v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 1,935 $ 12,507 $ 36,836
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation 7,574 6,904 5,503
Amortization and write-off of special survey costs 599 382 388
Allowance reduction for credit losses (22) (38) (78)
Amortization and write-off of financing costs 226 238 247
Amortization of restricted common stock grants 263 62 171
Loss from debt extinguishment 379
Loss from financial derivative instrument 59
Gain on sale of vessels, net (25,125)
Changes in assets and liabilities:      
Inventories 1,353 (932) 954
Trade accounts receivable 3,054 (38) 5,583
Prepayments and other assets 58 (405) (97)
Insurance claim receivable (245) 608
Special survey cost (1,457) (100) (1,379)
Trade accounts payable (633) 538 (1,094)
Due to/(from) related parties 712 177 (231)
Hire collected in advance 486 (1,062) (960)
Accrued and other liabilities (539) 858 (322)
Net cash provided by operating activities 13,609 18,846 21,442
Cash flow from investing activities:      
Proceeds from the sale of vessels, net 64,213
Advances for vessel acquisition (2,663)
Payments for vessel acquisition (44,969) (28,500)
Ballast water treatment system installation (768)
Vessel additions (699) (24) (77)
Vessel additions prepayments (170)
Proceeds from insurance claim 341
Short-term investment in time deposits (1,000) 3,000 (20,000)
Net cash provided by/(used in) investing activities (1,358) (42,163) 12,205
Cash flows from financing activities:      
Proceeds from long-term debt 33,350 31,000 34,500
Repayment of long-term debt (30,673) (7,307) (38,760)
Contributions from non-controlling interests 5,880 4,520
Redemption of Series A Convertible Preferred shares (10,079)
Repayment of promissory note (6,000)
Financial derivative instrument 561
Payment of financing costs (144) (357) (277)
Preferred stock dividends paid (587) (797)
Common stock re-purchase program (472) (1,486) (1,244)
Deemed dividend from Konkar Venture acquisition (7,493)
Net cash provided by/(used in) financing activities 2,061 9,571 (7,497)
Net increase/(decrease) in cash and cash equivalents and restricted cash 14,312 (13,746) 26,150
Cash and cash equivalents and restricted cash at the beginning of the period 22,593 36,339 10,189
Cash and cash equivalents and restricted cash at the end of the period 36,905 22,593 36,339
SUPPLEMENTAL INFORMATION:      
Cash paid for interest 6,160 5,908 5,630
Issuance of common stock financing acquisition of vessel “Konkar Venture” (Non-cash financing activities) 1,382
Unpaid portion of Special Survey cost 21 126
Unpaid portion of financing costs 35 16
Unpaid portion of Ballast Water Treatment System installation $ 43