Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Entity Information [Line Items] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2020 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | PERFORMANCE SHIPPING INC. |
Entity Central Index Key | 0001481241 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Entity common stock shares outstanding | 5,082,726 |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Address Country | MH |
Title of 12(b) Security | Common stock, $0.01 par value, including the Preferred stock purchase rights |
Trading Symbol | PSHG |
Security Exchange Name | NASDAQ |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 21,365 | $ 26,314 |
Accounts receivable, net of provision for credit losses (Note 2) | 3,503 | 3,985 |
Deferred voyage expenses (Note 2) | 75 | 69 |
Inventories | 1,981 | 2,242 |
Prepaid expenses and other assets | 1,275 | 1,115 |
Current assets from discontinued operations (Note 3) | 228 | 1,639 |
Total current assets | 28,427 | 35,364 |
FIXED ASSETS: | ||
Advances for vessel acquisitions and other vessels' costs (Note 5) | 0 | 11,017 |
Vessels, net (Note 6) | 128,108 | 59,421 |
Property and equipment, net | 1,135 | 993 |
Vessels, net, of discontinued operations (Note 3) | 0 | 23,450 |
Total fixed assets | 129,243 | 94,881 |
Right of use asset under operating leases (Note 8) | 184 | 190 |
Non-current assets from discontinued operations (Note 3) | 0 | 134 |
Total non-current assets | 184 | 324 |
Total assets | 157,854 | 130,569 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of unamortized deferred fin. costs (Note 7) | 7,768 | 4,282 |
Accounts payable, trade and other | 1,472 | 1,322 |
Due to related parties (Note 4) | 68 | 8 |
Accrued liabilities | 1,100 | 1,613 |
Lease liabilities, current (Note 8) | 94 | 72 |
Current liabilities from discontinued operations (Note 3) | 316 | 769 |
Total current liabilities | 10,818 | 8,066 |
Long-term debt, net of unamortized deferred financing costs (Note 7) | 49,898 | 28,001 |
Other liabilities, non-current | 251 | 146 |
Long-term lease liabilities (Note 8) | 90 | 118 |
Commitments and contingencies (Note 8) | 0 | 0 |
Long-term liabilities from discontinued operations (Note 3) | 0 | 0 |
Total long-term liabilities | 50,239 | 28,265 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.01 par value; 25,000,000 shares authorized, none and 1,600 issued and outstanding as at December 31, 2020 and 2019, respectively (Note 9) | 0 | 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized; 5,082,726 and 4,902,071 issued and outstanding as at December 31, 2020 and 2019, respectively (Note 9) | 51 | 49 |
Additional paid-in capital (Note 9) | 457,171 | 459,328 |
Other comprehensive income | 8 | 69 |
Accumulated deficit | (360,433) | (365,208) |
Total stockholders' equity | 96,797 | 94,238 |
Total liabilities and stockholders' equity | $ 157,854 | $ 130,569 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock par value | $ 0.01 | $ 0.01 |
Preferred stock shares authorized | 25,000,000 | 25,000,000 |
Preferred stock shares issued | 0 | 1,600 |
Preferred stock shares outstanding | 0 | 1,600 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock shares authorized | 500,000,000 | 500,000,000 |
Common stock shares issued | 5,082,726 | 4,902,071 |
Common stock shares outstanding | 5,082,726 | 4,902,071 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES: | |||
Voyage and time charter revenues (Notes 1 and 2) | $ 42,045 | $ 6,301 | $ 0 |
EXPENSES: | |||
Voyage expenses | 14,434 | 2,460 | 0 |
Vessel operating expenses | 9,208 | 1,122 | 0 |
Depreciation (Note 6) | 5,799 | 783 | 37 |
Management fees (Note 1) | 231 | 142 | 0 |
General and administrative expenses (Notes 4 and 9) | 7,985 | 8,162 | 8,030 |
Provision for doubtful receivables (Note 2) | 79 | 0 | 0 |
Foreign currency losses / (gains) | 35 | (18) | (62) |
Operating income / (loss) | 4,274 | (6,350) | (8,005) |
OTHER INCOME / (EXPENSES) | |||
Interest and finance costs (Note 10) | (2,089) | (651) | 0 |
Interest income | 110 | 258 | 62 |
Total other income / (expenses), net | (1,979) | (393) | 62 |
Net income / (loss) from continuing operations | 2,295 | (6,743) | (7,943) |
Gain from repurchase of preferred shares (Notes 4 and 11) | 1,500 | 0 | 0 |
Income allocated to participating securities (Note 11) | (87) | 0 | 0 |
Net income/(loss) available to common stockholders from continuing operations | 3,708 | (6,743) | (7,943) |
Net income / (loss) from discontinued operations (Note 3) | 1,482 | (25,314) | (44,952) |
Total net income / (loss) available to common stockholders | $ 5,190 | $ (32,057) | $ (52,895) |
Earnings / (Loss) per common share, basic, continuing operations (Note 11) | $ 0.76 | $ (2.35) | $ (8.40) |
Earnings / (Loss) per common share, diluted, continuing operations (Note 11) | 0.75 | (2.35) | (8.40) |
Earnings / (Loss) per common share, basic, discontinued operations (Note 11) | 0.30 | (8.84) | (47.57) |
Earnings / (Loss) per common share, diluted, discontinued operations (Note 11) | 0.30 | (8.84) | (47.57) |
Earnings / (Loss) per common share, basic, total (Note 11) | 1.06 | (11.19) | (55.97) |
Earnings / (Loss) per common share, diluted, total (Note 11) | $ 1.05 | $ (11.19) | $ (55.97) |
Weighted average number of common shares, basic (Note 11) | 4,875,475 | 2,864,676 | 945,056 |
Weighted average number of common shares, diluted (Note 11) | 4,945,562 | 2,864,676 | 945,056 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income / (loss) from continuing and discontinued operations | $ 3,777 | $ (32,057) | $ (52,895) |
Other comprehensive income / (loss) (Actuarial gain / (loss)) | (61) | 12 | 51 |
Comprehensive income / (loss) from continuing and discontinued operations | $ 3,716 | $ (32,045) | $ (52,844) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance as at Dec. 31, 2017 | $ 4 | $ 0 | $ 411,018 | $ 6 | $ (280,256) | $ 130,772 |
Balance as at Dec. 31, 2017 | 405,097 | 389 | ||||
Net income /(loss) | (52,895) | (52,895) | ||||
Issuance of Series B preferred stock, net of expenses (Note 8), shares | 17,490 | |||||
Issuance of Series B preferred stock, net of expenses (Note 8), value | 17,413 | 17,413 | ||||
Conversion of Series B preferred stock to common stock (Note 9), shares | 1,025,027 | |||||
Conversion of Series B preferred stock to common stock (Note 9), shares | (17,529) | |||||
Conversion of Series B preferred stock to common stock (Note 9), value | (10) | |||||
Conversion of Series B preferred stock to common stock (Note 9), value | $ 10 | |||||
Issuance of restricted stock and compensation cost on restricted stock (Note 9), shares | 16,170 | |||||
Issuance of restricted stock and compensation cost on restricted stock (Note 9), value | 235 | 235 | ||||
Actuarial gain / (loss) | 51 | 51 | ||||
Dividends declared and paid ($0.10 per share) (Note 11) | 0 | |||||
Balance as at Dec. 31, 2018 | $ 14 | $ 0 | 428,656 | 57 | (333,151) | 95,576 |
Balance as at Dec. 31, 2018 | 1,446,294 | 350 | ||||
Net income /(loss) | (32,057) | (32,057) | ||||
Issuance of Series B preferred stock, net of expenses (Note 8), shares | 6,470 | |||||
Issuance of Series B preferred stock, net of expenses (Note 8), value | 6,452 | 6,452 | ||||
Conversion of Series B preferred stock to common stock (Note 9), shares | 710,051 | |||||
Conversion of Series B preferred stock to common stock (Note 9), shares | (5,220) | |||||
Conversion of Series B preferred stock to common stock (Note 9), value | (7) | |||||
Conversion of Series B preferred stock to common stock (Note 9), value | $ 7 | |||||
Issuance of restricted stock and compensation cost on restricted stock (Note 9), shares | 574,779 | |||||
Issuance of restricted stock and compensation cost on restricted stock (Note 9), value | $ 6 | 3,249 | 3,255 | |||
Issuance of common stock in exchange for entities' acquisition (Note 9), shares | 2,170,947 | |||||
Issuance of common stock in exchange for entities' acquisition (Note 9), value | $ 22 | 20,978 | 21,000 | |||
Actuarial gain / (loss) | 12 | 12 | ||||
Dividends declared and paid ($0.10 per share) (Note 11) | 0 | |||||
Balance as at Dec. 31, 2019 | $ 49 | $ 0 | 459,328 | 69 | (365,208) | 94,238 |
Balance as at Dec. 31, 2019 | 4,902,071 | 1,600 | ||||
Net income /(loss) | 3,777 | 3,777 | ||||
Conversion of Series B preferred stock to common stock (Note 9), shares | 195,215 | |||||
Conversion of Series B preferred stock to common stock (Note 9), shares | (1,100) | |||||
Conversion of Series B preferred stock to common stock (Note 9), value | (2) | |||||
Conversion of Series B preferred stock to common stock (Note 9), value | $ 2 | |||||
Repurchase and cancellation of Series B preferred shares (Note 9), shares | (400) | |||||
Repurchase and cancellation of Series B preferred shares (Note 9), value | (400) | (400) | ||||
Repurchase and cancellation of Series C preferred stock, including expenses (Note 9), shares | (100) | |||||
Repurchase and cancellation of Series C preferred stock, including expenses (Note 9), value | (3,015) | 1,500 | (1,515) | |||
Issuance of restricted stock and compensation cost on restricted stock (Note 9), shares | 67,225 | |||||
Issuance of restricted stock and compensation cost on restricted stock (Note 9), value | $ 1 | 1,915 | 1,916 | |||
Common shares re-purchase and retirement, including expenses (Note 9), shares | (81,785) | |||||
Common shares re-purchase and retirement, including expenses (Note 9), value | $ (1) | (655) | (656) | |||
Actuarial gain / (loss) | (61) | (61) | ||||
Dividends declared and paid ($0.10 per share) (Note 11) | (502) | (502) | ||||
Balance as at Dec. 31, 2020 | $ 51 | $ 0 | $ 457,171 | $ 8 | $ (360,433) | $ 96,797 |
Balance as at Dec. 31, 2020 | 5,082,726 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows provided by / (used in) Operating Activities: | |||
Net income /(loss) | $ 3,777 | $ (32,057) | $ (52,895) |
Adjustments to reconcile net income/(loss) to net cash provided by / (used in) operating activities: | |||
Depreciation and amortization of deferred charges (Notes 3 and 6) | 5,898 | 3,684 | 4,945 |
Amortization of deferred financing costs (Note 10) | 325 | 154 | 176 |
Amortization of discount premium | 0 | 0 | 8,990 |
Impairment losses (Notes 3 and 6) | 339 | 31,629 | 20,654 |
Gain / (loss) on vessel's sale (Notes 3 and 6) | (319) | 127 | 16,700 |
Compensation cost on restricted stock awards (Note 9) | 1,916 | 1,791 | 1,587 |
Actuarial gain / (loss) | (61) | 12 | 51 |
(Increase) / Decrease in: | |||
Accounts receivable | 1,072 | (4,575) | 318 |
Deferred voyage expenses | (6) | (69) | 0 |
Inventories | 866 | (2,213) | 1,033 |
Prepaid expenses and other assets | 20 | (3,488) | (32) |
Right of use asset under operating leases | 6 | (190) | |
Increase / (Decrease) in: | |||
Accounts payable, trade and other | (293) | 780 | (455) |
Due to related parties | 60 | 4 | (61) |
Accrued liabilities | (523) | 372 | (685) |
Deferred liabilities | 0 | (305) | (134) |
Other liabilities, non current | 105 | (40) | (22) |
Lease liabilities under operating leases | (6) | 190 | |
Drydock costs | 0 | 0 | (500) |
Net Cash provided by / (used in) Operating Activities | 13,176 | (4,194) | (330) |
Cash Flows provided by / (used in) Investing Activities: | |||
Advances for vessel acquisitions and other vessel costs (Note 5) | 0 | (17) | 0 |
Vessel acquisitions and other vessels' costs (Note 6) | (63,386) | (50,161) | 0 |
Proceeds from sale of vessels, net of expenses (Note 6) | 23,464 | 28,868 | 92,905 |
Property and equipment additions | (224) | (38) | (126) |
Insurance settlements | 0 | 2,831 | 372 |
Net Cash provided by / (used in) Investing Activities | (40,146) | (18,517) | 93,151 |
Cash Flows provided by / (used in) Financing Activities: | |||
Proceeds from long-term bank debt (Note 7) | 34,800 | 33,000 | 0 |
Repayments of related party loans | 0 | 0 | (87,617) |
Repayments of unrelated party loans | (18,500) | ||
Repayments of long-term bank debt (Note 7) | (9,181) | (519) | |
Issuance of preferred stock, net of expenses (Note 9) | 0 | 6,452 | 17,413 |
Common shares re-purchase and retirement, including expenses (Note 9) | (656) | 0 | 0 |
Repurchase of Series C preferred shares, including expenses (Note 9) | (1,515) | 0 | 0 |
Repurchase of Series B preferred shares (Note 9) | (400) | 0 | 0 |
Payments of equity issuance and financing costs (Note 7) | (561) | (352) | (68) |
Cash dividends (Note 11) | (502) | 0 | 0 |
Net Cash provided by / (used in) Financing Activities | 21,985 | 38,581 | (88,772) |
Net increase / (decrease) in cash, cash equivalents and restricted cash | (4,985) | 15,870 | 4,049 |
Cash, cash equivalents and restricted cash at beginning of the year | 26,363 | 10,493 | 6,444 |
Cash, cash equivalents and restricted cash at end of the year | 21,378 | 26,363 | 10,493 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||
Cash and cash equivalents at the end of the year | 21,378 | 26,363 | 10,493 |
Restricted cash at the end of the year | 0 | 0 | 0 |
Cash, cash equivalents and restricted cash at the end of the year | 21,378 | 26,363 | 10,493 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Issuance of common stock in exchange for entities acquisition (Note 4) | 0 | 21,000 | 0 |
Reclassification of compensation cost of issued restricted stock awards from other liabilities to stockholders' equity (Note 9) | 0 | 1,464 | 0 |
Interest payments, net of amounts capitalized | $ 1,655 | $ 408 | $ 2,355 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2020 | |
