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Advances for vessel acquisitions and Vessels, net | 6 Months Ended
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Jun. 30, 2023
Advances for vessel acquisitions and Vessels, net |
Advances for vessel acquisitions and Vessels, net | 3. Advances for vessel acquisitions and Vessels, net Vessel Acquisitions On January 30, 2023, the Company took delivery of one Ultramax dry bulk vessel for $ 23,955 in cash and 2,033,613 newly issued common shares, under the Company’s agreement with Sea Trade, dated August 10, 2022. On the date of delivery, the Company issued 2,033,613 common shares to Sea Trade, at $ 0.01 par value per share, having a fair value of $ 7,809 , based on the closing price of the Company’s stock on the date of delivery, determined through Level 1 account hierarchy. As of December 31, 2022, the Company had paid an amount of $ 24,123 presented in advances for vessel acquisitions, being part of the purchase price for the acquisition of this vessel and additional predelivery expenses. This amount was transferred to Vessels, net on the vessel’s delivery to the Company. On February 14, 2023, the Company signed a Memorandum of Agreement to acquire from an unaffiliated third-party an Ultramax dry bulk vessel for a purchase price of $ 27,900 . On April 28, 2023, the vessel’s ship owning company was deconsolidated from the Company’s financial statements due to the Company’s loss of control described in note 2(e) and the net book value of the vessel amounting to $ 27,908 is included in both vessel acquisitions and vessel disposals. Vessel Disposals On January 23, 2023, the Company, through a wholly owned subsidiary, entered into an agreement with an unrelated third party to sell the vessel Aliki for $ 15,080 . The vessel was delivered to her new owners on February 8, 2023. Additionally, on February 1, 2023, the Company, through a wholly owned subsidiary, entered into an agreement with OceanPal, a related party company, to sell the vessel Melia for $ 14,000 , of which $ 4,000 in cash and $ 10,000 through 13,157 of OceanPal Series D Preferred Shares (Note 2(d)). On the date of the agreements, the vessels, having an aggregate carrying value of $ 23,198 and unamortized deferred costs of $ 405 were classified as held for sale, measured at carrying value which was the lower of their carrying value and fair value (sale price) less costs to sell. Both vessels were delivered to their new owners on February 8, 2023. The sale of the vessels resulted in gain amounting to $ 4,995 , separately presented as gain on sale of vessels in the accompanying 2023 unaudited interim consolidated statement of income. The amount reflected in Vessels, net in the accompanying consolidated balance sheets is analyzed as follows: Vessel Cost Accumulated Depreciation Net Book Value Balance, December 31, 2022 $ 1,141,128 $ (191,512) $ 949,616 - Additions for vessel acquisitions and improvements 61,088 - 61,088 - Vessel disposals (39,393) 16,195 (23,198) - Vessel disposal due to deconsolidation of subsidiary (Note 2(e)) (27,908) - (27,908) - Depreciation for the period - (23,934) (23,934) Balance, June 30, 2023 $ 1,134,915 $ (199,251) $ 935,664 Additions for vessel improvements mainly relate to the implementation of ballast water treatment and other works necessary for the vessels to comply with new regulations and be able to navigate to additional ports.

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- Definition The entire disclosure for advances for vessel acquisitions and Vessels, net. + References No definition available. + Details
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