares from a non-related party shareholder in a private transaction at a price of $8.40 per share, for an aggregate consideration of $8.6 million and 1,579,195 shares in open market transactions at an average price of $7.49 for an aggregate consideration of $11,831. The repurchased shares were cancelled and removed from the Company’s share capital as of December 31, 2019. In January 2019, the Company issued 999,336 common shares in connection with the acquisition of Star Janni Star Marianne As further discussed in Note 5, during the year ended December 31, 2019, the Company issued 4,503,370 shares in connection with the acquisition of the Delphin Vessels. During the year ended December 31, 2019, the Company issued 883,700 shares to the Company’s directors and employees in connection with its equity incentive plans (Note 13). On November 20, 2019, the Company’s Board of Directors declared a cash dividend of $4,804 (or $0.05 per share) for the third quarter 2019, in line with the dividend policy established in November 2019. The total dividend amount was paid in December 2019. |
Other operational gain
Other operational gain | 12 Months Ended |
Dec. 31, 2019 | |
Component of Operating Income [Abstract] | |
Other operational gain | 11. Other operational gain: For the year ended December 31, 2017, other operational gain of $2,918 was recognized mainly consisting of an amount of $2,139, resulting from a cash settlement of a commercial dispute and gain from hull and machinery insurance claims. For the year ended December 31, 2019, other operational gain of $2,423, was recognized, mainly consisting of gain from hull and machinery insurance claims. |
Management fees
Management fees | 12 Months Ended |
Dec. 31, 2019 | |
Property Management Fee [Abstract] | |
Management fees | 12. Management fees: As of January 1, 2015, the Company engaged Ship Procurement Services S.A. (“SPS”), a third party company, to provide to its fleet certain procurement services. During the year ended December 2018, the Company entered into the following management agreements with: i) Augustea Technoservices Ltd and Songa Shipmanegement Ltd to provide technical management to certain of its vessels, following the completion of the Augustea Vessel Purchase Transaction and Songa Vessel Purchase Transaction (Note 3) and ii) Equinox Maritime Ltd, Zeaborn GmbH & Co. KG and Technomar Shipping Inc to provide certain management services to certain of its vessels. Total management fees under the aforementioned management agreements in effect for the years ended December 31, 2017, 2018 and 2019, were $7,543, $11,321 and $17,500, respectively, and are included in “Management fees” in the consolidated statements of operations. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 13. Equity Incentive Plans: On April 13, 2015, the Board of Directors granted share purchase options of up to 104,250 common shares to certain executive officers, at an option exercise price of $27.50 per share. These options are exercisable in whole or in part between the third and the fifth anniversary of the grant date, subject to the respective individuals remaining employed by the Company at the time the options are exercised. The options expire after the fifth anniversary if not exercised. The fair value of all share option awards was calculated based on the modified Black-Scholes method. A description of the significant assumptions used to estimate the fair value of the share option awards is set out below: Option type: Grant Date: Expected term: Expected volatility: Expected dividends: Dilution adjustment: Risk-free rate: On February 22, 2017, the Company’s Board of Directors adopted the 2017 Equity Incentive Plan (the “2017 Plan”) and reserved for issuance 950,000 common shares thereunder. The terms and conditions of the 2017 Plan are substantially similar to the terms and conditions of the Company’s previous equity incentive plans. On the same date, 944,000 restricted common shares were granted to certain of our directors, officers and employees, of which 744,000 shares vested on August 22, 2017. The remaining 200,000 restricted common shares vested on August 22, 2018. The fair value of each share was determined based on the closing price of the Company’s common shares on the grant date, February 22, 2017. On February 27, 2018, the Company’s Board of Directors adopted the 2018 Equity Incentive Plan (the “2018 Plan”) and reserved for issuance 700,000 common shares thereunder. The terms and conditions of the 2018 Plan are substantially similar to the terms and conditions of the Company’s previous equity incentive plans. On the same date, 396,500 restricted common shares were granted to certain of the Company’s directors and officers of which 253,500 restricted common shares vested on August 27, 2018, 71,500 restricted common shares vested on February 27, 2019 and the remaining 71,500 restricted common shares vest on February 27, 2021. The fair value of each share was determined based on the closing price of the Company’s common shares on the grant date, February 27, 2018. In addition, on April 9, 2018, 276,000 restricted common shares were granted to the Company’s employees, all of which vested on August 27, 2018. The fair value of each share was determined based on the closing price of the Company’s common shares on the grant date, April 9, 2018. On January 7, 2019, the Company’s Board of Directors and Compensation Committee established an incentive program for key employees, pursuant to which an aggregate of 4,000,000 restricted share units (each, a “RSU”), comprising of 10 tranches of 400,000 RSU each, will be issued. The fair value of each issuable share was determined based on the closing price of the Company’s common shares on the grant date, January 7, 2019. Each RSU represents, upon vesting, a right for the beneficiary to receive one common share of the Company. The RSUs are subject to the satisfaction of certain performance conditions, which apply if the Company’s fleet performs better than the relevant dry bulk charter rate indices as reported by the Baltic Exchange (the “Indices”) during 2020 and 2021. The RSUs start to vest if the Company’s fleet performs better than the Indices by at least $120,000, and vest in increasing amounts if and to the extent the performance of the Company’s fleet exceeds the performance that would have been derived based on the Indices by up to an aggregate of $300,000. Subject to the vesting conditions being met on April 30, 2021 and April 30, 2022 (each, a “Vesting Date”) two million RSUs will vest on each Vesting Date, on tranches based on the level of performance, and the relevant common shares of the Company will be issued by the Company and distributed to the relevant beneficiaries as per the allocation of the Board of Directors. Any non-vested RSUs at the applicable Vesting Date will be cancelled. As of December 31, 2019, the Company takes the view that only for one tranche of the RSUs which vest on April 30, 2022, the likelihood of vesting meets the “more likely than not” standard under US GAAP and as a result amortization expense for these 400,000 RSUs of $1,235 was recognized and is included under “General and administrative expenses” in the consolidated statement of operations for the year ended December 31, 2019. On May 22, 2019, the Company’s Board of Directors adopted the 2019 Equity Incentive Plan (the “2019 Plan”) and reserved for issuance 900,000 common shares thereunder. The terms and conditions of the 2019 Plan are substantially similar to the terms and conditions of the Company’s previous equity incentive plans. On the same date, 885,000 restricted common shares were granted to certain of the Company’s directors, officers and employees of which 685,462 restricted common shares vested in August 2019, 99,769 restricted common shares will vest in August 2020 and the remaining 99,769 restricted common shares will vest in August 2022. The fair value of each share was determined based on the closing price of the Company’s common shares on the grant date, May 22, 2019. All non-vested shares and options vest according to the terms and conditions of the applicable award agreements. The grantee does not have the right to vote the non-vested shares or exercise any right as a shareholder of the non-vested shares, although the issued and non-vested shares pay dividends as declared. The dividends with respect to these shares are forfeitable if the service conditions are not fulfilled. Share options have no voting or other shareholder rights. For the years ended December 31, 2017 and 2018, the Company paid no dividends on non-vested shares. For the year ended December 31, 2019 the Company paid $14 for dividends to non-vested shares. The shares which are issued in accordance with the terms of the Company’s equity incentive plans or awards remain restricted until they vest. For the years ended December 31, 2017, 2018 and 2019, the share based compensation cost (including the RSUs) was $9,267, $8,072, and $7,943 respectively, and is included under “General and administrative expenses” in the consolidated statements of operations. There were no forfeitures of non-vested shares or options during the years 2017, 2018 and 2019. A summary of the status of the Company’s non-vested restricted shares as of December 31, 2017, 2018 and 2019, and the movement during these years, is presented below: Number of shares Weighted Average Grant Date Fair Value Unvested as at January 1, 2017 385,000 $ 4.82 Granted 944,000 9.59 Vested (1,049,000) 8.24 Unvested as at December 31, 2017 280,000 $ 8.09 Unvested as at January 1, 2018 280,000 $ 8.09 Granted 672,500 11.68 Vested (809,500) 10.29 Unvested as at December 31, 2018 143,000 $ 12.49 Unvested as at January 1, 2019 143,000 $ 12.49 Granted 885,000 8.13 Vested (756,962) 8.54 Unvested as at December 31, 2019 271,038 $ 9.28 A summary of the status of the Company’s non-vested share options as of each of the years ended December 31, 2017, 2018 and 2019 is presented below. There has been no movement during each year: Options Number of options Weighted average exercise price Weighted Average Grant Date Fair Value Outstanding at beginning of period 104,250 $ 27.5 $ 7.0605 Granted - - - Vested - - - Outstanding at end of period 104,250 $ 27.5 $ 7.0605 As of December 31, 2019, the estimated compensation cost relating to non-vested share options and restricted share awards not yet recognized was $42 and $4,347, respectively, and is expected to be recognized over the weighted average period of 2.12 years and 0.3 years, respectively. The total fair value of shares vested during the years ended December 31, 2017, 2018 and 2019 was $12,023, $10,745 and $7,703 respectively. |
Earnings _ (Loss) per share
Earnings / (Loss) per share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings / (Loss) per Share: | 14. Earnings / (Loss) per share: All common shares issued (including the restricted shares issued under the Company’s equity incentive plan) have equal rAll common shares issued (including the restricted shares issued under the Company’s equity incentive plan) have equal rights to vote and participate in dividends. The restricted shares issued under the Company’s equity incentive plans are subject to forfeiture provisions set forth in the applicable award agreement. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed. For the purpose of calculating diluted earnings / (loss) per share, the weighted average number of diluted shares outstanding includes the incremental shares assumed issued, determined in accordance with the treasury stock method. For the years ended December 31, 2017 and 2019, during which the Company incurred losses, the effect of 280,000 and 271,038 non-vested shares, respectively, as well as the effect of 104,250 non-vested share options, would be anti-dilutive, and “Basic loss per share” equals “Diluted loss per share.” For the year ended December 31, 2018 the denominator of the diluted earnings per share calculation includes 264,884 shares, being the number of incremental shares assumed issued under the treasury stock method and does not include the effect of 104,250 non-vested share options outstanding as of that date, as their effect was anti-dilutive. The Company calculates basic and diluted loss per share as follows: Years ended December 31, 2017 2018 2019 Income / (Loss) : Net income / (loss) $ (9,771) $ 58,397 $ (16,201) Basic earnings / (loss) per share: Weighted average common shares outstanding, basic 63,034,394 77,061,227 93,735,549 Basic earnings / (loss) per share $ (0.16) $ 0.76 $ (0.17) Effect of dilutive securities: Dillutive effect of non vested shares - 264,884 - Weighted average common shares outstanding, diluted 63,034,394 77,326,111 93,735,549 Diluted earnings / (loss) per share $ (0.16) $ 0.76 $ (0.17) |
Accrued liabilities
Accrued liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities: | 15. Accrued liabilities: The amounts shown in the consolidated balance sheets are analyzed as follows: December 31, 2018 December 31, 2019 Audit fees $ 295 $ 232 Legal fees 34 40 Other professional fees 1,502 1,540 Vessel Operating and voyage expenses 6,514 37,555 Loan interest and financing fees 8,277 7,394 Income tax 232 - Total Accrued Liabilities $ 16,854 $ 46,761 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes: | 16. Income taxes The Company is in the business of international shipping and is not subject to a material amount of income taxes. The Company is subjected to tonnage taxes in certain jurisdictions as described below and includes these taxes under “Vessel Operating Expenses” in the consolidated statements of operations. The Company does receive dividends from its operating subsidiaries and these are not subject to withholding taxes nor are these dividends taxed at the Company upon receipt. Thus, the Company does not record deferred tax liabilities for any unremitted earnings as there are no taxes associated with the remittances. The Company is subjected to tax audits in the jurisdictions it operates in. There have been no adjustments assessed to the Company in the past and the Company believes there are no uncertain tax positions to consider. a) Taxation on Marshall Islands Registered Companies and tonnage tax Under the laws of the countries of the shipowning companies’ incorporation and/or vessels’ registration, the shipowning companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes. In addition, each foreign flagged vessel managed in Greece by Greek or foreign ship management companies is subject to Greek tonnage tax, under the laws of the Hellenic Republic. The technical managers of the Company’s vessels, which are established in Greece under Greek Law 89/67, are responsible for the filing and payment of the respective tonnage tax on behalf the Company. Furthermore, under the New Tonnage Tax System (“TTS”) for Cypriot merchant shipping, qualifying ship managers who opted and are accepted to be taxed under the TTS are subject to an annual tax referred to as tonnage tax, which is calculated on the basis of the net tonnage of the qualifying ships they manage. The technical managers of the Company’s vessels, which are established and operate in Cyprus, are responsible for the filing and payment of the respective tonnage tax. These taxes for 2017, 2018 and 2019 were $2,565, $1,506 and $2,087 respectively, and have been included under “Vessel operating expenses” in the consolidated statements of operations. b) Taxation on US Source Income - Shipping Income Under the United States Internal Revenue Code of 1986, as amended (the “Code”), the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of 50% of the gross shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. Under IRS regulations, a Company’s shares will be considered to be regularly traded on an established securities market if (i) one or more classes of its shares representing 50% or more of its outstanding shares, by voting power of all classes of shares of the corporation entitled to vote and of the total value of the shares of the corporation, are listed on the market and (ii) (A) such class of share is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or one sixth of the days in a short taxable year; and (B) the aggregate number of shares of such class of share traded on such market during the taxable year must be at least 10% of the average number of shares of such class of share outstanding during such year or as appropriately adjusted in the case of a short taxable year. Notwithstanding the foregoing, the treasury regulations provide, in pertinent part, that a class of the Company’s shares will not be considered to be “regularly traded” on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the vote and value of such class of the Company’s outstanding shares, (“5% Override Rule”). For the taxable year 2017 the Company believes that it was not exempt from U.S. federal income tax of 4% on U.S. source shipping income, as it believes that it does not satisfy the Publicly Traded Test for these years because it is subject to the 5% Override Rule. As a result, for the year ended December 31, 2017, tax charge of approximately $202 was recognized under “Income taxes” in the consolidated statement of operations. For the taxable years 2018 and 2019 the Company believes that it was exempt from U.S. federal income tax of 4% on U.S. source shipping income, as it believes that it satisfies the Publicly Traded Test for these years because it is not subject to the 5% Override Rule. c) Taxation on Maltese and Swiss Registered Companies In addition to the tax consequences described above, the Company may be subject to tax in one or more other jurisdictions, including Malta and Switzerland, where the Company conducts activities through certain of its subsidiaries. The Company believes that its tax exposure for years ended December 31, 2017, 2018 and 2019 in the above jurisdictions is immaterial. The amount of income taxes recognized in the Company’s consolidated statements of operations with respect to these jurisdictions for the years ended December 31, 2017, 2018 and 2019 were $34, $61 and $109. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies: | 17. Commitments and Contingencies: a) Legal proceedings 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’s vessels are covered for pollution of $1 billion per vessel per incident, by the Protection and Indemnity (P&I) Association in which the Company’s vessels are entered. The Company’s vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy years other than those that have already been recorded in its consolidated financial statements. b) Other contingencies: Contingencies relating to Heron On July 11, 2014, Oceanbulk Shipping became a wholly owned subsidiary of the Company. Oceanbulk Shipping owned a convertible loan, which was convertible into 50% of Heron Ventures Ltd’s (“Heron”) equity. After the conversion of the loan, on November 5, 2014, Heron was a 50-50 joint venture between Oceanbulk Shipping and ABY Group Holding Limited, and Oceanbulk Shipping shared joint control over Heron with ABY Group Holding Limited. Based on the applicable related agreements, neither party will entirely control Heron. In addition, any operational and other decisions with respect to Heron will need to be jointly agreed between Oceanbulk Shipping and ABY Group Holding Limited. As of December 31, 2017, all vessels previously owned by Heron have been either sold or distributed to its equity holders. While Oceanbulk Shipping and ABY Group Holding Limited intend that Heron eventually will be dissolved shortly after receiving permission from local authorities in Malta, until that occurs, contingencies to the Company may arise. However, the pre-transaction investors in Heron effectively remain as ultimate beneficial owners of Heron, until Heron is dissolved on the basis that, according to the agreement governing the Merger, any cash received or paid by the Company from the final liquidation of Heron will be settled accordingly by the pre-Merger investors in Oceanbulk (the “Oceanbulk Sellers”). The Company had no outstanding balance with the Oceanbulk Sellers as of December 31, 2017. In July 2018, ABY Group Holding Limited transferred to ABY Floriana Limited its interests to Heron. c) Commitments: The following table sets forth inflows and outflows, related to the Company’s charter party arrangements and other commitments, as of December 31, 2019. Twelve month periods ending December 31, + inflows/ - outflows Total 2020 2021 2022 2023 2024 2025 and thereafter Future, minimum, non-cancellable charter revenue (1) $ 15,349 $ 15,349 $ - $ - $ - $ - $ - Future, minimum, charter-in hire payments (2) (3,894) (3,894) - - - - - Vessel scrubbers (3) (48,634) (48,634) - - - - - Office rent (1,223) (327) (329) (314) (210) (43) - Total $ (38,402) $ (37,506) $ (329) $ (314) $ (210) $ (43) $ - (1) The amounts represent the minimum contractual charter revenues to be generated from the existing, as of December 31, 2019, 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. (2) The amounts represent the Company’s commitments under the existing, as of December 31, 2019, time charter-in arrangements for third party vessels. (3) The amounts represent the Company’s commitments for its vessels scrubber retrofitting program that the Company entered into in 2018 and 2019. For the respective payments, the Company has obtained financing of $149,765 of which $46,227 remains undrawn as of December 31, 2019 (Note 9). |
Voyage revenues
Voyage revenues | 12 Months Ended |
Dec. 31, 2019 | |
Voyage Revenues | |
Voyage revenues: | 18. Voyage revenues: The following table shows the voyage revenues earned from time charters, voyage charters and pool agreements for the years ended December 31, 2017, 2018 and 2019, as presented in the consolidated statements of operation: Years ended December 31, 2017 2018 2019 Time charters $ 240,529 $ 397,499 $ 373,927 Voyage charters 102,977 253,812 437,779 Pool revenues 574 250 9,659 $ 344,080 $ 651,561 $ 821,365 The voyage revenues for the year ended December 31, 2017 presented in the consolidated statement of operations have been reduced by address commission of $12,104 which is not reflected in the above analysis. As of December 31, 2019, trade accounts receivable, net increased by $20,383, and deferred revenue decreased by $3,481 compared to December 31, 2018. These changes were mainly attributable to the timing of collections. Further, as of December 31, 2019, deferred assets related to revenue contracts (included within “Other current assets”) increased by $805 compared to December 31, 2018, from $2,054 to $2,859. This change was mainly attributable to the increase in the number of the voyage contracts in progress as of December 31, 2019 and the timing of commencement of revenue recognition. The Company recorded $10,855 as unearned revenue related to voyages in progress as of December 31, 2018, which were recognized in earnings during the year ended December 31, 2019 as the performance obligations were satisfied in that period. |
