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Operating expenses (Tables) | 12 Months Ended
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Dec. 31, 2024
Operating expense [Abstract] |
Voyage Expenses | Voyage expenses
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Bunkers |  | $ | 150,682 |  |  | $ | 133,332 |  |  | $ | 154,182 |
Other voyage related expenses |  |  | 28,941 |  |  |  | 32,335 |  |  |  | 31,320 |
Total voyage expenses |  | $ | 179,623 |  |  | $ | 165,667 |  |  | $ | 185,502 |
Vessel Operating Expenses | Vessel operating expenses
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Operating expenses |  | $ | 70,620 |  |  | $ | 68,554 |  |  | $ | 67,846 |
Insurance |  |  | 7,974 |  |  |  | 6,875 |  |  |  | 5,963 |
Total vessel operating expenses |  | $ | 78,594 |  |  | $ | 75,429 |  |  | $ | 73,809 |
General and Administrative Expenses | General and administrative expenses
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Total compensation to employees and Directors |  | $ | 13,129 |  |  | $ | 11,652 |  |  | $ | 11,763 |
Office and administrative expenses |  |  | 4,180 |  |  |  | 3,940 |  |  |  | 3,818 |
Audit, legal and consultancy |  |  | 1,635 |  |  |  | 1,856 |  |  |  | 1,308 |
Total general and administrative expenses |  | $ | 18,944 |  |  | $ | 17,448 |  |  | $ | 16,889 |
Stock Compensation Series | Stock compensation series
|  | Number of |  |  |  | Fair value at |
|  | shares/ options |  | Vesting Period |  | grant date |
Granted January 2021, restricted shares |  | 579,100 |  | 1, 2 and 3 years |  | $ | 5.52 |
Granted January 2021, restricted shares |  | 175,000 |  | 1 year |  |  | 5.52 |
Granted January 2021, restricted shares |  | 119,900 |  | 1, 2 and 3 years |  |  | 3.22 |
Granted January 2022, restricted shares |  | 175,000 |  | 1 year |  |  | 5.38 |
Granted January 2022, restricted shares |  | 573,359 |  | 1, 2 and 3 years |  |  | 5.30 |
Granted January 2022, restricted shares |  | 124,594 |  | 1, 2 and 3 years |  |  | 4.29 |
Granted January 2023, restricted shares |  | 251,250 |  | 1, 2 and 3 years |  |  | 8.25 |
Granted January 2023, restricted shares |  | 48,750 |  | 1, 2 and 3 years |  |  | 6.72 |
Granted January 2023, restricted shares |  | 135,000 |  | 1 year |  |  | 8.25 |
Granted January 2024, restricted shares |  | 251,250 |  | 1, 2 and 3 years |  |  | 10.94 |
Granted January 2024, restricted shares |  | 48,750 |  | 1, 2 and 3 years |  |  | 8.04 |
Granted January 2024, restricted shares |  | 150,000 |  | 1 year |  | $ | 10.94 |
Reconciliation of Outstanding Restricted Common Stock | The following reconciles the number of outstanding restricted common stock:
|  | Restricted common stock |
Outstanding at December 31, 2021 |  |  | 960,865 |
Granted |  |  | 872,953 |
Exercised 1 |  |  | 800,723 |
Forfeited |  |  | 199,400 |
Outstanding at December 31, 2022 |  |  | 833,695 |
Outstanding at December 31, 2022 |  |  | 833,695 |
Granted |  |  | 435,000 |
Exercised 1 |  |  | 503,688 |
Forfeited |  |  | 57,431 |
Outstanding at December 31, 2023 |  |  | 707,576 |
Outstanding at December 31, 2023 |  |  | 707,576 |
Granted |  |  | 425,000 |
Exercised 1 |  |  | 382,852 |
Outstanding at December 31, 2024 |  |  | 749,724 |
1 Does not include shares in lieu of dividends
Stock Compensation Expenses | Stock compensation expenses
(Dollars in thousands) | 2024 |  | 2023 |  | 2022 |
Expense recognized from stock compensation |  | $ | 4,240 |  |  | $ | 3,313 |  |  | $ | 4,211 |
Remuneration of Executives and Directors | Remuneration of Directors and Executives as a group:
(Dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Cash compensation |  | $ | 3,015 |  |  | $ | 2,425 |  |  | $ | 2,648 |
Pension cost |  |  | 130 |  |  |  | 125 |  |  |  | 165 |
Share compensation 1 |  |  | 3,282 |  |  |  | 2,504 |  |  |  | 3,316 |
Total remuneration |  | $ | 6,427 |  |  | $ | 5,054 |  |  | $ | 6,129 |
1 Share compensation reflects the expense recognized.
Shares held by Executives and Directors | Shares held by Directors and Executives
| 2024 |  | 2023 |  | 2022 |
Executives and Directors as a group 1 |  |  | 2,362,991 |  |  |  | 2,143,973 |  |  |  | 1,908,331 |
1 Includes 400,970 (2023: 498,818, 2022: 595,832) shares of restricted stock subject to vesting conditions and 139,713 shares of restricted stock vested but not issued.
Prepaid Expenses | Prepaid expenses
(Dollars in thousands) |  | 2024 |  |  | 2023 |
Prepaid voyage expenses |  | $ | 2,707 |  |  | $ | 4,006 |
Prepaid vessel operating expenses |  |  | 2,540 |  |  |  | 6,676 |
Other |  |  | 1,953 |  |  |  | 2,875 |
Total prepaid expenses |  | $ | 7,200 |  |  | $ | 13,557 |

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