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LEASES | 12 Months Ended
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Dec. 31, 2020
LEASES |
LEASES | 13 – LEASES ​ Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for its main office in New York, New York. The term of the sub-sublease commenced June 1, 2011 and ended on May 1, 2018. The Company entered into a direct lease with the over-landlord of such office space that commenced immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025. For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitute one lease agreement. ​ In addition, during October 2017, the Company entered into a lease for office space in Singapore that expired in January 2019. A lease was signed for a new office space in Singapore effective January 17, 2019 for a three-year term. ​ Lastly, during July 2018, the Company entered into a lease for office space in Copenhagen, which commenced on July 1, 2018 and ended on April 30, 2019. A lease was signed for a new office space in Copenhagen effective May 1, 2019 for a minimum period ending May 1, 2023. ​ The Company adopted ASC 842 using the transition method on January 1, 2019 (refer to Note 2 — Summary of Significant Accounting Policies) and has identified the aforementioned leases as operating leases. Variable rent expense, such as utilities and escalation expenses, are excluded from the determination of the operating lease liability and the Company has deemed these insignificant. The Company used its incremental borrowing rate as the discount rate under ASC 842 since the rate implicit in the lease cannot be readily determined. ​ On June 14, 2019, the Company entered into a sublease agreement for a portion of the leased space for its main office in New York, New York that commenced on July 26, 2019 and will end on September 29, 2025. There was a free base rental period for the first four and a half months commencing on July 26, 2019. Following the expiration of the free base rental period, the monthly base sublease income will be $102 per month until September 29, 2025. The sublease income for the portion of the leased space is less than the lease payments due for the space, which has been identified as an indicator of impairment under ASC 360. As such, the right-of-use asset for the subleased portion of the space was written down to its fair value during the second quarter of 2019 which resulted in $223 of impairment charges which has been recorded in Impairment of right-of-asset in the Consolidated Statement of Operations during the year ended December 31, 2019. Sublease income is recorded net with the total operating lease costs in General and administrative expenses in the Consolidated Statements of Operations. There was $1,223 and $72 of sublease income recorded during the years ended December 31, 2020 and 2019, respectively. There was no sublease income recorded for this sublease agreement during the year ended December 31, 2018. ​ There was $1,912 and $1,884 of operating lease costs recorded during the years ended December 31, 2020 and 2019, respectively, which was recorded in General and administrative expenses in the Consolidated Statements of Operations. ​ Supplemental Consolidated Balance Sheet information related to the Company’s operating leases as of December 31, 2020 is as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ | ​ | 2020 |
Operating Lease: | ​ | ​ | ​ | ​
Operating lease right-of-use asset | ​ | $ | 6,882 | ​
​ | ​ | ​ | ​ | ​
Current operating lease liabilities | ​ | $ | 1,765 | ​
Long-term operating lease liabilities | ​ |  | 8,061 | ​
Total operating lease liabilities | ​ | $ | 9,826 | ​
​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (years) | ​ | ​ | 4.75 | ​
Weighted average discount rate | ​ | ​ | 5.15 | %
​ Maturities of operating lease liabilities as of December 31, 2020 are as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ | ​ | 2020 |
2021 | ​ | $ | 2,230 | ​
2022 | ​ | ​ | 2,230 | ​
2023 | ​ | ​ | 2,378 | ​
2024 | ​ |  | 2,453 | ​
2025 | ​ | ​ | 1,839 | ​
Total lease payments | ​ | ​ | 11,130 | ​
Less imputed interest | ​ | ​ | (1,304) | ​
Present value of lease liabilities | ​ | $ | 9,826 | ​
​ ​ Consolidated Cash Flow information related to leases are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended | ​
​ | ​ | December 31, | ​
​ | ​ | 2020 | ​ | 2019 |
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating lease | ​ | $ | 2,230 | ​ | $ | 2,230 | ​
​ Under the previous leasing guidance under ASC 840, rent expense pertaining to this lease for the year ended December 31, 2018 was $1,808. During the second quarter of 2018, the Company began chartering-in third-party vessels. Under ASC 842, the Company is the lessee in these agreements. The Company has elected the practical expedient under ASC 842 to not recognize right-of-use assets and lease liabilities for short-term leases. During the years ended December 31, 2020, 2019 and 2018, all charter-in agreements for third-party vessels were less than twelve months and considered short-term leases. Refer to Note 2 — Summary of Significant Accounting Policies for the charter hire expenses recorded during the years ended December 31, 2020, 2019 and 2018 for these charter-in agreements.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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