Voyage and Vessel operating exp
Voyage and Vessel operating expenses | 12 Months Ended |
Dec. 31, 2019 | |
Costs and Expenses [Abstract] | |
Voyage and Vessel operating expenses | 19. Voyage and Vessel operating expenses: The amounts in the consolidated statements of operations are analyzed as follows: Years ended December 31, 2017 2018 2019 Voyage expenses Port charges $ 21,060 $ 37,215 $ 63,576 Bunkers 34,997 72,287 146,089 Commissions – third parties 3,438 6,179 6,828 Commissions – related parties (Note 3) 3,300 3,400 3,850 Miscellaneous 1,887 2,515 2,619 Total voyage expenses $ 64,682 $ 121,596 $ 222,962 Vessel operating expenses Crew wages and related costs $ 63,074 $ 80,360 $ 103,701 Insurances 6,314 7,544 10,311 Maintenance, repairs, spares and stores 18,589 26,368 25,675 Lubricants 7,016 8,494 9,833 Tonnage taxes 2,565 1,506 2,087 Pre-delivery and Pre-joining expenses 1,925 1,234 1,507 Miscellaneous 1,945 3,366 6,948 Total vessel operating expenses $ 101,428 $ 128,872 $ 160,062 |
Fair value measurements and Hed
Fair value measurements and Hedging | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements: | 20. Fair Value Measurements and Hedging: The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. In addition, ASC 815, “Derivatives and Hedging” requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the balance sheet. Fair value on a recurring basis: Interest rate swaps: The Company from time to time enters into interest rate derivative contracts to manage interest costs and risk associated with changing interest rates with respect to its variable interest loans and credit facilities. Interest rate swaps – (continued): As of December 2018 and 2019, the Company had no interest rate swaps open positions. Forward Freight Agreements (“FFAs”) and Bunker Swaps: During the years ended December 31, 2017, 2018 and 2019, the Company entered into a certain number of FFAs on the Capesize, Panamax and Supramax indices. The results of the Company’s FFAs during the years ended December 31, 2017, 2018 and 2019 and the valuation of the Company’s open position as at December 31, 2018 and 2019 are presented in the tables below. During the years ended December 31, 2017, 2018 and 2019, the Company entered into a certain number of bunker swaps. In December 2019, the Company also entered into a bunker swap with ING Bank N.V. to hedge 84,000 metric tons or approximately 10% of its estimated annual fuel consumption by selling the 2020 Singapore spread between Very Low-Sulfur Fuel Oil (VLSFO) – High-Sulfur Fuel Oil (HSFO) at $266 per ton. The effective date of the swap is January 1, 2020 and the maturity date is December 31, 2020. The results of the Company’s bunker swaps and the valuation of the Company’s open position as at December 31, 2018 and 2019 are presented in the tables below. The amount of Gain/ (Loss) on derivative financial instruments, forward freight agreements and bunker swaps recognized in the consolidated statements of operations are analyzed as follows: Years ended December 31, 2017 2018 2019 Consolidated Statement of Operations Gain/(loss) on derivative financial instruments, net Unrealized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) $ 2,802 $ 140 $ - Realized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) (2,556) (141) - Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss) - 708 - Ineffective portion of cash flow hedges - - - Total Gain/(loss) on derivative financial instruments, net $ 246 $ 707 $ - Interest and finance costs Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 9) (852) 3 - Total Gain/(loss) recognized $ (852) $ 3 $ - Gain/(loss) on forward freight agreements and bunker swaps Realized gain/(loss) on forward freight agreements (877) (599) 6,043 Realized gain/(loss) on bunker swaps - 1,491 (1,386) Unrealized gain/(loss) on forward freight agreements (24) 520 (321) Unrealized gain/(loss) on bunker swaps 60 (1,859) 75 Total Gain/(loss) recognized $ (841) $ (447) $ 4,411 The following table summarizes the valuation of the Company’s financial instruments as of December 31, 2018 and 2019, based on Level 1 quoted market prices in active markets. Quoted Prices in Active Markets for Identical Assets (Level 1) December 31, 2018 December 31, 2019 (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 - asset position $ 537 - $ 216 - Total $ 537 - $ 216 - LIABILITIES Bunker swaps - liability position 1,799 - $ 1,724 - Total $ 1,799 - $ 1,724 - 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 bareboat leases (Level 2), bearing interest at variable interest rates, approximates their recorded values as of December 31, 2019, due to the variable interest rate nature thereof. The 2022 Notes have a fixed rate, and their estimated fair value as of December 31, 2018 and 2019, determined through Level 1 inputs of the fair value hierarchy (quoted price on NASDAQ under the ticker symbol SBLKZ), was approximately $49,800 and $51,360, respectively. Fair value hedge designation In order to mitigate its exposure to the foreign currency risk arising from its commitments in connection with its vessels’ scrubber retrofitting program, denominated in Euro, in early April 2018 the Company converted some of its cash held in US dollars to Euro in an amount sufficient to cover 100% of its fixed orders and approximately 50% of its then optional orders with respect to the scrubber retrofitting program. During the fourth quarter of 2018 an additional amount of cash in USD was converted to Euro with the total amount of Euro converted being approximately €70.8 million, of which approximately €20.5 million was related to the fixed orders at the time of designation. This amount is being held until the payments under the contracts for scrubbers (or “unrecognized firm commitment”) are made. The Euro conversions corresponding to the fixed orders at that time were designated, on April 3, 2018, as a fair value hedge with the portion of the unrecognized firm commitment corresponding to the fixed orders being the “hedged item” and the Euro deposits corresponding to the fixed orders being the “Hedging Instrument”. Because the critical terms (currency, timing, and notional amounts) of the hedged item and the hedging instrument match in all material respects, the hedge is considered to highly offset changes in the fair value of the unrecognized firm commitment attributable to changes in the USD/Euro exchange rates. The foreign exchange loss recognized from the re-measurement of the total Euro conversions discussed above during the year ended December 31, 2018 was $3,159 and is included in “Interest and other income/(loss)” in the consolidated statement of operations. The cumulative amount of fair value hedging adjustment that was attributable to the aforementioned hedge during the year ended December 31, 2018 was $1,609 and is reflected within “Vessels and other fixed assets, net”, in the consolidated balance sheet, following the recognition of the corresponding firm commitment during the year. The corresponding gain of $1,609 recognized from April 3, 2018 to December 31, 2018 is recorded within “Interest and other income/(loss)” in the consolidated statement of operations. The ineffective portion of the aforementioned hedge as of December 31, 2018 was $39 and is reflected within “Interest and other income/(loss)” in the consolidated statement of operations. As of December 31, 2018, the entire amount of €20.5 million Euro conversions associated with this hedging relationship had been used and no such hedging relationship was designated in 2019. Fair value on a nonrecurring basis The Company reviewed, in 2017, 2018 and 2019 the recoverability of the carrying amount of its vessels. The Company’s impairment analysis as of December 31, 2017, indicated that the carrying amount of the Company’s vessels, was recoverable, and therefore, the Company concluded that no impairment charge was necessary. As further disclosed in Note 5, during 2018 and 2019, the Company recognized impairment losses of $17,784 and $3,411, respectively, related to the agreed and intended sale of certain operating vessels. The carrying value of the respective vessels was written down to the fair value as determined by reference to their agreed or negotiated sale prices (Level 2). The following table summarizes the valuation of these assets measured at fair value on a non-recurring basis as of December 31, 2018: Long-lived assets held and used Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment loss (Level 1) (Level 2) (Level 3) Held for sale $ - $ 5,949 $ - $ 1,606 Vessels, net $ - $ 14,893 $ - $ 16,178 TOTAL $ - $ 20,842 $ - $ 17,784 The table following table summarizes the valuation of these assets measured at fair value on a non-recurring basis as of December 31, 2019: Long-lived assets held and used Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment loss (Level 1) (Level 2) (Level 3) Vessels, net $ - $ 24,475 $ - $ 3,411 TOTAL $ - $ 24,475 $ - $ 3,411 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events: | 21. Subsequent Events: a) On February 19, 2020, the Company declared a quarterly cash dividend of $0.05 per share which was paid on March 12, 2020, to all shareholders of record as of March 2, 2020 (“Record Date”). The ex-dividend date was February 28, 2020. b) In January 2020, the Company entered into a committed term sheet with Danish Ship Finance A/S for a loan of up to $55.0 million (the “DSF $55.0 million Facility”). The facility will be available in two tranches of up to $27.5 million each, and will be used to refinance the outstanding amounts under the lease agreements of Star Eleni Star Leo (Note 7) c) In February 2020, the Company executed the definitive loan documentation with HSBC France for an amount of up to $30.0 million in order to finance working capital requirements (the “HSBC Working Capital Facility”) (Note 9). In February 2020, an amount of $8,834 was drawn under the HSBC Working Capital Facility. In addition, on March 23, 2020 an amount of $13,123 was drawn under the HSBC Working Capital Facility and an additional amount of $2,225 is expected to be drawn on or about March 30, 2020. d) In 2020 the Company entered into bunker swaps with ING Bank N.V. and Intercontinental Exchange, Inc (“ICE”) to hedge in aggregate 70,000 metric tons of its estimated fuel consumption by selling the Singapore spread between VLSFO – HSFO at an average price of $146 per ton for the period from March to December 2020 (7,000 metric tons per month). The effective date of these swaps is March 1, 2020 and the maturity date is December 31, 2020. In addition, in 2020 the Company entered into a bunker swap with ING Bank N.V. to hedge in aggregate 24,000 metric tons of its estimated fuel consumption by selling the Singapore spread between VLSFO – HSFO at an average price of $106 per ton for the period from January to December 2021 (2,000 metric tons per month). The effective date of these swaps is January 1, 2021 and the maturity date is December 31, 2021. e) In March 2020, the Company entered into various interest rate derivative contracts with ING Bank N.V (“ING”), DNB Bank ASA (“DNB”) and Skandinaviska Enskilda Banken AB (“SEB”) to fix forward some of its floating interest rate liabilities the major terms of which are provided below: Counterparty Inception Expiry Fixed Rate Amortizing Notional amount Average Annual amortization ING 29-Mar-20 29-Mar-26 0.70% from $29.96 mil to $17.65 mil $1.2 million DNB 30-Mar-20 28-Sep-23 0.64% from $128.91 mil to $51.02 mil $6.0 million SEB 30-Mar-20 28-Sep-23 0.63% from $51.57 mil to $20.41 mil $2.4 million ING 2-Apr-20 2-Oct-25 0.70% from $19.69 mil to $9.84 mil $1.9 million ING 2-Apr-20 2-Oct-25 0.70% from $19.69 mil to $9.84 mil $1.9 million ING 3-Apr-20 3-Apr-23 0.68% from $16.16 mil to $12.74 mil $0.3 million SEB 30-Apr-20 30-Jan-25 0.73% from $29.44 mil to $19.25 mil $2.7 million SEB 30-Apr-20 30-Jan-25 0.73% from $29.44 mil to $19.25 mil $2.7 million f) On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the “Covid-19”) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. Such measures have and will likely continue to cause severe trade disruptions. The extent to which Covid-19 will impact the Company’s results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact cannot be made at this time. |
Significant Accounting polici_2
Significant Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of consolidation | a) Principles of consolidation: Star Bulk as the holding company determines whether it has controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation”, a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and make financial and operating decisions. Star Bulk consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Following the provisions of ASC 810 “Consolidation”, the Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a variable interest entity (“VIE”) in its consolidated financial statements. The Company’s evaluation did not result in an identification of variable interest entities for the years 2017, 2018 and 2019. |
Equity method investments | b) Equity method investments: |
Use of estimates | c) Use of estimates: |
Comprehensive income/(loss) | d) Comprehensive income/(loss): |
Concentration of credit risk | e) Concentration of credit risk: |
Foreign currency transactions | f) Foreign currency transactions: |
Cash and cash equivalents | g) Cash and cash equivalents: |
Restricted cash | h) Restricted cash |
Trade accounts receivable, net | i) Trade accounts receivable, net: |
Inventories | j) Inventories: |
Vessels, net | k) Vessels, net: 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). Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is $0.3 per light weight ton as of December 31, 2019 and 2018, which is based on the historical average demolition prices. |
Advances for vessels under construction and acquisition of vessels | l) Advances for vessels under construction and acquisition of vessels: |
Fair value of above/below market acquired time charters | m) Fair value of above/below market acquired time charters: |
Impairment of long-lived assets | n) Impairment of long-lived assets: In this respect, management regularly reviews the carrying amount of the vessels, including newbuilding contracts, if any, on a vessel-by-vessel basis, when events and circumstances indicate that the carrying amount of the vessels or newbuilding contracts might not be recoverable (such as vessel sales and purchases, business plans, obsolescence or damage to the asset and overall market conditions). When impairment indicators are present, the Company compares future undiscounted net operating cash flows to the carrying values of the Company’s vessels to determine if the asset is required to be impaired. In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels’ future performance, with the significant assumptions being related to charter rates, ship operating expenses, vessels’ residual value, fleet utilization and the estimated remaining useful lives of the vessels. These assumptions are based on current market conditions, historical industry and Company’s specific trends, as well as future expectations. The future undiscounted net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent rate for the unfixed days over the estimated remaining economic life of each vessel, net of brokerage and address commissions. Estimates of the daily time charter equivalent rate for the unfixed days are based on the current Forward Freight Agreement (“FFA”) rates, for the first three-year period, average of FFA rates and historical average rate levels for the fourth year and historical average rate levels of similar size vessels for the period thereafter. The expected cash inflows from charter revenues are based on an assumed fleet utilization rate for the unfixed days over available days, taking also into account expected technical off-hire days. In addition, in light of the Company’s investment in exhaust gas cleaning systems (“EGCS” or “Scrubbers”), an estimate of an additional daily revenue for each scrubber fitted vessel was also included, reflecting additional compensation from charterers due to the fuel cost savings that these vessels provide. In assessing expected future cash outflows, management forecasts vessel operating expenses, which are based on the Company’s internal budget for the first annual period and thereafter assume an annual inflation rate and are capped at the thirteenth year thereafter, vessel expected maintenance costs (for dry docking and special surveys) and management fees. The estimated salvage value of each vessel is $0.3 per light weight ton, in accordance with the Company’s vessel depreciation policy. The Company uses a probability weighted approach for developing estimates of future cash flows used to test its vessels for recoverability when alternative courses of action are under consideration (i.e. sale or continuing operation of a vessel). If the Company’s estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel’s carrying value, the carrying value is written down to the vessel’s fair market value with a charge recorded under “Impairment loss” in the consolidated statement of operations. |
Vessels held for sale | o) Vessels held for sale: Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under “Impairment loss” in the consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale. |
Financing costs | p) Financing costs: . |
Debt Modifications and extinguishments | q) Debt Modifications and extinguishments: |
Share based compensation | r) Share based compensation: Awards of restricted shares, restricted share units or share options that are subject to performance conditions are also measured at their fair value, which is equal to the market value of the Company’s common shares on the grant date. If the award is subject only to performance conditions, compensation cost is recognized only if the performance conditions are satisfied (essentially, the requisite service is not considered to have been provided if the performance condition is not achieved). For awards that are subject to performance conditions and future service conditions, if it is probable that the performance condition for these awards will be satisfied, the compensation cost in respect of these awards is recognized over the requisite service period. If it is initially determined that it is not probable that the performance condition will be satisfied and it is later determined that the performance conditions are likely to be satisfied (or vice versa), the effect of the change in estimate is retroactively accounted for in the period of change by recording a cumulative catch-up adjustment to retroactively apply the new estimate. If the award is forfeited because the performance condition is not satisfied, any previously recognized compensation cost is reversed. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (as compensation expense) over the requisite service period for all awards that vest. |
Dry docking and special survey expenses | s) Dry docking and special survey expenses: |
Accounting for revenue and related expenses | t) Accounting for revenue and related expenses: Under time charter agreements, voyage costs, such as fuel and port charges are borne and paid by the charterer. The Company’s time charter agreements are classified as operating leases pursuant to ASC 842 “Leases”, as further disclosed in Note 2(x). As further analyzed in Note 2(x), the Company has determined that its voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of ASC 606. The majority of revenue from voyage charter agreements is usually collected in advance. The Company has determined that there is one single performance obligation for each of its voyage contracts, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company has concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company’s performance as the Company performs. Therefore, since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, revenue is recognized on a straight line basis over the voyage days from the loading of cargo to its discharge. Demurrage income, which is considered a form of variable consideration, is included in voyage revenues, and represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter agreements. Demurrage income for the years ended December 31, 2017, 2018 and 2019 was not material. Under voyage charter agreements, all voyage costs are borne and paid by the Company. Voyage expenses consist primarily of brokerage commissions, bunker consumption, port and canal expenses and agency fees related to the voyage. Pursuant to the provisions of ASC 340-40, “Other Assets and Deferred Costs – Contracts with Customers” for contract costs, all voyage costs are considered contract fulfilment costs because they are directly related to the performance of the voyage contract. Those costs are expensed as incurred, with the exception of those contract fulfilment costs incurred prior to the commencement of loading the cargo on the relevant vessel, which are capitalized to the extent the Company, in its reasonable judgement, determines that they (i) are directly related to a contract, (ii) will be recoverable and (iii) enhance the Company’s resources by putting the Company’s vessel in a location to satisfy its performance obligation under a contract. These capitalized contract fulfilment costs are recorded under “Other current assets” and are amortized on a straight-line basis as the related performance obligations are satisfied. The Company adopted ASC 606 on January 1, 2018 using the modified retrospective approach, and has been applied to all voyage contracts not completed as of the date of the initial application. As such, the information prior to January 1, 2018 has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. |
Fair value measurements | u) Fair value measurements: |
Earnings/ (loss) per share | v) Earnings/ (loss) per share: |
Segment reporting | w) Segment reporting : |
