Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Performance Shipping Inc. |
Entity Central Index Key | 0001481241 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 14,997 | $ 21,365 |
Accounts receivable, net of provision for credit losses (Note 4) | 2,493 | 3,503 |
Deferred voyage expenses | 152 | 75 |
Inventories | 3,143 | 1,981 |
Prepaid expenses and other assets | 1,279 | 1,275 |
Current assets from discontinued operations (Note 3) | 79 | 228 |
Total current assets | 22,143 | 28,427 |
FIXED ASSETS: | ||
Vessels, net (Note 6) | 125,638 | 128,108 |
Property and equipment, net | 1,081 | 1,135 |
Total fixed assets | 126,719 | 129,243 |
NON-CURRENT ASSETS: | ||
Right of use asset under operating leases (Note 8) | 134 | 184 |
Deferred charges, net | 640 | 0 |
Other non-current assets | 152 | 0 |
Total non-current assets | 926 | 184 |
Total assets | 149,788 | 157,854 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of unamortized deferred fin. costs (Note 7) | 7,777 | 7,768 |
Accounts payable, trade and other | 2,494 | 1,472 |
Due to related parties (Note 5) | 23 | 68 |
Accrued liabilities | 1,375 | 1,100 |
Lease liabilities, current (Note 8) | 90 | 94 |
Current liabilities from discontinued operations (Note 3) | 189 | 316 |
Total current liabilities | 11,948 | 10,818 |
LONG-TERM LIABILITIES: | ||
Long-term debt, net of unamortized deferred financing costs (Note 7) | 46,007 | 49,898 |
Other liabilities, non-current | 265 | 251 |
Long-term lease liabilities (Note 8) | 44 | 90 |
Commitments and contingencies (Note 8) | ||
Total long-term liabilities | 46,316 | 50,239 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.01 par value; 25,000,000 shares authorized, none issued and outstanding as at June 30, 2021 and December 31, 2020, respectively (Note 9) | 0 | 0 |
Common stock, $0.01 par value; 500,000,000 shares authorized; 5,082,726 issued and outstanding as at June 30, 2021 and December 31, 2020, respectively (Note 9) | 51 | 51 |
Additional paid-in capital (Note 9) | 457,398 | 457,171 |
Other comprehensive income | 8 | 8 |
Accumulated deficit | (365,933) | (360,433) |
Total stockholders' equity | 91,524 | 96,797 |
Total liabilities and stockholders' equity | $ 149,788 | $ 157,854 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 5,082,726 | 5,082,726 |
Common stock, shares outstanding (in shares) | 5,082,726 | 5,082,726 |
Unaudited Interim Consolidated
Unaudited Interim Consolidated Statements of Operations - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES: | ||
Voyage and time charter revenues (Note 4) | $ 17,513 | $ 25,635 |
EXPENSES: | ||
Voyage expenses | 10,016 | 8,295 |
Vessel operating expenses | 5,779 | 4,446 |
Depreciation (Note 6) | 3,653 | 2,594 |
Management fees | 0 | 170 |
General and administrative expenses (Notes 5 and 9) | 3,009 | 4,406 |
Provision for credit losses (Note 4) | (20) | 131 |
Foreign currency losses | 68 | 8 |
Operating income / (loss) | (4,992) | 5,585 |
OTHER INCOME / (EXPENSES) | ||
Interest and finance costs | (921) | (1,037) |
Interest income | 13 | 85 |
Total other income / (expenses), net | (908) | (952) |
Net income / (loss) from continuing operations | (5,900) | 4,633 |
Gain from repurchase of preferred shares (Notes 5 and 10) | 0 | 1,500 |
Net income /(loss) available to common stockholders from continuing operations | (5,900) | 6,133 |
Net income from discontinued operations (Note 3) | 400 | 1,303 |
Total net income / (loss) available to common stockholders | $ (5,500) | $ 7,436 |
Earnings / (Loss) per common share, basic, continuing operations (Note 10) (in dollars per share) | $ (1.18) | $ 1.28 |
Earnings / (Loss) per common share, diluted, continuing operations (Note 10) (in dollars per share) | (1.18) | 1.25 |
Earnings per common share, basic, discontinued operations (Note 10) (in dollars per share) | 0.08 | 0.27 |
Earnings per common share, diluted, discontinued operations (Note 10) (in dollars per share) | 0.08 | 0.26 |
Earnings / (Loss) per common share, basic, total (Note 10) (in dollars per share) | (1.10) | 1.55 |
Earnings / (Loss) per common share, diluted, total (Note 10) (in dollars per share) | $ (1.10) | $ 1.51 |
Weighted average number of common shares, basic (Note 10) (in shares) | 5,019,981 | 4,805,969 |
Weighted average number of common shares, diluted (Note 10) (in shares) | 5,019,981 | 4,916,808 |
Unaudited Interim Consolidate_2
Unaudited Interim Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Unaudited Interim Consolidated Statements of Comprehensive Income / (Loss) [Abstract] | ||
Net income / (loss) from continuing and discontinued operations | $ (5,500) | $ 5,936 |
Comprehensive income / (loss) from continuing and discontinued operations | $ (5,500) | $ 5,936 |
Unaudited Interim Consolidate_3
Unaudited Interim Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series B Preferred Stock [Member] | Preferred Stock [Member]Series C Preferred Stock [Member] | Additional Paid-in Capital [Member] | Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 4,902,071 | 1,600 | ||||||
Balance at Dec. 31, 2019 | $ 49 | $ 0 | $ 459,328 | $ 69 | $ (365,208) | $ 94,238 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ 0 | $ 0 | 0 | 0 | 5,936 | 5,936 | ||
Conversion of Series B preferred stock to common stock (Note 9) (in shares) | 195,215 | (1,100) | ||||||
Conversion of Series B preferred stock to common stock (Note 9) | $ 2 | $ 0 | (2) | 0 | 0 | 0 | ||
Repurchase and cancellation of preferred stock (in shares) | (400) | (100) | ||||||
Repurchase and cancellation of Series B preferred stock | 0 | (400) | 0 | 0 | (400) | |||
Repurchase and cancellation of Series C preferred stock, including expenses | $ 0 | (3,015) | 0 | 1,500 | (1,515) | |||
Compensation cost on restricted stock (Note 9) (in shares) | 0 | 0 | ||||||
Compensation cost on restricted stock (Note 9) | $ 0 | $ 0 | 1,310 | 0 | 0 | 1,310 | ||
Common shares re-purchase and retirement (Note 9) (in shares) | (81,785) | |||||||
Common shares re-purchase and retirement, including expenses (Note 9) | $ (1) | (655) | 0 | 0 | (656) | |||
Balance (in shares) at Jun. 30, 2020 | 5,015,501 | 0 | ||||||
Balance at Jun. 30, 2020 | $ 50 | $ 0 | 456,566 | 69 | (357,772) | 98,913 | ||
Balance (in shares) at Dec. 31, 2020 | 5,082,726 | 0 | ||||||
Balance at Dec. 31, 2020 | $ 51 | $ 0 | 457,171 | 8 | (360,433) | 96,797 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ 0 | $ 0 | 0 | 0 | (5,500) | (5,500) | ||
Compensation cost on restricted stock and stock option awards (Note 9) (in shares) | 0 | 0 | ||||||
Compensation cost on restricted stock and stock option awards (Note 9) | $ 0 | $ 0 | 227 | 0 | 0 | 227 | ||
Balance (in shares) at Jun. 30, 2021 | 5,082,726 | 0 | ||||||
Balance at Jun. 30, 2021 | $ 51 | $ 0 | $ 457,398 | $ 8 | $ (365,933) | $ 91,524 |
Unaudited Interim Consolidate_4
Unaudited Interim Consolidated Statements of Cash Flows (continuing and discontinued operations) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows provided by / (used in) Operating Activities: | ||
Net income /(loss) | $ (5,500) | $ 5,936 |
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) | 3,653 | 2,679 |
Amortization of deferred financing costs | 74 | 68 |
Impairment losses | 0 | 339 |
Gain / (loss) on vessel's sale | 0 | 27 |
Compensation cost on restricted stock and stock option awards (Note 9) | 227 | 1,310 |
(Increase) / Decrease in: | ||
Accounts receivable | 1,084 | (490) |
Deferred voyage expenses | (77) | 0 |
Inventories | (1,162) | 968 |
Prepaid expenses and other assets | 72 | 184 |
Right of use asset under operating leases | 50 | (36) |
Increase / (Decrease) in: | ||
Accounts payable, trade and other | 784 | (297) |
Due to related parties | (45) | 46 |
