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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
In accordance with SEC rules, we prepared the analysis set forth below of the relationship between the compensation actually paid to our CEO and other named executives and certain financial performance measures over the last three fiscal years.
Pay Versus Performance Disclosure Table
Value of Initial Fixed $ 100
Investment Based on:
Year
Summary
Compen-
sation Table
Total for CEO
($)(1)
Compensation
Actually
Paid to
CEO ($)(2)
Average
Summary
Compen-
sation Table
Total for
Non-CEO
NEOs(3)
Average
Compen-
sation
Actually
Paid to
Non-CEO
NEOs
($)(4)
Total
Shareholder
Return
($)
Peer Group
Total
Shareholder
Return
($) (5)
Net
Income
(millions)
($)
Adjusted EBITDA
(millions)
($)(6)
2022
$4,949,522
$5,303,616
$1,260,154
$1,255,537
175.66
215.41
$159.4
$226.8
2021
$2,619,379
$4,869,315
$703,460
$924,806
155.89
187.27
$182.0
$252.9
2020
$2,184,845
$1,330,812
$547,978
$476,192
71.52
84.30
$(225.6)
$71.8

(1)
The dollar amounts reported in this column are the amounts of total compensation reported for Mr. Wobensmith, our Chief Executive Officer and President, for each corresponding year in the “Total” column of the Summary Compensation Table (“SCT”).
(2)
The dollar amounts reported in this column represent the amount of “Compensation Actually Paid” to Mr. Wobensmith as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Wobensmith during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Wobensmith’s total compensation for each year to determine the compensation actually paid:.
Adjustments to Determine Compensation
Actually Paid for CEO
2022
2021
2020
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT
(3,149,984)
(600,000)
(600,001)
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
(300,000)
(338,763)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year End
2,827,991
1,141,870
828,851
Increase/deduction for Change in Fair Value from prior Year End to current Year End of Awards Granted Prior to year that were Outstanding and Unvested as of Year end
(50,922)
1,537,011
(565,922)
Increase/deduction for Change in Fair Value from Prior Year End to Vesting Date of Awards Granted Prior to year that Vested during year
727,009
471,054
(178,198)
Total Adjustments
354,094
2,249,936
(854,033)
(3)
The dollar amounts reported in this column represent the average of the amounts reported for the our named executives as a group (excluding Mr. Wobensmith) in the “Total” column of the SCT in each applicable year.
(4)
The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the named executive officers as a group (excluding Mr. Wobensmith), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the named executive officers as a group (excluding Mr. Wobensmith) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the named executive officers as a group (excluding Mr. Wobensmith) for each year to determine the compensation actually paid, using the same methodology described above in Note 2.
Adjustments to Determine Compensation
Actually Paid for Non-CEO NEOs
2022
2021
2020
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT
(683,327)
(67,778)
(67,778)
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
(33,889)
(38,268)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year End
624,353
128,988
93,630
Increase/deduction for Change in Fair Value from prior Year End to current Year End of Awards Granted Prior to year that were Outstanding and Unvested as of Year End
(13,231)
151,827
(48,652)
Increase/deduction for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to year that Vested during year
67,587
42,198
(10,718)
Total Adjustments
(4,617)
221,346
(71,786)
(5)
The peer group used for this purpose consists of Eagle Bulk Shipping, Star Bulk Carriers Corp., Diana Shipping Inc., Golden Ocean Group Limited, Safe Bulkers, Inc., Pacific Basin Shipping Limited, Pangaea Logistics Solutions Ltd., Belships ASA, Seanergy Maritime Holdings Corp., and Thorensen Thai Agencies Plc.
(6)
We have determined that Adjusted EBITDA is the financial performance measure that, in our assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used to link compensation actually paid to our named executives, for the most recently completed fiscal year, to company performance. For a reconciliation of Adjusted EBITDA to Net Income, please see Appendix A.
   
Company Selected Measure Name Adjusted EBITDA    
Named Executive Officers, Footnote [Text Block]
(3)
The dollar amounts reported in this column represent the average of the amounts reported for the our named executives as a group (excluding Mr. Wobensmith) in the “Total” column of the SCT in each applicable year.
   
Peer Group Issuers, Footnote [Text Block]
(5)
The peer group used for this purpose consists of Eagle Bulk Shipping, Star Bulk Carriers Corp., Diana Shipping Inc., Golden Ocean Group Limited, Safe Bulkers, Inc., Pacific Basin Shipping Limited, Pangaea Logistics Solutions Ltd., Belships ASA, Seanergy Maritime Holdings Corp., and Thorensen Thai Agencies Plc.
   
PEO Total Compensation Amount $ 4,949,522 $ 2,619,379 $ 2,184,845
PEO Actually Paid Compensation Amount $ 5,303,616 4,869,315 1,330,812
Adjustment To PEO Compensation, Footnote [Text Block]
(2)
The dollar amounts reported in this column represent the amount of “Compensation Actually Paid” to Mr. Wobensmith as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Wobensmith during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Wobensmith’s total compensation for each year to determine the compensation actually paid:.
Adjustments to Determine Compensation
Actually Paid for CEO
2022
2021
2020
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT
(3,149,984)
(600,000)
(600,001)
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
(300,000)
(338,763)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year End
2,827,991
1,141,870
828,851
Increase/deduction for Change in Fair Value from prior Year End to current Year End of Awards Granted Prior to year that were Outstanding and Unvested as of Year end
(50,922)
1,537,011
(565,922)
Increase/deduction for Change in Fair Value from Prior Year End to Vesting Date of Awards Granted Prior to year that Vested during year
727,009
471,054
(178,198)
Total Adjustments
354,094
2,249,936
(854,033)
   