Leases | x) Leases: The Company elected to use the optional new transition method for the adoption of ASC 842 that results in initial recognition of a cumulative effect adjustment to retained earnings in the year of adoption. As a result, prior periods as reported by the Company, have not been impacted by the adoption. The Company also elected to use the practical expedient for lessors to combine the lease and non-lease components of revenues for recognition, measurement and presentation purposes, as also described below. In addition, in connection with its adoption of ASC 842, the Company elected to use the “package of 3” practical expedients permitted under the transition guidance, which exempts the Company from reassessing: • whether any expired or existing contracts are or contain leases; • any expired or existing lease classifications; and • initial direct costs for any existing leases. Lastly, the Company elected not to use the practical expedient of hindsight in determining the lease term and in assessing the impairment of the Company’s operating lease right-of-use assets. The Company’s adoption of ASC 842 did not have a material effect on the consolidated financial statements for the reasons discussed below: Company acting as Lessor: As also described in Note 2(t), the Company generates its revenues from charterers for the charter hire of its vessels under time charter agreements, in which a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter hire rate, or voyage charter agreements, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified freight rate per ton. The Company considered the provisions of ASC 842 and determined that its voyage charter agreements do not contain a lease because the charterer under such contracts does not have the right to control the use of the vessel since the Company, as the ship-owner, retains control over the operations of the vessel, provided also that the terms of the voyage charter are pre-determined, and any change requires the Company’s consent. On the other hand, the Company determined that its time charter agreements are leases that are governed by ASC 842 because, pursuant to the time charter agreements, (a) the vessel is an identifiable asset, (b) the Company does not have substitution rights and (c) the charterer has the right to control the use of the vessel during the term of the contract and derives economic benefits from such use. In addition, since none of the criteria for classification as sales-type leases or direct financing leases are met, the Company’s time charter agreements are classified as operating leases. The duration of the contracts that the Company is entering into depends on the market conditions, with the duration decreasing during weak market conditions. During 2019 in their majority the Company’s time charter contracts did not exceed the period of 12 months, including optional extension periods. Future minimum rental payments for the existing contracts as of December 31, 2019, are presented in Note 17 below. Upon adoption of ASC 842, the timing and recognition of earnings from time charter contracts to which the Company is party did not change from previous practice, with the exception of ballast bonuses which were recognized during the ballast leg but are now deferred and recognized over time during the charter period, as well as the deferral of certain direct costs incurred during the ballast leg that meet the required criteria for capitalization and amortize during the charter period. Included in the charter hire rate is also compensation for running the vessel, such as crewing expenses, repairs and maintenance and insurance. The Company, making use of the practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time charter revenue but rather to recognize lease revenue as a combined single lease component for all time charter contracts (operating leases) as the related lease component and non-lease component have the same timing and pattern of transfer ( i.e. Company acting as Lessee: A) As already discussed in Note 1, during 2018 and 2019 the Company chartered-in a number of third-party vessels to increase its operating capacity in order to satisfy its clients’ needs. All charter-in operating leases that the Company had entered into and were effective as of December 31, 2018 and during the year ended December 31, 2019 are short to medium-term leases ( i.e B) The adoption of ASC 842 did not change the accounting for the leases already recognized on the balance sheet as capital leases under the previous leasing guidance given the transition provisions of ASC 842 and the practical expedients elected by the Company as discussed above. As such, those leases existing as of January 1, 2019, including all bareboat charter agreements that the Company had entered into that were in place as of that date, are classified as finance leases under the new leasing guidance of ASC 842, with the Company having reclassified the existing capital lease assets as of December 31, 2018 of $1,047,780 as right-of-use assets being reflected within Fixed Assets and the existing lease obligations as of December 31, 2018 of $609,737 as lease liabilities being reflected within Lease financing. The weighted-average discount rate for the Company’s bareboat charter agreements for the year ended December 31, 2019 was 5.66%. Please refer to Note 7 for the description of the nature of these leases, general terms, covenants included , any variable payments, if any, as well as the purchase obligations they provide for. C) Each sale and lease back transaction that the Company had entered into as of December 31, 2018 and during the year ended December 31, 2019, involved a purchase obligation and was therefore treated as a failed sale or merely a financing arrangement both before and after adoption of ASC 842, and therefore was not within the scope of sale and leaseback accounting. D) The Company has determined its office rental arrangements are operating leases. The office spaces that the Company leases are mostly located in Athens, Cyprus and Switzerland. Payments under these arrangements are fixed with no variable payments. The assets and liabilities recognized in respect of these agreements that correspond to the underlying rights and obligations were $1,198 as of January 1, 2019 and $1,216 as of December 31, 2019 and are presented within “Leased buildings, right-of-use assets” and “Leased buildings, operating lease liabilities” in the consolidated balance sheet. The discount rate used is 4%, being the estimated annual incremental borrowing rate for these type of assets. The lease expenses attributable to these leases are recognized on a straight line basis over the lease term and are recorded as part of General and Administrative expenses. These lease expenses were $403 and $352 for the years ended December 31, 2018 and 2019, respectively. The weighted average remaining lease term of the Company’s office rent arrangements is 3.9 years. Please also refer to Note 3 for office rent agreements entered into with related parties. Future minimum rental payments for existing contracts as of December 31, 2019, are presented in Note 17 below. |
Derivatives & Hedging | y) Derivatives & Hedging: i) Derivative Financial Instruments: The Company enters into derivative and non-derivative financial instruments to manage risks related to fluctuations of interest rates and foreign currency exchange rates. All derivatives are recorded on the Company’s balance sheet as assets or liabilities and are measured at fair value. The valuation of interest rate swaps is based on Level 2 observable inputs of the fair value hierarchy, such as interest rate curves. The changes in the fair value of derivatives not qualifying for hedge accounting are recognized in earnings. Cash inflows/outflows attributed to derivative instruments are reported within cash flows from operating activities in the consolidated statements of cash flows. For the purpose of hedge accounting, hedges are classified as: · fair value hedges, when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, which in each case is attributable to a particular risk, including foreign currency risk; · cash flow hedges, when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect earnings; or · hedges of a net investment in a foreign operation. This type of hedge is not used by the Company. In case the instruments are eligible for hedge accounting, at the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the Company will assess the hedging instrument’s effectiveness in offsetting exposure to changes in the hedged item’s cash flows or fair value attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows or fair value and are assessed at each reporting date to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. Fair value hedges A fair value hedge is a hedge of the exposure to changes in the fair value of a recognized asset or liability, or of an unrecognized firm commitment, which in each case is attributable to a particular risk. The change in the fair value of a hedging instrument is recognized in the consolidated statement of operations. The change in the fair value of the hedged item attributable to the risk hedged is recorded as part of the carrying value of the hedged item and is also recognized in the consolidated statement of operations. For fair value hedges, in which a non-derivative is used as hedging instrument for foreign currency risk of unrecognized firm commitments, the hedging instrument is re- measured based on the movement in functional currency cash flows attributable to the change in spot exchange rates between the functional currency and the currency in which the non-derivative hedging instrument is denominated. An asset or liability is recorded for the unrecognized firm commitment, which equals the foreign exchange gain or loss that is recorded in earnings as a result of the hedge relationship. The resulting asset or liability will eventually be treated as part of the consideration when the firm commitment is recognized. Cash Flow hedges A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction that could affect earnings. For derivatives designated as cash flow hedges, the effective portion of the changes in their fair value is recorded in “Accumulated other comprehensive income / (loss)” and is subsequently recognized in earnings when the hedged items impact earnings, while the ineffective portion, if any, is recognized immediately in current period earnings under “Gain / (Loss) on derivative financial instruments, net.” Discontinuation of hedge relationships The Company discontinues prospectively fair value or cash flow hedge accounting if the hedging instrument expires or is sold, terminated or exercised and it no longer meets all the criteria for hedge accounting or if the Company de-designates the instrument as a cash flow or fair value hedge. As part of a cash flow hedge, at the time the hedging relationship is discontinued, any cumulative gain or loss on the hedging instrument recognized in equity remains in equity until the forecasted transaction occurs or until it becomes probable of not occurring. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is reclassified and recognized in earnings for the year. Similarly, as part of a fair value hedge, if the hedged item is derecognized, the unamortized fair value is recognized immediately in earnings. ii) Forward Freight Agreements and Bunker Swaps: In addition, from time to time, the Company may take positions in derivative instruments including forward freight agreements, or FFAs. Generally, FFAs and other derivative instruments may be used to hedge a vessel owner’s exposure to the charter market for a specified route and period of time. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. All of the FFAs are settled on a daily basis through reputable exchanges such as LCH, Singapore Exchange (SGX) or Nasdaq. FFAs are intended to serve as an economic hedge for the Company’s vessels that are being chartered in the spot market, effectively locking-in an approximate amount of revenue that the Company expects to receive from such vessels for the relevant periods. The Company measures the fair value of all open positions at each reporting date on this basis (Level 2). The Company’s FFAs do not qualify for hedge accounting and therefore gains or losses are recognized in the consolidated statements of operations under “(Gain)/Loss on forward freight agreements and bunker swaps.” Also, from time to time, the Company enters into bunker swap contracts to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Bunker swaps are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company’s bunker swaps are settled through reputable clearing houses, including LCH. The fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date (Level 2). The Company’s bunker swaps do not qualify for hedge accounting and bunker price differentials paid or received under the swap agreements are recognized under “(Gain)/Loss on forward freight agreements and bunker swaps”. |
Taxation | z) Taxation |
Offering costs | aa) Offering costs |
Share repurchases | ab) Share repurchases |
Evaluation of purchase transactions | ac) Evaluation of purchase transactions: |
Other Recent accounting pronouncements - adopted | Other accounting pronouncements – adopted: Statement of Cash Flows (230): In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (230): Restricted Cash”. The amendments in this update require that a statement of cash flows explains the change during the period in the total amount of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this accounting standard update as of January 1, 2018, and this presentation was applied retrospectively to all periods presented as required by the guidance. The prior periods have been adjusted to conform to current period presentation, which resulted in a) a decrease in cash flows used in operating activities by $216 and an increase in cash flows used in investing activities of $209 for the year ended December 31, 2016 compared to the amounts previously reported of ($33,448) and ($13,216), respectively and b) an increase in cash flows provided by operating activities by $1,834 and an increase in cash flows used in investing activities of $249 for the year ended December 31, 2017 compared to the amounts previously reported of $80,970 and ($126,852), respectively, related to changes in restricted cash amounts. Moreover, the beginning period and the ending period cash balances now include restricted cash. |
Recent accounting pronouncements - not yet adopted | Recent accounting pronouncements - not yet adopted: Financial Instruments - Credit Losses (Topic 326) Fair Value Measurement (Topic 820): |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
List of Subsidiaries | Date Wholly Owned Subsidiaries Vessel Name DWT Delivered to Star Bulk Year Built 1 Sea Diamond Shipping LLC Goliath 209,537 July 15, 2015 2015 2 Pearl Shiptrade LLC Gargantua 209,529 April 2, 2015 2015 3 Star Ennea LLC Star Poseidon 209,475 February 26, 2016 2016 4 Coral Cape Shipping LLC Maharaj 209,472 July 15, 2015 2015 5 Star Castle II LLC Star Leo (1) 207,939 May 14, 2018 2018 6 ABY Eleven Ltd Star Laetitia 207,896 August 3, 2018 2017 7 Domus Shipping LLC Star Ariadne 207,812 March 28, 2017 2017 8 Star Breezer LLC Star Virgo 207,810 March 1, 2017 2017 9 Star Seeker LLC Star Libra (1) 207,765 June 6, 2016 2016 10 ABY Nine Ltd Star Sienna 207,721 August 3, 2018 2017 11 Clearwater Shipping LLC Star Marisa 207,709 March 11 2016 2016 12 ABY Ten Ltd Star Karlie 207,566 August 3, 2018 2016 13 Star Castle I LLC Star Eleni (1) 207,555 January 3, 2018 2018 14 Festive Shipping LLC Star Magnanimus 207,490 March 26, 2018 2018 15 New Era II Shipping LLC Debbie H 206,861 May 28, 2019 2019 16 New Era III Shipping LLC Star Ayesha 206,852 July 15, 2019 2019 17 New Era I Shipping LLC Katie K 206,839 April 16, 2019 2019 18 Cape Ocean Maritime LLC Leviathan 182,511 September 19, 2014 2014 19 Cape Horizon Shipping LLC Peloreus 182,496 July 22, 2014 2014 20 Star Nor I LLC Star Claudine (1) 181,258 July 6, 2018 2011 21 Star Nor II LLC Star Ophelia (1) 180,716 July 6, 2018 2010 22 Christine Shipco LLC Star Martha 180,274 October 31, 2014 2010 23 Sandra Shipco LLC Star Pauline 180,233 December 29, 2014 2008 24 Pacific Cape Shipping LLC Pantagruel 180,181 July 11, 2014 2004 25 Star Borealis LLC Star Borealis 179,678 September 9, 2011 2011 26 Star Polaris LLC Star Polaris 179,546 November 14, 2011 2011 27 Star Nor III LLC Star Lyra (1) 179,147 July 6, 2018 2009 28 Star Regg II LLC Star Janni 178,978 January 7, 2019 2010 29 Star Regg I LLC Star Marianne 178,906 January 14, 2019 2010 30 Star Trident V LLC Star Angie 177,931 October 29, 2014 2007 31 Sky Cape Shipping LLC Big Fish 177,662 July 11, 2014 2004 32 Global Cape Shipping LLC Kymopolia 176,990 July 11, 2014 2006 33 Star Trident XXV Ltd. Star Triumph 176,343 December 8, 2017 2004 34 ABY Fourteen Ltd Star Scarlett 175,800 August 3, 2018 2014 35 ABY Fifteen Ltd Star Audrey 175,125 August 3, 2018 2011 36 Sea Cape Shipping LLC Big Bang 174,109 July 11, 2014 2007 37 ABY I LLC Star Paola 115,259 August 3, 2018 2011 38 ABM One Ltd Star Eva 106,659 August 3, 2018 2012 39 Nautical Shipping LLC Amami 98,681 July 11, 2014 2011 40 Majestic Shipping LLC Madredeus 98,681 July 11, 2014 2011 41 Star Sirius LLC Star Sirius 98,681 March 7, 2014 2011 42 Star Vega LLC Star Vega 98,681 February 13, 2014 2011 43 ABY II LLC Star Aphrodite 92,006 August 3, 2018 2011 44 Augustea Bulk Carrier Ltd Star Piera 91,952 August 3, 2018 2010 45 Augustea Bulk Carrier Ltd Star Despoina 91,945 August 3, 2018 2010 46 Star Nor IV LLC Star Electra (1) 83,494 July 6, 2018 2011 47 Star Alta I LLC Star Angelina 82,981 December 5, 2014 2006 48 Star Alta II LLC Star Gwyneth 82,790 December 5, 2014 2006 49 Star Trident I LLC Star Kamila 82,769 September 3, 2014 2005 50 Star Nor VI LLC Star Luna (1) 82,687 July 6, 2018 2008 51 Star Nor V LLC Star Bianca (1) 82,672 July 6, 2018 2008 52 Grain Shipping LLC Pendulum 82,619 July 11, 2014 2006 53 Star Trident XIX LLC Star Maria 82,598 November 5, 2014 2007 54 Star Trident XII LLC Star Markella 82,594 September 29, 2014 2007 55 Star Trident IX LLC Star Danai 82,574 October 21, 2014 2006 56 ABY Seven Ltd Star Jeanette 82,567 August 3, 2018 2014 57 Star Trident XI LLC Star Georgia 82,298 October 14, 2014 2006 58 Star Trident VIII LLC Star Sophia 82,269 October 31, 2014 2007 59 Star Trident XVI LLC Star Mariella 82,266 September 19, 2014 2006 60 Star Trident XIV LLC Star Moira 82,257 November 19, 2014 2006 61 Star Trident XVIII LLC Star Nina 82,224 January 5, 2015 2006 62 Star Trident X LLC Star Renee 82,221 December 18, 2014 2006 63 Star Trident II LLC Star Nasia 82,220 August 29, 2014 2006 64 Star Trident XIII LLC Star Laura 82,209 December 8, 2014 2006 65 Star Trident XV LLC Star Jennifer 82,209 April 15, 2015 2006 66 Star Nor VIII LLC Star Mona (1) 82,188 July 6, 2018 2012 67 Star Trident XVII LLC Star Helena 82,187 December 29, 2014 2006 68 Star Nor VII LLC Star Astrid (1) 82,158 July 6, 2018 2012 69 Waterfront Two Ltd Star Alessia 81,944 August 3, 2018 2017 70 Star Nor IX LLC Star Calypso (1) 81,918 July 6, 2018 2014 71 Star Gaia LLC Star Charis 81,711 March 22, 2017 2013 72 Star Elpis LLC Star Suzanna 81,711 May 15, 2017 2013 73 Mineral Shipping LLC Mercurial Virgo 81,545 July 11, 2014 2013 74 Star Nor X LLC Stardust (1) 81,502 July 6, 2018 2011 75 Star Nor XI LLC Star Sky (1) 81,466 July 6, 2018 2010 76 ABY III LLC Star Lydia 81,187 August 3, 2018 2013 77 ABY IV LLC Star Nicole 81,120 August 3, 2018 2013 78 ABY Three Ltd Star Virginia 81,061 August 3, 2018 2015 79 Star Nor XII LLC Star Genesis (1) 80,705 July 6, 2018 2010 80 Star Nor XIII LLC Star Flame (1) 80,448 July 6, 2018 2011 81 Star Trident III LLC Star Iris 76,466 September 8, 2014 2004 82 Star Trident XX LLC Star Emily 76,417 September 16, 2014 2004 83 Orion Maritime LLC Idee Fixe (1) 63,458 March 25, 2015 2015 84 Primavera Shipping LLC Roberta (1) 63,426 March 31, 2015 2015 85 Success Maritime LLC Laura (1) 63,399 April 7, 2015 2015 86 Ultra Shipping LLC Kaley (1) 63,283 June 26, 2015 2015 87 Blooming Navigation LLC Kennadi 63,262 January 8, 2016 2016 88 Jasmine Shipping LLC Mackenzie 63,226 March 2, 2016 2016 89 STAR LIDA I SHIPPING LLC Apus (1) 63,123 July 16, 2019 2014 90 Star Nor XV LLC Star Wave (1) 61,491 July 6, 2018 2017 91 Star Challenger I LLC Star Challenger (1) 61,462 December 12, 2013 2012 92 Star Challenger II LLC Star Fighter (1) 61,455 December 30, 2013 2013 93 Star Axe II LLC Star Lutas 61,347 January 6, 2016 2016 94 Aurelia Shipping LLC Honey Badger 61,320 February 27, 2015 2015 95 Rainbow Maritime LLC Wolverine 61,292 February 27, 2015 2015 96 Star Axe I LLC Star Antares 61,258 October 9, 2015 2015 97 ABY Five Ltd Star Monica 60,935 August 3, 2018 2015 98 Star Asia I LLC Star Aquarius 60,916 July 22, 2015 2015 99 Star Asia II LLC Star Pisces (1) 60,916 August 7, 2015 2015 100 Star Nor XIV LLC Star Glory (1) 58,680 July 6, 2018 2012 101 STAR LIDA XI SHIPPING LLC Pyxis (1) 56,615 August 19, 2019 2013 102 STAR LIDA VIII SHIPPING LLC Hydrus (1) 56,604 August 8, 2019 2013 103 STAR LIDA IX SHIPPING LLC Leo (1) 56,582 July 15, 2019 2013 104 Star Trident VII LLC Diva 56,582 July 24, 2017 2011 105 STAR LIDA VI SHIPPING LLC D.Centaurus (1) 56,559 September 18, 2019 2012 106 STAR LIDA VII SHIPPING LLC Hercules (1) 56,545 July 16, 2019 2012 107 STAR LIDA X SHIPPING LLC Pegasus (1) 56,540 July 15, 2019 2013 108 STAR LIDA III SHIPPING LLC Cepheus (1) 56,539 July 16, 2019 2012 109 STAR LIDA IV SHIPPING LLC Columba (1) 56,530 July 23, 2019 2012 110 STAR LIDA V SHIPPING LLC Dorado (1) 56,507 July 16, 2019 2013 111 STAR LIDA II SHIPPING LLC Aquila (1) 56,506 July 15, 2019 2012 112 Star Regg III LLC Star Bright 55,783 October 10, 2018 2010 113 Glory Supra Shipping LLC Strange Attractor 55,742 July 11, 2014 2006 114 Star Omicron LLC Star Omicron 53,489 April 17, 2008 2005 115 Star Zeta LLC Star Zeta 52,994 January 2, 2008 2003 116 Star Theta LLC Star Theta 52,425 December 6, 2007 2003 Total dwt 12,859,300 |