Accrued liabilities | (24) | (783) |
Other liabilities, non current | 14 | 19 |
Lease liabilities under operating leases | (50) | 36 |
Drydock costs | (640) | 0 |
Net Cash provided by / (used in) Operating Activities | (1,540) | 10,006 |
Cash Flows used in Investing Activities: | ||
Vessel acquisitions and other vessels' costs | 0 | (41,242) |
Proceeds from sale of vessels, net of expenses | 0 | 18,103 |
Payments for vessels' improvements | (867) | 0 |
Property and equipment additions | (4) | (70) |
Net Cash used in Investing Activities | (871) | (23,209) |
Cash Flows provided by / (used in) Financing Activities: | ||
Proceeds from long-term bank debt (Note 7) | 0 | 26,000 |
Repayments of long-term bank debt (Note 7) | (3,956) | (4,275) |
Common shares re-purchase and retirement, including expenses (Note 9) | 0 | (656) |
Repurchase of Series C preferred shares, including expenses (Note 9) | 0 | (1,515) |
Repurchase of Series B preferred shares (Note 9) | 0 | (400) |
Payments of financing costs (Note 7) | 0 | (260) |
Net Cash provided by / (used in) Financing Activities | (3,956) | 18,894 |
Net increase / (decrease) in cash, cash equivalents and restricted cash | (6,367) | 5,691 |
Cash, cash equivalents and restricted cash at beginning of the year | 21,378 | 26,363 |
Cash, cash equivalents and restricted cash at the end of the period | 15,011 | 32,054 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | ||
Cash and cash equivalents at the end of the period | 15,011 | 32,054 |
Cash, cash equivalents and restricted cash at the end of the period | 15,011 | 32,054 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Non-cash investing activities | 410 | 0 |
Interest payments, net of amounts capitalized | $ 830 | $ 933 |
General Information
General Information | 6 Months Ended |
Jun. 30, 2021 | |
General Information [Abstract] | |
General Information | PERFORMANCE SHIPPING INC. Notes to Unaudited Interim Consolidated Financial Statements June 30, 2021 (Expressed in thousands of US Dollars – except for share and per share data, unless otherwise stated) 1. General Information Company’s identity The accompanying unaudited interim 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. 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 (Note 3). 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. Financial Statements presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 5, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2021. The consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Following the sale of all Company’s container vessels in 2020, 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 unaudited interim consolidated financial statements (Note 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, as of November 2, 2020, the Company effected a one-for-ten Other matters On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the “Covid-19”) outbreak a pandemic. Given the dynamic nature of these circumstances, the full extent to which the COVID-19 global pandemic may have direct or indirect impact on the Company's business and the related financial reporting implications cannot be reasonably estimated at this time, although it could materially affect the Company's business, results of operations and financial condition in the future.As of June 30, 2021, 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. COVID-19 has resulted and may continue to result in a significant decline in global demand for oil. As the Company's business includes the transportation of crude oil, fuel oil and other petroleum products on behalf of customers, any significant decrease in demand for the cargo the Company transports could adversely affect demand for the Company's vessels and services. Spot tanker rates have come under pressure since mid-May 2020 as a result of record OPEC+ oil production cuts and lower production from other oil producing countries, which reduced crude exports, and the unwinding of floating storage and the delivery of newbuilding vessels to the world tanker fleet. 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. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Significant Accounting Policies and Recent Accounting Pronouncements | 2. Significant Accounting Policies and Recent Accounting Pronouncements Significant Accounting Policies A discussion of the Company’s significant accounting policies can be found in Note 2 of the Company’s Consolidated Financial Statements included in the Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on March 5, 2021. There have been no material changes to these policies in the six months ended June 30, 2021, except for those discussed below. Pool Revenues Accounting: The Company’s tankers vessels have been employed since their acquisition under time and voyage charter contracts, while in June 2021, the Company has also entered into a pool arrangement for one of its vessels. . Stock Options Accounting: The Company grants stock options as incentive-based compensation to certain of its officers, in accordance with the terms of the Company’s Equity Incentive Plan. Stock-based compensation awards that are classified as equity and do not contain any market, service or performance conditions, are recognized on the grant date with a corresponding credit to equity and are measured at fair value. The compensation cost of the Company’s stock-based compensation awards is included in general and administrative expenses in the unaudited interim consolidated statement of operations. Accounting for Rent Concessions Related to the COVID-19 Pandemic: The FASB has provided accounting elections for entities that provide or receive rent concessions (e.g., deferral of lease payments, reduced future lease payments) due to the COVID-19 pandemic. Entities are allowed to elect to not evaluate whether a concession provided by a lessor due to COVID-19 is a lease modification. An entity that makes this election can then elect whether to apply the modification guidance (i.e., assume the concession was always contemplated by the contract or assume the concession was not contemplated by the contract). During the six months ended June 30, 2021, the Company’s rent costs were annulled as a result of COVID-19 relief measures applied by the Greek government. The Company assessed that the rent concession qualifies for the election, as the concession did not result in a substantial increase in the rights of the lessor or the obligations of the lessee, and then elected to not evaluate whether this concession provided by the Greek government due to COVID-19 is a lease modification , and further chose to adopt a policy to not account for the concession as a lease modification. Finally , the Company, as a lessee that was contractually released from certain lease payments, accounts the rent concession like a negative variable lease payment. Recent Accounting Pronouncements- Not Yet Adopted In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations [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, the Company evaluated the results of the tanker vessels owned since 2019 and assessed 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 since 2020 as discontinued operations for all periods presented in the accompanying unaudited interim consolidated financial statements. The comparative figures in these unaudited interim consolidated financial statements have been adjusted on the basis of presenting separately the discontinued operations’ figures. Below are presented summarized the unaudited interim operating results of the discontinued operations for the six months ended June 30, 2021 and 2020, as well as the balance sheet information on the Company's discontinued operations as of June 30, 2021 and December 31, 2020: June 30, 2021 June 30, 2020 Items constituting net income from discontinued operations Time-charter revenues $ - $ 3,900 Voyage expenses - (172 ) Vessels' operating expenses - (1,874 ) Depreciation and amortization of deferred charges - (85 ) Management fees - (101 ) Impairment losses - (339 ) Loss on vessels' sale - (27 ) Other income 400 - Foreign currency gains - 1 Net income from discontinued operations 400 1,303 Carrying amounts of major classes of assets of discontinued operations June 30, 2021 December 31, 2020 Cash and cash equivalents $ 14 $ 13 Accounts receivable, trade 36 110 Prepaid expenses and other assets 29 105 Total major classes of current assets of discontinued operations 79 228 Carrying amounts of major classes of liabilities of discontinued operations Accounts payable, trade and other 129 207 Accrued liabilities 60 109 Total major classes of current liabilities of discontinued operations 189 316 |
