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Commitments and Contingencies
 12 Months Ended
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