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Advances for vessel acquisitions and Vessels, net
 6 Months Ended
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.