List of Non-vessel owning subsidiaries | Wholly Owned Subsidiaries 1 Star Bulk Management Inc. 37 Cape Confidence Shipping LLC 2 Starbulk S.A. 38 Cape Runner Shipping LLC 3 Star Bulk Manning LLC 39 Olympia Shiptrade LLC 4 Star Bulk Shipmanagement Company (Cyprus) Limited 40 Victory Shipping LLC 5 Candia Shipping Limited (ex Optima Shipping Limited) 41 Star Cape I LLC 6 Star Omas LLC 42 Star Cape II LLC 7 Star Synergy LLC 43 Positive Shipping Company 8 Oceanbulk Shipping LLC 44 OOCape1 Holdings LLC 9 Oceanbulk Carriers LLC 45 Oday Marine LLC 10 International Holdings LLC 46 Searay Maritime LLC 11 Star Ventures LLC 47 Lowlands Beilun Shipco LLC 12 Star Logistics LLC (ex Dry Ventures LLC) 48 Star Trident VI LLC 13 Unity Holding LLC 49 KMSRX Holdings LLC 14 Star Bulk (USA) LLC 50 Dioriga Shipping Co. 15 Star Trident XXI LLC 51 Star Trident XXX LLC 16 Star Trident XXIV LLC 52 Star Trident IV LLC 17 Star Trident XXVII LLC 53 Pacific Ventures Holdings LLC 18 Star Trident XXXI LLC 54 Star Mare LLC 19 Star Trident XXIX LLC 55 Star Regg IV LLC 20 Star Trident XXVIII LLC 56 Star Regg V LLC 21 Star Trident XXVI LLC 57 Star Regg VI LLC 22 Star Trident XXII LLC 58 Star Regg VII LLC 23 Star Trident XXIII LLC 59 Star Sege Ltd 24 Star Alpha LLC 60 Star Gamma LLC 25 Star Bulk Norway AS 61 Star Delta LLC 26 Star New Era LLC 62 Star Epsilon LLC 27 Star Thor LLC 63 Star Kappa LLC 28 Star ABY LLC 64 Star Aurora LLC 29 ABY Group Holding Ltd 65 Star Uranus LLC 30 Star Regina LLC 66 Star Trident VII LLC 31 Star Logistics Management S.A. 67 Star Trident XII LLC 32 Gravity Shipping LLC 68 Star Trident XIII LLC 33 White Sand Shipping LLC 69 Star Trident XVI LLC 34 Premier Voyage LLC 70 Star Bulk (Singapore) Pte. Ltd 35 L.A. Cape Shipping LLC 71 Star Bulk Germany GmbH 36 Star Cosmo LLC |
Charter Revenue Percentage | Charterer 2017 2018 2019 A N/A 15% 13% B 14% N/A N/A |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Balance Sheet December 31, 2018 December 31, 2019 Due from related parties Oceanbulk Maritime and its affiliates (d) $ 85 $ 327 Interchart (a) - 11 AOM (l) - 195 Starocean (j) 65 41 Sellers of the Augustea Vessels (f) 867 - Songa Shipmanagement Ltd. (g) 305 - Product Shipping & Trading S.A. - 16 Due from related parties $ 1,322 $ 590 Due to related parties Management and Directors Fees (b) $ 236 $ 246 Sydelle (h), (i) 302 19 Augustea Technoservices Ltd. (f) 1,111 2,879 Coromel Maritime Limited (m) - 873 Due to related parties $ 1,649 $ 4,017 Statements of Operations Years ended December 31, 2017 2018 2019 Voyage expenses-Interchart (a) $ (3,300) $ (3,400) (3,850) Consultancy fees (b) (493) (534) (655) Directors compensation (b) (145) (159) (179) Office rent - Combine Marine Ltd. & Alma Properties (c) (39) (41) (39) Voyage revenues - profit sharing agreement-Sydelle (h) (329) (875) - Management fees- Augustea Technoservices Ltd. (f) - (2,309) (6,564) Management fees- Songa Shipmanagement Ltd. (g) - (376) (32) General and administrative expenses - Oceanbulk Maritime and its affiliates (d) (284) (322) (324) Charter - in hire expenses - AOM (l) - - (2,589) Charter - in hire expenses - Sydelle (i) - - (5,505) Charter - in hire expenses - Coromel (m) - - (5,723) Charter - in hire expenses - Eagle Bulk (n) - - (1,908) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | December 31, 2018 December 31, 2019 Lubricants $ 12,071 $ 12,293 Bunkers 15,365 38,860 Total $ 27,436 $ 51,153 |
Vessels and other fixed asset_2
Vessels and other fixed assets, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of vessels and other fixed assets, net | Vessel cost Accumulated depreciation Net Book Value Balance, December 31, 2017 2,186,856 -411,775 1,775,081 - Transfer from advances for vessels under construction and acquisition of vessels 163,138 - 163,138 - Acquisitions, improvements and other vessel costs 844,474 - 844,474 - Vessel disposal/ transfer to Held for sale (5,949) - (5,949) - Impairment loss (83,256) 65,472 (17,784) - Depreciation for the period - (102,852) (102,852) Balance, December 31, 2018 $ 3,105,263 $ -449,155 $ 2,656,108 - Transfer from advances for vessels under construction and acquisition of vessels 157,589 - 157,589 - Acquisitions, improvements and other vessel costs 335,671 - 335,671 - Vessel disposal (163,049) 106,899 (56,150) - Impairment loss (24,551) 21,140 (3,411) - Depreciation for the period - (124,280) (124,280) Balance, December 31, 2019 $ 3,410,923 $ (445,396) $ 2,965,527 |
Advances for vessels under co_2
Advances for vessels under construction and acquisition of vessels (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Advances for vessels under construction and acquisition of vessels [Abstract] | |
Advances for vessels under construction and acquisition of vessels | Balance, December 31, 2017 $ 48,574 - Additions 129,749 - OCC Vessels shares acquisition 42,962 - Capitalized interest 1,753 - Transfers to Vessel cost (163,138) Balance, December 31, 2018 59,900 - Additions 96,671 - Capitalized interest 1,018 - Transfers to Vessel cost (157,589) Balance, December 31, 2019 - |
Lease financing (Tables)
Lease financing (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease Commitments Tables Abstract | |
Capital lease obligations, Principal payments | Twelve month periods ending Amount December 31, 2020 $ 69,820 December 31, 2021 68,255 December 31, 2022 66,144 December 31, 2023 137,160 December 31, 2024 25,809 December 31, 2025 and thereafter 122,318 Total bareboat lease minimum payments $ 489,506 Unamortized debt issuance costs (3,936) Total bareboat lease minimum payments, net $ 485,570 Excluding bareboat lease interest (63,594) Lease commitments – short term 52,145 Lease commitments – long term 369,831 |
Fair value of Above _ Below M_2
Fair value of Above / Below Market Acquired Time Charters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Of Above Below Market Acquired Time Charters Tables Abstract | |
Estimated aggregate amortization expense of the above market acquired time charters | Twelve month periods ending Amount December 31, 2020 $ 1,184 December 31, 2021 924 December 31, 2022 365 Total $ 2,473 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-term Debt, by Current and Noncurrent [Abstract] | |
Long-term debt, Principal payments | Twelve month periods ending Amount December 31, 2020 $ 150,350 December 31, 2021 144,621 December 31, 2022 166,764 December 31, 2023 361,263 December 31, 2024 116,272 December 31, 2025 and thereafter 186,767 Total Long term debt $ 1,126,037 Unamortized debt issuance costs (15,098) Total Long term debt, net $ 1,110,939 Current portion of long term debt 150,350 Long term debt, net 960,589 |
Interest and finance costs | Years ended December 31, 2017 2018 2019 Interest on financing agreements $ 48,814 $ 69,977 $ 81,393 Less: Interest capitalized (2,423) (1,753) (1,018) Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 18) 852 (3) - Amortization of debt issuance costs 2,660 3,253 5,590 Other bank and finance charges 555 2,241 1,652 Interest and finance costs $ 50,458 $ 73,715 $ 87,617 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Shares, Activity | Number of shares Weighted Average Grant Date Fair Value Unvested as at January 1, 2017 385,000 $ 4.82 Granted 944,000 9.59 Vested (1,049,000) 8.24 Unvested as at December 31, 2017 280,000 $ 8.09 Unvested as at January 1, 2018 280,000 $ 8.09 Granted 672,500 11.68 Vested (809,500) 10.29 Unvested as at December 31, 2018 143,000 $ 12.49 Unvested as at January 1, 2019 143,000 $ 12.49 Granted 885,000 8.13 Vested (756,962) 8.54 Unvested as at December 31, 2019 271,038 $ 9.28 |
Schedule of Share-based Compensation, Stock Options, Activity | Options Number of options Weighted average exercise price Weighted Average Grant Date Fair Value Outstanding at beginning of period 104,250 $ 27.5 $ 7.0605 Granted - - - Vested - - - Outstanding at end of period 104,250 $ 27.5 $ 7.0605 |
Earnings _ Loss per share (Tabl
Earnings / Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings / (Loss) per share | Years ended December 31, 2017 2018 2019 Income / (Loss) : Net income / (loss) $ (9,771) $ 58,397 $ (16,201) Basic earnings / (loss) per share: Weighted average common shares outstanding, basic 63,034,394 77,061,227 93,735,549 Basic earnings / (loss) per share $ (0.16) $ 0.76 $ (0.17) Effect of dilutive securities: Dillutive effect of non vested shares - 264,884 - Weighted average common shares outstanding, diluted 63,034,394 77,326,111 93,735,549 Diluted earnings / (loss) per share $ (0.16) $ 0.76 $ (0.17) |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Schedule of accrued liabilities | December 31, 2018 December 31, 2019 Audit fees $ 295 $ 232 Legal fees 34 40 Other professional fees 1,502 1,540 Vessel Operating and voyage expenses 6,514 37,555 Loan interest and financing fees 8,277 7,394 Income tax 232 - Total Accrued Liabilities $ 16,854 $ 46,761 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum contractual obligations | Twelve month periods ending December 31, + inflows/ - outflows Total 2020 2021 2022 2023 2024 2025 and thereafter Future, minimum, non-cancellable charter revenue (1) $ 15,349 $ 15,349 $ - $ - $ - $ - $ - Future, minimum, charter-in hire payments (2) (3,894) (3,894) - - - - - Vessel scrubbers (3) (48,634) (48,634) - - - - - Office rent (1,223) (327) (329) (314) (210) (43) - Total $ (38,402) $ (37,506) $ (329) $ (314) $ (210) $ (43) $ - |
Voyage revenues (Tables)
Voyage revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Voyage Revenues Tables Abstract | |
Voyage revenues | Years ended December 31, 2017 2018 2019 Time charters $ 240,529 $ 397,499 $ 373,927 Voyage charters 102,977 253,812 437,779 Pool revenues 574 250 9,659 $ 344,080 $ 651,561 $ 821,365 |
Voyage and Vessel operating e_2
Voyage and Vessel operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Costs and Expenses [Abstract] | |
Voyage expenses | Years ended December 31, 2017 2018 2019 Voyage expenses Port charges $ 21,060 $ 37,215 $ 63,576 Bunkers 34,997 72,287 146,089 Commissions – third parties 3,438 6,179 6,828 Commissions – related parties (Note 3) 3,300 3,400 3,850 Miscellaneous 1,887 2,515 2,619 Total voyage expenses $ 64,682 $ 121,596 $ 222,962 |
Vessel operating expenses | Vessel operating expenses Crew wages and related costs $ 63,074 $ 80,360 $ 103,701 Insurances 6,314 7,544 10,311 Maintenance, repairs, spares and stores 18,589 26,368 25,675 Lubricants 7,016 8,494 9,833 Tonnage taxes 2,565 1,506 2,087 Pre-delivery and Pre-joining expenses 1,925 1,234 1,507 Miscellaneous 1,945 3,366 6,948 Total vessel operating expenses $ 101,428 $ 128,872 $ 160,062 |
Fair value measurements and H_2
Fair value measurements and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Derivative instruments effect on statement of operations | Years ended December 31, 2017 2018 2019 Consolidated Statement of Operations Gain/(loss) on derivative financial instruments, net Unrealized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) $ 2,802 $ 140 $ - Realized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) (2,556) (141) - Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss) - 708 - Ineffective portion of cash flow hedges - - - Total Gain/(loss) on derivative financial instruments, net $ 246 $ 707 $ - Interest and finance costs Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 9) (852) 3 - Total Gain/(loss) recognized $ (852) $ 3 $ - Gain/(loss) on forward freight agreements and bunker swaps Realized gain/(loss) on forward freight agreements (877) (599) 6,043 Realized gain/(loss) on bunker swaps - 1,491 (1,386) Unrealized gain/(loss) on forward freight agreements (24) 520 (321) Unrealized gain/(loss) on bunker swaps 60 (1,859) 75 Total Gain/(loss) recognized $ (841) $ (447) $ 4,411 |
Fair value measurements on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) December 31, 2018 December 31, 2019 (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 - asset position $ 537 - $ 216 - Total $ 537 - $ 216 - LIABILITIES Bunker swaps - liability position 1,799 - $ 1,724 - Total $ 1,799 - $ 1,724 - |
Fair value measurements on a nonrecurring basis | Long-lived assets held and used Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment loss (Level 1) (Level 2) (Level 3) Held for sale $ - $ 5,949 $ - $ 1,606 Vessels, net $ - $ 14,893 $ - $ 16,178 TOTAL $ - $ 20,842 $ - $ 17,784 Long-lived assets held and used Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Impairment loss (Level 1) (Level 2) (Level 3) Vessels, net $ - $ 24,475 $ - $ 3,411 TOTAL $ - $ 24,475 $ - $ 3,411 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events | |
Schedule of Derivative Instruments | Counterparty Inception Expiry Fixed Rate Amortizing Notional amount Average Annual amortization ING 29-Mar-20 29-Mar-26 0.70% from $29.96 mil to $17.65 mil $1.2 million DNB 30-Mar-20 28-Sep-23 0.64% from $128.91 mil to $51.02 mil $6.0 million SEB 30-Mar-20 28-Sep-23 0.63% from $51.57 mil to $20.41 mil $2.4 million ING 2-Apr-20 2-Oct-25 0.70% from $19.69 mil to $9.84 mil $1.9 million ING 2-Apr-20 2-Oct-25 0.70% from $19.69 mil to $9.84 mil $1.9 million ING 3-Apr-20 3-Apr-23 0.68% from $16.16 mil to $12.74 mil $0.3 million SEB 30-Apr-20 30-Jan-25 0.73% from $29.44 mil to $19.25 mil $2.7 million SEB 30-Apr-20 30-Jan-25 0.73% from $29.44 mil to $19.25 mil $2.7 million |
Basis of Presentation and Gen_3
Basis of Presentation and General Information - Vessels in Operation (Table) (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
Goliath | ||
Vessel | ||
DWT | 209,537 | |
Delivery Date | July 15, 2015 | |
Year Built | 2015 | |
Gargantua | ||
Vessel | ||
DWT | 209,529 | |
Delivery Date | April 2, 2015 | |
Year Built | 2015 | |
Star Poseidon | ||
Vessel | ||
DWT | 209,475 | |
Delivery Date | February 26, 2016 | |
Year Built | 2016 | |
Maharaj | ||
Vessel | ||
DWT | 209,472 | |
Delivery Date | July 15, 2015 | |
Year Built | 2015 | |
Star Leo | ||
Vessel | ||
DWT | 207,939 | [1] |
Delivery Date | May 14, 2018 | [1] |
Year Built | 2018 | [1] |
Star Laetitia | ||
Vessel | ||
DWT | 207,896 | |
Delivery Date | August 3, 2018 | |
Year Built | 2017 | |
Star Ariadne | ||
Vessel | ||
DWT | 207,812 | |
Delivery Date | March 28, 2017 | |
Year Built | 2017 | |
Star Virgo | ||
Vessel | ||
DWT | 207,810 | |
Delivery Date | March 1, 2017 | |
Year Built | 2017 | |
Star Libra | ||
Vessel | ||
DWT | 207,765 | [1] |
Delivery Date | June 6, 2016 | [1] |
Year Built | 2016 | [1] |
Star Sienna | ||
Vessel | ||
DWT | 207,721 | |
Delivery Date | August 3, 2018 | |
Year Built | 2017 | |
Star Marisa | ||
Vessel | ||
DWT | 207,709 | |
Delivery Date | March 11, 2016 | |
Year Built | 2016 | |
Star Karlie | ||
Vessel | ||
DWT | 207,566 | |
Delivery Date | August 3, 2018 | |
Year Built | 2016 | |
Star Eleni | ||
Vessel | ||
DWT | 207,555 | [1] |
Delivery Date | January 3, 2018 | [1] |
Year Built | 2018 | [1] |
Star Magnanimus | ||
Vessel | ||
DWT | 207,490 | |
Delivery Date | March 26, 2018 | |
Year Built | 2018 | |
Debbie H | ||
Vessel | ||
DWT | 206,861 | |
Delivery Date | May 28, 2019 | |
Year Built | 2019 | |
Star Ayesha | ||
Vessel | ||
DWT | 206,852 | |
Delivery Date | July 15, 2019 | |
Year Built | 2019 | |
Katie K | ||
Vessel | ||
DWT | 206,839 | |
Delivery Date | April 16, 2019 | |
Year Built | 2019 | |
Leviathan | ||
Vessel | ||
DWT | 182,511 | |
Delivery Date | September 19, 2014 | |
Year Built | 2014 | |
Peloreus | ||
Vessel | ||
DWT | 182,496 | |
Delivery Date | July 22, 2014 | |
Year Built | 2014 | |
Star Claudine | ||
Vessel | ||
DWT | 181,258 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2011 | [1] |
Star Ophelia | ||
Vessel | ||
DWT | 180,716 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2010 | [1] |
Star Martha | ||
Vessel | ||
DWT | 180,274 | |
Delivery Date | October 31, 2014 | |
Year Built | 2010 | |
Star Pauline | ||
Vessel | ||
DWT | 180,233 | |
Delivery Date | December 29, 2014 | |
Year Built | 2008 | |
PantagrueI | ||
Vessel | ||
DWT | 180,181 | |
Delivery Date | July 11, 2014 | |
Year Built | 2004 | |
Star Borealis | ||
Vessel | ||
DWT | 179,678 | |
Delivery Date | September 9, 2011 | |
Year Built | 2011 | |
Star Polaris | ||
Vessel | ||
DWT | 179,546 | |
Delivery Date | November 14, 2011 | |
Year Built | 2011 | |
Star Lyra | ||
Vessel | ||
DWT | 179,147 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2009 | [1] |
Star Janni | ||
Vessel | ||
DWT | 178,978 | |
Delivery Date | January 7, 2019 | |
Year Built | 2010 | |
Star Marianne | ||
Vessel | ||
DWT | 178,906 | |
Delivery Date | January 14, 2019 | |
Year Built | 2010 | |
Star Angie | ||
Vessel | ||
DWT | 177,931 | |
Delivery Date | October 29, 2014 | |
Year Built | 2007 | |
Big Fish | ||
Vessel | ||
DWT | 177,662 | |
Delivery Date | July 11, 2014 | |
Year Built | 2004 | |
Kymopolia | ||
Vessel | ||
DWT | 176,990 | |
Delivery Date | July 11, 2014 | |
Year Built | 2006 | |
Star Triumph | ||
Vessel | ||
DWT | 176,343 | |
Delivery Date | December 8, 2017 | |
Year Built | 2004 | |
Star Scarlett | ||
Vessel | ||
DWT | 175,800 | |
Delivery Date | August 3, 2018 | |
Year Built | 2014 | |
Star Audrey | ||
Vessel | ||
DWT | 175,125 | |
Delivery Date | August 3, 2018 | |
Year Built | 2011 | |
Big Bang | ||
Vessel | ||
DWT | 174,109 | |
Delivery Date | July 11, 2014 | |
Year Built | 2007 | |
Star Paola | ||
Vessel | ||
DWT | 115,259 | |
Delivery Date | August 3, 2018 | |
Year Built | 2011 | |
Star Eva | ||
Vessel | ||
DWT | 106,659 | |
Delivery Date | August 3, 2018 | |
Year Built | 2012 | |
Amami | ||
Vessel | ||
DWT | 98,681 | |
Delivery Date | July 11, 2014 | |
Year Built | 2011 | |
Madredeus | ||
Vessel | ||
DWT | 98,681 | |
Delivery Date | July 11, 2014 | |
Year Built | 2011 | |
Star Sirius | ||
Vessel | ||
DWT | 98,681 | |
Delivery Date | March 7, 2014 | |
Year Built | 2011 | |
Star Vega | ||
Vessel | ||
DWT | 98,681 | |
Delivery Date | February 13, 2014 | |
Year Built | 2011 | |
Star Aphrodite | ||
Vessel | ||
DWT | 92,006 | |
Delivery Date | August 3, 2018 | |
Year Built | 2011 | |
Star Piera | ||
Vessel | ||
DWT | 91,952 | |
Delivery Date | August 3, 2018 | |
Year Built | 2010 | |
Star Despoina | ||
Vessel | ||
DWT | 91,945 | |
Delivery Date | August 3, 2018 | |
Year Built | 2010 | |
Star Electra | ||
Vessel | ||
DWT | 83,494 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2011 | [1] |
Star Angelina | ||
Vessel | ||
DWT | 82,981 | |
Delivery Date | December 5, 2014 | |
Year Built | 2006 | |
Star Gwyneth | ||
Vessel | ||
DWT | 82,790 | |
Delivery Date | December 5, 2014 | |
Year Built | 2006 | |
Star Kamila | ||
Vessel | ||
DWT | 82,769 | |
Delivery Date | September 3, 2014 | |
Year Built | 2005 | |
Star Luna | ||
Vessel | ||
DWT | 82,687 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2008 | [1] |
Star Bianca | ||
Vessel | ||
DWT | 82,672 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2008 | [1] |
Pendulum | ||
Vessel | ||
DWT | 82,619 | |
Delivery Date | July 11, 2014 | |
Year Built | 2006 | |
Star Maria | ||
Vessel | ||
DWT | 82,598 | |
Delivery Date | November 5, 2014 | |
Year Built | 2007 | |
Star Markella | ||
Vessel | ||
DWT | 82,594 | |
Delivery Date | September 29, 2014 | |
Year Built | 2007 | |
Star Danai | ||
Vessel | ||
DWT | 82,574 | |
Delivery Date | October 21, 2014 | |
Year Built | 2006 | |
Star Jeanette | ||
Vessel | ||
DWT | 82,567 | |
Delivery Date | August 3, 2018 | |
Year Built | 2014 | |
Star Georgia | ||
Vessel | ||
DWT | 82,298 | |
Delivery Date | October 14, 2014 | |
Year Built | 2006 | |
Star Sophia | ||
Vessel | ||
DWT | 82,269 | |
Delivery Date | October 31, 2014 | |
Year Built | 2007 | |
Star Mariella | ||
Vessel | ||
DWT | 82,266 | |
Delivery Date | September 19, 2014 | |
Year Built | 2006 | |
Star Moira | ||
Vessel | ||
DWT | 82,257 | |
Delivery Date | November 19, 2014 | |
Year Built | 2006 | |
Star Nina | ||
Vessel | ||
DWT | 82,224 | |
Delivery Date | January 5, 2015 | |
Year Built | 2006 | |
Star Renee | ||
Vessel | ||
DWT | 82,221 | |
Delivery Date | December 18, 2014 | |
Year Built | 2006 | |
Star Nasia | ||
Vessel | ||
DWT | 82,220 | |
Delivery Date | August 29, 2014 | |
Year Built | 2006 | |
Star Laura | ||
Vessel | ||
DWT | 82,209 | |
Delivery Date | December 8, 2014 | |
Year Built | 2006 | |
Star Jennifer | ||
Vessel | ||
DWT | 82,209 | |
Delivery Date | April 15, 2015 | |
Year Built | 2006 | |
Star Mona | ||
Vessel | ||
DWT | 82,188 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2012 | [1] |
Star Helena | ||
Vessel | ||
DWT | 82,187 | |
Delivery Date | December 29, 2014 | |
Year Built | 2006 | |
Star Astrid | ||
Vessel | ||
DWT | 82,158 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2012 | [1] |
Star Alessia | ||
Vessel | ||
DWT | 81,944 | |
Delivery Date | August 3, 2018 | |
Year Built | 2017 | |
Star Calypso | ||
Vessel | ||
DWT | 81,918 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2014 | [1] |
Star Charis | ||
Vessel | ||
DWT | 81,711 | |
Delivery Date | March 22, 2017 | |
Year Built | 2013 | |
Star Suzanna | ||
Vessel | ||
DWT | 81,711 | |
Delivery Date | May 15, 2017 | |
Year Built | 2013 | |
Mercurial Virgo | ||
Vessel | ||
DWT | 81,545 | |
Delivery Date | July 11, 2014 | |
Year Built | 2013 | |
Stardust | ||
Vessel | ||
DWT | 81,502 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2011 | [1] |
Star Sky | ||
Vessel | ||
DWT | 81,466 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2010 | [1] |
Star Lydia | ||
Vessel | ||
DWT | 81,187 | |
Delivery Date | August 3, 2018 | |
Year Built | 2013 | |
Star Nicole | ||
Vessel | ||
DWT | 81,120 | |
Delivery Date | August 3, 2018 | |
Year Built | 2013 | |
Star Virginia | ||
Vessel | ||
DWT | 81,061 | |
Delivery Date | August 3, 2018 | |
Year Built | 2015 | |
Star Genesis | ||
Vessel | ||
DWT | 80,705 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2010 | [1] |
Star Flame | ||
Vessel | ||
DWT | 80,448 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2011 | [1] |
Star Iris | ||
Vessel | ||
DWT | 76,466 | |
Delivery Date | September 8, 2014 | |
Year Built | 2004 | |
Star Emily | ||
Vessel | ||
DWT | 76,417 | |
Delivery Date | September 16, 2014 | |
Year Built | 2004 | |
Idee Fixe | ||
Vessel | ||
DWT | 63,458 | [1] |
Delivery Date | March 25, 2015 | [1] |
Year Built | 2015 | [1] |
Roberta | ||
Vessel | ||
DWT | 63,426 | [1] |
Delivery Date | March 31, 2015 | [1] |
Year Built | 2015 | [1] |
Laura | ||
Vessel | ||
DWT | 63,399 | [1] |
Delivery Date | April 7, 2015 | [1] |
Year Built | 2015 | [1] |
Kaley | ||
Vessel | ||
DWT | 63,283 | [1] |
Delivery Date | June 26, 2015 | [1] |
Year Built | 2015 | [1] |
Kennadi | ||
Vessel | ||
DWT | 63,262 | |
Delivery Date | January 8, 2016 | |
Year Built | 2016 | |
Mackenzie | ||
Vessel | ||
DWT | 63,226 | |
Delivery Date | March 2, 2016 | |
Year Built | 2016 | |
Apus | ||
Vessel | ||
DWT | 63,123 | [1] |
Delivery Date | July 16, 2019 | [1] |
Year Built | 2014 | [1] |
Star Wave | ||
Vessel | ||
DWT | 61,491 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2017 | [1] |
Star Challenger | ||
Vessel | ||
DWT | 61,462 | [1] |
Delivery Date | December 12, 2013 | [1] |
Year Built | 2012 | [1] |
Star Fighter | ||
Vessel | ||
DWT | 61,455 | [1] |
Delivery Date | December 30, 2013 | [1] |
Year Built | 2013 | [1] |
Star Lutas | ||
Vessel | ||
DWT | 61,347 | |
Delivery Date | January 6, 2016 | |