General Information | 1. General Information Company’s identity The accompanying consolidated financial statements include the accounts of Performance Shipping Inc. (or “Performance”) and its wholly-owned subsidiaries (collectively, the “Company”). Performance was incorporated as Diana Containerships Inc. on January 7, 2010, under the laws of the Republic of the Marshall Islands for the purpose of engaging in any lawful act or activity under the Marshall Islands Business Corporations Act. On February 19, 2019, the Company’s Annual Meeting of Shareholders approved an amendment to the Company’s Amended and Restated Articles of Incorporation to change the name of the Company from “Diana Containerships Inc.” to “Performance Shipping Inc.,” which was effected on February 25, 2019. The Company’s common shares traded on the Nasdaq Global Select Market until March 5, 2020, and effective March 6, 2020, they trade on the Nasdaq Capital Market (Note 9). The Company’s ticker symbol has been “DCIX” until March 30, 2020, at which date it changed to “PSHG”. The Company is a global provider of shipping transportation services through the ownership of tanker vessels, while it owned container vessels since its incorporation through August 2020 (Notes 3 and 6). The Company operates its fleet through Unitized Ocean Transport Limited (the “Manager” or “UOT”), a wholly-owned subsidiary. The fees payable to UOT are eliminated in consolidation as intercompany transactions. Additionally, during 2019 and 2020, the Company has appointed for a limited period of time other managers to provide management services to its vessels. More specifically, Diana Wilhelmsen Management Limited (or “DWM”), which was an affiliated entity until February 2020, was appointed as manager of the container vessels (discontinued operations), and Maersk Tankers A/S (“Maersk Tankers”), an unaffiliated entity, was appointed to manage two of the Company’s tanker vessels (continuing operations). During 2020, the management agreements with Maersk were terminated and UOT has been appointed to provide these services to the tanker vessels. Accordingly, DWM management agreements were terminated upon the container vessels’ sales (Note 6). Management fees to “Maersk Tankers” are separately presented in Management fees in the accompanying consolidated statement of operations and management fees and commissions to DWM are included in Net income/ (loss) from discontinued operations in the accompanying consolidated statements of operations (Notes 3 and 4). Financial Statements presentation Following the sale of all Company’s container vessels in 2020 (Note 6), the Company’s results of operations of the container vessels, as well as their assets and liabilities, are reported as discontinued operations for all periods presented in the accompanying consolidated financial statements (Notes 2 and 3). The comparative figures in these consolidated balance sheets and statements of operations have been adjusted on the basis of presenting separately the discontinued operations’ figures. For the statement of cash flows, the Company elected the alternative of combining cash flows from discontinued operations with cash flows from continuing operations within each cash flow statement category, and as such, no separate disclosure of cash flows from discontinued operations is presented in the statement of cash flows. Furthermore, effective November 2, 2020, the Company effected a one-for-ten reverse stock split on its common stock (Note 9). All share and per share amounts disclosed in the accompanying consolidated financial statements give effect to this reverse stock split retroactively, for all periods presented. Other matters: 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. The outbreak of the COVID-19 virus has had a negative effect on the global economy and has adversely impacted the international shipping industry into which the Company operates. As of December 31, 2020, the impact of the outbreak of COVID-19 virus continues to unfold. As a result, many of the Company’s estimates and assumptions carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. The Company is constantly monitoring the developing situation, as well as its charterers’ response to the severe market disruption via cost cutting and rationalization of their networks and fleets, and is making necessary preparations to address and mitigate, to the extent possible, the impact of COVID-19 to the Company. For 2020, 2019 and 2018, charterers that accounted for more than 10% of the Company’s voyage and hire revenues, were as follows: Charterer 2020 2019 2018 A - Container vessels - Discontinued operations - 31% 29% B - Container vessels - Discontinued operations - 10% 32% C - Container vessels - Discontinued operations - 16% 19% D - Container vessels - Discontinued operations - 11% - E - Tanker vessels - Continuing operations - 13% F - Tanker vessels - Continuing operations 20% - |
Recent Accounting Pronouncement
Recent Accounting Pronouncements and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Recent Accounting Pronouncements and Significant Accounting Policies | 2. Recent Accounting Pronouncements and Significant Accounting Policies Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform (Topic 848): Significant Accounting Policies (a) Principles of Consolidation: (b) Use of Estimates: (c) Other Comprehensive Income / (Loss): (d) Foreign Currency Translation: (e) Cash and Cash Equivalents: (f) Restricted Cash: (g) Accounts Receivable, net: (h) Credit Losses Accounting: (i) Inventories: (j) Vessel Cost: (k) Vessel Depreciation: (l) Impairment of Long-Lived Assets: The Company follows ASC 360-10-40 “Impairment or Disposal of Long-Lived Assets”, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company reviews vessels for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of a vessel plus her unamortized dry-dock costs may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use of the vessel over her remaining useful life and her eventual disposition is less than her carrying amount plus unamortized drydock-costs, the Company evaluates the vessel for impairment loss. The measurement of the impairment loss is based on the fair value of the vessel. The fair value of the vessel is determined based on assumptions by making use of available market data and taking into consideration third-party valuations. The Company evaluates the carrying amounts and periods over which vessels are depreciated to determine if events have occurred which would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. The current conditions in the shipping market with decreased charter rates and decreased vessel market values are conditions that the Company considers indicators of a potential impairment. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates and fleet utilization, while other assumptions include vessels' operating expenses, vessels' residual value, dry-dock costs and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The Company also takes into account factors such as the vessels’ age and employment prospects under the then current market conditions and determines the future undiscounted cash flows considering its various alternatives, including sale possibilities existing for each vessel as of the testing dates. In detail, the projected net operating cash flows are determined by considering the historical and estimated vessels’ performance and utilization, as well as historical utilization of other vessels of similar type and size considering the Company’s recent shift to the tanker market and the lack of extended historical data, the charter revenues from existing time charters for the fixed fleet days and an estimated daily rate for the unfixed days (based on the most recent 10 year average historical rates available for each type of vessel) over the remaining estimated life of each vessel, net of commissions, expected outflows for scheduled vessels’ maintenance and vessel operating expenses assuming an average annual inflation rate. Effective fleet utilization is assumed to 90% in the Company’s exercise for the tanker vessels, and has been 98% for the container vessels until their sale, taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry docking and special surveys), assumptions in line with the Company’s historical performance since the acquisition of its tanker vessels, peers’ historical performance, and its expectations for future fleet utilization under its fleet employment strategy. The review of the tanker vessels’ carrying values in connection with the estimated recoverable amounts for 2020 and 2019 did not result in a recognition of impairment charge, while the respective review for the Company’s container vessels for 2020, 2019 and 2018 indicated impairment charges of $0, $14,195 and $5,028, respectively, which are included in Net income /(loss) from discontinued operations in the accompanying consolidated statements of operations (Notes 3 and 6). (m) Assets Held for Sale: (n) Accounting for Voyage and Time-Charter Revenues and Related Expenses: The Company has determined that all of its time charter agreements contain a lease and are therefore accounted for as operating leases in accordance with ASC 842. Time charter revenues are accounted for over the term of the charter as the service is provided. Vessels are chartered when a contract exists and the vessel is delivered (commencement date) to the charterer, for a fixed period of time, at rates that are generally determined in the main body of charter parties and the relevant voyage expenses burden the charterer (i.e. port dues, canal tolls, pilotages and fuel consumption). Upon delivery of the vessel, the charterer has the right to control the use of the vessel (under agreed prudent operating practices) as they have the enforceable right to: (i) decide the delivery and redelivery time of the vessel; (ii) arrange the ports from which the vessel shall pass; (iii) give directions to the master of the vessel regarding vessel's operations (i.e. speed, route, bunkers purchases, etc.); (iv) sub-charter the vessel and (v) consume any income deriving from the vessel's charter. Any off-hires are recognized as incurred. The charterer may charter the vessel with or without owner's crew and other operating services. In the case of time charter agreements, the agreed hire rates include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company, as a lessor, elected to apply the practical expedient which allowed it to account for the lease and the non-lease components of time charter agreements as one, as the criteria of the paragraphs ASC 842-10-15-42A through 42B are met. Time-charter revenue is usually received in advance, and as such, unearned revenue represents cash received prior to the balance sheet date for which related service has not been provided. Spot, or voyage charter is a charter where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified freight rate per ton, regardless of time to complete. The Company has determined that under voyage charters, the charterer has no right to control any part of the use of the vessel. Thus, the Company’s voyage charters do not contain lease and are accounted for in accordance with ASC 606. More precisely, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. Thus, revenues from voyage charters on the spot market are recognized ratably from the date of loading (Notice of Readiness to the charterer, that the vessel is available for loading) to discharge date of cargo (loading-to-discharge). Voyage charter payments are due upon discharge of the cargo. Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement, represents form of variable consideration and is recognized as the performance obligation is satisfied. The Company has taken the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. As discussed above, under a time charter specified voyage costs, such as bunkers and port charges are paid by the charterer, while commissions are paid by the Company. Under spot charter arrangements, voyage expenses that are unique to a particular charter are paid for by the Company. Commissions are expensed as incurred. Voyage expenses that qualify as contract fulfilment costs (mainly consisting of bunkers expenses and port dues) and are incurred by the Company from the latter of the end of the previous vessel employment, provided that the vessel is fixed, or from the date of inception of a voyage charter contract until the arrival at the loading port, are capitalized to Deferred Voyage Expenses and amortized ratably over the total transit time of the voyage (loading-to-discharge). Vessel voyage expenses that do not qualify as contract fulfilment costs, operating expenses, and charter hire expenses are expensed when incurred. Since August 2019, following the acquisition of tanker vessels, the Company recognizes revenue for two types of charters, time-charters and spot charters as described above. As of December 31, 2020, the balance of Accounts receivable, net, for the continuing operations amounted to $3,399 for the spot charters (of which $456 relates to contract assets), and to $104 for the time-charters. For 2020, Revenues for continuing operations amounted to $34,742 from spot charters, and to $7,303 from time-charters. As of December 31, 2019, the balance of Accounts receivable, net, amounted to $3,985 (of which $299 relates to contract assets), and Revenues of 2019 amounted to $6,301 for the continuing operations relate exclusively to spot charters. In 2018, all Company’s vessels (which were exclusively container vessels) were operating under time-charter contracts. For the containers fleet, revenues of 2020, 2019 and 2018 related exclusively to time-charters and are included in Net income / (loss) from discontinued operations in the accompanying consolidated financial statements, while the respective Accounts receivable, net as of December 31, 2020 and 2019 are included in Current assets from discontinued operations in the accompanying consolidated balance sheets (Note 3). (o) Earnings/(Loss) per Common Share: (p) Accounting for Dry-Docking Costs: (q) Financing Costs and Liabilities: ( r) Repairs and Maintenance: (s) Share-Based Payment: (t) Fair Value Measurements: · 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. (u) Concentration of Credit Risk: (v) Going Concern: (w) Evaluation of Purchase Transactions: (x) Re-purchase and Retirement of Company’ Common Shares: (y) Re-purchase and Retirement of Company’ Preferred Shares: (z) Discontinued Operations: |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | 3. Discontinued Operations Since August 2019, that the delivery of the Company’s first