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Pay vs Performance Disclosure - USD ($) | 12 Months Ended
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Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020
Pay vs Performance Disclosure |  |  |  |
Pay vs Performance Disclosure, Table | Pay Versus Performance In accordance with SEC rules, we prepared the analysis set forth below of the relationship between the compensation actually paid to our CEO and other named executives and certain financial performance measures over the last three fiscal years. Pay Versus Performance Disclosure Table
Year | ​ | ​ | Summary Compen-sation Table Total for CEO ($)(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) | ​ | ​ | Value of Initial Fixed $ 100 Investment Based on: | ​ | ​ | Net Income (millions) ($) | ​ | ​ | Adjusted EBITDA (millions) ($)(6)
​ | Total Shareholder Return ($) | ​ | ​ | Peer Group Total Shareholder Return ($)(5) | ​
2023 | ​ | ​ | $3,363,871 | ​ | ​ | $4,236,587 | ​ | ​ | $866,395 | ​ | ​ | $835,985 | ​ | ​ | $202.95 | ​ | ​ | $252.38 | ​ | ​ | $(12.4) | ​ | ​ | $101.5
2022 | ​ | ​ | $4,949,522 | ​ | ​ | $5,303,616 | ​ | ​ | $1,260,154 | ​ | ​ | $1,255,537 | ​ | ​ | 177.34 | ​ | ​ | 214.76 | ​ | ​ | $159.4 | ​ | ​ | $226.8
2021 | ​ | ​ | $2,619,379 | ​ | ​ | $4,869,315 | ​ | ​ | $703,460 | ​ | ​ | $924,806 | ​ | ​ | 159.18 | ​ | ​ | 189.74 | ​ | ​ | $182.0 | ​ | ​ | $252.9
2020 | ​ | ​ | $2,184,845 | ​ | ​ | $1,330,812 | ​ | ​ | $547,978 | ​ | ​ | $476,192 | ​ | ​ | 71.77 | ​ | ​ | 81.82 | ​ | ​ | $(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 dollar amounts in this column were calculated as follows:
| ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020
SCT Total for CEO | ​ | ​ | $3,363,871 | ​ | ​ | $4,949,522 | ​ | ​ | $2,619,379 | ​ | ​ | $2,184,845
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT | ​ | ​ | (1,412,044) | ​ | ​ | (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 | ​ | ​ | 1,376,554 | ​ | ​ | 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 | ​ | ​ | 277,223 | ​ | ​ | (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 | ​ | ​ | 630,984 | ​ | ​ | 727,009 | ​ | ​ | 471,054 | ​ | ​ | (178,198)
Compensation Actually Paid to CEO | ​ | ​ | $4,236,587 | ​ | ​ | $5,303,616 | ​ | ​ | $4,869,315 | ​ | ​ | $1,330,812
(3) | The dollar amounts reported in this column represent the average of the amounts reported for our named executive officers as a group (excluding Mr. Wobensmith) in the “Total” column of the SCT in each applicable year. Our named executive officers other than Mr. Wobensmith consist of Messrs. Allen, Adamo, Christensen, Zafolias, and Hughes for 2023; Messrs. Adamo, Zafolias, and Hughes for 2022 and 2021; and Messrs. Adamo, Zafolias, Hughes, and Regan for 2020.
(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 dollar amounts in this column were calculated as follows, using the same methodology described above in Note 2:
| ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020
Average SCT Total for Non-CEO NEOs | ​ | ​ | $866,395 | ​ | ​ | $1,260,154 | ​ | ​ | $703,460 | ​ | ​ | $547,978
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT | ​ | ​ | (279,261) | ​ | ​ | (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 | ​ | ​ | 275,884 | ​ | ​ | 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 | ​ | ​ | 36,187 | ​ | ​ | (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 | ​ | ​ | 88,301 | ​ | ​ | 67,587 | ​ | ​ | 42,198 | ​ | ​ | (10,718)
Deduction for Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year | ​ | ​ | (151,520) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Average Compensation Actually Paid to Non-CEO NEOs | ​ | ​ | $835,985 | ​ | ​ | $1,255,537 | ​ | ​ | $924,806 | ​ | ​ | $476,192
(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 B.
Company Selected Measure Name | Adjusted EBITDA |  |  |
Named Executive Officers, Footnote |
(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”).
(3) | The dollar amounts reported in this column represent the average of the amounts reported for our named executive officers as a group (excluding Mr. Wobensmith) in the “Total” column of the SCT in each applicable year. Our named executive officers other than Mr. Wobensmith consist of Messrs. Allen, Adamo, Christensen, Zafolias, and Hughes for 2023; Messrs. Adamo, Zafolias, and Hughes for 2022 and 2021; and Messrs. Adamo, Zafolias, Hughes, and Regan for 2020.