Year Built | 2016 | |
Honey Badger | ||
Vessel | ||
DWT | 61,320 | |
Delivery Date | February 27, 2015 | |
Year Built | 2015 | |
Wolverine | ||
Vessel | ||
DWT | 61,292 | |
Delivery Date | February 27, 2015 | |
Year Built | 2015 | |
Star Antares | ||
Vessel | ||
DWT | 61,258 | |
Delivery Date | October 9, 2015 | |
Year Built | 2015 | |
Star Monica | ||
Vessel | ||
DWT | 60,935 | |
Delivery Date | August 3, 2018 | |
Year Built | 2015 | |
Star Aquarius | ||
Vessel | ||
DWT | 60,916 | |
Delivery Date | July 22, 2015 | |
Year Built | 2015 | |
Star Pisces | ||
Vessel | ||
DWT | 60,916 | [1] |
Delivery Date | August 7, 2015 | [1] |
Year Built | 2015 | [1] |
Star Glory | ||
Vessel | ||
DWT | 58,680 | [1] |
Delivery Date | July 6, 2018 | [1] |
Year Built | 2012 | [1] |
Pyxis | ||
Vessel | ||
DWT | 56,615 | [1] |
Delivery Date | August 19, 2019 | [1] |
Year Built | 2013 | [1] |
Hydrus | ||
Vessel | ||
DWT | 56,604 | [1] |
Delivery Date | August 8, 2019 | [1] |
Year Built | 2013 | [1] |
Leo | ||
Vessel | ||
DWT | 56,582 | [1] |
Delivery Date | July 15, 2019 | [1] |
Year Built | 2013 | [1] |
Diva | ||
Vessel | ||
DWT | 56,582 | |
Delivery Date | July 24, 2017 | |
Year Built | 2011 | |
D.Centaurus | ||
Vessel | ||
DWT | 56,559 | [1] |
Delivery Date | September 18, 2019 | [1] |
Year Built | 2012 | [1] |
Hercules | ||
Vessel | ||
DWT | 56,545 | [1] |
Delivery Date | July 16, 2019 | [1] |
Year Built | 2012 | [1] |
Pegasus | ||
Vessel | ||
DWT | 56,540 | [1] |
Delivery Date | July 15, 2019 | [1] |
Year Built | 2013 | [1] |
Cepheus | ||
Vessel | ||
DWT | 56,539 | [1] |
Delivery Date | July 16, 2019 | [1] |
Year Built | 2012 | [1] |
Columba | ||
Vessel | ||
DWT | 56,530 | [1] |
Delivery Date | July 23, 2019 | [1] |
Year Built | 2012 | [1] |
Dorado | ||
Vessel | ||
DWT | 56,507 | [1] |
Delivery Date | July 16, 2019 | [1] |
Year Built | 2013 | [1] |
Aquila | ||
Vessel | ||
DWT | 56,506 | [1] |
Delivery Date | July 15, 2019 | [1] |
Year Built | 2012 | [1] |
Star Bright | ||
Vessel | ||
DWT | 55,783 | |
Delivery Date | October 10, 2018 | |
Year Built | 2010 | |
Strange Attractor | ||
Vessel | ||
DWT | 55,742 | |
Delivery Date | July 11, 2014 | |
Year Built | 2006 | |
Star Omicron | ||
Vessel | ||
DWT | 53,489 | |
Delivery Date | April 17, 2008 | |
Year Built | 2005 | |
Star Zeta | ||
Vessel | ||
DWT | 52,994 | |
Delivery Date | January 2, 2008 | |
Year Built | 2003 | |
Star Theta | ||
Vessel | ||
DWT | 52,425 | |
Delivery Date | December 6, 2007 | |
Year Built | 2003 | |
Vessels in operation | ||
Vessel | ||
DWT | 12,859,300 | |
[1] | Subject to a bareboat charter with purchase obligation at the expiration of the bareboat charter term (Note 7) |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Risk Concentration (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Voyage revenues | |||
Concentration Risk [Line Items] | |||
Concentration of Risk | 10.00% | ||
Charterer A | |||
Concentration Risk [Line Items] | |||
Concentration of Risk | 13.00% | 15.00% | |
Accounts receivable | $ 2,876 | ||
Charterer B | |||
Concentration Risk [Line Items] | |||
Concentration of Risk | 14.00% |
Basis of Presentation and Gen_5
Basis of Presentation and General Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |
Date of Incorporation | Dec. 13, 2006 |
Number of vessels owned | 116 |
Combined carrying capacity | |
Property, Plant and Equipment [Line Items] | |
DWT | 12,900,000 |
Minimum | |
Property, Plant and Equipment [Line Items] | |
DWT | 52,425 |
Maximum | |
Property, Plant and Equipment [Line Items] | |
DWT | 209,537 |
Significant accounting polici_3
Significant accounting policies (Details) | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Voyage revenues | $ 821,365,000 | $ 651,561,000 | $ 331,976,000 | ||
Provision for doubtful debts | $ 1,607,000 | 722,000 | 0 | ||
Vessels' depreciation method | straight-line basis | ||||
Vessel's useful life | 25 years | ||||
Vessel salvage value per LWT | $ 300 | 300 | |||
Revenue recognition method | straight-line basis | ||||
Number of reportable segments | 1 | ||||
Finance Lease, Right-of-Use Asset | 1,047,780,000 | ||||
Finance Lease, Liability | 609,737,000 | ||||
Weighted-average discount rate | 5.66% | ||||
Operating Lease, Right-of-Use Asset | $ 1,216,000 | 0 | |||
Operating Lease, Liability | 1,216,000 | 0 | |||
Operating Lease, Expense | $ 126,813,000 | 92,896,000 | 5,325,000 | ||
Operating Lease, Weighted Average Remaining Lease Term | 2 years 2 months 1 day | ||||
Net cash provided by / (used in) Operating Activities | $ 88,525,000 | 169,009,000 | 82,804,000 | ||
Net cash provided by / (used in) Investing Activities | (279,837,000) | (325,327,000) | (127,101,000) | ||
Charter-in vessels | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Voyage revenues | 185,311,000 | 127,618,000 | 6,153,000 | ||
Revenue recognized from subleases | 15,253,000 | 18,661,000 | 3,005,000 | ||
Office rental arrangements | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating Lease, Right-of-Use Asset | 1,216,000 | $ 1,198,000 | |||
Operating Lease, Liability | $ 1,216,000 | $ 1,198,000 | |||
Discount rate | 4.00% | ||||
Operating Lease, Expense | $ 352,000 | $ 403,000 | |||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 10 months 27 days | ||||
Effect of Standard Adoption | ASU 2016-18 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net cash provided by / (used in) Operating Activities | 1,834,000 | $ (216,000) | |||
Net cash provided by / (used in) Investing Activities | 249,000 | 209,000 | |||
Balances without Standard Adoption | ASU 2016-18 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net cash provided by / (used in) Operating Activities | 80,970,000 | (33,448,000) | |||
Net cash provided by / (used in) Investing Activities | $ (126,852,000) | $ (13,216,000) |
Transactions with Related Par_3
Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Due from related parties | $ 590 | $ 1,322 |
Liabilities | ||
Due to related parties | 4,017 | 1,649 |
Oceanbulk Maritime and its affiliates (d) | ||
Assets | ||
Due from related parties | 327 | 85 |
Interchart (a) | ||
Assets | ||
Due from related parties | 11 | 0 |
AOM (l) | ||
Assets | ||
Due from related parties | 195 | 0 |
Starocean (j) | ||
Assets | ||
Due from related parties | 41 | 65 |
Sellers of the Augustea Vessels (f) | ||
Assets | ||
Due from related parties | 0 | 867 |
Songa Shipmanagement Ltd. (g) | ||
Assets | ||
Due from related parties | 0 | 305 |
Product Shipping & Trading S.A. | ||
Assets | ||
Due from related parties | 16 | 0 |
Management and Directors Fees (b) | ||
Liabilities | ||
Due to related parties | 246 | 236 |
Sydelle (h), (i) | ||
Liabilities | ||
Due to related parties | 19 | 302 |
Augustea Technoservices Ltd. (f) | ||
Liabilities | ||
Due to related parties | 2,879 | 1,111 |
Coromel Maritime Limited (m) | ||
Liabilities | ||
Due to related parties | $ 873 | $ 0 |
Transactions with Related Par_4
Transactions with Related Parties - Statements of Operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Office rent | $ (126,813) | $ (92,896) | $ (5,325) |
Voyage expenses | (222,962) | (121,596) | (64,682) |
Management fees | (17,500) | (11,321) | (7,543) |
Voyage revenues | 821,365 | 651,561 | 331,976 |
General and administrative expenses | (34,819) | (33,972) | (30,955) |
Charter - in hire expenses | (126,813) | (92,896) | (5,325) |
Interchart (a) | |||
Related Party Transaction [Line Items] | |||
Voyage expenses | (3,850) | (3,400) | (3,300) |
Executive officers (b) | |||
Related Party Transaction [Line Items] | |||
Consultancy fees | (655) | (534) | (493) |
Directors (b) | |||
Related Party Transaction [Line Items] | |||
Directors compensation | (179) | (159) | (145) |
Combine Marine Ltd. and Alma Properties (c) | |||
Related Party Transaction [Line Items] | |||
Office rent | (39) | (41) | (39) |
Sydelle (h), (i) | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | (5,505) | 0 | 0 |
Sydelle (h), (i) | Profit sharing agreement | |||
Related Party Transaction [Line Items] | |||
Voyage revenues | 0 | (875) | (329) |
Augustea Technoservices Ltd. (f) | |||
Related Party Transaction [Line Items] | |||
Management fees | (6,564) | (2,309) | 0 |
Songa Shipmanagement Ltd. (g) | |||
Related Party Transaction [Line Items] | |||
Management fees | (32) | (376) | 0 |
Oceanbulk Maritime and its affiliates (d) | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses | (324) | (322) | (284) |
AOM (l) | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | (2,589) | 0 | 0 |
Coromel Maritime Limited (m) | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | (5,723) | $ 0 | $ 0 |
Eagle Bulk (n) | |||
Related Party Transaction [Line Items] | |||
Charter - in hire expenses | $ (1,908) |
Transactions with Related Par_5
Transactions with Related Parties - Additional Information - Interchart (Details) - Interchart Shipping Inc. - USD ($) $ in Thousands | 12 Months Ended | 14 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Percentage of total outstanding common shares | 33.00% | |||
Services Agreement | ||||
Related Party Transaction [Line Items] | ||||
Monthly lump sum fee | $ 275 | |||
Expiration date of agreement | Dec. 31, 2018 | |||
New Service Agreement | ||||
Related Party Transaction [Line Items] | ||||
Monthly lump sum fee | $ 325 | |||
Expiration date of agreement | Dec. 31, 2019 | |||
New Service Agreement | Subsequent Event | ||||
Related Party Transaction [Line Items] | ||||
Monthly lump sum fee | $ 315 | |||
Expiration date of agreement | Dec. 31, 2020 |
Transactions with Related Par_6
Transactions with Related Parties - Additional Information - Management and Director Fees (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Consultancy fees | $ 655 |
Euro | |
Exchange rate EUR/USD | 1.12 |
Transactions with Related Par_7
Transactions with Related Parties - Additional Information (Details) | 2 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2019USD ($) | Aug. 31, 2019USD ($) | Jul. 06, 2018USD ($)shares | Jun. 28, 2018shares | Aug. 03, 2018shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 21, 2016USD ($) | Dec. 21, 2016EUR (€) | Dec. 31, 2012USD ($) | Dec. 31, 2012EUR (€) | |
Related Party Transaction [Line Items] | ||||||||||||
Rent expense | $ 126,813,000 | $ 92,896,000 | $ 5,325,000 | |||||||||
Cash portion of the consideration | 347,140,000 | 328,634,000 | 143,684,000 | |||||||||
Outstanding payable | $ 4,017,000 | 1,649,000 | ||||||||||
Charter - in period | 2 years 2 months 1 day | |||||||||||
Combine Marine Ltd | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Rent expense per month | $ 2,800 | |||||||||||
Rent expense | $ 35,000 | 37,000 | 35,000 | |||||||||
Alma Properties | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Leasing agreements, Office space, Term of contract | 6 years | 6 years | ||||||||||
Rent expense per month | $ 300 | |||||||||||
Rent expense | $ 4,000 | 4,000 | $ 4,000 | |||||||||
StarOcean Manning Philippines Inc. | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Ownership percentage | 25.00% | |||||||||||
Equity method investment (included in Other Current Assets) | $ 123,000 | $ 50,000 | ||||||||||
Eagle Bulk | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of time charter agreements | 2 | |||||||||||
Number of charter-in vessels | 2 | |||||||||||
Euro | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Exchange rate EUR/USD | 1.12 | |||||||||||
Euro | Combine Marine Ltd | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Rent expense per month | € | € 2,500 | |||||||||||
Euro | Alma Properties | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Rent expense per month | € | € 300 | |||||||||||
Oaktree | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of directors | 4 | |||||||||||
Voting percentage | 33.00% | |||||||||||
Oaktree | Oaktree Shareholders Agreement | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of directors | 9 | |||||||||||
Oaktree | Oaktree Shareholders Agreement | Beneficial Ownership of 40% or more | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of directors | 4 | |||||||||||
Oaktree | Oaktree Shareholders Agreement | Beneficial Ownership of 25% or more but less than 40% | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of directors | 3 | |||||||||||
Oaktree | Oaktree Shareholders Agreement | Beneficial Ownership of 15% or more but less than 25% | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of directors | 2 | |||||||||||
Oaktree | Oaktree Shareholders Agreement | Beneficial Ownership of 5% or more but less than 15% | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of directors | 1 | |||||||||||
Augustea Vessels | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of vessels acquired | 16 | |||||||||||
Number of shares issued as part of the final consideration | shares | 10,277,335 | |||||||||||
Songa Vessels | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of vessels acquired | 15 | |||||||||||
Number of shares issued as part of the final consideration | shares | 13,725,000 | |||||||||||
Songa Vessels | Financed by China Merchants Bank Leasing | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Cash portion of the consideration | $ 144,550,000 | |||||||||||
OCC vessels | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Number of vessels acquired | 3 | |||||||||||
Number of shares issued as part of the final consideration | shares | 3,304,735 | |||||||||||
First vessel | Eagle Bulk | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Charter - in period | 2 months | |||||||||||
Charter hire daily rate | $ 16,300 | |||||||||||
Second vessel | Eagle Bulk | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Charter - in period | 2 months | |||||||||||
Charter hire daily rate | $ 15,800 |
Inventories (Table) (Details)
Inventories (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Lubricants | $ 12,293 | $ 12,071 |
Bunkers | 38,860 | 15,365 |
Total | $ 51,153 | $ 27,436 |
Vessels and Other Fixed Asset_3
Vessels and Other Fixed Assets, Net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Balance, period start | $ 2,716,008 | ||
Transfer from advances for vessels under construction and acquisition of vessels | (157,589) | $ (163,138) | |
Acquisitions, improvements and other vessel costs | 96,671 | 129,749 | |
Impairment loss | 3,411 | 17,784 | $ 0 |
Depreciation for the period | (124,280) | (102,852) | (82,623) |
Balance, period end | 2,965,527 | 2,716,008 | |
Vessel cost | |||
Property, Plant and Equipment [Line Items] | |||
Balance, period start | 3,105,263 | 2,186,856 | |
Transfer from advances for vessels under construction and acquisition of vessels | 157,589 | 163,138 | |
Acquisitions, improvements and other vessel costs | 335,671 | 844,474 | |
Vessel disposal/ transfer to Held for sale | (163,049) | (5,949) | |
Impairment loss | (24,551) | (83,256) | |
Balance, period end | 3,410,923 | 3,105,263 | 2,186,856 |
Accumulated depreciation | |||
Property, Plant and Equipment [Line Items] | |||
Balance, period start | (449,155) | (411,775) | |
Vessel disposal | 106,899 | ||
Impairment loss | 21,140 | 65,472 | |
Depreciation for the period | (124,280) | (102,852) | |
Balance, period end | (445,396) | (449,155) | (411,775) |
Net Book Value | |||
Property, Plant and Equipment [Line Items] | |||
Balance, period start | 2,656,108 | 1,775,081 | |
Transfer from advances for vessels under construction and acquisition of vessels | 157,589 | 163,138 | |
Acquisitions, improvements and other vessel costs | 335,671 | 844,474 | |
Vessel disposal/ transfer to Held for sale | (56,150) | (5,949) | |
Impairment loss | (3,411) | (17,784) | |
Depreciation for the period | (124,280) | (102,852) | |
Balance, period end | $ 2,965,527 | $ 2,656,108 | $ 1,775,081 |
Vessels and Other Fixed Asset_4
Vessels and Other Fixed Assets, Net - 2018 (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 7 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Jul. 06, 2018$ / sharesshares | Aug. 03, 2018$ / sharesshares | Oct. 10, 2018USD ($)$ / sharesshares | Nov. 16, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 27, 2018 | ||
Property, Plant and Equipment [Line Items] | |||||||||
Payments to acquire property plant and equipment | $ 347,140 | $ 328,634 | $ 143,684 | ||||||
Total acquisition cost | $ 96,671 | $ 129,749 | |||||||
Star Eleni | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Delivery date | [1] | January 3, 2018 | |||||||
Star Magnanimus | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Delivery date | March 26, 2018 | ||||||||
Star Leo | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Delivery date | [1] | May 14, 2018 | |||||||
Songa Vessels | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of vessels acquired | 15 | ||||||||
Number of shares issued as part of the final consideration | shares | 13,725,000 | ||||||||
Total acquisition cost | $ 452,661 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 13.31 | ||||||||
Number of vessels financed | 10 | ||||||||
Augustea Vessels | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of vessels acquired | 16 | ||||||||
Number of shares issued as part of the final consideration | shares | 10,277,335 | ||||||||
Total acquisition cost | $ 327,680 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 14 | ||||||||
Star Bright | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Delivery date | October 10, 2018 | ||||||||
Star Anna | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Delivery date | November 16, 2018 | ||||||||
Disposal date | Sep. 23, 2019 | ||||||||
Total acquisition cost | $ 19,800 | ||||||||
Star Delta | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Disposal date | Jan. 8, 2019 | ||||||||
Step 1 Vessels | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of operating vessels acquired | 3 | ||||||||
Step 1 Vessels | Star Bright | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Delivery date | Oct. 10, 2018 | ||||||||
Number of shares issued as part of the final consideration | shares | 291,300 | ||||||||
Payments to acquire property plant and equipment | $ 9,167 | ||||||||
Total acquisition cost | $ 13,073 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 13.87 | ||||||||
[1] | Subject to a bareboat charter with purchase obligation at the expiration of the bareboat charter term (Note 7) |
Vessels and Other Fixed Asset_5
Vessels and Other Fixed Assets, Net - 2019 (Details) $ / shares in Units, $ in Thousands | Jan. 14, 2019USD ($)$ / sharesshares | May 27, 2019USD ($)shares | Nov. 16, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 07, 2019$ / shares | Aug. 27, 2018 |
Property, Plant and Equipment [Line Items] | ||||||||
Cash portion of the consideration | $ 347,140 | $ 328,634 | $ 143,684 | |||||
Capital leased assets, net amount | $ 798,863 | 992,777 | ||||||
Number of vessels owned | 116 | |||||||
Loss / (gain) on sale of vessels | $ 5,493 | 0 | (2,598) | |||||
Total acquisition cost | 96,671 | 129,749 | ||||||
Impairment loss | $ 3,411 | $ 17,784 | $ 0 | |||||
First-priority mortgage | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels owned | 80 | |||||||
Amount of vessels pledged as collateral | $ 2,166,419 | |||||||
Cross collateral, Bareboat vessels | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Capital leased assets, net amount | $ 798,863 | |||||||
ABN $115,000 Facility | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels financed | 7 | |||||||
BNP Facility | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels financed | 2 | |||||||
Citi $130,000 Facility | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels financed | 11 | |||||||
HSBC $80,000 Facility | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels financed | 8 | |||||||
Step 1 Vessels | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of operating vessels acquired | 3 | |||||||
Katie K | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery date | April 16, 2019 | |||||||
Debbie H | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery date | May 28, 2019 | |||||||
Star Ayesha | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery date | July 15, 2019 | |||||||
Star Janni | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery date | January 7, 2019 | |||||||
Star Marianne | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery date | January 14, 2019 | |||||||
Star Marianne and Star Janni | Step 1 Vessels | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of shares issued as part of the consideration | shares | 999,336 | |||||||
Cash portion of the consideration | $ 31,772 | |||||||
Total acquisition cost | $ 41,837 | |||||||
Star Janni | Step 1 Vessels | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 10.41 | |||||||
Star Marianne | Step 1 Vessels | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 9.66 | |||||||
Delphin Vessels | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of operating vessels acquired | 11 | |||||||
Number of shares issued as part of the consideration | shares | 4,503,370 | |||||||
Cash portion of the consideration | $ 80,000 | |||||||
Total acquisition cost | 127,532 | |||||||
Delphin Vessels | CMBL | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Description of Capital leases, Term of contract | Bareboat charter for seven years | |||||||
Sale leaseback transaction, Remaining borrowing capacity | $ 91,431 | |||||||
Star Kappa | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Mar. 8, 2019 | |||||||
Star Aurora | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Mar. 6, 2019 | |||||||
Star Anna | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Delivery date | November 16, 2018 | |||||||
Total acquisition cost | $ 19,800 | |||||||
Disposal date | Sep. 23, 2019 | |||||||
Star Gamma | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Sep. 5, 2019 | |||||||
Star Cosmo | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Dec. 17, 2019 | |||||||
Star Epsilon | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal date | Dec. 9, 2019 | |||||||
Star Delta | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Loss / (gain) on sale of vessels | $ 5,493 | |||||||
Star Gamma and Star Anna | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Impairment loss | $ 3,411 |
Advances for vessels under co_3
Advances for vessels under construction and acquisition of vessels (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Advances for vessels under construction and acquisition of vessels [Abstract] | ||
Balance, period start | $ 59,900 | $ 48,574 |
Additions | 96,671 | 129,749 |
OCC Vessels shares acquisition | 0 | 42,962 |
Capitalized interest | 1,018 | 1,753 |
Transfers to Vessel cost | (157,589) | (163,138) |