Revenues, Accounts Receivable a
Revenues, Accounts Receivable and Provision for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
Revenues, Accounts Receivable and Provision for Credit Losses [Abstract] | |
Revenues, Accounts Receivable and Provision for Credit Losses | 4. Revenues, Accounts Receivable and Provision for Credit Losses Credit Losses Provision On January 1, 2020 the Company adopted ASU No. 2016-13—Financial Instruments—Credit Losses (Topic 326) -Measurement of Credit Losses on Financial Instruments, which requires entities to measure all expected credit losses of financial assets held at a reporting date based on historical experience, current conditions, and reasonable and supportable forecasts in order to record credit losses in a timely manner. Receivables arising from operating leases are not within the scope of Subtopic 326-20 and as such, the receivables from time-charters are excluded. The Company measures the allowance for estimated credit losses on its short term receivables, being freight and demurrage receivables, cash equivalent balances and claims receivables. As of June 30, 2021 and December 31, 2020, the balance of the Company’s allowance for estimated credit losses on its outstanding freight and demurrage receivables were $59 and $79, respectively, and is included in Accounts receivable, net of provision for credit losses in the accompanying consolidated balance sheets. For the six months ended June 30, 2021 and 2020, the changes in the provision of estimated losses are reflected in Provision for doubtful receivables in the accompanying unaudited interim consolidated statements of operations and amounted to -$20 and $131, respectively. No allowance was recorded on insurance claims as of June 30, 2021 and December 31, 2020, as their balances were immaterial. In addition, no allowance was recorded for cash equivalents as the majority of cash balances as of the balance sheet date was on time deposits with highly reputable credit institutions, for which periodic evaluations of the relative credit standing of those financial institutions are performed. Revenues and Accounts Receivable The Company’s tankers vessels have been employed since their acquisition under time and voyage charter contracts, while in June 2021, the Company has also entered into a pool arrangement for one of its vessels. The Company disaggregates its revenue from contracts with customers by the type of charter (time charters, spot charters and pool charters). For June 30, 2021, Revenues for continuing operations amounted to $11,441 from spot charters, to $5,998 from time-charters and to $74 from pool charters. For June 30, 2020, Revenues for continuing operations amounted to $23,484 from spot charters, and to $2,151 from time-charters. As of June 30, 2021, the balance of Accounts receivable, net, for the continuing operations amounted to $2,239 for the spot charters (of which $280 relates to contract assets), to $98 for the time-charters and to $156 for the pool charters. 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 the containers fleet (discontinued operations), revenues of June 30, 2020 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 June 30, 2021 and December 31, 2020 are included in Current assets from discontinued operations in the accompanying consolidated balance sheets (Note 3). For the six months ended June 30, 2021 and 2020, charterers that accounted for more than 10% of the Company’s voyage and hire revenues, were as follows: Charterer 2021 2020 A - Tanker vessels - Continuing operations - 11 % B - Tanker vessels - Continuing operations 29 % 10 % C - Tanker vessels - Continuing operations 10 % - D- Tanker vessels - Continuing operations 28 % - |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2021 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 5. Transactions with Related Parties Pure Brokerage and Shipping Corp. (“Pure Brokerage”): Pure Brokerage, a company controlled by the Company’s Non-Executive Director and major shareholder Mrs Aliki Paliou, provides brokerage services to the Company since June 15, 2020, pursuant to a Brokerage Services Agreement for a fixed monthly fee per each tanker vessel owned by the Company. Pure Shipbroking may also, from time to time, receive sale and purchase commissions and chartering commissions on the gross freight and hire revenue of the tanker vessels, depending on the respective charter parties’ terms. Commissions and brokerage fees to Pure Brokerage amounted to $215 and $90, respectively, for the six months ended June 30, 2021, and to $76 and $6, respectively, for the six months ended June 30, 2020, and are included in Voyage expenses and in General and administrative expenses in the accompanying unaudited interim consolidated statements of operations. As at June 30, 2021 and December 31, 2020, an amount of $23 and $68 was payable to Pure Brokerage and is reflected in Due to related parties in the accompanying consolidated balance sheets. Related Parties with whom the Company has terminated its co-operation Altair Travel Agency S.A (“Altair”): The Company was using the services of an affiliated travel agent, Altair, which is controlled by the Company’s Chairman of the Board Mr. Symeon Palios. Travel expenses for the six months ended June 30, 2021 and 2020, were $18 and $124, respectively, and are included in Vessel operating expenses, in General and administrative expenses and in Net income / (loss) from discontinued operations in the accompanying unaudited interim consolidated financial statements. As at June 30, 2021 and December 31, 2020, there was no amount due to Altair. In January 2021, the Company terminated its co-operation with Altair, at no cost. Diana Shipping Inc.: On March 23, 2020, the Company’s disinterested BOD members approved the repurchase of the Company’s 100 Series C preferred shares, held by Diana Shipping Inc. since 2017, for a purchase price of $1,500 (Note 9). On March 25, 2020, the Company agreed with Diana Shipping Inc. for the repurchase of the Series C preferred shares and on March 26, 2020, the Company paid the agreed purchase price and consequently cancelled the Series C preferred shares. |
Vessels, net
Vessels, net | 6 Months Ended |
Jun. 30, 2021 | |
Vessels, net [Abstract] | |
