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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities      
Income / (Loss) for the year $ 14,950 $ (17,372) $ (36,351)
Adjustments for:      
Depreciation 3,910 2,398 4,721
Depreciation of deferred dry-docking costs 2,751 1,335 1,704
Payment of deferred dry-docking costs (3,664) (2,663) (861)
Provision for staff retirement indemnities 83 5 (61)
Impairment loss 0 4,615 29,902
(Gain)/Loss on derivative financial instruments (181) 1,647 (1,950)
Interest expense and finance costs 3,262 4,155 4,703
Interest income (8) (16) (47)
Foreign exchange gains, net (87) 121 (11)
Share based payment 40 40 40
Trade accounts receivable (850) 87 337
Inventories 396 297 (895)
Prepayments and other assets (197) (874) 18
Trade accounts payable (1,917) 89 (1,013)
Accrued liabilities and other payables 503 (392) 63
Deferred revenue 1,759 285 (86)
Net cash generated from / (used in) operating activities 20,750 (6,243) 213
Cash flows from investing activities:      
Vessels acquisition (71,600) (18,474) 0
Purchase of vessel equipment (332) (54) (54)
Purchases of office furniture and equipment (36) (30) (13)
Interest received 8 16 47
Net cash used in investing activities (71,960) (18,542) (20)
Cash flows from financing activities:      
Proceeds from loans 34,250 0 43,700
Repayment of long-term debt (3,993) 0 (1,830)
Prepayment of long-term debt (35,507) (3,040) (33,833)
Proceeds from issuance of share capital 89,580 49,317 0
Proceeds from exercise of Warrants 25 194 0
Transaction costs on issuance of new common shares (401) (1,079) 0
(Increase)/decrease in restricted cash (3,158) 369 (1,085)
Payment of financing costs (545) 0 (880)
Payment of lease liability - principal (241) (159) (30)
Interest paid (2,624) (4,146) (3,915)
Net cash generated from financing activities 77,386 41,456 2,127
Net increase in cash and cash equivalents 26,176 16,671 2,320
Cash and cash equivalents at the beginning of the year 19,037 2,366 46
Cash and cash equivalents at the end of the year $ 45,213 $ 19,037 $ 2,366