Balance, period end | $ 0 | $ 59,900 |
Advances for vessels under co_4
Advances for vessels under construction and acquisition of vessels (Details) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Line Items] | |||
Advances for vessels under construction and acquisition of vessels | $ 0 | $ 59,900 | $ 48,574 |
OCC vessels | Financed by CSSC | |||
Property, Plant and Equipment [Line Items] | |||
Capital leased assets, Number of vessels | 3 | ||
OCC vessels | First OCC Vessel | Financed by CSSC | |||
Property, Plant and Equipment [Line Items] | |||
Capital lease obligation recognised | $ 4,350 | ||
OCC vessels | Second OCC Vessel | Financed by CSSC | |||
Property, Plant and Equipment [Line Items] | |||
Capital lease obligation recognised | 4,350 | ||
Step 1 Acquisition | |||
Property, Plant and Equipment [Line Items] | |||
Advances for vessels under construction and acquisition of vessels | $ 4,880 |
Lease financing (Table) (Detail
Lease financing (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Years | ||
Lease commitments - short term | $ 52,145 | $ 65,837 |
Lease commitments - long term | 369,831 | 540,925 |
Capital Lease Obligations | ||
Years | ||
December 31, 2020 | 69,820 | |
December 31, 2021 | 68,255 | |
December 31, 2022 | 66,144 | |
December 31, 2023 | 137,160 | |
December 31, 2024 | 25,809 | |
December 31, 2025 and thereafter | 122,318 | |
Total bareboat lease minimum payments | 489,506 | |
Unamortized debt issuance costs | (3,936) | $ (2,975) |
Total bareboat lease minimum payments, net | 485,570 | |
Excluding bareboat lease interest | (63,594) | |
Lease commitments - short term | 52,145 | |
Lease commitments - long term | $ 369,831 |
Lease financing (Details)
Lease financing (Details) $ in Thousands | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||
Apr. 30, 2019USD ($) | Jul. 10, 2019USD ($) | Jul. 31, 2019USD ($) | Sep. 27, 2018USD ($) | Nov. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | May 27, 2019USD ($) | |
Capital leased assets, net amount | $ 798,863 | $ 992,777 | |||||||
Accumulated amortization | 72,555 | 51,956 | |||||||
Interest and finance costs | 27,251 | 26,825 | $ 12,590 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 56,632 | 0 | 15,153 | ||||||
Payments for bareboat leases | $ 623,892 | 875,037 | 86,262 | ||||||
Star Pisces | SK Shipholding S.A. | |||||||||
Description of Capital leases, Term of contract | Bareboat charter for seven years | ||||||||
Vessel purchase price obligation | $ 7,628 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 19,125 | ||||||||
Capital leases, Date | April 2019 | ||||||||
Star Libra | Ocean Trust Co. Ltd. | |||||||||
Description of Capital leases, Term of contract | Bareboat charter for seven years | ||||||||
Vessel purchase price obligation | $ 18,107 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 33,950 | ||||||||
Capital leases, Date | July 2019 | ||||||||
Star Challenger | Kyowa Sansho | |||||||||
Description of Capital leases, Term of contract | Bareboat charter for eleven years | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 15,000 | ||||||||
Delphin Vessels | CMBL | |||||||||
Description of Capital leases, Term of contract | Bareboat charter for seven years | ||||||||
Sale leaseback transaction, Remaining borrowing capacity | $ 91,431 | ||||||||
Delphin Vessels | CMBL | Minimum | |||||||||
Vessel purchase price obligation | $ 975 | ||||||||
Delphin Vessels | CMBL | Maximum | |||||||||
Vessel purchase price obligation | 3,379 | ||||||||
Delphin Scrubbers | CMBL | |||||||||
Sale leaseback transaction, Remaining borrowing capacity | $ 15,000 | ||||||||
Amount drawn down | $ 0 | ||||||||
Idee Fixe, Roberta, Laura and Kaley | New Yangzijiang | |||||||||
Description of Capital leases, Term of contract | Bareboat charter for eight years | ||||||||
Vessel purchase price obligation | $ 6,000 | ||||||||
Capital leased assets, Number of vessels | 4 | ||||||||
Songa Vessels | CMBL | |||||||||
Sale leaseback transaction, Remaining borrowing capacity | $ 180,000 | ||||||||
Songa Vessels | CMBL | Minimum | |||||||||
Vessel purchase price obligation | 2,200 | ||||||||
Songa Vessels | CMBL | Maximum | |||||||||
Vessel purchase price obligation | 8,400 | ||||||||
Songa Scrubbers | CMBL | |||||||||
Sale leaseback transaction, Remaining borrowing capacity | $ 19,600 | ||||||||
Amount drawn down | $ 12,165 | ||||||||
Star Eleni and Star Leo | CMBL | |||||||||
Sale leaseback transaction, Remaining borrowing capacity | $ 57,346 | ||||||||
Star Eleni and Star Leo | CSSC | |||||||||
Extinguishment of Debt, Amount | $ 58,112 | ||||||||
Star Eleni | CMBL | |||||||||
Description of Capital leases, Term of contract | Bareboat charter for five years | ||||||||
Vessel purchase price obligation | $ 18,231 | ||||||||
Star Leo | CMBL | |||||||||
Description of Capital leases, Term of contract | Bareboat charter for five years | ||||||||
Vessel purchase price obligation | $ 20,000 | ||||||||
Star Fighter | Kyowa Sansho | |||||||||
Description of Capital leases, Term of contract | Bareboat charter for ten years | ||||||||
Vessel purchase price obligation | 2,450 | ||||||||
Sale leaseback transaction, Remaining borrowing capacity | 16,125 | ||||||||
Bareboat lease payments | |||||||||
Payments for bareboat leases | $ 478,807 | 113,865 | $ 20,985 | ||||||
Variable portion of payments for bareboat lease obligations | 3-month LIBOR rate of 1.908% | ||||||||
NIBC $32,000 Facility | |||||||||
Extinguishment of Debt, Amount | $ 11,671 | ||||||||
HSH Nordbank AG $35,000 Facility | |||||||||
Extinguishment of Debt, Amount | $ 10,874 | $ 11,958 |
Fair value of Above _ Below M_3
Fair value of Above / Below Market Acquired Time Charters (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract] | ||
December 31, 2020 | $ 1,184 | |
December 31, 2021 | 924 | |
December 31, 2022 | 365 | |
Total | $ 2,473 | $ 3,553 |
Fair value of Above _ Below M_4
Fair value of Above / Below Market Acquired Time Charters (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of fair value of above market time charters | $ 336 | $ 0 | $ 0 |
Amortization of fair value of below market time charters | 2,349 | 1,820 | $ 0 |
Accumulated amortization of fair value of below market time charters | $ 3,157 | ||
Weighted average remaining lease term | 2 years 2 months 1 day | ||
Below market time charters | Two Augustea Vessels | |||
Finite-Lived Intangible Assets [Line Items] | |||
Liability recognized | $ 5,373 | ||
Amortization of fair value of below market time charters | 1,337 | $ 1,820 | |
Below market time charters | Star Marianne | |||
Finite-Lived Intangible Assets [Line Items] | |||
Liability recognized | 1,269 | ||
Amortization of fair value of below market time charters | 1,012 | ||
Above market time charters | Star Janni | |||
Finite-Lived Intangible Assets [Line Items] | |||
Asset recognized | 336 | ||
Amortization of fair value of above market time charters | $ 336 |
Long-term debt - Principal Paym
Long-term debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term Debt - Principal payments | ||
Current portion of long term debt | $ 150,350 | $ 101,007 |
Long term debt, net | 960,589 | $ 685,819 |
Long-term Debt | ||
Long-term Debt - Principal payments | ||
December 31, 2020 | 150,350 | |
December 31, 2021 | 144,621 | |
December 31, 2022 | 166,764 | |
December 31, 2023 | 361,263 | |
December 31, 2024 | 116,272 | |
December 31, 2025 and thereafter | 186,767 | |
Total Long term debt | 1,126,037 | |
Unamortized debt issuance costs | (15,098) | |
Total Long term debt, net | 1,110,939 | |
Current portion of long term debt | 150,350 | |
Long term debt, net | $ 960,589 |
Long-term debt - Interest and f
Long-term debt - Interest and finance costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term Debt, by Current and Noncurrent [Abstract] | |||
Interest on financing agreements | $ 81,393 | $ 69,977 | $ 48,814 |
Less: Interest capitalized | (1,018) | (1,753) | (2,423) |
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other Comprehensive Income (Note 18) | 0 | (3) | 852 |
Amortization of debt issuance costs | 5,590 | 3,253 | 2,660 |
Other bank and finance charges | 1,652 | 2,241 | 555 |
Interest and finance costs | $ 87,617 | $ 73,715 | $ 50,458 |
Long-term debt - Information Pe
Long-term debt - Information Per Loan 1 (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 7 Months Ended | 9 Months Ended | 10 Months Ended | 11 Months Ended | 12 Months Ended | |
Jan. 31, 2020USD ($) | Jan. 30, 2019USD ($) | Mar. 01, 2019USD ($) | Mar. 31, 2019USD ($) | Apr. 30, 2019USD ($) | May 31, 2019USD ($) | Jul. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Oct. 31, 2018USD ($) | Nov. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
SEB Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Initiation date | Jan. 28, 2019 | ||||||||||
Maximum borrowing capacity | $ 71,420 | ||||||||||
Number of loan tranches | 4 | ||||||||||
Vessels provided as collateral | The SEB Facility is secured by a first priority mortgage on the vessels Star Laetitia and Star Sienna. | ||||||||||
SEB Facility | Tranche A | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 32,825 | ||||||||||
Repayment period | 6 years | ||||||||||
Number of installments | 24 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Balloon installment | $ 18,723 | ||||||||||
Expiration date | Jan. 31, 2025 | ||||||||||
SEB Facility | Tranche B | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 32,825 | ||||||||||
Repayment period | 6 years | ||||||||||
Number of installments | 24 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Balloon installment | $ 18,723 | ||||||||||
Expiration date | Jan. 31, 2025 | ||||||||||
SEB Facility | First Two Tranches | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, description | The first two tranches were used together with cash on hand to refinance the outstanding amounts under the lease agreements of the Star Laetitia and the Star Sienna. | ||||||||||
SEB Facility | First Two Tranches | First 10 Quarters | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment installment | $ 677 | ||||||||||
SEB Facility | First Two Tranches | Remaining 14 Quarters | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment installment | 524 | ||||||||||
SEB Facility | Tranche C | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 1,260 | ||||||||||
SEB Facility | Tranche D | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 1,260 | ||||||||||
Remaining borrowing capacity | $ 1,260 | ||||||||||
SEB Facility | Remaining Two Tranches | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of installments | 12 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Line of credit facility, description | The remaining two tranches were used to finance the acquisition and installation of scrubber equipment for the vessels Star Laetitia and Star Sienna. | ||||||||||
E SUN Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Initiation date | Jan. 31, 2019 | ||||||||||
Maximum borrowing capacity | $ 37,100 | ||||||||||
Amount drawn down | $ 37,100 | ||||||||||
Number of installments | 20 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment installment | $ 618 | ||||||||||
Balloon installment | $ 24,733 | ||||||||||
Expiration date | Mar. 31, 2024 | ||||||||||
Vessels provided as collateral | The E SUN Facility is secured by a first priority mortgage on the Star Ariadne. | ||||||||||
Line of credit facility, description | The E SUN Facility was used to refinance the outstanding amount under the lease agreement of the Star Ariadne. | ||||||||||
Atradius Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Initiation date | Feb. 28, 2019 | ||||||||||
Maximum borrowing capacity | $ 36,645 | ||||||||||
Number of vessels financed for scrubber equipment and installation | 42 | ||||||||||
Number of installments | 10 | ||||||||||
Frequency of payments | semi-annual | ||||||||||
Repayment installment | $ 3,664 | ||||||||||
Vessels provided as collateral | The Atradius Facility is secured by second-priority mortgage on 22 vessels of our fleet. | ||||||||||
Line of credit facility, description | The Atradius Facility is to be used to finance the acquisition and installation of scrubber equipment for 42 vessels. | ||||||||||
Atradius Facility | Three Tranches | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 33,311 | ||||||||||
Atradius Facility | Last Tranche | Subsequent Event | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 3,331 | ||||||||||
ING $100,600 Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Initiation date | Mar. 28, 2019 | ||||||||||
Line of Credit Facility, Increase | $ 52,800 | ||||||||||
Number of loan tranches | 4 | ||||||||||
Vessels provided as collateral | The ING $100,600 Facility is secured by a first priority mortgage on the vessels Peloreus, Leviathan, Star Magnanimus and Star Allessia. | ||||||||||
ING $100,600 Facility | Tranche A | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 32,100 | ||||||||||
Repayment period | 7 years | ||||||||||
Number of installments | 28 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment installment | $ 535 | ||||||||||
Balloon installment | $ 17,120 | ||||||||||
ING $100,600 Facility | Tranche B | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 17,400 | ||||||||||
Repayment period | 7 years | ||||||||||
Number of installments | 28 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment installment | $ 311 | ||||||||||
Balloon installment | $ 8,700 | ||||||||||
ING $100,600 Facility | First Two Tranches | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, description | The first two tranches were used to refinance the outstanding amounts under the lease agreements of the Star Magnanimus and the Star Alessia. | ||||||||||
ING $100,600 Facility | Tranche C | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 1,400 | ||||||||||
Number of installments | 16 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment installment | $ 88 | ||||||||||
ING $100,600 Facility | Tranche D | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 1,400 | ||||||||||
Number of installments | 16 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment installment | $ 88 | ||||||||||
ING $100,600 Facility | Remaining Two Tranches | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, description | The remaining two tranches were used to finance the acquisition and installation of scrubber equipment for the vessels Star Magnanimus and the Star Alessia. | ||||||||||
ING $47,800 Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 47,800 | ||||||||||
ING $47,800 Facility | Tranche A | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of debt | $ 22,500 | ||||||||||
Number of installments | 28 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment installment | $ 469 | ||||||||||
Balloon installment | $ 9,375 | ||||||||||
ING $47,800 Facility | Tranche B | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of debt | $ 22,500 | ||||||||||
Number of installments | 28 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment installment | $ 469 | ||||||||||
Balloon installment | $ 9,375 | ||||||||||
ING $47,800 Facility | First Two Tranches | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, description | The first two tranches of ING $47,800 Facility were used to refinance the outstanding amount of Deutsche Bank $85,000 Facility. | ||||||||||
ING $47,800 Facility | Tranche C | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 1,400 | ||||||||||
Number of installments | 16 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment installment | $ 88 | ||||||||||
ING $47,800 Facility | Tranche D | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount drawn down | $ 1,400 | ||||||||||
Number of installments | 16 | ||||||||||
Frequency of payments | quarterly | ||||||||||
Repayment installment | $ 88 | ||||||||||
ING $47,800 Facility | Remaining Two Tranches | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of credit facility, description | The remaining two tranches of ING $47,800 Facility were used to finance the acquisition and installation of scrubber equipment for the vessels Peloreus and Leviathan. |
Long-term debt - Information _2
Long-term debt - Information Per Loan 2 (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 5 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended |
Feb. 06, 2020USD ($) | Feb. 29, 2020USD ($) | Mar. 23, 2020USD ($) | May 31, 2019USD ($) | Aug. 31, 2019USD ($) | Nov. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Citibank $62,600 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Initiation date | May 8, 2019 | ||||||
Amount drawn down | $ 62,563 | ||||||
Number of installments | 20 | ||||||
Frequency of payments | quarterly | ||||||
Repayment installment | $ 1,298 | ||||||
Balloon installment | $ 36,611 | ||||||
Expiration date | May 31, 2024 | ||||||
Vessels provided as collateral | The Citibank $62,600 Facility is secured by a first priority mortgage on the vessels Star Virgo and Star Marisa. | ||||||
Line of credit facility, description | The Citibank $62,600 Facility was used together with cash on hand to refinance the outstanding amounts under the lease agreements of the Star Virgo and the Star Marisa. | ||||||
CTBC Facility | |||||||
Debt Instrument [Line Items] | |||||||
Initiation date | May 24, 2019 | ||||||
Maximum borrowing capacity | $ 35,000 | ||||||
Amount drawn down | $ 35,000 | ||||||
Number of installments | 20 | ||||||
Frequency of payments | quarterly | ||||||
Repayment installment | $ 730 | ||||||
Balloon installment | $ 20,400 | ||||||
Expiration date | May 31, 2024 | ||||||
Vessels provided as collateral | The CTBC Facility is secured by a first priority mortgage on the vessel Star Karlie. | ||||||
Line of credit facility, description | The CTBC Facility was used to refinance the outstanding amount under the lease agreement of the Star Karlie. | ||||||
NTT Facility | |||||||
Debt Instrument [Line Items] | |||||||
Initiation date | Jul. 31, 2019 | ||||||
Maximum borrowing capacity | $ 17,500 | ||||||
Amount drawn down | $ 17,500 | ||||||
Number of installments | 27 | ||||||
Frequency of payments | quarterly | ||||||
Repayment installment | $ 313 | ||||||
Balloon installment | $ 9,063 | ||||||
Expiration date | Aug. 31, 2026 | ||||||
Vessels provided as collateral | The NTT Facility is secured by a first priority mortgage on the Star Aquarius. | ||||||
Line of credit facility, description | The NTT Facility was used to refinance the outstanding loan amount of $11,161 of the Star Aquarius under the "NIBC $32,000 Facility". | ||||||
NIBC $32,000 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of debt | $ 11,161 | ||||||
CEXIM $106,470 Facility | |||||||
Debt Instrument [Line Items] | |||||||
Initiation date | Sep. 23, 2019 | ||||||
Maximum borrowing capacity | $ 106,470 | ||||||
Vessels provided as collateral | The CEXIM $106,470 Facility is secured by first priority mortgages on the vessels Katie K, Debbie H and Star Ayesha. | ||||||
Line of credit facility, description | The CEXIM $106,470 Facility was used to refinance the outstanding amount under the lease agreements of the Katie K, the Debbie H and Star Ayesha. | ||||||
Number of loan tranches | 3 | ||||||
CEXIM $106,470 Facility | Tranche A | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 35,490 | ||||||
Amount drawn down | $ 35,490 | ||||||
Number of installments | 40 | ||||||
Frequency of payments | quarterly | ||||||
Repayment installment | $ 739 | ||||||
Balloon installment | 5,915 | ||||||
CEXIM $106,470 Facility | Tranche B | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 35,490 | ||||||
Amount drawn down | 35,490 | ||||||
Number of installments | 40 | ||||||
Frequency of payments | quarterly | ||||||
Repayment installment | $ 739 | ||||||
Balloon installment | 5,915 | ||||||
CEXIM $106,470 Facility | Tranche C | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 35,490 | ||||||
Amount drawn down | $ 35,490 | ||||||
Number of installments | 40 | ||||||
Frequency of payments | quarterly | ||||||
Repayment installment | $ 739 | ||||||
Balloon installment | $ 5,915 | ||||||
HSBC Working Capital Facility | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Initiation date | Feb. 6, 2020 | ||||||
Maximum borrowing capacity | $ 30,000 | ||||||
Amount drawn down | $ 8,834 | $ 13,123 | |||||
Vessels provided as collateral | The HSBC Working Capital Facility is secured by second priority mortgage on the eight vessels which secure the HSBC $80,000 Facility. | ||||||
Line of credit facility, description | The HSBC Working Capital Facility will be used to finance working capital requirements. |
Long-term debt - Pre-Existing L
Long-term debt - Pre-Existing Loan Facilities 1 (Details) $ in Thousands | 4 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||
May 03, 2018USD ($) | Aug. 23, 2018USD ($) | Aug. 21, 2018USD ($) | Sep. 28, 2018USD ($) | Sep. 26, 2018USD ($) | Nov. 05, 2018USD ($) | Oct. 23, 2018USD ($) | Dec. 31, 2019USD ($) | |
NBG $30,000 Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Initiation date | Apr. 19, 2018 | |||||||
Maximum borrowing capacity | $ 30,000 | |||||||
Amount drawn down | $ 30,000 | |||||||
Maturity date | Feb. 28, 2023 | |||||||
Prepayment amount | $ 16,326 | |||||||
Frequency of payments | quarterly | |||||||
Repayment installment | $ 359 | |||||||
Balloon installment | $ 4,516 | |||||||
Vessels provided as collateral | The NBG $30,000 Facility is secured by a first priority mortgage on the vessels Star Theta and Star Iris. | |||||||
Line of credit facility, description | The NBG $30,000 Facility was used along with cash on hand to fully repay the outstanding amount of Commerzbank $120,000 Facility. | |||||||
Commerzbank $120,000 Facilitiy | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 34,726 | |||||||
Credit Agricole $43,000 Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Initiation date | Aug. 21, 2018 | |||||||
Maximum borrowing capacity | $ 43,000 | |||||||
Amount drawn down | $ 43,000 | |||||||
Vessels provided as collateral | The facility is secured by the vessels Star Borealis and Star Polaris. | |||||||
Line of credit facility, description | The Credit Agricole $43,000 Facility was used to refinance the outstanding amount under the Credit Agricole $70,000 Facility. | |||||||
Number of loan tranches | 2 | |||||||
Credit Agricole $43,000 Facility | Tranche A | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount drawn down | 21,500 | |||||||
Number of installments | 20 | |||||||
Frequency of payments | quarterly | |||||||
Repayment installment | $ 625 | |||||||
