Leases (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 is as follows:


Year:	Time Charter-Out Contracts
Remainder of 2023	$	12,006
2024	—
2025	—
2026	—
2027	—
Thereafter	—
	$	12,006

A summary of total lease payments on an undiscounted basis for operating lease liabilities, by asset type, as of September 30, 2023 is as follows:


	Time charter-in contracts greater than 12 months		Office leases		Total Operating leases
Year:
Remainder of 2023	$	5,632	$	94	$	5,726
2024	5,412		896		6,308
2025	—		909		909
2026	—		922		922
2027	—		638		638
Thereafter	—		577		577
	11,044		4,036		15,080
Implied interest	(1,547)		(658)		(2,205)
Total operating lease liabilities	$	9,497	$	3,378	$	12,875

Assets and Liabilities, Lease


	September 30, 2023			December 31, 2022
Operating lease right-of-use assets
Time charter-in contracts greater than 12 months	$	8,375		$	19,116
Office leases	2,517			3,890
	$	10,892		$	23,006
Current portion of operating lease liabilities
Time charter-in contracts greater than 12 months	$	9,497		$	21,328
Office leases	612			717
	$	10,109		$	22,045
Noncurrent portion of operating lease liabilities
Time charter-in contracts greater than 12 months	$	—		$	—
Office leases	2,766			3,173
	$	2,766		$	3,173
Weighted average remaining lease term (in years)
Time charter-in contracts greater than 12 months	0.6			0.6
Office leases	4.6			4.7
Weighted average discount rate
Time charter-in contracts greater than 12 months	6.6		%	6.0		%
Office leases	7.1		%	6.9		%

Charter Hire Expense

A summary of the components of the Company’s lease expenses and sub-lease income for the three and nine months ended September 30, 2023 and 2022 is as follows:


	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Operating lease cost
Time charter-in contracts greater than 12 months	$	4,457	$	8,013	$	17,277	$	20,451
Office leases	183		216		613		625
Short-term lease cost
Time charter-in contracts less than 12 months	2,411		11,759		13,737		43,317
Total lease cost	$	7,051	$	19,988	$	31,627	$	64,393

Sublease income, gross
Time charter-in contracts greater than 12 months(1)	$	7,282	$	8,402	$	20,442	$	25,072

(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 nine months ended September 30, 2023 and 2022 is as follows:


	Nine Months Ended
	September 30, 2023		September 30, 2022
Cash paid for operating leases with lease terms greater than 12 months	$	19,570	$	21,083

Non-cash activities
Operating lease right-of-use assets obtained in exchange for lease liabilities	$	11,685	$	38,956