Vessels, net | 6. Vessels, net The amounts of Vessels, net in the accompanying consolidated balance sheets are analyzed as follows: Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2020 $ 134,564 $ (6,456 ) $ 128,108 - Vessels' improvements 1,125 - 1,125 - Depreciation - (3,595 ) (3,595 ) Balance, June 30, 2021 $ 135,689 $ (10,051 ) $ 125,638 During the six months ended June 30, 2021, the Company capitalized an amount of $1,125, representing costs for the installation of ballast water treatment system on the vessel Briolette. Similarly, as of June 30, 2021, other non-current assets amounted to $152, being prepayments made in connection with the installation of ballast water treatment system on the vessel "P. Fos". |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. Long-Term Debt The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: June 30, 2021 Current Non-current December 31, 2020 Current Non-current Nordea Bank secured term loan $ 26,272 $ 3,739 $ 22,533 $ 28,142 $ 3,740 $ 24,402 Piraeus Bank secured term loan 27,872 4,171 23,701 29,958 4,171 25,787 less unamortized deferred financing costs (360 ) (133 ) (227 ) (434 ) (143 ) (291 ) Total debt, net of deferred financing costs $ 53,784 $ 7,777 $ 46,007 $ 57,666 $ 7,768 $ 49,898 Secured Term Loans: The Company, through its vessel-owning subsidiaries, has entered into two long term loan agreements with certain financial institutions (as described below) to partially finance the acquisition cost of its tanker vessels. The loans are repayable in quarterly installments plus one balloon installment per loan agreement to be paid together with the last installment, and bear variable interest at LIBOR plus a fixed margin ranging from 2.75% to 2.85%. Their maturities fall due in July and December 2024, and at each utilization date, arrangement fees of 1.00% were paid. The term loans are collateralized by the Company’s five tanker vessels, whose aggregate net book value as of June 30, 2021 was $125,638. In July 2019, the Company, through two of its vessel-owning subsidiaries, entered into a loan agreement with Nordea Bank Abp, Filial i Norge (“Nordea Bank”) for a senior secured term loan facility of up to $33,000, to partially finance the acquisition cost of the tanker vessels “Blue Moon” and “Briolette”. In December 2019 and in March 2020, the Nordea Bank loan was twice amended and restated to increase the loan facility to up to $47,000 and $59,000, respectively, so as to partially support the acquisition cost of the tanker vessels “P. Fos” and “P. Kikuma”, respectively. In December 2020, the Company entered into a Deed of Release with Nordea Bank, according to which the borrowers of the vessels “P. Fos” and “P. Kikuma” were released from all obligations under the agreement, in connection with the re-finance by Piraeus Bank S.A. (described below). Also in December 2020, the Company entered into a Supplemental Loan Agreement with Nordea Bank, to amend the existing repayment schedules of the “Blue Moon” and “Briolette” tranches and to amend the major shareholder’s clause included in the agreement. In December 2020, the Company, through three of its vessel-owning subsidiaries, 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 Bank, 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 guaranteed by Performance Shipping Inc., and are also secured by first priority mortgages over the financed fleet, 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 also 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 June 30, 2021, and December 31, 2020, the compensating cash balance required under the loan agreements amounted to $9,000 and $9,000 respectively, and is included in Cash and cash equivalents in the accompanying consolidated balance sheets. As at June 30, 2021 and December 31, 2020, the Company was in compliance with all of its loan covenants. The weighted average interest rate of the Company’s loans for the six months ended June 30, 2021 and 2020, was 2.92% and 3.76%, respectively. For the six months ended June 30, 2021 and 2020, interest expense on long-term debt amounted to $824 and $929, respectively, and commitment fees amounted to $0 and $6, respectively, and are included in Interest and finance costs in the accompanying unaudited interim consolidated statement of operations. As at June 30, 2021, the maturities of the debt facilities described above, are as follows: Principal Repayment July 1, 2021 through June 30, 2022 $ 7,911 July 1, 2022 through June 30, 2023 7,911 July 1, 2023 through June 30, 2024 7,911 July 1, 2024 through December 31, 2024 30,411 Total $ 54,144 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
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 unaudited interim 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) 1.19 The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2021 : Amount Year 1 $ 98 Year 2 46 Year 3 3 Total $ 147 Less imputed interest (13 ) Present value of lease liabilities $ 134 Lease liabilities, current 90 Lease liabilities, non- current 44 Present value of lease liabilities $ 134 |
Changes in Capital Accounts
Changes in Capital Accounts | 6 Months Ended |
Jun. 30, 2021 | |
Changes in Capital Accounts [Abstract] | |
Changes in Capital Accounts | 9. Changes in Capital Accounts (a) Series B Preferred Stock: (b) Series C Preferred Stock: (c) Share Repurchase Program : (d) Compensation Cost on Stock Option Awards: In its assessment for the accounting of the stock options awards, the Company has taken into consideration the provisions of ASC 718 “Compensation – Stock Compensation” and determined that these stock options should be classified as equity rather than liability. The award was measured on the grant date, being January 1, 2021, at fair value on a non-recurring basis. Its fair value was determined through Level 3 inputs of the fair value hierarchy as determined by management and amounted to $134. The fair value of the stock option was estimated using the binomial-pricing model with the following assumptions: (a) 6% dividend yield, assumed based on Company’s stated dividend policy and existing capital structure, (b) weighted average expected volatility of 75%, (c) risk free rate of 0.36% determined by management using the applicable 5-year treasury yield as of the measurement date, (d) market value of common stock of $4.64 and (e) expected life of 5 years as at January 1, 2021. During the six months ended June 30, 2021, no stock options were exercised and the full amount of $134 was recognized as compensation cost in General and administrative expenses in the accompanying unaudited interim consolidated statements of operations. (e) Compensation Cost on Restricted Common Stock: One third two thirds On December 30, 2020, the Company’s Board of Directors approved an amendment to the 2015 Equity Incentive Plan (or the “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 three fourths During the six months ended June 30, 2021 and 2020, aggregate compensation cost on restricted stock amounted to $93, and $1,310 respectively, and is included in General and administrative expenses in the accompanying unaudited interim consolidated statements of operations. At June 30, 2021 and December 31, 2020, the total unrecognized compensation cost relating to restricted share awards was $200 and $293, respectively. During the six months ended June 30, 2021 and 2020, the movement of the restricted stock cost was as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2019 388,576 $ 8.90 Granted - - Vested (282,391 ) 8.98 Forfeited or expired - - Outstanding at June 30, 2020 106,185 $ 8.70 Granted 67,225 4.76 Vested (73,311 ) 7.80 Forfeited or expired - - Outstanding at December 31, 2020 100,099 6.71 Granted - - Vested (49,681 ) 8.70 Forfeited or expired - - Outstanding at June 30, 2021 50,418 $ 4.76 As at June 30, 2021, the weighted-average period over which the total compensation cost related to non-vested awards, as presented above, is expected to be recognized, is 1.50 years. (f) On March 5, 2021, the Company entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC, as sales agent, pursuant to which the Company may offer and sell, from time to time, up to an aggregate of $5,900 of its common shares, par value $0.01 per share. No shares have been sold during the six-month period ended June 30, 2021, or up to the date of issuance of these unaudited interim consolidated financial statements. |
