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Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 46,988 $ 46,805
Receivables, net of allowance for bad debts of $1.9 million (2023: $1.6 million)) 60,871 56,234
Prepaid expenses and other assets 4,298 4,348
Advances and deposits 3,084 6,833
Inventories 11,308 12,558
Total current assets 126,549 126,778
Non-current assets    
Investments and other assets, net of accumulated depreciation of $2.5 million (2023: $2.3 million) 5,236 11,186
Vessels and vessel equipment, net of accumulated depreciation of $264.4 million (2023: $237.5 million) 545,594 524,044
Deferred drydock expenditures, net of accumulated amortization of $25.8 million (2023: $22.3 million) 14,252 12,022
Advances for ballast water treatment and scrubber systems 4,845 9,587
Deferred finance fees, net 2,746 2,835
Operating lease, right-of-use asset 5,577 4,499
Total non-current assets 578,250 564,173
TOTAL ASSETS 704,799 690,951
Current liabilities    
Accounts payable 6,070 2,016
Accrued expenses and other liabilities 18,313 18,265
Deferred revenue 482 347
Accrued interest on debt and finance leases   939
Current portion of long-term debt   6,436
Current portion of finance lease obligations   2,029
Current portion of operating lease obligations 4,965 3,807
Total current liabilities 29,830 33,839
Non-current liabilities    
Non-current portion of long-term debt 38,796 39,590
Non-current portion of finance lease obligations   41,614
Non-current portion of operating lease obligations 476 510
Other non-current liabilities 273 954
Total non-current liabilities 39,545 82,668
TOTAL LIABILITIES 69,375 116,507
Redeemable Preferred Stock    
Cumulative Series A 8.5% redeemable preferred stock 27,782 37,043
Stockholders' equity    
Common stock ($0.01 par value, 225,000,000 shares authorized, 44,031,495 issued and 40,455,240 outstanding as of December 31, 2024 and 43,324,702 issued and 41,304,649 outstanding as of December 31, 2023) 440 433
Additional paid in capital 475,812 471,216
Treasury stock (3,576,256 shares as of December 31, 2024 and 2,020,053 shares as of December 31, 2023) (33,524) (15,636)
Retained earnings 164,914 81,388
Total stockholders' equity 607,642 537,401
Total redeemable preferred stock and stockholders' equity 635,424 574,444
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY $ 704,799 $ 690,951