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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net (loss) income $ (12,356) $ 159,364 $ 182,045
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 66,465 60,190 56,231
Amortization of deferred financing costs 1,779 1,694 3,536
Amortization of fair market value of time charters acquired     (4,263)
Right-of-use asset amortization 1,450 1,417 1,387
Amortization of nonvested stock compensation expense 5,530 3,242 2,267
Impairment of vessel assets 41,719    
Gain on sale of vessels     (4,924)
Loss on debt extinguishment     4,408
Amortization of premium on derivatives 210 86 197
Interest rate cap premium payment     (240)
Insurance proceeds for protection and indemnity claims 269 829 988
Insurance proceeds for loss of hire claims 506    
Change in assets and liabilities:      
Decrease (increase) in due from charterers 7,518 (5,217) (7,125)
Increase in prepaid expenses and other current assets (4,767) (317) (783)
(Increase) decrease in inventories (5,148) 2,962 (2,980)
(Decrease) increase in accounts payable and accrued expenses (2,205) (2,134) 5,405
Increase (decrease) in deferred revenue 3,788 (5,123) 1,660
Decrease in operating lease liabilities (2,107) (1,858) (1,765)
Deferred drydock costs incurred (10,867) (25,812) (4,925)
Net cash provided by operating activities 91,784 189,323 231,119
Cash flows from investing activities:      
Purchase of vessels and ballast water treatment systems, including deposits (91,305) (52,473) (115,680)
Purchase of scrubbers (capitalized in Vessels)     (199)
Purchase of other fixed assets (2,707) (3,566) (1,585)
Net proceeds from sale of vessels     49,473
Insurance proceeds for hull and machinery claims 2,388 1,024 418
Net cash used in investing activities (91,624) (55,015) (67,573)
Cash flows from financing activities:      
Investment by non-controlling interest     50
Cash dividends paid (40,910) (115,728) (13,463)
Payment of deferred financing costs (5,493) (11) (6,053)
Net cash used in financing activities (17,403) (190,739) (222,694)
Net decrease in cash, cash equivalents and restricted cash (17,243) (56,431) (59,148)
Cash, cash equivalents and restricted cash at beginning of period 64,100 120,531 179,679
Cash, cash equivalents and restricted cash at end of period 46,857 64,100 120,531
$500 Million Revolver      
Cash flows from financing activities:      
Proceeds from secured debt 209,750    
Repayments of secured debt (9,750)    
$450 Million Credit Facility      
Cash flows from financing activities:      
Proceeds from secured debt 65,000   350,000
Repayments of secured debt $ (236,000) $ (75,000) (104,000)
$133 Million Credit Facility      
Cash flows from financing activities:      
Repayments of secured debt     (114,940)
$495 Million Credit Facility      
Cash flows from financing activities:      
Repayments of secured debt     $ (334,288)