Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Future Minimum Lease Payments

A summary of lease payments expected to be received on fixed time charter-out contracts, net of commission, assuming no off-hire days, other than those related to scheduled interim or special surveys of the related vessel and excluding any voyage expenses associated with such contracts, as of March 31, 2023 is as follows:

Year:	Time Charter-Out Contracts
Remainder of 2023	$	17,149
2024	—
2025	—
2026	—
2027	—
Thereafter	—
	$	17,149

A summary of total lease payments on an undiscounted basis for operating lease liabilities, by asset type, as of March 31, 2023 is as follows:

	Time charter-in contracts greater than 12 months		Office leases		Total Operating leases
Year:
Remainder of 2023	$	20,228	$	655	$	20,883
2024	3,745		874		4,619
2025	—		871		871
2026	—		871		871
2027	—		574		574
Thereafter	—		500		500
	23,973		4,345		28,318
Implied interest	(2,304)		(653)		(2,957)
Total operating lease liabilities	$	21,669	$	3,692	$	25,361

Assets and Liabilities, Lease

	March 31, 2023			December 31, 2022
Operating lease right-of-use assets
Time charter-in contracts greater than 12 months	$	20,437		$	19,116
Office leases	3,692			3,890
	$	24,129		$	23,006
Current portion of operating lease liabilities
Time charter-in contracts greater than 12 months	$	21,097		$	21,328
Office leases	681			717
	$	21,778		$	22,045
Noncurrent portion of operating lease liabilities
Time charter-in contracts greater than 12 months	$	572		$	—
Office leases	3,011			3,173
	$	3,583		$	3,173
Weighted average remaining lease term (in years)
Time charter-in contracts greater than 12 months	0.8			0.6
Office leases	4.8			4.7
Weighted average discount rate
Time charter-in contracts greater than 12 months	6.5		%	6.0		%
Office leases	7.0		%	6.9		%

Charter Hire Expense

A summary of the components of the Company’s lease expenses and sub-lease income for the three months ended March 31, 2023 and 2022 is as follows:

	Three Months Ended
	March 31, 2023		March 31, 2022
Operating lease cost
Time charter-in contracts greater than 12 months	$	6,112	$	5,572
Office leases	214		197
Short-term lease cost
Time charter-in contracts less than 12 months	6,307		17,139
Total lease cost	$	12,633	$	22,908
Sublease income, gross
Time charter-in contracts greater than 12 months(1)	$	6,416	$	8,327

(1) Sublease income on time charter-in contracts is recorded in Revenues, net on the Condensed Consolidated Statements of Operations.

A summary of cash flow information related to the Company’s leases for the three months ended March 31, 2023 and 2022 is as follows:

	Three Months Ended
	March 31, 2023		March 31, 2022
Cash paid for operating leases with lease terms greater than 12 months	$	7,310	$	5,769
Non-cash activities
Operating lease right-of-use assets obtained in exchange for lease liabilities	$	9,187	$	7,341