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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2024
Commitments and Contingencies [Abstract] |
Commitments and Contingencies | 10. Commitments and Contingencies a) Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. The Company’s vessels are covered for pollution in the amount of $ 1 billion per vessel per incident, by the P&I Association in which the Company’s vessels are entered. In 2022, the Company recorded a gain of $ 1,789 from insurance recoveries received from its insurers for claims covered under its insurance policies, which is separately presented as insurance recoveries in the accompanying 2022 consolidated statement of income. b) Pursuant to the sale and lease back agreements signed between the Company and its counterparties, the Company has purchase obligations amounting to $ 50,400 , at the end of the lease agreements described in Note 9. c) On March 30, 2023, the Company entered into a corporate guarantee with Nordea under which the Company guarantees the performance by Bergen of all of its obligations under the loan until the maturity of the loan on March 30, 2028 (Note 4 (b)). The Company considers the likelihood of having to make any payments under the guarantee to be remote, as the loan is also secured by an account pledge by Bergen, first preferred mortgage on the vessel, a first priority general assignment of the earnings, insurances and requisition compensation of the vessel, a charter party assignment, a partnership interests security deed, and a manager’s undertaking. Accordingly, as of December 31, 2024, the Company did not record a provision for losses under the guarantee of Bergen’s loan amounting to $ 13,533 on that date. d) As of December 31, 2024, the Company had total obligations under shipbuilding contracts (Note 6), as follows: Period Amount Year 1 $ - Year 2 9,200 Year 3 36,800 Year 4 27,600 Total $ 73,600 As of December 31, 2024, the Company’s vessels, owned and chartered-in, were fixed under time charter agreements, considered operating leases. The minimum contractual gross charter revenue expected to be generated from fixed and non-cancelable time charter contracts existing as of December 31, 2024 and until their expiration was as follows: Period Amount Year 1 $ 124,091 Year 2 17,373 Year 3 725 Total $ 142,189

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