XML 19 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues:      
Voyage revenues (Note 18) $ 693,241 $ 821,365 $ 651,561
Expenses      
Voyage expenses (Notes 3 and 19) 200,058 222,962 121,596
Charter-in hire expenses (Note 3) 32,055 126,813 92,896
Vessel operating expenses (Note 19) 178,543 160,062 128,872
Dry docking expenses 23,519 57,444 8,970
Depreciation (Note 5) 142,293 124,280 102,852
Management fees (Notes 3 and 12) 18,405 17,500 11,321
General and administrative expenses (Note 3) 31,881 34,819 33,972
Impairment loss (Notes 5 and 20) 3,411 17,784
Other operational loss 1,513 110 191
Other operational gain (Note 11) (3,231) (2,423) 0
Provision for doubtful debts 373 1,607 722
(Gain)/Loss on forward freight agreements and bunker swaps, net (Note 20) (16,156) (4,411) 447
(Gain)/Loss on sale of vessels ( Note 5) 0 5,493 0
Total operating expenses 609,253 747,667 519,623
Operating income / (loss) 83,988 73,698 131,938
Other Income/ (Expenses):      
Interest and finance costs (Note 9) (69,555) (87,617) (73,715)
Interest and other income/(loss) 267 1,299 1,866
Gain/(loss) on interest rate swaps, net (Note 20) 0 0 707
Loss on debt extinguishment (Note 9) (4,924) (3,526) (2,383)
Total other expenses, net (74,212) (89,844) (73,525)
 Income / (loss) before taxes and equity in income of investee 9,776 (16,146) 58,413
Income taxes (Note 16) (152) (109) (61)
Income/(Loss) before equity in income of investee 9,624 (16,255) 58,352
Equity in income of investee 36 54 45
Net income/(loss) $ 9,660 $ (16,201) $ 58,397
Earnings / (Loss) per share, basic $ 0.10 $ (0.17) $ 0.76
Earnings / (Loss) per share, diluted $ 0.10 $ (0.17) $ 0.76
Weighted average number of shares outstanding, basic (Note 14) 96,128,173 93,735,549 77,061,227
Weighted average number of shares outstanding, diluted  (Note 14) 96,281,389 93,735,549 77,326,111