tanker vessel “Blue Moon” took place, until August 2020, when the last container vessel “Domingo” was sold, the Company’s fleet was a mixture of container and tanker vessels. Accordingly, the Company had determined that it would operate under two reportable segments, one relating to its operations of container vessels (containers segment) and one to the operations of tanker vessels (tankers segment). Concurrently with the acquisition of its first tanker vessels, as the market environment for the Company’s containers fleet continued to be negative and with difficult employment opportunities, management initiated a number of actions for the gradual disposal of the whole container vessels’ fleet, although no decision at that time was reached for a strategic shift to a different segment. In the first months of 2020, the Company acquired two additional tanker vessels. In August 2020, at the time when the fleet’s last container vessel was sold (Note 6), the Company evaluated the results of the tanker vessels owned since 2019 and assessed that the prospects of the specific segment as positive. At that time, the Company determined that its decision to exit the container segment represented a strategic shift to the exclusive ownership of tanker vessels and further assessed that the disposal of all of its container vessels constituted a disposal of an entity’s segment, that will have a major effect on the Company’s operations and financial results. Furthermore, the Company determined that it will not have continuing involvement in the operation of the disposed assets. In this respect, the results of operations of the container vessels, as well as their assets and liabilities, are reported as discontinued operations for all periods presented in the accompanying consolidated financial statements. The comparative figures in these consolidated financial statements have been adjusted on the basis of presenting separately the discontinued operations’ figures. Below are presented summarized the operating results of the discontinued operations for 2020, 2019 and 2018, as well as the balance sheet information on the Company's discontinued operations as of December 31, 2020 and 2019: 2020 2019 2018 Items constituting net income / (loss) from discontinued operations Time-charter revenues (Notes 1 and 2) $ 4,238 $ 20,545 $ 25,566 Voyage expenses (188) (987) (1,267) Vessels' operating expenses (2,336) (10,199) (15,453) Depreciation and amortization of deferred charges (Notes 2 and 6) (99) (2,901) (4,908) Management fees (Note 4) (116) (5) - Impairment losses (Note 6) (339) (31,629) (20,654) Gain / (loss) on vessel's sale (Note 6) 319 (127) (16,700) Foreign currency gains/ (losses) 3 (11) (18) Interest and finance costs (Notes 4, 7 and 10) - - (11,520) Interest income - - 2 Net income/ (loss) from discontinued operations 1,482 (25,314) (44,952) December 31, December 31, Carrying amounts of major classes of assets of discontinued operations 2020 2019 Cash and cash equivalents $ 13 $ 49 $ Accounts receivable, trade 110 700 Inventories - 605 Prepaid expenses and other assets 105 285 Total major classes of current assets of discontinued operations 228 1,639 Total fixed assets, net - 23,450 Deferred charges, net - 134 Total major classes of non-current assets of discontinued operations - 23,584 Carrying amounts of major classes of liabilities of discontinued operations Accounts payable, trade and other 207 650 Accrued liabilities 109 119 Total major classes of current liabilities of discontinued operations 316 769 Capital expenditures from discontinued operations relating to dry-docking costs for 2020, 2019 and 2018 were $0, $0 and $500, respectively. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Transactions with Related Parties | 4. Transactions with Related Parties (a) Altair Travel Agency S.A (“Altair”): (b) Steamship Shipbroking Enterprises Inc. (“Steamship Shipbroking”): Steamship Shipbroking, a company controlled by the Company’s Chairman of the Board and former CEO, provided, until March 1, 2020, brokerage services to the Company, pursuant to a Brokerage Services Agreement for a fixed fee. For 2020, 2019 and 2018, total brokerage fees to Steamship Shipbroking amounted to $280, $2,100 and $2,145 respectively, and are included in General and administrative expenses in the accompanying consolidated statements of operations. As at December 31, 2019 an amount of $420 has been accrued for in connection with bonuses approved to Steamship Shipbroking and is included in Accrued liabilities in the accompanying 2019 consolidated balance sheets. As at December 31, 2020 and 2019, there was no amount due from or due to Steamship Shipbroking. (c) Pure Brokerage and Shipping Corp.(“Pure Brokerage”): For 2020, commission to $227 and $80, respectively, and are included in Voyage expenses and in General and administrative expenses in the accompanying consolidated statements of operations. Also for 2020, commissions of discontinued operations amounted to $56 and are included in Net income/(loss) from discontinued operations (Note 3). As at December 31, 2020, an amount of $68 was payable to Pure Brokerage and is included in Due to related parties in the accompanying consolidated balance sheets. (d) Diana Shipping Inc. (“DSI ”): In May 2013, the Company entered into an unsecured loan agreement of up to $50,000 with DSI, which was subsequently amended in 2015, 2016 and 2017. In May 2017, as discussed in Note 9, the Company issued 100 shares of its then newly-designated Series C Preferred Stock to DSI, in exchange for a reduction of $3,000 in the principal amount of the Company's then outstanding loan. Later, in June 2017, the Company refinanced the then existing loan for an amount of $87,617, including a $5,000 interest-bearing discount premium, which was payable at maturity in 2018. The loan, which was secured over all of the Company’s container vessels owned as of the date of refinancing, was gradually repaid in full up to July 2018, together with the discount premium, and thus the loan agreement was terminated. The weighted average interest rate of the DSI loan during 2018 was 6.12%. For 2018, interest expense incurred under the loan agreement with DSI amounted to $2,054 and the discount premium amortization amounted to $2,708. Interest expense and discount premium amortization are included in Net income / (loss) from discontinued operations in the accompanying consolidated financial statements (Note 3). On March 26, 2020, the Company re-purchased all 100 Series C preferred shares that were issued to DSI and consequently cancelled them (Note 9). (e) $21,000 Investment by the Company’s Chairman of the Board and former CEO: The “Blue Moon” and the “Briolette” were delivered to the Company charter-free in August and November 2019, respectively, and the Company paid the remaining balance of the purchase price through bank financing and cash on hand. The vessel “P. Fos ” was delivered to the Company charter-free in January 2020 and the balance of the purchase price payable under the contract of $15,000 was funded through bank financing and cash on hand (Notes 6 and 7). (f) Diana Wilhelmsen Management Limited (“DWM”): |
Advances for Vessels Acquisitio
Advances for Vessels Acquisitions and Other Vessels' Costs | 12 Months Ended |
Dec. 31, 2020 | |
Advances for Vessel Acquisitions and Other Vessels' Costs | 5. Advances for Vessel Acquisitions and Other Vessels’ Costs As discussed in Note 4, in November 2019, the Company acquired for a purchase price of $11,000 the entity Rongelap Shipping Company Inc., whose sole asset was a contract to acquire the tanker vessel “P. Fos” for a total price of $26,000. The delivery of the vessel took place in January 2020, and the Company paid the remaining $15,000 of the vessels’ MOA price through cash on hand and debt financing, as the Company drew down an amount of $14,000 from Nordea, pursuant to the respective amended and restated loan agreement terms (Note 7). As at December 31, 2020, there were no advances for vessels’ acquisitions and other vessels’ costs. As at December 31, 2019, the amount presented in the accompanying consolidated balance sheets represents solely the advance deposits and other costs capitalized in connection with the prospective acquisition of the tanker vessel “P. Fos”, in accordance with the Company’s accounting policy, and is analyzed as follows: December 31, 2020 December 31, 2019 Advances for vessel acquisitions $ - $ 11,000 Capitalized costs - 17 Total $ - $ 11,017 |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2020 | |
Vessels, net | 6. Vessels, net Vessel acquisitions – Continuing Operations In 2019, the Company acquired the tanker vessels “Blue Moon” and “Briolette”, for a purchase price of $30,000 each. The Company had acquired in June 2019 from its’ Chairman of the Board and former CEO the entities Taburao Shipping Company Inc. and Tarawa Shipping Company Inc., whose sole assets were the contracts to acquire the specific vessels (Note 4). The vessels were delivered to the Company in August and November 2019, respectively, and aggregate pre-delivery costs capitalized amounted to $161. As discussed in Notes 4 and 5, in November 2019, the Company acquired from its’ Chairman of the Board and former CEO the entity Rongelap Shipping Company Inc., whose sole asset was a contract to acquire the tanker vessel “P. Fos” for a purchase price of $11,000. In January 2020, the Company took delivery of the tanker vessel “P. Fos”, which had a purchase price of $26,000. Later during the year, the Company also acquired the tanker vessels “P. Kikuma” and “P. Yanbu”, for a purchase price of $26,000 and $22,000, respectively. The vessels were delivered to the Company in March and December 2020, respectively. Aggregate pre-delivery costs capitalized in connection with these three vessels amounted to $403 (including the $17 that were capitalized in 2019 for the vessel “P Fos” – Note 5). Vessels’ impairment – Discontinued Operations In 2020, 2019 and 2018, the Company, taking into account the provisions of ASC 360 and factors such as the vessels’ age and employment prospects under the then current market conditions, determined the future undiscounted cash flows for each of its vessels, considering its various alternatives, including sale possibilities. During 2020, 2019, and 2018, the carrying value of one, three and two vessels, respectively, was impaired as a result of their classification as “held for sale” or as a result of the Company’s impairment exercise. More specifically, in 2020, an impairment loss of $339 was recognized in connection with the container vessels’ “Rotterdam” held for sale classification on the March 31, 2020 balance sheets, as the vessel’s carrying value exceeded its fair value, less costs to sell. During 2019, an impairment loss of $17,434 was recognized in connection with the classification of the container vessel “Pucon” as “held for sale” on the September 30, 2019 balance sheets, and an aggregate impairment loss of $14,195 was recognized for the container vessels ”Pamina” and “Rotterdam” that were classified on the June 30, 2019, and December 31, 2019 balance sheets, respectively, as held and used, as the Company’s impairment exercise concluded that their carrying value was not recoverable. In 2018, the Company, after taking into account factors such as the vessels’ age and employment prospects under the then current market conditions, determined the future undiscounted cash flows for each of its vessels, considering its various alternatives, including sale possibilities. This assessment concluded that the carrying value of two vessels in 2018 was not recoverable and accordingly, the Company has recognized an aggregate impairment loss of $20,654. The vessels were measured at fair value on a non-recurring basis as a result of the Company’s impairment test exercise or their “held for sale” classification and their fair value was determined through Level 2 inputs of the fair value hierarchy making also use of available market data for the market value of vessels with similar characteristics. The aggregate fair value of the impaired vessels as of the testing dates was $18,130 in 2020, $47,393 in 2019 and $29,074 in 2018. In aggregate, in 2020, 2019, and 2018, the impairment loss recognized by the Company amounted to $339, $31,629, out of which $598 were unamortized dry-dock costs (Note 2 (k),(o)), and $20,654 respectively, and is included in Net income/(loss) from discontinued operations in the accompanying consolidated statement of operations (Note 3). Vessels’ disposals – Discontinued Operations In August and September 2019, the Company, through two of its subsidiaries, entered into two memoranda of agreement to sell the container vessels “Pamina” and “Pucon” to unrelated parties for an aggregate gross price of $29,340. The “Pamina” and the “Pucon” were delivered to their new owners in October and November 2019, respectively, and the Company received the sale proceeds in accordance with the terms of the contracts. In January and August 2020, the Company, through two of its subsidiaries, agreed to sell the container vessels “Rotterdam” and “Domingo” to unrelated parties for an aggregate gross price of $24,100, respectively. The vessels were delivered to her new owners in April and August 2020, respectively, and the Company received the sale proceeds in accordance with the terms of the contracts. For 2020, the gain on sale of vessels, net of direct to sale expenses, amounted to $319, while the respective loss for 2019 and 2018, including direct to sale expenses, amounted to $127 and $16,700, respectively. The gain / (loss) on vessels’ sale is included in Net income/(loss) from discontinued operations in the accompanying consolidated statement of operations (Note 3). The amounts of Vessels, net in the accompanying consolidated balance sheets are analyzed as follows: Continuing Operations Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 $ - $ - $ - - Acquisitions and other vessels' costs 60,161 - 60,161 - Depreciation - (740) (740) Balance, December 