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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Income for the year $ 5,272 $ 24,280 $ 14,950
Adjustments for:      
Depreciation 4,725 5,600 3,910
Depreciation of deferred dry-docking costs 4,185 4,646 2,751
Payment of deferred dry-docking costs (10,433) (2,995) (3,664)
Provision for staff retirement indemnities 23 35 83
Reversal of impairment (4,400) 0 0
Gain on derivative financial instruments (388) (2,520) (181)
Gain on sale of vessel (3,876) 0 0
Interest expense and finance costs 4,354 2,320 3,262
Gain from the modification of the Loan (417) 0 0
Interest income (2,634) (375) (8)
Foreign exchange (gains)/losses, net 64 (26) (87)
Share based payment 0 0 40
Trade accounts receivable (1,042) 894 (850)
Inventories 1,772 (2,176) 396
Prepayments and other assets 1,098 (1,663) (197)
Trade accounts payable (3,385) 2,721 (1,917)
Accrued liabilities and other payables 355 (2,207) 503
Deferred revenue 272 (1,628) 1,759
Net cash generated from / (used in) operating activities (4,455) 26,906 20,750
Cash flows from investing activities:      
Vessel acquisition 0 0 (71,600)
Net Proceeds from sale of vessel 35,097 0 0
Advances for vessel acquisition (19,074) (28,172) 0
Vessels’ improvements (161) (1,178) (332)
Purchases of office furniture and equipment (37) (33) (36)
Interest received 2,634 375 8
Net cash generated from / (used in) investing activities 18,459 (29,008) (71,960)
Cash flows from financing activities:      
Proceeds from loans 25,000 18,000 34,250
Repayment of long-term debt (6,250) (5,375) (3,993)
Prepayment of long-term debt (10,505) 0 (35,507)
Proceeds from issuance of share capital 0 0 89,580
Proceeds from exercise of Warrants 0 0 25
Transaction costs on issuance of new common shares 0 0 (401)
(Increase)/decrease in restricted cash 2,348 (744) (3,158)
Payment of financing costs (406) (259) (545)
Payment of lease liability - principal (321) (286) (241)
Interest paid (2,501) (1,614) (2,624)
Net cash generated from financing activities 7,365 9,722 77,386
Net increase in cash and cash equivalents 21,369 7,620 26,176
Cash and cash equivalents at the beginning of the year 52,833 45,213 19,037
Cash and cash equivalents at the end of the year $ 74,202 $ 52,833 $ 45,213