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Operating expenses (Tables)

12 Months Ended

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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