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Finance Liabilities | 6 Months Ended
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Jun. 30, 2024
Finance Liabilities [Abstract] |
Finance Liabilities | 9. Finance Liabilities The amount of finance liabilities shown in the accompanying consolidated balance sheet is analyzed as follows: June 30, 2024 December 31, 2023 Finance liabilities 128,690 133,337 Less: Deferred financing costs (1,099) (1,208) Finance liabilities, net of deferred financing costs $ 127,591 $ 132,129 Less: Current finance liabilities, net of deferred financing costs, current (9,398) (9,221) Finance liabilities, excluding current maturities $ 118,193 $ 122,908 On March 29, 2022, the Company sold Florida to an unrelated third party for $ 50,000 and leased back the vessel under a bareboat agreement, for a period of ten years , under which the Company pays hire, monthly in advance. Under the bareboat charter, the Company has the option to repurchase the vessel after the end of the third year of the charter period, or each year thereafter, until the termination of the lease, at specific prices, subject to irrevocable and written notice to the owner. If not repurchased earlier, the Company has the obligation to repurchase the vessel for $ 16,350 , on the expiration of the lease on the tenth year. On August 17, 2022, the Company entered into two sale and leaseback agreements with two unaffiliated Japanese third parties for New Orleans and Santa Barbara, for an aggregate amount of $ 66,400 . The vessels were delivered to their buyers on September 8, 2022 and September 12, 2022, respectively and the Company chartered in both vessels under bareboat charter parties for a period of eight years , each, and has purchase options beginning at the end of the third year of each vessel's bareboat charter period, or each year thereafter, until the termination of the lease, at specific prices, subject to irrevocable and written notice to the owner. If not repurchased earlier, the Company has the obligation to repurchase the vessels for $ 13,000 , each, on the expiration of each lease on the eighth year. On December 6, 2022, the Company sold DSI Andromeda to an unrelated third party for $ 29,850 and leased back the vessel under a bareboat agreement, for a period of ten years , under which the Company pays hire, monthly in advance. Under the bareboat charter, the Company has the option to repurchase the vessel after the end of the third year of the charter period, or each year thereafter, until the termination of the lease, at specific prices, subject to irrevocable and written notice to the owner. If not repurchased earlier, the Company has the obligation to repurchase the vessel for $ 8,050 , on the expiration of the lease on the tenth year. Under the bareboat charter parties, the Company is responsible for the operation and maintenance of the vessels and the owner of the vessels shall not retain any control, possession, or command of the vessel during the charter period. The Company determined that, under ACS 842-40 Sale and Leaseback Transactions, the transactions are failed sales and consequently the assets were not derecognized from the financial statements and the proceeds from the sale of the vessels were accounted for as financial liabilities. As of June 30, 2024, the weighted average remaining lease term of the above lease agreements was 7.20 years, the average interest rate was 4.83 % and the sublease income during the six months ended June 30, 2024 was $ 14,678 , included in time charter revenues. As of June 30, 2024, and throughout the term of the leases, the Company has annual finance liabilities as shown in the table below: Period Principal Repayment Year 1 $ 9,606 Year 2 10,012 Year 3 10,438 Year 4 10,916 Year 5 11,358 Year 6 and thereafter 76,360 Total $ 128,690

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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