Peer Group Issuers, Footnote |
(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 | $ 3,363,871 | $ 4,949,522 | $ 2,619,379 | $ 2,184,845
PEO Actually Paid Compensation Amount | $ 4,236,587 | 5,303,616 | 4,869,315 | 1,330,812
Adjustment To PEO Compensation, Footnote |
(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 dollar amounts in this column were calculated as follows:
| ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020
SCT Total for CEO | ​ | ​ | $3,363,871 | ​ | ​ | $4,949,522 | ​ | ​ | $2,619,379 | ​ | ​ | $2,184,845
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT | ​ | ​ | (1,412,044) | ​ | ​ | (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 | ​ | ​ | 1,376,554 | ​ | ​ | 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 | ​ | ​ | 277,223 | ​ | ​ | (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 | ​ | ​ | 630,984 | ​ | ​ | 727,009 | ​ | ​ | 471,054 | ​ | ​ | (178,198)
Compensation Actually Paid to CEO | ​ | ​ | $4,236,587 | ​ | ​ | $5,303,616 | ​ | ​ | $4,869,315 | ​ | ​ | $1,330,812
Non-PEO NEO Average Total Compensation Amount | $ 866,395 | 1,260,154 | 703,460 | 547,978
Non-PEO NEO Average Compensation Actually Paid Amount | $ 835,985 | 1,255,537 | 924,806 | 476,192
Adjustment to Non-PEO NEO Compensation Footnote |
(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 dollar amounts in this column were calculated as follows, using the same methodology described above in Note 2:
| ​ | ​ | 2023 | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020
Average SCT Total for Non-CEO NEOs | ​ | ​ | $866,395 | ​ | ​ | $1,260,154 | ​ | ​ | $703,460 | ​ | ​ | $547,978
Deduction for Amounts Reported under the “Stock Awards” Column in the SCT | ​ | ​ | (279,261) | ​ | ​ | (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 | ​ | ​ | 275,884 | ​ | ​ | 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 | ​ | ​ | 36,187 | ​ | ​ | (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 | ​ | ​ | 88,301 | ​ | ​ | 67,587 | ​ | ​ | 42,198 | ​ | ​ | (10,718)
Deduction for Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year | ​ | ​ | (151,520) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Average Compensation Actually Paid to Non-CEO NEOs | ​ | ​ | $835,985 | ​ | ​ | $1,255,537 | ​ | ​ | $924,806 | ​ | ​ | $476,192
Compensation Actually Paid vs. Total Shareholder Return | 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 four-year cumulative TSR of the Company and our peer group referenced above in note 5: |  |  |
Compensation Actually Paid vs. Net Income | 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 and the Company’s selected measure, Adjusted EBITDA. |  |  |
Compensation Actually Paid vs. Company Selected Measure | 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 and the Company’s selected measure, Adjusted EBITDA. |  |  |
Total Shareholder Return Vs Peer Group | 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 four-year cumulative TSR of the Company and our peer group referenced above in note 5: |  |  |
Tabular List, Table | Most Important Performance Measures 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 2023 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 B. |  |  |
Total Shareholder Return Amount | $ 202.95 | 177.34 | 159.18 | 71.77
Peer Group Total Shareholder Return Amount | 252.38 | 214.76 | 189.74 | 81.82
Net Income (Loss) | $ (12,400,000) | $ 159,400,000 | $ 182,000,000 | $ (225,600,000)
Company Selected Measure Amount | 101,500,000 | 226,800,000 | 252,900,000 | 71,800,000
PEO Name | Mr. Wobensmith | Mr. Wobensmith | Mr. Wobensmith | Mr. Wobensmith
Measure:: 1 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Adjusted EBITDA |  |  |
Non-GAAP Measure Description |
(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 B.
Measure:: 2 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | TCE vs. Benchmark |  |  |
Measure:: 3 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Relative TSR% |  |  |
Measure:: 4 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Free Cash Flow Breakeven |  |  |
Measure:: 5 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Cost vs. Budget |  |  |
Measure:: 6 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | Strategic Goals |  |  |
PEO | Amounts Reported Under the "Stock Awards" Column in the SCT [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ (1,412,044) | $ (3,149,984) | $ (600,000) | $ (600,001)
PEO | Amounts Reported under the “Option Awards” Column in the SCT [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 0 | 0 | (300,000) | (338,763)
PEO | Fair Value of Awards Granted during Year that Remain Unvested as of Year End [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 1,376,554 | 2,827,991 | 1,141,870 | 828,851
PEO | 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 |  |  |  |
Adjustment to Compensation, Amount | 277,223 | (50,922) | 1,537,011 | (565,922)
PEO | 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 |  |  |  |
Adjustment to Compensation, Amount | 630,984 | 727,009 | 471,054 | (178,198)
Non-PEO NEO | Amounts Reported Under the "Stock Awards" Column in the SCT [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (279,261) | (683,327) | (67,778) | (67,778)
Non-PEO NEO | Amounts Reported under the “Option Awards” Column in the SCT [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 0 | 0 | (33,889) | (38,268)
Non-PEO NEO | Fair Value of Awards Granted during Year that Remain Unvested as of Year End [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 275,884 | 624,353 | 128,988 | 93,630
Non-PEO NEO | 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 |  |  |  |
Adjustment to Compensation, Amount | 36,187 | (13,231) | 151,827 | (48,652)
Non-PEO NEO | 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 |  |  |  |
Adjustment to Compensation, Amount | 88,301 | 67,587 | 42,198 | (10,718)
Non-PEO NEO | Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ (151,520) | $ 0 | $ 0 | $ 0

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