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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities      
Income / (Loss) for the year $ 24,280 $ 14,950 $ (17,372)
Adjustments for:      
Depreciation 5,600 3,910 2,398
Depreciation of deferred dry-docking costs 4,646 2,751 1,335
Payment of deferred dry-docking costs (2,995) (3,664) (2,663)
Provision for staff retirement indemnities 35 83 5
Impairment loss 0 0 4,615
(Gain)/Loss on derivative financial instruments (2,520) (181) 1,647
Interest expense and finance costs 2,320 3,262 4,155
Interest income (375) (8) (16)
Foreign exchange (gains)/losses, net (26) (87) 121
Share based payment 0 40 40
Trade accounts receivable 894 (850) 87
Inventories (2,176) 396 297
Prepayments and other assets (1,663) (197) (874)
Trade accounts payable 2,721 (1,917) 89
Accrued liabilities and other payables (2,207) 503 (392)
Deferred revenue (1,628) 1,759 285
Net cash generated from / (used in) operating activities 26,906 20,750 (6,243)
Cash flows from investing activities:      
Vessel acquisition 0 (71,600) (18,474)
Advance for vessel acquisition (28,172) 0 0
Vessels’ improvements (1,178) (332) (54)
Purchases of office furniture and equipment (33) (36) (30)
Interest received 375 8 16
Net cash used in investing activities (29,008) (71,960) (18,542)
Cash flows from financing activities:      
Proceeds from loans 18,000 34,250 0
Repayment of long-term debt (5,375) (3,993) 0
Prepayment of long-term debt 0 (35,507) (3,040)
Proceeds from issuance of share capital 0 89,580 49,317
Proceeds from exercise of Warrants 0 25 194
Transaction costs on issuance of new common shares 0 (401) (1,079)
(Increase)/decrease in restricted cash (744) (3,158) 369
Payment of financing costs (259) (545) 0
Payment of lease liability - principal (286) (241) (159)
Interest paid (1,614) (2,624) (4,146)
Net cash generated from financing activities 9,722 77,386 41,456
Net increase in cash and cash equivalents 7,620 26,176 16,671
Cash and cash equivalents at the beginning of the year 45,213 19,037 2,366
Cash and cash equivalents at the end of the year $ 52,833 $ 45,213 $ 19,037