31, 2019 $ 60,161 $ (740) $ 59,421 - Transfer from advances for vessel acquisitions and other vessel costs 11,017 - 11,017 - Acquisitions and other vessels' costs 63,386 - 63,386 - Depreciation - (5,716) (5,716) Balance, December 31, 2020 $ 134,564 $ (6,456) $ 128,108 Discontinued Operations Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 105,424 (19,554) 85,870 - Vessels' disposals (40,553) 11,677 (28,876) - Depreciation - (2,513) (2,513) - Impairment charges (31,031) - (31,031) Balance, December 31, 2019 $ 33,840 $ (10,390) $ 23,450 - Vessels' disposals (33,501) 10,421 (23,080) - Impairment charges (339) - (339) - Depreciation - (31) (31) Balance, December 31, 2020 $ - $ - $ - As at December 31, 2020, the Company’s vessels, having an aggregate net book value of $128,108, have been provided as collateral to secure the loan facilities with Nordea and Piraeus Bank (Note 7). |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Long-Term Debt | 7. Long-Term Debt The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2020 Current Non-current December 31, 2019 Current Non-current Nordea secured term loan $ 28,142 $ 3,740 $ 24,402 $ 32,481 $ 4,340 $ 28,141 Piraeus Bank secured term loan 29,958 4,171 25,787 - - - less unamortized deferred financing costs (434) (143) (291) (198) (58) (140) Total debt, net of deferred financing costs $ 57,666 $ 7,768 $ 49,898 $ 32,283 $ 4,282 $ 28,001 Secured Term Loans: On December 3, 2020, the Company, through Rongelap Shipping Company Inc., Toka Shipping Company Inc. and Arno Shipping Company Inc. (collectively the “Piraeus Bank Borrowers”), entered into a loan agreement with Piraeus Bank S.A. (“Piraeus Bank”) for a senior secured term loan facility of up to $31,526, to refinance the existing indebtedness of the vessels “P. Fos” and “P. Kikuma” with Nordea, described above, and partially finance the acquisition cost of the vessel “P. Yanbu”. The three borrowers utilized in December 2020 an aggregate amount of $29,958 under the loan agreement, and no amount remained available for drawdown thereafter. The Nordea and Piraeus Bank loans are repayable in quarterly installments plus one balloon installment per loan agreement to be paid together with the last installment and bear interest at LIBOR plus margin ranging from 2.75% to 2.85%. Their maturities fall in July and December 2024, respectively, and at each utilization date, arrangement fees of 1.00% were paid. Financing fees for loan amendments that are determined by the Company to be debt modifications are classified as a contra to debt and amortized over the term of the loans using the effective interest method, and unamortized fees relating to the repaid loans which were deemed a debt extinguishment, which amounted to $176 in 2020, were expensed in interest and finance costs in the period the extinguishment was made. The loans are guaranteed by Performance Shipping Inc., are secured by first priority mortgages over the financed vessels, first priority assignments of earnings, insurances and of any charters exceeding durations of two years, pledge over the borrowers’ shares and over their earnings accounts, and vessels’ managers’ undertakings. The loan agreements require a minimum hull value of the financed vessels, impose restrictions as to dividend distribution following the occurrence of an event of default and changes in shareholding, include customary financial covenants and require at all times during the facility period a minimum cash liquidity. As at December 31, 2020, and December 31, 2019, the compensating cash balance required under the loan agreements amounted to $9,000 and $7,000 respectively, and is included in Cash and cash equivalents in the accompanying consolidated balance sheets. As at December 31, 2020 and 2019, the Company was in compliance with all of its loan covenants, and has obtained the lenders’ consent for the change of the Company’s major shareholder that took place in 2020. For 2020, 2019 and 2018, interest expense on long-term debt in connection with the above-described loan agreements amounted to $1,710, $416 and $0, and commitment fees amounted to $6, $55 and $0 and are included in Interest and finance costs in the accompanying consolidated statement of operations. Accrued interest as of December 31, 2020 and 2019 amounted to $63 and $8, respectively, and is included in Accrued liabilities in the accompanying consolidated balance sheets. The weighted average interest rate of the Company’s loans for 2020 and 2019, was 3.32% and 4.68%, respectively. For 2018, interest expense and discount premium amortization in connection with the terminated loan agreement with Addiewell Ltd amounted to $247 and $6,282, respectively, and are included in Net income / (loss) from discontinued operations in the accompanying consolidated statement of operations (Note 3). As at December 31, 2020, the maturities of the debt facilities described above, are as follows: Principal Repayment Year 1 $ 7,911 Year 2 7,911 Year 3 7,911 Year 4 34,367 Total $ 58,100 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies | 8. Commitments and Contingencies (a) The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Company’s vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the protection and indemnity association (“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 outstanding in respect of any policy year. (b) (c) The following table sets forth the Company’s undiscounted office rental obligations as at December 31, 2020: Amount Year 1 $ 100 Year 2 79 Year 3 21 Total $ 200 Less imputed interest -16 Present value of lease liabilities $ 184 Lease liabilities, current 94 Lease liabilities, non- current 90 Present value of lease liabilities $ 184 |
Changes in Capital Accounts
Changes in Capital Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Changes in Capital Accounts | 9. Changes in Capital Accounts (a) In 2018 and 2019, the Company received net equity proceeds, after deducting offering expenses payable by the Company, of $17,413 and $6,452, respectively. In 2018, an aggregate of 17,490 preferred warrants were exercised for the sale of an equal number of preferred shares and in aggregate, 17,529 Series B-2 convertible preferred shares were converted to 1,025,027 common shares, thus leaving 250 Series B convertible preferred shares outstanding as at December 31, 2018. In 2019, an aggregate of 6,470 preferred warrants were exercised for the sale of an equal number of preferred shares and in aggregate, 5,220 Series B convertible preferred shares were converted to 710,051 common shares, thus leaving 1,500 Series B convertible preferred shares outstanding as at December 31, 2019. From January 1, 2020 and up to April 6, 2020, 1,100 Series B convertible preferred shares were converted to 195,215 common shares, thus leaving 400 Series B convertible preferred shares outstanding as at April 6, 2020. On April 6, 2020, the Company’s BOD members approved the re-purchase of the Company’s outstanding Series B-2 Preferred Shares, previously issued to “Kalani”, for a purchase price of $400. Following the BOD approval, the Company entered into an agreement with “Kalani” on April 7, 2020 for the re-purchase of all 400 Series B-2 convertible preferred shares outstanding, paid the purchase price of $400 and consequently cancelled the Series B-2 Preferred Shares. (b) (c) On September 11, 2019, the Company announced that it has received written notification from The NASDAQ dated September 6, 2019, indicating the closing bid price of the Company's common stock for 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the NASDAQ Global Select Market, the Company’s applicable grace period to regain compliance was until March 4, 2020. On March 6, 2020 the Company’s securities were transferred to NASDAQ Capital Market and in connection with this, the Company was granted an additional grace period of 180 days, until August 31, 2020, to cure the bid price deficiency. On April 20, 2020, NASDAQ further notified the Company that, due to the unprecedented turmoil in U.S. and world financial markets that Covid-19 outbreak has caused, it filed an immediately effective rule change with the Securities and Exchange Commission for the tolling of the compliance periods of all price-based deficiencies and, as such, it granted the Company additional time until November 16, 2020, to regain compliance. The Company cured its bid price deficiency within the required time period by effecting on November 2, 2020 a reverse stock split on its common stock (see under (d) below). (d) (e) In January 2020, the Company’s Board of Directors further authorized a share repurchase program to purchase up to an aggregate of $6,000 of the Company’s common shares, with identical terms to the former program. During 2020, the Company has repurchased 81,785 common shares of value $656, including expenses, and all common shares repurchased as part of this program were cancelled by the Company. The Board of Directors’ authorization of this program expired on December 21, 2020. (f) On February 15, 2018, the Company's Board of Directors approved a one-time award of restricted common stock, which was proposed by the Company's compensation committee, with an aggregate value of $5,000, to the Company's executive officers and non-executive directors, In 2018, a compensation cost of $1,464 was recognized in connection with the specific award and is included in General and administrative expenses in the accompanying consolidated statements of operations, and in February 2019, upon the issuance of the shares, the respective amount has been reclassified from Other liabilities, non-current to Additional paid-in capital in the accompanying 2019 consolidated balance sheets. On December 30, 2020, the Company’s Board of Directors approved an amendment to the 2015 Equity Incentive Plan, to increase the aggregate number of shares issuable under the plan to 538,830 shares, and further approved 67,225 restricted common shares to be issued on the same date as an award to the Company’s directors. The fair value of the award was $320 and was calculated by using the share closing price of December 29, 2020. One fourth of the shares vested on December 30, 2020 and the remainder three fourths will vest ratably over three years from the issuance date. As at December 31, 2020, 471,605 restricted common shares remained reserved for issuance under the Plan. During 2019 and 2018, aggregate compensation cost on restricted stock amounted to $1,916, $1,791 and $1,587 respectively, and is included in General and administrative expenses in the accompanying consolidated statements of operations. At December 31, 2020 and 2019, the total unrecognized compensation cost relating to restricted share awards was $293 and $1,889, respectively. During , 2019 and 2018, the movement of the restricted stock cost was as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2017 - - Granted 16,170 23.50 Vested (5,390) 23.50 Forfeited or expired - - Outstanding at December 31, 2018 10,780 $ 23.50 Granted 574,779 8.70 Vested (196,983) 9.10 Forfeited or expired - - Outstanding at December 31, 2019 388,576 8.90 Granted 67,225 4.76 Vested (355,702) 8.74 Forfeited or expired - - Outstanding at December 31, 2020 100,099 $ 6.71 As at December 31, 2020, the weighted-average period over which the total compensation cost related to non-vested awards, as presented above, is expected to be recognized, is 1.07 years. |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2020 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 10. Interest and Finance Costs The amounts in the accompanying consolidated statements of operations are analyzed as follows: 2020 2019 2018 Interest expense on bank debt (Note 7) $ 1,710 $ 416 $ - Amortization of deferred financing costs 325 154 - Commitment fees and other 54 81 - Total $ 2,089 $ 651 $ - For 2018, interest and finance costs of $11,520 are included in Net income / (loss) of discontinued operations, as these costs were attributable to loans in connection with the Company’s container vessels (Note 3). |
Earnings _ (Loss) per Share