Earnings _ (Loss) per Share
Earnings / (Loss) per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings / (Loss) per Share [Abstract] | |
Earnings / (Loss) per Share | 10. 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 June 30, 2021 and 2020, the Company did not pay any dividends. 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 the six months ended June 30, 2020, 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 to 110,839 shares. For the six-months ended June 30, 2020, no incremental shares were calculated from the application of the treasury stock method for the restricted shares. For the six-months ended June 30, 2021, 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, and also any incremental shares resulting from the non-exercised stock options calculated with the treasury stock method. For the six months ended June 30, 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. 2021 2020 Basic LPS Diluted LPS Basic EPS Diluted EPS Net income / (loss) from continuing operations $ (5,900 ) $ (5,900 ) $ 4,633 $ 4,633 plus gain from repurchase of preferred shares - - 1,500 1,500 Net income / (loss) available to common stockholders from continuing operations (5,900 ) (5,900 ) 6,133 6,133 Net income from discontinued operations 400 400 1,303 1,303 Total net income / (loss) available to common stockholders (5,500 ) (5,500 ) 7,436 7,436 Weighted average number of common shares outstanding 5,019,981 5,019,981 4,805,969 4,805,969 Effect of dilutive shares - - - 110,839 Total shares outstanding 5,019,981 5,019,981 4,805,969 4,916,808 Earnings / (Loss) per common share, continuing operations $ (1.18 ) $ (1.18 ) $ 1.28 $ 1.25 Earnings per common share, discontinued operations $ 0.08 $ 0.08 $ 0.27 $ 0.26 Earnings / (Loss) per common share, total $ (1.10 ) $ (1.10 ) $ 1.55 $ 1.51 |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2021 | |
Financial Instruments and Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Disclosures | 11. 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. Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events The Company evaluated subsequent events and concluded that there are no material subsequent events to disclose . |
General Information (Policies)
General Information (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
General Information [Abstract] | |
Financial Statements Presentation | The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 5, 2021 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2021 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2021. The consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. |
Discontinued Operations | Following the sale of all Company’s container vessels in 2020, 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 unaudited interim consolidated financial statements (Note 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. |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies and Recent Accounting Pronouncements [Abstract] | |
Pool Revenues Accounting | Pool Revenues Accounting: The Company’s tankers vessels have been employed since their acquisition under time and voyage charter contracts, while in June 2021, the Company has also entered into a pool arrangement for one of its vessels. . |
Stock Options Accounting | Stock Options Accounting: The Company grants stock options as incentive-based compensation to certain of its officers, in accordance with the terms of the Company’s Equity Incentive Plan. Stock-based compensation awards that are classified as equity and do not contain any market, service or performance conditions, are recognized on the grant date with a corresponding credit to equity and are measured at fair value. The compensation cost of the Company’s stock-based compensation awards is included in general and administrative expenses in the unaudited interim consolidated statement of operations. |
Accounting for Rent Concessions Related to the COVID-19 Pandemic | Accounting for Rent Concessions Related to the COVID-19 Pandemic: The FASB has provided accounting elections for entities that provide or receive rent concessions (e.g., deferral of lease payments, reduced future lease payments) due to the COVID-19 pandemic. Entities are allowed to elect to not evaluate whether a concession provided by a lessor due to COVID-19 is a lease modification. An entity that makes this election can then elect whether to apply the modification guidance (i.e., assume the concession was always contemplated by the contract or assume the concession was not contemplated by the contract). During the six months ended June 30, 2021, the Company’s rent costs were annulled as a result of COVID-19 relief measures applied by the Greek government. The Company assessed that the rent concession qualifies for the election, as the concession did not result in a substantial increase in the rights of the lessor or the obligations of the lessee, and then elected to not evaluate whether this concession provided by the Greek government due to COVID-19 is a lease modification , and further chose to adopt a policy to not account for the concession as a lease modification. Finally , the Company, as a lessee that was contractually released from certain lease payments, accounts the rent concession like a negative variable lease payment. |
Recent Accounting Pronouncements- Not Yet Adopted | Recent Accounting Pronouncements- Not Yet Adopted In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | Below are presented summarized the unaudited interim operating results of the discontinued operations for the six months ended June 30, 2021 and 2020, as well as the balance sheet information on the Company's discontinued operations as of June 30, 2021 and December 31, 2020: June 30, 2021 June 30, 2020 Items constituting net income from discontinued operations Time-charter revenues $ - $ 3,900 Voyage expenses - (172 ) Vessels' operating expenses - (1,874 ) Depreciation and amortization of deferred charges - (85 ) Management fees - (101 ) Impairment losses - (339 ) Loss on vessels' sale - (27 ) Other income 400 - Foreign currency gains - 1 Net income from discontinued operations 400 1,303 Carrying amounts of major classes of assets of discontinued operations June 30, 2021 December 31, 2020 Cash and cash equivalents $ 14 $ 13 Accounts receivable, trade 36 110 Prepaid expenses and other assets 29 105 Total major classes of current assets of discontinued operations 79 228 Carrying amounts of major classes of liabilities of discontinued operations Accounts payable, trade and other 129 207 Accrued liabilities 60 109 Total major classes of current liabilities of discontinued operations 189 316 |
Revenues, Accounts Receivable_2
Revenues, Accounts Receivable and Provision for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenues, Accounts Receivable and Provision for Credit Losses [Abstract] | |
Voyage and Hire Revenues from Charterers | For the six months ended June 30, 2021 and 2020, charterers that accounted for more than 10% of the Company’s voyage and hire revenues, were as follows: Charterer 2021 2020 A - Tanker vessels - Continuing operations - 11 % B - Tanker vessels - Continuing operations 29 % 10 % C - Tanker vessels - Continuing operations 10 % - D- Tanker vessels - Continuing operations 28 % - |
Vessels, net (Tables)
Vessels, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Vessels, net [Abstract] | |
