XML 19 R12.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Advances for Vessels Under Construction and Vessels, net
 6 Months Ended
Jun. 30, 2024
Advances for Vessels Under Construction and Vessels, net [Abstract]  
Advances for Vessels Under Construction and Vessels, net
 
6.
 
Advances for vessels under construction and Vessels, net
It
 
is
 
in
 
the
 
Company’s
 
normal
 
course
 
of
 
business
 
from
 
time
 
to
 
time
 
to
 
acquire
 
and
 
sell
 
vessels.
Accordingly, for the six months ended June 30, 2024, the Company entered into the below transactions.
Vessels under construction
On
 
February 8,
 
2024, the
 
Company signed
 
an agreement
 
to
 
order through
 
Marubeni Corporation
 
or
 
its
guaranteed
 
nominee,
 
an
 
unaffiliated
 
third
 
party,
two
 
81,200
 
dwt
 
methanol
 
dual
 
fuel
 
new-building
Kamsarmax dry bulk vessels,
 
for a purchase price
 
of $
46,000
 
each, built at Tsuneishi
 
Group (Zhoushan)
Shipbuilding Inc., China. The vessels
 
are expected to be delivered to
 
the Company by the second
 
half of
2027 and the first half of 2028 respectively. On February 15, 2024, the Company paid the first instalment,
which
 
amounted
 
to
 
$
8,050
 
for
 
each
 
vessel,
 
representing
17.5
%
 
of
 
the
 
contract
 
price.
 
As
 
of
 
June
 
30,
2024,
 
advances
 
for
 
vessels
 
under
 
construction
 
amounted
 
to
 
$
16,583
,
 
including
 
$
472
 
of
 
capitalized
interest.
Vessel Disposals
On January 19,
 
2024, the Company,
 
through a wholly
 
owned subsidiary,
 
entered into an
 
agreement with
an unrelated third party to sell the vessel Artemis for the sale price of $
12,990
, resulted in gain amounting
to $
1,572
. The vessel was delivered to the new owners on March 5, 2024.
On February 22, 2024, the Company, through a wholly owned subsidiary,
 
entered into an agreement with
an unrelated third party to sell the vessel Houston for the sale price of $
23,300
. The vessel was delivered
to the new owners on September 4, 2024 (Note 15).
 
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, 2023
$
1,114,247
$
(214,055)
$
900,192
- Additions for vessel improvements
118
-
118
- Vessel disposals
(20,993)
10,266
(10,727)
- Depreciation for the period
-
(19,260)
(19,260)
- Vessel held for sale
(25,008)
6,583
(18,425)
Balance, June 30, 2024
$
1,068,364
$
(216,466)
$
851,898