Earnings / (Loss) per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings / (Loss) Per Share | 11. Earnings / (Loss) per Share All common shares issued (including the restricted shares issued under the equity incentive plan, or else) are the Company’s common stock and have equal rights to vote and participate in dividends, subject to forfeiture provisions set forth in the applicable award agreements. Unvested shares granted under the Company's incentive plan, or else, are entitled to receive dividends which are not refundable, even if such shares are forfeited, and therefore are considered participating securities for basic earnings per share calculation purposes. For 2020, 2019 and 2018, the Company paid dividends of $502, $0 and $0. The calculation of basic earnings/ (loss) per share does not consider the non-vested shares as outstanding until the time-based vesting restrictions have lapsed. The dilutive effect of share-based compensation arrangements is computed using the treasury stock method, which assumes that the “proceeds” upon exercise of these awards are used to purchase common shares at the average market price for the period. For 2020, no incremental shares were calculated from the application of the treasury stock method for the restricted shares. The computation of diluted earnings per share reflects the potential dilution from conversion of outstanding preferred convertible stock (Note 9) calculated with the "if converted" method and resulted for 2020 in 70,087 shares. As of December 31, 2019 and 2018, securities that could potentially dilute basic loss per share in the future that were not included in the computation of diluted loss per share, because to do so would have anti-dilutive effect, are any incremental shares of non-vested equity incentive plan shares, calculated with the treasury stock method, as well as shares assumed to be converted with respect to the preferred convertible stock calculated with the if-converted method. For 2020, earnings attributable to common equity holders is adjusted by $1,500, being the difference between the fair value of the consideration paid for the re-purchase of the Series C preferred shares (Note 9) and the carrying amount of the shares surrendered. The $1,500 gain from repurchase has been allocated to continuing operations, as it derives from corporate decisions in connection with the restructuring of the Company’s share capital. 2020 2019 2018 Basic EPS Diluted EPS Basic LPS Diluted LPS Basic LPS Diluted LPS Net income / (loss) from continuing operations $ 2,295 $ 2,295 $ (6,743) $ (6,743) $ (7,943) $ (7,943) plus gain from repurchase of preferred shares 1,500 1,500 - - - - less income allocated to participating securities (87) (87) - - - - Net income / (loss) available to common stockholders from continuing operations 3,708 3,708 (6,743) (6,743) (7,943) (7,943) Net income / (loss) from discontinued operations 1,482 1,482 (25,314) (25,314) (44,952) (44,952) Total net income / (loss) available to common stockholders 5,190 5,190 (32,057) (32,057) (52,895) (52,895) Weighted average number of common shares outstanding 4,875,475 4,875,475 2,864,676 2,864,676 945,056 945,056 Effect of dilutive shares - 70,087 - - - - Total shares outstanding 4,875,475 4,945,562 2,864,676 2,864,676 945,056 945,056 Earnings / (Loss) per common share, continuing operations $ 0.76 $ 0.75 $ (2.35) $ (2.35) $ (8.40) $ (8.40) Earnings / (Loss) per common share, discontinued operations $ 0.30 $ 0.30 $ (8.84) $ (8.84) $ (47.57) $ (47.57) Earnings / (Loss) per common share, total $ 1.06 $ 1.05 $ (11.19) $ (11.19) (55.97) $ (55.97) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes Under the laws of the countries of the companies’ incorporation and / or vessels’ registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in Vessel operating expenses in the accompanying consolidated statements of operations. The Company is potentially subject to a four percent U.S. federal income tax on 50% of its gross income derived by its voyages that begin or end in the United States. However, under Section 883 of the Internal Revenue Code of the United States (the “Code”), a corporation is exempt from U.S. federal income taxation on its U.S.-source shipping income if: (a) it is organized in a foreign country that grants an equivalent exemption from tax to corporations organized in the United States (an “equivalent exemption”); and (b) either (i) more than 50% of the value of its common stock is owned, directly or indirectly, by “qualified shareholders,”, which is referred to as the “50% Ownership Test,” or (ii) its common stock is “primarily and regularly traded on an established securities market” in the United States or in a country that grants an “equivalent exemption”, which is referred to as the “Publicly-Traded Test.” The Marshall Islands, the jurisdiction where Performance Shipping Inc. and each of its vessel-owning subsidiaries are incorporated, grant an “equivalent exemption” to U.S. corporations. Therefore, the Company would be exempt from U.S. federal income taxation with respect to its U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met. Based on the trading and ownership of its stock, the Company believes that it satisfied the Publicly-Traded Test for its 2020 taxable year and intends to take this position on its 2020 U.S. federal income tax returns. Therefore, the Company does not expect to have any U.S. federal income tax liability for the year ended December 31, 2020. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments and Fair Value Disclosures | 13. Financial Instruments and Fair Value Disclosures The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair values of long-term bank loans approximate the recorded values, due to their variable interest rates. The Company is exposed to interest rate fluctuations associated with its variable rate borrowings and its objective is to manage the impact of such fluctuations on earnings and cash flows of its borrowings. Currently, the company does not have any derivative instruments to manage such fluctuations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events | 14. Subsequent Events (a) Issuance of Stock Options: |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted Reference Rate Reform (Topic 848): In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. The Company does not currently have any contracts that have been changed to a new reference rate, but will continue to evaluate its contracts and the effects of this standard on its consolidated financial position, results of operations, and cash flows prior to adoption. |
Principles of Consolidation | (a) Principles of Consolidation: |
Use of Estimates | (b) Use of Estimates: |
Other Comprehensive Income / (Loss) | (c) Other Comprehensive Income / (Loss): |
Foreign Currency Translation | (d) Foreign Currency Translation: |
Cash and Cash Equivalents | (e) Cash and Cash Equivalents: |
Restricted Cash | (f) Restricted Cash: |
Accounts Receivable | (g) Accounts Receivable, net: |
Credit Losses Accounting | (h) Credit Losses Accounting: |
Inventories | (i) Inventories: |
Vessel Cost | (j) Vessel Cost: |
Vessel Depreciation | (k) Vessel Depreciation: |
Impairment of Long-Lived Assets | (l) Impairment of Long-Lived Assets: The Company follows ASC 360-10-40 “Impairment or Disposal of Long-Lived Assets”, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The Company reviews vessels for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of a vessel plus her unamortized dry-dock costs may not be recoverable. When the estimate of future undiscounted net operating cash flows, excluding interest charges, expected to be generated by the use of the vessel over her remaining useful life and her eventual disposition is less than her carrying amount plus unamortized drydock-costs, the Company evaluates the vessel for impairment loss. The measurement of the impairment loss is based on the fair value of the vessel. The fair value of the vessel is determined based on assumptions by making use of available market data and taking into consideration third-party valuations. The Company evaluates the carrying amounts and periods over which vessels are depreciated to determine if events have occurred which would require modification to their carrying values or useful lives. In evaluating useful lives and carrying values of long-lived assets, management reviews certain indicators of potential impairment, such as undiscounted projected operating cash flows, vessel sales and purchases, business plans and overall market conditions. The current conditions in the shipping market with decreased charter rates and decreased vessel market values are conditions that the Company considers indicators of a potential impairment. In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels' future performance, with the significant assumptions being related to charter rates and fleet utilization, while other assumptions include vessels' operating expenses, vessels' residual value, dry-dock costs and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. The Company also takes into account factors such as the vessels’ age and employment prospects under the then current market conditions and determines the future undiscounted cash flows considering its various alternatives, including sale possibilities existing for each vessel as of the testing dates. In detail, the projected net operating cash flows are determined by considering the historical and estimated vessels’ performance and utilization, as well as historical utilization of other vessels of similar type and size considering the Company’s recent shift to the tanker market and the lack of extended historical data, the charter revenues from existing time charters for the fixed fleet days and an estimated daily rate for the unfixed days (based on the most recent 10 year average historical rates available for each type of vessel) over the remaining estimated life of each vessel, net of commissions, expected outflows for scheduled vessels’ maintenance and vessel operating expenses assuming an average annual inflation rate. Effective fleet utilization is assumed to 90% in the Company’s exercise for the tanker vessels, and has been 98% for the container vessels until their sale, taking into account the period(s) each vessel is expected to undergo her scheduled maintenance (dry docking and special surveys), assumptions in line with the Company’s historical performance since the acquisition of its tanker vessels, peers’ historical performance, and its expectations for future fleet utilization under its fleet employment strategy. The review of the tanker vessels’ carrying values in connection with the estimated recoverable amounts for 2020 and 2019 did not result in a recognition of impairment charge, while the respective review for the Company’s container vessels for 2020, 2019 and 2018 indicated impairment charges of $0, $14,195 and $5,028, respectively, which are included in Net income /(loss) from discontinued operations in the accompanying consolidated statements of operations (Notes 3 and 6). |
Assets held for sale | (m) Assets Held for Sale: |
Accounting for Voyage and Time-Charter Revenues and Related Expenses | (n) Accounting for Voyage and Time-Charter Revenues and Related Expenses: The Company has determined that all of its time charter agreements contain a lease and are therefore accounted for as operating leases in accordance with ASC 842. Time charter revenues are accounted for over the term of the charter as the service is provided. Vessels are chartered when a contract exists and the vessel is delivered (commencement date) to the charterer, for a fixed period of time, at rates that are generally determined in the main body of charter parties and the relevant voyage expenses burden the charterer (i.e. port dues, canal tolls, pilotages and fuel consumption). Upon delivery of the vessel, the charterer has the right to control the use of the vessel (under agreed prudent operating practices) as they have the enforceable right to: (i) decide the delivery and redelivery time of the vessel; (ii) arrange the ports from which the vessel shall pass; (iii) give directions to the master of the vessel regarding vessel's operations (i.e. speed, route, bunkers purchases, etc.); (iv) sub-charter the vessel and (v) consume any income deriving from the vessel's charter. Any off-hires are recognized as incurred. The charterer may charter the vessel with or without owner's crew and other operating services. In the case of time charter agreements, the agreed hire rates include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company, as a lessor, elected to apply the practical expedient which allowed it to account for the lease and the non-lease components of time charter agreements as one, as the criteria of the paragraphs ASC 842-10-15-42A through 42B are met. Time-charter revenue is usually received in advance, and as such, unearned revenue represents cash received prior to the balance sheet date for which related service has not been provided. Spot, or voyage charter is a charter where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified freight rate per ton, regardless of time to complete. The Company has determined that under voyage charters, the charterer has no right to control any part of the use of the vessel. Thus, the Company’s voyage charters do not contain lease and are accounted for in accordance with ASC 606. More precisely, the Company satisfies its single performance obligation to transfer cargo under the contract over the voyage period. Thus, revenues from voyage charters on the spot market are recognized ratably from the date of loading (Notice of Readiness to the charterer, that the vessel is available for loading) to discharge date of cargo (loading-to-discharge). Voyage charter payments are due upon discharge of the cargo. Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement, represents form of variable consideration and is recognized as the performance obligation is satisfied. The Company has taken the practical expedient not to disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. As discussed above, under a time charter specified voyage costs, such as bunkers and port charges are paid by the charterer, while commissions are paid by the Company. Under spot charter arrangements, voyage expenses that are unique to a particular charter are paid for by the Company. Commissions are expensed as incurred. Voyage expenses that qualify as contract fulfilment costs (mainly consisting of bunkers expenses and port dues) and are incurred by the Company from the latter of the end of the previous vessel employment, provided that the vessel is fixed, or from the date of inception of a voyage charter contract until the arrival at the loading port, are capitalized to Deferred Voyage Expenses and amortized ratably over the total transit time of the voyage (loading-to-discharge). Vessel voyage expenses that do not qualify as contract fulfilment costs, operating expenses, and charter hire expenses are expensed when incurred. Since August 2019, following the acquisition of tanker vessels, the Company recognizes revenue for two types of charters, time-charters and spot charters as described above. As of December 31, 2020, the balance of Accounts receivable, net, for the continuing operations amounted to $3,399 for the spot charters (of which $456 relates to contract assets), and to $104 for the time-charters. For 2020, Revenues for continuing operations amounted to $34,742 from spot charters, and to $7,303 from time-charters. As of December 31, 2019, the balance of Accounts receivable, net, amounted to $3,985 (of which $299 relates to contract assets), and Revenues of 2019 amounted to $6,301 for the continuing operations relate exclusively to spot charters. In 2018, all Company’s vessels (which were exclusively container vessels) were operating under time-charter contracts. For the containers fleet, revenues of 2020, 2019 and 2018 related exclusively to time-charters and are included in Net income / (loss) from discontinued operations in the accompanying consolidated financial statements, while the respective Accounts receivable, net as of December 31, 2020 and 2019 are included in Current assets from discontinued operations in the accompanying consolidated balance sheets (Note 3). |
