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Advances for Vessels Under Construction and Vessels, net | 12 Months Ended
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Dec. 31, 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, in 2024 and 2023, the Company entered into the below transactions. Vessels under construction On February 8, 2024, the Company signed an agreement with an unaffiliated third party, for the construction of two 81,200 dwt methanol dual fuel new-building Kamsarmax dry bulk vessels, to be 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. As of December 31, 2024, advances for vessels under construction amounted to $ 19,558 , including $ 1,146 of capitalized interest. Vessel Acquisitions On January 30, 2023, the Company took delivery of the Ultramax dry bulk vessel Aquarius paid partly in cash and 2,033,613 newly issued common shares, having a fair value of $ 7,809 . The value of the shares issued in 2023, was determined through Level 1 inputs of the fair value hierarchy based on the closing price of the Company’s common stock on the date of issuance which was the date of delivery of each vessel. On February 14, 2023, the Company, through a wholly owned subsidiary, acquired from an unaffiliated third-party the Ultramax dry bulk vessel DSI Drammen. On April 28, 2023, this subsidiary was deconsolidated from the Company’s financial statements due to the Company’s loss of control described in note 4(b) and the net book value of the vessel was included in both vessel acquisitions and vessel disposals in the related year. Vessel Disposals In 2023, the Company sold to unrelated third parties the vessels Aliki and Boston, and to OceanPal, a related party company, the vessel Melia (Note 5) and recognized an aggregate gain on sale amounting to $ 5,323 . In 2024, the Company sold to unrelated third parties the vessels Artemis and Houston and recognized an aggregate gain of $ 5,799 . 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 61,682 - 61,682 - Vessel disposals (60,655) 21,688 (38,967) - Vessel disposal due to deconsolidation of subsidiary (27,908) - (27,908) - Depreciation for the year - (44,231) (44,231) Balance, December 31, 2023 $ 1,114,247 $ (214,055) $ 900,192 - Additions for vessel improvements 958 - 958 - Vessel disposals (46,001) 16,849 (29,152) - Depreciation for the year - (38,586) (38,586) Balance, December 31, 2024 $ 1,069,204 $ (235,792) $ 833,412

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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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