Vessels, net | The amounts of Vessels, net in the accompanying consolidated balance sheets are analyzed as follows: Vessels' Cost Accumulated Depreciation Net Book Value Balance, December 31, 2020 $ 134,564 $ (6,456 ) $ 128,108 - Vessels' improvements 1,125 - 1,125 - Depreciation - (3,595 ) (3,595 ) Balance, June 30, 2021 $ 135,689 $ (10,051 ) $ 125,638 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Long-Term Debt [Abstract] | |
Long-term Debt | The amount of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows: June 30, 2021 Current Non-current December 31, 2020 Current Non-current Nordea Bank secured term loan $ 26,272 $ 3,739 $ 22,533 $ 28,142 $ 3,740 $ 24,402 Piraeus Bank secured term loan 27,872 4,171 23,701 29,958 4,171 25,787 less unamortized deferred financing costs (360 ) (133 ) (227 ) (434 ) (143 ) (291 ) Total debt, net of deferred financing costs $ 53,784 $ 7,777 $ 46,007 $ 57,666 $ 7,768 $ 49,898 |
Maturities of Debt Facilities | As at June 30, 2021, the maturities of the debt facilities described above, are as follows: Principal Repayment July 1, 2021 through June 30, 2022 $ 7,911 July 1, 2022 through June 30, 2023 7,911 July 1, 2023 through June 30, 2024 7,911 July 1, 2024 through December 31, 2024 30,411 Total $ 54,144 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Office Rental Obligations | The following table sets forth the Company’s undiscounted office rental obligations as at June 30, 2021 : Amount Year 1 $ 98 Year 2 46 Year 3 3 Total $ 147 Less imputed interest (13 ) Present value of lease liabilities $ 134 Lease liabilities, current 90 Lease liabilities, non- current 44 Present value of lease liabilities $ 134 |
Changes in Capital Accounts (Ta
Changes in Capital Accounts (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Changes in Capital Accounts [Abstract] | |
Movement of Restricted Stock Cost | During the six months ended June 30, 2021 and 2020, the movement of the restricted stock cost was as follows: Number of Shares Weighted Average Grant Date Price Outstanding at December 31, 2019 388,576 $ 8.90 Granted - - Vested (282,391 ) 8.98 Forfeited or expired - - Outstanding at June 30, 2020 106,185 $ 8.70 Granted 67,225 4.76 Vested (73,311 ) 7.80 Forfeited or expired - - Outstanding at December 31, 2020 100,099 6.71 Granted - - Vested (49,681 ) 8.70 Forfeited or expired - - Outstanding at June 30, 2021 50,418 $ 4.76 |
Earnings _ (Loss) per Share (Ta
Earnings / (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings / (Loss) per Share [Abstract] | |
Earnings Per Share, Basic and Diluted | 2021 2020 Basic LPS Diluted LPS Basic EPS Diluted EPS Net income / (loss) from continuing operations $ (5,900 ) $ (5,900 ) $ 4,633 $ 4,633 plus gain from repurchase of preferred shares - - 1,500 1,500 Net income / (loss) available to common stockholders from continuing operations (5,900 ) (5,900 ) 6,133 6,133 Net income from discontinued operations 400 400 1,303 1,303 Total net income / (loss) available to common stockholders (5,500 ) (5,500 ) 7,436 7,436 Weighted average number of common shares outstanding 5,019,981 5,019,981 4,805,969 4,805,969 Effect of dilutive shares - - - 110,839 Total shares outstanding 5,019,981 5,019,981 4,805,969 4,916,808 Earnings / (Loss) per common share, continuing operations $ (1.18 ) $ (1.18 ) $ 1.28 $ 1.25 Earnings per common share, discontinued operations $ 0.08 $ 0.08 $ 0.27 $ 0.26 Earnings / (Loss) per common share, total $ (1.10 ) $ (1.10 ) $ 1.55 $ 1.51 |
General Information (Details)
General Information (Details) | Nov. 02, 2020 |
General Information [Abstract] | |
Reverse stock split ratio | 0.10 |
Significant Accounting Polici_3
Significant Accounting Policies and Recent Accounting Pronouncements (Details) | Jun. 30, 2021Vessel |
Pool Charters [Member] | |
Significant Accounting Policies [Abstract] | |
Number of vessels under pool arrangement | 1 |
Discontinued Operations (Detail
Discontinued Operations (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021USD ($)Segment | Jun. 30, 2020USD ($)Vessel | Dec. 31, 2020USD ($) | |
Discontinued Operations [Abstract] | |||
Number of reportable segments | Segment | 2 | ||
Number of tanker vessels acquired | Vessel | 2 | ||
Carrying Amounts of Major Classes of Assets of Discontinued Operations [Abstract] | |||
Total major classes of current assets of discontinued operations | $ 79 | $ 228 | |
Carrying Amounts of Major Classes of Liabilities of Discontinued Operations [Abstract] | |||
Total major classes of current liabilities of discontinued operations | 189 | $ 316 | |
Container Segment [Member] | Discontinued Operations [Member] | |||
Items Constituting Net Income from Discontinued Operations [Abstract] | |||
Time-charter revenues | 0 | $ 3,900 | |
Voyage expenses | 0 | (172) | |
Vessels' operating expenses | 0 | (1,874) | |
Depreciation and amortization of deferred charges | 0 | (85) | |
Management fees | 0 | (101) | |
Impairment losses | 0 | (339) | |
Loss on vessels' sale | 0 | (27) | |
Other income | 400 | 0 | |
Foreign currency gains | 0 | 1 | |
Net income from discontinued operations | 400 | 1,303 | |
Carrying Amounts of Major Classes of Assets of Discontinued Operations [Abstract] | |||
Cash and cash equivalents | 14 | 13 | |
Accounts receivable, trade | 36 | 110 | |
Prepaid expenses and other assets | 29 | 105 | |
Total major classes of current assets of discontinued operations | 79 | 228 | |
Carrying Amounts of Major Classes of Liabilities of Discontinued Operations [Abstract] | |||
Accounts payable, trade and other | 129 | 207 | |
Accrued liabilities | 60 | 109 | |
Total major classes of current liabilities of discontinued operations | $ 189 | $ 316 |
Revenues, Accounts Receivable_3
Revenues, Accounts Receivable and Provision for Credit Losses, Credit Losses Provision (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Provision for Credit Losses [Abstract] | |||
Provision for credit losses | $ (20) | $ 131 | |
Cash Equivalents [Member] | |||
Provision for Credit Losses [Abstract] | |||
Allowance for estimated credit losses | 0 | $ 0 | |
Freight and Demurrage Receivables [Member] | |||
Provision for Credit Losses [Abstract] | |||
Allowance for estimated credit losses | 59 | 79 | |
Insurance Claims [Member] | |||
Provision for Credit Losses [Abstract] | |||
Allowance for estimated credit losses | $ 0 | $ 0 |
Revenues, Accounts Receivable_4
Revenues, Accounts Receivable and Provision for Credit Losses, Revenues and Accounts Receivable (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021USD ($)Vessel | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Revenues and Accounts Receivable [Abstract] | |||
Accounts receivable, net | $ 2,493 | $ 3,503 | |
Spot Charters [Member] | |||
Revenues and Accounts Receivable [Abstract] | |||
Revenues | 11,441 | $ 23,484 | |
Accounts receivable, net | 2,239 | 3,399 | |
Contract assets | 280 | 456 | |
Time Charters [Member] | |||
Revenues and Accounts Receivable [Abstract] | |||
Revenues | 5,998 | $ 2,151 | |
Accounts receivable, net | $ 98 | $ 104 | |
Pool Charters [Member] | |||
Revenues and Accounts Receivable [Abstract] | |||
Number of vessels under pool arrangement | Vessel | 1 | ||
Revenues | $ 74 | ||
Accounts receivable, net | $ 156 | ||
Revenues [Member] | Customer Concentration Risk [Member] | Charterer A [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 0.00% | 11.00% | |
Revenues [Member] | Customer Concentration Risk [Member] | Charterer B [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 29.00% | 10.00% | |
Revenues [Member] | Customer Concentration Risk [Member] | Charterer C [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 10.00% | 0.00% | |
Revenues [Member] | Customer Concentration Risk [Member] | Charterer D [Member] | |||
Revenues [Abstract] | |||
Concentration risk percentage | 28.00% | 0.00% |