Non-PEO NEO Average Total Compensation Amount $ 1,260,154 703,460 547,978
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,255,537 924,806 476,192
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(4)
The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the named executive officers as a group (excluding Mr. Wobensmith), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the named executive officers as a group (excluding Mr. Wobensmith) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the named executive officers as a group (excluding Mr. Wobensmith) for each year to determine the compensation actually paid, using the same methodology described above in Note 2.
Adjustments to Determine Compensation
Actually Paid for Non-CEO NEOs
2022
2021
2020
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT
(683,327)
(67,778)
(67,778)
Deduction for Amounts Reported under the “Option Awards” Column in the SCT
(33,889)
(38,268)
Increase for Fair Value of Awards Granted during year that Remain Unvested as of Year End
624,353
128,988
93,630
Increase/deduction for Change in Fair Value from prior Year End to current Year End of Awards Granted Prior to year that were Outstanding and Unvested as of Year End
(13,231)
151,827
(48,652)
Increase/deduction for Change in Fair Value from Prior Year-End to Vesting Date of Awards Granted Prior to year that Vested during year
67,587
42,198
(10,718)
Total Adjustments
(4,617)
221,346
(71,786)
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
The following chart provides a graphical representation of the Compensation Actually Paid to our CEO and the Average Compensation Actually Paid to our Non-CEO NEOs versus the company’s three-year cumulative TSR:
graphic
   
Compensation Actually Paid vs. Net Income [Text Block]
The following chart provides a graphical representation of the Compensation Actually Paid to our CEO and Average Compensation Actually Paid to our Non-CEO NEOs versus the company’s Net Income.
graphic
   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
The following chart provides a graphical representation of the Compensation Actually Paid to our CEO and Average Compensation Actually Paid to our Non-CEO NEOs versus the company’s selected measure, Adjusted EBITDA.
graphic
   
Total Shareholder Return Vs Peer Group [Text Block]
The following chart provides a graphical representation of our three-year cumulative TSR versus our peer group referenced above in note 5:
graphicF
The following chart provides a graphical representation of the Compensation Actually Paid to our CEO and Average Compensation Actually Paid to our Non-CEO NEOs versus the peer group three-year cumulative TSR.
graphic
   
Tabular List [Table Text Block]
The following is a list of six performance measures that, in our assessment, represent the most important performance measures we used to link compensation for our named executives in 2022 to Company performance:
Adjusted EBITDA
TCE vs. Benchmark
Relative TSR%
Free Cash Flow Breakeven
Cost vs. Budget
Strategic Goals
For a further description of these performance measures, please see Appendix A.
   
Total Shareholder Return Amount $ 175.66 155.89 71.52
Peer Group Total Shareholder Return Amount 215.41 187.27 84.3
Net Income (Loss) $ 159,400,000 $ 182,000,000 $ (225,600,000)
Company Selected Measure Amount 226,800,000 252,900,000 71,800,000
PEO Name Mr. Wobensmith Mr. Wobensmith Mr. Wobensmith
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted EBITDA    
Non-GAAP Measure Description [Text Block]
(6)
We have determined that Adjusted EBITDA is the financial performance measure that, in our assessment, represents the most important performance measure (that is not otherwise required to be disclosed in the table) used to link compensation actually paid to our named executives, for the most recently completed fiscal year, to company performance. For a reconciliation of Adjusted EBITDA to Net Income, please see Appendix A.
   
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Free Cash Flow Breakeven    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name TCE vs. Benchmark    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Cost vs. Budget    
Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name Relative TSR%    
Measure [Axis]: 6      
Pay vs Performance Disclosure [Table]      
Measure Name Strategic Goals    
PEO [Member] | Amounts Reported Under the "Stock Awards" Column in the SCT [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (3,149,984) $ (600,000) $ (600,001)
PEO [Member] | Amounts Reported under the "Option Awards" Column in the SCT [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 (300,000) (338,763)
PEO [Member] | Fair Value of Awards Granted During Year that Remain Unvested as of Year End [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,827,991 1,141,870 828,851
PEO [Member] | Change in Fair Value from Prior Year End to Current Year End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year End [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (50,922) 1,537,011 (565,922)
PEO [Member] | Change In Fair value from Prior Year End to Vesting Date of Awards Granted Prior to Year that Vested during Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 727,009 471,054 (178,198)
PEO [Member] | Total Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 354,094 2,249,936 (854,033)
Non-PEO NEO [Member] | Amounts Reported Under the "Stock Awards" Column in the SCT [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (683,327) (67,778) (67,778)
Non-PEO NEO [Member] | Amounts Reported under the "Option Awards" Column in the SCT [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 (33,889) (38,268)
Non-PEO NEO [Member] | Fair Value of Awards Granted During Year that Remain Unvested as of Year End [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 624,353 128,988 93,630
Non-PEO NEO [Member] | Change in Fair Value from Prior Year End to Current Year End of Awards Granted Prior to Year that were Outstanding and Unvested as of Year End [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (13,231) 151,827 (48,652)
Non-PEO NEO [Member] | Change In Fair value from Prior Year End to Vesting Date of Awards Granted Prior to Year that Vested during Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 67,587 42,198 (10,718)
Non-PEO NEO [Member] | Total Adjustments [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (4,617) $ 221,346 $ (71,786)