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v3.23.1

Operating expenses (Tables) | 12 Months Ended
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Dec. 31, 2022
Operating expense [Abstract] |
Voyage Expenses | Voyage expenses
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Bunkers |  | $ | 154,182 |  |  | $ | 72,925 |  |  | $ | 106,104 |
Other voyage related expenses |  |  | 31,320 |  |  |  | 19,480 |  |  |  | 34,460 |
Total voyage expenses |  | $ | 185,502 |  |  | $ | 92,405 |  |  | $ | 140,564 |
Vessel Operating Expenses | Vessel operating expenses
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Operating expenses |  | $ | 67,846 |  |  | $ | 71,609 |  |  | $ | 75,944 |
Insurance |  |  | 5,963 |  |  |  | 6,198 |  |  |  | 6,244 |
Total vessel operating expenses |  | $ | 73,809 |  |  | $ | 77,807 |  |  | $ | 82,188 |
General and Administrative Expenses | General and administrative expenses
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Total compensation to employees and Directors |  | $ | 11,763 |  |  | $ | 11,890 |  |  | $ | 14,163 |
Office and administrative expenses |  |  | 3,818 |  |  |  | 3,351 |  |  |  | 2,413 |
Audit, legal and consultancy |  |  | 1,308 |  |  |  | 1,325 |  |  |  | 1,313 |
Total general and administrative expenses |  | $ | 16,889 |  |  | $ | 16,565 |  |  | $ | 17,890 |
Stock Compensation Series | Stock compensation series
|  | Number of |  | Vesting |  | Fair value |
|  | shares/ options |  | Period |  | at grant date |
(1) Granted January 2019, restricted shares |  | 360,000 |  | 3 years |  | $ | 4.25 |
(2) Granted January 2019, restricted shares |  | 200,000 |  | 3 years |  |  | 3.04 |
(3) Granted March 2019, restricted shares |  | 210,000 |  | 1 year |  |  | 4.60 |
(4) Granted January 2020, restricted shares |  | 460,000 |  | 3 years |  |  | 8.22 |
(5) Granted January 2020, restricted shares |  | 150,000 |  | 1 year |  |  | 8.22 |
(6) Granted January 2020, restricted shares |  | 200,000 |  | 1 year |  |  | 3.56 |
(7) Granted January 2021, restricted shares |  | 579,100 |  | 3 years |  |  | 5.52 |
(8) Granted January 2021, restricted shares |  | 175,000 |  | 1 year |  |  | 5.52 |
(9) Granted January 2021, restricted shares |  | 119,900 |  | 3 years |  |  | 3.22 |
(10) Granted January 2022, restricted shares |  | 175,000 |  | 1 year |  |  | 5.38 |
(11) Granted January 2022, restricted shares |  | 573,359 |  | 3 years |  |  | 5.30 |
(12) Granted January 2022, restricted shares |  | 124,594 |  | 3 years |  | $ | 4.29 |
Reconciliation of Outstanding Restricted Common Stock | The following reconciles the number of outstanding restricted common stock:
|  | Restricted common stock |
Outstanding at December 31, 2019 |  |  | 560,000 |
Granted |  |  | 810,000 |
Exercised 1 |  |  | 550,002 |
Forfeited |  |  | - |
Outstanding at December 31, 2020 |  |  | 819,998 |
Outstanding at December 31, 2020 |  |  | 819,998 |
Granted |  |  | 874,000 |
Exercised 1 |  |  | 733,133 |
Forfeited |  |  | - |
Outstanding at December 31, 2021 |  |  | 960,865 |
Outstanding at December 31, 2021 |  |  | 960,865 |
Granted |  |  | 872,953 |
Exercised 1 |  |  | 800,723 |
Forfeited |  |  | 149,400 |
Outstanding at December 31, 2022 |  |  | 883,695 |
1 Does not include shares in lieu of dividends
Stock Compensation Expenses | Stock compensation expenses
(Dollars in thousands) | 2022 |  | 2021 |  | 2020 |
Expense recognized from stock compensation |  | $ | 4,211 |  |  | $ | 4,371 |  |  | $ | 4,792 |
Remuneration of Executives and Directors | Remuneration of Directors and Executives as a group:
(Dollars in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Cash compensation |  | $ | 2,648 |  |  | $ | 5,050 |  |  | $ | 3,897 |
Pension cost |  |  | 165 |  |  |  | 219 |  |  |  | 206 |
Share compensation 1 |  |  | 3,316 |  |  |  | 3,508 |  |  |  | 4,364 |
Total remuneration |  | $ | 6,129 |  |  | $ | 8,776 |  |  | $ | 8,466 |
1 Share compensation reflects the expense recognized.
Shares held by Executives and Directors | Shares held by Directors and Executives
| 2022 |  | 2021 |  | 2020 |
Directors and Executives as a group 1 |  |  | 1,908,331 |  |  |  | 2,958,894 |  |  |  | 2,303,011 |
1 Includes 595,832 (2021: 725,665, 2020: 619,998) shares of restricted stock subject to vesting conditions.
Prepaid Expenses | Prepaid expenses
(Dollars in thousands) |  | 2022 |  |  | 2021 |
Prepaid voyage expenses |  | $ | 5,678 |  |  | $ | 2,959 |
Prepaid vessel operating expenses |  |  | 2,216 |  |  |  | 1,828 |
Other |  |  | 2,655 |  |  |  | 1,375 |
Total prepaid expenses |  | $ | 10,550 |  |  | $ | 6,162 |

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