Transactions with Related Par_2
Transactions with Related Parties (Details) - USD ($) $ in Thousands | Mar. 26, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Transaction with Related Parties [Abstract] | ||||
Payable to related parties | $ 23 | $ 68 | ||
Payment for repurchase of preferred stock | 0 | $ 400 | ||
Pure Brokerage [Member] | ||||
Transaction with Related Parties [Abstract] | ||||
Payable to related parties | 23 | 68 | ||
Pure Brokerage [Member] | Commissions [Member] | Voyage Expenses [Member] | ||||
Transaction with Related Parties [Abstract] | ||||
Related party transaction amount | 215 | 76 | ||
Pure Brokerage [Member] | Brokerage Fees [Member] | General and Administrative Expenses [Member] | ||||
Transaction with Related Parties [Abstract] | ||||
Related party transaction amount | 90 | 6 | ||
Altair [Member] | ||||
Transaction with Related Parties [Abstract] | ||||
Payable to related parties | 0 | $ 0 | ||
Altair [Member] | Travel Expenses [Member] | ||||
Transaction with Related Parties [Abstract] | ||||
Related party transaction amount | $ 18 | $ 124 | ||
Diana Shipping Inc. [Member] | Series C Preferred Stock [Member] | ||||
Transaction with Related Parties [Abstract] | ||||
Repurchase and cancellation of preferred stock (in shares) | 100 | |||
Payment for repurchase of preferred stock | $ 1,500 |
Vessels, net (Details)
Vessels, net (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accumulated Depreciation [Abstract] | |||
Depreciation | $ (3,653) | $ (2,594) | |
Net Book Value [Abstract] | |||
Beginning balance | 129,243 | ||
Ending balance | 126,719 | ||
Other non-current assets | 152 | $ 0 | |
Vessels [Member] | |||
Vessels' Cost [Abstract] | |||
Beginning balance | 134,564 | ||
Vessels' improvements | 1,125 | ||
Ending balance | 135,689 | ||
Accumulated Depreciation [Abstract] | |||
Beginning balance | (6,456) | ||
Depreciation | (3,595) | ||
Ending balance | (10,051) | ||
Net Book Value [Abstract] | |||
Beginning balance | 128,108 | ||
Ending balance | $ 125,638 |
Long-Term Debt, Summary (Detail
Long-Term Debt, Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Long-Term Debt [Abstract] | ||
Long-term debt | $ 54,144 | |
Less unamortized deferred financing costs | (360) | $ (434) |
Total debt, net of deferred financing costs | 53,784 | 57,666 |
Current [Abstract] | ||
Less current portion of unamortized deferred finance costs | (133) | (143) |
Current portion of long-term debt, net of deferred finance costs | 7,777 | 7,768 |
Non-current [Abstract] | ||
Less non-current portion of unamortized deferred finance costs | (227) | (291) |
Non-current portion of long-term debt, net of deferred finance costs | 46,007 | 49,898 |
Nordea Bank Secured Term Loan [Member] | ||
Long-Term Debt [Abstract] | ||
Long-term debt | 26,272 | 28,142 |
Current [Abstract] | ||
Current portion of long-term debt | 3,739 | 3,740 |
Non-current [Abstract] | ||
Non-current portion of long-term debt | 22,533 | 24,402 |
Piraeus Bank Secured Term Loan [Member] | ||
Long-Term Debt [Abstract] | ||
Long-term debt | 27,872 | 29,958 |
Current [Abstract] | ||
Current portion of long-term debt | 4,171 | 4,171 |
Non-current [Abstract] | ||
Non-current portion of long-term debt | $ 23,701 | $ 25,787 |
Long-Term Debt, Secured Term Lo
Long-Term Debt, Secured Term Loans (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Dec. 31, 2020USD ($)Subsidiary | Jun. 30, 2021USD ($)AgreementIntallmentVessel | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2019USD ($)Subsidiary | |
Long-Term Debt [Abstract] | ||||||
Number of long term loan agreements | Agreement | 2 | |||||
Number of balloon installment payments | Intallment | 1 | |||||
Arrangement fee percentage | 1.00% | |||||
Number of tanker vessels used as collateral | Vessel | 5 | |||||
Net book value of tanker vessels used as collateral | $ 125,638 | |||||
Proceeds from loan agreement | $ 0 | $ 26,000 | ||||
LIBOR [Member] | Minimum [Member] | ||||||
Long-Term Debt [Abstract] | ||||||
Fixed margin rate | 2.75% | |||||
LIBOR [Member] | Maximum [Member] | ||||||
Long-Term Debt [Abstract] | ||||||
Fixed margin rate | 2.85% | |||||
Nordea Bank and Piraeus Bank Loans [Member] | ||||||
Long-Term Debt [Abstract] | ||||||
Minimum term of charter used as security under loan agreements | 2 years | |||||
Compensating cash balance required under loan agreements | $ 9,000 | $ 9,000 | ||||
Weighted average interest rate | 2.92% | 3.76% | ||||
Interest expense on long-term debt | $ 824 | $ 929 | ||||
Commitment fees | $ 0 | $ 6 | ||||
Nordea Bank Secured Term Loan [Member] | ||||||
Long-Term Debt [Abstract] | ||||||
Number of vessel-owning subsidiaries entering into loan agreement | Subsidiary | 2 | |||||
Borrowing capacity | $ 59,000 | $ 47,000 | $ 33,000 | |||
Piraeus Bank Secured Term Loan [Member] | ||||||
Long-Term Debt [Abstract] | ||||||
Number of vessel-owning subsidiaries entering into loan agreement | Subsidiary | 3 | |||||
Borrowing capacity | $ 31,526 | |||||
Proceeds from loan agreement | 29,958 | |||||
Amount available for drawdown | $ 0 |
Long-Term Debt, Maturities of D
Long-Term Debt, Maturities of Debt Facilities (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Principal Repayments [Abstract] | |
July 1, 2021 through June 30, 2022 | $ 7,911 |
July 1, 2022 through June 30, 2023 | 7,911 |
July 1, 2023 through June 30, 2024 | 7,911 |
July 1, 2024 through December 31, 2024 | 30,411 |
Total principal repayments | $ 54,144 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021USD ($)€ / $ | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Commitments and Contingencies [Abstract] | |||
Pollution coverage per vessel per incident | $ 1,000,000 | ||
Closing period for relevant insurance policy year | 3 years | ||
Minimum contractual annual charter revenues, net of related commissions to third parties, to be generated until June 30, 2022 | $ 3,751 | ||
Office Leases [Abstract] | |||
Operating lease liability | 134 | $ 184 | |
Operating right-of-use asset | 134 | 184 | |
Monthly rent expense | $ 8 | ||
Exchange rate | € / $ | 0.8403 | ||
Rent expense | $ 0 | $ 59 | |
Impairment charge | 0 | ||
Office Rental Obligations [Abstract] | |||
Year 1 | 98 | ||
Year 2 | 46 | ||
Year 3 | 3 | ||
Total | 147 | ||
Less imputed interest | (13) | ||
Present value of lease liabilities | 134 | 184 | |
Lease liabilities, current | 90 | 94 | |
Lease liabilities, non- current | $ 44 | $ 90 | |
Maximum [Member] | |||
Office Leases [Abstract] | |||
Term of leases | 3 years |
Changes in Capital Accounts, Pr
Changes in Capital Accounts, Preferred Stock (Details) - USD ($) $ in Thousands | Apr. 07, 2020 | Mar. 26, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Apr. 06, 2020 |
Preferred Stock [Abstract] | ||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||
Payment for repurchase of preferred stock | $ 0 | $ 400 | ||||
Series B Preferred Stock [Member] | ||||||
Preferred Stock [Abstract] | ||||||
Conversion of Series B preferred stock to common stock (in shares) | 1,100 | |||||
Common Stock [Member] | ||||||
Preferred Stock [Abstract] | ||||||
Number of shares issued conversion of Series B preferred stock to common stock (in shares) | 195,215 | |||||
Series B-2 Convertible Preferred Stock [Member] | ||||||
Preferred Stock [Abstract] | ||||||
Preferred stock, shares outstanding (in shares) | 400 | |||||
Repurchase and cancellation of preferred stock (in shares) | 400 | |||||
Payment for repurchase of preferred stock | $ 400 | |||||
Series C Preferred Stock [Member] | Diana Shipping Inc [Member] | ||||||
Preferred Stock [Abstract] | ||||||
Repurchase and cancellation of preferred stock (in shares) | 100 | |||||
Payment for repurchase of preferred stock | $ 1,500 |
