Leases (Tables)

12 Months Ended

Dec. 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 December 31, 2023 is as follows:

Year:	Time Charter-Out Contracts
2024	$	16,401
2025	—
2026	—
2027	—
2028	—
Thereafter	—
	$	16,401

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

	Time charter-in contracts greater than 12 months		Office leases		Total Operating leases
Year:
2024	$	5,412	$	897	$	6,309
2025	—		909		909
2026	—		922		922
2027	—		638		638
2028	—		577		577
Thereafter	—		—		—
	5,412		3,943		9,355
Implied interest	(7)		(619)		(627)
Total operating lease liabilities	$	5,405	$	3,324	$	8,728

Assets And Liabilities, Lease

A summary of operating lease right-of-use assets and operating lease liabilities balances, by asset type, and certain additional quantitative information related to the Company’s operating leases as of December 31, 2023 and 2022 is as follows:

	December 31, 2023			December 31, 2022
Operating lease right-of-use assets
Time charter-in contracts greater than 12 months	$	4,810		$	19,116
Office leases	2,372			3,890
	$	7,182		$	23,006
Current portion of operating lease liabilities
Time charter-in contracts greater than 12 months	$	5,405		$	21,328
Office leases	748			717
	$	6,153		$	22,045
Noncurrent portion of operating lease liabilities
Time charter-in contracts greater than 12 months	$	—		$	—
Office leases	2,576			3,173
	$	2,576		$	3,173
Weighted average remaining lease term (in years)
Time charter-in contracts greater than 12 months	0.4			0.6
Office leases	4.4			4.7
Weighted average discount rate
Time charter-in contracts greater than 12 months	6.6		%	6.0		%
Office leases	7.2		%	6.9		%

Charter Hire Expense

A summary of the components of the Company’s operating lease cost for the years ended December 31, 2023, 2022 and 2021 is as follows:

	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Operating lease cost
Time charter-in contracts greater than 12 months	$	21,819	$	28,282	$	16,548
Office leases	797		748		642
Short-term lease cost
Time charter-in contracts less than 12 months	14,724		52,821		20,553
Total lease cost	$	37,340	$	81,851	$	37,743
Sublease income
Time charter-in contracts greater than twelve months (1)	$	23,057	$	32,980	$	25,372

(1)Sublease income (time charter-out revenues) generated from time charter-in vessels is recorded in Revenues, net in the Consolidated Statements of Operations. Amounts do not include voyage charter revenues generated from time charter-in vessels.

A summary of cash flow information related to the Company’s leases for the years ended December 31, 2023, 2022 and 2021 is as follows:

	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Cash paid for operating leases with lease terms greater than twelve months	$	25,339	$	29,130	$	18,051
Non-cash activities
Operating lease right-of-use assets obtained in exchange for lease liabilities	$	11,685	$	38,956	$	22,499

Summary of Lease Terms

A summary of time charter-in contracts with lease terms greater than twelve months outstanding as of December 31, 2023 is as follows:

Vessel	Description	Dwt (in thousands)	Hire Rate	End of Minimum Period	Available Options (1)
Tai Stamina	2021-built Ultramax	64.5	$6,300 plus 58% of the BSI	July 2024	10 to 12 months at $7,500 plus 58% of the BSI
Tai Star	2016-built Ultramax	62.5	$17,500	May 2024	11 to 13 months at $19,500
Tai Stride	2022-built Ultramax	64.5	$8,500 plus 57.5% of the BSI	April 2024	11 to 13 months at $9,500 plus 57.5% of the BSI

(1)Options available under time charter-in contracts are solely the Company’s as charterer, however, due to the volatility of freight rates, the Company generally concludes that it is not reasonably certain to exercise any options to extend the lease term at lease commencement, and therefore, does not include these option periods in the measurement of lease liabilities and right-of-use assets until such options are exercised.