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Finance Liabilities
 12 Months Ended
Dec. 31, 2024
Finance Liabilities [Abstract]  
Finance Liabilities
9.
 
Finance Liabilities
On March 29, 2022, the Company
 
sold
Florida
 
to an unrelated third party
 
and leased back the vessel
 
from
the buyer for
 
a period of
ten years
, under which
 
the Company pays
 
a fixed monthly
 
hire. The Company
 
has
the option to
 
repurchase the vessel
 
at specific prices, after
 
the end of
 
the third year
 
of the charter period
and for
 
each year
 
thereafter,
 
and the
 
obligation to
 
purchase the
 
vessel 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
third parties for
New Orleans
 
and
Santa Barbara
. 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, under which the Company pays
 
fixed monthly hire. Under
the bareboat charter, the
 
Company has the
 
option to repurchase
 
the vessel at
 
specific prices, after
 
the end
of the
 
third year
 
of the
 
charter period
 
and for
 
each year
 
thereafter, and the
 
obligation to
 
purchase the
 
vessel
on the expiration of the lease on the eighth year.
 
On December 6, 2022, the Company
 
sold
DSI Andromeda
 
to an unrelated third party and leased
 
back the
vessel under
 
a bareboat
 
agreement, for
 
a period
 
of
ten years
, under
 
which the
 
Company pays
 
fixed monthly
hire. The Company
 
has the
 
option to
 
repurchase the vessel
 
at specific prices,
 
after the end
 
of the
 
third year
of
 
the
 
charter
 
period
 
and
 
for
 
each
 
year
 
thereafter,
 
and
 
the
 
obligation
 
to
 
purchase
 
the
 
vessel
 
on
 
the
expiration of the lease on the tenth year.
 
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 December
 
31, 2024
and
 
2023,
 
finance
 
liability
 
amounted
 
to
 
$
9,608
 
and
 
$
9,221
,
 
respectively,
 
included
 
in
 
finance
 
liabilities,
current and $
113,300
 
and $
122,908
 
respectively included in finance liabilities, net of
 
current portion. As of
December 31, 2024, the
 
weighted average remaining lease
 
term of the above lease
 
agreements was
6.70
years, the
 
average interest rate
 
was
4.83
% and
 
the sublease
 
income during the
 
years ended
 
December
31, 2024 was $
28,814
, included in time charter revenues.
As of
 
December 31,
 
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
$
9,808
Year 2
10,224
Year 3
10,661
Year 4
11,151
Year 5
11,604
Year 6 and
 
thereafter
70,452
Total
$
123,900