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Advances for Vessels Under Construction and Vessels, net
 6 Months Ended
Jun. 30, 2025
Advances for Vessels Under Construction and Vessels, net [Abstract]  
Advances for Vessels Under Construction and Vessels, net
5.
 
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, as of June 30, 2025, the Company had 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
 
June
 
30,
 
2025,
 
advances
 
for
vessels under
 
construction amounted
 
to $
20,241
, including
 
$
1,811
 
of capitalized
 
interest. During
 
the six
months ended June 30, 2025, an amount of $
683
, including capitalized interest of $
665
, was capitalized.
 
Vessel Disposals
On February 10, 2025, the Company, through a wholly owned subsidiary, entered into an agreement with
an unrelated third party to sell the vessel Alcmene for the sale
 
price of $
11,875
, which resulted in a gain
amounting to $
1,500
. The vessel was delivered to the new owners on March 13, 2025.
 
On June 13,
 
2025, the Company,
 
through a wholly owned
 
subsidiary,
 
entered into an agreement
 
with an
unrelated third
 
party to
 
sell the
 
vessel Selina
 
for the
 
sale price
 
of $
11,800
. At
 
the date
 
of the
 
agreement
to sell
 
the vessel,
 
the vessel
 
was measured
 
at the
 
lower of
 
its carrying
 
amount or
 
fair value
 
(sale price)
less
 
costs
 
to
 
sell,
 
which was
 
the
 
vessel’s
 
carrying value
 
and
 
was
 
classified in
 
current assets
 
as vessel
held for
 
sale, according
 
to
 
the provisions
 
of ASC
 
360,
 
as all
 
criteria required
 
for this
 
classification were
met. The vessel was delivered to the new owners on July 15, 2025
 
(Note 14).
 
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, 2024
$
1,069,204
$
(235,792)
$
833,412
- Additions for vessel improvements
44
-
44
- Vessel disposals
(11,434)
2,145
(9,289)
- Depreciation for the period
-
(18,894)
(18,894)
- Vessel held for sale
(12,441)
4,056
(8,385)
Balance, June 30, 2025
$
1,045,373
$
(248,485)
$
796,888