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Advances for Vessels Under Construction and Vessels, net
 12 Months Ended
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