Vessels and Vessel Improvements (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Vessel and Vessel Improvements

Activity within Vessels and vessel improvements is as follows:

	Year Ended
	December 31, 2023		December 31, 2022
Beginning balance	$	891,877	$	908,076
Acquisition of vessels and vessel improvements	86,255		28,289
Sale of vessels	(31,641)		(5,592)
Purchase and installation of BWTS	4,128		8,794
Depreciation expense	(46,321)		(47,690)
Ending balance	$	904,298	$	891,877

Schedule of Vessel Acquisitions and Sales

During the years ended December 31, 2023 and 2022, the Company completed the following acquisition and sale transactions:

Vessel	Type	Scrubber-Fitted	Dwt (in thousands)	Year Built	Delivery Date	Total Consideration ($ in millions)
Vessel Acquisitions
Halifax Eagle	Ultramax	P	63.7	2020	May 2023	$30.1
Vancouver Eagle	Ultramax	P	63.7	2020	May 2023	$30.1
Gibraltar Eagle(1)	Ultramax		63.6	2015	February 2023	$24.3
Tokyo Eagle	Ultramax	P	61.2	2015	November 2022	$27.5
Vessel Sales
Sankaty Eagle	Supramax		58.0	2011	July 2023	(2)
Newport Eagle	Supramax		58.0	2011	May 2023	(2)
Montauk Eagle	Supramax		58.0	2011	May 2023	(2)
Jaeger(3)	Supramax		52.5	2004	March 2023	$9.0
Cardinal(4)	Supramax		55.4	2004	August 2022	$15.8

(1)The Company paid a deposit of $3.6 million on this vessel as of December 31, 2022. The balance of consideration was paid upon delivery of the vessel.

(2)The vessels Montauk Eagle, Newport Eagle and Sankaty Eagle were sold for total consideration of $49.8 million. The Company recorded a gain of $16.4 million upon the sale of these vessels in the Consolidated Statement of Operations for the year ended December 31, 2023.

(3)The Company recorded a gain of $3.3 million upon sale of this vessel in the Consolidated Statement of Operations for the year ended December 31, 2023.

(4)The Company recorded a gain of $9.3 million upon sale of this vessel in the Consolidated Statement of Operations for the year ended December 31, 2022.