Earnings/(Loss) per Common Share | (o) Earnings/(Loss) per Common Share: |
Accounting for Dry-Docking Costs | (p) Accounting for Dry-Docking Costs: |
Financing Costs and Liabilities | (q) Financing Costs and Liabilities: |
Repairs and Maintenance | ( r) Repairs and Maintenance: |
Share-Based Payment | (s) Share-Based Payment: |
Fair Value Measurements | (t) Fair Value Measurements: · 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. |
Concentration of Credit Risk | (u) Concentration of Credit Risk: |
Going Concern | (v) Going Concern: |
Evaluation of purchase transactions | (w) Evaluation of Purchase Transactions: |
Re-purchase and Retirement of Company’ Common Shares | (x) Re-purchase and Retirement of Company’ Common Shares: |
Re-purchase and Retirement of Company’ Preferred Shares | (y) Re-purchase and Retirement of Company’ Preferred Shares: |
Discontinued Operations | (z) Discontinued Operations |
General Information (Tables)
General Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Revenue by Major Customers by Reporting Segments | Charterer 2020 2019 2018 A - Container vessels - Discontinued operations - 31% 29% B - Container vessels - Discontinued operations - 10% 32% C - Container vessels - Discontinued operations - 16% 19% D - Container vessels - Discontinued operations - 11% - E - Tanker vessels - Continuing operations - 13% F - Tanker vessels - Continuing operations 20% - |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating results of the discontinued operations | 2020 2019 2018 Items constituting net income / (loss) from discontinued operations Time-charter revenues (Notes 1 and 2) $ 4,238 $ 20,545 $ 25,566 Voyage expenses (188) (987) (1,267) Vessels' operating expenses (2,336) (10,199) (15,453) Depreciation and amortization of deferred charges (Notes 2 and 6) (99) (2,901) (4,908) Management fees (Note 4) (116) (5) - Impairment losses (Note 6) (339) (31,629) (20,654) Gain / (loss) on vessel's sale (Note 6) 319 (127) (16,700) Foreign currency gains/ (losses) 3 (11) (18) Interest and finance costs (Notes 4, 7 and 10) - - (11,520) Interest income - - 2 Net income/ (loss) from discontinued operations 1,482 (25,314) (44,952) December 31, December 31, Carrying amounts of major classes of assets of discontinued operations 2020 2019 Cash and cash equivalents $ 13 $ 49 $ Accounts receivable, trade 110 700 Inventories - 605 Prepaid expenses and other assets 105 285 Total major classes of current assets of discontinued operations 228 1,639 Total fixed assets, net - 23,450 Deferred charges, net - 134 Total major classes of non-current assets of discontinued operations - 23,584 Carrying amounts of major classes of liabilities of discontinued operations Accounts payable, trade and other 207 650 Accrued liabilities 109 119 Total major classes of current liabilities of discontinued operations 316 769 |
Advances for Vessels Acquisit_2
Advances for Vessels Acquisitions and Other Vessels' Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Advances for Property Plant and Equipment | December 31, 2020 December 31, 2019 Advances for vessel acquisitions $ - $ 11,000 Capitalized costs - 17 Total $ - $ 11,017 |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule Of Property Plant And Equipment | Continuing Operations Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 $ - $ - $ - - Acquisitions and other vessels' costs 60,161 - 60,161 - Depreciation - (740) (740) Balance, December 31, 2019 $ 60,161 $ (740) $ 59,421 - Transfer from advances for vessel acquisitions and other vessel costs 11,017 - 11,017 - Acquisitions and other vessels' costs 63,386 - 63,386 - Depreciation - (5,716) (5,716) Balance, December 31, 2020 $ 134,564 $ (6,456) $ 128,108 Discontinued Operations Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2018 105,424 (19,554) 85,870 - Vessels' disposals (40,553) 11,677 (28,876) - Depreciation - (2,513) (2,513) - Impairment charges (31,031) - (31,031) Balance, December 31, 2019 $ 33,840 $ (10,390) $ 23,450 - Vessels' disposals (33,501) 10,421 (23,080) - Impairment charges (339) - (339) - Depreciation - (31) (31) Balance, December 31, 2020 $ - $ - $ - |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Long-term Debt | December 31, 2020 Current Non-current December 31, 2019 Current Non-current Nordea secured term loan $ 28,142 $ 3,740 $ 24,402 $ 32,481 $ 4,340 $ 28,141 Piraeus Bank secured term loan 29,958 4,171 25,787 - - - less unamortized deferred financing costs (434) (143) (291) (198) (58) (140) Total debt, net of deferred financing costs $ 57,666 $ 7,768 $ 49,898 $ 32,283 $ 4,282 $ 28,001 |
Schedule of maturities of Long-term Debt | Principal Repayment Year 1 $ 7,911 Year 2 7,911 Year 3 7,911 Year 4 34,367 Total $ 58,100 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | Amount Year 1 $ 100 Year 2 79 Year 3 21 Total $ 200 Less imputed interest -16 Present value of lease liabilities $ 184 Lease liabilities, current 94 Lease liabilities, non- current 90 Present value of lease liabilities $ 184 |
Changes in Capital Accounts (Ta
Changes in Capital Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2017 - - Granted 16,170 23.50 Vested (5,390) 23.50 Forfeited or expired - - Outstanding at December 31, 2018 10,780 $ 23.50 Granted 574,779 8.70 Vested (196,983) 9.10 Forfeited or expired - - Outstanding at December 31, 2019 388,576 8.90 Granted 67,225 4.76 Vested (355,702) 8.74 Forfeited or expired - - Outstanding at December 31, 2020 100,099 $ 6.71 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 2020 2019 2018 Interest expense on bank debt (Note 7) $ 1,710 $ 416 $ - Amortization of deferred financing costs 325 154 - Commitment fees and other 54 81 - Total $ 2,089 $ 651 $ - |
Earnings_ (Loss) per Share (Tab
Earnings/ (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Earnings Per Share, Basic and Diluted | 2020 2019 2018 Basic EPS Diluted EPS Basic LPS Diluted LPS Basic LPS Diluted LPS Net income / (loss) from continuing operations $ 2,295 $ 2,295 $ (6,743) $ (6,743) $ (7,943) $ (7,943) plus gain from repurchase of preferred shares 1,500 1,500 - - - - less income allocated to participating securities (87) (87) - - - - Net income / (loss) available to common stockholders from continuing operations 3,708 3,708 (6,743) (6,743) (7,943) (7,943) Net income / (loss) from discontinued operations 1,482 1,482 (25,314) (25,314) (44,952) (44,952) Total net income / (loss) available to common stockholders 5,190 5,190 (32,057) (32,057) (52,895) (52,895) Weighted average number of common shares outstanding 4,875,475 4,875,475 2,864,676 2,864,676 945,056 945,056 Effect of dilutive shares - 70,087 - - - - Total shares outstanding 4,875,475 4,945,562 2,864,676 2,864,676 945,056 945,056 Earnings / (Loss) per common share, continuing operations $ 0.76 $ 0.75 $ (2.35) $ (2.35) $ (8.40) $ (8.40) Earnings / (Loss) per common share, discontinued operations $ 0.30 $ 0.30 $ (8.84) $ (8.84) $ (47.57) $ (47.57) Earnings / (Loss) per common share, total $ 1.06 $ 1.05 $ (11.19) $ (11.19) (55.97) $ (55.97) |
General information, Textuals (
General information, Textuals (Details) | 10 Months Ended | 12 Months Ended |
Nov. 02, 2020 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Entity Incorporation, Date of Incorporation | Jan. 7, 2010 | |
Country of incorporation | the Republic of Marshall Islands | |
Stockholders equity reverse stock splits | one-for-ten |
General information, Details 2
General information, Details 2 (Details) - Sales Revenue Net [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% |
Major Customer A [Member] | Container vessels [Member] | Discontinued operations [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 31.00% | 29.00% | |
Major Customer B [Member] | Container vessels [Member] | Discontinued operations [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 32.00% | |
Major Customer C [Member] | Container vessels [Member] | Discontinued operations [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 19.00% | |
Major Customer D [Member] | Container vessels [Member] | Discontinued operations [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
Major Customer E [Member] | Tanker vessels [Member] | Continuing operations [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 13.00% | ||
Major Customer F [Member] | Tanker vessels [Member] | Continuing operations [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements and Significant Accounting Policies, Textuals 2 (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation Methods | Straight-line basis | ||
Amortization of dry-docking costs | $ 5,898,000 | $ 3,684,000 | $ 4,945,000 |
Loss / (Gain) on vessels' sale | 66,000 | 117,000 | 832,000 |
Impairment losses | 339,000 | 31,629,000 | 20,654,000 |
Unamortized deferred dry-docking costs | 0 | 134,000 | |
Allowance for estimated credit losses | 79,000 | ||
Discontinued operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Amortization of dry-docking costs | 68,000 | 389,000 | 518,000 |
Loss / (Gain) on vessels' sale | 66,000 | 117,000 | 832,000 |
Impairment losses | $ 0 | 598,000 | 0 |
Container Vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 30 years | ||
Assumed vessel utilization for asset impairment | 98.00% | ||
Unamortized deferred dry-docking costs | $ 0 | 134,000 | |
Impairment for assets held for sale | 339 | 17,434 | 15,626 |
Impairment for assets held for use | $ 0 | $ 14,195 | $ 5,028 |
Tanker Vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated Useful Lives | 25 years | ||
Assumed off hire percentage for asset impairment | 90.00% | ||
Tanker and Container Vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated residual scrap value per light-weight ton | $ 350 | ||
Assumed time-charter rates for asset impairment | to the extent applicable, on the most recent 10 year average historical rates |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements and Significant Accounting Policies, Textuals 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Accounts receivable, trade | $ 3,503 | $ 3,985 | |
Revenues | 42,045 | 6,301 | $ 0 |
Time Charters [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Accounts receivable, trade | 104 | ||
Revenues | 7,303 | ||
Spot Charters [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Accounts receivable, trade | 3,399 | 3,985 | |
Revenues | 34,742 | 6,301 | |
Contract assets | $ 456 | $ 299 |
Discontinued operations - State
Discontinued operations - Statement of Income, Details 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | |||
Time-charter revenues (Notes 1 and 2) | $ 4,238 | $ 20,545 | $ 25,566 |
Voyage expenses | (188) | (987) | (1,267) |
Vessels' operating expenses | (2,336) | (10,199) | (15,453) |
Depreciation and amortization of deferred charges (Notes 2 and 6) | (99) | (2,901) | (4,908) |
Management fees (Note 4) | (116) | (5) | 0 |
Impairment losses (Note 6) | (339) | (31,629) | (20,654) |
Gain / (loss) on vessel's sale (Note 6) | 319 | (127) | (16,700) |
Foreign currency gains/ (losses) | 3 | (11) | (18) |
Interest and finance costs (Notes 4, 7 and 10) | 0 | 0 | (11,520) |
Interest income | 0 | 0 | 2 |
Net income/ (loss) from discontinued operations | $ 1,482 | $ (25,314) | $ (44,952) |
Discontinued operations - Balan
Discontinued operations - Balance Sheet, Details 2 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disposal Group, Including Discontinued Operation, Assets [Abstract] | ||
Cash and cash equivalents | $ 13 | $ 49 |
Accounts receivable, trade | 110 | 700 |
Inventories | 0 | 605 |
Prepaid expenses and other assets | 105 | 285 |
Total major classes of current assets of discontinued operations | 228 | 1,639 |
Total fixed assets, net | 0 | 23,450 |
Deferred charges, net | 0 | 134 |
Total major classes of non-current assets of discontinued operations | 0 | 23,584 |
Accounts payable, trade and other | 207 | 650 |
Accrued liabilities | 109 | 119 |
Total major classes of current liabilities of discontinued operations | $ 316 | $ 769 |
Discontinued operations, Textua
Discontinued operations, Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Discontinued Operation, Additional Disclosures [Abstract] | |||
Capital expenditures relating to dry-docking costs | $ 0 | $ 0 | $ 500 |
Transactions with related par_2
Transactions with related parties, Textuals (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Due to related parties, current | $ 68 | $ 8 | |||
Steamship Shipbroking Enterprises Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, amounts of transaction | 280 | 2,100 | $ 2,145 | ||
Due from related parties, current | 0 | 0 | |||
Due to related parties, current | 0 | 0 | |||
Accrued bonus | 420 | ||||
Steamship Shipbroking Enterprises Inc. [Member] | Contract Termination [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gain (Loss) on Contract Termination | $ 0 | ||||
Pure Brokerage and Shipping Corp. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties, current | 68 | ||||
Commissions | 227 | ||||
Brokerage fees | 80 | ||||
Pure Brokerage and Shipping Corp. [Member] | Discontinued operations [Member] | |||||
Related Party Transaction [Line Items] | |||||
Commissions | 56 | ||||
Altair Travel Agency S.A [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, amounts of transaction | 179 | 428 | $ 554 | ||
Due to related parties, current | $ 0 | $ 8 | |||
Altair Travel Agency S.A [Member] | Contract Termination [Member] | |||||
Related Party Transaction [Line Items] | |||||
Gain (Loss) on Contract Termination | $ 0 |
Transactions with related par_3
Transactions with related parties, Textuals 2 (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 5 Months Ended | 11 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Jun. 07, 2019 | Nov. 30, 2019 | Nov. 18, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||||
