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Finance Liabilities | 6 Months Ended
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Jun. 30, 2025
Finance Liabilities [Abstract] |
Finance Liabilities | 8. 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 a 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 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. 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 June 30, 2025 and December 31, 2024, finance liability amounted to $ 9,820 and $ 9,608 , respectively, included in finance liabilities, current and $ 108,373 and $ 113,300 respectively included in finance liabilities, net of current portion. As of June 30, 2025, the weighted average remaining lease term of the above lease agreements was 6.21 years, the average interest rate was 4.83 % and the sublease income during the six months ended June 30, 2025 and 2024 was $ 14,603 and $ 14,678 , respectively, included in time charter revenues. As of June 30, 2025, and throughout the term of the leases, the Company has annual finance liabilities as shown in the table below: Period Principal Repayment Year 1 $ 10,012 Year 2 10,439 Year 3 10,916 Year 4 11,357 Year 5 11,851 Year 6 and thereafter 64,509 Total $ 119,084

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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