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Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2021

Financial Instruments and Fair Value Disclosures

Schedule of company's charter revenues

​

​	​	​	​	​	​	​	​
Charterer		2021		2020		2019
Cargill International SA		10	%	18	%	16	%
Koch Shipping PTE LTD. Singapore		*		16	%	14	%
Swissmarine Pte. Ltd		*		*		18	%
Glencore Agriculture B.V., Rotterdam		*		*		12	%
​	​	​	​	​	​	​	​
*Less than 10%							​

Schedule of other fair value measurements

Other Fair value measurements

​

​	​	​	​	​	​	​	​	​
​		​		Quoted Prices in		Significant Other		​
​	​	December 31,	​	Active Markets	​	Observable Inputs	​	Total
Description (in thousands of US Dollars)	​	2021	​	(Level 1)	​	(Level 2)	​	gains/(loss)
Non-recurring fair value measurements
Investments in related parties (1)	​	7,575	​	​	​	7,575	​	​

​

​

​	​	​	​	​	​	​	​	​
​		​		Quoted Prices in		Significant Other		​
​	​	December 31,	​	Active Markets	​	Observable Inputs	​	Total
​	​	2020	​	(Level 1)	​	(Level 2)	​	gains/(loss)
Non-recurring fair value measurements
Long-lived assets held for use (2)		166,430		​		166,430		(93,338)
Long-lived assets held for use - Calipso (3)		7,330		​		7,330		201
Long-lived assets held for sale (4)		23,361		23,361		​		(8,700)
Total non-recurring fair value measurements		197,121		23,361		173,760		(101,837)

​

(1) On November 29, 2021, Series B preferred shares and Series C preferred shares were recorded at $5 and $7,570, respectively, being the fair value of the shares on the date of issuance to the Company by OceanPal (Note 4).

(2) At March 31, 2020, vessels held for use, having a carrying value of $258,425 and $1,343 of unamortized deferred costs, were written down to their fair value of $166,430, resulting in an impairment charge of $93,338 (Note 5).

(3) On March 8, 2020, the vessel Calipso, having a carrying value of $7,130, was recorded at fair value of $7,330, resulting in gain of $201 (Note 5).

(4) In September 2020, the vessel Coronis and in December 2020, the vessels Sideris G.S. and Oceanis having an aggregate carrying value of $31,933 and $128 of unamortized deferred costs, were recorded at an aggregate fair value of $23,361, resulting in impairment charge of $8,700 (Note 5).

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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