Management fees | $ 231 | $ 142 | $ 0 | ||||
Due to related parties, current | 68 | 8 | |||||
Discount premium amortization | 0 | 0 | 8,990 | ||||
Purchase price | 0 | 21,000 | $ 0 | ||||
Purchase price of the vessels | $ 63,386 | 60,161 | |||||
Issuance of common stock in exchange for vessels acquisition | 21,000 | ||||||
Rongelap Shipping Company Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase price | $ 11,000 | ||||||
Taburao Shipping Company Inc, Tarawa Shipping Company Inc, Rongelap Shipping Company Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase price | $ 21,000 | ||||||
Number of common stock issued in exchange for vessels acquisition | 2,170,947 | ||||||
P. Fos (ex Virgo Sun) Tanker Vessel [Member] | Rongelap Shipping Company Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase price of the vessels | $ 26,000 | ||||||
Advance payments for vessels acquisition | $ 15,000 | ||||||
Issuance of common stock in exchange for vessels acquisition | $ 11,000 | ||||||
Price per common share | $ 9.027 | ||||||
Vessel delivery date | Jan. 31, 2020 | ||||||
P. Kikuma Tanker Vessel [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase price of the vessels | $ 26,000 | ||||||
Vessel delivery date | Mar. 31, 2020 | ||||||
Blue Moon and Briolette Vessels [Member] | Taburao Shipping Company Inc, Tarawa Shipping Company Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Issuance of common stock in exchange for vessels acquisition | $ 10,000 | ||||||
Price per common share | $ 10.5 | ||||||
Blue Moon Tanker Vessel [Member] | Tabuaro Shipping Company Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase price of the vessels | 30,000 | ||||||
Advance payments for vessels acquisition | $ 8,000 | ||||||
Vessel delivery date | Aug. 31, 2019 | ||||||
Briolette Vessel [Member] | Tarawa Shipping Company Inc (Notes 3, 5) [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Purchase price of the vessels | $ 30,000 | ||||||
Advance payments for vessels acquisition | $ 2,000 | ||||||
Vessel delivery date | Nov. 30, 2019 | ||||||
Diana Shipping Inc [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument, Issuance Date | Jun. 30, 2017 | ||||||
Debt Instrument, Face Amount | $ 87,617 | ||||||
Interest bearing "discount premium" | $ 5,000 | ||||||
Debt Instrument, Maturity Date | Jul. 31, 2018 | ||||||
Weighted average interest rate | 6.12% | ||||||
Interest expense on related party debt | $ 2,054 | ||||||
Discount premium amortization | $ 2,708 | ||||||
Diana Shipping Inc [Member] | Loans Payable [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument, Issuance Date | May 30, 2013 | ||||||
Debt Instrument, Face Amount | $ 50,000 | ||||||
Diana Wilhelmsen Management Limited [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Management fees | 116 | $ 5 | |||||
Commissions | 21 | ||||||
Due from related parties, current | 0 | 0 | |||||
Due to related parties, current | $ 0 | $ 0 |
Advances for Vessel Acquisition
Advances for Vessel Acquisitions and Other Vessels' Costs,Textuals (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||||
Vessel acquisition cost | $ 63,386 | $ 60,161 | ||
Payments to acquire vessels | $ 0 | 21,000 | $ 0 | |
Rongelap Shipping Company Inc [Member] | P. Fos (ex Virgo Sun) Tanker Vessel [Member] | Nordea [Member] | Secured Debt [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Amount drawn down | $ 14,000 | |||
Rongelap Shipping Company Inc [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Payments to acquire vessels | 11,000 | |||
Rongelap Shipping Company Inc [Member] | P. Fos (ex Virgo Sun) Tanker Vessel [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessel delivery date | Jan. 31, 2020 | |||
Advance payments for vessels acquisition | $ 15,000 | |||
Vessel acquisition cost | $ 26,000 |
Advances for Vessel Acquisiti_2
Advances for Vessel Acquisitions and Other Vessels' Costs, Details (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total | $ 0 | $ 11,017 |
P. Fos (ex Virgo Sun) Tanker Vessel [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Advances for vessel acquisitions | 0 | 11,000 |
Capitalized costs | 0 | 17 |
Total | $ 0 | $ 11,017 |
Vessels, net, Textuals (Details
Vessels, net, Textuals (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Purchase price of the vessels | $ 63,386 | $ 60,161 | |
Blue Moon Tanker Vessel [Member] | Tabuaro Shipping Company Inc [Member] | |||
Purchase price of the vessels | $ 30,000 | ||
Vessel delivery date | Aug. 31, 2019 | ||
Advance payments for vessels acquisition | $ 8,000 | ||
Briolette Vessel [Member] | Tarawa Shipping Company Inc (Notes 3, 5) [Member] | |||
Purchase price of the vessels | $ 30,000 | ||
Vessel delivery date | Nov. 30, 2019 | ||
Advance payments for vessels acquisition | $ 2,000 | ||
Blue Moon and Briolette Vessels [Member] | |||
Pre-delivery costs capitalized | 161 | ||
P. Fos (ex Virgo Sun) Tanker Vessel [Member] | |||
Pre-delivery costs capitalized | 0 | 17 | |
P. Fos (ex Virgo Sun) Tanker Vessel [Member] | Rongelap Shipping Company Inc [Member] | |||
Purchase price of the vessels | 26,000 | ||
Pre-delivery costs capitalized | $ 0 | $ 17 | |
Vessel delivery date | Jan. 31, 2020 | ||
Advance payments for vessels acquisition | $ 15,000 | ||
P. Kikuma Tanker Vessel [Member] | |||
Purchase price of the vessels | $ 26,000 | ||
Vessel delivery date | Mar. 31, 2020 | ||
P. Yanbu Tanker Vessel [Member] | |||
Purchase price of the vessels | $ 22,000 | ||
Vessel delivery date | Dec. 31, 2020 | ||
P. Yanbu, P, Kikuma and P, FosTanker Vessels [Member] | |||
Pre-delivery costs capitalized | $ 403 |
Vessels, net,Textuals 2 (Detail
Vessels, net,Textuals 2 (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Aug. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
Impairment losses | $ 339 | $ 31,629 | $ 20,654 | ||
Fair value of impaired vessels | 18,130 | 47,393 | 29,074 | ||
Gain / (loss) on vessel's sale | $ 319 | $ (127) | $ (16,700) | ||
Pamina and Pucon Container Vessels [Member] | |||||
Sale price | $ 29,340 | ||||
Number of memoranda of agreement | 2 | ||||
Domingo and Rotterdam Container Vessels [Member] | |||||
Sale price | $ 24,100 | ||||
Rotterdam Container Vessel [Member] | |||||
Vessel delivery date | Apr. 30, 2020 | ||||
Impairment for assets held for sale | $ 339 | ||||
Domingo Container Vessel [Member] | |||||
Vessel delivery date | Aug. 31, 2020 | ||||
Pucon Vessel [Member] | |||||
Vessel delivery date | Nov. 30, 2019 | ||||
Impairment for assets held for sale | $ 17,434 | ||||
Pamina Vessel [Member] | |||||
Vessel delivery date | Oct. 30, 2019 | ||||
Deferred Charges Net [Member] | |||||
Impairment losses | $ 598 | ||||
Pamina and Rotterdam Vessels [Member] | |||||
Impairment for assets held for use | $ 14,195 |
Vessels, net, Detail (Details)
Vessels, net, Detail (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessels' cost, beginning balance | $ 60,161 | $ 0 |
Transfer from advances for vessel acquisitions and other vessel costs | 11,017 | 0 |
Acquisitions and other vessels' costs | 63,386 | 60,161 |
Vessels' cost, ending balance | 134,564 | 60,161 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | ||
Accumulated depreciation, beginning balance | (740) | 0 |
Depreciation | (5,716) | (740) |
Accumulated depreciation, ending balance | (6,456) | (740) |
Property, Plant and Equipment, Net, by Type [Abstract] | ||
Vessels' net book value, beginning balance | 59,421 | 0 |
Transfer from advances for vessel acquisitions and other vessel costs | 11,017 | 0 |
Acquisitions and other vessels' costs | 63,386 | 60,161 |
Depreciation | (5,716) | (740) |
Vessel's net book value, ending balance | $ 128,108 | $ 59,421 |
Vessels, net, Detail 2 (Details
Vessels, net, Detail 2 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Vessels' cost, beginning balance | $ 60,161 | $ 0 | |
Vessels' cost, ending balance | 134,564 | 60,161 | $ 0 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |||
Accumulated depreciation, beginning balance | (740) | 0 | |
Depreciation | (5,716) | (740) | |
Accumulated depreciation, ending balance | (6,456) | (740) | 0 |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Vessels' net book value, beginning balance | 59,421 | 0 | |
Depreciation | (5,716) | (740) | |
Vessel's net book value, ending balance | 128,108 | 59,421 | 0 |
Discontinued operations [Member] | |||
Movement in Property, Plant and Equipment [Roll Forward] | |||
Vessels' cost, beginning balance | 33,840 | 105,424 | |
Vessels' disposals | (33,501) | (40,553) | (40,553) |
Impairment charges | (339) | (31,031) | |
Vessels' cost, ending balance | 0 | 33,840 | 105,424 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment [Roll Forward] | |||
Accumulated depreciation, beginning balance | (10,390) | (19,554) | |
Vessels' disposals | 10,421 | 11,677 | |
Depreciation | (31) | (2,513) | |
Accumulated depreciation, ending balance | 0 | (10,390) | (19,554) |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Vessels' net book value, beginning balance | 23,450 | 85,870 | |
Vessels' disposals | (23,080) | (28,876) | |
Impairment charges | (339) | (31,031) | |
Depreciation | (31) | (2,513) | |
Vessel's net book value, ending balance | $ 0 | $ 23,450 | $ 85,870 |
Vessels, net, Textuals 3 (Detai
Vessels, net, Textuals 3 (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||
Vessel's net book value | $ 128,108 | $ 59,421 | $ 0 |
Collateral Pledged [Member] | Nordea Bank and Piraeus Bank [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel's net book value | $ 128,108 |
Long-Term Debt, Details (Detail
Long-Term Debt, Details (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total debt, net of deferred financing costs | $ 57,666 | $ 32,283 |
Total debt, net of deferred financing costs, Current | 7,768 | 4,282 |
Total debt, net of deferred financing costs, Non-current | 49,898 | 28,001 |
Nordea [Member] | ||
Secured term loan | 28,142 | 32,481 |
Secured term loan Current | 3,740 | 4,340 |
Secured term loan Non-current | 24,402 | 28,141 |
Piraeus Bank [Member] | ||
Secured term loan | 29,958 | 0 |
Secured term loan Current | 4,171 | 0 |
Secured term loan Non-current | 25,787 | 0 |
Nordea Bank And Piraeus Bank [Member] | ||
less unamortized deferred financing costs | (434) | (198) |
less unamortized deferred financing costs, Current | (143) | (58) |
less unamortized deferred financing costs, Non-current | $ (291) | $ (140) |
Long-Term Debt, Textuals 1 (Det
Long-Term Debt, Textuals 1 (Details) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jul. 31, 2024 | Dec. 31, 2024 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||||
Cash balance required | $ 21,365 | $ 26,314 | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Covenant Compliance | As at December 31, 2020 and 2019, the Company was in compliance with all of its loan covenants | |||
Debt Instrument, Covenant Description | The loan agreements require a minimum hull value of the financed vessels, impose restrictions as to dividend distribution following the occurrence of an event of default and changes in shareholding, include customary financial covenants and require at all times during the facility period a minimum cash liquidity. | |||
Debt Instrument, Collateral | The loans are guaranteed by Performance Shipping Inc., are secured by first priority mortgages over the financed vessels, first priority assignments of earnings, insurances and of any charters exceeding durations of two years, pledge over the borrowers’ shares and over their earnings accounts, and vessels’ managers’ undertakings. | |||
Cash balance required | $ 9,000 | $ 7,000 | ||
Nordea Bank [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Frequency of Periodic Payment | quarterly | |||
Debt Instrument, Variable rate basis | LIBOR | |||
Maturity date | Jul. 31, 2024 | |||
Debt Instrument, Fee | 1.00% | |||
Nordea Bank [Member] | Secured Debt [Member] | The Initial Borrowers [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Issuance Date | Jul. 24, 2019 | |||
Debt Instrument, Face Amount | $ 33,000 | |||
Number Of Subsidiaries entered Into Loan Agreement | 2 | |||
Debt Instrument, Description | to partially finance the acquisition cost of the tanker vessels “Blue Moon” and “Briolette”. | |||
Nordea Bank [Member] | Secured Debt [Member] | First Amendment Borrowers [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Issuance Date | Dec. 23, 2019 | |||
Debt Instrument, Face Amount | $ 47,000 | |||
Number Of Subsidiaries entered Into Loan Agreement | 3 | |||
Additional amount | $ 14,000 | |||
Debt Instrument, Description | to provide additional finance of $14,000 for the acquisition of the tanker vessel “P. Fos”. | |||
Nordea Bank [Member] | Secured Debt [Member] | Second Amendment Borrowers [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Issuance Date | Mar. 20, 2020 | |||
Debt Instrument, Face Amount | $ 59,000 | |||
Number Of Subsidiaries entered Into Loan Agreement | 4 | |||
Additional amount | $ 12,000 | |||
Debt Instrument, Description | to additionally finance the acquisition cost of the vessel “P. Kikuma”, by $12,000. | |||
Nordea Bank [Member] | Secured Debt [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan margin percentage | 2.75% | |||
Nordea Bank [Member] | Secured Debt [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan margin percentage | 2.85% | |||
Piraeus Bank [Member] | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Frequency of Periodic Payment | quarterly | |||
Debt Instrument, Variable rate basis | LIBOR | |||
Maturity date | Dec. 31, 2024 | |||
Debt Instrument, Fee | 1.00% | |||
Piraeus Bank [Member] | Secured Debt [Member] | Piraeus Bank Borrowers [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Issuance Date | Dec. 3, 2020 | |||
Debt Instrument, Face Amount | $ 31,526 | |||
Number Of Subsidiaries entered Into Loan Agreement | 3 | |||
Debt Instrument, Description | to refinance the existing indebtedness of the vessels “P. Fos” and “P. Kikuma” with Nordea, described above, and partially finance the acquisition cost of the vessel “P. Yanbu”. | |||
