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Operating expenses (Tables)

12 Months Ended

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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