Changes in Capital Accounts, Sh
Changes in Capital Accounts, Share Repurchase Program (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jan. 31, 2020 | |
Share Repurchase Program [Abstract] | ||
Number of shares repurchased and cancelled | $ 656 | |
Share Repurchase Program [Member] | ||
Share Repurchase Program [Abstract] | ||
Number of shares repurchased and cancelled (in shares) | 81,785 | |
Number of shares repurchased and cancelled | $ 656 | |
Share Repurchase Program [Member] | Maximum [Member] | ||
Share Repurchase Program [Abstract] | ||
Authorized share repurchase amount | $ 6,000 |
Changes in Capital Accounts, Co
Changes in Capital Accounts, Compensation Cost on Stock Option Awards (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | Jan. 01, 2021 | Jun. 30, 2021 |
Stock Option Awards [Abstract] | ||
Stock options exercised (in shares) | 0 | |
Fair Value Assumptions for Valuing Stock Options Granted [Abstract] | ||
Dividend yield | 6.00% | |
Weighted average expected volatility | 75.00% | |
Risk free interest rate | 0.36% | |
Term of treasury yield | 5 years | |
Market value of common stock | $ 4.64 | |
Expected life | 5 years | |
Chief Financial Officer [Member] | ||
Stock Option Awards [Abstract] | ||
Stock options granted (in shares) | 120,000 | |
Term | 5 years | |
Chief Financial Officer [Member] | Minimum [Member] | ||
Stock Option Awards [Abstract] | ||
Exercise price (in dollars per share) | $ 10 | |
Chief Financial Officer [Member] | Maximum [Member] | ||
Stock Option Awards [Abstract] | ||
Exercise price (in dollars per share) | $ 30 | |
Non-Recurring Basis [Member] | Level 3 [Member] | ||
Stock Option Awards [Abstract] | ||
Fair value of award granted | $ 134 | |
General and Administrative Expenses [Member] | ||
Stock Option Awards [Abstract] | ||
Share-based compensation expense | $ 134 |
Changes in Capital Accounts, _2
Changes in Capital Accounts, Compensation Cost on Restricted Common Stock (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Thousands | Dec. 30, 2020 | Feb. 15, 2018 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Compensation Cost on Restricted Common Stock [Abstract] | |||||
Unrecognized compensation cost | $ 200 | $ 293 | |||
Weighted Average Grant Date Price [Roll Forward] | |||||
Weighted-average period to recognize compensation cost of non-vested awards | 1 year 6 months | ||||
2015 Equity Incentive Plan [Member] | |||||
Compensation Cost on Restricted Common Stock [Abstract] | |||||
Number of shares issuable (in shares) | 538,830 | ||||
Number of shares reserved for issuance (in shares) | 471,605 | ||||
Number of Shares [Roll Forward] | |||||
Outstanding at beginning of period (in shares) | 100,099 | 106,185 | 388,576 | ||
Granted (in shares) | 0 | 67,225 | 0 | ||
Vested (in shares) | (49,681) | (73,311) | (282,391) | ||
Forfeited or expired (in shares) | 0 | 0 | 0 | ||
Outstanding at end of period (in shares) | 50,418 | 100,099 | 106,185 | ||
Weighted Average Grant Date Price [Roll Forward] | |||||
Outstanding at beginning of period (in dollars per share) | $ 6.71 | $ 8.70 | $ 8.90 | ||
Granted (in dollars per share) | 0 | 4.76 | 0 | ||
Vested (in dollars per share) | 8.70 | 7.80 | 8.98 | ||
Forfeited or expired (in dollars per share) | 0 | 0 | 0 | ||
Outstanding at end of period (in dollars per share) | $ 4.76 | $ 6.71 | $ 8.70 | ||
Awarded February 15, 2018 [Member] | Executive Officers and Non Executive Directors [Member] | 2015 Equity Incentive Plan [Member] | |||||
Compensation Cost on Restricted Common Stock [Abstract] | |||||
Fair value of award granted | $ 5,000 | ||||
Vesting period | 2 years | ||||
Number of Shares [Roll Forward] | |||||
Granted (in shares) | 574,779 | ||||
Awarded February 15, 2018 [Member] | Executive Officers and Non Executive Directors [Member] | Vested on Issuance Date [Member] | 2015 Equity Incentive Plan [Member] | |||||
Compensation Cost on Restricted Common Stock [Abstract] | |||||
Vesting percentage | 33.33% | ||||
Awarded February 15, 2018 [Member] | Executive Officers and Non Executive Directors [Member] | Vested Ratably Over Two Years from Issuance Date [Member] | 2015 Equity Incentive Plan [Member] | |||||
Compensation Cost on Restricted Common Stock [Abstract] | |||||
Vesting percentage | 66.67% | ||||
Awarded December 30, 2020 [Member] | Directors [Member] | 2015 Equity Incentive Plan [Member] | |||||
Compensation Cost on Restricted Common Stock [Abstract] | |||||
Fair value of award granted | $ 320 | ||||
Vesting period | 3 years | ||||
Number of Shares [Roll Forward] | |||||
Granted (in shares) | 67,225 | ||||
Awarded December 30, 2020 [Member] | Directors [Member] | Vested on Issuance Date [Member] | 2015 Equity Incentive Plan [Member] | |||||
Compensation Cost on Restricted Common Stock [Abstract] | |||||
Vesting percentage | 25.00% | ||||
Awarded December 30, 2020 [Member] | Directors [Member] | Vested Ratably Over Three Years from Issuance Date [Member] | 2015 Equity Incentive Plan [Member] | |||||
Compensation Cost on Restricted Common Stock [Abstract] | |||||
Vesting percentage | 75.00% | ||||
General and Administrative Expenses [Member] | |||||
Restricted Common Stock [Abstract] | |||||
Share-based compensation expense | $ 93 | $ 1,310 |
Changes in Capital Accounts, At
Changes in Capital Accounts, At The Market Offering (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Mar. 05, 2021 | Dec. 31, 2020 | |
At The Market Offering [Abstract] | |||
Common shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Number of shares sold during period (in shares) | 0 | ||
Maximum [Member] | |||
At The Market Offering [Abstract] | |||
Common stock that can be sold under ATM | $ 5,900 |
Earnings _ (Loss) per Share (De
Earnings / (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings / (Loss) per Share [Abstract] | ||
Dividends paid | $ 0 | $ 0 |
Basic Earnings / (Loss) per Share [Abstract] | ||
Net income / (loss) from continuing operations | (5,900) | 4,633 |
Gain from repurchase of preferred shares | 0 | 1,500 |
Net income /(loss) available to common stockholders from continuing operations | (5,900) | 6,133 |
Net income from discontinued operations | 400 | 1,303 |
Total net income / (loss) available to common stockholders | $ (5,500) | $ 7,436 |
Weighted average number of common shares outstanding (in shares) | 5,019,981 | 4,805,969 |
Earnings / (Loss) per common share, continuing operations (in dollars per share) | $ (1.18) | $ 1.28 |
Earnings / (Loss) per common share, discontinued operations (in dollars per share) | 0.08 | 0.27 |
Earnings / (Loss) per common share, total (in dollars per share) | $ (1.10) | $ 1.55 |
Diluted Earnings / (Loss) per Share [Abstract] | ||
Net income / (loss) from continuing operations | $ (5,900) | $ 4,633 |
Gain from repurchase of preferred shares | 0 | 1,500 |
Net income / (loss) available to common stockholders from continuing operations | (5,900) | 6,133 |
Net income from discontinued operations | 400 | 1,303 |
Total net income / (loss) available to common stockholders | $ (5,500) | $ 7,436 |
Weighted average number of common shares outstanding (in shares) | 5,019,981 | 4,805,969 |
Effect of dilutive shares (in shares) | 0 | 110,839 |
Total shares outstanding (in shares) | 5,019,981 | 4,916,808 |
Earnings / (Loss) per common share, continuing operations (in dollars per share) | $ (1.18) | $ 1.25 |
Earnings / (Loss) per common share, discontinued operations (in dollars per share) | 0.08 | 0.26 |
Earnings / (Loss) per common share, total (in dollars per share) | $ (1.10) | $ 1.51 |
Restricted Shares [Member] | ||
Earnings / (Loss) per Share [Abstract] | ||
Antidilutive securities excluded from computation of diluted loss per share (in shares) | 0 |