Debt Instrument, unused borrowing capacity amount | $ 0 | |||
Amount drawn down | $ 29,958 | |||
Piraeus Bank [Member] | Secured Debt [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan margin percentage | 2.75% | |||
Piraeus Bank [Member] | Secured Debt [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Loan margin percentage | 2.85% | |||
Nordea Bank And Piraeus Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Extinguishment Of Debt Amount | $ 176 |
Long-Term Debt, Textuals (Detai
Long-Term Debt, Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest expense | $ 1,710 | $ 416 | $ 0 |
Discount premium amortization | 0 | 0 | 8,990 |
Commitment fees | $ 6 | $ 55 | 0 |
Addiewell LTD [Member] | |||
Interest expense | 247 | ||
Discount premium amortization | $ 6,282 | ||
Nordea Bank And Piraeus Bank [Member] | |||
Weighted average interest rate | 3.32% | 4.68% | |
Accrued interest | $ 63 | $ 8 |
Long-Term Debt, Details 2 (Deta
Long-Term Debt, Details 2 (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
Year 1 | $ 7,911 |
Year 2 | 7,911 |
Year 3 | 7,911 |
Year 4 | 34,367 |
Total | $ 58,100 |
Commitments and Contingencies,
Commitments and Contingencies, Textuals (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Insurance maximum amount | $ 1 |
Policy year closing period | 3 years |
Commitments and Contingencies_2
Commitments and Contingencies, Textuals 2 (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Leased Assets [Line Items] | |||
Minimum revenues from non cancellable time charter contracts | $ 8,565 | ||
Operating lease right-of-use asset | 184 | $ 190 | |
Office spaces [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease liability | 184 | 190 | |
Operating lease right-of-use asset | 184 | 190 | |
Rent expense for office space | 104 | $ 81 | $ 61 |
Monthly rent cost as per agreement | $ 8 | ||
Foreign currency exchange rate | 1.22 | ||
Operating lease impairment loss | $ 0 | ||
Maximum [Member] | Office spaces [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating lease duration | 3 years |
Commitments and Contingencies_3
Commitments and Contingencies, Detail (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leased Assets [Line Items] | ||
Lease liabilities, current | $ 94 | $ 72 |
Lease liabilities, non- current | 90 | 118 |
Office spaces [Member] | ||
Operating Leased Assets [Line Items] | ||
Year 1 | 100 | |
Year 2 | 79 | |
Year 3 | 21 | |
Total | 200 | |
Less imputed interest | (16) | |
Present value of lease liabilities | 184 | $ 190 |
Lease liabilities, current | 94 | |
Lease liabilities, non- current | $ 90 |
Changes in Capital Accounts, Te
Changes in Capital Accounts, Textuals (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 15, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | Feb. 09, 2018 | Mar. 06, 2020 | Feb. 15, 2018 | Apr. 07, 2021 | Apr. 06, 2020 | Mar. 26, 2020 | Mar. 21, 2017 | May 30, 2017 | Sep. 11, 2019 | Nov. 02, 2020 | Dec. 31, 2020 | Dec. 30, 2020 | Dec. 21, 2020 | Dec. 31, 2019 | Dec. 21, 2019 | Dec. 31, 2018 | Oct. 29, 2020 |
Restricted stock award, shares | 67,225 | 574,779 | 16,170 | |||||||||||||||||
Common stock shares issued | 5,082,726 | 4,902,071 | ||||||||||||||||||
Common stock shares outstanding | 5,082,726 | 4,902,071 | ||||||||||||||||||
Stockholders equity reverse stock splits | one-for-ten | |||||||||||||||||||
Compensation cost on restricted stock awards | $ 1,916 | $ 1,791 | $ 1,587 | |||||||||||||||||
Unrecognized compensation cost relating to restricted share awards | $ 293 | 1,889 | ||||||||||||||||||
Net proceeds after deducting offering expenses | $ 6,452 | 17,413 | ||||||||||||||||||
Preferred stock par value | $ 0.01 | $ 0.01 | ||||||||||||||||||
Preferred stock shares outstanding | 0 | 1,600 | ||||||||||||||||||
Value of shares repurchased and cancelled | $ 656 | |||||||||||||||||||
Payments for Repurchase of Preferred Stock | 1,515 | $ 0 | 0 | |||||||||||||||||
Before Reverse Stock Split [Member] | ||||||||||||||||||||
Common stock shares issued | 50,155,299 | |||||||||||||||||||
Common stock shares outstanding | 50,155,299 | |||||||||||||||||||
After Reverse Stock Split [Member] | ||||||||||||||||||||
Common stock shares issued | 5,015,501 | |||||||||||||||||||
Common stock shares outstanding | 5,015,501 | |||||||||||||||||||
Additional Paid-in Capital [Member] | ||||||||||||||||||||
Net proceeds after deducting offering expenses | $ 6,452 | $ 17,413 | ||||||||||||||||||
Value of shares repurchased and cancelled | $ 655 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Conversion of Series B preferred stock to common stock | 195,215 | 710,051 | 1,025,027 | |||||||||||||||||
Number of shares repurchased and cancelled | 81,785 | |||||||||||||||||||
Value of shares repurchased and cancelled | $ 1 | |||||||||||||||||||
Preferred Stock [Member] | ||||||||||||||||||||
Issuance of Series B preferred stock, shares | 6,470 | 17,490 | ||||||||||||||||||
Conversion of Series B preferred stock to common stock | 1,100 | 5,220 | 17,529 | |||||||||||||||||
Preferred stock shares outstanding | 100 | |||||||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||||||
Preferred stock par value | $ 0.01 | |||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Registered Direct Offering [Member] | ||||||||||||||||||||
Issuance of preferred stock, shares | 3,000 | |||||||||||||||||||
Preferred stock par value | $ 0.01 | |||||||||||||||||||
Number of warrants | 6,500 | |||||||||||||||||||
Series B-2 Convertible Preferred Stock [Member] | ||||||||||||||||||||
Conversion of Series B preferred stock to common stock | 1,100 | |||||||||||||||||||
Preferred stock shares outstanding | 400 | 1,500 | 250 | |||||||||||||||||
Number of shares repurchased and cancelled | 400 | |||||||||||||||||||
Payments for Repurchase of Preferred Stock | $ 400 | |||||||||||||||||||
Series B-2 Convertible Preferred Stock [Member] | Private Placement Offering [Member] | ||||||||||||||||||||
Number of warrants | 140,500 | |||||||||||||||||||
Series C Preferred Stock [Member] | Diana Shipping Inc [Member] | ||||||||||||||||||||
Issuance of Series C preferred stock, shares | 100 | |||||||||||||||||||
Preferred stock par value | $ 0.01 | |||||||||||||||||||
Issuance of preferred stock in exchange for loan reduction | $ 3,000 | |||||||||||||||||||
Preferred stock, voting rights | 49% | 250.000 votes | ||||||||||||||||||
Preferred stock shares outstanding | 100 | |||||||||||||||||||
Number of shares repurchased and cancelled | 100 | |||||||||||||||||||
Payments for Repurchase of Preferred Stock | $ 1,500 | |||||||||||||||||||
Executive Officers And Non Executive Directors [Member] | ||||||||||||||||||||
Restricted stock award, shares | 574,779 | |||||||||||||||||||
Restricted common stock award, value | $ 5,000 | |||||||||||||||||||
Restricted common stock, award vesting period | 2 years | |||||||||||||||||||
Compensation cost on restricted stock awards | $ 1,464 | |||||||||||||||||||
2015 Equity Incentive Plan Amendment [Member] | ||||||||||||||||||||
Equity incentive plan, number of shares reserved | 55,000 | 38,830 | ||||||||||||||||||
Restricted stock award, shares | 16,170 | |||||||||||||||||||
Restricted common stock award, value | $ 380 | |||||||||||||||||||
Restricted common stock, award vesting period | 2 years | |||||||||||||||||||
2015 Equity Incentive Plan Amendment II [Member] | ||||||||||||||||||||
Equity incentive plan, number of shares reserved | 471,605 | 538,830 | ||||||||||||||||||
Restricted stock award, shares | 67,225 | |||||||||||||||||||
Restricted common stock award, value | $ 320 | |||||||||||||||||||
Restricted common stock, award vesting period | 3 years | |||||||||||||||||||
Receipt of NASDAQ Notice [Member] | ||||||||||||||||||||
Minimum Bid Price | $ 1 | $ 1 | $ 1 | |||||||||||||||||
Closing Bid Price Threshold Consecutive Trading Days | 30 days | 30 days | ||||||||||||||||||
Grace Period To Regain Compliance | 180 days | |||||||||||||||||||
Share Repurchase Program [Member] | ||||||||||||||||||||
Maximum aggregate authorized share repurchase amount | $ 6,000 | $ 6,000 | ||||||||||||||||||
Expiration date | Dec. 21, 2020 | Dec. 21, 2019 | ||||||||||||||||||
Number of shares repurchased and cancelled | 81,785 | 0 | ||||||||||||||||||
Value of shares repurchased and cancelled | $ 656 |
Changes in Capital Accounts, De
Changes in Capital Accounts, Detail (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Outstanding, beginning balance | 388,576 | 10,780 | 0 |
Granted | 67,225 | 574,779 | 16,170 |
Vested | (355,702) | (196,983) | (5,390) |
Forfeited or expired | 0 | 0 | 0 |
Outstanding, ending balance | 100,099 | 388,576 | 10,780 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Additional Disclosures [Abstract] | |||
Weighted average grant date fair value, beginning balance | $ 8.90 | $ 23.50 | $ 0 |
Granted, Weighted Average Grant Date Fair Value | 4.76 | 8.70 | 23.50 |
Vested, Weighted Average Grant Date Fair Value | 8.74 | 9.10 | 23.50 |
Weighted Average Grant Date Fair Value, ending balance | $ 6.71 | $ 8.90 | $ 23.50 |
Changes in Capital Accounts, _2
Changes in Capital Accounts, Textuals 2 (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Changes In Capital Accounts Textuals 2 | |
Weighted-average period for compensation cost recognition | 1 year 25 days |
Interest and Finance Costs, Det
Interest and Finance Costs, Detail (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and Debt Expense [Abstract] | |||
Interest expense on bank debt (Note 7) | $ 1,710 | $ 416 | $ 0 |
Amortization of deferred financing costs | 325 | 154 | $ 176 |
Commitment fees and other | 54 | 81 | |
Total | $ 2,089 | $ 651 |
Interest and Finance Costs, Tex
Interest and Finance Costs, Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and Debt Expense [Abstract] | |||
Interest and finance costs (Notes 4, 7 and 10) | $ 0 | $ 0 | $ 11,520 |
Earnings _ (Loss) per share, Te
Earnings / (Loss) per share, Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends declared and paid during the period | $ 502 | $ 0 | $ 0 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 70,087 | ||
Gain from re-purchase of the Series C preferred shares | $ 1,500 | $ 0 | $ 0 |
Earnings _ (Loss) per Share, De
Earnings / (Loss) per Share, Detail (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net income / (loss) from continuing operations | $ 2,295 | $ (6,743) | $ (7,943) |
plus gain from repurchase of preferred shares | 1,500 | 0 | 0 |
less income allocated to participating securities | (87) | 0 | 0 |
Net income / (loss) available to common stockholders from continuing operations | 3,708 | (6,743) | (7,943) |
Net income / (loss) from discontinued operations | 1,482 | (25,314) | (44,952) |
Total net income / (loss) available to common stockholders | $ 5,190 | $ (32,057) | $ (52,895) |
Weighted average number of common shares outstanding | 4,875,475 | 2,864,676 | 945,056 |
Total shares outstanding | 4,945,562 | 2,864,676 | 945,056 |
Earnings / (Loss) per common share, continuing operations | $ 0.76 | $ (2.35) | $ (8.40) |
Earnings / (Loss) per common share, continuing operations | 0.75 | (2.35) | (8.40) |
Earnings / (Loss) per common share, discontinued operations | 0.30 | (8.84) | (47.57) |
Earnings / (Loss) per common share, discontinued operations | 0.30 | (8.84) | (47.57) |
Earnings / (Loss) per common share, total | 1.06 | (11.19) | (55.97) |
Earnings / (Loss) per common share, total | $ 1.05 | $ (11.19) | $ (55.97) |
Earnings Loss Per Share Basic [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net income / (loss) from continuing operations | $ 2,295 | $ (6,743) | $ (7,943) |
plus gain from repurchase of preferred shares | 1,500 | ||
less income allocated to participating securities | (87) | ||
Net income / (loss) available to common stockholders from continuing operations | 3,708 | (6,743) | (7,943) |
Net income / (loss) from discontinued operations | 1,482 | (25,314) | (44,952) |
Total net income / (loss) available to common stockholders | $ 5,190 | $ (32,057) | $ (52,895) |
Weighted average number of common shares outstanding | 4,875,475 | 2,864,676 | 945,056 |
Effect of dilutive shares | 0 | 0 | 0 |
Total shares outstanding | 4,875,475 | 2,864,676 | 945,056 |
Earnings / (Loss) per common share, continuing operations | $ 0.76 | $ (2.35) | $ (8.40) |
Earnings / (Loss) per common share, discontinued operations | 0.30 | (8.84) | (47.57) |
Earnings / (Loss) per common share, total | $ 1.06 | $ (11.19) | $ (55.97) |
Earnings Loss Per Share Diluted [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net income / (loss) from continuing operations | $ 2,295 | $ (6,743) | $ (7,943) |
plus gain from repurchase of preferred shares | 1,500 | ||
less income allocated to participating securities | (87) | ||
Net income / (loss) available to common stockholders from continuing operations | 3,708 | (6,743) | (7,943) |
Net income / (loss) from discontinued operations | 1,482 | (25,314) | (44,952) |
Total net income / (loss) available to common stockholders | $ 5,190 | $ (32,057) | $ (52,895) |
Weighted average number of common shares outstanding | 4,875,475 | 2,864,676 | 945,056 |
Effect of dilutive shares | 70,087 | 0 | 0 |
Total shares outstanding | 4,945,562 | 2,864,676 | 945,056 |
Earnings / (Loss) per common share, continuing operations | $ 0.75 | $ (2.35) | $ (8.40) |
Earnings / (Loss) per common share, discontinued operations | 0.30 | (8.84) | (47.57) |
Earnings / (Loss) per common share, total | $ 1.05 | $ (11.19) | $ (55.97) |
Income Taxes, textuals (Details
Income Taxes, textuals (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum stock ownership percentage for tax exemption | 50.00% |
Percentage Of Gross Income Subject To Tax | 50.00% |
Tax Rate On Us Source Shipping Income | 4.00% |
Subsequent events, textuals (De
Subsequent events, textuals (Details) - Stock option [Member] - Subsequent Event [Member] | Jan. 01, 2021$ / sharesshares |
Stock option to purchase common shares | shares | 120,000 |
Stock option exercise duration | 5 years |
Minimum [Member] | |
Price per share | $ 10 |
Maximum [Member] | |
Price per share | $ 30 |