Balloon installment | $ 9,000 | |||||||
Credit Agricole $43,000 Facility | Tranche B | ||||||||
Debt Instrument [Line Items] | ||||||||
Amount drawn down | $ 21,500 | |||||||
Number of installments | 20 | |||||||
Frequency of payments | quarterly | |||||||
Repayment installment | $ 625 | |||||||
Balloon installment | $ 9,000 | |||||||
Credit Agricole $70,000 Facilitiy | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 44,100 | |||||||
HSBC $80,000 Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Initiation date | Sep. 26, 2018 | |||||||
Maximum borrowing capacity | $ 80,000 | |||||||
Amount drawn down | $ 80,000 | |||||||
Expiration date | Aug. 31, 2023 | |||||||
Prepayment amount | $ 7,505 | |||||||
Frequency of payments | quarterly | |||||||
Repayment installment | $ 2,140 | |||||||
Balloon installment | $ 29,095 | |||||||
Vessels provided as collateral | The facility is secured by the vessels Kymopolia, Mercurial Virgo, Pendulum, Amami, Madredeus, Star Emily, Star Omicron and Star Zeta. | |||||||
Line of credit facility, description | The HSBC $80,000 Facility was used to refinance the outstanding amount under the HSH Nordbank $64,500 Facility and HSBC $86,600 Facility. | |||||||
HSH Nordbank $64,500 Facility and HSBC $86,600 Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 74,647 | |||||||
DNB $310,000 Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Initiation date | Sep. 27, 2018 | |||||||
Maximum borrowing capacity | $ 310,000 | |||||||
Expiration date | Sep. 30, 2023 | |||||||
Vessels provided as collateral | The loan is secured by a first priority mortgage on Big Bang, Strange Attractor, Big Fish, Pantagruel, Gargantua, Goliath, Maharaj, Star Poseidon, Star Nasia, Diva, Star Danai, Star Renee, Star Markella, Star Laura, Star Moira, Star Jennifer, Star Mariella, Star Helena, Star Maria, Star Sirius, Star Vega, Star Triumph, Star Charis, Star Suzanna, Star Angelina and Star Gwyneth. | |||||||
Number of loan tranches | 2 | |||||||
DNB $310,000 Facility | Tranche A | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 240,000 | |||||||
Amount drawn down | 240,000 | |||||||
Number of installments | 20 | |||||||
Frequency of payments | quarterly | |||||||
Repayment installment | $ 8,696 | |||||||
Balloon installment | $ 66,087 | |||||||
Line of credit facility, description | The tranche of $240,000 was used to refinance the outstanding amount under the ABN $87,458 Facility, the DNB-SEB-CEXIM $227,500 Facility, the DNB $120,000 Facility, the Deutsche Bank AG $39,000 Facility and the ABN AMRO Bank N.V. $30,844 Facility. | |||||||
DNB $310,000 Facility | Tranche B | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 70,000 | |||||||
Amount drawn down | $ 51,202 | |||||||
Number of installments | 12 | |||||||
Frequency of payments | quarterly | |||||||
Repayment installment, percentage | 5.55% | |||||||
Line of credit facility, description | The tranche of $70,000 was used to finance the acquisition and installation of scrubber equipment for the mortgaged vessels under the DNB $310,000 Facility. | |||||||
ABN $87,458 Facility, DNB-SEB-CEXIM $227,500 Facility, DNB $120,000 Facility, Deutsche Bank AG $39,000 Facility and ABN AMRO Bank N.V $30,844 Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 240,440 | |||||||
Citi $130,000 Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Initiation date | Oct. 18, 2018 | |||||||
Maximum borrowing capacity | $ 130,000 | |||||||
Vessels provided as collateral | The Citi $130,000 Facility is secured by a first priority mortgage on the vessels Star Pauline, Star Angie, Star Sophia, Star Georgia, Star Kamila and Star Nina and five of the Augustea Vessels Star Eva, Star Paola., Star Aphrodite, Star Lydia and Star Nicole. | |||||||
Line of credit facility, description | The Citi $130,000 Facility was used to refinance the outstanding amount under the Citi Facility and the existing indebtedness of five of the Augustea Vessels. | |||||||
Number of loan tranches | 2 | |||||||
Citi $130,000 Facility | Tranche A | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 65,000 | |||||||
Amount drawn down | $ 65,000 | |||||||
Number of installments | 20 | |||||||
Frequency of payments | quarterly | |||||||
Repayment installment | $ 1,825 | |||||||
Date of first required payment | Jan. 31, 2019 | |||||||
Balloon installment | $ 28,500 | |||||||
Citi $130,000 Facility | Tranche B | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 65,000 | |||||||
Amount drawn down | $ 65,000 | |||||||
Number of installments | 20 | |||||||
Frequency of payments | quarterly | |||||||
Repayment installment | $ 1,825 | |||||||
Date of first required payment | Jan. 31, 2019 | |||||||
Balloon installment | $ 28,500 | |||||||
Citi Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 100,075 |
Long-term debt - Pre-Existing_2
Long-term debt - Pre-Existing Loan Facilities 2 (Details) $ in Thousands | 1 Months Ended | 10 Months Ended | 12 Months Ended | |||
Jan. 31, 2019USD ($) | Oct. 31, 2014USD ($) | Dec. 31, 2019USD ($) | Dec. 20, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
ABN $115,000 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Initiation date | Dec. 17, 2018 | |||||
Maximum borrowing capacity | $ 115,000 | |||||
Vessels provided as collateral | The ABN $115,000 Facility is secured by a first priority on the four Augustea Vessels and the Step 1 Vessels. | |||||
Number of loan tranches | 4 | |||||
Number of vessels financed | 7 | |||||
ABN $115,000 Facility | Tranche A | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 69,525 | |||||
Amount drawn down | $ 69,525 | |||||
Number of installments | 20 | |||||
Frequency of payments | quarterly | |||||
Repayment installment | $ 1,705 | |||||
Balloon installment | $ 35,428 | |||||
Line of credit facility, description | The first tranche was used to refinance the then existing indebtedness of four of the Augustea Vessels Star Virginia, Star Scarlett, Star Jeanette and Star Audrey. | |||||
Number of vessels financed | 4 | |||||
ABN $115,000 Facility | Tranche B | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 7,900 | |||||
Amount drawn down | $ 7,900 | |||||
Number of installments | 20 | |||||
Frequency of payments | quarterly | |||||
Repayment installment | $ 282 | |||||
Balloon installment | $ 2,260 | |||||
Line of credit facility, description | The second tranche was used to partially finance the acquisition cost of the Star Bright. | |||||
ABN $115,000 Facility | Remaining Two Tranches | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, description | The remaining two tranches were used to partially finance the acquisition cost of the Star Marianne and Star Janni. | |||||
ABN $115,000 Facility | Tranche C | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 17,875 | |||||
Amount drawn down | $ 17,875 | |||||
Number of installments | 19 | |||||
Frequency of payments | quarterly | |||||
Repayment installment | $ 672 | |||||
Balloon installment | 5,114 | |||||
ABN $115,000 Facility | Tranche D | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 17,875 | |||||
Amount drawn down | $ 17,875 | |||||
Number of installments | 19 | |||||
Frequency of payments | quarterly | |||||
Repayment installment | $ 672 | |||||
Balloon installment | $ 5,114 | |||||
DVB $24,750 Facility | ||||||
Debt Instrument [Line Items] | ||||||
Initiation date | Oct. 30, 2014 | |||||
Amount drawn down | $ 24,750 | |||||
Number of installments | 24 | |||||
Frequency of payments | quarterly | |||||
Balloon installment | $ 12,150 | |||||
Expiration date | Oct. 31, 2020 | |||||
Vessels provided as collateral | The DVB $24,750 Facility is secured by a first priority pledge of the membership interests of the Christine Shipco LLC. | |||||
Line of credit facility, description | The DVB $24,750 Facility was used to partially finance the acquisition of 100% of the equity interests of Christine Shipco LLC, which is the owner of the vessel Star Martha. | |||||
DVB $24,750 Facility | Christine Shipco LLC | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of equity interest acquired | 100.00% | |||||
DVB $24,750 Facility | First Four Installments | ||||||
Debt Instrument [Line Items] | ||||||
Repayment installment | $ 900 | |||||
DVB $24,750 Facility | Last Twenty Installments | ||||||
Debt Instrument [Line Items] | ||||||
Repayment installment | $ 450 | |||||
Sinosure Facility | ||||||
Debt Instrument [Line Items] | ||||||
Initiation date | Feb. 11, 2015 | |||||
Maximum borrowing capacity | $ 98,165 | |||||
Repayment period | 12 years | |||||
Number of installments | 48 | |||||
Frequency of payments | quarterly | |||||
Vessels provided as collateral | The Sinosure Facility is secured by a first priority cross collateralized mortgage over the Sinosure Financed Vessels. | |||||
Line of credit facility, description | The Sinosure Facility was used to partially finance the construction cost of the newbuilding vessels, Honey Badger, Wolverine, Star Antares, Star Lutas, Kennadi and Mackenzie (the “Sinosure Financed Vessels”). | |||||
Number of loan tranches | 6 | |||||
Honey Badger | ||||||
Debt Instrument [Line Items] | ||||||
Delivery Date | February 27, 2015 | |||||
Wolverine | ||||||
Debt Instrument [Line Items] | ||||||
Delivery Date | February 27, 2015 | |||||
Star Antares | ||||||
Debt Instrument [Line Items] | ||||||
Delivery Date | October 9, 2015 | |||||
Star Lutas | ||||||
Debt Instrument [Line Items] | ||||||
Delivery Date | January 6, 2016 | |||||
Kennadi | ||||||
Debt Instrument [Line Items] | ||||||
Delivery Date | January 8, 2016 | |||||
Mackenzie | ||||||
Debt Instrument [Line Items] | ||||||
Delivery Date | March 2, 2016 | |||||
8.30% 2022 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Issuance date | Nov. 9, 2017 | |||||
Face amount | $ 50,000 | |||||
Maturity date | Nov. 15, 2022 | |||||
Interest rate | 8.30% | |||||
Frequency of payments | quarterly in arrears on the 15th day of February, May, August and November | |||||
Date of first required payment | Feb. 15, 2018 | |||||
Redemption price percentage | 100.00% | |||||
Redemption description | The Company may redeem the 2022 Notes in whole, but not in part, at any time at its option, at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued and unpaid interest. | |||||
Unamortized debt issuance costs | $ 1,179 | $ 1,590 | ||||
8.00% 2019 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 8.00% | |||||
Repurchased face amount | $ 50,000 |
Long-term Debt - Assumed debt a
Long-term Debt - Assumed debt as part of the acquisition of Augustea Vessels (Details) $ in Thousands | 7 Months Ended | 12 Months Ended | |
Aug. 03, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Credit Suisse | |||
Debt Instrument [Line Items] | |||
Number of vessels financed | 5 | ||
Repayments of debt | $ 60,790 | ||
ABN AMRO | |||
Debt Instrument [Line Items] | |||
Number of vessels financed | 4 | ||
Repayments of debt | $ 69,907 | ||
BNP Facility | |||
Debt Instrument [Line Items] | |||
Vessels provided as collateral | The loan is secured by a first priority mortgage on the two Augustea vessels. | ||
Line of credit facility, description | The BNP Facility provided financing for the vessels Star Despoina and Pierra. | ||
Number of loan tranches | 2 | ||
Number of vessels financed | 2 | ||
BNP Facility | Tranche A | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 15,914 | ||
Number of installments | 16 | ||
Frequency of payments | quarterly | ||
BNP Facility | Tranche B | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 14,977 | ||
Number of installments | 17 | ||
Frequency of payments | quarterly | ||
BNP Facility | Tranche A - First Fifteen Installments | |||
Debt Instrument [Line Items] | |||
Repayment installment | $ 500 | ||
BNP Facility | Tranche A - Sixteenth Installment | |||
Debt Instrument [Line Items] | |||
Repayment installment | 8,414 | ||
BNP Facility | Tranche B - First Sixteen Installments | |||
Debt Instrument [Line Items] | |||
Repayment installment | 500 | ||
BNP Facility | Tranche B - Seventeenth Installment | |||
Debt Instrument [Line Items] | |||
Repayment installment | $ 6,977 | ||
Bank of Tokyo Facility | |||
Debt Instrument [Line Items] | |||
Outstanding amount | $ 16,000 | ||
Number of installments | 17 | ||
Frequency of payments | quarterly | ||
Vessels provided as collateral | The loan is secured by a first priority mortgage on the Star Monica. | ||
Line of credit facility, description | The Bank of Tokyo Facility provided financing for the vessel Star Monica. | ||
Bank of Tokyo Facility | First Sixteen Installments | |||
Debt Instrument [Line Items] | |||
Repayment installment | $ 346 | ||
Bank of Tokyo Facility | Seventeenth Installment | |||
Debt Instrument [Line Items] | |||
Repayment installment | 10,464 | ||
Augustea Vessels | |||
Debt Instrument [Line Items] | |||
Debt assumed | $ 308,279 | ||
Star Sienna, Star Laetitia, ABOY Karlie and Star Alessia | |||
Debt Instrument [Line Items] | |||
Capital lease obligations recognised | $ 127,101 |
Long-term debt - Scrubber Finan
Long-term debt - Scrubber Financing (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Atradius Facility | |
Debt Instrument [Line Items] | |
Number of vessels financed for scrubber equipment and installation | 42 |
Songa Vessels | |
Debt Instrument [Line Items] | |
Number of vessels financed for scrubber equipment and installation | 10 |
Scrubber equipment | |
Debt Instrument [Line Items] | |
Remaining borrowing capacity | $ 46,227 |
Scrubber equipment | Atradius Facility | |
Debt Instrument [Line Items] | |
Amount drawn down | 33,311 |
Scrubber equipment | DNB $310,000 Facility | |
Debt Instrument [Line Items] | |
Amount drawn down | 51,202 |
Scrubber equipment | SEB Facility | |
Debt Instrument [Line Items] | |
Amount drawn down | 1,260 |
Scrubber equipment | ING $100,600 Facility | |
Debt Instrument [Line Items] | |
Amount drawn down | 5,600 |
Scrubber equipment | CMBL | |
Debt Instrument [Line Items] | |
Amount drawn down | $ 12,165 |
Long-term debt - Additional Inf
Long-term debt - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2018 | May 31, 2018 | Feb. 28, 2018 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | |||||||
Loan reference interest rate | LIBOR | ||||||
Cash and cash equivalents | $ 117,819 | $ 204,921 | $ 257,911 | ||||
Restricted cash | $ 7,422 | $ 6,435 | $ 7,169 | ||||
Weighted average interest rate | 5.28% | 5.59% | 4.72% | ||||
Unused credit facilities, commitment fee | $ 806 | $ 1,049 | $ 6 | ||||
Write off of unamortized issuance costs | 3,526 | 2,383 | 1,257 | ||||
Prepayment fees incurred | 2,297 | ||||||
Write off of unamortized issuance costs excluding prepayment fees incurred | |||||||
Debt Instrument [Line Items] | |||||||
Write off of unamortized issuance costs | 1,229 | ||||||
Restructuring Letter Agreements | |||||||
Debt Instrument [Line Items] | |||||||
Prepayment amount | $ 9,768 | $ 22,723 | $ 30,000 | $ 35,632 | |||
Amount of equity to be raised under debt instrument covenants | $ 50,000 | ||||||
Legally restricted | |||||||
Debt Instrument [Line Items] | |||||||
Restricted cash | 8,443 | 8,956 | |||||
Not legally restricted | |||||||
Debt Instrument [Line Items] | |||||||
Cash and cash equivalents | $ 58,000 | $ 53,500 |
Long-term debt - Terms and Cove
Long-term debt - Terms and Covenants (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Covenant Terms | The Company's outstanding credit facilities and senior notes generally contain customary affirmative and negative covenants, on a subsidiary level, including limitations to: - pay dividends if there is an event of default under the Company's credit facilities; - incur additional indebtedness, including the issuance of guarantees, refinance or prepay any indebtedness, unless certain conditions exist; - create liens on Company's assets, unless otherwise permitted under Company's credit facilities; - change the flag, class or management of Company's vessels or terminate or materially amend the management agreement relating to each vessel; - acquire new or sell vessels, unless certain conditions exist; - merge or consolidate with, or transfer all or substantially all Company's assets to, another person; or - enter into a new line of business. Furthermore, the Company's credit facilities and senior notes contain financial covenants requiring the Company to maintain various financial ratios, including: - a minimum percentage of aggregate vessel value to secured loans (security cover ratio or ''SCR''); - a maximum ratio of total liabilities to market value adjusted total assets; - a minimum EBITDA to interest coverage ratio; - a minimum liquidity; and - a minimum market value adjusted net worth. As of December 31, 2018 and 2019, the Company was required to maintain minimum liquidity, not legally restricted, of $53,500 and $58,000, respectively, which is included within ''Cash and cash equivalents'' in the balance sheets. In addition, as of December 31, 2018 and 2019, the Company was required to maintain minimum liquidity, legally restricted, of $8,956 and $8,443, respectively, which is included within ''Restricted cash'' current and non-current, in the consolidated balance sheets. |
Debt Instrument, Covenant Compliance | As of December 31, 2019, the Company was in compliance with the applicable financial and other covenants contained in its debt agreements, including the 2022 Notes. |
Preferred, Common Shares and Ad
Preferred, Common Shares and Additional Paid in Capital - Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 14, 2019 | Jan. 03, 2019 | Feb. 02, 2017 | Jun. 29, 2018 | Oct. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 20, 2019 | Nov. 29, 2018 | Oct. 10, 2018 | Aug. 03, 2018 | Jul. 06, 2018 |
Class of Stock [Line Items] | |||||||||||||
Offering expenses | $ 2,032 | ||||||||||||
Purchase of treasury stock | $ 20,430 | $ 3,145 | |||||||||||
Dividends per share | $ 0.05 | ||||||||||||
Dividends paid | $ 4,804 | ||||||||||||
Preferred Shares | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Preferred Shares - Shares Authorized | 25,000,000 | 25,000,000 | |||||||||||
Preferred Shares - Par Value | $ 0.01 | $ 0.01 | |||||||||||
Preferred Shares - Shares Issued | 0 | 0 | |||||||||||
Common Shares | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common Shares - Shares Authorized | 300,000,000 | 300,000,000 | |||||||||||
Common Shares - Par Value | $ 0.01 | $ 0.01 | |||||||||||
Stock issued during period, share based compensation | 883,700 | 868,975 | 1,220,825 | ||||||||||
Common shares issued | 6,310,272 | ||||||||||||
Purchase of treasury stock | $ 29 | ||||||||||||
Shares cancelled | 2,940,558 | ||||||||||||
Share Repurchase Program | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Stock repurchase program, authorized amount | $ 50,000 | ||||||||||||
Share Repurchase Program | Open Market Transactions | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common shares repurchased | 1,579,195 | 341,363 | |||||||||||
Common shares repurchased, Average price per Share | $ 7.49 | $ 9.17 | |||||||||||
Purchase of treasury stock | $ 11,831 | $ 3,131 | |||||||||||
Shares cancelled | 341,363 | 1,579,195 | |||||||||||
Share Repurchase Program | Private Transaction | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common shares repurchased | 1,020,000 | ||||||||||||
Common shares repurchased, Average price per Share | $ 8.40 | ||||||||||||
Purchase of treasury stock | $ 8,600 | ||||||||||||
Shares cancelled | 1,020,000 | ||||||||||||
Private placement | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common shares issued | 6,310,272 | ||||||||||||
Price per share | $ 8.154 | ||||||||||||
Proceeds from issuance of private placement | $ 50,427 | ||||||||||||
Private placement | Oaktree and its affiliates | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common shares issued | 3,244,292 | ||||||||||||
Secondary offering | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Offering expenses | $ 2,032 | ||||||||||||
Secondary offering | Oaktree Capital Management L.P. | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Common shares issued | 5,000,000 | ||||||||||||
Price per share | $ 13.10 | ||||||||||||
OCC vessels | Common Shares | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares to acquire vessels | 3,304,735 | ||||||||||||
Songa Vessels | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Price per share | $ 13.31 | ||||||||||||
Songa Vessels | Common Shares | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares to acquire vessels | 13,725,000 | ||||||||||||
Augustea Vessels | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Price per share | $ 14 | ||||||||||||
Augustea Vessels | Common Shares | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares to acquire vessels | 10,277,335 | ||||||||||||
Shares cancelled | 53,978 | ||||||||||||
Augustea Vessels | Common Shares | Initially Issued | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares to acquire vessels | 10,331,313 | ||||||||||||
Star Bright | Common Shares | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares to acquire vessels | 291,300 | ||||||||||||
Star Bright | Step 1 Vessels | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Price per share | $ 13.87 | ||||||||||||
Star Marianne and Star Janni | Step 1 Vessels | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares to acquire vessels | 999,336 | ||||||||||||
Delphin Vessels | Common Shares | |||||||||||||
Class of Stock [Line Items] | |||||||||||||
Shares to acquire vessels | 4,503,370 |
Other operational gain (Details
Other operational gain (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain Contingencies [Line Items] | |||
Other operational gain | $ 2,423 | $ 0 | $ 2,918 |
Gain/ (Loss) Related to Litigation Settlement | $ 2,139 |
Management fees (Details)
Management fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Management Fee [Abstract] | |||
Management fees | $ 17,500 | $ 11,321 | $ 7,543 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of non-vested restricted shares (Table) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of shares | |||
Unvested at beginning of period | 143,000 | 280,000 | 385,000 |
Granted | 885,000 | 672,500 | 944,000 |
Vested | (756,962) | (809,500) | (1,049,000) |
Unvested at end of period | 271,038 | 143,000 | 280,000 |
Weighted Average Grant Date Fair Value | |||
Unvested at beginning of period | $ 12.49 | $ 8.09 | $ 4.82 |
Granted | 8.13 | 11.68 | 9.59 |
Vested | 8.54 | 10.29 | 8.24 |
Unvested at end of period | $ 9.28 | $ 12.49 | $ 8.09 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of non-vested share options (Table) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of options | |||
