Vessels

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Vessel and Vessel Improvements

As of June 30, 2022, the Company’s owned operating fleet consisted of 53 drybulk vessels.

During the third quarter of 2018, the Company entered into a contract for the installation of ballast water treatment systems (“BWTS”) on 39 of our owned vessels. The projected cost, including installation, is approximately $0.5 million per BWTS. The Company intends to complete the installations during scheduled drydockings. The Company completed installation of BWTS on 29 vessels and recorded $17.3 million in Vessels and vessel improvements in the Condensed Consolidated Balance Sheets as of June 30, 2022. Additionally, the Company recorded $3.2 million as advances paid towards installation of BWTS on the remaining vessels as a Noncurrent asset in its Condensed Consolidated Balance Sheets as of June 30, 2022.

On June 8, 2022, the Company signed a memorandum of agreement to sell the vessel Cardinal for a total consideration of $15.8 million. The vessel will be delivered to the buyer during the third quarter of 2022. The Company recorded the carrying amount of the vessel of $5.6 million as Vessel held for sale in its Condensed Consolidated Balance Sheets as of June 30, 2022.

The Vessels and vessel improvements activity for the six months ended June 30, 2022 is below:


(In thousands)
Vessels and vessel improvements, at December 31, 2021	$	908,076
Purchase of vessels and vessel improvements	466
Vessel held for sale	(5,592)
Scrubbers and BWTS	5,760
Depreciation expense	(23,455)
Vessels and vessel improvements, at June 30, 2022	$	885,255