Outstanding at beginning of period | 104,250 | 104,250 | 104,250 |
Granted | 0 | 0 | 0 |
Vested | 0 | 0 | 0 |
Outstanding at end of period | 104,250 | 104,250 | 104,250 |
Weighted average exercise price | |||
Outstanding at beginning of period | $ 27.5 | $ 27.5 | $ 27.5 |
Granted | 0 | 0 | 0 |
Vested | 0 | 0 | 0 |
Outstanding at end of period | 27.5 | 27.5 | 27.5 |
Weighted Average Grant Date Fair Value | |||
Outstanding at beginning of period | 7.0605 | 7.0605 | 7.0605 |
Granted | 0 | 0 | 0 |
Vested | 0 | 0 | 0 |
Outstanding at end of period | $ 7.0605 | $ 7.0605 | $ 7.0605 |
Equity Incentive Plans - Compan
Equity Incentive Plans - Company's Equity Incentive Plans (Details) $ / shares in Units, $ in Thousands | Jan. 07, 2019shares | Feb. 27, 2019shares | Feb. 27, 2018shares | Feb. 22, 2017shares | Apr. 09, 2018shares | Apr. 13, 2015$ / sharesshares | May 22, 2019shares | Aug. 31, 2019shares | Aug. 27, 2018shares | Aug. 22, 2018shares | Aug. 22, 2017shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 885,000 | 672,500 | 944,000 | ||||||||||||
Number of shares vested during the period | 756,962 | 809,500 | 1,049,000 | ||||||||||||
Dividends on non-vested shares | $ | $ 14 | $ 0 | $ 0 | ||||||||||||
Share based compensation | $ | $ 7,943 | $ 8,072 | $ 9,267 | ||||||||||||
Number of options granted | 0 | 0 | 0 | ||||||||||||
Total unrecognised compensation cost relating to non-vested share option | $ | $ 42 | ||||||||||||||
Total unrecognised compensation cost relating to restricted share awards | $ | $ 4,347 | ||||||||||||||
Weighted average remaining term for non-vested share option awards | 2 years 1 month 13 days | ||||||||||||||
Weighted average remaining term for non-vested restricted share awards | 3 months 18 days | ||||||||||||||
Total fair value of shares vested during the period | $ | $ 7,703 | $ 10,745 | $ 12,023 | ||||||||||||
Number of shares unvested | 271,038 | 143,000 | 280,000 | 385,000 | |||||||||||
Employee Stock Option | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of options granted | 104,250 | ||||||||||||||
Option exercise price | $ / shares | $ 27.5 | ||||||||||||||
Fair value assumptions - Expected term | 5 years | ||||||||||||||
Fair value assumptions - Expected volatility rate | 59.274% | ||||||||||||||
Fair value assumptions - Risk free interest rate | 1.30% | ||||||||||||||
Restricted Share Units (RSUs) | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Total shares authorized | 4,000,000 | ||||||||||||||
Vesting rights | Each RSU represents, upon vesting, a right for the beneficiary to receive one common share of the Company. | ||||||||||||||
Number of tranches | 10 | ||||||||||||||
Restricted common shares expected to vest | 400,000 | ||||||||||||||
Restricted Share Units (RSUs) | Tranche One | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting date | Apr. 30, 2021 | ||||||||||||||
Shares expected to vest | 2,000,000 | ||||||||||||||
Restricted Share Units (RSUs) | Tranche Two | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting date | Apr. 30, 2022 | ||||||||||||||
Shares expected to vest | 2,000,000 | ||||||||||||||
Restricted common shares expected to vest | 400,000 | ||||||||||||||
Amortization expense for RSUs expected to vest | $ | $ 1,235 | ||||||||||||||
Restricted Share Units (RSUs) | Minimum | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Fleet performance indices | $ | 120,000 | ||||||||||||||
Restricted Share Units (RSUs) | Maximum | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Fleet performance indices | $ | $ 300,000 | ||||||||||||||
Employees | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Number of shares granted | 276,000 | ||||||||||||||
Number of shares vested during the period | 276,000 | ||||||||||||||
Equity Incentive Plan 2017 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares reserved for issuance | 950,000 | ||||||||||||||
Number of shares granted | 944,000 | ||||||||||||||
Number of shares vested during the period | 200,000 | 744,000 | |||||||||||||
Equity Incentive Plan 2018 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares reserved for issuance | 700,000 | ||||||||||||||
Number of shares granted | 396,500 | ||||||||||||||
Number of shares vested during the period | 71,500 | 253,500 | |||||||||||||
Equity Incentive Plan 2018 | Vest in February 2021 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Vesting date | Feb. 27, 2021 | ||||||||||||||
Number of shares unvested | 71,500 | ||||||||||||||
Equity Incentive Plan 2019 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares reserved for issuance | 900,000 | ||||||||||||||
Number of shares granted | 885,000 | ||||||||||||||
Number of shares vested during the period | 685,462 | ||||||||||||||
Equity Incentive Plan 2019 | Vest in August 2020 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Restricted common shares expected to vest | 99,769 | ||||||||||||||
Equity Incentive Plan 2019 | Vest in August 2022 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Restricted common shares expected to vest | 99,769 |
Earnings _ (Loss) per Share (Ta
Earnings / (Loss) per Share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||
Net income / (loss) | $ (16,201) | $ 58,397 | $ (9,771) |
Basic earnings / (loss) per share: | |||
Weighted average common shares outstanding, basic | 93,735,549 | 77,061,227 | 63,034,394 |
Basic earnings / (loss) per share | $ (0.17) | $ 0.76 | $ (0.16) |
Effect of dilutive securities: | |||
Dilutive effect of non vested shares | 0 | 264,884 | 0 |
Weighted average common shares outstanding, diluted | 93,735,549 | 77,326,111 | 63,034,394 |
Diluted earnings / (loss) per share | $ (0.17) | $ 0.76 | $ (0.16) |
Earnings _ (Loss) per Share (De
Earnings / (Loss) per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings / (loss) per share | |||
Number of anti-dilutive shares | 271,038 | 0 | 280,000 |
Employee Stock Option | |||
Earnings / (loss) per share | |||
Number of anti-dilutive shares | 104,250 | 104,250 | 104,250 |
Accrued Liabilities (Table) (De
Accrued Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Audit fees | $ 232 | $ 295 |
Legal fees | 40 | 34 |
Other professional fees | 1,540 | 1,502 |
Vessel Operating and voyage expenses | 37,555 | 6,514 |
Loan interest and financing fees | 7,394 | 8,277 |
Income tax | 0 | 232 |
Total Accrued Liabilities | $ 46,761 | $ 16,854 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tonnage taxes | $ 2,087 | $ 1,506 | $ 2,565 |
Income tax | 109 | 61 | 236 |
US Source Income | |||
Income tax | 202 | ||
Maltese and Swiss Registered Companies | |||
Income tax | $ 109 | $ 61 | $ 34 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual Obligations (Table) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Other Commitments [Line Items] | |
2020 | $ (37,506) |
2021 | (329) |
2022 | (314) |
2023 | (210) |
2024 | (43) |
2025 and thereafter | 0 |
Total | (38,402) |
Future, minimum, non-cancellable charter revenue (1) | |
Other Commitments [Line Items] | |
2020 | 15,349 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 and thereafter | 0 |
Total | 15,349 |
Future, minimum, charter-in hire payments (2) | |
Other Commitments [Line Items] | |
2020 | (3,894) |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 and thereafter | 0 |
Total | (3,894) |
Vessel scrubbers (3) | |
Other Commitments [Line Items] | |
2020 | (48,634) |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 and thereafter | 0 |
Total | (48,634) |
Office rent | |
Other Commitments [Line Items] | |
2020 | (327) |
2021 | (329) |
2022 | (314) |
2023 | (210) |
2024 | (43) |
2025 and thereafter | 0 |
Total | $ (1,223) |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |
Coverage for pollution | $ 1,000,000 |
Future, minimum, non-cancellable charter revenue (1) | |
Loss Contingencies [Line Items] | |
Minimum contractual charter revenues | 15,349 |
Future, minimum, charter-in hire payments (2) | |
Loss Contingencies [Line Items] | |
Office rent | 3,894 |
Vessel scrubbers (3) | |
Loss Contingencies [Line Items] | |
Secured financing related to commitments payments | 149,765 |
Remaining borrowing capacity | $ 46,227 |
Voyage revenues (Table) (Detail
Voyage revenues (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ 821,365 | $ 651,561 | $ 331,976 |
Time charters | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | 373,927 | 397,499 | 240,529 |
Voyage charters | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | 437,779 | 253,812 | 102,977 |
Pool revenues | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ 9,659 | $ 250 | 574 |
Including address commissions | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Voyage revenues | $ 344,080 |
Voyage revenues (Details)
Voyage revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Voyage revenues | $ 821,365 | $ 651,561 | $ 331,976 |
Increase/ (Decrease) in trade accounts receivable | 20,383 | 22,266 | 5,949 |
Increase/ (Decrease) in deferred revenue | (3,481) | 2,489 | 5,169 |
Increase/ (Decrease) in deferred assets | 14,940 | 7,545 | 43 |
Other current assets | 11,413 | 7,046 | |
Deferred revenue | 7,374 | 10,855 | |
Address commissions | |||
Voyage revenues | $ 12,104 | ||
Revenue contracts | |||
Increase/ (Decrease) in deferred assets | 805 | ||
Other current assets | $ 2,859 | $ 2,054 |
Voyage and Vessel operating e_3
Voyage and Vessel operating expenses - Voyage expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses | |||
Port charges | $ 63,576 | $ 37,215 | $ 21,060 |
Bunkers | 146,089 | 72,287 | 34,997 |
Commissions - third parties | 6,828 | 6,179 | 3,438 |
Commissions - related parties (Note 3) | 3,850 | 3,400 | 3,300 |
Miscellaneous | 2,619 | 2,515 | 1,887 |
Total voyage expenses | $ 222,962 | $ 121,596 | $ 64,682 |
Voyage and Vessel operating e_4
Voyage and Vessel operating expenses - Vessel operating expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Expenses | |||
Crew wages and related costs | $ 103,701 | $ 80,360 | $ 63,074 |
Insurances | 10,311 | 7,544 | 6,314 |
Maintenance, repairs, spares and stores | 25,675 | 26,368 | 18,589 |
Lubricants | 9,833 | 8,494 | 7,016 |
Tonnage taxes | 2,087 | 1,506 | 2,565 |
Pre-delivery and Pre-joining expenses | 1,507 | 1,234 | 1,925 |
Miscellaneous | 6,948 | 3,366 | 1,945 |
Total vessel operating expenses | $ 160,062 | $ 128,872 | $ 101,428 |
Fair Value Measurements and H_3
Fair Value Measurements and Hedging - Consolidated Statement of Operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain/(loss) on derivative financial instruments, net | |||
Unrealized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) | $ 0 | $ 140 | $ 2,802 |
Realized gain/(loss) after de-designation of accounting hedging relationship (April 1, 2015) | 0 | (141) | (2,556) |
Write-off of unrealized losses related to forecasted transactions which are no longer considered probable reclassified from other comprehensive income/(loss) | 0 | 708 | 0 |
Total Gain/(loss) on derivative financial instruments, net | 0 | 707 | 246 |
Interest and finance costs | |||
Reclassification adjustments of interest rate swap loss/(gain) transferred to Interest and finance costs from Other comprehensive income/(loss) (Note 9) | 0 | 3 | (852) |
Total Gain/(loss) recognized | 0 | 3 | (852) |
Gain/(loss) on forward freight agreements and bunker swaps | |||
Total Gain/(loss) recognized | 4,411 | (447) | (841) |
Forward freight agreements | |||
Gain/(loss) on forward freight agreements and bunker swaps | |||
Realized gain/(loss) on forward freight agreements | 6,043 | (599) | (877) |
Unrealized gain/(loss) on forward freight agreements | (321) | 520 | (24) |
Bunker swaps | |||
Gain/(loss) on forward freight agreements and bunker swaps | |||
Realized gain/(loss) on bunker swaps | (1,386) | 1,491 | 0 |
Unrealized gain/(loss) on bunker swaps | 75 | (1,859) | 60 |
Gain/(loss) recognized for forward freight agreements and bunker swaps | |||
Gain/(loss) on forward freight agreements and bunker swaps | |||
Total Gain/(loss) recognized | $ 4,411 | $ (447) | $ (841) |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
asset position | $ 216 | $ 537 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Not designated as cash flow hedges | ||
ASSETS | ||
Total | 216 | 537 |
LIABILITIES | ||
Total | 1,724 | 1,799 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Designated as cash flow hedges | ||
ASSETS | ||
Total | 0 | 0 |
LIABILITIES | ||
Total | 0 | 0 |
Forward freight agreements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Not designated as cash flow hedges | ||
ASSETS | ||
asset position | 216 | 537 |
Forward freight agreements | Quoted Prices in Active Markets for Identical Assets (Level 1) | Designated as cash flow hedges | ||
ASSETS | ||
asset position | 0 | 0 |
Bunker swaps | Quoted Prices in Active Markets for Identical Assets (Level 1) | Not designated as cash flow hedges | ||
LIABILITIES | ||
liability position | 1,724 | 1,799 |
Bunker swaps | Quoted Prices in Active Markets for Identical Assets (Level 1) | Designated as cash flow hedges | ||
LIABILITIES | ||
liability position | $ 0 | $ 0 |
Fair Value Measurements and H_5
Fair Value Measurements and Hedging - Fair value on a nonrecurring basis (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | $ 3,411 | $ 17,784 | $ 0 |
Fair Value Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | 3,411 | 17,784 | |
Fair Value Measurements, Nonrecurring | Vessels, net | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | 3,411 | 16,178 | |
Fair Value Measurements, Nonrecurring | Held for sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | 1,606 | ||
Fair Value Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, plant and equipment, Fair value | 24,475 | 20,842 | |
Fair Value Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Vessels, net | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, plant and equipment, Fair value | $ 24,475 | 14,893 | |
Fair Value Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Held for sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Property, plant and equipment, Fair value | $ 5,949 |
Fair Value Measurements and H_6
Fair Value Measurements and Hedging - Additional Information (Details) € in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | Apr. 30, 2018EUR (€) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading Symbol | SBLK | |||||
Amount of cash held | $ 204,921 | $ 117,819 | $ 204,921 | $ 257,911 | ||
Foreign exchange gain/ (loss) | (3,159) | |||||
Fair value hedge gain/ (loss) | 0 | 1,609 | 0 | |||
Impairment loss | $ 3,411 | 17,784 | $ 0 | |||
Bunker swaps | ING Bank N.V. | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Metric Tons | 84,000 | |||||
Percentage of estimated annual fuel consumption | 10.00% | |||||
Fixed bunker spread price | $ 266 | |||||
Derivative, Description of Hedged Item | In December 2019, the Company also entered into a bunker swap with ING Bank N.V. to hedge 84,000 metric tons or approximately 10% of its estimated annual fuel consumption by selling the 2020 Singapore spread between Very Low-Sulfur Fuel Oil (VLSFO) – High-Sulfur Fuel Oil (HSFO) at $266 per ton. The effective date of the swap is January 1, 2020 and the maturity date is December 31, 2020. | |||||
Inception date | Jan. 1, 2020 | |||||
Maturity date | Dec. 31, 2020 | |||||
8.30% 2022 Notes | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Trading Symbol | SBLKZ | |||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
2022 Notes fair value | 49,800 | $ 51,360 | 49,800 | |||
Fair value hedging | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Amount of cash held | € | € 70,800 | |||||
Fair value hedge gain/ (loss) | $ 1,609 | |||||
Ineffective portion of fair value hedge | $ 39 | |||||
Payments for vessels upgrade | € | € 20,500 | |||||
Fair value hedging | Fixed orders | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Amount of cash held | € | € 20,500 | |||||
Percentage of coverage through foreign currency hedging | 100.00% | |||||
Fair value hedging | Optional orders | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Percentage of coverage through foreign currency hedging | 50.00% |
Subsequent Events (Table) (Deta
Subsequent Events (Table) (Details) - Subsequent Event $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
ING | |
Subsequent Event [Line Items] | |
Inception | Mar. 29, 2020 |
Expiry | Mar. 29, 2026 |
Fixed Rate | 0.70% |
Average Annual amortization | $ 1,200 |
ING | Maximum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | 29,960 |
ING | Minimum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | $ 17,650 |
DNB | |
Subsequent Event [Line Items] | |
Inception | Mar. 30, 2020 |
Expiry | Sep. 28, 2023 |
Fixed Rate | 0.64% |
Average Annual amortization | $ 6,000 |
DNB | Maximum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | 128,910 |
DNB | Minimum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | $ 51,020 |
SEB | |
Subsequent Event [Line Items] | |
Inception | Mar. 30, 2020 |
Expiry | Sep. 28, 2023 |
Fixed Rate | 0.63% |
Average Annual amortization | $ 2,400 |
SEB | Maximum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | 51,570 |
SEB | Minimum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | $ 20,410 |
ING | |
Subsequent Event [Line Items] | |
Inception | Apr. 2, 2020 |
Expiry | Oct. 2, 2025 |
Fixed Rate | 0.70% |
Average Annual amortization | $ 1,900 |
ING | Maximum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | 19,690 |
ING | Minimum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | $ 9,840 |
ING | |
Subsequent Event [Line Items] | |
Inception | Apr. 2, 2020 |
Expiry | Oct. 2, 2025 |
Fixed Rate | 0.70% |
Average Annual amortization | $ 1,900 |
ING | Maximum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | 19,690 |
ING | Minimum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | $ 9,840 |
ING | |
Subsequent Event [Line Items] | |
Inception | Apr. 3, 2020 |
Expiry | Apr. 3, 2023 |
Fixed Rate | 0.68% |
Average Annual amortization | $ 300 |
ING | Maximum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | 16,160 |
ING | Minimum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | $ 12,740 |
SEB | |
Subsequent Event [Line Items] | |
Inception | Apr. 30, 2020 |
Expiry | Jan. 30, 2025 |
Fixed Rate | 0.73% |
Average Annual amortization | $ 2,700 |
SEB | Maximum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | 29,440 |
SEB | Minimum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | $ 19,250 |
SEB | |
Subsequent Event [Line Items] | |
Inception | Apr. 30, 2020 |
Expiry | Jan. 30, 2025 |
Fixed Rate | 0.73% |
Average Annual amortization | $ 2,700 |
SEB | Maximum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | 29,440 |
SEB | Minimum | |
Subsequent Event [Line Items] | |
Amortizing Notional amount | $ 19,250 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 06, 2020USD ($) | Jan. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Mar. 27, 2020USD ($) | Mar. 23, 2020USD ($) | Dec. 31, 2019$ / shares | Mar. 30, 2020USD ($) | Nov. 20, 2019$ / shares | |
Subsequent Event [Line Items] | ||||||||
Dividends per share | $ / shares | $ 0.05 | |||||||
Quarterly Dividend Declared | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends Payable, Date Declared | Feb. 19, 2020 | |||||||
Dividends per share | $ / shares | $ 0.05 | |||||||
Dividends Payable, Date of Payment | Mar. 12, 2020 | |||||||
Dividends Payable, Date of Record | Mar. 2, 2020 | |||||||
Ex-dividend date | Feb. 28, 2020 | |||||||
DSF $55.0 million Facility | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Initiation date | Jan. 31, 2020 | |||||||
Maximum borrowing capacity | $ 55,000 | |||||||
Number of loan tranches | 2 | |||||||
Vessels provided as collateral | The DSF $55.0 million Facility will be secured by first priority mortgages on the vessels Star Eleni and Star Leo. | |||||||
Line of credit facility, description | The DSF $55.0 million Facility will be used to refinance the outstanding amounts under the lease agreements of Star Eleni and Star Leo. | |||||||
DSF $55.0 million Facility | Tranche A | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum borrowing capacity | $ 27,500 | |||||||
Amount to be drawn down | $ 27,500 | |||||||
Repayment period | 5 years | |||||||
DSF $55.0 million Facility | Tranche B | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Maximum borrowing capacity | $ 27,500 | |||||||
Amount to be drawn down | 27,500 | |||||||
Repayment period | 5 years | |||||||
HSBC Working Capital Facility | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Initiation date | Feb. 6, 2020 | |||||||
Maximum borrowing capacity | $ 30,000 | |||||||
Amount drawn down | $ 8,834 | $ 13,123 | ||||||
Amount to be drawn down | $ 2,225 | |||||||
Vessels provided as collateral | The HSBC Working Capital Facility is secured by second priority mortgage on the eight vessels which secure the HSBC $80,000 Facility. | |||||||
Line of credit facility, description | The HSBC Working Capital Facility will be used to finance working capital requirements. | |||||||
Bunker swaps | ING Bank N.V. and Intercontinental Exchange Inc | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Metric Tons | 70,000 | |||||||
Fixed bunker spread price | $ 146 | |||||||
Metric Tons per month | 7,000 | |||||||
Derivative, Description of Hedged Item | In 2020 the Company entered into bunker swaps with ING Bank N.V. and Intercontinental Exchange, Inc (“ICE”) to hedge in aggregate 70,000 metric tons of its estimated fuel consumption by selling the Singapore spread between VLSFO – HSFO at an average price of $146 per ton for the period from March to December 2020 (7,000 metric tons per month). The effective date of these swaps is March 1, 2020 and the maturity date is December 31, 2020. | |||||||
Inception date | Mar. 1, 2020 | |||||||
Maturity date | Dec. 31, 2020 | |||||||
Bunker swaps | ING Bank N.V. | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Metric Tons | 24,000 | |||||||
Fixed bunker spread price | $ 106 | |||||||
Metric Tons per month | 2,000 | |||||||
Derivative, Description of Hedged Item | In addition, in 2020 the Company entered into a bunker swap with ING Bank N.V. to hedge in aggregate 24,000 metric tons of its estimated fuel consumption by selling the Singapore spread between VLSFO – HSFO at an average price of $106 per ton for the period from January to December 2021 (2,000 metric tons per month). The effective date of these swaps is January 1, 2021 and the maturity date is December 31, 2021. | |||||||
Inception date | Jan. 1, 2021 | |||||||
Maturity date | Dec. 31, 2021 |